Finance industry conglomerates collaborate or partner with expert software developers to survive the ongoing market complexities and consumer demands. The value proposition these partnerships offer, reaches far beyond the complexity factors to include sustainable, long-term commitment and mutual trust. When these attributes are taken into account, partnerships can turn into lasting, mutually beneficial relationships. This makes it increasingly attractive for big players.
An article by forbes.com years ago, stated that one of the benefits of partnerships is the lower cost factor. We increasingly notice that players locally and abroad partner with us to achieve results, specific focus and shorter lead times at greater affordability”, says co-founder of FINWorks, Walther Behrens. “It makes financial sense for enterprises to partner with boutique software development companies to give them certain advantages. Apart from the cost-advantages, it brings a specific focus to the projects, enabling quicker return times or progression”, says Behrens.
Our journey as a strategic partner, to local and overseas companies, for more than 16 years has highlighted the value proposition it holds for our clients. It undoubtedly builds the case for Partnership Perpetuity:
1. Mine specialised experts & technologies
Companies that operate in transformation industries, such as the financial industry, often struggle to maintain all the necessary expertise to stay ahead. In most cases, it is not lucrative to continually develop software development expertise internally. Collaborating with partners that cultivate the required expertise means companies can rapidly access expertise to design new outcomes or products. Technical teams at software development companies work on a range of projects for multiple companies, inspiring creative thinking and advanced problem solving solutions.
2. Increase development capacity without hiring
It takes a lot of time to build a software development team and platform that will perpetually support a business. If this is shared amongst multiple businesses in the form of a partner relationship, people can be retained for a longer time. The cost factor to keep an in-house software development team up-to-date makes partnership collaborations all the more alluring. Recruiting and retaining technical talent is a serious challenge for companies of all sizes, but even more for companies with big teams. Companies who rely on partnerships can allow their teams to keep their focus and not drain the company resources.
3. Expedite time to market & limit capital outlay
A big value proposition offered by smaller software development companies is ‘time to market’ delivery, coupled with quicker return on investment. The deal-maker is to ensure that the window of opportunity for new product launches is met. The time-value of capital becomes the biggest risk for organisations that prefer to procure internal systems.
Having said all of this, we haven’t even touched base on the different perspectives partnerships can bring to the table. The case for Partnership Perpetuity gets stronger as we journey with our clients in the world of perpetual digital transformation we find ourselves today.