Innovate or die. This is the phrase we hear often, especially when industry experts talk about how businesses can remain competitive in a hyper-competitive domain. Tech-driven companies irrespective of their size are typically burdened by the weight of innovation and the need to evolve at the rate of knots.
Some can do it, and some can’t because bringing about innovation through the use of cutting- edge technology isn’t easy. It’s expensive. It’s resource intensive. It requires advanced skill sets. It requires immersive thinking.
With one in three businesses slow to adopt tech innovations, this inability is becoming a real challenge for businesses. One reason for this is the lack of knowledge and incapacity to invest the required resources for leveraging tech to cause disruption.
So, what is the answer?
A dedicated or managed team is the answer to your tech innovation problems. The dedicated or managed team model is playing the role of an innovation and tech-enabled growth catalyst for businesses across the globe.
There are two entities in this model – The client and the Service Provider.
The client can be a tech company that has a need for certain skill sets and resources to meet specific product development or service goals that it can’t satisfy internally. On the other hand, the service provider brings specific experience and expertise to the table that can help the client satisfy their objectives. Both the client and service provider sign a long-term or short-term contract depending on the nature of the client needs.
The client is a company that wants to implement custom software that helps them make better use of the immense amounts of customer data they have gathered through various steps of the customer journey. This data must be converted into intelligence and this then needs to be used to make better business decisions.
The company cannot develop this in-house as the development and implementation process demands certain skill sets this company doesn’t have and more importantly doesn’t want to invest in, on a more permanent basis.
It contacts a services provider that can establish a group of product development experts with just the kind of experience and skill sets demanded by the project. This company can assign a project manager that oversees the team and the project, chosen from its internal workforce or ask the managed team services provider to assign a project manager on their behalf.
While the core objective of the ‘team’ in this particular case is to build and implement the customer intelligence software, the client can choose to work with a managed team setup over the long term if he believes they are perfectly placed to optimally utilise and maintain the particular software. A long-term relationship also makes sense if a client has continuous product development needs that need to be fulfilled externally.
If you are working with a company like Innovify that has a proven track record of working with diverse clients irrespective of their size and scope, you get the benefit of comprehensive and concrete service level agreements that define deliverables and their scope and quality.
With us, you have a guarantee that you are working with experts with hands-on knowledge of the various next-generation technologies that drive the successful development of sophisticated solutions. With managed teams, you really don’t have to worry whether you will be able to get the best people to work on your project and whether the delivery will be on schedule and the outcomes will come good on the desired parameters.
What’s more, you also don’t have to worry about adding to your internal overheads or investing in new technology to the make the work environment more in sync with your needs. Your managed team will be your team of experts, working exclusively for you, but remotely.
A managed team is a win-win scenario for you, as it empowers your journey towards innovation and tech-enabled change cost-effectively and in a more assured manner.
There is no doubt that a Managed Teams model will help scale your business and bring about digital transformation without all the associated overheads. These overheads can include hiring professionals (if needed), training, maintenance of the new team and other ancillary expenses that go up as time goes by.
But, it is important to understand that a managed team’s value proposition goes beyond costs. Cost efficiency isn’t the single most important benefit they bring to the table.
Let’s take a closer look at some of these benefits:
Various studies reveal that businesses in the UK are falling behind in the race towards digital transformation. In a hyper-competitive world, these businesses are missing out by not capitalising on digital innovation to add to their capabilities and transform their business processes. A dedicated team model helps drive digital transformation in a company and that too without the said company encountering the associated challenges.
Businesses must be able to scale at will and this means scale-up or scale-down depending on their needs. But, very often, they are unable to scale their development processes in step with business growth. The reasons are many including the inability to attract the right talent, management problems or financial constraints. With managed teams, you have the ability to scale as per your need and scale back if you are facing business reversals or revisiting your needs. In this particular case, the scalability is need-based and doesn’t substantially increase your overheads.
Businesses must be available 24/7 to meet the needs of their customers. The question is – are they able to satisfy this requirement? Continuous availability is expensive to maintain, but not if you are working with a managed teams model. You can strike an SLA that ensures the managed team is available, long after your offices have closed for the day.
There is another element to availability. A dedicated team is available all the time to take care of your development needs. They are completely focused on ensuring a designated team handles all your requirements, and make themselves available all the time. An experienced managed team services provider ensures, that if a particular team member is unavailable, another member takes his/her place.
The work goes on without interruption.
Think of your managed team services provider as a buffet table from which you can pick your food of choice. What the provider offers you are professionals with specific technical skillsets that you need. You have the ability to pick and choose the professionals who you think are a perfect fit for your project. You can interview them, judge their skill sets and only then make your choice. And the great thing about this process is that one dedicated team services provider can provide you with professionals with diverse skill sets. They act as the one-stop-shop for experience and expertise.
Your business needs to be nimble-footed to deliver on your customers’ needs. This flexibility is added to your repertoire, if you are signing up with a managed team services provider. It’s important to understand that customer needs change suddenly; you might be faced with certain market pressures or you might have to change your strategy considering a new competitor in the fray. This demands quick manoeuvrability, which your business’s development infrastructure might not be able to support. Don’t worry; a managed team will have your back covered in this regard.
Knowledge retention is another huge benefit that is brought to the table. The process of product development generates ideas, technical know-how and also helps workout solutions to product development challenges. This knowledge can be of critical help in future projects; at Innovify we believe in and follow a sustained process for retaining all knowledge gained during product development. This is done, by updating product repositories and ensuring our findings are well -documented. Such collateral can prove invaluable when you hire new team members and who must quickly learn how to handle challenging project requirements.
Managed teams have the capability to not just deliver cost-efficient product development, but can ensure these cost efficiencies percolate to other processes as well. The whole idea behind working with a managed team is to help your bottom line and maximise top-line revenue streams. Innovify puts its experience to good use, while planning and implementing a custom managed team model as per your requirements. We make sure that our services will make your business processes more cost- efficient, allowing you to invest resources in other strategic areas.
There is no doubt innovation is risky; this is also the reason why there are businesses who choose to remain in their operating comfort zones and ignore the calls for innovation. However, you aren’t facing as much risk, if you are working with an experienced managed team services provider like Innovify with a proven track record of working on a slew of managed projects. We already have experience in successfully bringing product innovation to life for diverse clients. With us, the innovation risk goes down substantially.
As can be seen, managed teams are not just about cost efficiency. They are much more than that and bring many more meaningful benefits to the table. Work with us to know, how our managed teams can bring about business transformation for you.
Client Services Director