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What Is Product Development?

A company’s reputation is reflected in the brands and products it builds. All organizations strive to create products that reflect quality, sustainability and durability. A product’s lifecycle from its ideation to creation and shipping and distribution is a complex route and involves several processes, stages and teams across the company. In this blog we attempt to understand all about product planning and development and the various stages involved in it.  Product Development—what is it?Product development encompasses all the stages involved in a product’s lifecycle and includes everything from its ideation to design, development, testing, and finally shipping and delivery. Irrespective of what product is being developed, whether it’s an IT product or a manufacturing product, the product lifecycle is always the same.   How is Agile Product Development different? The agile approach to product development was born in the nineties when a group of software experts got together and created the Agile Manifesto, the bible for the agile methodology which laid down the guidelines to create processes that would help teams to use new methods for software development. The aim of agile was to put the focus back on the team, customers and quality and help organizations cope with a changing business scenario, making them more resilient to change. Agile uses the idea of iterative product development that requires the collaboration of self-organizing teams to define requirements and implement solutions. Agile product development produces high quality software—on time and within budget and which can improve on recommendations from the client.What are the needs & importance of Product Development?There are many needs for Product Development:  To bring in new products into the markets To improve existing products To increase market share, revenue and profits To scale up to competition To enhance organizational reputation by launching quality products To benefit customers by giving them new and improved products To respond to market changes by launching new products or revising existing ones. The different stages in Product DevelopmentWhile the stages in product development may be different for different organizations and products, there are a few standard steps that all products follow: Ideation: Before jumping in and building the product, the need for the product has first to be established. What is its need, and what problem is it solving? How popular will it be? These and more answers justifying the need for the product can be got from surveys, research and communication with clients and customers. Conceptualization/design planning: The need for the product has been established. The creators have identified what problem or issue needs to be solved. Now they have to devise how the product that they build will solve the issue. Some solutions may be easy to come up with while others may need more in-depth research and brainstorming. The entire team comes together and designs how the product will shape up and how it will serve customer needs.   Developing the product roadmap: The product roadmap is a plan of action that defines the short- and long-term goals of the product to be built. This is an important stage in the product development lifecycle as it outlines the product priority features that need to be delivered first and also outlines the progress of the product over time. The product management team develops the product roadmap. Developing the first version: Also called the minimal viable product, the development team creates the first version of the product that has the bare minimum functionality, but which allows the user to interact with it end to end. The MVP is further iterated and enriched based on user feedback.  Testing: Testing is a part of the development process in Agile product development. It happens in parallel with the development. Continuous testing and continuous feedback help make the product better and ensures continuous improvement.  Releasing the product: The product is released to the customer. Improving based on feedback: This is an ongoing phase where the product is continuously upgraded based on customer feedback. How to create a Product Development Plan in simple StepsProduct development includes stakeholders in order to understand their requirements and concerns while building the product. Every product development lifecycle must include a few basic steps which are important to ensure that the product delivered is of the expected quality. Create a product vision: No product can be built without an idea and a vision. The product vision and idea will define how it will be built and for whom, how it will shape up and what solutions it will provide. The product vision is created after consultations with the stakeholders. Agile is all about the customers and it is important that they are involved from the beginning till the end in the product development. The product vision is the primary stage in product development and also probably the most critical. It may be a little unclear in the early stages but through market research and analysis it soon develops into a ready reckoner for the team as it outlines the product goals and milestones that need to be delivered.  Build the product roadmap: Agile follows the principle of early and continuous delivery of valuable software. The product roadmap defines the features of the product that must be prioritised in order to deliver a minimal viable product to the customer. The roadmap helps the teams to decide the time intervals at which features need to be delivered. The roadmap is built by taking into consideration customer requirements, market trends, and effort required.  Build the product: Once the roadmap has been agreed upon, the teams decide the schedules and the project is broken down into smaller chunks, which in Scrum are called epics and sprints. Once a minimum viable product is created it is continuously iterated in order to improve it, based on feedbacks and testing.Product Development Vs Product ManagementProduct development is concerned with the actual development of the product.  It may comprise of teams that are involved with the implementation of the product such as developers, designers, testers, etc.  Product Management on the other hand is a wider umbrella and comprises of how the product goals will align to the overall organizational objectives and business goals. It includes a whole lot of processes that are all concerned with building the product, improving it and marketing it. The product management team liaises often with the stakeholders and ensures their buy-in during product development.  How Does the Product Roadmap work in Product Development?The product roadmap helps the stakeholders see the broader strategic vision by aligning the product development with the goals and business objectives of the organization. The product roadmap helps the development team by giving them the vision of the product so that they might ensure meeting deadlines and delivering milestones, while avoiding scope creep and mitigating risks. The product roadmap is a go-to document for Product Owners and managers who use it to collaborate, assign tasks, create the product backlog and define priorities.  The product roadmap is also a reference point for the organizational leadership as it helps them understand the overall scope of the project, the liabilities, risks and the advantages associated with the product.  Who Benefits from Product Development?The Organization: This refers to the organization that has created the product for an end-user. The organization that creates the product will not just have its reputation enhanced as a formidable and quality-oriented organization but will also reap the profits of having created a quality product. The organization can counter stiff competition by creating a product that re-affirms its position in the market.  The end-user: The end-user gets a product that is high in quality and solves issues that the user might have faced earlier.  The team: The development team/teams that have created the product have much to gain from product development. The experience of having worked in a high-quality project, the satisfaction of having built a great product along with the goodwill from the stakeholders all go in favour of the development team members.A Last Word Product development is a continuous process. If there are consumers there will be product development. Agile has redefined product planning and development by putting the onus back on the customer. Agile product development follows methods that reduce overheads and streamline processes, ensuring timely deliveries and customer delight.  

