There’s a lot more to product development than meets the eye, especially if you’ve never done it before. Many things need to be coordinated to successfully launch a product and there are often growing pains along the way. From conceptualization to production, you want to make sure you’ve thought of everything to ensure your product is as successful as possible.
Here’s where a product development firm can be a great match for mid-sized companies. Mid-sized companies don’t always have all the resources they need at every stage of product development. Whether you plan to outsource all of your product development or just one stage, here are a few reasons why you should consider it.
Control Your Costs
Product development firms specialize in getting your product to market as quickly and efficiently as possible. They’ve been through the process many, many times before. One of the biggest mistakes to avoid in the product development process is letting costs get out of hand. Product development firms can help you set costs at each stage of the product development process and then create strategies for you to stay within your budget. Research has shown that companies are more likely to meet their budget when they’re being held accountable by a third party.
Manage Your Timeline
Because product development firms have so much experience with the product development process, they are experts at setting an achievable timeline and making sure you stick to it as much as possible. Open innovation is speeding up the product development process. Under open innovation, ideas aren’t just coming from your own product development team anymore, but also from other business partners like product development firms. Collaborating with others can help you save time when looking at design ideas and solutions to product development challenges.
Leverage Outsourced Expertise
Working with an outside product development firm can really expand horizons for your mid-sized company. By working with a product development firm, your company now has access to all the experts employed by that firm, including designers and engineers. At some point during the product development process, your company is likely going to need more employees to help with the process. If you’re already working with a product development firm, you can outsource the work to them and save yourself the hassle of hiring temporary employees who may or may not be the right fit to work on your project.
Product development firms have the expertise and manpower to help you see your product development project from the very beginning idea stages right through to production of the final run. They can help you save time and manage costs because they’re seasoned experts that have been through the process many times before.
At Pivot International we provide Project Management Services and Product Development Services to help you reach your product development goals. We’re a product design, development, and manufacturing firm with experts in the areas of industrial design, software development, and mechanical and electrical engineering. To learn more about how we can help you with your product development project, contact us today.