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June 2020 - Page 2 of 5 - anteelo

Driving Digital Transformation through AI

 Digital Transformation

Rapid innovation and productivity breakthroughs require an accelerated digital transformation strategy that melds people, business processes, advanced analytics, and new human/machine interaction technologies.

Today, it is the supervised machine learning segment of AI that is generating the most economic value. But as digital transformation accelerates, the abundance of data that AI can consume will drive the speed of AI adoption even faster, including its unsupervised learning segment.

Ask Alexa to summarize the meeting minutes

We need only look at how quickly conversational AI (CAI) has become part of our everyday lives as we query Alexa, Siri or Cortana. But in the enterprise the interactions can be extremely complex, such as “Hey <CAI>, summarize the minutes and action items from the recording of the last board meeting.” We are limited by only our imagination and — significantly — access to high-quality, well-organized data.

The accelerated AI adoption will in turn drive better understanding of how to customize AI for the relevant business context and drive digital transformation to new levels. It will provide instant measures of business performance down to the smallest task, leading to more predictable business outcomes, as well as enhance productivity and 24×7 business operations through automation of business processes and algorithmic work.

Digital Transformation

Manage advanced analytics as assets

As AI permeates every facet of the organization, organizations will need industrialized AI with strong governance and data quality. They will need to manage analytics models as assets to avoid algorithmic bias, retrain analytics models in a timely manner and ensure that data privacy and regulatory policies are properly implemented.

As we become better at blending advanced analytics technologies with how we think and work, there will be massive implications for how we run our companies and live our lives. It will be up to all of us to make sure that advanced analytics are used for ethical purposes.

Organizations should define their long-term AI objectives, clearly understand where and how new business value will be created, and design their digital journey maps. Once a business outcome and measurable business value is identified, organizations should proceed with developing analytics and AI/Machine Learning models and implement them in business operations.

Alignment of Lean Principles During Software Development

Online Essay Help | amazonia.fiocruz.br

The first time I heard of lean manufacturing was in the context of Toyota in my business operation class. Everyone, like me, who read into lean principle, was completely fascinated by the concept of reducing waste and increasing productivity through an intentional design.

Over time, the lean manufacturing method worked and the lean principles of product development flow was adopted by a number of industries, even outside manufacturing, which included software development.

Lean development principle is an agile approach which was developed on lean manufacturing principles. The same, that is being used by Toyota as a lean development methodology for managing and optimizing the process of vehicle production for minimizing waste and increasing customer value.

I know what you must be thinking. If the lean principles originated around vehicle manufacturing, how does software development fit in?

The connection between lean agile methodology and software development was first introduced in 2003 in a book named “Lean Software Development: An Agile Toolkit” by Tom and Mary Poppendieck.

In the book, Poppendiecks interpreted how the lean principles could be applied into the software development process. Both software development and manufacturing processes follow repeatable structures and rely on high quality standards. They also depend heavily on teamwork to get things done.

The question, however, is how it can be done. In this article, we are going to look into how we align our software development process with lean software principles.

Table Of Content

  1. What are the Strengths and Weakness of Lean Agile Software Development?
  2. The 7 Principles Of Lean Software Development
  3. Tools Used in Software Development Process
  4. Aligning The 7 Lean Principles Into Our Software Development Projects:
  5. Phase Wise Application of the 2 Principles
  6. Overcoming The Challenges of Using Lean Principles
  7. Conclusion

If you still are not sure about what are the lean principles in the software development process, then let me help you out with the meaning.  Lean software development is a collection of principles that is used for software development to reduce the programming effort. Lean principles got their start in manufacturing, as a way to optimize the production line to minimize waste and maximize value to the customer.

  • Repeatable processes
  • Team collaboration
  • Uniform standards

What are the Strengths and Weakness of Lean Agile Software Development?

What are your Strengths and Weakness? How to Deal with them?

The strengths of lean product development principles include:

  • A streamlined approach allowing functionalities to be delivered in a limited time
  • Elimination of unnecessary activities which can lower the cost
  • Empowerment of the development team, helping them make decisions that can boost their morale.
  • The flexibility of the project to frequently adapt the project and customize it according to the customer’s requirement.

The weaknesses of lean software development methodology include:

  • It depends greatly on the involved team, making it less scalable compared to other frameworks
  • It relies on stringent documentation. Failure on this part can lead to heavy development mistakes.
  • Planning is necessary before the project is started. Before kicking off the project, you should be aware of the project vision, roadmap, release plan, and iteration plan.
  • Professional teams are required to maintain workflow coordination and make quick decisions while working.

The 7 Principles Of Lean Software Development

There are seven key principles of the lean software development approach working with the aim of fastening delivery and bringing high value to the end-users:

  • Eliminate Waste
  • Create Knowledge
  • Build Quality In
  • Fast Delivery
  • Empower Your Team
  • Delay in Making Decisions
  • Optimize the whole

To fulfill these objectives cum principles, we make use of tools such as:

Tools Used in Software Development Process

5s System – It is designed to improve efficiency and productivity through a systematic approach and following its five S’s that stands for Sort, Set, Shine, Standardize, and Sustain.

Inventory management – We follow the practice where we lower the number of operations that are in progress in one go through the application of theory or constraints or queuing theory.

Kaizen – This lean development tool helps in promoting improvement in quality, technology, processes, productivity, and safety. It is most helpful in developing a safe and tech culture.

Kaizen - Wikipedia

Kanban – It is a pull project management system, where we limit tasks that are getting completed simultaneously. This helps us in preventing the overload of the development process.

Kanban Tool - Kanban Boards for Business | Kanban Software

Value stream mapping – It is a visualization method, where we visualize the development cycle – from client request to deployment. This helps us in demonstrating and helping optimize the time spent on holding and on actual processing.

Let us now look at how we align the seven principles of lean manufacturing with our software development cycle in our role as a leading lean software development company.

Aligning The 7 Lean Principles Into Our Software Development Projects:

Lean Software Development Guide - Lean Principles, Waste and Process

1.  Eliminate Waste

7 Wastes of lean – How to eliminate all non-value-added activities? | Spica International

The foremost principle of lean product development that we adopt is elimination of everything which does not bring any value to the end-users. We start by identifying value of the product we have to build.

It makes it easy to identify the waste like unnecessary code, unclear goals, additional features, and extra processes, etc.

Wastes is one of the biggest digital transformation challenges. In our experience, can be found in a number of domains:

  • Waste of work-in-progress i.e. the partial work. This can be lowered by putting limitations in work-in-progress, through the mode of Kanban.
  • Waste of overproduction waste. These emerge when the feedback cycles get too lengthy and a series of extra features are demanded.
  • Processes waste. These are eliminated by our software development company through pair programming approaches and better collaborations.
  • Handsoff waste. We solve the issue by not keeping our team functioning as silos. We work as a close knit cross-functioning team which helps in enhancing efficiency.
  • Software defects. Waste tends to seep in when the quality is not made a part of the software development firm process with different balance and checks.

2.  Create Knowledge

The Expert's Guide To Create A Self-Service Knowledge Base

Software development process, in itself, is one that is heavily knowledge generating one. Anteelo from the beginning has been an extremely knowledge focused company. This is one of the main reasons how we have been able to incorporate blockchain and AI technology in the projects before any other software application development company in the industry.

We align the principle with our development process by implementing some key methods like: code reviews, performing training, code comments, project documentation, pair programming, and sharing sessions, etc.

3.  Build Quality In

Build Quality In: The Key to Continuous Delivery in Kanban - Blog | Planview

Our software development team ensures that the focus is always on delivering high-quality products. We always keep enhancing our development process to eliminate the project from the first step to the end product.

There are various lean agile software development approaches that we apply to better the product quality:

  • Pair programming – to lower the miscommunication waste and maximum output.
  • Testing criteria – offering the engineers a system ensuring that it meets the requirement.
  • Incremental development – bettering the quality through timely, consistent feedback.
  • Lesser wait states – to protect the quality and streamline efficiency while lowering the gap in knowledge.
  • Automation – using assets like AI and machine learning to lower and eventually eliminate the errors in development processes.

4.  Fast Delivery

Isometric Super Businessman Flying Fast to Delivery Parcel to Customer by ojogabonitoo

The agile development basics focuses heavily on the fast delivery of software processes. Lean agile principles, being a part of the approach also put focus on fast delivery. It simply means that the project team would have to deliver the modules according to the milestone plans.

Achieving fast app development time becomes easier when there is a stable workflow that helps teams in understanding the value of the process and thus facilitate fast results.

5.  Empower Your Team

How To Empower Your Team: It's All About Leaning In, Not Stepping Away

This one lean principle is what we follow regardless of the team and project. Our team that focuses on software development for startups understands that when you work together you have to respect each other. And when things go south or not according to plan, the focus should be kept on checking for gaps in the work process that might have led to conflicts and challenges.

Ever since our inception, we have been focusing on the creation of a favorable work environment where we lead by example. To better the morale, we also enable creative freedom to our teams giving them the choice to identify the best approach for any task.

6.  Delay in Making Decisions

10 brain reasons for delaying a decision - Money Women and Brains

We know what you are thinking – delay in decision-making has to be a bad idea.

But when we follow the lean-agile principles, we believe that deciding late is not equal to becoming irresponsible. In fact, it encourages the team to keep their options open for a long period of time so that they can gather data which can help in taking important decisions.

The result of this is that our project never suffers from negative impacts which emerges because of bad decision making.

7.  Optimize the Whole

Optimize the whole

We go for the optimization of the complete development process, which is not just limited to the sub-processes. We work with the understanding that if we add value to a specific set of processes, the end product will end up getting affected, and the end-results would be sub-optimized.

To handle sub-optimization, we encourage operating with good work capacities. We optimize the entire process which enables identification of value flows for the entire team that, in turn, promises valuable and timely delivery.

Overcoming The Challenges of Using Lean Principles

Although the article, up until this point, has been inclined towards how lean software methodology makes it beneficial for a smooth software development process, there are some challenges that are prevalent which have to be solved.

  • The team members have to be self-directed and be able to work as a cohesive unit.
  • There can be instances where the requirements might keep increasing without a finalization in sight. These have to be managed with delicacy upon talking to the clients.
  • Lean method is heavily focused on continuous improvement. The timelines for implementations are also generally long. This, in turn, can increase the timeline when you are able to reap the benefits.

Conclusion

Since lean agile methodology presents a customer oriented, adaptable, and flexible system, there is no hard and fast rule to follow the procedures or methodologies. But one can always take note of the given information so that there is no problem while developing a software.

