Research shows that 65% of CIOs and Information Technology leaders have skills shortages within their teams. Our experience with Small and Midsize Business (SMB) is that the skills shortage percentage is even higher!
To compound the issue, skills in emerging technologies are scarce and the demand for these resources is accelerating. Let’s look a few emerging technologies as an example.
Blockchain: Here to Stay
There is no longer doubt that blockchain is here to stay. A recent Entrepreneur article on emerging technologies declared that Blockchain technology adoption will grow at a Compounded Annual Growth Rate of 61.5% through 2021. The largest impact and benefit for blockchain will be in the financial sector. Informed observers of blockchain’s recent progress expect new economies to evolve in the near future. Blockchain is attractive for many reasons, including:
- Security: Blockchain is touted as the most secure network of all time. Information is stored in a series of “blocks”, with information that ties it to the previous block, and making all the blocks fully interconnected with each one another. It would be extremely hard to hack Blockchain-constructed information. Further, the technology of blockchain was developed so that, once a chain of information is hacked, all the block is corrupted and, therefore, corrupted (unusable).
- Inexpensive: Traditional financial transactions are tied to individual corporations and bound by government borders. In contrast, Blockchain is an open system, “open borders” technology, free of traditional transmission and per-transaction processing fees.
- Fast: Since blockchain does not require transaction routing a single “clearing g throhouse” as traditional financial transaction models do - global transactions can be completed in minutes - instead of hours or even days.
The future of blockchain adoption is not limited to large financial service corporations. Small businesses of any kind can leverage blockchain for financial activity such as invoicing and collections. Where will your company get access to skilled programmers who already have experience with Blockchain technology? Can your limited IT budget offer salaries that compete with large enterprises in major urban areas?
IoT: Data is King
Moore’s law teaches us that the computing power of microprocessors is increasing every day. In parallel, the presence of IoT is expected to grow exponentially. At the same time internet bandwidth is increasing, and costs are decreasing. These advancements will help IoT expand and become more accessible to large and small businesses alike.
Companies have already invested millions to create - or improve - their data analytics and business intelligence capabilities. The promise of IoT is that it extends our access to data farther (more places) and deeper (more detail) than ever before. Companies - large and small are scrambling to develop new, innovating business applications for IoT. IoT may even change the way trash gets picked up!
But your small company can only innovate if you have access to software developers who can develop competitive IoT solutions for you.
Artificial Intelligence (AI)
Artificial Intelligence is not new. The origins of AI go back to the work of “neural networks” in the 1950’s. As computational power has grown, and the ability to store large amounts of data has increased, AI technology evolved. Even skeptical business executives and tech leaders sat up and took notice when Google paid over $400 million for Deepmind. In spite of the fact that Deepmind had never shown a profit!
How important is AI? Well - even Vladimir Putin, President of Russia, has expressed the importance of AI in the global landscape. Regardless of your view of Putin’s politics - the gravity of his statement cannot be overstated. AI is not just relevant - it’s SIGNIFICANT.
AI is no longer the exclusive domain of large organizations or government “skunk works”. Solutions such as Amazon's AWS and Google's TensorFlow library and Amazon AWS have AI applications accessible to all size companies within their cloud services.
SMB’s can leverage AI in new and better ways – but only if they can assemble a team of technical programming talent to exploit the potential of AI! How would your company assemble an AI software development team?
Virtual Reality (VR)
Like AI, the concept of VR has been around almost as long as there have been science fiction stories. VR is far more that a niche technology for the gaming industry. VR is a means to minimize two important factors in efficiency and cost savings: time and distance.
What if an HVAC service tech didn’t have to drive to your office building and climb on the roof to troubleshoot a broken air conditioning system? Or, what if trainees developed skills by working of VR models of HVAC equipment? Finally - how about if new HVAC systems were designed and tested through VR simulations? These are not stories from science fiction - but real examples of how VR technology is being exploited today.
Is there a potential VR application in your company? Where would you even begin looking for that kind of skill? How would you properly tech-screen and interview a prospective candidate?
Augmented Reality (AR)
If you think you are unfamiliar with AR - think again. While the technology is still evolving, you’ve certainly seen early examples. Maybe, years ago, you went into a furniture store and there was a plain white couch sitting under a projection screen. Pick a fabric style and color - and - VOILA!..the fabric is projected onto the sofa. But technology advances have really taken off with the “try before you buy” in retail:
- In 2013, IKEA launched their “Virtual AR Catalog” where you can see images of IKEA furniture inserted into the intended room in your home
- Similarly, Sayduck has a mobile app to upload to-scale images fixtures and furniture into their desired location on your smartphone or mobile device
- Not to be outdone, Converse has a mobile app that allows you to overlay shoe images onto your feet so you can see how they look when you are wearing them
Does that sound far-fetched? Check out the use-case one of our offshore development partners have created! The images overlay perfectly on the face and change in proportion to the user’s head and facial movements.
Do these AR examples give you some ideas for your company? Awesome! But, this kind of technical skillset may be hard - or impossible to find. Can you afford to bring on a highly specialized developer (or a TEAM of developers), just for a single project? What happens when the project concludes?
It’s Hard to be Competitive
It’s hard to stay competitive in the marketplace with emerging technologies, such as Blockchain, AI, IoT, and VR. The increased adoption of emerging technologies means that demand for available talent in your area is at a premium. In short – developers for emerging technologies is hard (or impossible) to recruit for… and the talent is expensive.
Additionally, most companies already have a significant portfolio of existing systems using traditional technologies. These systems must still be maintained, and probably enhanced. Retraining your existing team on new technologies means you compromise your ability to staff projects to support your existing systems.
We Have Your Solution
Top outsourcing companies around the world already have the teams you need to quickly gain the skills you need in emerging technologies. Companies find that software outsourcing for emerging technology needs solves so many problems you encounter by trying to “in-source”. By using software development outsourcing, you discover that:
- The right mix of technical programming expertise and business vertical experience can be easily located
- Hourly rates for outsourcing can be lower costs than hiring programming staff..sometimes a FRACTION of what it costs to hire
- Development teams can be quickly assembled for your project - and then disbanded when work needs end… and expenses immediately end as well
- You can “throttle” the demand for programming expertise… increasing and reducing production of software as situations fluctuate within your business
Partner development companies in the Accelerance Global Network continually invest in new talent and train their existing staff for emerging technologies. Our partners are essentially software development factories that exist for the very purpose of bringing capacity and innovation to the marketplace for your company.
We Know the top 1% of the World’s Software Outsourcing Companies
We know the global destinations for software outsourcing and the companies who are best suited for your particular needs. Accelerance knows the top outsourcing companies in the world with resources for your emerging technology needs. We have established global relationships to help you match your needs to the right outsourcing partner.
- Offshore partners in Europe and Asia with proven capabilities in emerging technology.
- “Nearshore” partners in Latin and South America. These companies also have solid expertise in emerging technologies with the added benefit of adjacent time zones to your company.
- Coaching to help you be successful wherever your software development partner is located.
We can use our proven vetting process to match you - and your company’s software development needs to the perfect outsourcing partner.
Want to Know More?
Our knowledge of software programming talent around the world is unsurpassed. Accelerance knows the countries with the talent, we know the outsourcing partners with the capabilities, and we know what kind of rates you can expect to find. Be our guest! Download the 2018 Software Outsourcing Rates eBook.