Wyze Designs Challenges New Product Development
In the dynamic landscape of product development, businesses often find themselves at a crossroads with a crucial decision: whether to embark on the journey internally or seek the expertise of an external firm. With a mission of empowering brands to flourish in their quest for innovative new products, Wyze Designs understands the importance of making informed choices. Will you embark on a game-changing strategy with an outside firm or stick to what you know and tackle the project internally?
Expertise and Specialization:
In-House:
While internal teams bring a deep understanding of the company culture and processes, they might lack the specialized skills required for a particular project.
External Partnership:
External firms often possess a wealth of expertise and a diverse skill set honed through experience with various clients and industries. Choosing an external partner can infuse your project with the precise knowledge needed to navigate complex challenges.
The Wyze Way:
Through our collective experience of working for global brands, guiding startups into production, consulting companies in new endeavors, and launching products of our own – we have curated a system and team with the purpose of launching innovative products from concept to delivery.
Time and Resource Constraints:
In-House:
Internal teams may face resource constraints, slowing down the development process and delaying time-to-market.
External Partnership:
External firms are equipped to hit the ground running, dedicating full attention to your project without the distractions of internal processes. This can significantly reduce time-to-market, giving your product a competitive edge.
The Wyze Way:
Our sole focus as a business is to make products a success in the market for our customers – rather than shop our services to just anyone. By doing so – our customers can ensure all our efforts are directed to the success of their product.
Cost Considerations:
In-House:
The apparent cost advantage of utilizing internal resources may be offset by hidden expenses, such as training, equipment, and the opportunity cost of delayed market entry.
External Partnership:
While external partnerships may involve an upfront investment, they often prove cost-effective in the long run by leveraging the external firm’s existing infrastructure, expertise, and streamlined processes.
The Wyze Way:
We prioritize delivering results that directly contribute to your financial success, steering away from traditional service models built on billable hours. When partnering, we communicate not only how we solve your problems, but how we help grow your bottom line.
Innovation and Creativity:
In-House:
Internal teams may be constrained by the company’s established norms and thinking patterns, potentially hindering creativity.
External Partnership:
External firms, with fresh perspectives and experiences from diverse industries, can inject a dose of innovation into your project. This external input often leads to groundbreaking ideas that might not have surfaced within the confines of internal teams.
The Wyze Way:
Our cross-functional team of designers, engineers, and makers work in sync with each other to innovate at every step of the process. By understanding how each part speaks to the whole, we can create innovative solutions by identifying what really matters.
Risk Mitigation:
In-House:
Internal projects bear the risk of failure or delays, with the entire burden placed on the organization.
External Partnership:
Sharing the risk with an external partner means that responsibilities and accountability are distributed, minimizing the impact of unforeseen challenges.
The Wyze Way:
In certain cases – Wyze can offset upfront costs into the costs of production pricing or royalties. With this, we take on risk with our partners, while also sharing in the reward. This forms a true partnership with a shared outcome of success. When we commit to what we say – we mean it. This allows customers to be confident to know what they are getting, what they are paying for, and when they will see it. This eliminates the risks of scope and budget creep resulting in poor and expensive results.
Ultimately, the decision to pursue in-house development or engage an external firm hinges on various factors, each unique to your business and the specific project at hand. As an external firm passionate about driving innovation, we encourage businesses to carefully evaluate their needs, capabilities, and growth aspirations when standing at this crossroads. By doing so, you can make a strategic choice that propels your product from concept to market success. If you’re seeking a dynamic external partner, we’re here to embark on that journey with you, turning your vision into reality.
Let’s create together
connect@wyzedesigns.com