In an era marked by digital transformation, businesses need to redefine their strategies to respond quickly to evolving market dynamics and remain competitive. At the heart of this transformation lies disruptive technologies that emerge as a cornerstone in crafting bespoke software and applications to swiftly innovate, adapt, and excel in the fast-evolving business landscape. This may be the reason behind the allocation of 50% of the total IT budget on developing new software and applications. In fact, the market size of custom software development worldwide is predicted to grow at a CAGR of 22.3% during the period 2022-2030 and will reach 146.18 billion USD by 2030. This indicates that the success of an organization hinges on its ability to hire dedicated software developers since this strategic move not only bridges the IT talent gap but also influences the organization’s growth trajectory and contributes to the bottom line. Let’s dig deeper to understand how onboarding offshore software developers can drive 30–40% saving on development costs, a 60% increase in revenue, and other benefits that lead to a substantial uptick in the organization’s financial performance.
Why Hiring Remote Software Developers Makes Sense
The Solution for Developer Burnout is Finally Here
Did you know? 70% of companies prioritize cost reduction when looking for a reliable tech partner for software development. The good news is that businesses can save nearly $100,000 simply by onboarding remote software developers instead of getting it built in-house. Building an in-house team for software development entails various costs that businesses need to bear including competitive salary, IT expenses, paid benefits, technology training, software licenses, and lastly overhead costs. On the other hand, onboarding a team of software developers from an offshore location allows companies to cut down on the costs associated with in-house software development. In fact, in a survey, it was found that companies that outsourced software development reported savings as high as 40%.
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2. Access to a Wide Talent Pool
Hiring developers from an offshore region opens up a world of new possibilities for CTOs, CIOs, and other decision-makers since they get access to a large pool of global talent with hands-on experience and rich expertise in an array of skillset and technologies, including AI, Machine Learning, Cloud, Blockchain, the Internet of Things, and more. These skilled IT professionals have worked on multiple projects across industry verticals and can align a technology stack tailored to unique business requirements to drive innovation and digital transformation initiatives, leading to increased sales and profitability. This may be the reason why enterprises both large and small alike prefer to onboard software developers from an offshore region. Not to mention, the global IT outsourcing market size is predicted to grow from 585.57 billion USD in 2023 to 701.88 billion USD by 2028.
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3. Elevated Customer Experiences
Modern consumers demand user-centric software and applications that offer immersive digital experiences across all channels. Onboarding a dedicated team of remote software developers allow CTOs, CIOs, and other decision-makers to craft responsive and intuitive business solutions that propel customer satisfaction to new heights. A satisfied customer base translates to positive word-of-mouth referrals, repeat business, and enhanced brand reputation – all of which directly influence the company’s financial performance and bolster the bottom line.
4. Innovation Amplification
Software developers are the architects of driving innovation, digital transformation, and translating visionary concepts into tangible business solutions. Hiring a dedicated team of remote software developers allows businesses to ideate and implement novel solutions that not only address customer pain points but also resonate with market demands. By fostering innovation, CTOs, CIOs, and other decision-makers can open up new revenue streams and position their organization as an industry leader.
5. Better Agility
Another key advantage of onboarding a team of remote software developers is the level of agility it offers to enterprises of all sizes. With improved agility, businesses get the ability to swiftly launch new products or features to the market leading to an advantageous market position, increased sales, and 60% higher revenue. When hiring offshore developers, companies need to look at them as an extension of their in-house dedicated software development team since this promotes smooth collaboration between cross-functional teams and businesses, resulting in increased productivity, efficiency, and faster time-to-market. This agility empowers companies to capitalize on rapidly evolving business trends, quickly respond to changing customer demands, and capture fleeting opportunities to drive revenue upwards.
Building an Optimal Fit-for-Purpose Software Development Team
6. Competitive Advantage
Hiring dedicated software developers from an offshore region can help enterprises position themselves ahead of competitors. By leveraging the experience and expertise of remote software developers, businesses can swiftly adapt to changing customer expectations, industry trends, and technological advancements that reflect favorably on the bottom line. Whether it’s adopting agile development methodologies or embracing disruptive technologies, the dedicated team of offshore developers will always ensure that enterprises not only outpace their competitors but also remain at the forefront of emerging industry trends.
The strategic decision to hire offshore software developers can have a profound impact on the organization’s bottom line. From enhancing customer experiences and accelerating time-to-market to fostering innovation and digital transformation, the business benefits are clear and tangible. As the technology landscape continues to evolve, organizations are prioritizing onboarding an offshore software development team to position themselves for success in the digital era. The resultant financial gains on this investment coupled with the sustainable competitive advantage can solidify the organization’s presence and ensure long-term profitability.
Case in Focus
A leading technology-driven enterprise based out of Texas was facing the challenge to respond to evolving market dynamics and customer demands. To foster innovation and remain competitive, the client recognized the need to improve its technological capabilities and decided to hire a dedicated team of software developers from Damco Solutions. By onboarding software developers from Damco Solutions, the client bridged the innovation gap, increased revenue by 38%, and improved operational efficiency by 45%.