Innovation in software product development- Why is it all important? And how is it enabled?
The only thing that is constant in this universe is ‘change’ and the moment we drift away from accepting this makes us narrow our scope and vision. Innovation is a part of change, a diminutive experience as we put it where new things are born and later adapted as trends.
This thirst for innovation is making software product development one of the booming sectors of the IT Industry. The demand for offerings in this industry is growing tenfold every passing year. This demand drives generation of new ideas that can be fostered in the right manner. These ideas are later trendsetters for the company and the industry as well. But then, do we need it? Are you sure?
The spotlight on why is it important?
Innovation enables a company to differentiate its products and services from its competitors. To survive with the competition one has to keep innovating, I couldn’t agree more. Furthermore, innovation ensures a dip in production costs and a steady rise in offerings with respect to software development. A commercial advantage is given to the company who is constantly innovating new offerings in a saturated dynamic market. Innovation also helps in setting a strong global footprint.
It is almost impossible to compete where the product has reached stagnancy; innovating and updating the same blue print can yield higher returns further resulting in a higher customer base as well.
Expansion, growth and thought leadership are magnetized to innovation. Management expert Peter Drucker stated that “If an established organization, which in this age necessitating innovation, is not able to innovate, it faces decline and extinction.” Innovation is directly related to long term stability in the software product development industry.
Let’s also consider some internal reasons as to why innovation is important, here are the following:
- It boosts the morale of the employees as they are eager to research and develop or willing to work on new technologies which are used in software product development
- Opportunities are created for the employees to expand and widen their knowledge and career growth
- Employees are motivated throughout their tenure as they feel responsible for creating innovative concepts which are moving the company to new heights
How is innovation enabled in software product development environment?
In recent time, we see Innovation Culture is being practiced across the industries but especially so in software companies. Innovation Culture demands market intelligence, employee encouragement and customer feedback analysis. Through these cornerstones of the work culture, innovation can breed at all levels and crowd sourcing is another inlet for gamut of ideas to roll.
Product innovation could be managed indigenously or it could find roots in collaboration with a software services company – a scenario found commonly with Enterprises – who maintain their competitive edge through a well-oiled innovation ecosystem; and with startups as well. The engagement could start at a pre-product stage wherein the need is for an incubation partner and mentorship, or a later stage wherein the startup is looking to grow their innovative idea, with the help of technical skills, engineering expertise that the partner can compliment with. The duo could lead to shortening the product development lifecycle, devising the go-to-market strategy and bringing the innovations to market at scale.
The use of Development + Operations integration tactics known as ‘DevOps’ helps the company find new ways to work and churn same processes in a different manner. DevOps also helps in reduction of production time and costs. When both the departments work together, innovative ways are used to tackle obstacles and ease out production, which is again a part of software product development. Employee forums also add in the bundle of finding new ways to innovate.
Not to miss out, agile model is a de-facto ruler of innovation. Innovation of new concepts is based on the Agile model which offers excellent control over the product development cycle.
At Harbinger, we have Innovation ingrained in the DNA. Being a pioneer of market leading products, a witness to (and a product engineering partner for) more than 200+ successful product launches and growth, Harbinger has Innovation culture at its core. To learn more about how we have helped organizations in their product innovation story, write to us today.