Service-based Project Management

The cost of mobile app development services can vary greatly between countries. Countries such as India, Bangladesh, Pakistan, and the Philippines have among the lowest development costs, while the United States and the United Kingdom have the highest. The reason for this is simple – the cost of human resources in each country.

Although development costs in countries such as India, Bangladesh, and Pakistan may appear to be very lucrative for founders at first, they can pose a number of challenges in the future. In this blog, we will discuss briefly the challenges and risks that you may face when working with a low-cost offshore development company, as well as ways to mitigate those risks.

Because of the increased global penetration of the internet and smartphones, the mobile application development industry has grown rapidly in recent years. Today, approximately 6.648 billion people worldwide use smartphones, accounting for 83.72% of the total population. Countries such as India, Bangladesh, the Philippines, and Pakistan have responded to this rising demand by providing more affordable and cost-effective mobile app development services. There are approximately 32,000 IT companies in India, 4,500 in Bangladesh, and 2,350 in Pakistan. These figures are rapidly increasing due to rising demand, but companies and founders around the world are facing several challenges:

1. Price variations: It is almost certain that if you go with a low-cost vendor for your mobile app development services, the final costs will be much higher than the initially agreed-upon prices. One of the primary causes of this increase is the lack of a clear Scope of Work (SoW) document that lists each and every feature that must be built into the application. Low-cost vendors typically keep the SoW very vague because most founders are non-technical, allowing them to cash in once the project is halfway completed, leaving you with no option to question or change the vendor. Most founders have also noticed that the cost of variation quoted by cheaper vendors is significantly higher than the initial rates offered to hook you in at the start.

2. Low code quality: Hiring newbie/inexperienced software developers is the main strategy that low-cost vendors use to keep operational costs low. Less experienced software developers fresh out of university are very cheap, which means they are most likely learning to code on your project. This implies that the code quality is most likely very low, which may result in a higher number of bugs and issues once the project is launched. Most founders prefer to hand over the code after development so that the project can be maintained in-house. A low code quality would make managing the project extremely difficult for your in-house team. You would have to devote a significant amount of time and effort to improve the code’s quality, which would add to the project’s costs.

3. Project delivery delays: Having a vague SoW combined with inexperienced developers working on your project can only result in one thing – project delivery delays!!!

It is also important to consider macrotrends in these low-cost developing countries. Opportunities for software developers abound due to the low cost of hiring resources and the high demand for software development. This leads to a very high employee churn rate, in which employees leave their company after gaining some experience to join other firms that offer a slightly better package. Employee turnover in the Indian software industry typically ranges between 15 and 30%, with employees leaving for short periods of time. This is an important consideration because high employee attrition rates may result in multiple developers working on the same project, resulting in a lot of wasted time in knowledge transfer and, ultimately, extended project timelines.

4. Communication gaps: The majority of countries with a cost advantage due to lower human capital are not native English-speaking countries. The issue here is a lack of effective communication between yourself and the vendor, which may result in increased costs, a longer project timeline, and, most importantly, wasted time and effort.

5. Poor testing: Several founders have reported that the quality of mobile apps delivered by low-cost mobile app development vendors is poor, as they contain numerous bugs and inconsistencies that are only discovered after the app has been delivered. To cut costs, most low-cost mobile app development vendors invest very little in test engineers. In order to control costs, they assign additional responsibility to their developers to test the apps. This has a significant impact on project quality because developers do not have enough time to thoroughly test their code due to project deadlines. As a result, you will receive a very poor app and will have to spend your time testing the apps or invest in resources to have the apps tested to ensure the quality of your project.

6. Code handover risks: Most cheap mobile app development companies are hesitant to transfer the final code and credentials with you after project completion (although they might have committed to do so prior to project award). This is to ensure that you are not looking for other vendors to take over the project or develop it in-house for all future features and versions. They would not refuse to transfer the code to you, but they would provide very little to no assistance in understanding their work. Lack of proper documentation exacerbates the problem by making it difficult for a new team to learn the project, making the code handover process even more tedious.

Another factor to consider is the payment terms of offshore vendors, as they typically demand full payment prior to code handover, giving you less bargaining power when considering hiring them.

