In simple terms, product development typically refers to all of the stages involved in bringing a product from concept or idea, through market release and beyond. Development of a new product follows a long process, from the generation of an idea to the commercialization of the product in the market.
To make New Product Development effective, we developed in practice a strong coordination between the Research and Development (R&D), Marketing, Finance, Technical, and Sales departments. Marketing department first makes an assessment about new product, and then a cross-functional team created for the new product has to come into the scene for development of new product.
A well-engineered software product should possess the following essential characteristics:
When we launch a new product for a business house, it opens up newer possibilities that can help company not only to survive, but grow. While the worry may be about the funds to commit to a product launch, one can measure the risk of capital committed against the potential rewards. A level-headed evaluation of the advantages of a new product will help justify commitment of time and money to the project.
Below are the five Project Life Cycle Stages (Initialisation, Planning, Implementation, Monitor, and Closure) where we determine the right flow and sequence of operations to bring our project to conclusion.
Building Trust: New product offers business customers an opportunity to build trust with their customers. Business Management can convince their customers through articles, press releases and white papers can overcome scepticism and win product acceptance. Our clients not only gain acceptance of the product, they gain trust and confidence from their customers.
New Revenue Streams: The new product can provide revenue streams Business haven’t explored before. A revenue stream is a route for money into the company. When business launch a new product, they may try new marketing outlets such as advertising on websites, distributing mobile phone ads and notices on social networking sites. The new product may attract customers through new avenues, thus broadening their sources of income.
Capturing Market Share: A new product can help a business house compete better in the marketplace. Even if a similar product already exists in the market, business can take advantage of the excitement and newness of the product to get people’s attention. This can win business first-time buyers who become loyal customers, thus increasing their share of the market.
First of all, we study the market needs through various channels – marketing consultants, regular communication with existing business customers, internal brainstorm teams, blogs, portals, social media, surveys other competitors – and we identify the market needs.
Next, we search for such tools that are existing in the market, and study their market spread, cost, user friendliness & comfort, support services etc., and we evaluate feasibility study and make a decision for the further steps.
Then we decide type of product – Web Application, Mobile Application, Desktop Application, Big Data Application, ERP Application and Real Time Application.
We form our teams with different team sizes based on the required skills, methodologies, cost, and product development duration and assign the roles and responsibilities.
Once all prerequisites are completed and teams are ready, we start the development of the product by slicing the requirements into different logical modules and tasks, and assigning them to relevant groups of the teams. Team Leaders lead their teams to complete the assigned modules and tasks. Project Manager, if needed, manages all the team leaders finally to integrate all the modules to make it as a single product.
Since development is the longer phase, it will have some intermediate milestones where the developed code will be validated to check whether the results are towards the final successful product.
Testing teams performs the testing to validate the code results, once development has been completed by development teams. Testing will be performed both internally and externally. In general, testing will be performed in testing environments rather than in development environments where all the developers’ code is resided.
Once testing and deployment has been completed successfully, the final product will be released to marketing teams or sales teams. Demonstration on the product will be provided to those teams to make them aware how the final product will be worked. Now onwards, it is the responsibility of marketing teams and sales teams to promote it to business customers.
Next versions of the product will be planned based on new requirements or features identified after one version of the product has been released. The new features will be released regularly by patches or by major product versions.
In all phases of production development, we follow the best practices and market standards that are identified by professionals and researchers. This help us to build effective product with optimized efforts, cost and time.
We focus more on User’s authentication module that would be part of newly developed product, to provide the services to the customers more securely and to secure the data of the customers.
Our 24X&Customer Support/Help Desk team provide services to our customers to solve their ad-hoc problems.
