4 Tips to Expedite Software Project Delivery Cycles
As businesses rush to release software to meet rising consumer demand, finding the right balance of speed and quality for your organization is a challenge. For decades, companies have been forced to choose between quality and speed, but this dilemma has become increasingly tricky as consumer expectations have risen.
To expedite software project delivery cycles, you need to have a solid grasp of your company’s definition of project launch and its relationship to product cycles and delivery times. By understanding this relationship, you can gauge how well your organization is doing in its attempts to get products to market faster by comparing them against industry averages.
A project launch is commonly defined as “the date when a product becomes available for use or sale.” Product cycles refer to when a project is launched and when it’s ready for release to the public. Finally, delivery times refer to how long it takes before users can start using the app. All three terms are usually expressed in months or quarters.
A company’s product launch cycle directly impacts its product delivery cycle—the length of time between the end of the software development process and the product being in front of customers. So if you want to release your product as soon as possible, you should also consider how to shorten that delivery cycle.
The key to going fast without sacrificing the quality of your product or its user experience is understanding how to accurately and efficiently measure and manage the project’s delivery cycles. A delivery cycle takes time to convert project requirements into an integrated product or service. Therefore, you can use these metrics as benchmarks for defining and comparing project delivery cycles in your organization so that you know where you stand when compared to your competitors and better understand the relationship between your cycle times and project success.
What is Speed to Market, and Why Is it Critical?
Speed to market is a big deal in the software development industry. It’s a fundamental KPI (key performance indicator) for many businesses, as it directly impacts their ability to stay competitive in their particular industry. It’s important to understand that the speed at which a product is delivered is not just about how quickly you can get the finished product out the door; instead, the speed of the process itself is an essential factor.
Several factors affect the speed to market: the time and cost needed to develop features and implement new versions, how quickly products can be manufactured, shipping time from the production facility, and the time it takes to get products into customers’ hands. For a business model to succeed, these factors must be considered. In addition, the earlier products are delivered to customers, the more revenue can be generated from sales. Essentially, speed to market directly impacts the business bottom line.
The type of product also plays a role in determining the speed to market. If a product is complex or needs to integrate with other company systems, then this will extend the time it takes until the next version can be released. A less complicated product will have a shorter time frame until its next release than one that is more complex.
Revenue growth is one of the critical components of any successful business. One of the most prominent challenges organizations face today is how to increase their top-line revenue as quickly as possible. Although many companies have taken a traditional approach to grow their revenues, speed to market has been proven to be one of the best ways to reach your revenue goals. McKinsey & Co found that a product that is six months late to market earns 33% less profit over five years.
Speed to market also plays a vital role in achieving sustainable competitive advantage. It allows you to shorten the time between when your organization conceives an idea and when it’s in the hands of users. The shorter this period, the more money your company will make.
Product launches are exciting yet stressful times. You’ve put so much time and energy into developing the product that it’s natural to want to rush into getting it out the door, but this haste can prove costly. So before you finalize any plans, make sure that you have a go-to-market strategy in place and that you’re prepared for anything that might come up between now and launch.
4 Ways to Achieve Faster Software Project Delivery
1. Have a go-to-market strategy
Develop a go-to-market plan. A good strategy should consider the target market, the launch date, the resources required, and the budget. Then, be ready to change course if something goes wrong or is delayed.
Be ready for the unexpected. You risk a failed product launch if you don’t have any planning. What issues could arise? What if your manufacturing partner fails to deliver? What if your marketing team’s campaign is lackluster? Keep contingency strategies around for every potential roadblock or delay.
2. Monitor current market changes
Are there particular features or apps that customers want or need? It is possible to accelerate development by keeping a close eye on market trends, your competitors, and what end users want from their products. This will help you identify opportunities where you can create new products faster than competitors and gain a competitive advantage over them in the marketplace.
3. Consider new technologies
Technology is changing the way we live our lives and do business. From big data to artificial intelligence, machine learning, cloud computing, and overall digital transformation, emerging technology is the new buzzword of 2022. As a result, you might need to adopt particular technologies to hasten the time it takes for your software to reach the market, embrace innovation, and scale your business.
Big data is an enormous amount of structured and unstructured data that is becoming more important for businesses to analyze. Collecting and analyzing this data can help a company make better decisions, improve customer experience and increase profit margins.
Machine learning is a subset of artificial intelligence (AI) that allows software programs to learn from experience without being explicitly programmed. Machine learning can be applied across multiple industries, including retail, healthcare, and finance. Companies want their software systems to learn from each other’s experiences rather than relying on humans to program solutions from scratch whenever something changes in their industry or environment.
4. Work with a development partner
Your product cycle can be accelerated by collaborating with a development partner. A “race to the finish line” requires increased cross-functional team size and more hands on deck. The ability to quickly bring something to the market depends on both experience and skill.
If you work with a partner, you can be confident that the engineers, developers, project managers, etc., have done this. They will also have a procedure in place to guarantee that deadlines are met and standards are high.
Enjoy Faster Go-To-Market Product Cycles with Help from KMS
When you’re developing a new product, you need to move fast. At KMS, we are here to adapt to your needs and accelerate development quickly. As a result, you don’t have to waste time searching for in-house experts.
We are familiar with and have access to various tools for project management, testing, and programming. This enables us to create tailored solutions for you without sacrificing quality or functionality.
We offer comprehensive support and services throughout the entire project lifecycle. Your project is fully managed from evaluation, development, and testing to post-launch maintenance. Schedule a free consultation to discuss your technology needs