Technology moves at the speed of innovation. If you aren’t paying attention, you could be completely left behind. There are two huge reasons why it is important to get to market fast: to be the first and money.
Get to Market First
These days, being the first is often more important than being the best. For example, say you work for a tech company, and you’re working on a particular product. You’ve just about completed all of the research and development when suddenly another tech company releases a product very similar to your offering. Although your product may be entirely superior, and although you may have been working on and developing this product for longer than your competitor, the only thing the consumers will remember is that yours was not the first. If you release your product after they have released theirs, you will seem as though you are a follower, and not an innovator in the field at all. In order to stand out, you must do everything you can to expedite the process of innovating in order to be the first to market.
Get to Save and Make Money
Along those same lines, getting to market faster, specifically through using crowdsourcing to accelerate innovation, can save you money on both the front and back end of development. Traditionally, businesses hired expansive research and development teams, as well as going through extensive brainstorming sessions to attempt to figure out what products were in demand. Companies could be even 90% done with a project only to find there was not the demand they had anticipated. Not only had they wasted valuable hours, they’d also wasted money investing in an unviable idea. The solution? Get your ideas directly from the consumers! With ideas from your prime audience, you know the product you’re working towards will have demand. This saves you time and money on the front end. Then, after the shorter ideation and development of new products or projects, you can start recouping costs quicker and start turning a profit quicker with a product that was put on the market as quickly as safely and technologically possible. This makes you money on the front end.
To find out more about the myriad ways in which crowdsourcing can help improve your speed-to-market, click here to download a recent crowdsourcing and technology white paper.