It is always advisable to search for an expert, (who are focused on improving and enhancing their skills) while employing a team to build your application. The best way to do that is to either partner with software developers that are well-adapted with the technology and client’s needs, or you can opt for top companies in your area like top software development companies in USA or software development company in California, if you live in the US. But make sure you choose the best to get quality results.

Digital Trends Underpinning Media & Entertainment in 2020-21

Top 4 Digital Transformation Trends In Media And Entertainment For 2020

The media and entertainment industry is often the most proactive in enhancing itself for the digital shifts of tomorrow and 2020 is no different. In fact, what was thought of the marketplace prior to the COVID-19 outbreak, has only been proven right and rather catalyzed by people staying at home and turning to the streaming services for entertainment.

One of the most glaring digital media and entertainment trends is that an increasing number of players are retracting from video content aggregators in order to stream their content direct-to-the consumer.

The move signals an attempt to maximize the cost of operations by canceling out cable and satellite royalties. This and a whole lot more makes up for the digital innovation trends, poised to reverberate through the fabric of this sector. Knowing what these trends are can give you a leg up in the crowded entertainment sector.

Trends on the Demand Side of the M&E 

The demand side are the users, you and us, who create the demand for a product. While postulating upcoming industrial changes it’s better to draw the line between trends that are being forced onto M&E studios by the consumer, and vice versa. In this section, we’ll mention the most palpable consumer-end i.e. the demand-side trends fruiting in the M&E industry.

These trends are attributable to the audience side of the picture as without their behavioural patterns, whether online or offline, we may not have had much development in this direction. The latter sections will touch base with the role of technology in the entertainment and media industries.

D2C Video Streaming

Disney Doubles Down on D2C Streaming Video Success with Strategic Reorganization - Subscription Insider

Video streaming got its dose of steroids with the initial faces of lockdowns imposed through varying geographies of the world. With the expected use of internet services ticking up, so did the demand for diverse, meaningful, and quality video content. There was such a force behind this push that Pay-TV subscription, for US customers, took a backseat. The diversity of choices and cross-platform compatibility offered by players such as Netflix and Amazon Prime threatens the limited bounds of TV-channels that demand users be on their couch.

But at the same time, these very rivaling clans are giving each other a run for their money in the streaming wars – – strengthening the foothold of apps redefining the entertainment sector. In the Digital media industry, Disney was the first to retract its content from Netflix and offer it in a D2C channel through its pet project Disney+. The move defined the now reformulated entertainment industry standards that have seen the largest media houses following suit in receding content and hitting third party applications right where it hurts the most.

It pays to ask the question, how forthcoming are the viewers in subscribing to digital media entertainment and paying for so many streaming apps? One survey revealed that the average user subscribed to 3 video streaming apps with this limit staying constant for the last 2 years. It can be surmised that overtime the economy of such an experience will be questioned by all.

One way to buck this trend would be to reorganize the content and offer multiple formats such as music, movies, TV shows, etc., aggregated on a single platform. The prime example (pun intended) of this trajectory is none other than Amazon Prime and Roku. In addition to video, these vendors can create customized, pay-as-you-go packages for availing the music and games libraries.

Ad-Driven Viewing Experience 

How AR & Other AI-Driven Innovations Will Revolutionize OOH Ads | by Richard Yao | IPG Media Lab | Medium

One of the reasons mobile streaming caught on to people is that it cut down on ads. The volume of consumable content increased and made retaining users easier. But with the top studios of the global media industry turning to video streaming, ad-supported content is expected to seep in soon. This is partly due to the pitfall of keeping subscription fees competitive, which in and of themselves, won’t suffice for expanding the content offering to games and music.

Ad-supported videos are already a thing in Asian locations such as India and China. But for them to assume a profitable outlook for media entertainment in the US, platform owners must curate enough user data for targeted advertising. Else such a promotional expenditure would appear unjustified and disoriented. Chiming in tune with the adage of our century, data is the new oil, platform owners will look to get their act together with structured data to deliver suitable (not annoying) ad interruptions in between video streaming. Youtube already does that to a good measure, the result of which is:

Data Privacy and Security 

Data Privacy vs. Data Security [definitions and comparisons] – Data Privacy Manager

A study conducted by Futurum Research in partnership with SAS Software revealed that the media industry was one of the most distrusted by customers when it came to guarding user data. The same report concluded that as much as 61% of the participants felt they had zero to no control over how their data was used by the vendor.

Media houses are expected to toe the line for transparent data collection applications with which to assure the customer of data security. For instance, the European Union’s GDPR reforms allow customers the right to be forgotten after they have discontinued a particular business, having submitted personal information initially. Much of this will play out in the near future as well, if only with added refinement but let’s not forget had there been no demonstrable outrage over data misuse, the media organizations wouldn’t care to rise from their slumber.

Content Personalization 

Personalize B2B content to improve conversions

There are deeper levels to customer relationship management than sending emoji-fied emails every now and then. Millennials and Gen-Z want, and would happily pay for services that are personalized to their tastes. This includes content recommendations the kind that will gel well with their unique preferences.

This paves way for even more sophisticated Artificial Intelligence and Machine Learning algorithms to do what they do best, predict user behavior. It is primordial for both the content creators and content hosts to know the demographics of the audience they excite and attract. Therefore, don’t be surprised when you see a media software development company dive deep into AI and sharpen the edges around streaming service applications. We are in the age where everything has to be smart and content is no different thanks to the hard-to-capture, unique choices of the users.

Trends on the Supply-Side of the M&E 

The trends mentioned above have been directly derived from user behavior i.e. if the users hadn’t reacted to digital media apps the way they did, we probably wouldn’t be seeing much commotion in that zone. Having said so, the link between media showmen and consumers could not be possible without technology. And whereas some technological advances are urged by the users there are others that percolate their way down to the masses no matter what. In this section, we’ll look at the emerging technologies that are most affecting the manner in which media enterprises go about their business.

Augmented & Virtual Reality

The Important Difference Between Virtual Reality, Augmented Reality and Mixed Reality

The global media and entertainment industry will be a driver of emerging technologies the frontier of which will be led by Augmented and Virtual Reality. The past few years have seen much hype but less adoption of AR/VR. But that was a consequence of the price-barrier of standalone AR/VR devices, which is also beginning to get pocket-friendly.

Smartphones have crossed the inflection point in AR adoption with the majority of models supporting AR content. The media entertainment industry will make use of these technologies in the following ways:

  • Act as a substitute for high-priced joysticks and keyboards at the same time delivering a quality experience to gamers.
  • Be the de-facto technological genre for media app development especially in the field of digital education.
  • Help in enterprise-level media software development for learning management solutions.
  • Possibly make way into theatres and cinemas to reinforce the power of digital effects through immersion.
  • Create wearables for visitors headed to museums, art galleries etc., and represent artifacts with added features/info.

eSports Broadcasting

The challenges of esports broadcasting

The Trends in broadcasting industry point towards the hot spring areas of the sector that are gaining mainstream traction among audiences. The first and foremost of this is the one touted to be the future of sports – eSports segment.

The entertainment app development sphere is galvanizing its priorities towards this segment as the worldwide eSports revenues are expected to hit $1 billion in 2020. The lion’s share of this money, although, will be from sponsorships ($614.9 million) and media rights ($176.2 million). Nevertheless, gaming events will be the center of attention for displaying the latest in AR/VR.

And lest we forget, there is Legalized Sports Betting that will also profiteer off the incoming 5G technology. Betting is one arena that swirls the mind in unpredictable ways, forcing users to place bets over telecommunication networks. Come to think of it, 5G is a technology that is born to manage high volume communications. This is one of the reasons the US has 5G towers popping up at sports stadiums and related venues that’ll be a hotbed for placing bets. Entertainment software development can be easily turned in this direction to foster app creation the kind legalized sports betting would need.

Artificial Intelligence 

Artificial Intelligence (AI) - Overview, Types, Machine Learning

There is not a single sub-set of M&E that has not been impacted by AI. Its predictive powers are influencing television, animation, VFX, Out-of-Home advertising (OOH), radio, and much more. A case in point is the following applications of AI in enhancing customer experience.

  • M&E companies hold a huge repository of user data at their data centers. In many cases, the data is largely unstructured i.e. like a mound of haystack waiting to be made sense out of. AI has added a cognitive, human-like dimension to mining and saturating this unstructured data.
  • Engineers are using AI, ML, and Natural Language Processing to apply relational parameters to the big data. The technology helps in categorizing the data as per mutual characteristics and further consolidates a company’s predictive capacity to forecast user engagement with the content. This Targeted efficiency leads to better monetization opportunities.
  • AI is being applied readily to video content to speedily calculate and absorb emotional changes at the user side. The summary of such studies is then used for highly customized content recommendations. The same principle is at play in music streaming apps, that know precisely which songs to pitch you that eventually make it to your favorite’s list.
  • The Cost of content creation will be vastly reduced following the advent of AI that can automate editorials consequently mitigating human intervention.

Blockchain 

The Impact of the Blockchain on Cybersecurity

The distributed ledger technology with its chief qualities of immutability and transparency are breaking technological stereotypes in the M&E

. People have been spectators to an exchange of charges between artists relating to content plagiarism and piracy time and again. Blockchain Technology can and will settle such debates once and for all.

  • Intellectual Property rights can be safeguarded with Blockchains nullifying the scope of disputes around ownership management. With immutable record management, ownership rights can be traced to the original producer of the content. Likewise, the system architecture of blockchains, in its current iteration, is powerful enough to track transactions for royalty payments across multi-layered platforms.
  • There are solutions in the market that offer a springboard for budding artists to curate funding directly from their fanbases. Such a step would allow the fans to own a share of the record, the rights of which, otherwise, ebb naturally into the hands of the producing labels. Transactional history along with public ownership will be recorded on the blockchain. Living examples of such trends are being shaped by companies like Vezt, Sony, and BMG.
  • Another issue faced by media stakeholders is revenue distribution. The industry being this giant labyrinth of middlemen that it is, intermediating parties charge their share of the profits for managing the revenue cycle for a film/commercial, etc. But Blockchain is a proven disruptor of this very model. With an online ledger, transactional streams can be optimized without spending a fortune on intermediary channels. FilmChain, an Ethereum based Blockchain, is a prime example of this upcoming trend.
  • There is a huge black market for ticketing sales that needs serious quenching. While managing a megaevent such as a concert or a music festival, artists are left to bite the dust as the intervening middlemen play the sleight of hand in ticket distribution. Blockchain-powered ledgers can remediate the situation by ensuring the profits generated follow an equitable distribution amongst all participants of the value chain. YelloHeart is a company trying to achieve exactly this.

