Speed to Market
“Speed to market” is how long it takes a business to take a product or service idea, develop it and have it available to their customers. Businesses are now focused on tackling the competitive pressure to become more agile in an increasingly digital, data driven and efficient marketplace.
The first to market faces less competition and thus enjoys better profit margins. Getting fresh and relevant products or services to market quickly attracts customers and when coupled with innovation, this can also lead to increased brand recognition and value.
While speed to market is a common goal, businesses struggle to achieve desired outcomes when faced with talent shortages, operational silos, outdated processes and technology, and data limitations. To address these challenges, companies of all shapes and sizes are making substantial investments to improve flexibility and agility in product/service development and deployment capabilities.
When it comes to development, NWT would recommend that you implement a well-defined yet scalable process. The use of a Scaled Agile process will help you to achieve this and it will also get you to focus on the use of a minimum viable product (MVP) where you can get feedback from your customers on the deliverable as well as how they would want to see it developed further. When you move to this approach and address the Talent, Tools and Methods that will support you, you can improve your overall speed to market, especially if you also engage early with the key stakeholders.
If better speed to market is a desired outcome, just going live with new technology is not enough. In the digital world where customers expect exactly what they want, when they want it, companies need to think differently about how their products and services are designed, developed, delivered, and supported to be responsive to the marketplace.
NWT has services that can help you to be successful on this journey: