Accelerating Time to Market for Software Products
Time to market is a key factor in the software industry. In today’s competitive world, firms need to accelerate their time to market (TTM) to be more competitive. So, how can companies improve the TTM? We look at some best practices that they can follow.
Importance of TTM
Time to market is important because it can help companies get the first mover advantage. A company that is first in the market with a new product can improve its market share and revenue. The benefits of improving TTM will help you understand its importance:
- It provides a competitive advantage in the market.
- R&D costs can be reduced.
- Customer satisfaction is improved.
- Market share and revenue increases.
- Profitability can be higher.
The need to release a product must not lead to reduced quality since it can impact future prospects. Companies need to follow innovative practices to reduce time to market.
Best practices and strategies to reduce TTM
1) Reduce waste
Reducing and eliminating waste in the development process helps to improve the time to market. Producing more code than needed and creating complex architecture increases the time to create the product. Process improvements that focus on reducing waste can help reduce TTM. It is important to identify bottlenecks in the process and deal with them effectively.
2) Start QA early
The QA process takes time, but it does not mean that QA must be compromised. Instead, QA must start early. This would allow bugs to be detected at an early stage making bug fixing easy. A key reason for product delay is time taken to fix bugs. Early QA can help in ensuring project is on schedule.
3) Automate processes
Automation helps to reduce time and effort. Most importantly, it helps reduce errors that humans commit. Following automated processes can help reduce the time to market. Automation can be used in different stages of the development process to improve cycle time.
4) Organize workflow
A disorganized way of working can disrupt schedules and lead to delays. Organizing the workflow allows work to be done smoothly. Proper planning and using the right workflow tools ensures development work is done in a structured way. Such an approach helps in meeting deadlines.
5) Know when to build and when to buy
It make sense to outsource some parts of your project. You must know when to build the product yourself and when to buy from outside. Use third party tools or outsource some work to reliable partners to improve the time to market.
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