Enterprise Resource Planning 

The end of enterprise resource planning

  • We are in the age of automation and optimization, with the streaming apps being a transformational by-product of the digital revolution. Building AI-powered smart apps for better user management is not a standalone procedure but an interconnected block in a chain of events that would deem workflow optimization necessary. Consequently, an entertainment app development company will not have its service level agreements limited to just fine tuning the application itself but also the overall enterprise software for maximization.
  • Enterprise Resource Planning would ensure that cost overheads are mitigated immediately. Investment in the right tools and technologies will not stop with 2020 and shall continue beyond to stay in the good books of investors.

Final Thoughts 

Whether it is Augmented Reality, Virtual Reality, or Enterprise Resource Planning, Anteelo has the track record to back our claims of expedited, professional project delivery. Having collaborated with some of the world’s biggest brands such as IKEA, and Domino’s (to name a couple) we know the scale of demands of big businesses and are ever-ready to go the distance.

Our ties with the media industry go a long way. We developed mobile apps such as Gully Beat, with the latter garnering critical acclaim along with 25 million+ downloads on the Play Store. Long story cut short, when it comes to delivering at the international stage, brands turn to Anteelo as their technological arm. But talk is cheap. Take a minute and connect with us and we’ll showcase how you can slingshot your idea to glory.

Blockchain vs. Traditional Database: Make a Startup’s Choice

Blockchain vs Traditional Database – Neighbourhood

Blockchain Technology has witnessed phenomenal growth in the last few years and appears to stay on track in gaining enterprise adoption. But while it has covered an appreciable curve of general acceptance, it continues to baffle people conceptually.

Striking similarities between Blockchain and databases makes people wonder “is Blockchain just a database?” Yes, Blockchain is a database that comes with several distinguishable traits. These traits are what lead to the debate of Blockchains versus traditional databases.

Therefore, in this post, we would systematically approach the definitions, similarities, and differences between the two to enable a better understanding of the subject for entrepreneurs and startups looking to explore blockchain.

Table Of Content

  1. What is a Traditional Database?
  2. What is Blockchain?
  3. Defining Blockchain & Traditional Database
  4. Management of Traditional & Blockchain Database
  5. Reasons to Use a Traditional Database
  6. Reasons to Use Blockchain Technology
  7. Closing Thoughts

What is a Traditional Database?

Beyond PLM (Product Lifecycle Management) Blog Why New Database Technology Won't Solve PLM Problems? - Beyond PLM (Product Lifecycle Management) Blog

Data structures are defined as a storage format for efficient management of data. A traditional database is nothing but a data structure, that helps in storing and working with data. Each organization, from a startup to a Government entity, uses databases depending upon the scale and size of their operations. The aspect that makes databases utilitarian, is they allow users to fetch the data. In technical terms, this is referred to as requesting or querying data that is achieved by Structured Query Language, SQL.

The first-ever architecture of databases was based on a hierarchical style that made it possible to collect and store data. But that was just about it. As technology caught on with time, dragging the tide of businesses with it, data became complex. Likewise, analysts wanted databases to interoperate so they could draw better business conclusions. Thus, the database design shifted to a relational model. Today, all you need for an end-to-end data optimizing process is a Database Management System (DBMS).

Databases are no rocket science, in that they are simple tables. Tables are fields (columns) that contain the details regarding the nature of data. Rows are called records.

What is Blockchain? 

Blockchain solutions for supply chain sustainability

Blockchain is a decentral database that acts as a storage for chunks of bundled information called blocks. The reason the blocks are referred to as chains is that each block carries the hashed data of the block added to the ledger before it. This goes back to Genesis, the first-ever block that was mined for bitcoin. A hash is a code that encrypts the transactions in a given block. This code is, essentially, a pointer, a name of sorts, that uniquely identifies a block.

The bitcoin protocol makes it mandatory for every new block to contain the hash of the previous block plus the hash of the block that contains information for newly processed transactions.

But as any blockchain service providers would tell you, finding this new hash isn’t easy. Blockchain technology underpinning bitcoin adjusts hashing difficulty by calculating the total computing power of the network. The more miners there are, the harder it is to find a hash and vice versa. In return for validating blocks and helping run the Blockchain, miners are rewarded with bitcoin.

A. Defining Blockchain & Traditional Database

Defining the Traditional Database Architecture

Traditional databases are based on client-server architecture. Clients are end-users of the service that request access to a particular set of data. This request goes through a server that hosts the database. Open database connectivity is used to establish a communication line between clients and the database.

This line is further secured by the client software that is authenticated up ahead for access. In private databases, access is granted to only those who have valid login credentials and a password. An example could be confidential health records of a hospital. If a database is public and open for all, then a user account is not needed and the data can be accessed from a website. This, in turn, has played a huge role in Blockchain transforming the closed healthcare system.

Defining the Blockchain Architecture

Blockchain Technology has come off age and offers multiple architectural models such as permissioned, private, or hybrid blockchain.

Network nodes are the lifeline of Blockchain technology and they operate on a Peer-to-Peer, P2P, model. Each peer/node can correspond with a second node. There is no superiority or bias between 2 nodes in terms of responsibilities but yes, there could be a difference in total computing resources they possess. Peers of a network ensure the veracity of the Blockchain.

For the transactions to be manipulated either a 51% attack would need to happen (as mentioned above) or multiple peers would have to collude and accept blocks with falsified data. By architecture, Blockchain database technology protocols accept the longest-running, active chain. Therefore, its decentralized administration makes it safe and secure to be trusted and earns it extra points in the matchup of Blockchain vs distributed database.

B. Management of Traditional & Blockchain Database

Managing Traditional Database 

DBMS: An Intro to Database Management Systems – BMC Software | Blogs

Databases support CRUD operations i.e. you can create, read, update, and delete records. Database management is centralized and under the control of an administrator. This individual has the power to modify the database, potentially at will. Their key responsibility is to up the performance and lower database redundancy. As the database expands, so do the daily audits and the corresponding checklist of maintenance tasks.

To aid in this process, a primary administrator can divide his/her tasks and distribute work between multiple users, each assigned a minor task. This could be anything from data entry to modification.

Databases require backup storage as anything could go wrong. Data can be corrupt, servers could crash, and critical information could be lost. In such cases, the files are retrieved from backups. Backing up also allows archiving multiple versions of a database. As an example, consider an address change. Whereas you might contact relevant Government bodies to update “records” and issue you an ID reflecting the same, they will still save a copy of the last address, for record-keeping.

Managing Blockchain 

What Business Problems Do Blockchains Solve? | Formaspace

Blockchain technology decouples administration and divides it amongst all the nodes of the network that ensure it runs with their computing power. Each of the nodes stores a copy of the complete Blockchain. In wanting to change the contents of a block, its hash would have to be changed. Since Blockchain technology automatically revises the difficulty level for hashing a block, a tremendous amount of computing power would be required to change the hash of all the blocks. The only situation where that would be possible is a 51% attack, wherein the rogue actor has more computing power than the majority of the network.

As a result, Blockchain technology is proven to be immutable. Since records can’t be changed, this adds transparency to the architecture. They are also remarkably fault-tolerant as even when a few nodes (computers) are down, the rest of the nodes will ensure a 24/7 uptime.

Since no authoritarian permissions are needed to transact on a Blockchain, this makes them permissionless. Therefore, you can use Blockchain as a database but with the extra convenience of these features.

Reasons to Use a Traditional Database

1.  They are customizable

4 Customizable Gifts That They'll Love - Dash of Wellness

In the Blockchain vs database debate, the latter wins hands down in terms of customizable options. Since traditional databases are administered centrally, permissions, privileges, and set-up requirements can be optimized. The relational architecture and backup practices pave the way for a database to be relocated anywhere. Developers can add plugins to the database and improve the front end for customer-centricity.

2.  They are Stable

Data governance and the importance in arguing with data | Qlik Blog

Traditional databases can tolerate high volumes of transactions per second as permissions are centralized and the controls to update data are in the hands of a few. Client-server architecture reduces the dependency on nodes that are substituted by standalone server centers.

Database administrators revert to sharding and shrinking to optimize the speed of the network. In the event of a power outage, downtime, or any other technical glitch resulting in data loss, the backup acts as a default option to reset the last version.

3.  They Deliver Speed

How to deliver speed without losing your customers | TechBeacon

The traditional database design has undergone a lot of upgrades over the years to suit faster delivery times and high-end analytical operations. Big data analytics is a case in point.

Where Does the Traditional Database Lags – Issues That Blockchain can Solve

1.  Ethical Issues

The same centralization of power that provides for the above-mentioned advantages could also be the straw that breaks the camels’ back. Critics of the system suggest moral issues with handing over the data into the hands of a single administrator. There is an ongoing war to monetize data in every which way possible.

An open market for selling data to third-party vendors already thrives. The Cambridge Analytica scandal was an eye-washing experience that brings to light what a centralized database with a single administrator, Facebook, could do.

2.  Contingencies

Considering the case of a single administrator on top of everyone else. What happens if this individual switches to another employer? Knowledge transfers take their jolly good time not to mention the confidentiality agreements. Resetting of passwords, and appointing new administrators is a task in itself. This recruitment is a huge pain in the neck for project stakeholders.

3.  IT issues

 

Every organization needs a database of some kind or the other. The fact that a company stores information in a database doesn’t signify that the database is safe. The entire IT infrastructure needs to be standardized. A single loophole, given the sophistication of hackers, could sabotage enterprise operations. Security analysts must install and operate effective layers to secure traditional databases.

Reasons to Use Blockchain Technology

1.  They are Fault Tolerant

Fault tolerance through optimal workload placement

When debating Blockchain vs database, the former wins comfortably in the department of system preservation. Blockchain technology is highly fault-tolerant. Its uptime is not reliant on a few server centers but hundreds and thousands of nodes that offer processing input to run the system.

In the scenario that a few nodes are turned off, the overall efficiency of the network would remain unchallenged.

2.  They are Secure 

How to secure your website and build trust with your customers - The Business Journals

Blockchain technology is one of the most secure infrastructural investments you can make today, especially when it comes to securing mobile apps using blockchain. Each node on the network is supposed to download a copy of the blockchain for validating new blocks. To change even a single block requires each node to update its copy which in turn requires a self-defeating amount of processing prowess for an adversarial power.

3.  They Offer Transparency

Confessions of a Scrum Master - Being Transparent with "No Offense Taken" — ClearlyAgile - Agile Transformation, Certified Training, DevOps, and Agile Software Development

Provided the Blockchain is public, you can view all the transactions that have ever been recorded on it by simply downloading a copy of the ledger. Unlike a bank, where all the transfers are hidden, Blockchain technology opens the door for critics to fact-check and follow the trail of money in dubious cases.

