Let's face it- the competition is fierce, and there are so many products in the market today.
As businesses, we have to innovate and develop great quality products that will get us above the competition- this is one of the many reasons outsourced product development is becoming increasingly popular. It enables you to create excellent products quickly and without all the internal effort.
In this article, I will be addressing the benefits of outsourced product development. By the end, you should be able to assess whether outsourcing your product development is right for your business.
Outsourced vs In-House Product Development
You have had to develop your product entirely from scratch and all in-house in the past. To accomplish this, you most likely had to either hire additional staff with the expertise you required or make do with staff already on the payroll who perhaps haven't got that expertise. Not to mention additional costs and time spent trying to figure out how best to go about the task.
These days, you benefit from outsourcing, which takes care of all of these issues. In a nutshell, outsourced product development hires an outside company to help you create new products. It can include everything from building on an initial product idea to manufacturing the final product ready for market.
Let's look at the many advantages of outsourcing your product development.
Today's Benefits of Outsourcing Product Development
Why is outsourced product development so highly recommended for today's business world?
We will cover just 7 of the multitude of reasons.
By outsourcing your product development, you will gain the expertise of the world's leading product developers, which you probably don't already have on your payroll (and would cost an arm and a leg to hire!)
These trustworthy experts will work alongside your team and analyze every detail of the product required. They will go through the concept, design of the product, prototyping process, materials required and even research potential manufacturing challenges you may face later on down the line.
As mentioned above, leading product development experts come with high salaries. If you were to go through the hiring process, get them on payroll and continue your NPD in house, it would be costly!
By outsourcing, you will work with top experts and state of the art equipment for a tiny fraction of the cost. Numbers don't lie!
When trying to achieve this in house, it can take many months to gather together a team of in-house experts. Not to mention the time it takes to set up your product development equipment! Even small designs can take up to a year to get past the prototyping stage when you carry out this in-house.
#4: Ideal for Small Businesses
If you are a small business, you have likely limited expertise and resources. If this is the case, you should consider outsourcing your Product Development. Even if you know very little about the product, you are trying to develop, how it's made or what you need to bring the product to market- an outsourced product development team can help get you off the ground, and you will learn along the way.
#5: Outsource at Any Stage
Your idea is essential. Product development providers will come along and fatten it up. You may still be in the brainstorming or sketching stage or already have a working prototype. Whichever stage you are at, an outsourced product development company can help to guide you through to the next stage and beyond.
#6: You Control the Process
One of the biggest things we at Innovolo face on an almost daily basis is clients worried that if they outsource to us, it will take their control away from their business. Absolute myth! When you outsource product development, it's essential to understand that you're not giving up any control or rights over your creations. It's a collaborative process, and you own the IP.
#7: You Don't Have to Outsource Overseas
Another common myth we face daily is that all outsourcing is done overseas. Sure we have a massive team from all over the world. However, Innovolo and most other excellent product development companies will do their best to develop products as close to you as possible. At Innovolo, we ensure that your project manager will be available for on-site visits when needed. It's a hands-on approach with a personal touch.
Why Outsourced Product Development is Right for You
Outsourcing product development is a no-brainer when you work with the right company. But then comes the question, "well, how do we find a reliable provider?" Innovolo and other trustworthy product development companies have:
- Years of experience working with a wide range of industries
- An impressive product portfolio or client testimonials
- Experienced and knowledgeable staff with diverse backgrounds
- Abundant capabilities, including tools, software, and machinery on-site
- An outstanding reputation, especially when it comes to trust and confidentiality
- A collaborative mindset
Pay attention to that last point. A tremendous outsourced product development company will listen carefully to your needs, wants and visions for the project and work tirelessly to combine them into the finished design. They should be there to guide you along the best possible path but should also remain open-minded to your suggestions and feedback.
When you work with a partner with all of the above qualities, you won't question why outsourced product development is essential. You'll experience the benefits for yourself.