The Ultimate Checklist to Improve Time to Market in Software Development

A Quick Heads-Up: The big takeaway of this blog is a comprehensive list of strategies to reduce time to market - one of the crucial metrics in software development. You'll also learn about what it is, how it works, the benefits of measuring it, and a lot more. Keep reading.

Getting a new software product to market can be a long and extensive process. It can take from some months to a few years to develop, test, and launch a new app or software.

Besides coding, there are many steps involved in the software development life cycle and each takes a considerable amount of time. For example, the planning and designing phase alone can take weeks. Then comes multiple rounds of testing and fixing, which can add weeks or even months to the timeline. Finally, once the software is ready, it needs reviews and approval, often by several teams.

This can be a real challenge when it comes to providing users with popular or on-demand solutions. Only 16.2% of software projects get completed on time.

One metric that plays a crucial role in this regard is "time to market” or TTM - the time it takes to get a product from the drawing board to the hands of users.

Reducing this time means finding ways to speed up each step of the process without cutting corners. The faster we can get high-quality software to market, the sooner people can start using it and benefiting from it.

How do we do that?

We'll answer that in this blog, along with what time to market is, why it’s so important, how you can measure it, and much more.

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What is Time to Market (TTM)?

Time to market in software development is the amount of time it takes to go from an idea for new software to the moment it’s available for users to buy or download. This includes all the time required for consulting, planning, development, testing, deployment, and finally release.

The concept of time to market may vary on the basis of the size and complexity of the company and product. In the software development agreement, developers state how they’ll deliver the final product and what the estimated timeline will be, i.e. the TTM.

There are different stages of a product life cycle which can vary in time based on project scope and complexity. Sometimes, developers need to make a change on the fly, or they have changing requirements from the client. Hence, forecasting an accurate time to market for your business might be impossible.

However, using project management tools, agile development methodologies, and regular progress updates can all contribute to a smoother development process and potentially shorter TTM.

Why Should You Reduce Time to Market?

There are obvious reasons to have a as short TTM as possible:

• Competitive Edge

Getting your software to market faster gives your company an advantage over competitors. If you can launch your product before others, you have a better chance of capturing market share and establishing your brand before similar products hit the shelves.

• Customer Satisfaction

Faster time to market can lead to higher customer satisfaction as users gain quick access to new features and updates. This means they can start benefiting from your software sooner without lengthy service disruptions.

• Revenue Generation

Quicker product launches lead to faster revenue generation. The sooner your software is available for purchase or use, the sooner you can start earning money from it.

• Adaptability to Market Changes

Reducing time to market allows your company to adapt more quickly to market changes and development trends that are on the rise. This way, your software remains relevant and competitive in the marketplace.

How Time to Market Impacts Cost and Revenue in Software Development

Time to market is directly proportional to the cost and revenue in the Software development Process.

The longer it takes to develop software, the more it costs. Paying developers, testers, and other team members adds up. Additionally, if it takes too long to release the product, you might have to spend more money on hiring developers and using tools and resources for a longer period.

On the other hand, when it comes to revenue, getting your product to market quickly means you can start earning money from sales sooner. The faster you release, the sooner you can start making a profit.

Moreover, being first to market can help you capture a larger share of customers before competitors release similar products. Quickly delivering high-quality products can make customers happy, leading to positive word-of-mouth and boosted revenue.

Ways to Measure Time to Market for Software Applications

Measuring time to market is all about figuring out how long it takes to get your software from an idea to something users can actually use. It helps you see where you can speed things up and improve the whole process.

Here are some simple ways to measure time to market:

Idea to Launch: This is the total time from when you first discuss the product idea with developers to when it’s available for users.

Development Time: Calculate the time spent on writing and testing the code. This helps you see how long the actual building part takes.

Time Per Stage: Break down the whole process into smaller steps, like planning, designing, coding, testing, and launching. Measure how long each step takes. This way, you can find out which parts take the most time and need improvement.

Comparing with Competitors: Compare your time to market with other companies or industry peers. This shows you how you stack up against others and where you can get better.

Customer Feedback and Adaptation Time: After you release the software, measure how quickly you can make changes based on user feedback. Being able to adapt quickly is key to keeping users happy.

Milestone Tracking: Set important points or goals during the project, and track how long it takes to reach each one. It will help you see if you’re on track or if there are delays.

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How to Reduce Time to Market in Software Development

There's no single magic formula to make it happen, but there are some smart strategies that can really help. By using methods like working in small steps (Agile), focusing on the most important features first (MVP), and using tools that automate tasks (DevOps), teams can speed up time to market.

