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Outsourced product development - A dynamic initiative Today’s global business environment has led to aggressively competitive world. Organizations irrespective of its size are more too keen on spreading its wings far and wide. However, this expansion brings with it a large base of competitors and an immensely complex challenges too.Whatever be the industry segment, the term globalizations represented cost saving techniques through the benefit of low-cost human resources available in developing countries in the field of design and development. But of recent this has converted into a strategy of business growth. As a result, today’s software development and manufacturing companies look forward to leverage the benefit of global employees, suppliers and design teams to outsource product development, streamline business operations, increase profitability enter new markets, identify creative talents while ensuring protection of intellectual property. The Global Product Development is dynamic initiative, which has revolutionized the software industry. Organizations that have successfully implemented the outsourced product development strategies as an offshoot of the global product development are also reaping the benefits. Seamless and integrated information flow faster process cycle, reduced development costs, maximum productivity and improved product quality are some of the benefits of this initiative. Besides it promotes innovation, and optimizes operational efficiencies while mitigating risk. Organizations have made use of the offshore product engineering services so as to gain access to the low priced talent well as gain external expertise to enhance operational efficiencies. Further this would help to reduce the pressure on the internal design team. Moreover in a fluctuating economic situation, merger with the outsourced service providers facilitates a strong foothold in the foreign markets. This also helps the organizations to understand the emerging market trends. With the advent of technological advancements, digital work products, high-speed Internet connections, and workflow automation software have made sharing of information possible across the network. Organizations that have entered the outsourced product development scenario have also designed and developed agile method for Global R&D and product engineering. Their industry expertise supported on a shared platform will enable in client organization in delivering world-class quality products customized and localized to meet the dynamic market. Further, the product engineering services works on all stages of the software product lifecycle management from conceptualization to implementation, migration and extensions. Also read on - Advisory services, Open source software development

Outsourced product development - A dynamic initiative