 

Initial Public Offering (IPO) Process Guide For Tech Entrepreneur

Ipo Initial Public Offering Concept With People Letters And Icons Flat Vector Illustration Isolated On White Background Stock Illustration - Download Image Now - iStock

Raising Money - Raising Funds - IPO - Free Stock Photo by Jack Moreh on Stockvault.net

The best time to start a tech startup was when the dot com era was becoming mainstream. The second best time is now. But the best time to go public is evergreen. In this article, we are going to look into the IPO process – one that is designed to effectively give a chance to businesses and individuals to invest in startups that you created.  When it comes to raising funds for startups, the one preferred direction that the tech companies are moving towards is Global Initial Public Offering. With venture capitalists and crypto enthusiasts fanning the flames, a new form of raising funds for startups has now gotten mainstream for tech companies across the globe.

In fact so much so that it is soon becoming the ultimate objective of brands, especially since Uber, Pinterest, Slack, and other innovative tech companies acting as the torchbearer.

Let us get down to the basics and some present time statistics first before getting down to the process of raising an IPO.

Table of Content

  1. What is an IPO – the preferred way to raise funds for a startup?
  2. What are the benefits of an IPO
  3. The Ongoing Trend of Tech Companies Going Public
  4. Signs That You Are Prepared to Go Public Through IPO
  5. How to get IPO ready – The roadmap to navigating the process

What is an IPO – the preferred way to raise funds for a startup?

Startup Funding Stages: Seed to IPO Explained for Beginners

An Initial Public Offering or IPO as it is generally called is a process of offering the shares of a private corporation to the public through the issuance of new stock. Ever since Apple and Google went on to become public with their stocks being traded as a ticker symbol in the market, raising an IPO has become something of an endgame for emerging tech companies.

The median deal size of IPOs continue to raise year on year is only a plus side of why companies are sold on the idea of going public now more than ever.

It has become more than a process of raising capital for startups – it is now a way to prove the worthiness of a company.

What are the benefits of an IPO

Tech startups generally tend to look up to IPOs as the long term way of raising money for startup that they have created seeking one or all of the following benefits:

  • Increase in the long-term capital
  • A greater cash access and bettered liquidity
  • An opportunity for the initial founders or the investor groups to take the cash out
  • Monetization and rewards to the employees through shares
  • Augment the company’s visibility and stature in the industry

The ongoing trend of tech companies going public 

Fundraising for business startups in the technology sector is not unheard of. While generally limited to Series A to E funding and taking unconventional routes to raise money for business startup and even being a torchbearer of making ICOs a better proposition than VCs, they too have started sharing the great american dream to go public.

Initiated by Apple and Google and strengthened by Lyft, Pinterest, Fiverr, Slack, Zoom and the likes a number of tech companies are already or are getting prepared for startup fund raising through Initial Public Offering.

Here’s a visual representation of them –

But just because these tech companies felt they were ready to go public, does it mean the startup funding process is the ideal next step for your tech company as well? After all, with the world unable to give an exact answer on when is the right time to choose IPO as a startup fund raise method, how do you decide when to have an IPO?

Signs that you are prepared to go public through IPO

1.  You can forecast financial growth

Financial Forecasting Guide - Learn to Forecast Revenues, Expenses

Accurate financial projections is key to efficient business strategy playing a massive role in a company’s growth, especially as a public company. Creating an accurate estimate of budget and forecast as your company operates privately is a key step in establishing the consistency and accuracy of financial reporting for gaining credibility with the investors.

2.  You have the best executive team

This is the Best Way to Manage Your Team - Lolly Daskal | Leadership

You have a team that has experience of being a part of a public company, who understand the nitty-gritty of running a private turned public company. In addition to a strong current team, you have also estimated the need of expanding your finance, accounting staff in addition to people handling external communications – to aid the process of going public.

In addition to your best-in-class executive team, you also have partnered with the most skilled software developers for startups that know how to digitalize and prepare a private tech company for going public.

3.  Your company is always audit-ready

Compliance Audits: What You Need to Know to Avoid a Penalty

Before going public, you would want to get in a position where you constantly close  quarterly financial statements in time. Even the companies that are backed by venture capital and private equity find it challenging to offer regular reports to their sponsors and board. By going through the exercise months in advance, businesses are able to get ready for the public reporting, stress-free.

4.  You have a strategic roadmap

How to create a roadmap that everyone can follow

A strategic roadmap is a blueprint of a company’s investment growth chart. It provides an operating strategy for growing business for providing investment returns which the prospective shareholders want from a public company.

5.  You have a strong business case for raising an IPO

Mabpharm seeks to raise capital through Hong Kong IPO

One of the most obvious reasons for getting an IPO is to gain access to the capital market and raise additional capital – the end goal of a startup investment process. An IPO is a major company evolution milestone and a symbol of your company being able to satisfy the necessary government standards and compliances.

6.  You have developed a network with investors

11 Foolproof Ways to Attract Investors

Something that makes the process of raising IPO easier and actually enjoyable, is knowing some of the key people in the investment firms. Although you must have already done your homework, let us expedite the networking process by giving you insights into which investors have been backing the tech IPO journey of companies –

How to get IPO ready – The roadmap to navigating the process

1.  Hire the best team

Use These Steps to Hire the Best Team Every Time

Selecting the best team of professionals to handle your IPO process is important for the success of your business. Here are some of the entities that should be a part of your team, in addition to the obvious inclusion of lawyers –

  • Tech Service Providers – The success of an IPO depends entirely on the software you are selling which are a result of the well-strategized software development services for startups. After all, all the tech giants who have taken the route of IPO ensured that their digital offerings were useful and best in class. Ensuring this is the work of a startup software development company. So, we would recommend choosing the best software development agency for your digital transformation needs.
  • Investment Banks – The banks act as a mediator between the companies looking to issue an IPO and the investors – while acting as an underwriter. The banks are involved in a number of processes like document preparation, issuance, marketing, filing, documentation, etc.

2.  Perform due diligence

How to perform a due diligence - Step by step guide - iPleaders

The underwriters, lawyers, and banks work together to conduct an in-depth audit of the company. Their review includes legal, tax, financial, customer verification, and market research. The intent is to create complete transparency in the company’s operations and presume risks.

3.  Build IPO prospectus

Mindspace Business Parks REIT inches closer to IPO, revises draft prospectus - The Economic Times

The IPO lawyers and company use the due diligence information for drafting the principal offering files which include IPO prospectus that should be filed as a part of IPO registration.

The IPO prospectus highlights the company’s strategy, strengths, market share, financials, investments, and products. It should also mention the risks that are involved for the investors.

IPO prospectus is subjected to expansive disclosure needs meaning it is important that the parties collaborate for ensuring the prospectus is accurate.

4.  File IPO registration statement

SEC.gov | What is a registration statement?

The IPO lawyers file IPO prospectus and the complete registration statement with SEC. This 30 days review process is subjected to reviewing and commenting by SEC. After this process, companies then complete the initial listing application round with exchange. The underwriters then file compensation information for IPO with FINRA.

5.  Pre-IPO

Although it may not be difficult for funded tech companies as they have already gone through the stage of marketing when they were raising money for their startup. They only have to do it at a much wider scale now with investment banks’ help. What you did Before IPO, investment banks popularize it to the private investors for maximizing company’s position in the market. The investors are usually hedge funds or private equity firms willing to buy shares in the company.

6.  IPO “Roadshow”

Before several weeks of the IPO, bankers and management team hold a “roadshow” – a series of presentations in which they market the IPO to prospective investors. It is usually when they first announce the offered price range and size of the shares. The intent is to gather interest from the investors for driving up the initial sales price.

7.  Initiate Trading

How to avoid common mistakes when trading in options - MyVenturePad.com

After the roadshow, bankers set up a price determining the initial share value. A few days after that, the IPO closes and stakeholders have to release their shares. After the shares have been released, investors who purchased the shares get allocation and the public trading officially begins.

Custom Software Development Supremacy- Explained

Custom Software Development Trends and Methodologies | Flexsin Blog

Understanding a clever and cost reducing way that businesses adopt to scale and solve problems in direct ways using custom software development. To be or not to be, that is the question businesses face when it comes to choosing between customized software and standard software. In some respects, the question could be the difference between the haves and have nots. Being a successful custom software development company ourselves and pushed to innovate cutting edge solutions on a habitual basis, we know first-hand what to do when.

If organizations are to transform digitally, then the installed software would have to compliment the needs equally. If you are in the middle of such a dilemma, by the end of this article you would gain clarity on the subject. Hence, we begin by answering the question, what is custom software?

What is a Customized Software? 

TEAM ELOGISOL PVT. LTD. | Home :: eLOGISOL

The software that comes pre-packaged with features is referred to as Commercial Off The Shelf or COTS. The vendor that develops it owns the responsibility of updating its versions. Enterprises slash users subscribe to it by paying a licensing fee. It is designed keeping in mind the most universal needs of the mass market. Microsoft Windows is an example of COTS. It offers the apparatus for each user to carry daily-life computational tasks without having to think twice.

On the other hand, a software that you develop, or ask a third-party to customize for you is called customized software. Since it is created unique to the needs of a particular user, it is also termed as bespoke software. Made on order, it weighs high on features that are relevant to the organization. Custom software applications are cut to fit the ongoing and upcoming business requirements.

Tasks that a standard software will take ages to complete can be accomplished in a whisker of time with custom software apps. Think of it this way, COTS is a public utility vehicle that takes the combined choices of travelers’ into consideration and drives at a speed fast enough to pacify those onboard. While custom software is that private car that you can modify as per wish and break the speed limits with.

Now that you understand what is custom software, let’s find out about its development procedure followed by a full cycle app development company.

Does Custom Software Development Process Differ from Standard?

Not at all. The software development life cycle is almost identical in each case. You traverse the same stages of basic information collection, coding, testing out the software for inconsistencies, finally moving over to deployment.

There is an unprecedented urgency in enterprises to transform digitally for sustenance. Each is looking to differentiate itself and be seen and as an innovator. Be it an in-house project, or one that is outsourced to a company like Anteelo, custom development of software involves the following stages:

Application customization

Application Customization Services (ACS) - Flexile

You would either purchase a COTS software and re-program it to requirements or build a bespoke solution. No matter what you choose, it will begin at this stage of code creation.

Application modernization

Top 5 Approaches to Legacy Application Modernization

Maturing with time, stakeholders realize that their value chains must improve and be just as impressive as their product suite. The deployed custom software will have to be modernized with features as new technologies emerge.

Application management

Why does your business need Application Management Services?

It is similar to after-sales support but one that you either do internally or let the third-party that designed the software for you do it. These envelope everything from installing the software to ensuring its 24/7 availability.

