Do you know?
- The value of the global IT outsourcing market hit over $300 billionin 2020.
- Over 89% of the Chief Technical Officersplan to outsource their product development in the future.
- Over 60% of IT companiesstarted outsourcing their product development projects in 2020.
The statistics clearly indicate that most companies are delegating at least some part of their business functions to third-party vendors or outsourcing partners. Along the same lines, outsourcing a Minimum Viable Product (MVP) has become a popular business strategy as it helps businesses scale quickly and affordably.
What Is an MVP?
A Minimum Viable Product (MVP) is a product version with only a limited set of features. This version allows businesses to test the functionality of the product and gather customer feedback on the same before launching the fully capable product. The success or failure of MVP can significantly impact business decisions. That’s why it is essential to understand if an outsourced product development partner can add value to MVP development.
In-house vs. Outsourced Product Development
Traditionally, businesses have designed and developed their products in-house. This process includes in-depth market research, conceptual design, prototyping, product engineering, and systems maintenance. Companies hire expert technical staff in each key area to realize success.
However, outsourcing has transformed this scenario. With outsourced product development, businesses can access a pool of talented product developers and designers with the necessary skill set to develop their products. They hire a third party to take care of product development and perform related services pertaining to technology strategy, user experience design, custom software development, and ongoing product iterations.
To that end, here are five ways an outsourced product development partner adds value to MVP development initiatives:
1. Easy Access to In-Depth Knowledge, Experience, And Skills
If you have an amazing product idea but do not have sufficient resources, expertise, and experience to build the product, it is not possible to successfully launch an MVP. The shortage of software developers and high remuneration packages can only add to the woes.
Here, an outsourced product development partner can be an excellent fit. They can provide easy access to all resources and competencies, including consulting, viable MVP development, and custom software development services, in a timely and cost-effective manner. The outsourced development partner can also provide turnkey solutions that suit your project specifications and budget.
2. Significant Cost Savings
Every business looks to monitor and control its financial resources in every possible manner. Unfavorably, in-house product development can be very costly and might require a lot of time, effort, and dedication.
Contrarily, outsourced product development allows you to gain broad access to the global talent pool and hire IT specialists according to your budget. However, selecting the most cost-efficient partner must not be the only evaluation criteria. It is important to assess the competency of the team that will work on your MVP development:
- Check the company references and existing clients
- Ask for the resume of developers who will work on your project
- Start with the prototype of the project
- Perform a time-and-materials assessment
- Evaluate if the business has streamlined and automated workflows that improve productivity
3. Reduced Time to Market
It has been rightly said by Benoit Mandelbrot – “Every nice piece of work needs the right person in the right place at the right time.” This is especially applicable to startup businesses because the more you wait, the more your competitors have the chance to win potential customers. And it also gets difficult for your product to compete in the market and grow business revenues.
An outsourced development partner can help you build, test, launch, and scale the product at a much faster pace. You can focus on growing your business while the third party takes care of testing the MVP. More profoundly, the outsourced partner can help with rigorous testing and validating the product version and assessing whether it:
- Meets the business and technical constraints
- Is easy to use and intuitive
- Runs well in various scenarios, with regards to performance and stability
- Accurately represents the brand and concept
- Is easy to update and maintain
The partner can also drive maintenance, add new features or product lines, and perform the necessary upgrades to improve the quality of the product version under test. When all this happens at a faster pace, you are better positioned to cater to the market quickly and further respond to the fluctuating business landscape and consumer preferences.
4. Better Control and Agile Development
Outsourced MVP development excels at producing swift and flexible solutions. The development partner releases a working version of MVP on a regular basis, with features and additions based on feedback from customers.
The use of development tools, the deployment on a platform like AWS or Azure, the assessment of the day-to-day project progress, and the ability to deploy prototypes or product versions in a shorter time period — all come together to nurture a highly scalable, flexible, and repeatable development environment.
5. Project Management
MVP development necessitates a lot of coordination and synchronization within and between different teams. The product must be designed and developed according to market trends, business requirements, and competitive landscape. Plus, it must factor in the complexity of the application itself and the associated business processes before release.
An outsourced development partner can help deal with project management challenges by:
- Providing project planning and estimation services
- Improving project and resource management
- Integrating various teams, departments, and system components
- Helping with operational risks
- Scheduling work per deadlines
- Engaging in critical incident management and response
Make Your MVP Journey Easier and Better with Us
Developing a product is a long and challenging journey. A skilled outsourcing partner can help you shorten development time and spare you from many worries. Outsourcing MVP development can help you reduce business costs that would otherwise be spent on IT hiring and training.
Looking for an experienced outsourcing partner to develop your MVP? Consult your requirements with us.