Developing a new product that responds to customer feedback, fulfills an unmet need, or innovates an existing product or market is crucial to sustained business growth. However, new product development comes with great responsibility. Successfully navigating the product development cycle from a product concept to a final product launch requires hard work, dedication, and technical expertise.
Are you wondering if outsourcing the product development process to a highly skilled product manager is the right decision for your business goals? The product roadmap can be a long, expensive journey that involves risks of abandonment or even project breakdown before ever reaching a minimum viable product. Any product development project can consume a huge amount of resources and energy.
Outsourcing your next product to a reliable product development company can be a savvy move to increase your business’ profitability, yet there are several concerns to be mindful of with any product strategy in order to mitigate the risk of wasted time and money.
The Outsourcing Product Development Process
Outsourcing product development is a practice in which an organization hires a third-party provider for the development of products and services rather than engineering and manufacturing the product in-house.
Generally, if a product is conceptualized, planned, developed, and launched with a thorough outsourcing strategy, the product development process can significantly contribute to the growth and success of a company.
Benefits of Outsourcing Product Development
Below are some of the benefits of outsourcing your product development process to a product development company:
Lower Cost
One of the most effective ways of maintaining the stability of a business is by saving costs after generating revenue.
Outsourcing product development is a proposed solution that keeps your business from incurring high costs on infrastructure, manufacturing, and operations. As its sole focus, product development companies achieve more agile product development than a business with varied goals that attempts to start a product design cycle.
Quicker Product Launch
Most organizations set a production schedule to release their products as quickly as possible to outpace their competitors and begin generating revenue. Product development companies achieve this faster since they are highly experienced in this area. Outsourcing saves your business many hassles–hiring and training an experienced and skilled manufacturing team, negotiating prices of a product’s raw material needs, and obtaining warehouse space, to name a few. The product manager is also tasked with ensuring the product is manufactured according to the timeline of your contractual agreement.
Greater Effectiveness
While the product team is busy transforming your product vision into a viable finished product, you can focus your attention on core business issues such as brand awareness, marketing, or research to bring better effectiveness and growth to your business.
Single-Minded Focus
As opposed to an internal team that will be multitasking, the outsourced product development team consists of a dedicated group working on your product with 100% commitment and focus. Due to the project timeline, the team may decide to work round-the-clock to accomplish the project on schedule by utilizing a hybrid team of onshore and offshore resources.
Flexibility
Should there be a need for any adjustments during the course of the project to ensure enhanced functionality or respond to market research of customer need, the product manager would be able to add the required specialists to your project or restructure the team quickly to handle that aspect of the project, thereby enhancing project flexibility.
Agility
Aside from fostering flexibility in adapting to the project’s growing scale, one other important benefit is agility. After outsourcing your product development to a vendor, you are better able to handle external changes that may affect your business such as restrictions, new laws, technology limitations etc.
Greater Chance of Success
While your business remains the product owner, the product management team of a product development company aims to transform your product idea into a finished product that will become well-known for its quality and success. This outsourcing partnership is mutually beneficial relationship that is strengthened by the unique depth of knowledge of both parties.
Shared Risk
Some business owners may think outsourcing their product development involves greater risk to their business.
But that is not so if you are able to outsource to a well-structured product development company with professional experience and integrity. They care about their reputation and therefore will not do anything to jeopardize their image.
Hassle-free partnership
When it comes to handling the project, there are many details that a business may not anticipate–ensuring deliverables, supplying the development team with all the necessary raw materials and manufacturing technology, avoiding delays with the supply chain, etc. A product development company takes cares of each of these details, so you never have to worry.
Instantly Onboard a Great team
In a matter of hours, most product development companies can put together the product development team with diverse skills needed.
Multi-disciplinary expertise
A product development company possesses multi-disciplinary expertise.
Product management– Concept development; idea generation, determining the required product features, continuous project management
Technology leadership – Specifying the technology strategy that grows with the product; conducting product analytics
UX design– Creating an optimal user experience; crafting a technical design for the product
Technology architecture – developing security measures and interfaces
Agile product development – Developing the product using different languages for front-end cloud, mobile apps, and IoT.
Quality assurance– Testing the product and deploying this to production (DevOps)
Growth marketing – Growing the product through identifying the target market, relevant adverts, and managing sales.
Any company, whether it’s established or a startup, will find it hard to have all of these disciplines and expertise readily available to dedicate to the new product.
This is where product development companies can help. So as soon as you outsource your product development by hiring a product development company, you are already working with professional experts who have the industry experience and expertise about the product, emerging market moves, software stacks, design practices, and product innovation needed to work together to develop a successful final product.
Finding the Right Product Development Company
Outsourcing product development is a beneficial business strategy to adopt if you engage the right product development company. There are many product development companies in the market with different levels of expertise and capacities. You must be sure to hire one with the exact industry and technical experience needed to deliver on your innovative product design goals.
Systematic Consulting Group offers product development services with a highly skilled and motivated workforce that can guarantee you the best product development services. At Systematic Consulting Group, we believe the success of your business means the success of our own business as well.
We use our professional experience to provide our clients with a product development lifecycle that is time and cost-efficient while adhering to high-quality standards. When outsourcing your product development project with Systematic Consulting Group, you can expect personal collaboration with a dedicated project manager, an efficient process with a keen eye saving time and money, and round-the-clock coverage to ensure your project is completed on time and on budget.
We are always available to assist you with your next product development project.