5 Key Benefits of Agile Product Development that You Must Know

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Agile Benefits

In our previous blog, we had discussed the key Agile metrics that businesses use to optimize their product development processes. Taking the topic further, in this blog post, we are going to delve into the benefits of agile methodology that have helped it gain traction in the world of software development. The fact that agile framework has grown to become one of the most sought after frameworks is an open secret. The benefits rendered by this framework make it one of the most efficient software development methodologies to exist today. For a better understanding of the difference between the traditional methodology and the agile methodology, let us take a look at the image below.

Agile Metrics Graphs

The graph clearly depicts that the agile framework is far beneficial and thus a better choice for your development process. However, we understand that this is a topic that has been over exhausted, but we also understand that the product development scenario is ever-evolving, and with every passing year, it becomes important to choose the best practices that would aid in setting your business apart from the competition.

The 5 key benefits of Agile methodology discussed in this blog explains its growing popularity and answers the question as to ‘Why should I choose the agile framework?’ Let us take a look at these key benefits that have helped accelerate the adoption of agile.

The Benefits of Agile Methodology

1. Enhanced Product Quality and Customer Satisfaction

  • In Agile development, the development team produces frequent builds and performs tests and reviews during each iteration that ensures consistent quality. Also, the incorporation of continuous integration and testing enables the early detection and fixing of defects and expectation mismatches.
  • The sprint retrospectives enable the scrum teams to streamline their work processes and improve efficiency. As the software is developed in gradual cycles, and the project is divided into manageable units, the teams can further focus on improving the quality of development, testing, and integration.
  • Agile methodology ensures the development and on-time delivery of high-quality solutions and thus aids in improving customer satisfaction. Using this framework ensures that the product is easily accessible to the client during the lifecycle. Thus by keeping the client engaged and involved during each step of the project, the framework successfully drives customer satisfaction.

2. Improved Team Efficiency and Transparency

  • While implementing Agile methodology in our projects, we have noticed that the framework facilitates effective communication and collaboration between the teams. A survey by DeltaMatrix confirms the same by stating that agile teams are found to be 50% faster to market and 25% more productive than the non-agile ones.
  • Also, the predictability of the methodology and the transparency achieved through the regular meetings allow the agile teams to discuss their issues, share the progress, and also brainstorm for solutions.
  • These meetings, coupled with the usage of Jira, enable both the stakeholder and the development team to view the progress in real-time.  The stakeholder engagement in the agile framework is significant from the beginning of the cycle and allows the client to view the progress and tailor their expectations accordingly.

3. Reduced Risks

  • As a continuation of what we had discussed in the first point, the Agile framework develops in sprints and thus almost eliminates the chances of total project failure. Simply put, the methodology ensures that the team always has a working product starting from the very first sprint and thus rules out the possibility of project failure.
  • Defects are also detected early through the usage of automated testing tools. The regular stand-ups, while acting as a platform for better collaboration, also helps the members to share their ideas to mitigate the risks involved. 
  • Furthermore, the model offers better flexibility and adapts to the client’s preferences as required throughout the development cycle. The teams develop features with a focus on the needs of the users and thus deliver business value. Since the working product is considered to be a success only when the product owner approves it, the released product is less likely to fail in the end.

4. Better Project Predictability

  • For a project to be called successful, the cost involved in it should be lesser than its ROI (Return on Investment). With agile methodology, it becomes easier to predict the cost, and in turn, predict the result of the project in terms of success. 
  • It is easier to predict the cost involved in the project as the sprint length and development team allocation remains constant throughout the project. Once the cost has been predicted, the stakeholders can modify features as per the requirement.
  • Other factors that are predictable in the Agile framework include requirements like product backlog, timelines, and budget of releases, etc. Also, the task boards, daily scrum meetings etc. help predict the performance for individual sprints.

5. Delivering Business Value

  • When you get right down to it, the one benefit that businesses look forward to while choosing a framework would be increased business value. As we discussed earlier, the Agile framework provides better transparency by involving stakeholders in the development process. This helps the team to understand the expectations and deliver features that satisfy customers and provide business value for the organization.
  • As compared to the traditional model, the Agile framework does not venture out to specify the variable called ‘scope of work’ at the beginning of the project. This allows room for change, and the requirements are gathered as the team gets acquainted with the customer’s needs. This added with the scalability, flexibility, and increased ROI explains how the Agile framework succeeds in offering a competitive advantage.

The Agile adoption statistics by Capterra reveal that more than seven companies in ten have implemented the Agile methodology in one way or the other. The first-mover advantage, early development, fast product releases and the focus on business value makes the Agile methodology as both the present and future of project management. While the shift from the traditional model to the Agile model might be a bit tricky, a closer look at the bigger picture would show that it is the right move in the longer run. 

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Agile Product Development

By,
Amritha Nampalat
Marketing Executive, RapidValue

     

     

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