Time vs. Cost: What to Consider When It Comes to Software Development

Varsha B • 6 months ago

Time is money. It’s a saying we often hear in the business world, and it applies to nearly every industry. Software development is a particular skill, so finding the right person or team can be tricky — and that’s not all. Businesses also need to consider time vs. cost. It isn’t a question of either-or, it’s a question of balance. You must consider both the cost and time required for any software development project. Often the higher the price, the higher the quality of the product and, often, the quicker the delivery. A project of the same scope done by a smaller, more inexperienced team of software developers will usually take more time, but it may cost less. So, how do you find that sweet spot?

Generally, the amount of time required for application development is directly linked to the cost of the project. The more time it takes, the more costly it becomes. 

Here are four factors you should consider when budgeting out the cost and time to complete a project:

Scope

The scope of a project is a significant factor in how much a project will cost. When you’re looking for a software creator to provide you with a quote, there are a few questions you need to answer about the project.

  • How big is the product?
  • How many people are they going to need to complete a project of that size?
  • What are your expectations?
  • How complex and unique are the project and code involved?
  • What are the technical requirements (online store, hosting, APIs, mobile compatibility, etc.)?

The project scope will drastically affect the amount of time required to complete it. The longer it takes, the more costly it becomes. Complex projects mean more time and money.

Quality

Anyone with experience generally costs more and can deliver projects with a faster turnaround. It’s no different with software consultants. An experienced software developer will come at a higher rate, but they’ll also be better at estimating the time of the project and fixing bugs and complications as they come up. 

The most expensive price tag doesn’t always mean the best product, but you should understand and know what you’re paying for. We equate experience with quality, so a more software development company with more experience will cost more, but the product should also be of better quality. 

Team Size

Generally speaking, if there are more people on a team, you’ll pay higher rates. A quality software development team will include several experts, so when you hire a qualified software consultant team, you receive all this expertise. Smaller teams mean that team members are spread thinner. They may not have time to become an expert in a specific area. Larger teams may cost a little more, but it’ll cut down on the development time, and they’ll offer a more considerable wealth of knowledge. 

Location

Where is your software consultant located? This small factor can play a significant role in your project costs. This is simply due to the differing rates of pay for application development globally. Keep in mind, a team with less experience in a cheaper country won’t necessarily mean a quality product or a lot of savings. They could end up dealing with multiple complications and bugs and a lack of knowledge on how to fix these things. Consequently, they’ll rack up hours and money fixing these errors that’ll cost you more in the long run. 

There’s one thing to consider when looking at location and its effects on time: time zone differences. If you’re in North America and your development team is in India, how will that affect your communication? Look for a team that you can remain in contact with that won’t cause too much hassle. 

There are some countries that have huge talent pools of engineers and product developers to draw from. Partnering with a software development consultant that has acces to these global talent pools is super useful. Consider the fact that India has 3.5 million engineers joining the workforce annually. Look for a development partner that can tap into valuable talent markets like this. 

Finding a software consultant to develop your product or application can be time-consuming. It can seem like the options are endless. Just remember to have a clear idea of your budget before you start looking. 

What’s your ideal timeline for your project? The faster you want it done, the more crucial it is to look for an experienced software development team. But a shorter turnaround also comes at an added cost. How much are you willing to pay for a completed project? Having these numbers in mind will make it easier for you to communicate your expectations to a software consultant.

Time may not be money in all aspects of software development, but the two are closely linked in many ways. You have to know how much you’re willing to pay for shorter development time on your product. 

If you’re looking for an experienced team with experts around the globe who can bring your project to life, we’re here to help. Our team of skilled, knowledgeable professionals understands that both your time and money must be considered on any project.