Thought Leadership

5 Reasons to Buy vs Build Software

Learn more about why it might be better for you to build rather than buy incident risk management software for your organization.

December 12, 2023

The decision to adopt an Integrated Risk Management (IRM) solution involves a fair deal of considerations. Organizations looking at whether to buy vs build IRM software should first have all the information they need to properly evaluate their choices based on their individual needs. Below are the six most compelling reasons why choosing to buy IRM software, like Resolver, rather than undertaking the formidable task of building in-house is a decision poised to transform how you manage and mitigate risks.

5 reasons to buy vs. build IRM software

Your IRM solution should seamlessly integrate with your organization’s unique rhythm. While buying pre-built solutions can seem limiting, there are solutions, like Resolver’s IRM software, that allow you to buy a program that can be tailored to your needs, saving you from the hassle of building your own.

1. Quick implementation

Product implementation teams like Resolver’s have extensive experience in accurately predicting project timelines, ensuring a rapid go-live, and allowing organizations to establish and operate an effective IRM program swiftly. In contrast, embarking on an in-house development project often leads to delayed implementation.

2. Trust the experts

Effective IRM software provides insights from former auditors, consultants, Big Four partners, and industry experts. Rooted in best practices and real-world experiences, this solution is finely crafted to meet the diverse needs of organizations. Opting to build an in-house system exposes organizations to the challenges of an immature product, adding a “con” to the buy vs build IRM software list.

ITRM Dashboard

3. Ongoing innovation & efficiency

Buying IRM software ensures that your organization remains at the forefront of industry capabilities. On the other hand, in-house development often faces challenges in maintaining continuous improvement. With competing project priorities, internal maintenance tasks are relegated to lower positions on the to-do list, resulting in delayed updates and improvements.

4. Better support capabilities

When comparing whether to buy vs build IRM software, having suitable support is key. The assurance of round-the-clock support is a critical advantage over in-house solutions. Once an in-house project is complete, resources may be diverted to other endeavors, leaving organizations vulnerable in the absence of continuous support.

5. Break down silos

Buying IRM software means that expansion is simplified, breaking down departmental silos and enhancing collaboration across the organization. In contrast, expanding in-house software often necessitates starting from scratch, incurring extensive time and budget investments to gain buy-in from various departments.

Visual on how to choose a Risk Management System

Exceed your expectations with Resolver’s IRM solution.

When looking for an effective solution, deciding to buy vs build IRM software is laden with implications. Resolver’s IRM software emerges as the preeminent solution, offering a harmonious blend of quick implementation, expert craftsmanship, ongoing innovation, reliable support, and enhanced collaboration. As organizations navigate the complex risk terrain, choosing Resolver’s IRM software becomes a strategic investment in a comprehensive, future-proof risk management solution. Download our handy resource on this page, or request a custom demo today to learn more!