Developing a successful software product is highly challenging in today’s competitive market. With customer expectations evolving, companies now focus on developing new-age solutions leveraging disruptive technologies for their businesses. Meeting customer expectations and delivering a reliable solution in the market is the biggest challenge for every organization.
Independent Software Vendors (ISVs) and businesses that depend on software to be both operational and profitable find it difficult to manage core organizational commitments while transforming their innovative software ambitions into reality. This could often lead to delayed time-to-market or the launching of a substandard product.
A unique service offering can help organizations fasten their time to market by taking care of operational activities such as workflow management, UX design, infrastructure, and integrations, to name a few, while the organizations stay focused on their core IP. The unique service offerings enable ISVs to capitalize on market opportunities, develop MVPs quickly, gain immediate feedback from customers and investors, and make swift improvements to launch a full-fledged product in the fastest possible time.
How Can One Fast Forward Technological Breakthroughs?
The most critical challenge a software product company or startup faces is being able to build out a Minimum Viable Product (MVP) using their core IP and innovation in the fastest possible time. For example, a startup that innovates with AI will require full-stack application development skills, Cloud infrastructure capabilities, and specialized QA services in addition to the AI/ML resources which form the core of their Engineering team.
Enterprises’ current IT teams are adept at managing their platforms and applications based on older software versions. However, transforming their legacy product into contemporary versions for new features and improved performance demands skill sets that their existing systems team may not possess.
In these cases, businesses have two options. They can either hire resources with the requisite skills or partner with an IT services company with the experience and credibility to work on the required tech stacks. Once the product is developed, the company would need partner support with different skills to run the operations.
Creating permanent in-house capacities for these varied requirements leads to significant operational overheads, alongside the need for extensive training. Fortunately, with the right technology partner, businesses can quickly address these needs with expert resources and scale up/down based on needs.
A suite of enabling services, combined with domain & technical experts, enables ISVs to build market-ready MVPs in just 12 weeks. The MVP is configured by chalking out the detailed CX flows, considering the technical and overall requirements of the product with clear documentation, and accelerating the building and deployment.
A 3PL desired to reimagine its core business operations to enable accuracy and efficiency. The organization decided to deploy an automated pricing application. Leveraging Trigent AXLR8 Labs, the 3PL developed an automated pricing application with a user-friendly interface. By migrating from its manual practices and leveraging the expertise of Trigent AXLR8 Labs, the organization increased its revenue by 40%.
Best Product Development Practices to Ensure Growth, Scale, and Success
As per a survey by Deloitte, “59% of companies outsource their product development for cost optimization, while 31% want to achieve better product and service quality through outsourcing. 57% of organizations indicated that they considered outsourcing to be able to focus on their core business better, and 47% did so for getting quick access to high-quality technology capabilities.”
The role of product engineering partners is pivotal as technologies evolve with time. Ranging up/winding down engagements based on requirements without incurring high resource overheads is a critical advantage of managed services. This applies across all product life cycle stages, from ideation to operations.
Ideation is the most crucial phase of the product lifecycle. A product engineering service partner can assess the product concept from an agnostic viewpoint and evaluate what will work best for the business. leads this phaseThe Product Manager leads this phase and would include clarity on the target audience and the feasibility of innovative features. The role of the ISV/product owner would be to coordinate with the teams on both sides for status updates and focus on the core business strategies.
As the next logical step, product creation and validation must be highly agile to adapt to ever-changing business and user requirements. For companies not in core IT business, having the existing resources to adapt to this change is very challenging. Working with an experienced product development partner with relevant experience and expertise is ideal in such cases.
The right service provider can provide keen insights into evolving product functionality, improving process flow, mitigating risks, elevating the user experience, and maintaining costs. Furthermore, the right vendor can be instrumental when businesses aspire to scale up their products, roll out new features, create an operations function, and integrate Quality Engineering within their DevOps.
Once the product is launched in the market, with time, every product needs some updates and feature enhancements and requires continuous maintenance.
The right partner can help you with the best sustenance engineering strategy, adding new service and feature enhancements to extend the life of legacy products and meet the needs of modern and innovative applications for better operational efficiency and user experience.
Trigent understands the relevance of continuous support to ISVs and ensures monitoring and support for product upgradation to make it relevant to customer needs, and by leveraging Trigent AXLR8 Labs, ISVs gain the required support of an expert team to launch a reliable product with continuous improvements.
How to Select the Right Development Partner?
When evaluating prospective product development partners, you should ask various questions to determine if they understand and can align with your organization’s needs and goals.
Utilize case studies and references to analyze how they work with their clients, their delivery process, costs, time to market, etc., which can help form an overall review. But then take a deep dive into how their experience, techniques, and other strategic aspects are fair in the various metrics your organization needs.
Here’s a quick checklist of items all organizations should consider during the development partner selection process.
- What experience does the vendor have with various modern or emerging technologies?
- Does the partner have certified resources in the technologies the project needs?
- Does the partner have a complete understanding of the functional requirements of your project?
- Can the partner address all your requirements, including product architecture, design, implementation, and post-go-live support?
- How experienced is the partner with ensuring security at all application layers?
Technology innovation is continual and can revolutionize your go-to-market on many levels. A product built on a solid foundation with cutting-edge technology and a robust user experience will position you for success.
Trigent AXLR8 Labs enables ISVs to build and deploy MVPs faster and seamlessly integrate the products with legacy systems, optimizing code and monitoring product performance for continuous improvements. As a result, ISVs can attract investors and customers with an MVP that satisfies their requirements and is market-ready. Additionally, continuously monitoring and improving the product’s performance ensures that it adapts to changing customer needs and effectively caters to dynamic market demands.