Why Choose Custom Software Development?

The reason why custom software is preferred is due to the changing market trends that makes the business transformation either costly or time consuming. Custom software application development helps businesses in building an intuitive and user-friendly software product tailored to their business requirements. It also handles various types of organizational challenges like process complexities, employee struggles, and meet the preference of customers.

Some points are discussed below for opting custom made software:-

Flexibility

Free Flexible Clip Art with No Background - ClipartKey

One of the crucial benefits of custom software companies is its flexibility. Any change required might be easily acknowledged so your platform is always updated with the ongoing patterns. A significant degree of flexibility offers effectiveness in the working process. Competitive processes are simple to automate so that the framework automatically leads the users and there is no requirement for human intervention.

Better integration

Towards better integration tests with Testcontainers - Instana

Custom programming application improvement organizations give a scope of choices to incorporating various sorts of APIs. The vast majority of the bundled programming are not viable with different programs thus incorporating another product to improve its capacities are impractical. It is this explanation; numerous organizations lean towards custom software applications over canned programming.

Future innovation

The cloud will be the centre of future innovation - Talent Germany

Having your own types of custom software will empower you to explore and welcome on board creative ideas quicker and without relying upon other innovation merchants to do it for you. This can help in more noteworthy market ability as your brand would be perceived as a forerunner instead of a late adopter for innovations that user’s long for.

App security

Mobile App Security: Tips to Secure Your Mobile Applications

The internet has an intricate dangerous environment and application security is a grave concern for modern organizations, regardless of the size. An application on the Internet is exposed to security breaches. Each organization takes measures to shield their customized software application development products against exploitation by hackers, the current circumstance is still the worst. By engaging in a presumed custom application advancement organization, organizations can take added measures to keep their information from hackers and displeased workers.

Cost reduction

Cost-reduction tactics for small businesses - Commercial Associates

At times the business do not need all the functions offered by a format yet they had to pay. On account to create custom software, you pick what you need and pay just for it. Additionally, there is something intriguing and that is off-the-shelf solutions ordinarily require monthly or yearly licensing expenses. There are already many payments in the process that if you calculate, then it will be much more costly. If you pick a custom solution, you’ll pay more at first but later on you do not have to put much effort. You can say that custom software development cost is a one-time investment.

What are the Benefits of Custom Software Development? 

It is not a good rationale to buy an inferior product, and subsequently, modify it for installation. Why wouldn’t you just create the whole thing on your own! The following advantages of custom software will help you make up your mind. The benefits can also be read as ways how custom app development can increase app development:

Vendor independent 

4 Signs of a Good Payment Partner for Independent Software Vendors

Custom design software and you shall be free from the clutches of vendors who upgrade their product based on user reception and trends than your needs. In doing so, your business circumvents fee surges caused in the name of licensing and maintenance. Then there is the possibility of the vendor ceasing operations leaving your IT department to shreds and affecting business continuity.

You would although need to hire subject matter experts to cope with a proprietary solution. But again, there is no saying how much indirect benefit you would derive from them such as mentioned in the next point.

Create white-label products

11 White Label Products to Sell Online in 2021

The resources you devote to creating a bespoke internal solution could be monetized by licensing it to similar businesses or allowing them to use it as a White Label product by making a one-time payment. A White Label product is one that you build and sell to a second organization, conferring them the right to use it under their brand name. The only catch here is to define the terms of use. Although white label solutions are not always deemed to be effective for long-term, they can be a good option, nonetheless for entrepreneurs who are just starting their journey.

High-End integration

High-End Performance Packaging: 3D/2.5D Integration 2020 - i-Micronews

Investment in COTS software becomes a catch-22 situation when you discover you have to program extensions into the system to make it worth your while. Diverting the same expenditure towards custom software applications that integrate effortlessly with other software (because you made it so) saves you much-needed energy.

Performance

Blog: Performance management simply isn't simple — People Matters

Custom software development provides for more stable and efficient IT operations as the software does all (perhaps more) that is asked of it to deliver value-adding results.

Scalability 

Performance Engineering – A One-Stop Solution for All Your Scalability, Reliability, and Capability Challenges

Nobody knows better than you the future of your venture. It becomes a self-fulfilling prophecy that you would, during the course of customized software application development, come up with something that is scalable and relatable to the needs of your company.

Optimized business process

Business Process Innovation | InfoStages Advisors

Every association has its own plan of action and in-house processes. It is hard for businesses to change their process to suit a specific application, no matter how effective and powerful it could be. Software should be planned and developed in a way to such an extent that it can align with the business model. Custom development assists with improving your business processes instead of replacing them.

Compatibility

What is Compatibility Testing? - Invensis Technologies

Most organizations have a design model in which the output generated by a specific process (software application or module) works as an input for another process. A smooth flow of data is essential while streamlining business. Utilizing different packaged programming for various processes can disrupt data flow. Building custom software can resolve numerous kinds of issues concerning the flow of data between progressive processes.

Data security

What Is Data Security?

A significant concern for some B2B and B2C organizations, data access, and security concerns influence many end-users in the market today. Supporting costly security protocols can make you pass added expenses to the services you offer to your customers. With custom development you have the ability to choose which data security technology or protocol is appropriate for your business and coordinate that in your software.

Cost effectiveness

Cost-Effectiveness Analysis | POLARIS | ADP-Policy | CDC

With custom development you can plan and stage the development process. You’re not needed to contribute an enormous amount of money first on to receive the rewards of automation. Based on your financial plan and funds accessibility, you can begin automating single processes flows in a coordinated and planned way over the long run to make development affordable software development services.

Adaptability

Learning to Change: Worker Resilience and Adaptability - Public Policy Forum

Organizational processes change with time, and as the market dynamics change, it gets important to adjust to new processes and innovations to maintain your marketing stronghold. Customized software can be effortlessly changed – New cycles and innovations can be incorporated into your current programming as and when showcasing patterns change, so you can stay side by side of your rivals.

How to Decide Whether You Need a Bespoke Solution or Not?

By tradition, companies prefer to purchase COTS software provided it helps them meet up to 80% of the following business requirements.

  • Either allow the functioning of or automate entirely B2B transactions and processes unique to the business
  • Take care of proprietary information and safeguard confidential data
  • Suffice for ad-hoc privacy issues that might arise
  • Enable integration with software already deployed by the company
  • Reduce the cost of operations and increase return on investment
  • Accord a certain level of competitive advantage to the brand

There are companies that may be fine if the software delivers 60% efficiency than 80%. The vacuum that exists they fill on their own. But that is a risky proposition, leaving things up to chance and making superficial efforts to transform digitally.

A big reason startups cover ground on legacy businesses faster than others, is because they do not hesitate to innovate. And if that means bringing in new digital solutions, so be it.

[Further Read: How We Solve the Digital Transformation Challenges Pulling Your Business Down]

Get The Requirements Ready 

Once you set your mind for custom development of software the next step is identifying collaborators to help you with project development internally. These include program sponsors, high-level stakeholders, sometimes your customers, and other miscellaneous partners.

This step is all about conveying the workforce your plans to transform digitally post which a detailed draft must be prepared listing down your Key Performance Indicators (KPI). KPIs must bear in mind:

  • To flatten out any statutory and or theoretically unachievable targets and be realistic
  • Define the role the proposed software will play in business development
  • Not to leave room for assumptions in that the end-to-end capabilities of the software are discussed with project stakeholders
  • The introduction of the software must not intervene with pre-existing COTS software
  • There must be ample proof of concept in the market to base and validate your theory on
  • The source-code used should not violate intellectual property rights and must be either open-sourced or written from scratch
  • The allocated limit of budget and time should be respected
  • If needed there can be partial diversions/pivots from the originally agreed course of action

Development Methodologies You Can Use 

You can pick any of the following software development methodologies:

Waterfall model 

Envisaged in the 1970s, the Waterfall Model is rigid in its implementation and benefits those with a crystal clear understanding of requirements. The expectation setting is followed by rigorous project documentation. It is sequential in nature meaning one stage of the project must be finished before beginning the next. It includes the following phases:

  • Define scope
  • Re-assess the scope
  • Design
  • Implement
  • Test
  • Deploy
  • Maintain

Not that this model is out of fashion, but development teams that want to mix things up and be prepared for last-hour changes to plans, don’t like the Waterfall Model much. It is built for those who like working under ironclad rules.

Agile development

Agile Advantages For Software Development | DevCom

Agile is the exact opposite of waterfall, in fact it was introduced to do away with the rigid, inflexible redundancies of the waterfall model. It prioritizes business unit collaboration over documentation. Teams that go Agile, do so to wrap up coding in design sprints that are time bound mini-projects to accomplish software development faster. Customer satisfaction is the priority here, everything else takes the backseat. Here at Anteelo, we trust Agile more than other methodologies as a custom software development company. Based on experience, we can help you decide between Agile and Waterfall models easily.

Scrum

This is a nuanced approach between older models like the Waterfall and newer ones like Agile. It facilitates regular team interaction but with a relative degree of self-discipline.that team members must impose on themselves. Sprint retrospectives in scrum development last an average of two weeks during which the primary objective of software development is fragmented into smaller, more achievable goals. Developers stick to the daily briefs that are a product of demo feedback. The development is quick and results steady.

Lean 

A philosophy, methodology, or a mindset, call it what you will, it brings out tremendous productivity from teams in custom software companies. Whereas other entries in this list were specifically meant to bolster software development practices, Lean methodology was adopted from the manufacturing sector.

Agile is accomodative of flexibility, but it offers no actionable course to extend the same ideology towards business wings outside of Information Technology. Lean proposes the no-nonsense approach, nullifying wasteful practices, encouraging knowledge sharing, experimentation, innovation and faster turn-around times.

Feature driven development (FDD)

Why (and How) You Should Use Feature-Driven Development | Lucidchart Blog

Custom software design and development can be taken up via Feature Driven Development as well. FDD has been a precursor to the now omnipresent, Agile and Lean approaches. It follows a five-step development model. In the first step you take your plans to the whiteboard and lay out an overall strategy. The next step is defining the specifications of the software followed by planning around each feature holistically. Designing and building each feature make up for the last two stages respectively.

Make up Your Mind

We hope this clears the air around custom development of software. Be it on-demand, or standard solutions, Anteelo  has a track record of achievements in both categories. Our report card in the subject boasts nothing short of an ‘A’ with top industry review journals giving us a 10/10 on numerous occasions. Signing off with a saying dear to all at Anteelo.

