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28
Jun, 2023

How Much Does Software Development Cost?

Determining the cost of software development is an essential preliminary step prior to embarking on its construction. It is imperative for businesses to ensure profitability, and thus it becomes crucial to ascertain that the expenses associated with developing a software or application are justifiable and reasonable.

Average Cost Of Software Development

When inquiring about the cost of software development from IT firms, it is common to receive the ambiguous response of “it depends.” However, for startup owners, this vague answer proves unhelpful for effective budget planning. Nevertheless, it is possible to establish a solid estimate without engaging in extensive discussions.

Several factors influence the cost of developing software, necessitating a thorough examination of project requirements by the development agency before providing a precise cost estimation. Notably, a straightforward application with minimal user interaction and backend processing will generally incur lower development expenses. Conversely, a complex application involving intricate financial transactions, extensive user engagement, and integration with external systems will typically entail a considerably higher cost.

The cost of software development is not solely dictated by the scale or complexity of the application. For instance, even a seemingly simple application with numerous distinct screens may incur costs comparable to more intricate applications.

Ultimately, the total cost is determined by the number of person-hours invested and the technology stack employed in the development process. Drawing from our experience, the approximate range for software development costs falls between $50,000 and $250,000. The lower end of the spectrum corresponds to the development of a straightforward app requiring fewer than 700 hours of work. On the other hand, if you are constructing a multi-platform app with a server-side application, the cost is likely to reach six figures.

To provide concrete examples, the development of a basic social media app for a single platform may amount to $50,000. However, expanding the same app to include web, Android, and iOS platforms would increase the cost to approximately $137,000, requiring around 2,750 hours of development. For more complex applications like UberEats, one can anticipate costs of approximately $150,000, entailing approximately 3,000 hours of work.

Software Cost Factors

The cost of software development exhibits significant variation across a broad range. While the technical intricacies and characteristics of the application undoubtedly contribute to the determination of development costs, it is important to note that additional non-technical factors can also impact your budgetary considerations.

App Type And Complexity

The choice between developing an Uber-like app or a simpler app without backend processing significantly impacts the overall cost of the development process. Constructing a basic app is relatively straightforward and requires minimal effort to complete. In contrast, developing an app similar to Uber entails the utilization of complex algorithms, a sophisticated technology stack, and intensive backend processing.

Naturally, the cost of building an Uber-like app exceeds that of creating a simple app designed solely to display a business’s latest catalog. As a general guideline, the level of user interaction required corresponds to the expansiveness of the app. An Uber-like app, for instance, incorporates distinct user categories, each with varying rights for profile editing.

Moreover, the complexity of the app necessitates a greater degree of customization. Customization entails the development of new code by software engineers to deliver the required functionalities within the app. Additionally, the custom modules undergo thorough testing, which further contributes to the higher costs associated with such projects.

Platforms

It is highly likely that your target audiences are distributed across different platforms, necessitating the development of distinct versions of your app for web, Android, and iOS. Creating multiple platform-specific versions of an app incurs additional expenses in terms of development fees, as it requires the engagement of separate teams of developers to work on each version.

In certain cases, cost savings in development fees can be achieved by opting for a cross-platform app. Cross-platform apps can be deployed on both iOS and Android using a shared codebase. However, the extent of time saved through cross-platform development relies on the expertise of the development team and may not be applicable to all types of products. For instance, developing financial software with graphs and dashboards, or streaming functionalities, may not yield significant time savings through cross-platform development.

This leaves the option of building native apps for each platform, which tends to be more costly. A native app developed for iOS cannot be directly reused for Android, and vice versa. Some startups choose to focus on a single platform initially, concentrating their efforts on achieving a certain level of success before expanding to other platforms. An exemplary illustration of this approach is Clubhouse, which initially launched as an exclusive app for Apple users.

Complexity Of UX/UI Design

It is a common occurrence for users to disengage from an app after initial usage, often due to poor user interface (UI) or navigation. User experience (UX) plays a pivotal role in fostering user satisfaction and promoting a high retention rate once the app is launched. Consequently, it is unsurprising that startups prioritize the incorporation of custom UX/UI design within their apps.

UX/UI design encompasses the integration of various graphic elements, such as buttons, fonts, icons, and colors, across all interfaces. Additionally, it encompasses the seamless execution of specific tasks by users within the app. Developing visually appealing interfaces and ensuring a satisfactory user experience demands significant efforts from the development team.