What Is Product Development?

7K
What Is Product Development?

A company’s reputation is reflected in the brands and products it builds. All organizations strive to create products that reflect quality, sustainability and durability. A product’s lifecycle from its ideation to creation and shipping and distribution is a complex route and involves several processes, stages and teams across the company. 

In this blog we attempt to understand all about product planning and development and the various stages involved in it.  

Product Development—what is it?Product Development

Product development encompasses all the stages involved in a product’s lifecycle and includes everything from its ideation to design, development, testing, and finally shipping and delivery. Irrespective of what product is being developed, whether it’s an IT product or a manufacturing product, the product lifecycle is always the same.   

How is Agile Product Development different? 

Managing the Agile Product Development

The agile approach to product development was born in the nineties when a group of software experts got together and created the Agile Manifesto, the bible for the agile methodology which laid down the guidelines to create processes that would help teams to use new methods for software development. The aim of agile was to put the focus back on the team, customers and quality and help organizations cope with a changing business scenario, making them more resilient to change. 

Agile uses the idea of iterative product development that requires the collaboration of self-organizing teams to define requirements and implement solutions. Agile product development produces high quality software—on time and within budget and which can improve on recommendations from the client.

What are the needs & importance of Product Development?

There are many needs for Product Development:  

  • To bring in new products into the markets 
  • To improve existing products 
  • To increase market share, revenue and profits 
  • To scale up to competition 
  • To enhance organizational reputation by launching quality products 
  • To benefit customers by giving them new and improved products 
  • To respond to market changes by launching new products or revising existing ones. 

The different stages in Product Development

Product Development Process

While the stages in product development may be different for different organizations and products, there are a few standard steps that all products follow: 

  • Ideation: Before jumping in and building the product, the need for the product has first to be established. What is its need, and what problem is it solving? How popular will it be? 

These and more answers justifying the need for the product can be got from surveys, research and communication with clients and customers. 

  • Conceptualization/design planning: The need for the product has been established. The creators have identified what problem or issue needs to be solved. Now they have to devise how the product that they build will solve the issue. Some solutions may be easy to come up with while others may need more in-depth research and brainstorming. The entire team comes together and designs how the product will shape up and how it will serve customer needs.   
  • Developing the product roadmap: The product roadmap is a plan of action that defines the short- and long-term goals of the product to be built. This is an important stage in the product development lifecycle as it outlines the product priority features that need to be delivered first and also outlines the progress of the product over time. The product management team develops the product roadmap. 
  • Developing the first version: Also called the minimal viable product, the development team creates the first version of the product that has the bare minimum functionality, but which allows the user to interact with it end to end. The MVP is further iterated and enriched based on user feedback.  
  • Testing: Testing is a part of the development process in Agile product development. It happens in parallel with the development. Continuous testing and continuous feedback help make the product better and ensures continuous improvement.  
  • Releasing the product: The product is released to the customer. 
  • Improving based on feedback: This is an ongoing phase where the product is continuously upgraded based on customer feedback. 

