It’s no secret that it’s difficult — if not impossible — to make money on an idea if it doesn’t exist as a tangible product. However, the leap from concept to production is a big one. And this is necessary if you hope to hold your product in your hands, get it in front of paying customers, and turn a profit. In many cases, one should consider outsourcing to a product development firm.
Why? Because while a number of companies possess internal departments equipped with the basic set of skills required to build a functional prototype, they’re often ill-equipped when it comes to actually designing and developing certain products. Alternately, a world-class product development team can help you quickly and successfully bring a product to market.
Here is a further breakdown of the benefits of outsourcing.
A Product Development Firm Offers Targeted Expertise
Your internal team is probably great at what they do. However, consider the reality: different engineers and technical support staff excel at different things. Even if a proposed product is an adaptation of an existing one, the creation of a new prototype tends to present challenges for even the most experienced designers.
For instance, consider something like doorbell light sensors for smart home applications. In this case, we’re altering a product in a significant, meaningful way. However, now, we are no longer dealing with just a doorbell. We’re talking about incorporating new elements and technologies, such as sensors, power, and cloud capabilities.
Often, the entire product development process requires a team that is large enough to address the more significant aspects of a project — and at other times small enough for the less-intensive aspects. That said, hiring and training people for one stage of a project is not efficient or practical. But when you outsource, you don’t have to worry about wasted resources. Engineers will be assigned to your project as needed, and then can move on to others as they complete tasks.
A product development firm can speed up your time to market by offering specialized expertise in the areas needed most. Additionally, a firm working only in product development is equipped to handle the specific challenges associated with your project. These engineers thrive on fast-paced work, meeting challenges, and risk-taking.
Think of it this way: a painter will be quicker and more efficient at painting your home than the person who cuts your hair because they’re trained to do it. Similarly, you’ll be able to get your product in hand faster by utilizing the right team of qualified experts.
Adequate Time to Devote to Development
A company’s existing resources are typically tied up with current projects, meaning there probably isn’t much time for new endeavors. Asking employees to dedicate additional resources to new product development could affect productivity, potentially adding months or years to your time to market. This can also lead to sloppy work on current and new projects, which ultimately results in even more wasted time.
Outsourcing to a product development firm gives you an edge. By doing so, you instantly have dedicated resources who are working on a mutually agreed-upon schedule. They’re scheduling you in, and they’re as driven to meet deadlines as you are. You may also be able to address tasks simultaneously and as a team, thanks to increased manpower. Remember, there is strength in numbers. And outsourcing guarantees you have a group of people invested in your success and well-equipped to meet even the most aggressive timelines.
Build Relevant Industry Relationships
Maybe your company is new, or maybe you’re just in new territory. Either way, you may not have the industry relationships needed for the fastest possible production time for your product. By outsourcing to a product development firm, you benefit from years of expertise, industry connections, and insight they’ve gained from long-standing client relationships.
It’s certainly possible to build industry relationships that will help you design and develop an excellent product, but not overnight. It’s best to focus on other tasks while your product development firm secures your design, development, prototyping, and even manufacturing — at all stages, from concept to production estimate.
Ensure Your Product’s Success with the Appropriate Tools
Even if your team has the know-how and availability, they may not have the right tools for the design and development of your product. Complex software requirements (and the knowledge required for using said software) may not be worth the investment. Consider the cost. It requires time and money to purchase, learn to operate, and get up to speed using new tools and technology.
Product-specific prototype production equipment is also expensive. This is one reason why new ideas are risky, especially if you’re working on multiple ideas at once. Instead of procuring all the necessary tools (there are a lot of them), consider the ease that comes with outsourcing.
Gain Market Knowledge with a Product Development Firm
Often, companies working exclusively in product design and development are extremely knowledgeable about specific markets, since they’ve worked in many industries before. They’ve already completed research that they can use to help make your product the best that it can be, and in less time. Their multidisciplinary perspective will offer what your company alone cannot.
Ultimately, greater resources lead to quicker turnaround times and a better product. If you’re still on the fence about using an outside company for product design and development, let’s discuss the possibilities!