Let's look at some strategies in detail to see how they can lead to faster time to market for software applications:

Adopt Agile Methodologies

Agile works wonders. It breaks down big projects into smaller, manageable parts called sprints. Each sprint, usually lasting a few weeks, focuses on delivering a specific set of features.

• How It Helps

Agile software development allows teams to respond to changes quickly, improves collaboration between team members, and encourages continuous improvement based on feedback.

• Example

Instead of waiting 12 months to release a fully finished product, Agile might allow you to release usable parts of the software every 2-4 weeks, gather feedback, and make improvements along the way.

Start with an MVP (Minimum Viable Product)

MVP means launching a basic version of your software with essential features that solve the core problem for users. It gives stakeholders and users a solid idea of how the final product is going to work.

• How It Helps

MVP in software development allows a shorter time to market. Businesses can start generating revenue and gather valuable feedback from early adopters to iterate future development. This helps you avoid major changes in the long run and disrupt the development timeline.

• Example

Instead of spending 18 months developing a fully-featured software system, focusing on MVP might let you launch within 6 months with essential features and upgrades based on user feedback.

Embrace a DevOps-First Approach

DevOps, an integrated method of software development (Dev) and IT operations (Ops), emphasizes collaboration, automation, and continuous adaptation.

• How It Helps

DevOps solutions speed up the development process by automating various tasks like testing and deployment. The results are assured reliability, reduced errors, and faster recovery from failures.

• Example

Implementing DevOps might involve using tools that help your team to release updates to users more frequently and with fewer errors.

Automate Delivery Pipeline

This involves setting up automated workflows or CI/CD pipelines that handle repetitive tasks like code building, testing, and integration.

• How It Helps

Automation reduces human error, speeds up the release process, and allows for more frequent updates to software. Developers can create automated pipelines using tools like Jenkins or CircleCI.

• Example

A well-designed automated delivery pipeline can deploy new software updates to users within minutes of getting approved, compared to hours or days with manual processes.

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Enable Visibility and Error Detection

It's absolutely important to use tools and processes that provide visibility into the development process and enable teams to quickly detect errors or issues.

• How It Helps

Early detection of errors allows teams to address issues before they become major problems. As a result, you can reduce delays and shorten the time to market. Automated alerts, logging, and regular health checks are some of the popular methods in this regard.

• Example

Automated notifications inform you immediately when something goes wrong. If a part of your software stops working, an alert might pop up on your computer or phone to let you know so you can fix it quickly.

Optimize the Development Life Cycle

SDLC (software development life cycle) optimization refers to the process of identifying and removing bottlenecks or unnecessary steps in the development process to make it more efficient.

• How It Helps

By optimizing the development life cycle, you reduce the scope of wasted time and resources. This means your team members will not get bogged down by inefficient processes. They can meet deadlines and build software products more efficiently.

• Example

If your team spends a lot of time in approval meetings that don’t lead to significant changes, you could streamline the approval process with a more efficient system, such as quick check-ins or using collaborative tools for feedback.

Gather Early Feedback

Gathering early feedback means getting input from users, customers, and stakeholders about your software while it’s still under development. This can involve showing them early versions, prototypes, or even just concepts to see what they think and what improvements they suggest.

• How It Helps

Early feedback helps you understand what users really want and need from your software. This prevents you from spending time developing features that users might not find useful.

• Example

You might discover that users find the menu confusing. You can redesign it early on, rather than after full development. This will save significant rework time.

Cross-Departmental Communication

Cross-departmental communication is about ensuring everyone in the company is on the same page. This includes regular meetings, using communication tools, and having a culture where people feel comfortable sharing ideas and updates.

• How It Helps

When everyone communicates well, planning becomes more effective. The marketing team knows when a new feature is coming, so they can prepare promotions. The development team knows what features are most popular, so they can prioritize their work better.

• Example

Conduct weekly meetings where the development team shares what features they are working on, marketers talk about upcoming campaigns, and support shares customer feedback.

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An Expert’s Take on Improving Time to MarketGetting your software to market quickly is key to keeping the competition on your toes and meeting dynamic customer needs. Strategies like the ones mentioned above are essential for speeding up the development process and delivering valuable products sooner.However, following a checklist is not enough; it requires expertise and experience. That’s where you can count on us. As an industry-recognized partner for software development, we bring 25+ years of know-how and a proven track record to the table.We work in short bursts to deliver small parts of the software at a time, our team works closely together, from consultants to developers, and we use tools and systems that automate repetitive tasks. What's more, we keep you updated regularly on our progress and any challenges we face. This transparency helps us address issues quickly and keep the project moving forward.Ready for the race? Let's collaborate!