If you are looking to develop an app that would be up to date with all the latest technologies of the current time, you should partner with a software app development company that is well-adept with the changing market needs, or you can opt for developers in your area like software development company in USA or Florida if you live in US. But make sure you choose the best to get quality results.

Steps For Effective Software Product Development in 2021

All the major elements of software product development - NewGenApps - The Technology Company with Integrity Uncategorized % %

There are a lot of things that should be spontaneous in life, like office parties, weekend trips, even tattoos but software development is not one of them! Stages of software development should be efficiently and effectively planned. If you want to develop a great software product, you need to have a proper plan and process in place. Benjamin Franklin so aptly put it – “If you fail to plan, you are planning to fail.”

Let us take you over the sequence of steps that are required for proficient software product design and development. The full cycle of product development involves several steps where the ending of one step is the beginning of another!

Table of Content:

  • SDLC for Product Development
  • SDLC stages: What are the stages of software development life- cycle?
  • How an MVP approach can make the software development process more effective?
  • Steps to lower the software development time and cost
  • Why does Anteelo trust agile methodologies?
  • The Path to Success

SDLC for Product Development

Software Development Life Cycle (SDLC) is a process for developing high quality software to meet customer expectations. SDLC includes a structure with a detailed plan to strategize, build, and maintain the product development.

Each stage of the product item advancement life cycle has its procedures and deliverables that get into the following stage. Throughout the software development process, every product begins with a thought. Then it goes through exploration, improvement, and testing, to the last service.

SDLC stages: What are the stages of software development life cycle?

As discussed above, the process of software development is a step by step method that needs to be dealt with in an efficient and effective manner.  Let’s learn about SDLC methodologies and stages in detail:

1. Idea and Concept:

Difference Between Idea and Concept | Difference Between

It all starts with an out-of-the-box idea and validating your application idea, but it is suggestable that right from the very beginning, document everything! Don’t keep your software product development ideas just inside your head. Any concept should be carefully thought out and brainstormed in order to be executed. Here are a few things that you can probe upon:

  • Define your goals
  • List out the features your software will have
  • Research other software products
  • Figure out how your product will stand out
  • Discuss the target audience
  • Sketch out what the software product will look like
  • You can be analytical and put together a user story

These simple steps will help your software product development life cycle in ways that you can’t even fathom and make the process smooth right from the start! This also defines a clear agenda that you have regarding the product.

2. Planning and Feasibility Analysis:

The Components of a Feasibility Study

Feasibility analysis, an important part of the app discovery process, will help you determine not only the technical but also the economic aspects impacting your software product development process. You need to keep a few things in mind while planning the roadmap of your product like time, resources, essential tasks, estimates, and ROI etc. An adequate amount of analysis and planning helps in foreseeing the risks that can occur during the software product design process. It will also help you in being ready with risk mitigation strategies.

3. Proof of Concept:

How Proof-of-Concept (POC) App Development Helps in Building Error-free Software Products - Aalpha India - Bangalore

Once you are through with your second step, you can go ahead and start with a proof of concept (POC). POC is one of the most important steps that software development services need to follow. This stage comes into existence way before the software development process starts. It will help you in validating your idea and you would know if the software product development steps are actually working for your business or not. It will not only confirm technical feasibility and possible expectations but also determine the potential blocks and the scope to accomplish them.

4. Design:

Logo design process: how professionals do it -

A good design is the one that doesn’t scream ‘look at me’ rather it shouts out ‘look at this product’. Software design is an integral stage of software development. Once the POC is successful, the design team conceptualizes a detailed software architecture hitting the bull’s eye when it comes to the features of the software. Product design strategy is about striking the right balance between user needs and business goals and not losing sight of either one during the SDLC.

The product design of your software will include prototypes and the final mockups, making sure that they are very customer centric. So the wireframes, standards, workflows and end goals should be defined keeping user interaction and final output in mind.

5. Proof of Value:

Proof of Value (POV) dives deeper into what the product means to your business. It helps you determine if your goals are achievable or not! Through the POV process you can easily take a single case from beginning to the end and inspect all the elements and understand the gaps on the way.

A POV basically provides a better understanding of the predicted value that the products will bring in and measure success.

6. Development and Coding:

Coding Standards and Development: A General Overview

Once we have all the key elements like the POV, design document and the functional requirement specification document, we can start with coding and development. It is all about giving life to your product! The software product development engineering team has to make sure that their coding process is accurate since it is potentially the riskiest step of the SDLC. Once the complete architecture that includes database, application programming interface and planned functionality of the solution is built, we can move towards the testing stage.

7. Quality Checking and Testing:

Pin by Kairos Technologies Inc on Software Testing | Software testing, Testing techniques, What is software

Now that your team is developing the software, quality checking and testing is one of the most important development process steps. I would highly recommend you to test, track and fix bugs simultaneously. However, once the product is developed successfully, you must have a final in-depth test as well.

You can start with these simple mobile app testing steps:

  • Releasing the product to a small group of beta testers
  • Using UX tools to keep a track of how the users are interacting to your product

You need to be 100% sure that you are not distributing buggy software to customers; this can ruin your reputation and result in loss of revenue. Testing plays a huge role in the software development procedure. I cannot emphasize it enough!

8. Deployment and Implementation:

Ready' for Implementation, 'Done' for Deployment!!

Once you are done with software development process steps like designing, coding and testing of your application, now is the time of actual installation of the crafted product. The application is now moved to production including data and components transfer. However, during the next releases, only some specific changes will be deployed. At this stage, end-users and system analysts can see, use and experiment the ready application.

9. Marketing Strategies:

12 Advanced Marketing Strategies for Amazon Sellers

Simultaneously the marketing team will keep coming up with a multi-platform approach to turn the spotlight towards your product. Out of the box strategies that will focus on telling the product’s unique story, understanding the competitive analysis, investing in digital marketing, creating social media and SEO master plans will enhance the product’s value.

10. Maintenance, Upgrades and Enhancement:

Application Maintenance | IT Company | Riyam Computer Services

You think that you have accomplished all the SDLC methodologies, well think again! The software development steps are not over yet. The final stage includes maintenance, operations and regular updates. Since this process starts post-launch, keep in mind that the customer needs are evolving every single day, which makes this step extremely essential.

The product will be upgraded, maintained, polished, redesigned and enhanced according to the feedback of the customers and the rapid development in the IT sector. I believe that this is the perfect time to vigorously modify the application’s functionalities to upgrade its performance. This way, you will be able to meet the actual needs of your target audience.

How an MVP approach can make the software development process more effective?

The full-form of MVP is – minimum viable product. The MVP will help you gain the users perspective. How? Below are some important pointers for you to keep in mind:

  • It is a ready to launch version of your software product with the sufficient amount of features that are enough for the initial users.
  • Once the feedback is received from the initial users, only then the final product is designed with all the elements.
  • The MVP process is cost effective since it saves time and accelerates the development process.

Building an MVP is not the only important task but testing its viability is just as important too. A software development company may think that the product can satisfy the needs of the customers but until and unless the MVP test is run, it cannot be said for sure.

Steps to lower the software development time and cost:

Step-1: Turn to outsourcing

More Companies Turn to Outsourcing As a Foundation for Innovation - Gorilla Logic

Outsourcing the software development process results in 40% decrease of the actual cost. You should consider your outsourcing options because:

  • Initial in-house cost cutting will save you a lot of money in the form of on-shore salaries, benefits, taxes, marketing and management costs, etc.
  • Zero pay out on software architecture.
  • You’ll be able to choose designers and developers on the basis of technical knowledge, relevant experience and lower budget criteria.

We suggest you do your due diligence and award yourself with a software product development strategy company that is capable of meeting the quality requirements and completing your product successfully.

Step-2: Leave no room for assumptions

Employee turnover: 9 reasons good employees leave | CIO

You should not be ambiguous about what you want when it comes to product development! If the requirements are not clear your product can turn into a disaster because of haphazard design, unplanned functionality and the lack of distinctness.

Documenting each and every requirement and expectation regarding your product will help you eliminate the room for vagueness. This will reduce the overall software development costs and save time for you, helping you focus on other important business problems and solutions.

Step-3: Testing is the key element

React Testing Library: The Modern Way to Test React Components | by Dilantha Prasanjith | Bits and Pieces

Make sure that the testing team is involved in every step of the way. Successful software developers reveal that they started testing for red flags, errors or bugs right from the design phase.

If the errors are found at a later stage, the intensity of rework increases! The quality check team will not only save the cost and time by reducing the chances for mid-project redesigning but also avoid sub-optimal application quality. By making software testing your ‘mantra’ you will throw light on potential risks and surface functionality conflicts.

Step-4: Prioritize the ‘must have’ features and eradicate the ‘nice to have’ features

I’m sure that we all buy gadgets and do not use about 50% of the features, same is the case with software products! They have a lot of unessential functions that your target audience will never use. Such features increase the development time and maintenance cost, so make sure your product has the most viable features.

I advise you to start with a smaller chunk of money and create a basic product. Once it turns out to be profitable, you can always expand the functionalities of the product. This step will save your time and cost. Also, carry out a proper market research to determine and forecast what your clients are embracing about your product.

Popular Software Development Methodologies

A team picks a specific set of tools and procedures for design, testing, management, and other software development processes. These choices rely on the aim that stands before the team and the objectives of the product that is to be built. Here are the most well-known software development models that an experienced teams use:

Waterfall Model

JIRA Waterfall Model - Javatpoint

This model presumes that each stage is finished before the beginning of the next one. For instance, QA engineers begin testing solely after programming is totally done.

V-shaped Model

V-Shaped Model (Sami, 2012). | Download Scientific Diagram

It is a lot like the waterfall model with a slight contrast- that is the testing occurs simultaneously with the other major stride for software development process.

Incremental model

Incremental Model (Software Engineering) - javatpoint

This model is split into builds. It implies that the product is developed with discrete squares/parts. In other terms, it means that the product is built like an enigma.

Rapid App Development Model

Rapid application development - Wikiwand

In this model, the project development is split among small teams who work simultaneously.

Agile Model

Agile Model (Software Engineering) - javatpoint

It is a sort of incremental model where each delivery is focused on better software quality. This methodology is broadly spread amongst teams and customers as it displays consistent process and fast results. Time taken to each build can be measured by weeks rather than by months.

Why does Anteelo trust agile methodologies?

The agile software development process and its most popular methodology – scrum, give you an interactive and dynamic experience. Agile methodologies will give you the power to collaborate with customers, interact with individuals and stay in constant touch with the team working on your project and produce sustainable, profitable and successful products.

It is all about accelerating the process, making it more efficient, and responding to the real needs of your customers, even if it does not align with your initial plan. Agile does help you to go with the flow and move in one direction with the understanding that you’ll change course along the way because of the constantly evolving technology and requirements. Also, this is the reason why the agile approach is really effective when it comes to startups.

