Having a company is akin to being a Titanic passenger; one day, you awake feeling liberated and motivated, living a life of luxury and business success, and the next day, the market might strike you hard enough that you find yourself on a sinking ship, battling for survival. The forecast was not a possibility in the case of the Titanic disaster. However, in business, and particularly when producing digital solutions, the project discovery phase is your lifeboat! It’s a time-tested method for reducing risks, estimating and reducing expenses, and developing a trustworthy roadmap for achieving exceptional business outcomes.
Nothing communicates more effectively than numbers. The business environment is severe, and there is no assurance that your company project will succeed. However, using the discovery phase of the app or software development significantly increases your chances of developing a good digital product and significantly reduces the danger of product failure. So, it’s time to begin the process of discovery to find a solution to this query. One of the biggest advantages is the discovery phase will help you save time and money.
The Purpose of the Discovery Phase
Every company, initiative, or project is founded on a fundamental reason. It’s unsurprising that the same holds true for the discovery phase. This phase helps you:
- Determine your company objectives, requirements, and product vision
- Build product architecture to accomplish objectives
- Reduce development expenses
- Identify and mitigate potential risks
- Establish a viable framework for product development
How to Save Time and Money with the Discovery Phase?
In this regard, the successful workflow to save money and time depends on the product development approach, such as the agile discovery phase approach:
Estimating Time and Costs to Make Product Development Roadmap
A roadmap is a step-by-step development plan for your product. It provides total transparency on project schedules, clearly defines critical project phases and milestones, and provides an easy-to-follow development strategy. Along with the plan, you can have an accurate time and cost estimation for the project and evaluate potential cost savings. After the discovery phase is complete, you will have the following:
- Estimation of Prototype
- Precise Time and Cost
- Product Specification Document
- Roadmap for Architecture Documentation
We do this via the use of mind mapping. The mind map approach is a visualization technique to assist in organizing all of the facts so that the best option for given product development may be seen clearly.
A Product Requirement Document (PRD) includes all technical requirements for the release of your product. It outlines all of the desired features for the future product.
It is a representation of your app or software that appears and behaves exactly like the final product. It lets you develop your idea and validate it. Proof of Concept establishes the feasibility of a concept on a technological level. It aids in the validation of functional assumptions and the identification of possible technology roadblocks.
In the long term, flawed app or software may have a permanent influence on income and reputation. Thus, testing and gathering customer feedback help in the development of a faultless product that can adhere to all standards and needs.
The discovery phase can help you save your time and money on planning the use of your resources without any waste and unexpected expenditures as you move on with the project.