Another challenge with code handover is the code itself, as you would need to have relevant resources (iOS, Android, Backend, and Front-end developers) on hand to check and ensure that the most recent work is committed or handed over to you.

7. Inadequate after-sales support: It is expected that you will receive timely feedback and resolution to your questions or app fixes while the project is in development and within the warranty period. Most low-cost vendors provide very little aftersales support because it is an additional cost that they prefer to avoid. If bugs or issues are not addressed quickly, your customers may have a negative user experience. Most low-cost vendors are hesitant to offer long-term maintenance contracts because it is more profitable for them to devote their resources to new projects. This may result in your project being left hanging after launch, which is an important factor to consider when selecting your software development partner.

8. Poor business ethics: It is important to note that low-cost mobile app development vendors are likely to have poor business ethics. This could lead to a series of unpleasant encounters throughout the project’s development life cycle. This is also important to consider when choosing a vendor because you will be revealing your business idea to them, which poses a risk post-development because they may use the developed code for other projects or customers.

9. Lack of Cloud Competence: Because cloud architects are expensive resources, cheap mobile app development vendors are unlikely to have one at their disposal. Most projects require cloud expertise because it determines the scalability and performance of the mobile application. Furthermore, the cloud architect is responsible for configuring the cloud’s security features to ensure that the apps and backend are secure from hackers.

Why is Dubai the right place for your Tech company!

We live in an age of information and technology, with the number of IT companies in developed and developing countries increasing by the day. And if you’re an entrepreneur with a business idea who wants to start a company, look no further. Dubai often referred to as the “city of the future,” as well as a well-known centre for industry research and development, should be at the top of your list.

Dubai offers exciting opportunities and a favourable business climate. Dubai’s pro-business attitude and support for businesses of all sizes have resulted in a robust, vibrant economy. Not only does the city have a thriving community of start-up accelerators and regulatory sandbox schemes for the development and testing of new tech business models, but it is also ranked first in global foreign direct investment and major sections in emerging technological sectors.

As the Middle East’s technologically-based start-up scene grows, the UAE’s commitment to becoming a global leader in technological advancements has made Dubai home to some of the region’s hottest enterprises. 29 of the 100 start-ups shaping the Fourth Industrial Revolution are based in the UAE, with nearly half of them based in Dubai! Not to mention that foreign nationals benefit from 100 percent ownership, tax breaks, and customs duty exemptions, to name a few important factors when compared to other countries.

To elaborate on why Dubai is an appealing start-up hub for entrepreneurs from all over the world,

– It is simpler to start a business.

– Relaxed Foreign Ownership and Visa Requirements

– Technology and Capital Investment

– A Constantly Expanding Economy

– Pioneer in adopting cutting-edge trends and technologies

Furthermore, Dubai is a forerunner in adopting the latest trends and technologies while developing an enabling ecosystem that enables businesses across sectors to innovate with long-term strategies in AI (Artificial Intelligence), Blockchain, Metaverse, and IoT. (Internet of Things). The government is working hard to make Dubai a smart, intelligent, responsive, and personalized city of the future!

A summary of some of the most recent technologies adopted by the UAE.

Blockchain

Blockchain is a method of storing data that makes it difficult or impossible to change, hack, or manipulate. It is a digital log of transactions that is duplicated and distributed across the entire network of computer systems that comprise the blockchain. Each block on the chain contains several transactions, and whenever a new transaction occurs on the blockchain, a record of that transaction is added to each participant’s ledger. DLT (Distributed Ledger Technology) is a decentralized database that is managed by multiple people.

Why so much hype around the blockchain?

There have been numerous attempts to create digital money in the past, none of which have been successful. The main issue is one of trust; if someone creates a new currency, how can they be trusted knowing full well that they can give themselves some amount and/or steal someone else’s money for themselves? This problem was solved by employing a type of database known as ‘Blockchain.’

Most normal databases, such as SQL Database, have someone in charge who can change the entries; however, Blockchain is unique in that no one is in charge; it is run by the people who use it!

According to H.H. Sheikh Mohammed bin Rashid Al Maktoum, “Dubai will be the first city fully powered by Blockchain under the Dubai Blockchain Strategy, which is the result of a collaboration between the Digital Dubai Office and the Dubai Future Foundation to constantly explore and evaluate the latest technological innovations that demonstrate an opportunity to deliver more seamless, safe, efficient, and impactful city experiences.”

