Continuous Improvement Strategy
Edit on GitHubRapidly respond to market conditions and learnings to sustain a competitive edge. Iteratively improve the product by aligning with business goals and timelines.
Why
Many things can change the market your product operates in, from new competitors and innovations to a general slowdown in the economy. If your product market is in trouble, you can benefit from fresh information on your market, customers, and potential customers. You might discover your market segment has changed with new trends and that your lack of response has contributed to your problems. It’s is important to always evolve and be ready for quick responses.
How
Consider the following when creating a continuous improvement strategy:
- Market research, industry trends analysis, and competitor analysis are often useful to see whether your product could be made more competitive.
- R&D team should work on product innovations to stay focused on responding to industry (product domain) trends.
- Do a product research to exploit a currently under-served niche. See whether your customers have any needs you could potentially fulfill?
- Build vs. Buy Decisions: The build vs buy decision is often an art more than a science. However, you can apply some logic to the equation by looking at 3 key areas and deciding where you stand. When making this decision, consider the following:
- Understand the true costs of building and buying software, including license models, implementation, and maintenance costs.
- Understand the risks inherent in purchasing software and placing your data inside. You won’t be able to fix bugs as easily.
- Put your development skills to use in building what truly differentiates your business. Buy software for the commodity functions that every business needs.