We recently came across some research on this -- and it tends to apply in other parts of the globe too. Here were the \u201cbig five:\u201d<\/p>\n\n\n
For sure. We say things like this because it can be uncomfortable to discuss cost. Organizations do not want to spend tons of money -- they have budgets they need to protect, obviously -- but they don\u2019t want bad work either. So the answer is not \u201cGet it cheap,\u201d because \u201ccheap\u201d usually can mean \u201cbad.\u201d But the answer is also not \u201cPay a lot of money,\u201d because \u201cspent money\u201d does not always mean \u201cbest project.\u201d <\/p>\n\n\n\n
When we talk about \u201ccost efficiency,\u201d this is usually what we are actually discussing: cost and value. The cost of something should reflect the value. If you found a time machine and went back 25 years and told people \u201cSomeday, you might spend $1,100 USD for a phone in your pocket,\u201d they would laugh at you. That would be impossible to even consider. But if you told them \u201cThis phone will also have games, and memes, and your banking information, and the ability to reach friends\u2026\u201d Well, now someone 25 years ago might be saying \u201cThis seems valuable\u2026\u201d Once they see the value of it, the cost they will tolerate can come up. <\/p>\n\n\n\n
\u201cCost efficiency\u201d for an organization usually means \u201cThis seems to be fair based on the value I will receive.\u201d<\/p>\n\n\n\n
Consider us briefly. We have functional knowledge, expertise, domain expertise<\/a>, etc. That\u2019s why we were one of the fastest-growing IT companies in Croatia in 2019.<\/a> We extend your team so that projects do not fall behind.<\/a><\/p>\n\n\n\n So, whether we are \u201ccheap\u201d or \u201cexpensive\u201d is a completely relative term. As you research, you could go see what people say about us on Clutch (a B2B review site)<\/a>, for example, and then make a determination on cost and value.<\/p>\n\n\n\n Consider:<\/strong> When you go for a cheap option, one common problem is that the resulting project is not great, so you need to pay someone else to do it again. That means you just paid twice for a project that you should have paid once for. That adds to costs, and unnecessarily at that. <\/p>\n\n\n\n Why not just pay experts to do it right and do it once? You end up saving money. <\/p>\n\n\n\n And then, if you have another project they can work on, great. If not, you end the financial arrangement and come back to them later when a new project arises. <\/p>\n\n\n\n You can\u2019t just think of costs as \u201cWe spent this money this time and that is the cost.\u201d Cost is part of a bigger relationship between your company and providers and between your company and customers (i.e. what you will end up charging). It\u2019s an ecosystem, not a one-time decision. So when you think about cost efficiency, realize that there are many inputs to the discussion. It\u2019s all part of the science of \u201ccost-benefit analysis.\u201d<\/a><\/p>\n\n\n\n \u2026 when you look at different outsourcing partners, as the top of this article mentions, there are several key factors that you take into account. Cost efficiency is a major one, but not the only one. What should you be looking at in an outsourcing partner? How do you know you are getting what you need?<\/p>\n\n\n\n Here\u2019s a checklist to guide you:<\/strong><\/p>\n\n\nSpeaking of multiple inputs \u2026<\/h3>\n\n\n\n