In recent years, there has been a noticeable increase in the implementation of Agile Methodology for software development. However, it is not without any reason. Its successful implementation has enabled businesses to benefit from a faster, efficient, and cost-effective product development process. Recent studies by Harward directly link the adoption of Agile processes by a firm to its higher profit and growth. On its own, though, an Agile Methodology won't prove as beneficial for product development. To unfold the full value of Agile, it needs to be integrated with Agile Metrics.

Agile Metrics are quantifiable measures used to monitor the productivity and effectiveness of agile workflows. They are an invaluable tool for teams to measure progress in the form of continuous improvement and to ensure delivery of a high-quality product. Agile Metrics are indispensable for scheduling, observing, and understanding growth over a period of time. Here are some of the critical metrics that can significantly enhance your product development process.

Robust Agile Metrics to boost product development cycle

1. Agile Metrics for product quality - The quality of a product is more important than its technical prowess. The following agile quality metrics ensure the delivery of a high-quality product. 

• Escaped defects tracking - This metric enables you to lower the possibility of defects in the product. It tracks the number of defects in your product after its market release. The metric allows teams to revise their product development and testing processes according to the number of errors reported. This metric can spare your teams from unexpected damage through its timely bug identification.
  
  
• Net Promoter Score (NPS) - Another useful quality metric, NPS, can be utilized to grasp customer satisfaction regarding your product. You can find out from an index ranging from -100 to +100, how much people are willing to recommend your product to others. This metric enables you to effectively gauge the ever-changing user dynamics and preferences and refine your product accordingly.
  
  
• Failed Deployments - Regarded as one of the most crucial agile quality metrics, Failed Deployments assists in evaluating the total number of deployments. Using this metric, development teams can better understand how reliable testing and production environments are. It helps you to decide whether a particular release can move to the production level or not.

2. Agile Metrics to determine the productivity - It is essential to predict a team's productivity for timely completion and delivery of tasks. Here’s a list of the most essential agile productivity metrics to measure and boost your team’s efficiency.

• Lead Time - The time between a product’s delivery request to its actual delivery is termed as lead time. It is an essential metric providing precise time calculation and estimates for every single process. Lead time constitutes all the processes involved under product completion. A shorter lead time points towards an efficient development process.
  
  
• The velocity - metric enables you to evaluate the average number of completed business needs or story points over previous sprints. It measures current team productivity and forecasts its future efficacy. A surge in velocity indicates increased efficiency. Similarly, a decrease in it will point towards falling productivity.
  
  
• Sprint Burndown Report - This metric helps you monitor the progress of a sprint carefully and discern the agility of your team. It helps the scrum teams (who organize processes into sprints) predict the workload at the commencement of a sprint. The goal is to complete the workload by the sprint’s end. The report helps in determining the value that the sprint has been able to deliver.
  
  
• Epic and Release Burndown - These metrics greatly assist teams to handle the addition of new features that were initially not included in the project’s scope. These metrics ensure uninterrupted productivity of your team when confronted with sudden changes.

3. Agile Metrics for actionable project insightsAgile project metrics provide data insights on your product development process. It helps development teams to avoid the occurrence of issues that may hinder a smooth development process. Here are some key agile project metrics to ensure a seamless development process.

• Team SatisfactionIt is based on a self-reported scale and reflective questions. For example, what would increase the level of your happiness?
  
  
• Team moraleIt can be assessed by asking team members to rate statements like ‘I’m proud of my contribution to the team.’ These statements can be rated by the team members on a scale of 1-5 or 1-7. It helps you to gain a clearer idea about their well-being.

Conclusion

Companies that follow the agile product development cycle benefit from enhanced visibility and predictability and can rapidly and flexibly respond to change. Adding structure to a flexible product delivery approach is how an agile product development cycle distinguishes itself from other development methodologies. You can deliver a product with much more value when you break your process steps into shorter segments. It also allows you to release it in less time. Making agile metrics a part of your workflow brings more precision to the product development process. A careful selection of metrics and collectively drawing insights from its data will optimize your team’s productivity and enable them to deliver a high-quality product.