In today’s global competition and the urge to be ahead of the curve, companies are more open to outsourcing product development (OPD). By outsourcing product development, it encourages you to focus on sales, marketing and other business development activities which are directly responsible for the revenue growth of the company, while the OPD partner drives the development tasks. It provides better return on investment, delivers higher quality products, accelerates go-to-market and signifies valuable and long-term partnership.
Why Outsource Product Development?
By choosing the right partner, enterprises have access to a dedicated Center of Excellence (CoE) for innovation. Moreover, you are able to get expert recommendations that improve the product development process. Outsourcing means “increased bandwidth”. The product life span increases with innovative software and the project delivery is on-time and within the budget.
Benefits of OPD
There are several advantages in outsourcing product development. Some of the key benefits are:
Global Talent – Expert talent pool handle and manage your product development in an efficient manner. You get access to experts and expect the product at the earliest possible time, while you focus on your business development functions for better revenue growth.
Cost and Time Efficient – Outsourced product development also, incurs less cost than spending a huge amount on recruitment.
Non-Existent Downtime – You don’t need to worry about slack and interruption when you have outsourced your product development. These slowdowns can be critical for the organization. Outsourcing ensures that such situations are managed in an efficient manner and you are able to see a major improvement in the product completion time.
Reduced Time to Market – It is crucial to innovate quickly and being first in the market is always an advantage. Rather than letting your available resources dictate the timelines, you can quickly scale a remote team to carry out the work much faster.
Technological Advancement – By associating with a third party, who has a proven track record of excellence, organizations can build cutting-edge solutions using the latest technologies without having to master them themselves.
Bringing Fresh Perspective – By engaging a partner for OPD, you will certainly profit from hearing new perspectives and getting fresh ideas. New approaches and thinking out-of-the-box enable you to improve your product.
Outsourcing in the Digital Age
OPD is quickly becoming the go-to-market strategy for product lifecycle management. Outsourcing market is expected to reach greater heights in the near future. Today’s market continues to shift due to the emergence of new business models, various users and connected technologies. This has coupled the growing competition between several organizations, enterprises and start-ups. The prevailing and upcoming trends require organizations to rethink their strategies for how they go-to market and approach new users there by, facilitating revenue opportunities and adding new technologies. As a consequence, outsourcing your product development is a viable alternative to trying to bring all the expertise in-house.
Know what it takes to build a Great Product
Faster time to market, enhanced customer experience and continuous evolution are the major challenges of disruptive product companies and businesses. Software product development services are designed to accelerate product development and bring business agility. The consulting, technical and design teams come together to help product companies transform their ideas and deliver the desired product by solving most complex engineering challenges.
Factors to Consider
Choosing the right OPD partner, can be a difficult task. Here are some essential factors to consider.
- Do they have a strong technology consultants, good UX designers and efficient testing team?
- Are they working on cutting-edge technologies and latest methodologies?
- Do they have a dedicated project manager?
- Do they have a proper documentation process?
- Do they communicate well, from the very first interaction?
Using the Latest Tools and Technologies for Product Development
The major drivers of outsourced product development are cost benefits, flexibility and scalability. A competent development partner works on various technologies and has in-depth expertise on some of the latest development platforms, methodologies and processes such as DevOps, Microservices, Cloud-based platforms (Azure, AWS), JS frameworks and many other cutting edge technologies. While working on latest technologies, the potential partner should deliver solutions that offer high levels of consistency in quality and performance.
DevOps and Microservices
DevOps and Microservices have become the preferred method for product development. This is mainly due to the speed of deployment, stable operating environments, highly scalable architecture and improved communication and collaboration. Some of the other technical benefits include continuous software delivery, less complexity to manage and faster resolution of problems.
Cloud Native Application v/s On-Premise
Cloud-native approach is applied to build and run applications that help to leverage the advantages of the cloud computing model. This offers enterprises greater agility, resilience, and portability across clouds. Cloud Native patterns have the ability to make application development and operations team more efficient through automation. Cloud applications that are developed and deployed as a set of flexible Microservices further help to reduce costs and boost performance. If compared to on-premise native applications, cloud are more stable, provides sufficient elasticity, easier to use, more customizable and offer greater control over data.
Therefore, choosing a development partner, who has the capabilities to adopt DevOps, microservices, cloud-based approaches is a big advantage.
When you have decided to outsource product development, it is recommended to look for partners who are credible in the field. Ensure that they are aligned with your business requirement. They must possess the domain expertise and the technology skills that your product needs, in order to save you money and offer the quality of service you are expecting.
Marcom Specialist, RapidValue