Podcast

Ep. 13: Karen French, LendKey: Leveraging expertise for efficiency

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By Karen French
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The case for buying: optimizing email solutions

Consider the task of managing email delivery. It’s a critical component for many organizations, whether they're communicating with customers, clients, or internal teams (Slack didn’t end up being the death of email after all). While it’s possible to build an email system in-house, there are companies and services whose primary focus is delivering emails in the most efficient way possible. Take Karen’s insight as an example:

"I can build, I am sure, something that sends emails, but there's also lots of services where what they think about all day, every day is how to send emails the most efficient way possible. And if that's not what makes me special, is it really the best for me to build it or should I buy it and let somebody who thinks about that all day, every day, optimize it?"

Here, Karen highlights a fundamental consideration. When email delivery isn't a core competency or unique skill set of your team, buying a specialized solution can free up resources, allowing you to focus on what you do best.

Understanding expertise

The decision to build or buy hinges on understanding where your team’s expertise lies. Expertise is not merely about knowing how to do something – it's about doing it better and more efficiently than others. Companies that specialize in specific services often have dedicated R&D departments, established best practices, and industry experience that can far exceed a homegrown effort.

Karen continued to ponder:

"...I get the advantage for my overall work that their best practice is probably, even if it's not exactly what I've done, better than what I'm going to build."

This recognition of comparative advantage is crucial. Opting to buy allows you to leverage external expertise, incorporate refined processes, and potentially better performance than what might be developed in-house.

Weighing the options

Before deciding on building or buying, it's essential to evaluate several factors:

1. Cost: What are the direct and indirect costs associated with building? How do they compare to the purchase price and subscription services?

2. Time: What is the timeline for building internally? Can buying accelerate your project timelines and improve time-to-market?

3. Resources: Do you have the talent and bandwidth within your team to build, maintain, and scale the solution effectively?

4. Strategic fit: Does the solution align with your long-term business strategy, or would buying allow you to adapt more flexibly to future changes?

Recap

The decision to build or buy is multifaceted and should align with your organization’s expertise and strategic goals. By understanding the inherent value of specialized solutions and considering the resource allocation, timelines, and alignment with business goals, businesses can make informed decisions that promote long-term efficiency and success. Remember, it’s not just about whether you *can* build it – but whether you *should*. Let specialists optimize what they know best, so you can focus on what makes your organization unique and valuable.

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