The Path to Success

The most important outcome of following the above SDLC phases is that it will give fluency to the project execution process. Understand that the SDLC can be structured to the needs of a particular project in order to deliver the best product possible.

Anteelo offers custom software application development processes. The Anteelo product development team accomplishes in understanding your product, designing and developing it, testing it, and finally constantly evolving it. We align lean principles in our software development process.

Lean development principles is an agile approach which was developed on lean manufacturing principles. We assist in discovering, designing, engineering and scaling up your product. We excel in customer satisfaction, cost effectiveness, and efficient workflows.

If you are searching for a reliable custom software development company that involves the latest technologies of the current time, then you should opt expert agencies or companies in your area like software development company USA, if you live in the US. But make sure you choose the best to get quality results.

Why Rich Animations is a great design trend

Why Rich Animations are crucial for design | Design, Animation, Design  inspiration

In today’s world, the animation plays a crucial role in communication. It is incredibly versatile and can communicate abstract, complex and multidisciplinary concepts in an effective and easy manner. Gone are the days when people said: “ Animation is just a small part of interface design or product design and it is not essential “. Today, they are not used merely as eye candy, but as a powerful tool meant to enhance user experience. They are like heartbeats that brings life and soul to interfaces and products.

Latest web developments have allowed animations to be implemented easily which has given us designers truckload of opportunities. Simple or elaborate, animation can fascinate the users at every step. In this blog, I would like to highlight 5 ways you can use rich Animation’s to bring life to your designs:

Storytelling and fun way to convey any message

Who doesn’t like Stories? Probably no one. Animation can be used for storytelling and through them, even the most difficult concepts can be conveyed easily to the users. For example, previously, most brands were using the tutorial videos to help their users understand the process and benefits. But, today, the animation is ruling this space; pick up any app they are generally supplemented with ‘Splash Screens’ or step by step messages to guide users through the usage of the app.

 

Furthermore, it adds up to the personality of a website or mobile app, basically, your digital presence. Whether it is a long scroll of seamless sections of a website or showcasing of vision and capabilities, your story or action can be told in a fun and elegant manner. For instance, one of our clients, Hakunamatata, in space of Information Technology & Services wanted to communicate their strength in the development space through a website, hence, to highlight this we used ‘Unusual Navigation’ and empowered with many micro-interactions.

 

We believe, the animated design is a story best told; it adds an extra zing of awesome sauce that pushes the designs over the edge, bringing the very design to life in a subtle and friendly way which prompts the user to interact and explore more.  You should check out this website to experience the zing I was talking about.

Interactive and Intuitive

Intelligent animations are very engaging and enable users to focus, get feedback, and communicate efficiently with the brand and its digital interface; this creates a pleasant illusion close to natural interaction as with physical objects. This is the very reason why Apple and Google give so much importance to animation and interactions in their guidelines.

 

Interactive animations put the user in the driving seat and impart a feeling of having complete control over the navigation while they go through an astounding interactive journey. This amazing website takes users through the interactive journey of  Rome’s history. It is the most engaging history book you would come across and a user would feel like they are living the entire era.

 

Another, important thing to take note of is how a designer can effectively declutter his designs by concealing and revealing options with smooth animations and interactions which can be very useful while designing content/options heavy designs. A classic example would be the Android tray pulling animation with options.

Visual feedback and Micro interactions

These days we see a lot of animations giving visual feedback in the form of effects, transitions, animated colors, icons, and seamless backgrounds. They provide an unmatched user experience, because a user knows he is hovering on a clickable button or a link, and not just some content. Using Animation, the user is made aware of the progress and other features in an instance. An animated interface has the power to entertain the user with a fun loader while they wait for the page to load, inform them with a progress bar, load the animated skeleton of the layout, seek attention with beautifully animated signals when needed, alert a user about an error, help them navigate and what not! Micro-interactions also evokes emotions and feelings for the action. Animation applied for micro-interactions are hardly noticed by the user, however, as with all the small and simple elements of the interface, a lot of intelligence and understanding goes into designing micro interaction which boosts user’s interaction with the interface.

 

 Great and beneficial for designers as well

Animations, not only helps the designer to make a delightful presentation of their designs, but it also enables the designers to discover a lot of potential improvisation while they prototype or animate their designs. I would say every designer should keep animations and interaction in mind while designing an interface, which is nothing but interaction designing.

When the designer does this, not only he takes the wireframes to the design stage, but he also takes the design to the next level for better development, where he has already visualized how a user is interacting with the interface. It speaks volumes about the attention to detail the designer has put into it, as he eliminates bugs, errors, missing links, and dig into a lot of innovative UX with his “ Interaction Thinking “.

 

An animated design is a living thing! Period.

Not only it is as satisfying as the ‘fidget spinner’, but it supports the very essence of real life interaction and it creates feelings and perception close to what we humans experience while interacting with a physical object.  It speaks to you, plays with you, emotes with you, and understands you- Just like your best buddy.

 

The animation is the future of design and interfaces, which is very obvious with the evolution of VR and AR interfaces, where animation is the key property used to design them. People don’t just buy products, they actually buy the interfaces, the lively designs, and those appealing interactions.

SVG, Canvas, WebGL? Visualization options for the web

So, if you are creating an innovative product or design, take heed as the future is animated designs. Technologies such as SVG animations and WebGL, which supports us designers to make use of rich animations and interactions to enhance and add life to designs, which eventually impacts millions of lives.

Build an Effective Personal Finance Application

How to Build an Effective Personal Finance Application | Agilie app development company blog

Let’s be honest! We all want to live in a world where our finances are managed judiciously and our money is being saved automatically. Earlier people used complex accounting systems, today’s world is way more simple because a finance app can save the day. Why worry when there is an app for everything?

According to Statista, total transaction value in personal finance is expected to show an annual growth rate (CAGR 2020-2024) of 25.0% resulting in a projected total amount of US$1,715,072m by 2024. This, in turn, is bringing the global personal finance management market on a growth spurt.

I am well aware of the fact that there are a number of such finance apps in the market today but I am here to guide you about your personal finance app idea. With the right approach, you can easily join the market leaders. So let’s get on to business, shall we?

What is personal finance?

Personal finance concepts | Maureen McGuinness | Highbrow

In simple words, personal finance entails all the financial decisions and activities that an individual makes. It is all about planning your financial short term and long term goals for example, buying a new car, investing in a new home, saving for your child’s education or planning your retirement. Certainly, it depends on various factors like your income, lifestyle, expenses, individual goals etc.

The sector is an amalgamation of multiple Fintech categories that bring the best of the domain on users’ fingertips.

With consumers getting more conscious about their earnings and savings, personal finance apps are gaining traction in the market; making both investors and startups look ahead to developing a personal finance app.

Personal finance management mainly constitutes of:

  • Budgeting
  • Planning
  • Taxes and insurance
  • Saving
  • Investing
  • Keeping emergency fund for future

Financial literacy is very important in order to make the most out of your income and savings.

What is the role of a personal finance app?

Finance apps make your life easier by helping you to manage your finances efficiently. A personal finance app will not only help you with budgeting and accounting but also give you helpful insights about money management. It gives users various investment options, tax advice, insurance inputs and above all, a proper security system. The extensive role of a personal finance app makes them a key part of the Fintech trends list.

Types of finance apps

There are many market leaders when it comes to finance apps but we can roughly divide it into two main categories – simple apps with manual data entry process and complex apps with automated entry process. Let’s dig a little deeper!

1.  Simple finance apps

Best 9 Money Management Apps for Easy Financial Planning

As the name suggests, these are the simplest apps to track income and expenditures. These apps generally work on manual information inputs.

Pros:

  • The risk factor is zero since no bank accounts are linked to these apps.
  • These apps are very cheap when it comes to the personal finance app development process.

Cons:

  • The human error rate is high because of the manual data entry process.
  • The entire process is time taking.

2.  Complex finance apps

The best budgeting apps 2021 | Tom's Guide

The complex finance apps are more advanced. They allow users to link their bank accounts and cards, through which data is synchronized automatically.

Pros:

  • These apps are generally a lot more all-encompassing. They allow users to perform a series of tasks in place of a limited few.
  • The efficiency of complex finance apps is high since they save valuable time for the user.
  • Real-time transaction updates so the user is always conscious about the money management process.

Cons:

  • The cost of the development process for these apps is generally high.
  • It is important to invest more on security since the app deals with confidential and crucial data.

Key financial app features to make your finance app a big hit

1.  Account integration

Can we use Google pay to transfer money if the other person has not registered for UPI at any platform? - Quora

Make sure your financial management software accumulates all financial accounts of the consumer, for example credit cards, debit cards, loans, mutual funds, etc. Your finance app should be a one-stop solution for everything related to or required for money management.

2.  Security

How To Increase Your Online Security? - TEXTILE VALUE CHAIN

With such confidential details and credentials comes great responsibility. This is one of the key lessons that businesses can learn from Fintech companies. Creating a finance management app is one thing but making a secure one is completely a different story. There are many technologies that can help keep your money less vulnerable and more secure. Some of these technologies are listed below:

  • Biometric security measurements: It involves unique characteristics of a person, such as voice or fingerprint patterns. With biometrics, it can be extremely difficult for someone to break into your money management app.
  • Multi-factor authentication: This adds on an extra coating of security.  Two-factor authentication process makes it even harder for attackers to gain access to a consumer’s sensitive information.
  • Real-time alerts: It is important that your finance management app notifies users in real time. Customers develop great confidence when they know for a fact that they will receive a notification if anyone is trying to access their account or personal information.

3.  AI algorithms

Top AI algorithms for Healthcare

There are many ways AI is reforming the mobile app industry in terms of user engagement and developer app revenue. Artificial intelligence algorithms will help you personalize the user experience. Let’s discuss how AI can make personal finance management more effective.

  • AI will help you incorporate expenditure categorization. This will aim to classify the cost spent on a specific category for example, medical, entertainment, groceries, investment, etc.
  • AI also looks into expenditure analytics, which automatically updates and provides you with data visualization of your money spent on each category.

4.  AI chatbots for useful advice

AI Chatbots: The Guardian Angel for your Business

AI chatbots provide access to all of a customer’s data. Further the app can analyze and provide suggestions. The solution can keep track of the spending habits, give insights into the credit scores, manage budgets etc. This enables AI-based recommendations which ultimately helps with efficient money management. The AI-based customer service chatbots are imitating human interactions and providing them desirable information/result in no time.

