Software development can cost businesses up to $1 million. DesignRush reached out to experts to discover the top budget management tips for software development.
MIAMI - MARCH 02, 2022
While complex products may cost businesses as much as $1 million, the average price for software development projects is $50,000-$250,000. The cost highly depends on the number of hours invested during the development, which can go as low as 700 to upwards of 3,000 for a single program.
DesignRush, a B2B marketplace connecting businesses with agencies, leveraged its 13,000-agencies-strong network for quick insights – or “QuickSights” – on the best software development budget management tips.
1) RELEASE MINIMUM VIABLE PRODUCTS FIRST
In the opinion of Hugh Grigg, principal software engineer at Kensio Software, businesses can cut on software development costs by releasing minimum viable products and then changing or improving them based on user feedback.
"To control costs on a software development project, it's essential to focus on building and releasing a minimum viable product first and then iterating on it," said Grigg. "This keeps the project agile and responsive to the needs of its users, which are guaranteed to evolve as the project progresses."
Katherine Reyes, business development lead at White Cloak Technologies, Inc., shares the same opinion claiming that the cheapest way to build products is to build them right the first time and then scale as needed.
"Despite its huge impact on costs, scalability is the most overlooked thing during biddings,” said Reyes. “HALF of our customers are those who got us to rebuild their apps from scratch, frustrated about their old vendor. Most of the time, it was because their old apps became too slow as they added more features. Remember, the cheapest way to build an app is to build it right the first time. "
2) HAVE A DEFINED SOFTWARE DEVELOPMENT PROCESS
According to Srijith Radhakrishnan, chairman at Squash Apps Pvt Ltd, having a well-defined development process can help businesses cut costs. Considering that Agile development allows for greater predictability, this methodology can also be the key to project success.
"It is very important to have a defined software development process," said Radhakrishnan. "Without a plan or a process, software development can become very hectic and drive up costs. Agile software development is known to play a major role in the success of a software project in that you see the issues sooner rather than later.”
3) CONSIDER POSSIBLE RISKS
PocketDevs CEO Bryl Lim believes that one of the ways to control the software development project cost is to consider potential risks to prepare a contingency plan.
"[When developing products, businesses] should consider possible risks and their cost. [They] need to consider the timeline and [the] team," said Lim. "A contingency should also be included to cover estimated uncertainties and not be 100% fixed – there should be room for change because we don’t live in constants, but much rather in variables."
To help businesses find a reliable partner for their software development project, DesignRush released the March list of the top custom software development companies:
1. Southport Technology Group - stg.software
Expertise: Custom Software Development, Experimentation & Conversion Rate Optimization, Technical & Product Due Diligence and more
2. Gravelsoft - gravelsoft.com
Expertise: Custom Software Development, Mobile Application Development, Web Development and more
3. Kensio Software - kensiosoftware.co.uk
Expertise: Web Development, System Integrations, Cloud Software and more
4. Squash Apps - squashapps.com
Expertise: Mobile App Development, Enterprise Software Development, UI/UX Design and more
5. Wings Tech Solutions - wingstechsolutions.com
Expertise: Web Development, Software Product Development, Mobile App Development and more
6. PocketDevs - pocketdevs.ph
Expertise: Custom Software Development, Web Development, Mobile App Development and more
7. V2STech Solutions - v2stech.com
Expertise: Software Development, Mobile Development, UI/UX Services and more
8. Concept Infoway Pvt. Ltd - conceptinfoway.net
Expertise: Web App Development, Software Development, eCommerce Website Development and more
9. Knovator Technologies - knovator.com
Expertise: Web Development, eCommerce Development, Custom ERP Development and more
10. WalkingTree Technologies - walkingtree.tech
Expertise: Web & Mobile Application Development, UI/UX Design, DevOps and more
11. axiusSoftware - axiussoftware.com
Expertise: Enterprise Web Solutions, Enterprise Mobile Solutions, WeChat Solutions and more
12. SmartApp - smartapp.technology
Expertise: Web & Software development, UX/UI Design, IT Consulting and more
13. Infomaze - infomazeelite.com
Expertise: Business Intelligence, Web Development, Mobile App Development and more
14. Rushkar Information Technology - rushkar.com
Expertise: Web Development, Mobile Application Development, Cloud Consulting and more
15. HSK Digital - hskdigital.com
Expertise: Web Design and Development, Software Development, QA Testing and more
16. Zaag System - zaagsys.com
Expertise: UI/UX Design, System Solutions, Web Development and more
17. Astha IT Research & Consultancy - asthait.com
Expertise: Custom Software Development, Mobile App Development, Enterprise Solutions and more
18. White Cloak Technologies - whitecloak.com
Expertise: Mobile App Development, UI/UX Design, Web App Development and more
19. Alite International - alite-international.com
Expertise: Custom IoT Solutions, Cloud Services, Customer Experience and more
Brands can explore the top software development companies by location, size, average hourly rate and portfolio on DesignRush.
DesignRush.com is a B2B marketplace connecting businesses with agencies through expert reviews and agency ranking lists, awards, knowledge resources and personalized agency recommendations for vetted projects.
Source: Yahoo! Finance