How to create a Product Development Plan in simple Steps

Product development includes stakeholders in order to understand their requirements and concerns while building the product. Every product development lifecycle must include a few basic steps which are important to ensure that the product delivered is of the expected quality. 

  • Create a product vision: No product can be built without an idea and a vision. The product vision and idea will define how it will be built and for whom, how it will shape up and what solutions it will provide. The product vision is created after consultations with the stakeholders. Agile is all about the customers and it is important that they are involved from the beginning till the end in the product development. 

The product vision is the primary stage in product development and also probably the most critical. It may be a little unclear in the early stages but through market research and analysis it soon develops into a ready reckoner for the team as it outlines the product goals and milestones that need to be delivered.  

  • Build the product roadmap: Agile follows the principle of early and continuous delivery of valuable software. The product roadmap defines the features of the product that must be prioritised in order to deliver a minimal viable product to the customer. The roadmap helps the teams to decide the time intervals at which features need to be delivered. The roadmap is built by taking into consideration customer requirements, market trends, and effort required.  
  • Build the product: Once the roadmap has been agreed upon, the teams decide the schedules and the project is broken down into smaller chunks, which in Scrum are called epics and sprints. Once a minimum viable product is created it is continuously iterated in order to improve it, based on feedbacks and testing.

Product Development Vs Product Management

Product development is concerned with the actual development of the product.  It may comprise of teams that are involved with the implementation of the product such as developers, designers, testers, etc.  

Product Management on the other hand is a wider umbrella and comprises of how the product goals will align to the overall organizational objectives and business goals. It includes a whole lot of processes that are all concerned with building the product, improving it and marketing it. The product management team liaises often with the stakeholders and ensures their buy-in during product development.  

How Does the Product Roadmap work in Product Development?

Product Roadmap

The product roadmap helps the stakeholders see the broader strategic vision by aligning the product development with the goals and business objectives of the organization. The product roadmap helps the development team by giving them the vision of the product so that they might ensure meeting deadlines and delivering milestones, while avoiding scope creep and mitigating risks. The product roadmap is a go-to document for Product Owners and managers who use it to collaborate, assign tasks, create the product backlog and define priorities.  

The product roadmap is also a reference point for the organizational leadership as it helps them understand the overall scope of the project, the liabilities, risks and the advantages associated with the product.  

Who Benefits from Product Development?

  • The Organization: This refers to the organization that has created the product for an end-user. The organization that creates the product will not just have its reputation enhanced as a formidable and quality-oriented organization but will also reap the profits of having created a quality product. The organization can counter stiff competition by creating a product that re-affirms its position in the market.  
  • The end-user: The end-user gets a product that is high in quality and solves issues that the user might have faced earlier.  
  • The team: The development team/teams that have created the product have much to gain from product development. The experience of having worked in a high-quality project, the satisfaction of having built a great product along with the goodwill from the stakeholders all go in favour of the development team members.

A Last Word 

Product development is a continuous process. If there are consumers there will be product development. Agile has redefined product planning and development by putting the onus back on the customer. Agile product development follows methods that reduce overheads and streamline processes, ensuring timely deliveries and customer delight.  

