Market success was once defined by centuries of traditional product development business concepts. However, the need of the times today is to achieve speed, agility, and responsiveness.
In many cases, the secret to success lies in how enterprises are effectively able to leverage the most appropriate technology to “productize” their offerings to best meet the needs of their demanding customers.
With a productized approach, enterprises can streamline their market responses and align their operations faster. This trend has ensured that most enterprises have come to be governed by the same conditions that product development companies have confronted for years. And that’s what this blog is about.
Read on to know how enterprises can convert their ideas into successful products, what challenges they are likely to encounter along the way, and how a powerful partnership with a product development services company can help drive progress.
The Journey Is Not Easy
Clearly, the journey of transforming existing business services or concepts into a fully-fledged product is not an easy task. In fact, studies have found that over 50% of all product launches fail to achieve their business targets. Failures for tech products can be attributed to several reasons, but in these digital times, the culprits are either one or different combinations of the following three elements:
- Product definition
- Technology architecture
- Poor support
Speaking from Experience
To ensure that the journey from concept to success is realized for every product, enterprises need a reliable product development service partner to guide them on the right path. Over the years, Pratiti has taken the role of just such a partner for some of the most successful product companies in different domains. In our experience, our customers were able to rapidly realize ROI from their products thanks to our involvement in strengthening the three core elements.
That said, let us explore how product development can be set in the right course of action by a partner like Pratiti:
Create the Right Product Definition
Before even thinking about the technology stack, it is critical for businesses to be 100% sure that they are pursuing the right product idea. A product development service partner can work closely with your business’s key decision-makers and evaluate the potential of an idea.
Through consultative engagement, the main product objectives can be prioritized, designs and roadmaps can be created, and performance metrics can be defined. Identifying the user journey in the product and building a user experience tailored for easy use is a key part of the product definition.
An excellent product development services partner will have cross-functional expertise across consulting, design prototyping, data management, and engineering approaches. This will ensure that the business stakeholders can be provided with a viable POC or MVP that helps with their goals of fundraising as well as decision-making.
Leverage the Best Technology Stack
Creating a balance between functional innovation and stable operations is often directly dependent on how well the product’s technology architecture is engineered. Product development partners have the know-how on how to create the most sustainable and future-proof technology architecture. They have the expertise to select the right technology stack for major components or functional modules of the project.
Rather than choosing a single technology framework, a dedicated partner can help in creating enterprise-grade products that run on modern architecture principles like Microservices. This allows the business to deploy different product modules in the most suitable technology environment tailored for them.
Seek Assured Continuous Support
Having a dedicated product development service partner entitles your business to enjoy the benefit of being guided and supported not just in the development stage but also throughout the product’s lifecycle. That continues even post-launch and well into following versions and iterations.
A product-led business is never a one-time venture that magically lives on itself after market launch. Your product needs constant changes that are driven by market innovations. Obviously, you cannot blindly implement any innovation before evaluating its fit for your business, existing technology, and much more. Then, even as new releases pile up, users on the older versions need to be supported with product updates and enhancements.
This is where a dedicated product development partner like Pratiti can don multiple hats including those of product sustenance and support partner. A dedicated partner can assure you of continuous support to grow your products in ways the market loves.
By forming strategic partnerships and alliances with the world’s best technology vendors, partners like Pratiti can truly elevate your business. Such partnerships assure your business of availing the most tailored choices from evolving technology innovations without risks.
Making the Right Choice
We have seen how a dedicated product development service partner provides a formidable advantage for businesses making their foray into products. What’s left for leaders to finalize is evaluating the metrics needed for picking the right partner. Some of the best credentials to check in this regard include:
- Past expertise in your domain
- Capabilities with end-to-end MVP delivery
- Exposure to standard product development processes
- Staff scalingabilities
- Business knowledge
At Pratiti, we tick all these boxes and have demonstrated success in helping launch several large enterprise-grade products for businesses in multiple sectors. Get in touch with us to know how we can help build the most successful growth map for your product initiatives.