Midsize companies are perfect partners for Fortune 500 firms
We have witnessed a drastic technology led evolution over the years. Organizations with disruptive business models, innovative products and Agile mindsets are able to gain competitive advantage. While many organizations want to build disruptive products to stay ahead in the game, lack of technical knowhow and skilled resources hampers their growth. Mid-sized technology companies help organizations to drive ideas into market realities with the consumer-centric approach and deep technology expertise.
These companies help Fortune 500 organizations as well start-ups across various industries such as healthcare, retail, education, hospitality and many more. India is a preferred remote development destination for many Fortune 500 organizations. According to one of the reports from Zinnov, India has nearly 12 million small and medium businesses with a high degree of technology influence and these businesses are further looking to adopt newer IT products. Apart from the technology expertise, skilled resources and cost arbitrage, the mid-sized technology companies in India offer a host of other value additions.
Here are Top 7 reasons why mid-size technology companies are perfect partners for Fortune 500 companies:
Time zone overlap — A lot of mid-sized technology companies in India overlap their time zone with their clients’ time zone. They also provide a 24*7 NOC team and work in an agile mode. This ensures smooth and seamless communication despite geographical boundaries.
Trust and Transparency — Many remote development partners ensure that their processes are completely transparent to develop healthy bonds and trust with the client. Some companies also provide their clients access to code repository so that clients can evaluate the build quality and suggest recommendations if any. Some of these mid-sized technology companies also practice Continuous Integration and Continuous Development to ensure that the code is always in a releasable state. They show progress notifications to clients so that they are aware of the project delivery status at all times.
Access to local market — For Fortune 500 organizations, it is very difficult to penetrate in new markets without local partners. Mid-sized technology companies in India help these organizations to tap local market and increase their reach to a larger audience.
Faster time to market – Engineering products in-house is not only costly but also time-consuming given the lack of technical know-how and skilled resources. Mid-sized technology companies do not just give access to technology and talent, but also offer benefits in terms of faster time to market as these companies follow Agile methodologies with iterative development and DevOps which automates the redundant tasks and shortens the release cycles.
Effective two-way communication – Fortune 500 organizations that partner with companies in India expect a swift two-way communication. Some of the remote development partners use high-quality audio and video conferencing tools to bridge the communication gap. Some mid-sized technology companies also try to have an in-person Project Kick-off Meeting at client’s location where product teams of both the companies meet and discuss the project plan.
Joint Retrospectives – A lot of mid-sized technology companies encourage their product teams to be a part of retrospectives and even lead retrospectives. These companies ensure that every Scrum team member shares the hits and misses along with improvement areas to stakeholders of Fortune 500 organizations.
Continuous refactoring – Fortune 500 organizations are evolving in nature, and a perfect architecture does not exist. Mid-sized technology companies offer continuous refactoring which makes it easy to maintain and extend the architecture at any given point of time. Mid-size technology companies provide a perfect balance between the right skill sets, technical know-how, and transparency. They follow Agile methodologies and are cost-efficient and technology driven — all at the same time.
Moreover, working with a perfect mid-sized company also eliminates passing through a lot of bureaucracies and legalities, saving a lot of time and efforts. Competition is increasing at a rapid pace and Fortune 500 companies are looking to penetrate new geographies and build innovative products at the speed of light to remain competitive. In such a scenario, it becomes vital for Fortune 500 companies to let a mid-sized technology company do the heavy lifting in terms of product engineering whilst they focus on core operations.