Inaccurate estimation is one of the most critical issues that plague tech industry today. Every year dozens of companies close doors with unfinished programs even after spending three to ten times original estimates.
BRIDGEWATER, N.J. (PRWEB) February 20, 2020
Invonto, a leading app development agency, recently launched a new app cost calculator on the Invonto website (https://www.invonto.com/app-cost-calculator/). This calculator offers cost estimates for web and mobile apps in less than five minutes, helping companies make smarter decisions about their app investments. According to a recent report from Statista, the Apple and Google app stores currently host a combined 4,410,000 mobile apps. This does not include the countless web-based applications that do not exist on a mobile app marketplace. Gartner predicts that this number will only increase as apps become more valuable, more complex, and integrate new technologies such as chat, voice, augmented reality, and wearables. Invonto believes that apps represent the future success of modern businesses. But according to a study by Gartner, less than one percent of apps are successful and many app projects remain unfinished as companies run out of budget.
Inaccurate estimation is one of the most critical issues that plague tech industry today. Every year dozens of companies close doors with unfinished programs even after spending three to ten times original estimates. The cost of app development has become a regularly discussed topic among top companies who are investing in developing their own app(s). According to Invonto CEO, Maulik Shah, the estimation process for an app development project can take several days to several weeks. Because app development is a multi-layered process, and not all developers make the effort to evaluate all aspects of app development, estimates can vary dramatically from agency to agency. While the average cost of app development can be in the $150,000 - $200,000 range; according to a recent article from Forbes, the majority of the bids received by companies are below $10,000! Inaccurate estimates can mislead companies and result in the failure of an app. Maulik stated that properly assessing and budgeting for app development is crucial for the overall success of the business.
Invonto’s app cost calculator seeks to deliver accurate estimates quickly and efficiently to help more businesses succeed. To ensure the accuracy of the estimate, the app cost calculator uses a proprietary algorithm developed by Invonto’s award-winning app development team. This algorithm is based on the data the Invonto team has gathered from successfully launching over one hundred web and mobile apps over the last decade. As companies receive estimates from internal staff or external agencies, they can include estimates from Invonto’s app cost calculator to identify a realistic budget.
“In our pilot studies, the estimates provided by the cost calculator are within a 20% margin from actual costs. When manual estimates from different agencies can vary greatly, we see our cost calculator as a valuable resource that can provide businesses the assurance needed to move forward confidently with their project.” Maulik said.
The app cost calculator is designed to provide an effortless user experience for non-technical users. Invonto understands that the majority of those seeking cost estimates are entrepreneurs and business leaders that may not be familiar with the technical aspects of app development. The tool provides users the option to choose from the most commonly used features in web and mobile apps. It also allows them to select custom features. In addition to the cost calculator, Invonto offers an insightful article that educates companies on the process of app development and the factors influencing costs: https://www.invonto.com/insights/how-much-does-it-cost-to-make-an-app.
“Our purpose for creating this app cost calculator is to provide business owners access to a free tool that they can use for determining accurate funding requirements. If a company doesn’t have enough funding, they can revise project scope to first create a minimum-viable-product (MVP). In case if their budget is not enough to complete anything substantial, companies can figure out their funding before committing to app development. This improves project outcome and prevents companies from wasting their hard earned money.” Maulik said.