Due to the fast-paced nature of today’s business world, time-to-market (TTM) has become a critical factor in the success of all software products and in maximizing a company’s return on investment (ROI). The faster your software hits the market, the more likely it is to gain a competitive edge and capture a significant share of its targeted market. Furthermore, when introducing a new kind of software system or service to users, companies gain the advantage of being first-to-market , leading to higher sales, and increasing market entry barriers for their rivals.
While the costs of producing software are not directly linked to the length of TTM but rather to the project requirements themselves, analysts at McKinsey found that enterprises lose an average of 33% of after-tax profit if they deliver digital products 6 months late. One of the multiple reasons why you should opt for a dedicated software development team is to ensure accurate TTM. In this blog post, we will explain what software time-to-market is and discuss five key metrics to ensure accurate time-to-market when opting for a dedicated software development team.
What is Time to Market (TTM)?
Time to market (also called TTM or time-to-market) is defined as the length of time from the conception of a product until it is released to the market.
Another definition: it is the time between when the team starts work and when the first unit is sold. Since research has shown that new market entrants enjoy clear advantages in terms of market share, revenue, sales growth, and especially competitive advantage, time to market is one of the essential product development KPIs or metrics. Many product development strategies depend on being first to market. Creating a fast time to market product is often ideal.
Key metrics to ensure accurate time-to-market when opting for a dedicated software development team:
1- Team Size
The size of the dedicated software development team has a direct impact on your software TTM. While larger teams may seem like the obvious choice to get the job done faster, this is not always the case. The size of your software development team should be directly proportional to the scope of the project and its requirements.
A software development team that is too small may not have the resources to handle the workload or deliver outcomes within the desired timeframe, while a team that is too large may lead to communication breakdowns, inefficiencies, and unnecessary costs.
According to the Scrum methodology, the ideal team size is between 3 and 9 members, with 7 being the best match.
2- Development Methodology
The development methodology used by the dedicated software development team can also impact the TTM of your software. Choosing the right methodology for a software development project is crucial, and even more critical when working with a dedicated software development team. The methodology will determine the timeline for the project, and it is essential to ensure that it aligns with the client’s goals to ensure accurate time to market. The client should work closely with the development team to determine the appropriate methodology and adjust it as needed throughout the development process to ensure success. An agile methodology that emphasizes collaboration and flexibility is best and widely used in software development projects. According to the 14th annual State of Agile report, 95% of 40,000 respondents said their organizations practice Agile development methods, with 61% using Agile for over three years.
Agile methodology is the most popular methodology for software development teams because of its flexible and iterative approach. It allows teams to adjust to changing requirements and feedback regularly, ensuring that the developed software aligns with the client’s needs. However, other methodologies like Waterfall and DevOps may be more suitable for specific projects, depending on the nature of the project and the client’s goals.
The Waterfall methodology is a linear approach where each phase must be completed entirely before moving to the next. This methodology is suitable for projects with a rigid set of requirements and where changes are minimal. On the other hand, DevOps methodology involves developing and deploying software in small and frequent iterations, ensuring the software aligns with the client’s needs and is working correctly in the production environment.
3- Communication
Effective communication is crucial for ensuring an accurate TTM when working with a dedicated software development team. PMI (Project Management Institute) found that ineffective communication was cited as the primary cause of project failure one-third of the time, with 56% of budgets allocated to projects being at risk due to poor communication.
When opting for a dedicated software development team, it is important to establish clear channels of communication and ensure that all team members are on the same page regarding project goals, timelines, and requirements. Regular meetings and progress updates can also help ensure the project stays on track.
4- Code Quality
Code quality is an essential factor that affects TTM. Poor code quality can lead to delays, errors, and bugs that may require additional time and resources to fix. Discovering bugs after production can significantly increase your expenses, as an average of 15 bugs per 1000 lines of code get to a software’s end-users.
When opting for a dedicated software development, a service provider that possesses highly-skilled software QA testers helps you avoid such errors and ensure that you meet the functional and non-functional requirements of your software on time.
At FlairsTech, as we provide testing and QA services, we preemptively try to avoid rework; we participate in our partners’ planning stage, starting from the requirements gathering and continuing through execution and monitoring. Eventually, we provide comprehensive QA reporting, including test results, test coverage, quality level, status reports, quality trends, sign-off reports, and more.
A study by IBM found that improving code quality can reduce the cost of fixing defects by up to 75%. Another study by CAST Software found that the cost of fixing a software defect can increase up to ten times if it is not detected early.
5- Continuous Integration and Deployment
Continuous Integration and Deployment (CI/CD) are two vital practices that ensure software development teams can deliver high-quality software products efficiently. When opting for a dedicated software development team, a team that is well-versed in CI/CD practice and can effectively implement these practices will be able to accelerate the development process, reducing the time needed to bring your product to market. Mabl, a test automation company surveyed 500 software testers, 53% said their team uses continuous integration, while 38% embrace continuous delivery.
This Continuous Integration involves regularly integrating code changes into a central repository, allowing developers to identify and fix bugs early in the development process. On the other hand, Continuous Deployment involves automating the deployment of code changes into production environments. This allows developers to quickly release new features and updates to the software without waiting for manual deployments.
How Flairstech Can Help You Reduce Your Software Time-to-market!
Opting for a dedicated software development team is an excellent way to ensure accurate time-to-market. However, it is essential to monitor key metrics to ensure that the team is working efficiently and effectively. By tracking team size, implementing the agile methodology, streamlining communication, maintaining code quality, and adopting CI/CD practices, organizations can improve their TTM and gain a competitive edge in the market. Here’s how we, at FlairsTech, can help you improve the agility of your operations and gain the desired competitive advantage:
- We have over 1,000 available talents delivering top-notch results from three continents (North America, Europe, and Africa) covering every language and time zone on the planet.
- Over 100 global enterprise clients rely on our digital solutions on a day-to-day basis.
- Our size, however, does not affect our agile processes, as we have fast and exceptionally efficient processes when it comes to hiring and time-to-market.
- We guarantee the products we deliver for life.
- We will cut your development budget in half, increase your overall output, and achieve the desired results.
At Flairstech, our business analysts and technology consultants work with you to scope a project that meets your expectations. Moreover, our certified software engineers, developers, and QA testers, led by an SDM to keep everyone on track, work hand in hand with your in-house team to build a high-performing software solution that meets your exact specifications. Start by analyzing your project objectives and scope, and if you need any help, you can always book a free consultation with one of our experts to discuss your goals and challenges and explore possible approaches.
FAQs:
Why Is Time to Market Important?
The significance of time to market lies in its ability to provide insights into a product’s potential market position. It serves as a crucial tool for manufacturers in determining the most efficient allocation of resources for product production.
What Is a Dedicated Software Development Team?
The dedicated development team business model in software development involves a long-term collaboration between a client and a service provider with highly skilled resources and technologies. Whether it’s resource-level or process-level; this team is composed of professionals who work closely with the client, very much like an in-house team.
Why Should You Choose a Dedicated Team Model for Outsourced Projects?
Through outsourcing specific project components to a team of professional developers, it is possible to save both time, money, and more. These developers are experienced in working in an outsourced capacity and can easily adapt to your unique requirements due to their well-established workflows.
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