There is a lot that goes into a product.
Ideation & Iterations.
Design & Decisions.
Code & Maintenance.
However, at the very foundation of the product stands a singular aspect - that of product development.
So it’d be rather a keen aspect for developers, CTOs, and business owners to focus on - how to bring more efficiency and efficacy to product development.
On that note, it is necessary to factor in new product development trends, and not just limited to the code aspect.
In this blog, we’ve tried to cover the entirety of trends, encompassing new-age technologies as well as team structure and future of work in a Product based organization.
Let’s have a look.
There was a time when the whole team used to stay in the same building, work together, forge a work schematic and a relationship. However, times have changed - courtesy COVID, and new product development team structures have displaced the in-house camaraderie and interaction.
The concept of a distributed team has become the ‘new normal’ and is seen as beneficial to organizations. Here is why:
Talent Access: Allows businesses to hire a diversified, highly trained staff without any geographical constraints.
In-office costs: Employer costs, the necessity for face-to-face meetings, and travel expenses are all reduced.
Productivity: This allows you to have a well-organized project while also increasing productivity.
Employee preference: Provides ample freedom to developers and extended product teams, thus making it easier for them to contribute and still enjoy their at-home lives.
Hiring costs: Product team hires have been made easy due to a larger talent pool - at often cheaper prices.
The goal is to build a relationship where ideas and initiatives can grow within a team, no matter where they live or where they’re from. It is the future of work and everything goes - well as far as hiring goes.
In distributed teams, the standards stay the same, but the options for hiring are replete with possibilities.
Whether it be standardized hiring of remote developers or team extension through staff augmentation - product startups are going all-in.
Also Read- How To Build A SaaS Product?
As some would say, Data is Power. Or did we get that wrong?
Well, anyway, data is the utmost thing to focus on for any firm that wants to succeed in the next five years. All you have to do is adopt the correct technique to collect data and fully utilize the potential of the data, which is critical for business leaders and marketers. On that note, one of the important digital innovation trends nowadays is data-driven product development, particularly in SaaS products.
Product designers will need to gather and process the appropriate data. Data Science consulting services will help you solve any product design issues. You will also have a good idea of what customers want and what is missing from the market.
In the development of a product, data science has a real, measurable impact.
The data collected by these features and the software required to evaluate them are essential ingredients in developing products that prioritize the customer experience.
TLDR: If you’re missing out on data capturing and analysis in your product, you’re probably missing out on a lot of actionable insights.
Another significant trend in product development is outsourcing. The negative connotations of inadequate functionality and missed deadlines have long since faded away. Companies are now fully aware of their inability to deal with all areas of product development due to a lack of resources, talent, or budget.
Idea analysis, prototype, product design, documentation, and production are all games as far as outsourcing goes, where startups are booting their operations with an outsourced MVP.
Companies who are hesitant to outsource software product development should be aware that they may fall behind.
Why? Well, since your competitors will out-perform you through faster product launches, iterations, lower costs, and flexibility.
Outsourcing, a once-vilified commercial practice, is today helping the software industry be more globalized and competitive.
The surge in outsourcing might relate to the disruption of traditional workplace techniques due to the epidemic in 2020. Companies are becoming more open-minded to the use of third-party remote teams. To help speed up the evolution of their products, many organizations are now outsourcing product design and application development.
It is not enough to produce a product that is stagnant in design and has a limited user base. It is necessary to consider the progression of a product as technologies and new features keep updating.
Every product we are familiar with has developed over time, been re-invented, and updated multiple times. From bicycles to automatic cars, the need to get from one location to another has spawned many products. Not only do customers care about product evolution, but so do businesses and economies all across the world.
The lack of adaptability to new technologies, standards, benchmarks might kill your product.
Don’t believe us? Ask Nokia or Google+.
Building a product without considering the phases of development as well as user preference, and consideration is a colossal blunder that must be avoided.
That is why product evolution is critical in the current product development phase. And every developer or development team must know their target audience and their requirements while building a product and releasing a minimum viable product (MVP). Thus, it's crucial to have a thorough understanding of the product development process to maintain the product dynamic, fresh, and extensively used by businesses in the future.
You could go Beta - map programs that test product iterations in a user base.
Or be feature-driven in your product. You can run through any strategy progression of SaaS products like Zendesk or Hubspot in regard.
Smart products.
Plugged in with IoT, or AI.
Far-fetched and relatively applicable but true nonetheless.
Every industry is becoming more innovative as a result of technology like IoT, from healthcare and retail to automotive and manufacturing. Failure to stay competitive in the application of IoT might cost you a lot of money and users.
The number of IoT devices has climbed to 11.7 billion in 2020. This means that in the last ten years, the number of IoT products has increased by nearly 15 times. And that number is only set to rise in the coming years.
According to some projections, there will be more than 41 billion IoT devices by 2027 as IoT adoption grows. It is estimated that IoT products currently account for 54 percent of all internet-connected gadgets.
This means that there are more IoT-connected devices (vehicle tracking software, industrial sensors, home speaker assistants, and so on) in the world than smartphones, laptops, and PCs. The manufacturing of new IoT prototype products will likely stimulate future growth in internet-connected devices.
The year 2022 is going to bring a lot of changes and not just in technology. As the world adapts to life after the pandemic, the software industry will bring its own variations and alternative ways to adapt to the market.
Future of Work. Remote Teams. IoT. Will be far more common than we perceive them to be.
The year 2022 seems promising for fresh ideas that can improve the roles and tasks of product developers, teams, and business owners worldwide.
What do you think will be the change you bring to your product?