5.  Real time spending and tracking

Google Pay: A safe & helpful way to manage money - Apps on Google Play

A money management app should help consumers track their expenditure. This feature will come in handy since the users will save both time and money. It is important that the consumers do not have to switch apps to track where they are spending or investing their money, it should be effortlessly done on a single platform.

6.  Simplicity

Google Pay: A safe & helpful way to manage money - Apps on Google Play

No one is fond of complex procedures in a money management app because it involves crucial details. You should keep the 3 clicks rule in your head, that is, 3 simple taps should be enough to lead the consumers to wherever they want.

7.  User experience

User Experience Design in Digital Transformation | by Agata Cieślar | UX Planet

Most of the developers build an app without focusing on the design. This ultimately leads to the app’s downfall. The balance between app functionality and design is hard to maintain but is a necessity.

The design of a financial planning application must be extremely user-friendly to better customer satisfaction. To develop an efficient application with amazing user experience, you must know the target audience and where their preferences are. Not only this, you should definitely think as a user.

The user experience of your app will be a deciding factor for the consumers if they want to use it or not. Make sure your financial management software is easy to use and navigate. This will ultimately lead to business growth for your startup.

8.  Constant customer support

6,768 Call Center Agent Stock Photos, Pictures & Royalty-Free Images

24*7 customer support is of great importance. Customer support in different languages will get you a global clientele and keep your customers loyal.

9.  Alerts and notifications

B2B & the power of push notifications - Swiftcloud

It is one of the most significant features for a finance app. Notifications can help consumers in case of:

  • More expenditure
  • Low balance in the account
  • Upcoming bills to be paid
  • Great deals for investment or savings

Additional features that can help you in making a superb finance app

Here are some advanced features for your personal finance management app.

  • Currency converter
  • In-app general calculator
  • Credit score calculator
  • Tax calculator
  • Shopping list

I think you might also want to know about the teams involved in developing a personal finance application. You think, I deliver! Here you go!

Make sure your financial app development company should have a team of:

How to monetize a personal finance app?

Creating a Personal Finance App That People Will Want To Use

It is hard to associate the term “free” with “revenue”, right? Now that you are providing fintech services to your customers, how will you make money? Let’s probe how to earn money from your Fintech app further:

  1. In-app purchases: You can allow users to utilize basic features of your app for free and you can keep the premium features in the paid version. Premium features can include the advanced version of the basic ones and of course, some new functionalities will always be appreciated by the consumers.
  2. Integration with third party services: Grant consumers to use third party services that are relatable to your business. This will expand the usability, functionality and audience of your app simultaneously.
  3. In-app ads: Earning money through in-app ads is the easiest way to make money! However, my suggestion to you is, make sure that too many banners don’t pop-up too frequently in your app. That is just a huge turn-off for the user.

End note

As you have understood that there is a demand for financial application development in the market. Now, you have a basic idea about how to build an app with key features and monetize it. So, if you have an idea and want to conquer the market with it, reach out to a fintech app development company to build it. It is the right time to hire a development team of agile ninjas and skilled developers and designers to bring your idea to life.

Android or iOS: Mobile Platform App For Startups in 2021

Which Mobile Platform Should Startups Choose in 2021: Android Or iOS? - You Startups

Back in 2008, the iOS App Store was launched with 500 apps. Today that number has skyrocketed to 1.85 million apps that are available for users to download. Android users have a bigger app universe to browse from that consists of over 2.56 million apps available in the Google Play Store. It is safe to say that we are living in the digital era! To prove we are in the digital era, let’s recall the numbers. Did you know that the number of smartphone users worldwide surpasses 3.5 billion? As per the Statista- Smartphone User forecast, it is estimated to further grow by several hundred million in the next few years. There are 7.94 billion devices connected worldwide and this number is more than the number of people in the globe! Hence, there is no denying the fact that mobile applications are an integral part of our daily lives. Keeping the above data in mind, many entrepreneurs are planning to start a mobile app centered business. If you are amongst those businessmen who are looking forward to creating a mobile app, then the first question to address is – which is better among Android vs iOS development?In this article   you will walk through certain factors that will influence your choice, and embibe you with the iOS and Android App Development Platform.

Let’s get right to it.

Apple vs Android: Market Share

Innovative Mobile App Ideas for Successful Startups in 2020 [Updated for 2021]

According to Statista, in 2020 the market share of Android and iOS was 86.6% and 13.4% respectively and these numbers are expected to reach 87.1% for Android and 12.9% for iOS in 2023.

 

Looking into the above graph, you can conclude that Android is a clear winner in the mobile operating system market share worldwide and is expected to remain so in the years to come. It is so because the Android startup apps are the most adopted ones for almost every smartphone vendor other than Apple.

Also, Android is an open source platform that allows and makes it easy for mobile phone manufacturers to add their own look to the operating system.

Apple vs Android: App Downloads

According to Statista Market Forecast 2016–2021, there will be 196 billion annual downloads from Google Play store by 2021, all thanks to growing smartphone and app adoption worldwide.

While from the iOS store there will be 42 billion downloads. Android again wins when it comes to app downloads worldwide and it is expected to enormously grow in the years to come.

 

After reading all the above facts and data  it is highly advisable for you to  make yourself familiar with the process of startup app development.

We have curated a complete guide on apps for startups, with A to Z information about the process of getting your idea live on a mobile application. In this article, we will answer all the questions that every entrepreneur who is new to the app industry might have.

Which Is Better – iOS Or Android?

Android vs iOS development is a never ending debate between software developers. The quest to- Which platform should startups choose has no one word answer. There are solutions that depend on various factors that an entrepreneur should consider before making a decision.

Let’s go through all the factors one by one:

1. Demographics

There is no denying the fact that Android smartphones have a larger demographic than apple users.

Also, there is no denying the fact that Apple is considered a high end device in which users are willing to purchase apps. So, Apple users are generally found in prosperous parts of the world.

For example: The USA is considered among the highest revenue making countries, thus you will find a larger number of iOS users there.

As per the reports by Statista, currently there are more than 113 million iPhone users in the United States, accounting for about 47 percent of all smartphone users in the United States. So if you are targeting the western demographic, I suggest you to hire iphone app developers.

 

2. Fragmentation

In simple words, fragmentation refers to when users are running different versions of a mobile operating system and using different mobile hardware models or mobile devices.

We are aware that iOS devices and their release cycles are controlled by Apple alone. As a result, once a year Apple synchronizes iOS version releases with device releases. Hence, fragmentation issues are less.

However, when we talk about Android, fragmentation issues occur constantly, further making life of the android application developers difficult at the time of testing and quality control. Thus, Android fragmentation increases development cost and maintenance time.

3. Design and development

In terms of designing, Google Material Design has a greater influence on UI and UX. Mobile app developers feel that when it is about coding mobile apps then Swift is a much easier language to start as compared to Java.

However, design and development is one factor that depends less on the platform and more on the skills of your partnered mobile app development company. When you are linked with a brand that has it specialization in the development of both Apple and Android apps, it is of the least matter about which platform requires less developmental efforts as both are done within equal efforts.

Now that we are aware of the factors involved, let us discuss the reasons to go for android startup apps and iphone startup apps separately.

Why Choose Android Startup Apps?

A pop of color and more: updates to Android&#39;s brand

You should go with Android first if your audience is not concentrated on any one specific demographic or target audience. Also, if there are a good number of customization elements in your mobile app, go with Android.

Below are the advantages of using Android.

1. Greater user base

Majority of users globally use Android devices as compared to other devices, which gives you a large pool of potential users. Not having an android app for business means losing limitless opportunities and audiences for your product or services.

2. Open source platform

Android is an open-source platform which means Google doesn’t charge any fee for using this platform. Wherein, Google also provides Android app development tools and technology for free to the developers. Thus Android app cost is comparatively lesser than iOS app cost.

So, it is a cost-effective solution for your startup budget.

Hardware device manufacturers such as Samsung, Oppo, Xiaomi, etc., all use Android as their default OS.

3. Customizable apps

Android app development allows the app developers to customize the applications as per the business requirement. This means your business app development will get done with the right requirements and required flexibility which might not have been possible with any other platform. It is always a good idea to hire an android app development company that can help you with your startup app.

4. High ROI

The moment you publish your app on the store, you get a big pool of potential users that you can tap into. Since you have such a wide market to target, the return of investment on your android app would be instant and always on a higher end considering your Android app development cost.

5. Compatibility

One of the biggest advantages of choosing an android app over iOS is that there’s no restriction on devices that is to be used for building an android app. You can build an app on any device, be it Windows desktop, Mac, or the Linux system.

The fact that makes Android a go-to platform for all the sectors with interoperability needs is that it allows you to expand your brand across devices and systems .

We now understand the advantages of choosing android apps. Let’s dig deep and see what are the reasons to go for iOS app development for your startup.

Reasons To Choose iPhone Apps

You should place your startup’s first mobile app on iOS by investing in a sound reputed iOS app development company if you wish to come in the sight of the app store’s target demographics.

Let us discuss the advantages of choosing iOS apps for startups:

1. Security

Security is the utmost requirement for any business because sensitive enterprise data is lodged in apps. Android apps are a big risk when it comes to security while iPhone users are cushioned against hacking and malware. When you compare the iPhone vs Android on the basis of security, iPhone apps protect firmware and software through stringent security measures such as :

  • Integrated data handling systems
  • Measures to prevent duplication of data
  • Measures for loss of security by data encryption

 

2. Revenue

The ones that have a greater ROI than Android apps are the iPhone apps.. The best revenue generation opportunities that you can get from your iOS application development process, is to keep an eye on the mistakes, tips and tricks, and other related information would be a big advantage. You can look for iOS app development services that can help you with your vision.

3. Established customer base

The biggest USP of Apple is its established customer base. Apple is a pioneer in technology and applications. Apple has a well-established niche of its customer base that swear by Apple’s quality and performance and are loyal to the brand. That’s why it is said that once a smartphone user experiences the iOS platform, they will never be satisfied by any other OS and will stick to Apple. 

4. Low fragmentation and testing

As discussed earlier, Apple generally develops just one updation on its existing OS every year. Also, the number of Apple devices are lesser than Android-based ones. Thus, Android apps should be tested comprehensively to get its better functioning on all the versions of Android OS.

On the other hand, iPhone apps just have to meet testing criteria of its previous iOS versions. This constantly reduces testing time and guarantees a rapid time to market for its apps. This also results in saving apple app development cost.

Wrapping Up

After reading the write up you must have understood that there is no right or wrong answer, it all depends on your requirements. We have seen specific scenarios favouring the iOS platform and others suggesting us to go for Android.

By keeping all the above information in mind, you can contact a mobile app development company that will help you build your app without worrying about the operating system.

 

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