For organizations looking to enhance business operations, cut costs, reduce risk or increase productivity through the application of technology, the decision on whether to buy a solution from an external company or build in-house with internal resources is a common one.
Firms with extensive internal IT departments, in particular large financial institutions, will typically err towards the ‘build’ side of the argument for a number of reasons, not least they believe they will end up with a precisely tailored solution that fits seamlessly into their existing IT infrastructure. However, internal builds are typically fraught with problems and rarely end up meeting the organization’s business objectives.
In addition, studies from companies like IBM, as well as Industry Analysts such as Gartner Group and IDC, show that organizations do not achieve nearly the return on investment (ROI) when building an inhouse custom solution versus implementing ‘commercial, off-the-shelf’ (COTS) applications.
This document outlines the key challenges an organization will most likely face if deciding to build an in-house solution, and highlights some of the areas where a COTS solution will typically represent a more prudent investment.
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Build vs. Buy