Without much doubt, it is proven that the software product design process is have risking factors. It may not necessarily be seen as something bad and ostracizing, and the adage of no risk, no reward goes directly with it.
However, one should think that if they are designing a software product having no risks attached to it regardless of anything, then that product probably won’t be adding anything to the market.
Those who wish to disrupt or push the boundaries of their industry, accepting risk to a certain degree is needed. It is how they identify, manage and ultimately mitigate such a risk that can either make their project or break it.
However, there is one fundamental question companies need to be able to answer here and that is:
“What degree of risk can this project withstand whilst still remaining a viable route for our business?”
Companies can reconceptualize this into an equation of simple risk versus reward. What kind of risks will the company be willing to take for the potential gains they could attain?
Unfortunately, not everyone can answer this question. Yet, there is some hope. Professionals from a mobile app development company based in Burnaby are here to help guide developers through the means to get to that point.
The ability to make these decisions requires a complete understanding of what risk the digital product design process holds and how they can be mitigated effectively.
Here in this article, the following areas will be covered:
- What do professionals mean by risk when it comes to the product design process?
- What kind of risks are they?
- Where do these kinds of risks fit in the product design process?
- How can these risks be mitigated across any project?
Risk – what do we understand?
‘Risk’ is simply the potential for something that can go wrong, haywire or can cause a wide range of problems and other related issues. All parts of any business deal with risk, each day, all the time. In the product design process (speaking on specific terms), a risk is anything that can threaten the ability of a firm to design a useful, viable product that users will love.
These risks are a core part of the product design process. Hopefully, the software/app development company is designing something which is new and exciting. That thing can have the potential to change the industry for the better.
This is inherently a risky activity. There comes a question of whether or not the customers will move away from the status quo. Other questions that come to mind whether or not the product will be way ahead of the curve for massive adoption at the moment. Even if it is so, how will the company monetize it?
Risk in these kinds of activities is hence inherent.
If development companies and their professionals are not taking any risks, then they need to understand that they are not trying anything new. However they should not be ostracized for this because taking risks is not child’s play (app ideas).
On equal terms, it does not mean that anyone should be letting each kind of risk run amok through the project without any check, balance and surveillance. It is instead a balancing act, to balance risk and safety.
The risk management process – what is it like?
The risk management process involves drawing up a plan for identifying, monitoring and mitigating the risks in product design. This is usually (not exclusively) conducted by the project manager.
While the project manager may create a risk management plan to minimize risk. This includes proactive identification of new risks, evaluation of current risks as well as awareness of the way these risks can escalate.
Below, what kind of risks should be checked for in the product design process will be checked. Only this time, where they fit and how to make an effective risk management plan to fix them will be discussed too.
What risks are there in the software product design process?
Whilst each software project is unique and will have a number of risks that companies should identify themselves with, many risks exist that are fairly common to all product design processes. The product design process is all about creating a prototype that can do the following:
- Can perform its function with full effect.
- It is built by the company’s own development team (or completely by a dedicated development firm).
- It can be delivered within the specified project budget and deadlines.
The following are the kinds of risk that map onto the following areas of risk:
- Technical risk: Anything that can compromise the project from a technical point of view.
- Logistical risk: These risks affect the firm’s ability to deliver a complete and finished product to clients or customers on reliable terms.
- Market risk: This kind of risk pertains to the product market fit.
- Organizational risk: These are risks inherent in projects based on performance and structure of the development firm.