In 2021, the global software application development market size was valued at 429.59 billion. Custom software application development is one of the fastest-growing areas in software development.
The reason: it brings multiple benefits to organizations in terms of flexibility, performance, time-to-market, cost efficiency, and innovation. The statistics do not lie. It is revealed that the custom software development market is expected to grow at a CAGR of 11.7% between 2022 and 2030.
But what are the reasons for software development project failure?
We can name so many software that are highly successful globally. But equally, there are many software that have failed badly. It is reported that more than 25% of software projects fail. Behind that, there is not a standalone reason for failure. It is a combination of many factors such as not clearly understanding or articulating the requirement, project mismanagement, overestimation, poor communication, and more.
In fact, more than 50% of projects fail due to not delivering the project on the committed timeline. This all boils down to one crucial factor which is a custom software development vendor. So you cannot go wrong with that.
How to choose a custom software development vendor?
When it comes to custom software development, enterprises have a lot of options to choose from. But with so many vendors out there, how can you be sure that you're selecting the right one?
Here are key qualities that a custom software development vendor must possess in order to drive value for an enterprise:
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- They must have a deep understanding of the industry and in-demand technology
- They must be able to translate business needs into tangible solutions that address the enterprise's pain points.
- They must have a proven track record of delivering quality custom software solutions on time and within budget.
- They must be able to give complete clarity and transparency on security procedures and intellectual property.
- What kinds of PIM customizations are supported?
- They must be able to provide ongoing support and maintenance for the custom software solution after it has been deployed.
- They must provide a clear understanding of their pricing structure.
They must have a deep understanding of the industry and in-demand technology
Industry and technology proficiency refers to a vendor's ability to understand your industry and business needs, as well as their proficiency in the latest technologies. This is important because you want to make sure that the vendor you select is able to provide a solution that meets your specific needs. The vendor first deeply understands your business needs before going to the technical conversation.
To ensure that a vendor has industry and technology proficiency, you should:
- Inquire about their understanding of your industry and business needs.
- Find out what technology they are proficient in and if they are up-to-date with the latest trends.
- Ask for references from past clients in your industry.
By getting the answers to the above questions, you can be confident that you are selecting the right vendor for your custom software development needs.
They must be able to translate business needs into tangible solutions that address the enterprise's pain points.
Not all vendors are created equal, and it's important to find one that understands your business needs. Here are a few tips for choosing the right vendor for your project:
- Make sure they understand your business. The last thing you want is a vendor who doesn't understand your business or what you're trying to accomplish with your project.
- Ask for a similar success story. Talk to their clients who have worked with the vendor to get an idea of their quality of work and customer service.
- Start with a pilot test. It is always better to first test the vendor’s capability with a small-size project requirement and then see how the vendor understands your business needs.
They must have a proven track record of delivering quality custom software solutions on time and within budget.
Here are a few key factors to look for when choosing a vendor for custom software development:
- A proven track record of delivering quality results.
- A commitment to using the latest technologies and best practices.
- A team of experienced professionals who are experts in their field.
- A dedication to customer satisfaction and a willingness to go the extra mile.
- A clear and timely communication throughout the software development life cycle (SDLC).
They must be able to give complete clarity and transparency on security procedures and intellectual property.
The vendor should have set up security measures at various levels of their development process to ensure security at all levels: physical security, networking security, database security, and ad-hoc security for any specific project requirements. This will ensure that there are no surprises or security outages when the software developed by the vendor is deployed in your ecosystem.
Additionally, be sure to ask about the vendor's incident response plan in the event of a security breach. You'll want to know how they will contain and mitigate the damage, as well as how they will communicate with you and other stakeholders. A good vendor will have a well-documented and tested plan for dealing with security incidents, so you can be confident that they are prepared to handle any situation that may arise.
Along with that, it's important to discuss intellectual property rights. You don't want to end up with a vendor who retains all the rights to the software - make sure you have the legal agreements in place before any work begins. This will help ensure that your business can fully use and benefit from the software.
When discussing intellectual property rights with potential vendors, there are a few key points to keep in mind.
First, you'll want to make sure that the vendor understands your business and its needs. They must understand your goals for the software and how it will be used within your company. This will help them create software that meets your specific needs.
Finally, you'll want to put together a non-disclosure agreement (NDA) between you and the vendor. This will protect your intellectual property and ensure that the vendor doesn't share your company's confidential information with anyone else.
They must be able to provide ongoing support and maintenance for the custom software solution after it has been deployed.
No software can survive without support and maintenance services. You must get complete clarity on the support and maintenance services along with the Custom Software development services. Ask the below questions:
- Know what level of maintenance and support will be provided?
- Will it be 24x7 or for specific business hours?
- What is the time zone difference?
- How the vendor is going to support in a critical situation?
- What will be the backup plan if anything goes wrong with the software?
- How they will cost for maintenance and support services?
They must provide a clear understanding of their pricing structure.
Finally, you'll want to consider the price. Custom software development can be expensive, so you'll want to make sure you're getting a good value for your money. Get quotes from several different vendors and compare them before making your final decision. Ask the vendor the following questions:
- What is their pricing model?
- Is it fixed cost or hourly rate?
- Is it time and material or value-based pricing model?
You should go with the pricing model and negotiation that ensure your software requirement is not exposed to any vulnerability or delay scenario.
By keeping these points in mind, you can make sure that you select the right vendor for your custom software development needs. They are an important part of any software development project, so you must take the time to discuss them with potential vendors before making a final call. If you have any specific questions regarding custom software development, we will be happy to answer them.