Application development is not an easy process that requires certain procedures to be performed. You need to think through the entire Software Development Life Cycle (SDLC), choose technology stack, form a development team, allocate tasks between all participants, understand stakeholders’ requirements and business operations. There is a lot to do, and figuring out the amount of resources and determining the cost that will be spent on the development process is one of the key steps.
When you want to create an app, having doubts about the costs is predictable. Any company may be overloaded with tasks and projects, so having a clear idea of how to act with the available budget is wise. That is why, in today’s article, we want to take a closer look at the expenses that can be spent while making an app and find out the ways to decrease expenditure.
Factors That Affect App Development Cost and Ways to Cut Them
Before starting web application development or mobile app development, you may need to consult your Business Analyst to gather and analyze all benefits and downfall points. You can even look for a Digital Business Analyst to get a better understanding on the digital side. In any case, it will be better to realize which sums can be spent and what might be saved.
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There are diverse factors that influence the development speed, cost, and overall process, and they should be mentioned during the analysis. It all depends on each particular case, industry domain, and business goals, however there are common factors that any company may take into consideration. So, let’s explore some of them in detail.
- Type and size of an app
The size and type of an application differs from one to another depending on your company’s needs. Thus, a small app that is going to work on one platform only and that will have a limited number of features won’t require many resources from your team. Such a process may take just a couple of months. If you want to add something bigger, like payment methods, multi-language support, messaging, or even integration with third-party systems, these options will take more time and resources. As a result, you may need about 4-9 months or even more.
- Operating system and compatibility
Not every app may be launched on any device, and your team has to decide which platform to use. There are several options to select from. For example, you may need to develop a custom web application from scratch or upgrade it to the modern standards. This process will take one set of actions to perform. If you are going to opt for the mobile application development services, you will need to decide whether you are choosing between Android app development or iOS app development. This choice will take you on another path. Also, some companies pick to go for cross-platform application development services to broaden their businesses. Therefore, you need to have a clear idea of what you are planning on.
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- Back-end and front-end infrastructure
This is another factor that plays an important role in reducing or increasing the cost of an app. In order to create an app, you need to think through both back-end and front-end sides, and the developers have to know what to implement. Thus, back-end developers have to set the right logic of the server, while front-end developers need to work on the UI/UX development and design. Both types of specialists will need to consider which tools, programming languages, and methodologies to use to make a suitable app. And, each of their decisions may have an impact on the budget.
There are also other factors, such as app security, its further maintenance, QA and testing services that you may need in the process. You may also be required to augment your team with more experts if the in-house one lacks specialists with certain skills. And choosing a certain technology stack is one of the factors that can influence your decision on hiring a dedicated team of developers. Each situation is unique, so let’s explore real-life examples and see how other companies from various industries have dealt with their issues.
Read Also What is a Tech Stack and How to Choose the Right One for Web Application Development [2023 Update]
Cost of Developing Different Apps
Besides the factors that all organizations commonly run into when they decide to develop an app, there are those aspects that are specific for each particular industry. Besides that, each industry has its own challenges that companies should deal with. Leading a business and finding methods to reduce costs may be tiresome for any company.
For example, in the logistics industry domain, there is a lot to pay attention to. Transportation costs, lack of automated tracking, fragmented communication, delivery delays, etc. Also, cost overrun is one of the construction industry challenges that organizations bring on the table from time to time. Basically, any business may face difficulties. When you need an application that will deal with at least a part of these issues, it is essential to think about the costs. And, when you have a pre-planned budget for your projects, you basically don’t want to exceed the amount you have. To have a full picture on what to do and understand the scope of work, we are going to consider some types of apps that you may want to develop and look for ways to overcome challenges.
How Much Does It Cost to Develop a Project Management Application?
Project management software development is a popular type of service that companies are looking for to let their employees manage tasks more efficiently. Usually, businesses want their project management systems to have calendars, to-do lists, filters, Gantt charts, reports, etc. The key goal is to simplify and improve management operations. Responsive design is what one may also want to see in their app. The scope of work depends on what each particular case requires.
Read Also Writing Scope of Work (SOW): Major Steps
Source: Project Management Application Based on the Gantt Chart
How Much Does It Cost to Develop a CRM App?
Customer relationship management solution is another sought-after type of app that businesses choose to develop. CRM systems help to keep your customers happy, make team’s procedures more organized, and help both sides to build stronger relationships. As a result, your organization has more chances to thrive.
There are many situations when CRM software may be useful for a company. For example, if you need a customer relationship management app for your car workshop, you may think about adding diverse features to it. Invoicing, document management, booking – the list of possible options may be impressive. It is important to understand that if you decide to add payment systems to your application, such as PayPal, Skrill, etc., you may need more money and resources.
Source: Handy Custom CRM Software
How Much Does It Cost to Develop a P2P Crypto Exchange Software?
P2P crypto exchanges are gaining popularity due to their decentralized nature and increased security features. Developing a P2P crypto exchange application can be a complex and time-consuming process. Open-source frameworks, like Node.js and Laravel, can be used to build a robust and scalable P2P cryptocurrency exchange platform.
The cost of developing such software depends on various factors, including the complexity of the platform, the number of supported cryptocurrencies, the security measures implemented, and the development team’s hourly rate. The development team’s expertise and experience in blockchain technology and crypto exchange development are also essential factors that can impact the final cost. Therefore, it is crucial to carefully choose a development team that can provide high-quality services at a reasonable price to ensure the success of the project.
Check what our clients say about building a P2P cryptocurrency exchange platform and other apps with our help on GoodFirms.
Typically, building a P2P crypto exchange software can take around 2,000 hours, and the cost may vary from $70,000 to $150,000 or more, depending on the project’s scope and requirements.
Source: Bitcoin Exchange Market Solution
It is possible to get successful results fast and by spending less resources. As we mentioned earlier, to reduce development costs and time, one can utilize pre-built libraries and frameworks, such as Webix and DHTMLX, which offer a wide range of customizable UI components and widgets. The libraries are designed to be highly responsive, which means that the platform will work seamlessly on different devices and screen resolutions. This is crucial as it allows users to access the platform from anywhere, at any time, using any device.
If talking in general, we would recommend having a good business analysis and define clear goals and requirements before determining the budget. It is also vital to not forget that the actual cost of the application may vary depending on your specific requirements. Besides the thorough research, we advise to follow these steps as well:
- Training your in-house team can cost a bundle, so choose right outsourcing specialists that can offer you services suitable for your project;
- Be sure that the team is able to provide you with the methods of reducing cost or decreasing development time;
- Minimize the functionality of your app if you afraid that additional features will add more prices to the receipt;
- Ensure that an IT staffing company is able to develop an MVP to help you validate the idea and test it on the market with less costs.
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Depending on the industry your business is in, you will need to collect and analyze related data and understand the challenges your company may encounter. Thus, your team will be able to understand how to act and what will happen to the expenses in case bad luck comes at your door. It is essential to bother about such things, because there is no business that is ready to lose money. Having projects that require these resources and being able to allocate them successfully or even save some of them may seem like an impossible task. However, it is achievable. So, if you have an idea in your mind and want to get help from experts to make your app work as intended, contact us, and we will be ready to assist you in your journey.