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The Future of Sustainability in Singapore
Agile Methodology is becoming one of the most popular methodologies in the present time. Companies have started to understand the true potential of Agile methodology and also comprehended the benefits that they could gain by implementing Agile in their industry. As the future comes, Agile tends to grow exponentially and has become the face of the future for many organizations of various domains. Agile methodologies have not only revolutionized the software development industry but also has influenced and changed other disciplines such as aerospace, banking, education, construction, etc. Companies have to be well equipped with their methodologies and frameworks and continuously evolve to keep up with their competitors and go ahead in their future. As Agile is continually changing and new trends are created periodically, Agile becomes one of the crucial methodologies that the world is keeping its eye on.
Singapore is one of the fastest-growing economies globally and is primarily known for its position in the world for exporting electronics, chemicals, and services. The primary source of revenue of Singapore is its position as the regional hub for wealth management. Singapore is known for its technologies globally and to develop world-renown software is a mammoth task. Most organizations set up in Singapore, such as IBM, use Agile methodology and its various frameworks such as Scrum, Kanban, SAFe, Lean-Agile, etc. to manage all its operations. World-renowned companies adopt Agile as their primary methodology, and the future for Agile is decided by such companies who see immense potential in Agile methodology and its various frameworks.
Scope of Agile
The scope of Agile methodology has expanded worldwide and most of the Singapore organizations are implementing Agile and utilizing its benefits and developing their business value and generating high revenue for their company. Enterprises have begun on an endless journey of transformations. Modern enterprises identify and integrate Agility as a crucial element of their operating model. Agile's future outcomes require modernized thinking and new ways of working and implies not only for the team but at an enterprise level. Agile practices that work at a team level are crafted differently for scaling to an enterprise level. One of the primary reasons companies have implemented Agile or planning to implement Agile is that it becomes a structured approach that can tackle all the organization's complexities. These complexities could be surrounding cross-functional capabilities, culture, funding models, prioritization, and interaction across different groups, requiring Agile methodology to get resolved. The Agile transformation has changed the way organizations think and have reimagined to support the enterprise's vision and mission.
Agile Methodology has also increased its horizon and also entered domains such as aerospace, government, architecture, banking and finance, construction, etc. Agile's scope is becoming higher in all these domains as Agile provides the necessary frameworks for the organization to function efficiently and maximize its business value.
Agile shapes persistent, cross-functional, and high-performing teams that increase the company's capability of product delivery and product increments. These deliveries can be enhanced to predictable and fast-paced deliveries as required in the Agile industries. Agile should be integrated in every level of the enterprise which includes team level, portfolio and enterprise level which is one of the crucial jobs while implementing Agile. However, once implemented the organization can gain massive benefits in terms of revenue, finances, and many other aspects of the company. Therefore, the scope of Agile has increased exponentially among various organizations in various sectors. This also predicts that Agile organizations will flourish in the future in Singapore and even in other countries worldwide.
Top reasons why companies have implemented and continuing with Agile
Just as other methodologies, Agile project management's future depends on the number of companies that implement it in their organization and the number of different sectors that have decided to go ahead with Agile. Many Singapore organizations have implemented and continuing with Agile as it offers many advantages and benefits over traditional software methodology. Here are a few reasons why companies have implemented and continuing with Agile.
1. Faster Time to Market
Agile methodology has a faster time to market than the traditional software methodology. In conventional software methodologies, product development took more than 18 months, which made the product's delivery slow. Until the work was fully developed and launched in the market, it may have lost its relevance, which caused the product's failure. In Agile methodology, frameworks such as Scrum develop the product's basic structure in a smaller time (weeks) and then release it to the market. After releasing the product, the Development Team enhances the product by adding product increments, which are usually user stories. This causes faster delivery of the product to the market and saves an ample amount of time.
2. Early Return on Investment
As Agile organizations release the product faster than the traditional software methodologies, the Return on Investment (ROI) is also earlier. The amount invested in the resources and the Development Team and other members make a profit after the product is released to the market. The time for the product development is significantly decreased by various frameworks of Agile Methodology and also, continuous improvement of the product takes place. With decreased time consumption, the company gains an early return of investment along with the increase in its business value and gains an enhancement in their revenue.
