Acquiring the right technical skills to support your business’s growth strategy is business-critical, and with technical talent shortages it can be a significant challenge. Outsourcing offers a solution, but many business leaders in iGaming and PayTech are wary of engaging a provider. Here we explore why outsourcing can be an effective tech development strategy.
This article is an extract taken from our whitepaper Outsourcing As A Tech Development Strategy in the iGaming and PayTech Industry. To download a copy please click here.
Whether you have experience in technical outsourcing or not, it’s important to recognise that not all providers are equal! Best-in-class technical outsourcing providers offer a range of services that can be tailored to your specific requirements.
However, it is also vital that you identify providers who have access to specialist tech delivery teams and talent in iGaming or PayTech, as they – compared to technical professionals from other industries – can be rapidly onboarded and seamlessly integrated into your projects.
This level of specialisation ensures that you not only receive the technical expertise you need but also benefit from professionals who understand the unique complexities that define the iGaming and PayTech sectors.
Technical Outsourcing Approaches for iGaming and PayTech
Understanding the differences between outsourcing models is essential to make informed decisions aligned with your growth objectives. Here, we explore three prominent outsourcing approaches within this landscape: Resource Augmentation, Turnkey Teams, and Build Operate Transfer (BOT).
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Resource Augmentation
Resource Augmentation is a flexible model that allows you to augment your software development capacity with external talent possessing the exact skills required for a particular project or initiative. This approach offers several advantages:
- Flexibility: You have the flexibility to scale your team up or down as needed, aligning resources with project demands.
- Cost-Efficiency: Resource Augmentation often proves cost-effective, as you only pay for the expertise you require on a project-by-project basis.
- Speed: It facilitates the rapid onboarding of skilled professionals, expediting project timelines.
- Access to Expertise: You can tap into a global pool of specialised talent, ensuring that your project benefits from the best and brightest.
Resource Augmentation is an ideal choice when you need to boost your technical capabilities quickly. Whether it’s to meet a project deadline, launch a new product, or navigate seasonal fluctuations in demand.
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Turnkey Teams
Turnkey Teams take the concept of outsourcing a step further. Rather than augmenting existing teams, you assemble an entire unit of skilled professionals, often remotely, dedicated exclusively to a project or a business challenge. Key benefits of Turnkey Teams include:
- Full Project Ownership: These teams take ownership of the entire project, from inception to delivery, ensuring alignment with your vision and objectives.
- Seamless Integration: Turnkey Teams are experienced at working in this capacity, often working together on other projects, so are available for a fast start and smooth transition.
- Efficiency and Focus: By focusing solely on your project, these teams provide a dedicated and discreet resource, leading to faster project completion.
- Cost Control: You have greater control over costs, as you can tailor the team’s size and composition according to project requirements.
Turnkey Teams are an excellent choice when you need a self-sustained unit of experts to resolve immediate technical challenges quickly.
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Build Operate Transfer (BOT)
Build Operate Transfer (BOT) is a strategic outsourcing model that provides a turnkey solution, which transitions into permanent hires. This approach is particularly valuable when you’re expanding into new markets or launching a subsidiary and need a dependable technical team from the outset. Key features of BOT include:
- Fully Serviced Provision: BOT includes on-the-ground operational requirements to ensure focus on deliverables.
- Smooth Transition: After an initial outsourcing period, the team and operations are transitioned to your full ownership and control.
- Risk Mitigation: BOT minimises the risks associated with setting up operations in a new location or market, as you leverage the expertise of the outsourcing partner.
- Retain IP: BOT facilitates the establishment of a permanent, highly skilled in-house team ensuring the long-term benefit and retention of valuable IP.
BOT is a strategic choice for companies seeking a low-risk, efficient and controlled path to build internal technical capacities while resolving short-term needs and objectives.
8 Benefits of Technical Outsourcing
In summary, outsourcing offers a multitude of benefits that can significantly impact your company’s growth and success:
- Resource Flexibility: Outsourcing allows you to easily adjust your workforce in response to fluctuating demands, providing cost-efficiency and scalability.
- Access to Niche Skills: You can tap into specific skillsets that may not be required long-term, optimising your team’s composition for each project’s unique needs.
- Experience Augmentation: Outsourcing provides access to specialised experience that may not exist inhouse, ensuring your projects benefit from industry expertise.
- Performance Obligation: Suppliers have a vested interest in performing well, as their compensation is tied to project success.
- Error Correction: Mistakes are rectified at the outsourcing provider’s expense, reducing the burden on your organisation.
- Predictable Budgeting: Outcome-based projects allow for confident budgeting, minimising financial uncertainties.
- Independent Perspective: Providers offer an unbiased viewpoint, unaffected by internal opinions, bureaucracy or politics, ensuring focus on the optimal solution.
- Commercial Risk Management: Outsourcing allows you to transfer commercial risks onto the supplier, enhancing your risk management strategies.
By leveraging these advantages, outsourcing becomes a strategic enabler for achieving high performance, innovation and growth in the dynamic landscape of the iGaming and PayTech industry.
To get a deeper dive into this subject with guidance on how to leverage outsourcing effectively, download our whitepaper Outsourcing As A Tech Development Strategy in the iGaming and PayTech Industry here.