Data shows, only 10% of tech startups are successful wherein others fail. The reasons why most tech product developments don’t succeed can range from lack of planning and a shortage of funding to saturated demand or excessive competition in a given segment.
Interestingly, the failures show less connection with technology and more to do human element. These aspects include the Maturity of the team, understanding of the business, maturity of the product idea, etc.
To develop the right product good old business techniques, play a vital role
- Competition analysis
- Market demand analysis
- Study of buyer behavior, needs
- Marketing plan
While the above holds true for any business, These critical can ensure you get the best out of your new product Read on:-
1. Begin with defining the product
A critical starting point in new product development is to define the product, its features, expected behavior, etc. Pratiti’s product definition process includes the following questions:
• Who is the end customer? What is the customer’s business problem?
• What needs and the audience will the new product cater to to.?
• How will the product cater to and solve the specific business challenge and meet needs?
• What is it that the proposed product can do which any existing competitor product in the market cannot? What advantages does this bring for the customer/end user?
The result of these and many questions is an “Experience canvas”, an experience canvas helps clarify what problem your project is trying to solve, the customer(s) you’re solving it for, and what success looks like.
2. Choosing the right tech stack
The age-old debate of open source vs licensed software is the first hurdle to tackle. These decisions can be fairly easy to tackle given the cost and economic constraints of a start-up. Compatibility, convenience, and ease of availability are some of the other aspects that always work in favor of open source.
Tech stack is the combination of programming languages, tools, and frameworks that the developer uses to create web and mobile applications. Leveraging microservices architecture and using it to your advantage is something that most start-ups don’t pay enough attention to. An experienced tech team can help to make these decisions fairly simpler.
3. Always look for agile development
With Agile we can ensure that the requirements and the solutions move hand-in-hand ensuring a flexible and rapid solution to a change. Organizations have made the shift from traditional waterfall models to agile due to its obvious advantages.
Key reasons to adopt agile include shortening time-to-market, realizing an early ROI, incorporating customer feedback in the development cycle and reducing the risks of failure.
4. Move ahead with DevOps adoption: Automation of Manual Tasks
The rise of DevOps has been as fast as the rise of term-Digital Transformation. ‘Dev’ refers to software application development, and ‘Ops’ refers to IT operations. With DevOps, many companies like Pratiti Technology ensure that the development and operations teams break down the silos and work in tandem for faster innovation and deployment
5. Think Cloud
Cloud adoption is more than choosing a technology; it enables getting ready for the future. While the SaaS model has given rise to a host of new products and companies, it also means that organizations leveraging cloud technology are scalable and are exposed to associated benefits such as analytics.
One key consideration while defining the cloud strategy would be to understand what type of model (private, public, hybrid) suits your needs.
Whether you are an innovator, consultant, startup or a tech person, Talk to a Craftsmen at Pratiti, who will help you ideate, synthesize and perhaps realize your product Idea and smoothen your tech adoption journey.
After successful 5 years stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is postgraduate from IIT, Mumbai, India and in his 19 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.