๐๐ฎ๐ฒ ๐จ๐ซ ๐๐ฎ๐ข๐ฅ๐ is a million-dollar question especially if you are into tech.
But I have seen non-tech companies also struggle with the same and it is understandable.
The ๐๐จ๐ฌ๐ญ ๐จ๐ ๐๐จ๐๐ ๐ก๐๐ฌ ๐ค๐๐ฉ๐ญ ๐๐ซ๐จ๐ฉ๐ฉ๐ข๐ง๐ and ever since the arrival of Large Language Model (LLMs) like ChatGPT and Gemini, it has taken a free fall.
I too got my hands dirty and started building 2 websites from scratch. I prided myself in the fact that I was a computer engineer and was confident that I could do it. And I did.
But would I do it again. May be not.
You might ask why?
Simple reason is time. Second simple reason is expertise.
Let me explain.
Yes, you can learn everything on YouTube for free and implement it. But inevitably, you will hit a roadblock and spend several hours debugging or correcting the design. All this will lead to enormous frustration and doubt.
Secondly, if you are not into the business of software or tech then your product might seem very basic and uninteresting. It might lack the functionality and user experience that people are accustomed to.
On the other hand, if you have a technically superior and visually appealing product, the adoption of your product might skyrocket.
Let us do a ๐๐จ๐ฌ๐ญ ๐๐๐ง๐๐๐ข๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ of Building vs Buying.
Benefit:
1.ย ย ย ย Control every aspect from design to functionality.
2.ย ย ย ย Control timeline of development and implementation.
3.ย ย ย ย Development and Subscription cost saving.
4.ย ย ย ย Potential to take it to market.
Cost / Trade-offs:
1.ย ย ย ย You start with a basic and average product.
2.ย ย ย ย Your team must adjust to the limited potential of the product thereby hampering their productivity.
3.ย ย ย ย Cost of failure of the product.
4.ย ย ย ย Cost of migrating to Off-the-Shelf at a very advanced stage.
With the advent of cloud computing, access to software has been democratized. Access to world-class products is no longer available to the Fortune 500 companies. Even a small startup can avail themselves of the best product in the market.
There are several other emotional and logical reasons that go into the decision of Buy Vs Build. Personally, ๐ ๐ฉ๐ซ๐๐๐๐ซ ๐ญ๐จ ๐๐ฎ๐ฒ, even if you are into tech or software.
1.ย ย ย ย You start with the best or at least a competitive tool. Itโs stupid to bring a knife to a gun fight.
2.ย ย ย ย The processes and reporting get standardized enabling faster scaling in the future.
Yes, there might be a few functionality or design elements missing that may not be customizable or might cost money but in a highly competitive world, efficiency and effectiveness are non-negotiable.
If Google can get part of itโs software development done by India ITeS companies then there is certainly some merit in outsourcing services or buying specialized SaaS products.
Would you buy or build? Comment below.
p.s. ๐โโ๏ธFollow me for more on Life in general and Marketing Technology (MARTECH) in particular.
