If your existing team doesn’t have the expertise to build the solution internally, you will need to invest in custom development. This requires hiring in-house developers or sourcing the project to a third party. Either approach involves a hefty price tag, and is an investment few firms feel comfortable making in an uncertain economy.
The initial cost of developing a custom software solution typically ranges anywhere from $500,000 to $2,000,000, but large-scale projects involving multiple features, third-party integrations, and data migration features can cost much more.
Beyond the initial development costs, you’ll also need to invest in implementation and training, ongoing maintenance, and new features. In-house development usually requires years of continued development beyond the initial project scope.
When you work with a solution provider, they take on the burden of product development, quality assurance, maintenance, platform migration, and ongoing user support. They may also offer training resources for your initial rollout and new hires.