These endeavors translate into costs for startup owners, as they are responsible for covering expenses associated with custom artwork, animations, testing, and potential redesigns. These investments are made to ensure that the app is equipped with the most optimal UX features, thereby enhancing its overall usability and appeal.

Back-End Infrastructure And Connected APIs

Apps that deliver substantial value to users rarely operate in isolation. They often rely on connections to external systems and necessitate extensive backend processing. A prime example is Uber, where intricate background processes remain hidden behind a user-friendly client interface.

Features such as geolocation, mapping, and various payment options serve as key attractions for users on ride-hailing platforms. Additionally, developers prioritize the implementation of robust backend measures to ensure the protection of user data. These features require significant investments of time and resources, contributing to the overall development cost of the app.

If the app involves intensive data processing on the server side, the development of corresponding modules becomes more expensive. Moreover, the server-side application may require interactions with external systems. While utilizing off-the-shelf APIs can help mitigate development costs, the creation of a custom data-exchange API would entail additional expenses that must be accounted for.

Geographic Location

The cost of hiring software developers can vary significantly depending on your geographical location. This is particularly evident in regions such as the United States and Western European countries, where developers’ average hourly rates hover around $100. The higher hourly rate directly translates to increased software development costs for your project.

Nevertheless, there are alternative regions where software development can be accomplished at a considerably lower rate without compromising quality. Eastern European countries, in particular, have emerged as popular destinations for IT outsourcing, boasting a substantial pool of skilled and proven developers. Among these countries, Ukraine stands out by offering an affordable hourly rate of $45.

For even more cost savings, countries like China and India offer even lower rates. However, it is important to consider and navigate the cultural differences and time zone disparities when collaborating with developers from these regions. Working with developers who speak the same language and being able to engage in real-time conversations can significantly facilitate the development process.

By making a well-informed decision about the location of your software development team, you have the potential to achieve substantial cost savings without compromising the quality of your app.

Hiring Model

It is important to recognize that the choice of collaboration model can significantly impact the overall development cost. Once you have selected a developer, you are typically presented with three hiring options: fixed-rate, hourly rate, or dedicated team.

The fixed-rate model entails paying a predetermined sum based on clearly defined requirements. While this approach provides clarity regarding the cost for developers, it allows limited room for changes during the development process.

Conversely, the hourly-rate model offers greater flexibility to accommodate evolving requirements. Payment is based on the number of hours worked and the resources utilized during development. However, the total cost may be less predictable, and the client may have limited control over the development team. This model often suits fledgling startups seeking adaptability.

Established startups have found the dedicated team model to be an appealing collaboration approach. In this model, the IT agency assigns developers to the startup, with the latter covering the developers’ salaries during their service. This arrangement provides the startup with exclusive access to the developers, which can result in shorter development times and enhanced collaboration.

Choosing the appropriate collaboration model is crucial in managing development costs and aligning with the specific needs and stage of your startup.

Conclusion

Accurately determining the cost of software development necessitates extensive discussions and considerations between the developer and the client. In addition, it is essential to acknowledge the influence of non-technical factors on the overall cost of app or software development. The key is to have a well-defined vision of the app and engage with the appropriate developer.

Our team is fully prepared to delve into your app concept and provide you with a competitive cost estimate. We encourage you to contact us without delay to initiate the process.

20
Jun, 2023

PROS AND CONS OF OFFSHORE SOFTWARE DEVELOPMENT

Offshore software development is a form of outsourcing where companies engage third-party software providers located in distant countries to handle complex programming tasks for their projects. For instance, a US-based company may choose to hire a software development company in Vietnam to manage their project.

Advantages of Offshore Software Development:

Lower Costs

One of the primary reasons companies opt for offshore software outsourcing is the cost advantage provided by lower labor rates. This approach allows significant savings in terms of both time and money while maintaining project quality.

When embarking on a software development project, cost reduction becomes a paramount consideration. For US-based companies, offshore countries such as India, China, Ukraine, and Vietnam offer labor at lower rates compared to their domestic developers.

Consequently, offshore software companies can provide services at a reduced cost compared to what would be charged in the client’s home country. By opting for offshore software development, companies can achieve cost savings without compromising the quality of their projects or the level of expertise involved.

