Explore the critical decision between building a custom credential management system or choosing a ready-made solution. Weigh the pros and cons that impacting cost, security, and operational efficiency.
Before deciding whether to build or buy, it's essential to identify your organization’s core credential management needs. Consider the volume of credentials, process complexity, and any required integrations. If your needs are straightforward, a ready-made solution may offer greater efficiency and scalability without the burden of managing technical updates and security internally. By thoroughly evaluating these factors, you can make a more informed decision between custom-built and existing solutions.
Cost is a major factor in the build vs. buy decision. While building a custom system provides initial control, it comes with significant expenses, including infrastructure, development, and ongoing maintenance. These costs can escalate quickly, often outweighing the perceived benefits of control. In fact, research shows that 53% of custom software projects exceed their original budget estimates, making this a costly option for many businesses(Mendix).
Buying a ready-made solution, however, allows you to leverage the vendor’s infrastructure and expertise. According to industry research, buying a commercial off-the-shelf (COTS) solution is often faster, more cost-effective, and reduces risks associated with delays in custom development(SplashBI). Over a five-year period, a ready-made solution can reduce costs by 40% to 70% compared to building in-house.
Security is a top priority in credential management. Building a custom system may let you implement specific security measures, but it also puts the burden on your organization to continuously monitor and update against evolving threats.
A ready-made solution, on the other hand, leverages the vendor’s expertise in security and compliance. Vendors stay ahead of cyber threats and ensure your system meets industry regulations. This allows you to focus on your core business while knowing your data is secure.
As your organization grows, so will your credentialing needs. A custom solution may work now, but could lack the flexibility and scalability needed for future growth.
A ready-made system is designed to adapt and scale as your organization evolves. Leveraging a proven platform means faster time to value, allowing you to meet customer needs quickly and efficiently.
Looking at industry case studies can provide valuable insights into the build vs. buy decision. Learning how similar organizations tackled credential management will help you make informed choices and avoid potential pitfalls.
Consulting experts in credential management can also offer key perspectives, guiding you through the complexities of this critical decision. Their experience can ensure that you select the best option for your organization’s long-term success.