The digital product engineering industry was valued at $1 trillion in 2022. By 2027, this product engineering services market will reach $1.5 trillion.
This remarkable statistic reflects the importance of leveraging advanced technologies and innovative strategies to fuel business growth. But how can you navigate the complexities of scaling effectively and sustainably?
The answer lies in the power of digital product engineering. It involves designing, developing, and optimizing digital products and services with a customer-centric approach. Digital product engineering also includes leveraging cutting-edge technologies, such as artificial intelligence, machine learning, cloud computing, and data analytics, to create innovative solutions that drive business development. By embracing digital product engineering for business growth and scalability, you can propel your business towards new horizons of success.
So, one may ask, how digital product engineering fuels business growth? What's the role of digital product engineering in driving business growth and expansion?
In this blog, we explore these questions and find out the incredible potential of digital product engineering and how it can revolutionize your business's scalability, drive innovation, and unlock untapped opportunities.
How Does Digital Product Engineering Fuel Business Growth?
Digital product engineering assists businesses in developing practical solutions that enhance productivity and spur revenue development from inception to market introduction. The roles of digital product engineering in driving business growth and expansion are the following:
The competitive benefit of creative AI solutions and products
Digital product engineering is a leading tool aiding several companies to build more creative product engineering services using AI, ML techniques, and natural language processing. It enables a digital product engineering company to offer customers customized experiences according to their needs.
Digital product engineering also allows businesses to accelerate their functions concurrently, aiding them in staying ahead of the competition through agility and speed.
As a case in point, let's consider an example of a UK retail bank, which required a brand-new solution to fix the operational idea and lack of business strategy due to its legacy software's incompetency in tackling the enormous amount of data created by real-time transactions and events. It started and implemented an AIOps-based solution, which employs AI to:
- Find out any abnormal signs of failures and behavior in real time.
- Offer objective insights and streamline alert generation.
- Make it hassle-free for decision-makers in product, operations, and business teams to investigate, assess, envision, and act on pertinent notions.
Simply put, this example of digital product engineering for business growth and scalability allowed this bank to activate its vital data. Also, this strategy helps put it to work, optimizing customer experience immediately.
Maximized user experience and optimization
User experience is vital for the success of every digital product engineering company. Digital engineers can build highly-optimized products employing user-oriented design principles for users' requirements. This ensures that the users possess years of expertise in every communication, regardless of how simple or challenging the task is.
Digital product engineers can create innovative products by employing cutting-edge technologies like AI and natural language processing. All these can be learned from user behavior and boosting their performance gradually.
As one of the world's largest e-commerce platforms, Amazon owes its success to its relentless focus on digital product engineering. From its frictionless shopping experience and personalized product recommendations to its sophisticated supply chain management systems, Amazon has continuously leveraged technology to scale its operations and deliver exceptional customer experiences.
Optimized time-to-market
Minimizing time to market is vital for every business thinking of staying competitive in this 21st century. Digital product engineering can aid companies in lowering their time to market by advancing their development procedure. It also drives productivity across the product cycle.
Companies can swiftly grow, deploy, and assess their products using the five stages of digital engineering. It assists teams in finding out issues early and rolling out products that fulfill customer needs.
Moreover, digital product engineering allows companies to adapt to transforming customer demands and stay agile in a constantly growing market.
For example, using digital product engineering principles, Airbnb transformed the hospitality industry. Through its user-friendly platform, intuitive search algorithms, and robust rating system, Airbnb created a scalable marketplace that connects hosts with travelers.
This innovative approach disrupted the traditional hotel industry and allowed Airbnb to expand its global presence rapidly.
How to Leverage Digital Product Engineering to Expand Your Business?
Digital transformations need to obtain the benefits that companies anticipate. According to the Everest Group report, 73% of companies fail to offer business value from their digital transformation endeavors. So, the pertinent question is, what causes this failure?
Surprisingly, following an explicit sequence of transformational standards increases the possibility of surpassing profit estimates to more than 50% - roughly five times higher than conversions that don't incorporate any of these principles, according to a McKinsey report.
Therefore, let's see how you can leverage digital product engineering to propagate your business:
Determine what digital engineering is for your company.
IDG reported that 89% of organizations planned to adopt a digital-first strategy. But 44% of them have successfully done it. Maintaining new software and gadgets is part of a company's digital engineering objective. These are the best ingredients to aid a company in keeping on the right track to a successful digital transformation:
- Plan the route
Regardless of your organization's size, digital engineering will always have a lot of uncertainty. Before implementing a strategy, prepare for the obstacles.
- Build a learning culture
Keep your team involved and dedicated to the business's objectives to foster their desire to acquire knowledge and progress within your corporation. According to a report from MIT Sloan, 90% of workers require updating their skills every year.
- Go slow
The advice is to evaluate tiny changes in corporate procedures and move gradually forward to determine whether or not the modification is producing the desired effects.
- Using innovations to guarantee success
The 5 best technologies businesses use and deploy to ensure success are big analytics/data, private cloud/public cloud, mobile technologies, business process automation, and APIs. It can be understood that cloud computing and scalability in digital product engineering for business scale helps companies bring customers, achieve goals, and more.
Choose a partner who's proficient at delivering digital engineering
It's time to find the right partner once you have gathered the core team of system professionals. These are the best parameters to consider:
- Expertise: Find the proper integration of experience and skills to manage the IT infrastructure and legacy.
- Success: To measure success, you should demand case studies and demos of the accomplished projects.
- Abilities: You must ensure your technology ally is abreast of enterprise systems.
- Communication and infrastructure: The technology ally must have protected communication devices.
In today's fast-paced and highly competitive business landscape, scaling is a critical objective for any organization aspiring to achieve long-term success. Digital product engineering offers a transformative approach to business growth by harnessing agile development, data-driven decision-making, personalization, and scalable architecture.
By embracing these principles, businesses can effectively navigate challenges, seize opportunities, and deliver innovative solutions that resonate with customers. Through the power of digital product engineering, your business can achieve unprecedented scalability and take your growth trajectory to new heights.
Embrace this strategic approach, unlock your business's full potential, and pave the way for a future of sustainable success.