What is Time to Market?
Opportunity may dictate the difference between failure and success. The concept of Time to Market (TTM) is a popular approach that refers to the point that goes from the conception of a new idea of product, feature, or service up until the moment it is finally introduced into the market and becomes available to buyers.
Customers are always enthusiastic about the “brand new” label. The first ones that provide a novelty often conquer market share and the revenue that comes along. But there is more to it than just being fast. Companies are upgrading and launching products and services at the speed of light. Innovation strengthens their activity and allows them to design improved and disruptive solutions for their customers. Successful Time to Market improvement and strategy are boosting companies’ agility and their power to react to market trends and recent developments. More than ever, this product development KPI is vital.
Time to Market is never easy to foresee. However, the more coordinated and efficient the company’s development methods are, the better TTM can be predicted. This evaluation is strategical to ensure competitive advantages and provides important insights to reduce product development life cycle.
Time to Market isn’t just about time
The name may sound slightly deceiving but Time to Market isn’t always a matter of time and about being in the first spot. It is a question of quality, value, and opportunity. All together.
Being pioneer is frequently a strategy to a myriad of companies. However, rushing a product that doesn’t satisfy consumer expectations may turn out to be a wrong and unsuccessful tactic. You shall be the first to show off and claim authority over the outcome nevertheless, the attention may not be the one you strived for. Afterall, keeping ahead of the competition takes more than just timing today.
One shall not compare lightly Time to Market between companies or projects. There are many factors that play an unneglectable impact on TTM such as complexity, industry, type of product/service and team selection and recruitment. For instance, the expected Time to Market for a medical device or a pharmaceutical product implies several development steps and may take years to reach its final consumers, whereas a software development project, with the right team, can definitely be released in less than a year.
Time to Market and IT
The spinning world we live in is a challenging reality that pushes businesses to compete globally and to develop creative and disruptive solutions. As we speak, you should be aware that your competitors are investing in innovation. As a result of this constant pursuit for innovation, product life cycles are considerably shorter than a few years ago. Particularly in a global landscape, technology assumes responsibility or liability for connecting people, states, and entities. Technology organizations are pushed to the limits to fully meet customer expectations.
As we have previously expressed, strategic management starts from the very beginning. However, administrative procedures, poor communication, pointless meetings, draining methodologies and inexperienced workforce are often the sources of product development delays. The clock starts even before the team is settled and ready to work. As such, relying on the most skilled professionals enhances Time to Market improvement, global performance, and success overall.
The IT industry is a fast-paced one. We can easily perceive this by the amount of the latest gadgets, software, mobile apps and trends that is being launched year after year. Nearshore development teams work under agile processes that can help you coordinating software development and accelerating Time to Market. In an ever-changing environment, these experienced engineers accelerate your reaction to new opportunities and prospects, while adopting an assertive and responsive posture.
In just two weeks, Prime Nearshore sets up a powerful Nearshore team filled with experienced and multidisciplinary IT professionals to get your project on the market in no time!