Cost-effectiveness in the era of COVID-19 has become even more crucial and practical for businesses. The pandemic has profoundly impacted the market and its operations, leading to increased demand for businesses and brand companies to leverage technology. This enables them to effectively manage and maintain their operations while staying competitive in the market.

On Demand Access to Knowledge and Expertise workforce

The field of technology is constantly advancing, driving the demand for IT experts. Various technology domains, including data science, Big Data, Artificial Intelligence, DevOps engineering, and emerging programming languages, are experiencing a shortage of skilled IT specialists.

When faced with challenges in hiring IT specialists locally, turning to offshore development teams can be an excellent solution. Offshore teams can help address the scarcity of IT professionals and alleviate the burden of maintaining and staffing in-house development teams once projects are completed.

These offshore development teams possess world-class expertise and extensive experience in these specialized fields, enabling them to deliver knowledge-intensive services through offshore outsourcing contracts.

Concerns regarding the quality of offshore software developers are understandable, but the reality is far from disappointing. Each year, numerous highly educated software developers graduate from renowned institutions. Prominent offshore software development countries such as Vietnam, Ukraine, India, and China have made significant investments in education, particularly in the IT industry. Many schools and educational institutions offer specialized courses tailored to develop a larger pool of skilled software developers.

These investments aim to increase the quantity and quality of IT professionals within these countries, effectively addressing the shortage of talent domestically while also providing high-quality resources to the international market.

Time Savings

Meeting project deadlines is crucial in a competitive market, as delays can lead to significant losses in market share. Additionally, protracted project timelines can result in increased costs, making timely delivery essential for financial efficiency.

Undertaking a project from scratch entails numerous challenges, including the time required for hiring personnel, development, and deployment. This process can be stressful, particularly when faced with time constraints and limited resources.

Engaging offshore software companies with extensive project experience can expedite development processes and ensure adherence to project schedules. These companies possess valuable insights into development methodologies such as Agile and employ various software development tools. By leveraging these approaches, offshore teams facilitate timely project delivery while maintaining flexibility to accommodate changes and continuously improve.

Furthermore, one notable advantage of collaborating with an offshore software development company is the opportunity to work with a team in a different time zone. This time zone difference can offer a distinct advantage, enabling your project to reduce its time-to-market by leveraging overlapping working hours and maximizing productivity.

Shared responsibility

Entering into a contractual agreement with offshore software companies establishes a mutually beneficial partnership, fostering a win-win relationship. In this collaborative arrangement, shared responsibility ensures the optimal quality of your product while offering your business opportunities for continuous transformation and growth.

Within the vast landscape of offshore software companies, each strives to deliver the highest quality services to their clients. When it comes to offshore software development, these companies prioritize the quality of software projects as a fundamental objective.

It is important to recognize that your concern for the end-results of the projects is shared by the offshore team. They are committed to mitigating risks, identifying and addressing bugs, and proactively managing potential project pitfalls. By diligently addressing these challenges, the offshore team aims to deliver work of superior quality, meeting or exceeding your expectations.

Experience

Reputable offshore software development companies have established extensive collaborations with numerous clients and partners, enabling them to work on diverse projects spanning various industries. This exposure has equipped offshore software companies with robust experience and a deep understanding of the field, allowing them to refine their technical expertise.

Their accumulated experience enables them to proficiently leverage suitable, adaptable, and emerging technologies for each project. Additionally, offshore software companies prioritize the ongoing training and skill enhancement of their software developers, ensuring a continuous pool of highly proficient experts available for your project. This commitment to skill development allows them to stay at the forefront of cutting-edge technology and deliver exceptional quality, setting you apart from competitors in the fiercely competitive business landscape.

Scaling the IT development team

In the course of a business’s development journey, there arises a need to scale resources up or down accordingly. The resource requirements for a business or software project may vary throughout different stages. At times, there may be a demand for a larger number of IT specialists to work on and develop the project. However, as the project progresses and reaches certain milestones, there may arise a need to reduce the size of the development team.

Managing the process of scaling up or down the development team can be complex and costly. It involves various considerations and challenges that may not be as straightforward as initially assumed.

