Analysing the Effectiveness of Agile Product Development in Reducing Time-To Market and Increasing Profitability in The Lifestyle Industry

Abstract

Agile methodology has become widely recognised as a powerful strategy for lowering time to-market and raising profitability in a variety of industries mainly focussing on Lifestyle industry. The goal of this study is to investigate how organisations have perceived and experienced the implementation of the Agile methodology. Agile approaches decrease waste, rework, and inventory, which boosts profitability. Early in the development phase, organisations can release functional prototypes or minimal viable products, which allows them to gain feedback, improve their services, and lower the risk of investing in concepts that might not find a market. Agile approaches also increase project management effectiveness, align internal teams and stakeholders, and promote cross-functional collaboration. The results are more unified and significant as a result of the integration of design, marketing, and development efforts. Agile approaches also increase project management effectiveness, align internal teams and stakeholders, and promote cross-functional collaboration. The results are more unified and significant as a result of the integration of design, marketing, and development efforts. Agile's adaptability has been found to be helpful in sectors with short deadlines and cyclical demands, enabling organisations to deliver important additions or updates on schedule. Agile's emphasis on incremental delivery and ongoing development enables businesses to successfully respond to market expectations. The research will provide insights for organisations wishing to embrace Agile practises may use practical tactics and tools that will streamline their development procedures and provide them a competitive edge in their particular markets.