AI (Artificial intelligence)

A branch of computer science is concerned with developing intelligent machines that can perform tasks that would normally require human intelligence. Simply put, artificial intelligence is the simulation of human intelligence processes by machines, particularly computer systems. As the hype surrounding, AI has grown, vendors have been scrambling to demonstrate how their products and services integrate AI. AI necessitates a foundation of specialized hardware and software for designing and training machine learning algorithms. Although no single computer language is synonymous with artificial intelligence (AI), a few stand out, including Python, R, and Java.

According to the UAE National Strategy for Artificial Intelligence 2031, there are plans to transform the UAE into a world leader in A.I. by investing in key people and industries! “We want the UAE to become the world’s most prepared country for Artificial Intelligence,” His Highness Sheikh Mohammed bin Rashid Al Maktoum said.

The UAE aims to be one of the world’s leading AI nations by 2031, creating new economic, educational, and social opportunities for citizens, governments, and businesses, and generating up to AED 335 billion in additional growth.

Metaverse

An internet iteration as a Single, Universal, and Immersive Virtual World made possible by the use of Virtual and Augmented Reality headsets! The metaverse is a three-dimensional, hyper-realistic virtual-reality arena in which users interact with one another in computer-generated environments such as stores, learning environments, and conference rooms, among other things. Social media, augmented reality, virtual reality, video games, and other cutting-edge technology are all incorporated.

Its development is linked to the advancement of virtual reality due to ever-increasing demands, having originated in the 1992 science fiction novel Snow Crash. Some of this technology’s components have already been developed and used in online video games. Popular names include World of Warcraft, Minecraft, and Fortnite, all of which have already incorporated the metaverse. Recently, in 2021, the technology behemoth Facebook renamed itself ‘Meta’ and announced its commitment to developing a metaverse!

Since 2017, following the acquisition of the VR company AltSpcaceVR, Microsoft has implemented metaverse features such as virtual avatars and virtual meetings in Microsoft Teams.

The metaverse can be accessed via general-purpose computers and smartphones, as well as augmented reality, mixed reality, and virtual reality. Current hardware development is centred on overcoming the limitations of VR headsets and sensors, as well as increasing immersion through haptic technology. Interoperability is a major concern in metaverse development, stemming from transparency and privacy concerns.

Microsoft recently adapted this for HoloLens 2 in 2019. (a pair of mixed reality glasses developed and manufactured by Microsoft)

According to a May 20th article, the Dubai Metaverse Strategy, announced earlier this month by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, aims to increase the metaverse sector’s contribution to the emirate’s economy to $4 billion by 2030. It also intends to increase the metaverse’s contribution to one percent of the emirate’s GDP.

IoT (Internet of Things)

The best way to define IoT is as an interconnected network of computing devices, mechanical and digital machines, items, and people with Unique Identifiers (UIDs) and the ability to transfer data without the need for any human-to-human or human-to-computer interaction.

IoT is defined as any natural or man-made object that can be assigned an IP address and transmit data over a network, such as a person with a heart monitor implant, an animal with a biochip transponder (wireless communication, monitoring, and control device that detects and responds to incoming signals), an automobile with built-in sensors alerting the driver about low tyre pressure, or any natural or man-made object that can be assigned an IP address and transmit data over a network.

Organizations across a wide range of industries are increasingly turning to IoT software development to improve operational efficiency, better understand customers in order to provide better customer service, make better decisions, and increase the value of their businesses.

The Smart Dubai Internet of Things Strategy is a comprehensive plan to secure and promote Dubai’s digital wealth while also providing efficiency and peace of mind to all city residents, visitors, business owners, and government officials through a citywide partner network. The plan began with the announcement of two major initiatives led by Smart Dubai to promote secure information sharing and exchange via the Internet of Things.

When developing a website or app, should you use your own resources or hire a software solution provider?

Now that we’ve covered the documentation and validation components of developing a website or mobile app, let’s look at how important it is to decide whether to use your own resources or hire a software solution provider/company to do so.

When considering the development of a website or mobile application, the first assumption is that you will use your own resources. This basically means that you’d have to look for developers among your current employees. This may appear to be the best option at first, but once the development process begins, problems emerge.

