We are now in one of the most transformational periods of all times. Every aspect, every facet of our lives is changing. And there is a single word that enables this – technology.

Indeed, it is an exciting time to be a developer. Never before has software eaten the world as it has today. Whether it is a business model disruption or technology disruption by the acceleration of digital technologies, the software industry is always a vortex of activity moving under these ever-present tectonic shifts.

Software product companies have their work cut out for them – to deliver cutting edge, innovative software products in a fast-paced, dynamic business environment. Be it any industry, retail banking, healthcare, manufacturing…every business is now heavily dependent on software products. It is these software products that are helping them stay ahead of the curve and service their clients better. It is these products that are helping them become profitable and, most importantly, to remain relevant.

And while technologies do help to achieve this, the real magicians are the developers.

If you are reading this, you might be wondering why you should look at a product company? Why not services? What is so great about product companies today?

Innovation landscape

The software product landscape is ripe for innovation. Sounds like an understatement doesn’t it? In all honesty, it is.

Never has technology proliferation been so high in the history of humankind. We are also at the helm of an age where technologies have matured and have found their real-life applications. Businesses and industries are willing to implement and experiment with new technologies to develop products that will impact the bottom line faster. The focus on customer experience has never been higher and the shift towards self-service has never been more pronounced. What does all this translate into? Innovation!

As technologies and their business use-cases mature, the innovation landscape when it comes to software products grows as well. The healthcare industry, for example, is in the midst of the smart hospital and smart healthcare revolution owing to the immense benefits it brings to the table. The healthcare environment is all about smart patient experiences and smart hospital technology to eliminate costs, improve efficiencies and have a positive impact on the bottom line. The smart hospital market is expected to be valued at USD 63.49 Billion by 2023. And as an increasing number of healthcare organizations gravitate towards smart tech, they will need smart products to deliver them to the promises made by the smart hospital framework.

Clearly, if you want to innovate and come up with products that have a real-world impact and that the impact is ‘now’, then a product company is the place to be.

Opportunity to work with new technologies

Technology enthusiasts in the house, say ‘aye’!

A product company is a great place to be for a technology enthusiast. After all, which product company has been successful while playing with old technology? Software products are becoming smarter. There is a heavy focus on developing products that are highly intuitive, customer focused and future-ready. Complex business processes now run on complex and yet easy-to-use software products. Technologies such as data analytics, IoT, AI, Robotics, speech recognition, virtual assistants, etc. are now ready for application.

Could there be a better time to get into the product playing field and get your hands dirty developing impactful products by stretching technology to its limit? We don’t think so!

Does the shoe fit? The ‘product -market’ challenge

What separates a good developer from a great one? Amongst many other things, one very relevant one is the ability to ideate and develop products that are cutting edge and relevant.

What is it that the customer really needs? What is it that they want? How do they want to use software products? How can software products create a tangible impact on the lives of their users, be it for business or consumer purposes?

Developing a great software product is not just about an amazing idea. Had that been the case, the Segway would have been as popular as Uber – both, after all, were designed to transform transportation. And yet one is raking in billions and the other is an overpriced mall-cop scooter.

In healthcare, for example, the market is ripe for disruption. There are new technology applications coming up dramatically transforming the way hospitals operate. As this industry becomes more tech-enabled, there open up more opportunities to innovate. Along with that, you have to identify which idea ticks all the check-boxes of the ‘product-market’ fit.  And to get the right product-market fit you need to assess the market data along with your skills, intuitiveness, and experience to gauge the user acceptance of your products.

Being goal-specific

A great advantage of being in a product company is that product companies are goal-specific. You don’t work on the same problem for too long. Everything has a start and an end date. You have a roadmap for product evolution, updates, and upgrades. Everything is planned to the last detail.

This attention to detail ensures that developers are not engaged in too many projects at the same time. This also gives developers the time to amend their products, learn, and gain the opportunity to improve the final output.

Continuous learning

The product landscape is always in a state of flux owing to the constant shifts in the technology landscape. This means learning for developers working in product companies is a continuous process.

Given product companies are on the constant quest for innovation, they provide a more enabling environment to learn and experiment with new technologies. For example, developers can learn and experiment with new technologies to evaluate how they can create a more seamlessly interconnected environment.

The added advantage is that the results from this process of continuous learning are tangible.

It has become clear that for product companies to become the veritable unicorns, it is no longer sufficient to excel in one discipline but in all value-based models. A value-based model connects technology, operational excellence, customer intimacy, and product leadership together. And this helps in building products that are high-value and drive adoption.

So, if you want to be a trendsetter, then the place to be is in a software product company.