Why time to market is vital for companies
Time to market (TTM) is the length of time it takes from a product being conceived until it’s being available for sale.
Time To market — Why it is important
· Time to market is vital for product success in the known market space, where industry boundaries are defined and companies try to outperform their rivals to grab a greater share of the existing market
· In today’s competitive world, it does not matter how best your product is but are you in the market at the right time, targeting right segment with right messaging.
· Decreased time to market gives the competition the advantage when it comes to innovation, allowing them to reach consumers with new products, services or offers before you do.
· Allows you to develop a reputation for being a follower rather than an industry leader.
TTM is the primary reason companies are revamping their existing processes and practices. In customer first approach, companies want early feedback from customer and deliver feature and services incrementally as and when needed. This is the primary reason companies are transforming to AGILE from traditional waterfall approach. Agile has been beneficial when it comes to delivering value faster, receiving early feedback, and reworking on any of the delivered requirements. Agile is not only a methodology or set of suggested practices via frameworks like Scrum. It’s a MINDSET.
Irrespective of the processes or practices being followed, first question that each stakeholder involved in product journey should ask, what value they are creating for customer or how they can contribute. With this mindset, if we put framework in place, product features will be prioritized, planned, implemented and delivered accordingly.
DevOps is the new term that has emerged recently.
Wikipedia definition: Devops is a term used to refer to a set of practices that emphasize the collaboration and communication of both software developers and information technology (IT) professionals while automating the process of software delivery and infrastructure changes. It aims at establishing a culture and environment where building, testing, and releasing software can happen rapidly, frequently, and more reliably
Again it is the ‘mindset’ while help to deliver faster by collaborating with all the stakeholders for product delivery.
Time To market with the right segment and right messaging is the key principle of product success. Framework and process will help to expedite the product lifecycle. With the product mindset, these processes and practices could be adapted to deliver a successful product.