Minimal Viable Product (MVP)
Minimum Functions, Maximum Output
In digital product development, a Minimal Viable Product (MVP) is an essential step for many companies to test a product on the market and generate data. An MVP is an early version that is equipped with minimal but sufficiently functional features to receive valuable feedback from users. This approach helps to make product development efficient and resource-saving.
What is a Minimal Viable Product?
A Minimal Viable Product is the simplest version of a product that contains the core functions to test it in the real world. The aim is to bring a usable version onto the market as early as possible in order to:
- validate the idea: Manufacturers can understand whether the product actually meets the needs of the target group. This also applies to software or applications.
- collect feedback at an early stage: User opinions and suggestions for improvement can help to further develop the product in a targeted manner.
- conserve resources: Time and costs can be minimized by focusing on the essential functions.
- minimize risks: Companies can make investments based on real user behavior.
The Advantages of a Minimal Viable Product
The MVP strategy offers numerous advantages for companies involved in digital product development:
The Steps to Developing an MVP
Market research
Understand the needs and problems of your target audience to ensure you offer a relevant solution.
Identification of the core functions
Define the basic functions that your product needs to fulfill its purpose.
Development of the MVP
Create the first version with the identified core functions.
Testing and obtaining feedback
Let your target group use the first result and collect their feedback.
Analysis and further development
Analyse the feedback and continuously improve the product.
Customer Use Cases with an MVP as a Starting Point
Leakage-Finder
Following a successful MVP, we developed the ‘Leakage Finder’ as an all-purpose weapon against leaks of all kinds for a customer in the automotive industry. The new module can be used to reliably and quickly calculate whether, how and where, for example, sound, liquids or gases spread in digital products. As a result, the algorithm opens up new areas for the simulation of virtual prototypes and our VT-DMU software toolkit has become even more powerful.
With the intelligent calculations, it is now possible, for example, to accurately identify sound bridges digitally and thus make direct changes to the product in order to avoid disruptive noise transmission.
Digital Factory Planning for BMW
invenio VT and the BMW Group have been working successfully for many years on the digital future of vehicle development. The two companies have broken new ground together in virtual factory planning, first testing the basic feasibility via an MVP and then developing a productive solution.
Manufacturing sites are large, complex and high-tech facilities, both in the virtual world and in the real world. With the VT algorithms, these huge amounts of data can also be made transparent and, for example, entire factory halls with all layout, logistics and vehicle data can be managed with high performance. To this end, VT technology has been integrated into NVIDIA Omniverse in order to identify all geometric conflicts. The results are imported directly into Omniverse.
invenio Virtual Technologies – Your Partner for Digital Product Development
A minimal viable product is also a strategic approach for customised software solutions in digital product development, allowing companies to quickly provide and test a solution. We support them with customised consulting and tailor-made software solutions for digital mock-ups. A successful MVP is often the starting point for our software development. Thanks to our tried-and-tested DMU focus, customers can use our solutions to develop their products faster, more cost-optimised and more sustainably. The MVP strategy offers an efficient way of minimising risks and maximising the chances of success across all industries.
Would You Like to Find out More about Minimal Viable Products?
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