Strategies for Reducing Costs in Custom Software Development: Leveraging Modern Technologies for Competitive Advantage

Technology continues change at a very fast pace especially in what concerns software development, intensifying pressure on companies that have been in business for many years to provide more efficient solutions that offers both reasonable price, quality and ability to scale up. In this article, the author examines a vast range of approaches to cost-effective custom software development solutions and identifies such tools as low/no-code platforms, reusable assets, artificial intelligence, open-source tools, and cloud space as critical substrates available in today’s world. This paper sheds light on the advantages and disadvantages of the aforesaid approaches to guide established companies in the development of efficient development pipelines and counteract with new entrants of the market. Moreover, the article underscores the value of flexibility riding the aperture of further change with the excitement of having to be resilient to employing adjustative and DevOps methodologies, skill gap, and organizational resistance factors. Examples and desk research show that these methods have been effective in lowering development costs of large-scope projects and present recommendations based on experience. As such, this article is meant to help establish familiarity with cost reduction methods with further empirical studies to be conducted on each strategy that has been mentioned.