If you’re having a digital product developed for the first time, proof of concept may seem like a redundant step you don’t want to invest in. However, the more seasoned you are in product development, the more you understand the value of validating your idea before investing. The reality is that proof of concept is oftentimes the difference between product success and product failure. Whether you’re a start-up looking for funding or you’re a corporation looking to invest in digital transformation, proof of concept will save you loads of money and stress.
We’ve put together this article to highlight all the ways in which proof of concept is invaluable to the success of your product and by the extent to ROI and your business overall. Here we will cover:
What is proof of concept exactly?
What are some examples of proof of concept?
Why is proof of concept important to your business?
What is proof of concept exactly?
Proof of concept is a term that is often thrown around when it comes to software development and for a good reason. It is indeed a critical step in the product development process. Proof of concept essentially means creating a small-scale version of the product you want to build, or parts of it, in order to show that:
1. It can work as intended in terms of functionality
2. It does solve the problem you’re setting out to solve
3. There is real demand for your product
Additionally, proof of concept allows you to identify any issues or flaws so you can remove them early on when it’s much less costly.
What are some examples of Proof of Concept?
Proof of concept is a simple version of your digital product that aims to demonstrate different features of your product overall and its core functionality so you can validate your idea, identify issues and address them early on and save precious time and resources.
Here, at Perspective Unity, we engage in proof of concept throughout the whole product development cycle to boost efficiency and ensure a higher quality of the final product :
Proof of Concept Testing
Proof of concept testing allows us to test a specific feature or functionality of the software to determine its feasibility. We use it to identify potential issues and determine whether a specific feature or functionality is viable. For example, our team regularly conducts proof of concept tests to determine whether a particular algorithm or machine learning model is effective in solving a particular problem.
We engage in integration testing when we need to test how different components of the software we’re building work together. For example, our development team would run integration tests to ensure that a payment gateway integrates smoothly with the rest of the software.
When it comes to proof of concept on a large scale, in terms of the overall viability of a product, we do proof of concept through:
Prototype development is literally creating a blueprint of your digital product to test its performance and identify potential issues. It is used to test user interfaces, functionality, and compatibility with different devices and operating systems. Prototyping is invaluable as it gives you a taste and feel of your product before it’s fully built.
An MVP takes the proof of concept a few steps further. It is in essence a small-scale version of your final digital product that demonstrates its core functionality. It allows you to test the functionality, interface, etc. and is used to test the market and gauge customer demand before investing more resources into development. For example, a social media platform might develop an MVP that allows users to create profiles and share posts. This is done to test the market before investing in additional features.
Why is Proof of Concept important to your business?
Let’s face it, product development is a costly and time-consuming venture for any business. You want to make sure your investment is well worth it and your digital product will deliver ROI. This is exactly what proof of concept allows you to demonstrate before you’ve invested heavily in your idea. Here’s why proof of concept is critical:
1. Reduced Costs
Removing issues late into development is a lot more costly than dealing with them early on. Proof of concept ensures that your resources are used efficiently, reducing the risk of wasted time and money.
2. Shorter Time-to-Market
Identifying potential risks and flaws and addressing them early on also means a shorter time-to-market reducing the risk of missed opportunities and lost revenue.
3. Higher Chances of Success
By testing a small-scale version of your software, we gather valuable feedback from users and incorporate the insight and suggestions into the final product. Doing so helps us boost customer satisfaction and improve the chances of success in the market.
4. Lower Risk
As mentioned above, proof of concept allows you to identify risks early on and address them while costs to address those are significantly lower. This translates into reducing the overall risk associated with the project.
5. Improved Investor Confidence
By developing a prototype or an MVP of your software, you can demonstrate your product's core functionality and benefits and market demand for it. This significantly boosts investor confidence and you have much better chances of securing funding for further development.
Proof of concept (PoC) is critical to the success of your product as it helps you to validate your idea, identify potential issues, reduce risk and ensure that resources are used efficiently. It is essential to choose the right type of PoC based on the nature of your digital product and the goals of the development process. Get in touch with our expert team here so we can help and advise you on the best approach.