KnowledgeHut

KnowledgeHut

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KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com

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This further compounds the demand for PgMP professionals. Benefits of getting PgMP certifiedGet in-depth knowledge of tools and techniques to handle complex multiple related projectsUnderstand Program Lifecycle and its processes, competencies, tools and techniques with practical sample templatesLearn to implement large-scale programs to align with business strategyOpen yourself to lucrative job opportunities and leadership rolesWork in projects across geographiesEarn high salaries, upto $139,000 on averageTop companies that hire PgMP professionalsAmazonGoogleMicrosoftCognizantCapgeminiDeloitteJP Morgan ChaseErnst & YoungWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI®Who should take the training for certificationTeam LeadsSponsorsProject DirectorsProgram ManagersPortfolio Managers  Project Management Office (PMO) HeadsEligibilityA Four-year Degree (Bachelor's or Global equivalent), with at least four years of Project Management experience and four years of Program Management experience.ORA Secondary Diploma (High school or Global equivalent), with at least four years of Project Management experience and seven years of Program Management experience. Exam FormatNo of questions: 170 multiple-choice, of which 20 are considered pretest questions which are not scored.Question type: Most questions are scenario based and test a professional's understanding and clarity of thoughts on different Program Management concepts.Time: 4 hoursDifficulty level: DifficultDuration to get certified: You have to complete your 24 hours of training from an Authorized Training Partner (ATP) of PMI. Make a study plan and stick to it religiously. The PgMP is considered to be more difficult than the PMP and requires a fair bit of preparation. Once you pass the 4-hour exam you will be PgMP certified.  Course fee for certification: INR 13,999; USD 1199Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationIn IndiaMember: ₹46,338.00Non-member: ₹77,230.00In U.S.Member: $800Non-member: $1000Retake fee for certificationMember: $600Non-member: $8006. PMI-ACPPMI-ACP Demand: Agile is a fairly new concept in the context of product development. Though organizations reap immense benefits by adopting Agile, the road to transformation can often turn out to be expensive if not well executed. PMI-ACP professionals are therefore in huge demand as they can bring in project management best practices in Agile environments and ensure project success.  Benefits of getting PMI-ACP certifiedThe shortage of Project Managers has increased job opportunities in the Agile environmentYou will qualify for Agile jobs with expertise in Agile methods like Scrum, FDD, Kanban, etc. which are in demand in the industryEarn salaries in the range of $108,000 on an averageEquips you with knowledge of various Agile methodsMakes you more marketableTop companies that hire PMI-ACP professionalsStandard CharteredOracleIBMVMWareSource: IndeedWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI® Who should take the training for certification?Project ManagersProject PlannersQuality Assurance StaffDevelopers/ProgrammersDesigners, TestersProject ControllersProduct OwnersScrum MastersScrum Team MembersEligibilityTo apply for the PMI-ACP®, candidates must meet the following requirements:1. General Project Experience2000 hours of working on project teams within the last 5 years or having an active PMP®/PgMP® credential2. Agile Project Experience1500 hours of working on Agile Project Teams or with Agile Methodologies, in addition to “General Project Experience” above;3. Training in Agile Practices21 contact hours earned in Agile PracticesExam FormatNo of questions: 120 MCQ, of which 20 are pre-testDuration: 3 hoursDuration to get certified: Once you complete the course, you need to schedule the exam date. Exam applications have to be submitted and approved by PMI. Online applications m ay take upto five business days to get processed. Once your application is processed, you can schedule your exam date, and on passing receive the PMI-ACP credential.Course fee for certification: INR 10,999, USD 1099Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationFor members: $435Non-members: $495Retake fee for certificationMembers: $150Non-members: $200SummaryProject Management is among the most sought after job roles, not only in the tech industry but any industry that executes and manages projects. By 2027, 88 million individuals will need to be skilled in project management-oriented roles. This makes it among the hottest job trends in the coming years, and a credential will go a long way in helping you capitalise on this trend.
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Best Project Management Certifications in 2022

