When it comes to a technological edge, successful companies are using a built-it approach for their solutions and gaining more than just prestige and efficiency along the way.
Built-it versus buy-it approaches
Comparative advantage and economies of scale are useful tools for solid web development. As more complex technologies are developed, there’s a strong tendency towards towards using readily available resources over customised, build-it-yourself options.
However, it appears that opting instead for the build-it approach pushes companies to the forefront, especially within fintech. It is reported that the likes of IBM could be gearing up for major acquisitions when it comes to financial technology startups next year. Companies would therefore further propel themselves forward by adopting a competitive, custom-made angle in many areas of their technology choices, ethos and development.
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Why the build-it approach leads to success
It can be argued that ready-made options offer quick, reliable solutions to company needs. However, a build-it approach is more flexible, better able to adapt and respond to changing demands within the market and client base.
Building customised resources stimulates the need for creativity and forward thinking within a company, cultivating a workforce that is inspired and innovative in their endeavours. Developers and employees will become more more adept and knowledgeable within their technological domains, leading to the utilisation of greater economies of scale.
There are a few exceptions. Salesforce, for instance, could more efficiently provide the most proficient CRM technology, and a buy-it option for new businesses and prototypes would be more logical for basic, cost-effective and quick to implement solutions. In addition, when taking a build-it approach, businesses should develop solutions within their own specialist domains, rather than over-reaching to areas that are not within their primary scope.
It is fast becoming clear that various companies, from the likes of big businesses such as CitiBank, IBM and BlackRock, to smaller enterprises and even new entrepreneurs, are taking advantage of technological advances, the cloud and open source software to gain a competitive edge with their own build-it solutions, trailblazing the way towards greater efficiency, more prolific creativity and bigger profits.