Here's a good 5 minute video from www.outsystems.com on the time-value of Agile Software Development titled "Why does Agile Software Development pay?"...
In my opinion, at the point where traditional software development makes it's first release versus where Agile is at that time (many releases in), I think the Agile value is much higher than the video suggests because of the empirical feedback the end-users have put in along the way and the ability to change quickly based on real-time prioritized business needs. It's a powerful visual representation of Agile Software Development that businesses wishing to build software, either in-house or using a vendor, should really look into. For businesses that are currently building software, can you ask yourself these questions?
- Are you able to use and go into production with your software at consistent intervals (weekly ,bi-weekly, or at most monthly)?
- If you do get software at consistent intervals, are you recommended to give feedback without it costing you more money?
- Is working software that meets business needs in a timely manner more important than contract negotiation?
- Are changes in priority and/or features embraced by the development team?
- Does software development respond to your business changes in a real time manner? The time it takes for your business ideas to be turned into revenue generating software is weeks not months or years?
- Does communication occur daily between the business and the development team, can it, is it face to face?
If you can answer "yes" to all of these then that's great, if not then wouldn't you want to? At least give it a try with an experienced Agile shop to see if your business can achieve a much higher return on investment and client satisfaction.