Digitalisation is the Blockbuster of the 21st Century, isn’t it? If the products were to be given Oscars for their performances, Digitalisation and Software development would have won the ‘Life time achievement award’ for sure! Digitalisation is the sensation that has been around for more than two decades now and yet, it has broken all the conventional marketing theories of product life cycle.
Since its introduction, the phenomenon has been in the spotlight and has witnessed nothing but growth and maturity with no signs of decline at all. There is a fair reason to the rise of this concept as well. If you look at the top ten brands of the globe currently, four of them are digital companies -Facebook, Google, Microsoft and Amazon. And, if we look at the current market scenario, Forbes said it rightly that, ‘Every company is a Technology Company’.
It is no secret that the quickest and most effective way to be the part of the unicorn club is via digitalisation and web developments. But, being one of the most sought out custom software development company; we truly understand that is not as easy as people think it is nowadays!
Just like any product development, there are many software development risks that need to be taken into consideration. Because the success and failure of any idea is dependent upon the ‘calculated risks’ and ‘reckless decision making’ respectively! So, to help you do the right math and save your time and costs, we have listed out some of the software development risks that can be avoided by the organisations:
Software Development Risks and Ways to Nullify Them
Any Software Development Life Cycle (SDLC) consists of five major stages:
Each stage is imperative and has its own set of associated risks. When we talk about Software Development risks, right from ideation to deployment- you need the right kind of technology expertise to counter it properly.
But, there are few software development risks that are completely avoidable but are generally NOT avoided by organizations. While each project is different, we have narrowed down to 5 avoidable risks that are common in all kinds of Software Development Projects:
1. Irrational Requirements and Goals
In our 18 years of experience as the leading Custom Software Development Company, the one thing that we have dealt the most with is, ‘the rainbow chase’. Nothing is impossible! We do believe in that, but when a person or an organization conceives an idea, it is essential to plan accordingly to complete it.
It is not about the possibility of the project, it is about estimating the right amount of efforts, time and resources that one will need for the project. Also, it is essential to think rationally before investing into goals that do not have potential to create the deserving ROI.
So, to avoid such risks, it is advisable to partner with technical experts and form a Centre of Excellence (CoE) to understand the technological and financial feasibility of an idea. Some ideas are just ahead of its time! And some are just a cloud chase! It is essential that you take a feasibility test before you actually venture and invest in any idea.
2. Disdain the Scalability
In a wrestling match, the biggest risk that a fighter makes is that they underestimate the strength of their opponent. Similarly, the biggest risk any company takes in software development is avoiding the scalability of their project. Many times when people choose a software outsourcing company, they avoid the technical expertise and opt for an AFFORDABLE option!
So, it is essential that you choose technology partners who are farsighted experts and have the ability to estimate the true scale of a project and choose a technology that has the potential to cater all the future needs of the project.
3. Pursuing Full Project instead of MVP
If we peek in the past and have a look at the initial stage of all the projects that are grand success currently, majority of them started in the market with just the key features and when they grew in the market, they expanded their scale and reached their true potential!
Time is money and any business must understand that. Opting for Minimum Viable Product (MVP) is a wise option averse to any kind of full project software development risks because not only companies get to test their feasibility of their projects, if they perform well in the market, they can also get the necessary funds that can help them expand their project without cutting any corners or without facing any financial crunch.
It is also the best way to beta test your product and get proper feedback in a controlled environment. So when you keep the whole product in the open market, you have the best possible version of the product that is trailed and tested!
4. Cutting Corners due to Ineffective Planning
In this age of instant gratification, patience is not a virtue found in all. Most of the companies have the initial funding to kick start the project, but when they take a risk on a hunch and do not plan the project well, higher estimates become their devil’s trap. They are caught in a situation where they cannot afford to move forward or cannot even shut down the project with all the investment that they have made!
So, what they do is they try to cut corners! Not realising the software development risks associated with it, companies look to cripple their partners to finish the project in a hurry and ultimately, the overall efficiency of the project suffers.
5. Inefficient Go-To Market Strategy
Though not exactly any software development risks, a faster go-to market strategy is at the core of speedier projects. Have you ever thought that Apple would have been such a huge success if Steve Wozniak didn’t show the computer to Steve Jobs? Success of any project is highly dependent upon how they reach to their potential customers! Though most of the MNCs that are market leaders in their industry have more than 50% of their budget funded on Marketing and on acquiring new clients.
So, whenever you plan to market your software and manage your software development risks, it is essential to plan for an effective go-to market strategy. No matter how good your product is, if your customers are not aware of the product, it is of no use.
Eliminate Software Development Risks with Technological Precision of Radixweb
While the myth circles that all it takes in ‘ONE BIG IDEA’ to succeed in the market, you now know that the formula to reach the Unicorn Club is an excellent idea + expert technology partner + effective go-to market strategy + efficient resource management.