While nothing can replace industry work experience... Read More

Project Management: What’s Trending in 2022

Project management is the practice that is used to initiate, design, execute, control, and close a team's work in order to reach specific objectives and fulfil specific success criteria at the specified time. The main challenge of project management is to achieve all project objectives within the given limits.A decade ago, managing projects was difficult and challenging. It was difficult to set clear goals with less project management tools and projects were being managed by smaller teams with simpler projects.Fast forwarding to 2022, the scenario is completely different as Project Management seems like a phoenix rising from the ashes. The teams are no longer small, nor are the tasks, and the goals are defined with a proper system.The project management industry is quickly evolving, keeping pace with advanced technologies, tools, and the latest trends.Today, we will discuss the top 5 Project Management global trends in 2022.1. Artificial Intelligence (AI) & Automation Will Impact ProjectsArtificial Intelligence has had a very positive impact on projects. According to a PMI report, software development, aerospace, healthcare and financing all implement Artificial Intelligence in their way of managing projects.The first thing project managers need to do is take AI into account in project management and then learn how to utilize it for successfully completing projects.Using AI in automating data will make it easier to handle projects than before. Moreover, you can form positive business relationships with your team members and clients, resulting in proper coordination and transparency.It’s quite common to witness poor estimates and unknown external factors pushing the deadline. Artificial intelligence can calculate the duration, cost and progress of a project properly and predict realistic project schedules.2. More Project Managers Will Incorporate Hybrid Project ManagementEvery project is created differently and differs in methodology and execution. No wonder the concept of hybrid project management is becoming increasingly popular and with every passing day, many Project managers and Scrum masters are combining more than one methodology.According to PMI reports, Hybrid project management aims to combine standard project management techniques with the agile methodology.When the hybrid model, such as combining a traditional approach is implemented with an Agile process, team members from different points of view and work styles will collaborate and achieve more flexibility, dedication, and productivity in their own way.Project managers are inclining to this flexible approach of projects in the current year. A combination of agile and traditional methodologies is best suited in a multi-project environment, where complex parts are executed using agile, and a traditional method is used for the simpler parts.3. Managing Projects Will Become Easier with Emotional Intelligence (EI)It seems strange, but project success is related to humans understanding and realizing emotions. How? According to PMI.org emotional intelligence can strongly predict performance no matter what job you do. It allows clients, team members, sponsors and management to interact with each other with clarity, handle challenges efficiently and make committed choices to act strategically and swiftly. EI is now an essential technology for a successful business outcome.Understanding the emotions of the team members and dealing with different personalities ensures that the project keeps progressing at a smooth and constant pace. This is an invaluable leadership ability for project managers around the world.Therefore, it becomes more important than ever to learn about emotional intelligence and what drives people to predict future project success.4. Remote Working is on the RiseThe trend of working remotely is now extremely common and this will go on in future too. There are a lot of advantages when people work remotely. It offers more flexibility and saves a lot of time as you don’t need to travel to your workplace. The costs to the project and company get further reduced leading to the development of talent. According to the results of a survey by Wrike, 83% of respondents work remotely every day for at least one to two hours. 43% of them reported that they work remotely now, more than they did a couple of years ago.When working remotely, projects will be managed by:Setting up daily, stand-up meetings and calls to stay updated on the progressHaving your team members keep you updated on any project changes or updatesUsing online collaboration tools such as Microsoft Planner to collaborate with team members and never miss out on any changes or updatesDoing quarterly individual assessments in a yearThe future of project management will witness a steep rise in next-gen project managers, project management offices, and more focus stepping up cybersecurity. Project managers should pay attention to these trends to successfully lead their teams.5. More Jobs Will be Available for Project ManagersProject managers are involved in every possible industry. According to ‘The Project Management Institute (PMI) report’ last year, the project management labour force is predicted to grow by 33 percent in over 11 countries by 2027. There will be a wide range of jobs for project management and these are estimated to grow over the next 10 years. Some of them are in industries like: Management and Professional ServicesManufacturingFinance and InsuranceInformation Services and PublishingConstructionUtilitiesOil and GasBy 2027, nearly 88 million professionals will be required in project management-oriented roles. The first in the race to hire are China and India forming more than 75 percent of the total project management-oriented employment.The report further stresses that project managers are key in delivering successful projects and products. Acting otherwise can potentially create a loss of nearly US$208 billion in GDP over the 10 years in the 11 countries examined.With the new trends of 2022, project management will be playing a major role in fastening product development with its new technologies, and in turn, increasing workflow efficiency. Owing to its exponential growth, multiple job opportunities will be created, and staying on top of the latest trends will give one the leverage to make the most of such changes.
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Project Management: What’s Trending in 2022

Project management is the practice that is used to... Read More