The success of a technology product depends on several factors, but perhaps the most crucial of them all is the time to market. Time to market refers to the amount of time it takes for a product to be developed, tested, and released to the market. In today’s fast-paced and dynamic tech industry, companies must bring their products to market quickly to stay ahead of the competition. However, achieving a fast time to market is easier said than done. There are several factors that impact the time to market of a product, and one of the most significant factors is the triad of operation, budget, and talent.
According to a report by Deloitte titled “The State of Software and Technology Innovation,” companies that prioritize operational efficiency are more likely to achieve faster time-to-market. The report notes that high-performing technology organizations that are “Agile, DevOps-oriented, and follow the Scaled Agile Framework (SAFe) can deliver 200 times more frequent deployments than low performers.” Efficient development processes enable teams to collaborate effectively, identify and mitigate risks early, and make informed decisions quickly.
In a report titled “2020 State of the Cloud Report” by Flexera, the impact of time-to-market on cloud investments was highlighted. The report found that 67% of enterprises plan to increase their cloud spend in the coming year, but only 11% of respondents were able to optimize their cloud costs effectively. Companies with larger budgets have more resources at their disposal and can invest in the latest tools, technologies, and talent to speed up the development process. However, a large budget is not a guarantee of a fast time to market. Companies must balance their investment in resources with the need to deliver a high-quality product that meets the needs of their target audience.
Robert Half’s “2021 Technology Salary Guide” highlights the importance of talent and notes that the demand for technology professionals continues to increase. The report notes that companies must be willing to pay competitive salaries and offer attractive benefits packages to attract and retain top technology talent. Companies with highly skilled and experienced developers can quickly identify and resolve technical challenges, make informed decisions, and deliver high-quality products within tight deadlines. On the other hand, companies that lack skilled and experienced talent may struggle to overcome technical challenges, make informed decisions, and deliver high-quality products quickly.
The triad of operation, budget, and talent is closely intertwined, and the impact of each factor on the time to market of a technology product depends on the other two. For example, a company with a large budget but lacking talented developers and efficient development processes may still struggle to bring its products to market quickly. Similarly, a company with highly skilled developers but insufficient budget and inefficient development processes may not be able to bring its products to market quickly.
According to a report by Deloitte titled “Fast to Market, Cost-Effective, and Smart: Optimizing IoT Product Development,” delays in time to market can result in increased development costs, reduced market share, and lost revenue opportunities. An additional six months of product development time can result in a 33% increase in development costs, a 30% decrease in net present value, and a 25% reduction in potential market share.
Reducing time to market can be a significant challenge, but there are several steps that companies can take to speed up the development and release of their products. Here are some strategies that can help reduce the time to market:
Reducing time to market requires a strategic approach, and companies must carefully balance their investment in resources with the need to deliver a high-quality product that meets the needs of their target audience.
For Math’s fans here is the formula:
What if I told you that there’s a solution? A solution that not only helps you bring new products to market faster but also unlocks your company’s innovation potential. Introducing Cuemby Cloud platform (CCP), the platform-as-a-service company that enables teams to bring new products to market in a fraction of the time.
By leveraging the power of automation, performance, and security, CCP makes it easier and faster for businesses to bring their ideas to market. The platform is flexible, providing support for simple to complex products, and it’s scalable, so it grows with your business. Additionally, CCP provides cost savings, reducing the infrastructure and operation costs associated with the development to deployment process. This means that businesses can save millions of dollars and reinvest that money back into their products and their people.
So, if you’re looking for a solution that can help you unlock your innovation potential, faster time to market, reduce costs and create a competitive advantage, look no further than CCP. Our platform is changing the game, and we’re here to help you take advantage of this opportunity.