Time to Market is the time taken by a product from envisage to release. While a new product or idea can take as much time as possible to release, the products that already exist usually have a deadline to catch. Take Amazon AWS, for example. When Amazon Web Services introduced and launched the cloud storage AWS S3, it gained recognition, and businesses adopted the technology instantly. Most people don’t know this, but AWS S3 has been the cloud storage technology for services like SmugMug, Dropbox, and Pinterest.
The most significant advantage of choosing the right speed and time to market is you get to be the first to interact with the customers and gain prospects of new ideas. Taking the window of opportunity when it opens to provide momentum that allows a company to implement marketing strategies in a quick and efficient manner.
Even companies like Google Cloud Services face challenges on how to become more flexible and adapt to the dynamic and volatile business environment. As there are no standard measures to calculate Time to Market, it differs for every organization. So, today, we’ll figure out why Time to Market is so critical for companies and how you can speed up the process to stay ahead of your competitors.
Reasons To Consider To Improve Time To Market:
Statistics say that the product/technology that arrives in the market late due to budgeting issues generate 33% less profit over five years. The general speed that companies choose to release products in the market determines the competitive advantage that the company will gain. That’s why it is crucial to understand why you need to care more about improving Time to Market.
When you have a timeline that prepares you for future challenges, it becomes easier to allocate resources and manage them. From transportation time to costs, building schedules with headcount planning brings satisfaction that you have every resource that you’ll need in different phases of product development.
We all know that developing a product is a long and complex task. Just imagine what would’ve happened if Amazon AWS was released in a pre-matured stage. The technology wouldn’t have been able to flourish like it did. That’s why predicting the schedule, and launch dates of the product is crucial as it will offer you more opportunities to earn profits.
Releasing a product in the market earlier than your competitors and without compromising quality creates the space for greater revenue. The product will face zero to none competition, and the company will be able to increase revenue in the lifecycle.
Ways for Pace Up Time to Market:
Technologies like AWS or Google Cloud have proved that releasing the right product at the right time and the right price will help you transform into a brand. At first, AWS was termed as a part of Amazon. Hence, the financial statements reflected the overall profits of the company. But in 2012, AWS revenue increased to more than $1.5 billion, and since then, the industry knows AWS as a unique brand. Amazon AWS didn’t even take a decade to surpass the parent company in terms of profitability.
Looking at the growth of Amazon AWS, we hope that you understand what different the Time to Market can play in a product & company’s growth. So, here are the key components that you can work upon to improve your Time to Market.
1: Revision Control for the Product Development:
For the development of a product, the mechanical, electrical, and software engineers share the information constantly. But if things are not managed systematically, the situation will go haywire, and the company has to suffer from the consequences.
Mostly, due to the lack of communication and shared information, the designers and developers waste hours and days and push the deadline much farther. It will disturb the whole timeline for product completion. Therefore, a robust revision control system is necessary to manage the development cycle. It will reduce the possibility of mistakes, and the information will be accessible to everyone.
2: Controlled Changes When Product Goes into Manufacture Phase:
If you look at the Google Cloud suite, you will find out how many products are integrated into that suite. The products were introduced and released in the market at the correct time, and that’s why they got adopted by many companies.
It is a sign that the product developers need to pay close attention to the entire cycle, especially when the product is going to the manufacturing phase. Controlled changes will facilitate the team to access the latest information regarding the product, and quotes will also be more precise. The supplier lead time will be managed, and the timeline can also be predicted accurately.
3: Product Launch Planning:
One of the most significant requirements to improve Time to Market is smoothening the launch planning via shared information. Logistical preparations often take more time than expected when the product is manufactured in bulk. The above two solutions will help you stay on track and minimize the odds of big mistakes that can throw you off the timeline. If the time to market launch goes wrong, you can miss out on beneficial promotional opportunities and increase your expense unnecessarily.
There is no doubt that products like Amazon AWS & Google Cloud were designed, developed, introduced, and launched at the correct time, and that’s why they got globally recognized and adopted so quickly. If you also want your product to get worldwide recognition and gain prospects, then you need to address the market at the correct point of time. Addressable market shrinks whenever a new product launch happens. The intelligent move here is to get in touch with a team that excels in web solutions and allows companies to design and launch on a global scale. Hire Utah Tech Labs to ensure that you have a team at your disposal that prioritizes your needs at all costs.
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