Amidst the highly competitive market dynamics, organisations that embrace lean technologies across the entire product lifecycle gain a distinct advantage. From early validation to an efficient build stage and ongoing market maintenance, this lean approach ensures that products and services are delivered faster and at reduced costs. By closely aligning with customer demands, these companies guarantee both the relevance and desirability of their offerings and ensure their business viability in an era where profit margins are tight and the business landscape evolves so rapidly.
Within a product lifecycle, there are 3 key stages of opportunity with lean technologies; early customer validation, product build, and in market enhancements. An example of these lean technologies across each key stage are:
The growing emphasis on cost reduction in various industries has posed a significant dilemma for organisations. They face the tough choice of either heavily prioritising their core products, potentially sidelining new innovations, or embracing lean technologies to deliver equivalent or even greater value to both customers and the organisation, while operating on a reduced budget. Below are some of the rapid changes we’ve seen amongst the three key product lifecycle stages in market.
While prototyping new products and services has been a long-standing practice, it often comes with significant costs and challenges in obtaining approval to proceed. However, the emergence of Pretotyping techniques is changing the landscape. This approach allows for the early validation of customer value propositions, gathering real customer data points much sooner in the process and with a lower barrier to obtaining funding approval. As a result, Pretotyping is becoming increasingly popular as a way to efficiently validate ideas and innovations and to justify funding.
The cost of building new products is often substantial, primarily due to the complexity and expertise needed to meet modern customer demands. However, the coding landscape continues to evolve, ushering in novel technologies like low-code platforms. These platforms facilitate efficient collaboration among design, analysis, and engineering teams, expediting the development process. As a result, time-to-market is significantly accelerated while achieving cost savings, making it more feasible and viable to deliver high-quality products that meet customer expectations.
Once your product is in the market, the continuous need for changes to meet customer demands and adapt to the highly competitive landscape necessitates cost-effective solutions to prevent an escalation in the total cost of ownership. In response to this challenge, organisations are increasingly adopting design language systems (DLS) to standardise user interfaces. This approach promotes reusability, ensuring a consistent user experience and significantly reducing the time and cost required to implement changes across various digital products.
Studies suggest that new products which are validated before build & launch have a 30% higher success rate and a 40% higher ROI. This suggests that organisations that prioritise earlier validation by adopting lean technology testing are more likely to experience significant success.
Organisations that adopt lean technologies such as the low-code platform, Outsystems witness 6 - 10 x faster time-to-market, 40-60% build cost savings and 20-40% run cost savings. These companies are more likely to deliver high-quality products that meet and exceed customer expectations.
The key to the success of Salesforce's design system is its capability to harmonise and integrate the design and engineering processes, leading to uniformity and improved efficiency across all products. The Lightning Design System (LDS), their design system product, has exhibited a 30% acceleration in development speed due to its collection of reusable components and code snippets. Additionally, it has led to a 20% enhancement in user experience quality by employing a unified set of design principles and guidelines. Moreover, there's been a 15% rise in developer productivity, facilitated by a centralised source for assets and documentation. This allows developers more time to dedicate to crafting new products and features.
Lean Technology is one of IE’s 20 success factors. To learn more, read our first article, ‘Winning in a Product-Led World’.