Many businesses believe that the process of hiring a mobile app development company is inefficient and that hiring an external company would be prohibitively expensive, not to mention time-consuming.

We’ve compiled a list of seven reasons why hiring a mobile app development company is the best option when creating a website or mobile app.

1. Decreased Product Development Time

A software development company is an excellent choice for saving time while developing a mobile app and/or a website. This is often due to their level of experience, and these factors combine to make them an excellent choice.

A dependable software development company completes work in an efficient and effective manner. It’s also important to remember that cutting development time means cutting costs significantly.

2. The availability of a wide range of skill sets under one roof

The availability of a wide range of skills within a software development company is critical because it ensures that every hour spent developing is productive. Working with a team that lacks certain skills can cause the development process to be slowed.

When working with any app dev elopment company, you must ensure that the team behind the process has the necessary skills. This is not always possible with an in-house development team, whose skill sets may be limited.

3. Ease of project management

Working with a mobile app development company is a smooth process because you can leave the project in the hands of skilled professionals while you focus on other aspects of your business’s expansion.

When a software development project is not properly managed, it can turn into a nightmare in terms of time, delivery, involvement, and costs. Hiring a software solutions provider eliminates this step because they have dedicated resources to handle all aspects of the development process.

4. It is inexpensive

With an in-house workforce, you will be responsible for a large portion of the overhead costs, which may have a long-term impact on your bottom line. In contrast, when you outsource, you only pay for the services you receive, which are usually less expensive and available on demand. When you outsource, you can hire the best people for your project without having to worry about overhead or the cost of setting up a workstation. Saving money is one of the primary reasons why many businesses outsource.

5. Increased Work Quality

Quality is important in the digital world, just as it is in any other industry project, and you cannot achieve optimal quality with inexperienced developers. When you hire a company for software services, you will notice that the work is of high quality. This is due to the company’s level of exposure and experience.

That being said, you do not want to hire the cheapest development services available. When it comes to quality and price, there is always a happy medium.

6. There are fewer risks involved

You can halt the project at any time by using an outside service. This means you won’t suffer any major financial setbacks.

This is an extremely important aspect of a project because your expenses may begin to exceed your budget. The ability to halt the project without having to continue paying the developers allows you to regroup and re-start when you are ready.

Making the right decision can save you from a lot of trouble. The fewer risks you take when developing your mobile application, the better the results.

7. Expect fewer annoyances

When you hire the services of a software company, you make fewer mistakes because of their experience and expertise, as opposed to developing the website and/or mobile app in-house with an inexperienced team.

Not to mention that the time spent on these tasks is significantly reduced. All that remains is for you to conduct regular check-ins to see how things are progressing and to communicate if you want any changes (based on the agreed-upon features and functionalities) or to request some changes if both parties agree.

finding the most dependable software company

When looking for a software development company, you must make an informed decision. It is not only about experience, but also about dependability, service quality, and efficiency.

This is why, before hiring your application development partner, you should consider the factors listed above, as well as strike a balance between affordability and quality. This will allow you to develop your website and/or mobile app more quickly and without bugs!

Conclusion

Hiring a reputable mobile app development company is, of course, a wise decision. There are several disadvantages to working with an in-house team, as highlighted in this blog. The good news is that finding a trustworthy and efficient firm is much easier than you might think.

What exactly is a Scope of Work document, and why is it required?

A variety of documents are required when performing any type of service for a client. It is critical that you take your time and determine which steps are most critical to your project. One such item is the scope of work document.

When you begin your project journey, it is critical to have proper documentation for every aspect of your startup. This proves to be a critical component of the business at all times. It also allows you to keep track of your workflow.

When you collaborate with other people, it is easy for miscommunication or assumptions to derail the project, which is one of the main reasons why the scope of work is so important!

What is the definition of a Scope of Work document?

The Scope of Work agreement, also known as the SOW, is a document that details everything from work details to schedules, terms, and expected outcomes and is referred to by all parties involved in the project. Not only that, but it also saves you from unnecessary feature additions and extends your project’s timeline beyond what was originally promised.

Consider the scope of work document to be a road map that will lead you to the completion of any project, from website redesign to mobile app development.

