Advantages of Agile Product Methodology for Fast Growing Startups & Enterprises
B2C Business2Community | 19 April 2021
What is Agile Product Methodology?
Agile product methodology is a practice which promotes continuous development and testing of a software or product throughout the product development lifecycle. In this approach, both the development and testing activities remain concurrent.
Agile approach is known to be one of the most effective and simplest processes to turn a vision for a product into software solutions.
Agile Development Statistics:
85.9% of software developers around the world use Agile product methodology
Companies that use Agile approach for software development gain 60% more profits than those who don’t.
Agile success rates are more than 1.5x higher than those of Waterfall projects
According to Agile adoption statistics, plenty of Fortune 500 companies have adopted Agile
Agile Product Methodology Vs Waterfall Model
- In the Waterfall approach, product development flows sequentially from one point to another; just like a Waterfall filling the next reservoir.
- Using Waterfall development means customers will see the product only at the end of the project
Waterfall method is considered to be more secure because it is plan oriented.
- In the Waterfall method, errors are tested only when the whole product is ready. So, if changes are to be made, the product development has to start from the beginning.
- In the Waterfall method, product developers and testers work separately.
- All features of a software or product are delivered at once, at the end of the project, and after the long implementation phase.
- Agile method follows incremental approach to product development.
- Agile method promotes early launch of products. Customers get early and frequent chances to use the product. This helps product development teams in making decisions and do necessary changes to the product.
- Agile method is comparatively unstructured as compared to the Waterfall method.
- Agile allows product development teams to fix errors in the middle of the project. Within this method, teams continue to test products throughout the product life cycle and gain useful feedback from the customer.
In the Agile method, both testers and product developers work together.
- In Agile product development mode, core features of a product are delivered to users, and new features are added over time.
Agile Methodology Advantages
Put simply, Agile is:
Iterative – involves regular rhythms of work
Incremental – requires product development teams to present product increment
Faster: It ensures faster reach to the market
Cost-Efficient: Agile reduces cost of development by allowing product development at the same time teams gather requirements and information
Responsive: product teams can respond immediately if there’s an unpredictable scenario and revamp the product accordingly.
How to Use Agile Methodology in Product Development
Agile teams follow these steps to create products:
- Project Initiation
- Create Backlogs
- Establish Sprints for Software Development
- Product Development
- Production and Deployment
Agile Product Development Processes (Framework)
- Extreme Programming (XP)
Case Study of Agile Methodology
Author = Chanakya Kyatham