Buy vs Build: Why 3rd Party Report Tools Will Optimize Your Development Strategy
Here is a summary of the ways that 3rd party tools can benefit the way you develop your application—and the reason why it’s the best choice when it comes to reporting tools, in particular.
Vendors are contending with their own market of competitors. They have to measure up to the latest trends, and provide an unequivocal value to their customers (like you). By gaining a feature from experts focused solely on solving that particular need, you ensure consistent high product quality throughout your application.
Building a tool from scratch can begin with a clear roadmap, but end with multiple reroutes, a blown budget, completely derailed timeline, and a tool that doesn’t measure up to your initial vision (or other tools on the market).
If you’re going to take risks (or should we say experiment?), let it be for on high-ticket items that can have significant pay offs, like innovative or core features that set you apart from your competitors or provide unique value to your customers.
In comparison, generic features are best gained through tools that already exist, have been tested, and streamlined. Vendors are also responsible for any possible problems with the tool, yearly updates to keep up with changes in industry, and enhancements, etc.
Flexibility with 3rd party tools can also come in the terms of UI/UX. Some vendors sell white-label versions that can take on your branding, and seamlessly blend with your product’s existing style and feel. Additionally, opting for embedded versions leaves users completely unaware that the 3rd party tool is not native to the rest of your application. Smaller vendors may also offer to create custom APIs, or somehow cater the tool more fully to your exact requirements.
Obviously with a 3rd party tool, a significant proportion of these costs are circumvented, (with the aforementioned pricing models based on only paying for what you need) and gaining the ready-made tool you needed to complete and deliver your product to market within days- rather than months. Not only is the ROI greater, but it comes with a significantly faster speed than in-house development would.
The cost of development is not only vastly less with 3rd party tools, but there is also an opportunity cost to developing in-house to consider. For example, what could 100 hours have been used to create of it hadn’t been wasted? What could those 4 developers have created in 6 months if they had been assigned to a different project instead?
Normally with software development, we deal with highly complex codes that gather a small amount of data at time. However, reporting involves writing (seemingly) simple codes that gather a huge amount of data at once (possibly millions of rows of data!). Although the code may be simple, a sub-optimal code can lead to major issues, and slow the entire application down to a complete halt for all tenants. Coding errors carry much greater consequences on product performance, while skillful writing can make a huge impact on overall efficiency.
This is exactly why acquiring a 3rd party reporting tool is such an advantage. Specialized in reporting capabilities, their developers are experts in the nuances of data collection, and can ensure seamless operation. This advantage comes on top of robust reporting features, speedy integration, and all the common advantages of choosing to buy a 3rd party tool, of course.