What information is contained in/provided by this document?

The SoW is essentially a document that covers a work agreement between two parties known as the Client (You) and the Contractor/Vendor (Company you’re working with). SoW is essentially required to ensure that both parties’ expectations are clear and agreed upon. Having said that, there are some sections that are commonly found in this document, such as:

Timetables and key milestones

The project’s objectives

Items to be delivered

Individual responsibilities

Outcomes to be expected

The terms and conditions

Payment arrangements

Why is it necessary to create this document?

When working on a project, you must ensure that everyone is on the same page and that a proper layout is created that can be analyzed and reviewed by the client.

The scope of work document is an excellent resource for a website and mobile app development company. It not only serves as the main document to follow throughout the journey, but it also assists you in avoiding some of the most common pitfalls, such as miscommunication, scope disputes, misinterpreting expectations, and the need for re-work.

The steps for developing the SoW (Scope of Work)

Now that you have a basic understanding of a scope of work and its purpose, let’s take a look at the basic outline of what it should include.

The project is introduced in this section.

Before delving into the specifics of the project, it is critical to receive an introduction to the project, as this provides all parties involved with a brief on the project goals. It also helps you understand what the development process is supposed to achieve

Overview of the company

Describe the business venture and why this project is being completed. A basic explanation of the project, the idea, business objectives, and expected outcomes are just a few examples.

Details about the user journey

Outline a high-level but straightforward explanation of the customer journey that the mobile app must provide. This would help to set the tone for the design and development team, who would then incorporate relevant designs and features into the mobile application.

Features of a mobile app/website

This section should highlight the most important features of your mobile app or website. These are not specific deliverables but must include an overview of major features that would be required in the mobile app or website, which the app development team can then break down into specific deliverables.

Theme for design

Designing a website or mobile application can also be a difficult task. It may be necessary to return to the specifics several times. The designs must be relevant to the business idea, user journey, and target audience, as well as address issues such as customer retention, ease of conversion, and so on.

This is something you should talk about with the development team. If you have a design in mind, make sure to notify the development team so that it can be taken into account.

Budget and Timetable

Finally, the project’s budget and timeline will be critical factors in this process. It is critical to define this correctly because the budget is dependent on the timeline and vice versa. Keep in mind that any changes to the SOW could affect the project’s timeline and overall cost.

How can an experienced company assist with the creation of an SoW?

Using the services of an experienced software development company with expertise in business digital transformation can have a significant impact on project quality and delivery. Your goal should be to find a company that has the right team and work ethics. Not only that, but the company’s experience helps with the creation of the scope document, which highlights the schedule, features, budget, and objectives, among other things.

Identifying and selecting an experienced software development company should be based primarily on one key process, namely communication! You’d want a partner who is reliable, proactive, and truthful. You should also consider the company’s technical stack, specialities, and capabilities.

Finally, some thoughts

When you are looking to begin any kind of software or mobile app development process, there are many things that must be defined. Keeping it brief, documenting it early on, enlisting the assistance of a technical writer, and being clear on what the project should or should not include are some key points that can make a difference.

The Scope of Work document lays the groundwork for any application development process.

Idea Validation & Funding your app

Website and mobile app development are more competitive than it has ever been. Regardless of how cool your mobile app logo or website is, you are unlikely to succeed if you do not validate your business idea before launching a startup/company. Those looking for dependable solutions require more options than ever before.

According to statistics, 42% of startups fail due to a lack of market demand for their products, apps, or services.

It’s simple to become engrossed in your thoughts. Most entrepreneurs who fail to validate their ideas, on the other hand, see their startup dreams crumble. In order to invest in optimal strategies, you must be more precise than ever. Validating any idea before investing in its implementation results in an optimal strategy. This is essential before hiring any app development company.

What is Idea Validation?

Simply put, validation is the process of testing ideas to see if they are viable. Businesses can avoid wasting time and money on ideas that may or may not be profitable by taking this approach. However, having your ideas validated saves you a lot of pain after you launch your app.

This is one of the reasons why idea validation is such an important step in the development of a mobile app. This is to ensure that you have enough confidence in the success of your mobile app investment.

