What Is a Product Development Methods and How Does it Affect Product Manufacturing?
The product development method is a process to create and execute digital products. Specifically, a product development method plans and executes the steps that are necessary to deliver an effective product. Such a product may be delivered as a website or an application that can be deployed on multiple platforms.
Any product development methodology helps you to understand how to structure ideas to deliver a working product. What differentiates these product development methods are the speed with which they achieve results and the flexibility that they provide when compared to their original product roadmaps.
If you want to design a product, a product development method is essential.
1. Product development methods help shape how ideas are developed and test whether the product is able to deliver on its promises.
If great product ideas do not lead to a product being developed, they will not be useful. Using a product development method can help companies plan how to create a product from the ground up. This will enable them to estimate how much a product will cost and how feasible it is to create the product. It is very common for developers to perform early product feasibility tests, which are relevant to all different types of product development methodologies.
2. Product development methods help us plan when and what documentation should be created and keep track of the tasks that need to be completed.
Once product development begins, managers and owners may not know what kind of documentation is necessary or simply waste time documenting irrelevant aspects of the product. Product development methods are like a guide that guides how to track and determine which information is relevant based on the method chosen and the reason for doing it that way. If a waterfall method is used, you must plan every step and document everything that happens in each iteration of a software product development cycle, which is also known as sprints.
3. Product development methods clearly define development goals that are important for team members to work towards.
One of the biggest challenges to unplanned software development is to ensure that all the team members understand the complexity of the various phases that any working software will have to go through. Developers can have close working relationships with each other by agreeing on the key aspects of development, such as coding, hosting, testing, and launching the product.
4. Product development methods provide very precise and time-bound goals.
It is very useful to have a product development method that allows you to divide a huge goal into smaller, more manageable pieces. It is crucial to use agile development methods to deliver the product in a way that it can be delivered on time and cost-effectively. For each iteration, a version of the product is developed that is complete and delivered to the customers within a predetermined timeframe. Each version of a product must be delivered within a predetermined time to customers. Features are then further broken down into smaller blocks of code that are useful in specific situations. Therefore. Every coder knows what part of the product they are working on, what their role is in it, and what their individual targets are.
5. Product development methods enable us to easily measure our return on investment (ROI).
Product cost starts increasing as you start hiring people, purchasing technology stacks, and start paying salaries. It is important to have a methodology that tracks the time that it takes to build the product, and seeks to optimize it to generate maximum revenue at launch and with each update. It is very important that you structure the delivery of your products based on the right development methods in order to be able to monitor their progress and allocate resources flexibly.
It is also critical to understand what type of development methods are used for different types of products.
There are many ways to build a product: from a very concrete and rigid approach like Waterfall to a very flexible and user-feedback-centric approach like agile.
There are 4 types of product development methods that are widely used today:
1. Agile process is one of the most used product development methodologies.
Agile methodology focuses on continuous and iterative development of a product where every iteration that developers do is a complete rewrite of the product and then it is repeated. Agile methods emphasize doing many things at once, and not looking back at them until the products are fully developed.
- They deliver continuously updated versions of a product. By continually testing and integrating new features and capabilities, you will keep improving and increasing revenue.
- Monitor and take feedback from users/ customers.
- Continually planning and reworking the product and continually improving it in order to make it better.
- Finalize sprint updates and notify the team of upcoming sprints.
- Delivering continuously improving versions of software.
2. Kanban system is widely used in many industries.
The Kanban process is used to manage the work that is being done, using an Agile framework to manage the work that is in progress. Kanban is more of an agile method that uses deliberation to streamline the work that is being done. It is important to continually test the strain that a pipeline can take while it continues to flow smoothly and without becoming clogged with bottlenecks.
Kanban WIP limits allow teams to break down large development projects into smaller cycles, in order to better manage the work pipeline and track any issues that may occur. They also help teams to predict when issues may arise and plan to increase the workload in each cycle. The weight of each cycle depends on the amount of work that a team is able to complete on time, and following good code practices is important to ensure that the code base is always optimal.
