Product Accelerators as a Concept
We mean speeding up growth and development in a global sense by acceleration. This concept also applies to business. Everyone wants quick company development while at the same time reducing costs.
When any kind of project gets started, it faces specific challenges; typically many of them. They can be solved step by step, spending a lot of time and resources or using existing and proven frameworks.
Let’s talk about the IT industry; the goal is to shorten the time to market for a product or solution. The final solution’s block components can be taken off the shelf, adapted, and made as a part of the final product or product component.
An accelerator can be more than just a product or a part of it. It can be a methodology or competence in a broad sense.
Product acceleration units are ready-made blocks used in projects to reduce time to market, time to develop, and increase the profitability of a solution’s implementation.
Advantages for Business
Here are some practical examples to avoid going too far into the woods.
Let’s say a customer wants to get better insight into customer data to make better product suggestions for targeting ads. It’s a specific goal. We can build a product solution for this task based on many years of practice and innovative execution methods.
A product accelerator for this task may replicate or scale some elements with specific configuration files, templates, and patterns into particular code.
It’s especially relevant when the most critical value is solution implementation time or product time to market. Instead of wasting time creating an expensive custom project, it’s a great, more economical option.
Another typical case is a marketplace accelerator. For example, a customer wants to make a marketplace for cars, wheels, and car chemicals. And we have a box solution, the product accelerator for the marketplace. Its advantages are quick implementation, adaptation to the customer’s needs, and all in all, saves time and money. In addition, templates allow platform visitors to compare and purchase goods online. In cases like that, an accelerator reduces development time, cost, and risks, while speeding up the process of adding new features.
The key benefits of product accelerators are:
1. Reduced startup costs
2. Reduced risks and errors in development and launch
3. Faster time to market
4. Quick and easy ways to make strategic changes
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To cut a long story short, product accelerators help businesses create products or platforms and methods for analyzing, optimizing, and improving business processes with an end-to-end business process approach. We’re talking about the use of ready-made components, products, and methodologies; this allows us here at Computools to help our clients reduce project costs and time to launch. Clients also get mentorship on how to use them, with support and consulting from experts.
Product Accelerators are Vital Outside the IT Industry
Traditionally, most companies consider operations expendable, especially those for which IT is not a core business. Of course, to make things work, you need to spend money, but often companies don’t want to.
We see the development of internal systems and applications as potentially investment-attractive projects because products developed for a company’s needs become unique components of the digital ecosystem.
Internal engineering solutions and relevant competencies provide a certain level of expertise; we can demonstrate our understanding of certain business problems and our ability to build adequate technological solutions and manage their lifecycle. Today, Computools offers acceleration for different types of businesses: finance, healthcare, retail, consumer services, etc., which have proven to be excellent and are in high demand.
One can use product accelerators for more than just creating and running applications. It also applies to platform-level components, infrastructure-level components, and their lifecycle management practices.
Many of our internal products serve as product accelerators. They started as in-house development and have gradually become part of our proposal.
When we invest in internal development, we always ask ourselves how in-demand and scalable the solution and its competencies are. We see that the demand is growing in multiple industries. It’s a good solution for selling as a product.
If you have questions about accelerators, reach out to firstname.lastname@example.org.
Computools is a full-service software company that designs solutions to help companies meet the needs of tomorrow. Our clients represent a wide range of industries, including retail, finance, healthcare, consumer service and more.Contact us →