Pokémon Go is an excellent example of a well-validated idea prior to launch. At the height of its popularity, over 150 million people were playing Pokémon Go at the same time, with over one billion downloads. Uber, Candy Crush, and Angry Birds are just a few of the popular apps that have seen similar results after going through the idea validation process.

How to validate your ideas

Everyone wants their ideas to be loved, but only a small percentage of those ideas are worthy of implementation. To determine whether an idea has a chance of succeeding, it must be validated. As a result, several factors must be considered in order to validate ideas. The following are some of the most important and well-practised steps to achieving the best results.

1) Conducting market research

For many different reasons, this is the heart of the entire idea validation process, and it is important to remember that marketing research is detailed as a process. It is not only necessary to collect data on the target demographics, but also on customer demands and how they seek information to influence their decisions. It also entails researching competitor information in order to achieve the desired results.

2) Preparing proto personas

Proto personas serve as a starting point for developing the best target audience for a particular product or service. This is a brainstorming session to determine who will use the product(s) or service(s) you are offering. The question “What needs does our target audience have?” guides the development of proto personas.

3) Creating a Customer Journey Map (CJM)

The Customer Journey Map illustrates the various types of relationships that people can have with brands. This analytical method allows a company to gain a better understanding of how a potential customer will behave and interact with its products and services. This information can assist business owners in improving their approach and achieving a better outcome.

4) Conducting user interviews

User interviews can also provide a wealth of information by providing a great level of insightful information. Knowing what questions to ask will be extremely important in this process, and it will make them far more reliable. With all of the analytics tools available, the best way to learn what users want is to talk to them directly.

5) Creating and testing paper or digital prototypes

You can create a digital or paper prototype (Minimal Viable Product – MVP) to get a better idea of how the project should look once completed. They both have advantages and disadvantages, so it all depends on the project’s scope, timeframe, and structure. Prototypes allow you to test the flow of a design and get a better idea of how an app will look before it is finished.

6) Using the Design Sprint

This procedure should be followed in order to reduce the overall risks associated with the deployment of a new product. It is a very useful strategy that many businesses use. Design sprints have been especially useful in overcoming major challenges, whether when developing new products or improving existing ones. It is not always possible, but it is a good idea to have the option.

7) Identify and analyze existing apps

Identifying and analyzing existing apps has always been a useful and efficient strategy for validating ideas. This provides a trustworthy and insightful viewpoint that will assist you in developing a superior application.

Funding for your application

Many people decide to seek funding for their application in order to see their project through to completion. This strategy is frequently accompanied by additional responsibilities. Not only that, but investors may complicate the process by expecting some sort of involvement. You could select one of the funding options listed below:

1) Self-funding – Invest with your co-founders

Who better to look for funding than yourself, if at all possible? It is sometimes preferable to fund your app yourself, along with all other parties involved in the project. This is unquestionably a riskier option, but the benefit is that you do not have to deal with any third parties.

2) Crowdfunding campaign setup

Over the years, the process of requesting crowdfunding for mobile app development has grown in popularity. The fact that business owners obtain funding in this manner is based on the promise of a dependable outcome and appealing benefits for all supporters.

3) Angel Investors and Partners

Consider the millionaire who funds the excavation sites for the palaeontologists in the film Jurassic Park. That is exactly what an angel investor is! A wealthy individual who believes your project is worthwhile and is willing to take the risk.

4) Business Loans

Obtaining a business loan may be the best option for funding a project. There are numerous types of business loans to consider for funding, each with advantages and disadvantages.

Importance of hiring an experienced mobile app development company

The idea validation process is critical for any company that wants to get the most out of its investment. This is why it is critical to find a website and/or mobile app development company that can assist you in giving shape to this process in order for the project to move forward.

Final thoughts

You can begin this process and ensure the success of your website and/or mobile app development idea now that you have a better understanding of the idea validation strategies. This is one of the most useful strategies, and it is worthwhile to devote time to implementing and analyzing the collected data.

What is Industry Analysis?

Starting a business that will be successful in the long run is a difficult task. It is critical to make the most of this process in order to achieve the best possible outcome.

According to statistics, roughly 20% of all new business ventures fail within the first 24 months. Only 25% of those who remain active life to the age of ten. The fundamental reason for this is that the project is not preceded by thorough industry analysis.

