Companies worldwide are developing new technology strategies and solutions, and there is a fundamental question that can keep CEOs awake at night: Build or buy?

Choosing whether to buy or build has historically depended on the type of tech that a company needs to implement. But in an environment in which more people than ever are working remotely and app developers need to cater to more user modalities (such as mobile, wearable, and desktop devices) than ever before, a clear shift is emerging in favor of buying.

Build consumer-grade multiexperience apps — fast — with HCL Volt MX

The hidden costs of building

It’s understandably tempting to build new solutions  companies have teams of talented developers and want to maintain control over their costs as well as their technology. However, what initially seems like the cheaper, more reliable option can be riddled with hidden costs.

Organizations tend to underestimate both the time and money it takes to maintain security and operations when building new tech — plus it’s hard for development teams to control or push back against “scope creep” when those requests to add features or functions come from upper management or the head of IT. There are often many more building steps required before deployment than companies often realize when they first plan projects and solutions. 

The time and IT support that building internally requires can slow the deployment of new tech drastically. We are living in a time when time-sensitive information and updates are as important as ever, and remote working conditions make it impossible for IT teams to address company tech issues in person. Once an app or other technology solution is built, the journey is far from over — development teams have to maintain and update it to keep up with the needs and demands that can come from employees, partners, and/or customers.

Enterprise organizations bank on success by choosing to buy

A recent Forrester study interviewed five companies with revenue from $5 million to $6 billion and found the net financial benefit of buying new tech (over building) to be $1,686,884, with an average ROI of 207%. While building new tech might initially seem attractive because it may have fewer up-front costs, the numbers show that, over time, companies tend to save significantly by buying.

Gartner also pointed out that IT spending is predicted to drop 7.3%, while companies refocus that budget to software solutions. CIOs are investing in subscription products and cloud services, which lower upfront costs while setting organizations up with scalable, long-lasting solutions.

2020’s IDC Spending Guide showed that despite pandemic-induced setbacks, digital transformation is still a key priority across industries. Brands will continue to pivot toward bringing on and using external technologies like HCL Volt MX that deliver scalable, low code, integrated and omni-channel solutions with quick adoption time and reliable security.

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Achieving digital success by choosing your technology wisely

In the rapidly evolving digital ecosystem, companies need to invest in multi-channel solutions that meet users wherever they areMore and more companies are realizing that to stay competitive and meet the needs of their audiences, that they need to use multiexperience development platform, or MXDP, to solve challenge and create solutions. The complexity in building multiexperience apps, let alone updating and maintaining it, is far beyond the scope of most enterprise’s in-house capabilities. You would need an army of developers to make sure that your solution works across multiple devices, operating systems, and is constantly being updated. Buying becomes the clear choice when looking to adopt highly complex, secure tech that can run onpremises or in the cloud with a quick adoption and onboarding processes.

AI-powered data analytics and tools like smart chatbots are also factors to consider when adopting new technology. Maintaining advanced technical offerings is often beyond the scope of many remote IT team capabilities, so investing in a solution that promises this kind of operational support is a major factor of the current digital climate. 

When it comes to advanced tech solutions, it’s ultimately worth enterprise organizations’ time and resources to invest in a low code app dev platform that offers the control, flexibility, and scalability required. In order to make the most of digital transformation efforts, one thing is clear: More enterprise leaders need to embrace buying rather than building to make sure their digital transformation and consumer experiences are scalable and competitive.

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Digital Solutions | October 14, 2020
Meet HCL Volt MX: A Game-Changer for Your Business
Today, we are thrilled to announce a brand-new, game-changing product in our application-development suite. HCL Volt MX, an industry-leading low-code platform for developers, lets you build multiexperience consumer-grade apps rapidly and empowers you to deliver highly contextualized experiences to reach your customers, employees, and partners with the right information, in the right way, at the right time.   Using low-code approaches, Volt MX provides the agility to create fast solutions and unified experiences across all channels — as well as improves developer productivity, creates better app experiences more cost effectively, and helps you build innovative experiences that meet the evolution of customer expectations.  Build once. Deploy everywhere. From native mobile to PWAs to wearables, build once and deploy any app, anywhere — even on kiosks! — on one cloud-native platform. Your internal dev teams don’t have to become experts on iOS, Android, or any available platform. Using a single code base, they can build amazing apps with no limits on user experience, at any scale and complexity.   Integrations without limits. This means the ability to remove backend complexity and unlock existing data and business processes. Our secure integration capabilities hide any backend complexity, helping developers connect diverse systems and data sets easily and efficiently.   Innovative interactions. Meaningful engagement. Engage your users in new ways with virtual reality, augmented reality, and voice chat. Add your choice of virtual elements, artificial intelligence, and natural language processing engines with ease. You can captivate users and stay ahead of the competition by incorporating advanced technologies that drive adoption, engagement, and retention.   Fast app delivery. Our low-code development environment provides rapid, visual assembly and pre-built backend services so you can build robust solutions in weeks instead of months. Volt MX lets you visually build back-end business processes and makes managing complex workflows simple. You can achieve more than a 60% reduction in time to market — giving you faster innovation and lower TCO. Your IT teams can focus on the higher-value organizational opportunities that matter.      Secure to...
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