Study identifies factors for product development success

A new study sponsored by Fairfax-based 3Pillar Global and the University of Maryland (UMD) has identified six, vital factors for software product development success, but they may not be what you think.

According to the report by the Northern Virginia-based software development firm and UMD’s Center for Excellence in Service, the No. 1 factor for a company’s software product development success is its culture, including the ability to attract and retain top talent and provide career growth.

The study surveyed more than 200 professionals responsible for software product development in their companies. All respondents had decision-making responsibilities for new software product development projects and worked for companies with at least $1 million in annual revenue.

The other five factors identified in the study were:

• Feedback, including listening to customers and consumers.
• Communication. “Highly ‘siloed’ entities with restricted communication are likely to struggle in product development and innovation,” the study found.
• Staffing, collaboration, and time/budget. These are less important but still significant contributors to success, the report said.

“This study has confirmed a lot of what we know, but more importantly revealed how essential the ‘softer’ components – such as culture, communication and feedback – are to successful product development,” David DeWolf, president and CEO of 3Pillar Global, said in a statement.