How does MVP help avoid costly mistakes?
The IT world has been demanding rapid responses to all sorts of changes and novelties for some time now. With each new project, it's important to remember that the risk of making costly mistakes during software development is always present. That's why the growing popularity of the 'Fail Fast, Learn Faster' approach and the use of MVP (Minimum Viable Product) are practices that significantly contribute to minimizing risk and effectively avoiding expensive errors. How to minimize risk by utilizing the aforementioned practices? You will find out from the further part of the article.
Often while working on IT projects, even when understanding the requirements perfectly, it turns out that "it's still not it." Why does this happen? Well, the answer is very simple. Even during the course of work, the client's idea may evolve, requirements may change, or simply without seeing the first version of the product, it's hard to determine whether the adopted assumptions will meet the expected outcomes.
The "Fail Fast, Learn Faster" approach is a philosophy that underscores the value of rapid experimentation, early error detection, and active learning from experiences. In the IT world, this means that instead of lengthy and costly product development, it's worthwhile to invest time and effort into creating its most basic version - the Minimum Viable Product. With this approach, even in the initial (sometimes unfinished) product versions, the client will be able to determine whether the work is progressing in the right direction, and potentially modify their initial assumptions to align with their expectations. The sooner the client identifies issues that require adjustments, the faster they can be fixed, and at a significantly lower cost compared to the final polished product.
Furthermore, allowing room for failure at the early stages of a project enables quick accumulation of experience, accelerates learning, and immediately optimizes solutions to reach the goal.
MVP stands for Minimum Viable Product, which is the smallest functioning version of a product that includes only the most essential features necessary to demonstrate how the product works to stakeholders. The MVP is designed for rapid testing and validation of a business idea, aiding in understanding user needs, and collecting real feedback to enhance its performance. By validating the MVP with the client and users, we ensure that the product is precisely what the client expects.
Not without reason, one of the fundamental and likely most important principles of the Agile Manifesto is:
The highest priority is to satisfy the customer through early and continuous delivery of valuable software.
This premise emphasizes that the success of the project relies on continuous collaboration and communication with the client, along with the ability to deliver value in short cycles of time. The ultimate goal of an MVP is to gather feedback from users, understand their needs, utilize that knowledge for iterative product improvement, and provide a solution that genuinely addresses market requirements and user needs.
Building an MVP is a dynamic process that requires diligence, flexibility, a willingness to experiment, and the ability to quickly adapt to changing market conditions. The key to success is to focus on solving the core customer problem and delivering value in the shortest time possible. Here are a few steps that will aid in effectively developing a Minimum Viable Product:
One of the more dangerous approaches in software development is the fear of failure and the desire to deliver a flawless, perfect product. Both of these approaches can ultimately lead to very serious consequences, resulting in complete project failure.
To minimize the risk of total project failure, it's essential to adopt an iterative approach, evolving functionality based on justified user needs. Allowing for minor failures in the early stages of the project is necessary for errors to be corrected and, in the end, achieve success that satisfies both the client and users.
The sooner the project team embraces its own mistakes, the quicker it can proceed with rapid product improvement. Failures and setbacks are inherent in the software development process; it's very rare to fully and precisely meet client expectations without project iterations. Therefore, it's crucial to remember that building an MVP is a key element of the "Fail Fast, Learn Faster" approach, which helps avoid costly mistakes in the IT world. By focusing on essential features, gathering user feedback, and iterating rapidly, you can effectively deliver a valuable product while simultaneously minimizing risk and costs.
MVP is a tool that enables idea validation, understanding customer needs, and building success in the IT market. At SKM Group, we adhere to the "Fail Fast, Learn Faster" principle in the projects we undertake. Customer satisfaction is always our top priority.