The 21st century is a digital book, and it is also the era that has seen a lot of technological advancements. These technological advancements have given birth to a lot of businesses worldwide of all sorts.
The 21st century is a digital book, and it is also the era that has seen a lot of technological advancements. These technological advancements have given birth to a lot of businesses worldwide of all sorts.
Now, building a business is not a cakewalk; there are a plethora of factors to consider in it. No matter how much-advanced technology you have, if you don’t know how to use it, it is of no use. Similarly, building a business also requires upfront planning and execution.
The Discovery phase is that part of the business development strategy that plays a pillar role in its success. It is estimated that around 9 out of 10 businesses fail. There are many reasons for this, like:
Lack of resources
Wrong or inexperienced team members
High competition
Lack of an analyzed plan
And many others! All these factors form a part of the project discovery phase. Especially if you are building software, it is crucial for you to undertake the discovery phase carefully.
In this article, we’ll look at:
What is Discovery Phase and does it matter in software development?
What are the benefits of properly done discovery?
Why do you need to conduct researches before start development stage?
How to find a reliable partner to build a valuable product?
Let’s roll in!
What is the Discovery phase?
Among the various stages of software or app development, the agile discovery phase is the foundational stage; why? Well, there are many crucial decisions that need to be a part of it if you are thinking of developing and releasing the software.
The discovery phase is the initial scoping stage of the software development process. The motive of this stage is the overall upfront analysis of the process. For this, you need to assemble all the important people that will be part of the project. Moreover, it will involve the following aspects:
Market Analysis - As per CB insights, 101 small businesses closed, and 42% of them were due to the fact that there was no market for their products. These stats prove that market research is an important part of the discovery phase of a software project. It has to be carefully carried out to know if the users actually need your product or not.
Competitor Analysis - Along with the market, it is equally necessary to find out about your competitors. Statistics suggest that 19% of businesses fail due to high competition. Hence, competitor research essential to understanding what type of products your competitors have developed and how they are performing. It is also a crucial part of the project discovery phase.
Learn about your target audience - If you are making new software, it is really crucial to know if it is the need of the audience. For knowing the viability of the app or software, you can develop an MVP and find out if it has the potential for the market.
Identify business goal - Another crucial aspect of the discovery phase of a software project is setting a business goal. As long as you are not focussed on what you need, you will not succeed in your venture. As per a CB insights study, 13% of the businesses fail just because they lose focus.
If you are interested to find out more benefits, reasons and frameworks on the discovery phase, read more on the original post.
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