Entrusting the responsibility of managing the development team to an offshore development center can provide significant time, cost, and energy savings in building and managing the team. How does this work? Upon establishing a partnership with an offshore company, the development team essentially becomes an extension of your own team. However, the offshore company assumes the responsibility of managing the development team on your behalf. This means that they can readily accommodate your requests to add or reduce staff based on your specific demands and requirements. By delegating this responsibility to the offshore development center, you can efficiently adapt your team size without the burden of navigating the complexities and expenses associated with resource scaling.

Reliability

The aspect of reliability, which may raise concerns for some, is in fact a defining characteristic of a trustworthy offshore software company. In the context of project execution, the reliance on legal contracts, such as agreements and non-disclosure agreements (NDAs), serves as a robust guarantee that your project is safeguarded and will be delivered within the agreed-upon timelines. These contractual documents provide a solid foundation for the protection of your project and contribute to fostering a strong sense of trust and confidence between your business and the offshore software company.

Disadvantages of Offshore Software Outsourcing

Language Barrier

In the realm of business transactions, English has emerged as the global language, facilitating effective communication and the exchange of ideas. However, despite a shared language, miscommunication can still occur, presenting a potential challenge during the working process. Such miscommunication can impede project progress, leading to increased time and cost expenditures, as well as other significant issues.

While various communication channels exist, including email, instant messaging, video calls, and virtual meetings, vital instructions and requirements can sometimes be overlooked or misunderstood. This can result in confusion and hinder the accurate interpretation of your intended meaning.

Therefore, it is essential to allocate ample time to develop a comprehensive plan and establish effective communication methods that ensure your development team fully understands the requirements and associated documents. By investing in a clear and robust communication strategy, you can minimize the risk of miscommunication and facilitate smoother project execution.

Different mindset

Cultural differences can give rise to challenging situations that require careful consideration. Recognizing and acknowledging these differences is instrumental in devising effective strategies for developing your project in alignment with the specified requirements.

These cultural differences can manifest in various aspects, such as gender, religion, culture, traditions, and more. Furthermore, they can also influence mindset and work ethics. While experienced companies with a substantial presence in the international market may have navigated these differences adeptly, it is advisable to conduct due diligence by reviewing their portfolios and seeking feedback from previous collaborators. This will help bridge the gap and provide a better understanding of how these cultural nuances may impact project dynamics.

Data Security

Offshore outsourcing presents a viable avenue for companies to achieve their business goals. However, when the need arises to share sensitive data with an external partner, it is crucial to establish a legally binding agreement that safeguards your data. Non-Disclosure Agreements (NDAs), Security Protocols, and other security documents serve as essential references in this regard.

Despite the existence of such security measures, unforeseen incidents can still occur. Even with the signing of legal security documentation, there is a risk of confidential data leakage resulting from cyberattacks. Such incidents are unexpected and can impact both parties involved.

Therefore, prior to finalizing a contract with a software outsourcing provider, whether onshore, offshore, or nearshore, it is imperative to engage in thorough discussions with your business team. Together, you can develop a comprehensive plan that includes clear guidelines and milestones for safeguarding your data. This approach enables you to delineate what information can be shared with the software provider and what data must remain strictly confidential.

12
Jun, 2023

DIGITAL TRANSFORMATION IN MEDIA: DEFINITION, EXAMPLES, AND TIPS

The media industry, like many others, is undergoing a significant transformation due to the advent of digital technologies. This digital revolution has empowered consumers with unprecedented access to content and has raised their expectations for seamless accessibility across various devices and locations.

In response to these evolving consumer preferences, traditional media companies are actively embracing digital transformation initiatives. By embracing the digital realm, these companies are strategically adapting their business models to align with the demands of a rapidly changing landscape. In this post, we will delve into the subject of digital transformation within the media industry, exploring the key trends and strategies employed by organizations to remain competitive and deliver value in a digitally driven world.

What is digital transformation in media?

Digital transformation in media refers to the process of integrating digital technologies and strategies into the operations, production, distribution, and consumption of media content. It involves leveraging digital tools and platforms to create, deliver, and monetize media content in new and innovative ways.

Digital transformation in media encompasses several key aspects, including:

  1. Content Creation and Production: Digital transformation has revolutionized content creation and production processes. Media organizations now utilize advanced software, tools, and technologies to enhance creativity, streamline workflows, and improve efficiency in content creation.

  2. Content Distribution: Digital transformation has enabled media companies to distribute content through various digital channels, such as websites, streaming platforms, social media, and mobile applications. This allows for wider reach and personalized content delivery to target audiences.