This implies that the majority of failed business ventures were doomed from the start. Most people do not conduct extensive research into the industry in which they wish to work. Clearly, this is a major blunder, and business owners must recognize the significance of industry analysis.

Opportunities in technology exist in a variety of industries.

Every day, we see how technology is transforming our world. From dating to grocery shopping, it’s difficult to imagine a facet of life that hasn’t been influenced by technology. That is to say, you would be equally well-served by investigating opportunities in modern healthcare, automobiles, retail, agriculture, or any other industry.

Here are some examples of technology opportunities in these industries:

Automotive: Vehicle connectivity with artificial intelligence and driving simulations in augmented reality.

Retail: Autonomous checkout systems in retail, augmented reality clothing stores, and artificial intelligence

Healthcare: Telemedicine that incorporates augmented and virtual reality features.

Agriculture: Farming software with GPS optimization and AI-powered moisture and temperature sensors.

How should an industry analysis be carried out?

Once you’ve made a decision, there are a number of steps involved in conducting an industry analysis. Begin by conducting a thorough background search on the industry or a subset of it, and then collect, analyze, and compare data to help answer market-related questions.

In addition, you should use the following commonly used and important methods to ensure a reliable outcome.

Competitive analysis

Within any industry, competition is always a factor. Analyzing the industry using one of the most famous models developed in 1980, also known as ‘Porter’s 5 forces,’ first introduced in Michael Porter’s book “Competitive Strategy: Techniques for Analyzing Industries and Competitors,” provides an acute impression of the industry and simplifies the analysis.

These five steps are as follows:

Industry rivalry intensity – The number of industry participants and their respective market shares are a direct reflection of the industry’s competitiveness. Lack of product differentiation tends to increase competition intensity. Exit costs that are prohibitively expensive, such as high fixed assets, government regulations, labour unions, and so on, make it more difficult for competitors to win.

Potential entrants – This shows how simple it is for new businesses to enter a specific industry’s market. Companies face a constant threat from new competitors if it is simple to enter an industry. When an entry is difficult, the firm with the smallest competitive advantage benefits for a longer period of time. When entering a difficult market, businesses must contend with a consistent set of competitors.

Supplier bargaining power – This refers to a supplier’s bargaining power. When an industry is reliant on a small number of suppliers, the suppliers wield considerable bargaining power. This is especially problematic for small businesses because it has a direct impact on the quality and pricing of the final product.

Buyer bargaining power – When customers have bargaining power, the outcome is the polar opposite. When consumers/buyers have bargaining power, they can negotiate lower prices, higher quality, or additional services and discounts. This is true in an industry with a larger number of competitors but a single buyer who accounts for a sizable portion of the industry’s revenue.

The threat of substitute goods/services – Because every industry’s products compete with similar substitute products from other industries, any firm within that industry will face competition from other industries, reducing profitability because it cannot charge exorbitant prices. It is possible to substitute two types of products: those of similar quality/function but lower cost, and those of the same price but higher quality.

PEST Analysis

The famous PEST analysis, also known as the ‘Broad Factors Analysis,’ stands for Political, Economic, Social, and Technological. To ensure that you have enough data, each of these aspects must be examined separately. This is an excellent framework for examining the industry.

Political: Understanding the political environment in your industry is critical for success. This entails learning everything you can about the legal policies and regulations that may affect your venture, such as taxes, labour laws, political stability, and so on.

Economic: Everything concerning economic growth, inflation, unemployment, interest rates, and so on. This will all have an impact on your business, and you must consider each factor.

Social: Factors relating to your company’s social impact. This includes cultural constraints, education level, customer demographics, behavioural trends, and overall lifestyle.

Technological: This is also important, as you must consider how technology will impact your business. The consequences could be both negative and positive, depending on the advancements and developments that change how a business operates and how people live their lives. The majority of the time, technology will be an advantage.

SWOT Analysis

SWOT analysis, like PEST, is a popular method of analysis. It is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. This analysis is designed to ensure that all of your business decisions are calculated.

Strengths: Consider what strengths your company possesses and how those strengths are perceived by third parties, as well as what you do well and what distinguishes your company.

Weaknesses: It is critical to identify what your competitors are doing better and to match or exceed their performance. Recognize what your competitors are doing well in your current business strategy.