3. Getting feedback that works
One of the top reasons companies implement and continue with Agile is that they receive feedback on their products from the customers and the users of the product. This enriches the Development Team with vast knowledge about the current market trends and user needs and gives them a chance for improvement of their product. The feedback from the customers and users can also be used to decide the next product increment and also helps them to analyze the areas of the product that need improvement. After understanding the customer's feedback, the Development Team can design a quality product as required by the users.
4. Creates an excellent work culture
Agile's concept promotes a healthy and efficient work environment that is required for any employee for their job satisfaction. Agile gives freedom to its Development Team and other team members to develop products that are efficient and enhance product quality. All of the team members get an equal right to learn and to improve their knowledge. As Agile is continuously growing, the professionals practicing Agile should also increase their knowledge, promoted by the Agile environment. Professionals collaborate efficiently with each other and respect other team members that ultimately contribute to healthy efficient work culture.
5. Customer Satisfaction
The customer is an active member during the process of product development. They give their ideas and opinions of the product to be created, which offers fewer chances for the Development Team to make any mistakes and develop the wrong product. The product designed will be exactly as requested by the customer, who gives a great deal of customer satisfaction and gives a sense of appreciation and motivation for the Development Team to work harder and more efficiently. Also, building a great rapport with the customer builds trust between the organization and the customer.
Benefits of Agile
Agile Methodology has significant benefits for the organizations of which few are listed below:
The organization's ability to change priorities has significantly improved by implementing Agile practices.
Project visibility and business/IT alignment of the organization has also enhanced since the introduction of Agile to the organization.
Many professionals also believe that the delivery speed/ time to market has reduced compared to traditional software methodology.
Team morale and team productivity have also improved with the implementation of Agile.
Software quality, engineering discipline, product quality, reduction of risks, predicted outcomes are also a few of the benefits of Agile, which makes organizations implement and continue with Agile.
Challenges faced by most organizations
General organization resistance to change was one of the main challenges that organizations faced during Agile's implementation. This was tackled by understanding the root cause of resistance and making the organization members understand the benefits and advantages of Agile to them and the organization.
Lack of leadership participation is also one of the challenges that an organization faces. For Agile Methodology to function efficiently, members of the company have to step up and become leaders of their own work and have bold and confident characteristics of a leader. By training the employees about leadership qualities and skills, companies can transform employees into leaders who make them a productive organization.
Inconsistent processes and practices across the team have also been a significant challenge for organizations. This can be tackled by efficiently collaborating and communicating among the team members by the organization's leaders.
Why is future Agile?
Agile is evolving in the current market concerning all the domains such as education, construction, banking and finances, architecture, etc. With the evolving Agile trends, we see that the future holds immense potential in Agile practices. We see many companies implementing and continuing Agile now, and a similar trend following shortly. Reimagining and Reinventing is one of the main steps of transforming a company into an Agile organization. It helps the employees and the system to be sensitive towards the customer needs and the current trends of the market.
Defining the vision statement and following it by clearly understanding the current state is one of the first steps where a company's journey to Agile transformation begins. The company should be able to represent the new age operating model along with the foundational design principles such as the ideal state of the business is envisioned. Scaling Agile in various organizations has shown massive beneficial results based on numerous factors such as employee's job satisfaction, increased business value and revenue, readiness to compete with the contenders, etc. Other factors such as early ROI, decreased risks in the markets, and customer satisfaction are also a few of the reasons why Agile is beneficial for organizations. Companies may take some time to settle down to the Agile environment but once they are used to it, they become more experienced in Agile Methodology and head towards a never-ending transformative state and become a stable organization.
Organizations in Singapore have implemented or planning to implement Agile in their company. The future holds a strong potential for Agile organizations to flourish in various markets, as mentioned, such as IT, aerospace, banking, construction, etc. Industries need to be on top of their game and give a tough competition to their contenders, and Agile helps them to be a reputed and top organization. Singapore is the hub of technological inventions as it is a globally recognized country for advancements in technology. Hence, companies from different sectors in Singapore such as Telecom - Singtel, Banking - DBS, Standard Chartered bank, Prudential, Aviva, Government - GovTech, Aerospace - Singapore Airlines have implemented an Agile environment at present and planning to continue in the future. With all the benefits and reasons that organizations have, it is sure that Agile would stay in the market for a longer time and become one of the most implemented methodologies in the future.