Agile Product Development has brought in rich dividends for various small & large organizations. That is why it has been one of the most sought-after methodologies. Agile Product Development is also one of the most efficient product development methodologies that companies leverage today.
With each passing year, companies are searching for new & effective ways to develop products quickly. So, companies mustleverage those processes which would take your business ahead of the competition. This is where Agile Product Development can make a difference. So, what are the benefits of this amazing methodology? Read on to find out!
5 Key Benefits of Agile Product Development You Must Know
1. Improved Product Quality and Excellent Customer Satisfaction
Let’s take a simple example, your company make an XYZ product that takes 8-10 months. It could be software for fieldwork or a program that simplifies business processes.
If you go the traditional way to develop your product then it will obviously take a longer time. Why? You need to have a concept, do tons of research & analysis, develop a prototype product & then test it rigorously. These processes do take a lot of time and resources. After successful testing & modifications, you then proceed to launch the product. If you want to push updates to that product, it again takes up a lot of time.
So, how does Agile Product Development Methodologies have an edge?
In this process, the product development teams frequently develop prototype builds. They undertake rigorous tests & reviews on each product build to make sure that they stick to the quality standards. In addition to that, product development teams usually leverage continuous testing & integrations to find out any bugs, critical fixes or expectation mismatchesearly.
Agile Methodology empowers organizations to quickly develop & deliver high-quality products/solutions on-time. This seamlessly aids businesses in achieving higher customer satisfaction.
Interesting fact: One of the benefits of Agile Develop is that clients can access the product during its development lifecycle. So, this points to the fact that clients can easily get involved in every step of the product development process.
2. Better Transparency & Team Efficiency
Leading reports & studies on Agile methodology state that teams that leverage Agile techniques tend to be around 25% more productive & 50% faster in terms of marketing the product when compared to non-agile product development teams.
Many organizations have also stated that Agile Methodologies facilitate effective collaboration & communication between various teams. How cool is that!
Agile Methodologies are quite predictable & the transparency offered by this method allows teams to effectively discuss various issues faced during the development of the product. Additionally, teams can share their progress & brainstorm for effective solutions with ease. This results in excellent team efficiency & transparency.
3. Minimal Risks
One of the biggest benefits of Agile Development is that your product development team will not face a total project failure. Why?
This innovative methodology ensures that your teams always have some sort of a working product (teams frequently develop product iterations). This rules out any possibility of total project failure.In addition to that, your teams can easily detect any defects, bugs or critical fixes early with the help of automated testing tools.
But that’s not all! As discussed in the 2nd point, teams get to share their ideas & brainstorm to find out effective solutions. Apart from that, throughout the development cycle, clients can seamlessly access the product & share their preferences or expectations. Teams can then focus on those requirements which are mostly in-line with user needs.
The Result – Excellent Business Value!
4. Enhanced Predictability
Let’s look at a simple example, your company develops software that neededXYZ capital. So, your ROI should be more than your investment, right?
Therefore, your ROI>XYZ (XYZ = cost of development)
But most companies have a hard time achieving ROIs that are more than the initial product development costs. But that is where an Agile Methodology can make a difference.
With the help of Agile development, your teams can easily predict the cost of the development& also forecast an approximate result when it comes to the success of your project. Other factors that can be easily predicted with the help of Agile methodologies include timelines, product backlogs, the budget of releases & more.
5. Delivering Business Value
One of the most sought-after benefits that every company is after is to deliver excellent business value.Since Agile methodologies promote better transparency & collaboration, minimize risks & offer better predictability, every company can seamlessly deliver high-quality products in less time as compared to traditional methodologies.
ARSR holds expertise in Agile Product Development & offers various services like Product Ideation to Delivery, Bug Bashes, TDD, Rapid & Continuous Innovation to large & small enterprises.