3. Scrum is an agile development process that focuses on providing developers with the tools and techniques that they need to plan, execute and measure the results of their work.
Scrum is an agile-based process where teams plan sprints using a collaborative approach. Scrum meetings are an organized group of meetings, which are typically organized and documented by a scrum master, who reports to the product manager. Scrum involves creating priorities to prioritize new features, identifying and managing backlogs, and sharing feedback about successes and failures.
The Kanban and Scrum processes focus on 2 different and complementary aspects, further detailing individual processes within the agile framework. Kanban focuses on ‘how to do the work efficiently and Scrum focuses on ‘how to plan the work effectively.
4. Waterfall method. The waterfall method focuses on reducing the work that teams do, while planning and scheduling work efficiently.
Waterfall is a method for building a product incrementally, where each stage of development is completed incrementally. It delivers multiple iterations of a product, and it provides constant updates based on user feedback. The Waterfall framework follows a linear approach to delivering product releases. Updates to the product will not be made during the development phase, and are only made when all the product development stages are complete.
It is important to record everything that happens during the development process, which is different from agile, which usually focuses on sprint-based documentation. Waterfall also may lose clean code health that allows people to easily maintain it for regular updates. Despite the fact that customers are increasingly demanding more features, Waterfall has fewer practitioners than it did 15 years ago.
Pros and Cons between Agile and Waterfall methods.
While there are some similarities between Agile development and Waterfall development methods, the continuous delivery model and scrum process are different and have made their differences more apparent.
It is interesting to see the similarities that remain between Agile and Waterfall development methods, but also how these two approaches are different.
1. Development time and revenue.
If a product is very stable (say, monthly) and needs very few updates (say, quarterly), it will require approximately the same amount of development time as if you were doing everything differently (say, weeks or months rather than years).
Development time and revenue generation for both methodologies are similar, but the times it takes to ship a finished product are much shorter. Even if early versions of a product are functional, and may even be completely free to use, beta testers often provide a lot of user feedback. This is true even after the product is no longer in beta. Its ability to rapidly react to user feedback in beta testing phases increases its utility significantly over time and it is sensitive to any changes in user behavior and group preferences.
As a result, Waterfall projects are very rigid, and there is very little room for conducting and incorporating feature-based feedback while the product is being developed (can’t test a feature that doesn’t work). It is risky to lose out on new trends and feature innovations that competitors have made, as the product will not make any money or have a user base during the entire development process under Waterfall methods.
2. Users often conduct surveys to get their opinion about the product.
Like user surveys and feasibility studies, user surveys and feasibility studies provide a general framework to help developers understand what users want and need, but they do not give insight into features and what usage users might expect from each feature. Agile development methodologies recognize that it is not possible to know everything at the time that users launch their products, so they focus on collecting user-test feedback before they launch, and on collecting customer feedback after they launch. Agile product teams are highly sensitive to user behavior and can potentially beat established players.
Waterfall focuses on user interface testing and product-use feedback before starting development work on a feature, but does not conduct end-user research for each feature that is being developed. Since development time for waterfall is much longer, there is always a risk that the final product delivered will not have all the necessary features that users expect, based on new user preferences and needs.
3. Iterative development methods. This means that new features are added and developed continuously over time.
Agile development is designed to work in iterative stages, just like development in Waterfall. These stages include conceptualization, planning, developing, testing, and release.
There are many similarities between agile development and waterfall development, but agile is very feedback-centric; it plans its iterations tightly and ensures that they are within the specified timeframe. Waterfall, on the other hand, plans its entire product development cycle from the beginning. User testing is focused largely on UI and UX, rather than feature utility.
4. Human resource and investment needs.
Agile development teams work with project leaders to deliver a product that will enable them to launch that product on time. They can also scale up or down depending on customer requirements and company successes. Agile teams start small and scale up to deliver a successful product as the product sells.
Waterfall hires teams based on the number of people that will be needed to deliver the complete product. This means that more people will be hired at the start of the project when ROI and revenue prospects are only estimates.