Nowadays, product development teams are expected to move fast while delivering quality products that meet all the expectations of various stakeholders & the end-user. However, one major issue with this scenario is that it can induce a lot of work stress in the dev team that can wreak havoc when it comes to developing a product.
This is where Agile Product Development Methodologies come into the picture. These methods can be put in a place to solve various concerns while enabling product development teams to allot small chunks of work to various teams. This will seamlessly accelerate product development while giving room for feedback from stakeholders to ensure the high quality of the product.
Why Should Your Company Leverage Agile Product Development?
1. Accelerated Product Development
One of the major benefits of agile development methodologies is its ability to offer a less expensive, fast-paced, flexible & accurate product development process.
The primary reason for this approach is to make sure that the product is rapidly delivered without compromising its performance parameters & quality. 2 major benefits of agile product development processes are its customer centricity & Rapid product development coupled with faster time to market the said product.
2. Success Rate is Higher than Traditional Product Development
Traditional waterfall projects tend to be slower & can be marred with developmental roadblocks like dissatisfied stakeholders.
Leading reports suggest that the rate of success in agile product development is 4 times likelier when compared to traditional methods. However, this performance gap might increase with respect to the size of the product. Why are agile projects more successful? Because they foster collaboration between technology teams, stakeholders & the business.
Interesting fact: Every 2 or 3 working weeks, Agile teams tend to deliver increments of the working product.
3. Minimize Risks &Uncertainty
One of the most important reasons why agile product development should be the first choice for any product development team is because this methodology helps businesses reduce risks & uncertainty.
Since agile product development results in faster product development, you can leverage feedback mechanisms to get real-time feedback from customers. This feedback can then be used to make future updates of the product better. This helps you to steer product development in the right direction.
These are 3 significant reasons that might just nudge your company to leverage Agile Product Development.