Opportunities: Identifying market opportunities, leveraging your strengths, and capitalizing on current trends are all critical components of your venture.

Threats: In addition to understanding how your competitors are affecting your business, you should examine the mistakes and threats that could have a negative impact over time.

The modern world is ruled by technology!

We live in a time when technology is the most relevant and powerful business tool available. It is critical that we learn to recognize this as the most important aspect of our modern-day strategies.

Software solutions that can be applied to any business problem are required for business solutions. A critical aspect of investing in useful technology is determining the best course of action to take in order to find the best solution to this problem. This could have a significant impact on a company’s competitive advantage.

Collaboration with a reputable software development firm

Choosing a reputable software development company is critical to getting your project off to a good start. It is critical to be able to obtain the appropriate advice to help you fine-tune your efforts.

Ensure that the development team you hire understands your industry. Furthermore, they should have prior experience working with start-ups to assist you in making the best decision. This type of project should ideally be handled by a team with relevant experience.

Finally, some thoughts on industry analysis.

When starting any type of business, there are numerous factors that must be considered. If you want your business to be successful in the long run, you should prioritize industry research.

Top 3 Things To Look For Before Hiring A Mobile App Developer

https://www.innobaytsolutions.com/BlogImage/03-01-2021_000528pexels-pixabay-267389.jpg

If you’re looking for mobile app development, you’ll quickly discover that the market is flooded, to say the least. There are scores of mobile app developers out there, each claiming to be the best of the lot.
Having said that, how many of those developers are actually eligible to create the app that you need. The count may be substantially lower than what you might have thought when you started off.

Fret not, though! Think of this guide as a complete checklist that you may use while assessing the shortlisted prospects. In the end, knowing what exactly you are looking for in a mobile app development company in Dubai will make it much easier for you to find the right match for developing your app.

Creativity
If the mobile app development firm isn’t really innovative, as an end-user you won’t be thrilled by their work. The more a developer can capture a user’s perspective, the more engaging the app will be. Some of the app development companies will be able to do this, but others won’t. This isn’t necessarily a deal-breaker when working with a mobile app developer, but it is certainly a quality that helps set the app apart from the others. The willingness of a mobile app development company in Dubai to put a new thought or concept to the screen is essential. This is also an intangible attribute that is not always easy to determine.
A creative mobile app developer will carry an outstanding portfolio of high-quality applications. The work might not be restricted to just apps. There are several creative developers working on various platforms.

Platform Specialization
What kind of smartphone app are you building Is it going to run on iOS or on the Android platform? Or both? The response is critical when you choose an app development firm. Some developers specialize on one platform over the other. Applications for different operating systems are designed with specific coding languages. Besides this, apps are designed with native platform-specific user experiences in mind. Preferably, you want to pick a developer who can design for both iOS and Android. Otherwise, you’d have to find two different developers to code for each platform, which, in turn, might lead to more issues than you could probably imagine.

Developer Type
Many times the cost can play a key role in one’s decision to find an app developer. But like most things you’re doing, cheaper isn’t necessarily better.
A simple means of cutting corners and saving some money is to opt for a freelance developer. However, we wouldn’t suggest you take this path.
Don’t get us wrong; there are certainly some creative freelancers out there who are more than capable of creating an app for you. They might even do it at an affordable price. However, a freelancer is just one individual. They’re probably working on several projects at the same time, so they can’t concentrate all their attention on your app. Also, they might be skilled in certain coding languages, platforms, industry and functionality. This makes it challenging for individual freelancers to think out of the box or find new solutions to their ideas.

On the contrary, a dedicated mobile app development company in Dubai would have a team of developers. And they’re all going to work on your app in unison, helping you achieve a desirable outcome on time and also sharing knowledge amongst each other to provide you with the best possible solution.

Innobayt Innovative Solutions is a Dubai based firm carrying unmatched proficiency in the design and development of apps such as web apps, mobile apps (iOS and Android app development), IoT apps, AI-powered apps such as chatbots, AR/VR apps etc. When you want to convert your ideas into apps, you don’t just need a development team but a technical advisor with experience building similar solutions, who can understand your requirements and propose holistic and technology-agnostic solutions.