  3. Audience Engagement and Interaction: Digital technologies have facilitated interactive and immersive experiences for media consumers. Through social media platforms, live streaming, and interactive content formats, media organizations can engage with their audiences in real-time, foster community-building, and gather valuable feedback.

  4. Data Analytics and Personalization: Digital transformation has given rise to data-driven decision-making and personalized experiences. Media companies can collect and analyze user data to understand audience preferences, tailor content recommendations, and deliver personalized advertising and user experiences.

  5. Monetization Strategies: Digital transformation has transformed traditional revenue models in the media industry. Companies are exploring new avenues for monetization, such as subscription-based models, digital advertising, sponsored content, partnerships, and e-commerce integration.

Overall, digital transformation in media is about embracing technology-driven changes to optimize operations, enhance audience experiences, and capitalize on new revenue opportunities in the evolving digital landscape.

The benefits of digital transformation in media

Real-time Booking

The advent of digital transformation has significantly streamlined the process of booking advertising space in real-time, providing numerous benefits for advertisers and media agencies alike. One notable advantage is the reduction in the occurrence of double bookings, as digital platforms enable automated and synchronized ad space allocation. This not only minimizes scheduling conflicts but also enhances operational efficiency and effectiveness in the booking process.

Furthermore, digital transformation has facilitated a more seamless and expedient experience for advertisers, ensuring a lower probability of missed opportunities for optimal advertising placement. By leveraging real-time digital platforms, advertisers can swiftly secure prime advertising slots, capitalizing on timely and strategic placements to maximize the impact of their campaigns.

Overall, the integration of digital technologies in the advertising industry has revolutionized the booking process, enhancing accuracy, efficiency, and the ability to seize favorable advertising opportunities.

Collaboration

To execute a successful marketing campaign, it is imperative to establish partnerships with media companies possessing extensive reach and exposure. However, in addition to these factors, brands also seek to collaborate with organizations that prioritize effective communication and offer streamlined campaign setup procedures. The integration of self-serve platforms and digital technologies within media companies has played a pivotal role in eliminating manual processes, thereby expediting the campaign launch process.

By leveraging self-serve platforms and digital tools, media companies can facilitate seamless and efficient communication channels with their brand partners. This allows for swift collaboration, clear instructions, and prompt resolution of any queries or concerns that may arise during the campaign setup phase. Furthermore, the adoption of digital technologies empowers media companies to automate previously time-consuming tasks, resulting in accelerated campaign implementation without unnecessary delays.

In conclusion, the utilization of self-serve platforms and digital technologies by media companies not only streamlines the campaign setup process but also enhances communication efficiency, ensuring that brand partners can swiftly launch and execute their marketing campaigns with ease.

Personalization

The emergence and widespread adoption of programmatic advertising technology have revolutionized the way brands connect with their target audience. This advanced technology enables brands to deliver highly targeted and personalized content, tailored to the specific interests and preferences of their intended audience. By leveraging audience profiles and sophisticated data analysis, brands can ensure the precise delivery of relevant content to the right individuals, at the optimal moment, enhancing the overall audience experience and increasing the likelihood of successful conversions.

Programmatic advertising empowers brands to optimize their messaging and creative executions, ensuring alignment with the unique characteristics and needs of their target audience segments. By leveraging real-time data and automated algorithms, brands can strategically place their content across various digital platforms, effectively reaching their intended audience with precision and timeliness. This level of customization and contextual relevance contributes to a more engaging and tailored experience for the audience, ultimately driving higher conversion rates and fostering customer acquisition.

In summary, the rise of programmatic advertising technology has transformed the advertising landscape by allowing brands to leverage data-driven insights and automation to deliver targeted content to their specific audience segments. By offering the right content to the right individuals at the right time, brands can optimize the audience experience, cultivate meaningful connections, and achieve higher conversion rates, ultimately driving business growth and success.

Automation replacing manual tasks

In the pursuit of operational excellence and superior customer service, media companies are continuously seeking avenues to enhance efficiency. One key strategy involves the automation of data collection and other routine tasks, enabling these companies to shift their focus towards supporting advertisers in optimizing their campaigns. By embracing automation, media companies can streamline their workflows and reduce the burden of day-to-day operational tasks, allowing them to allocate more resources towards cultivating and nurturing strong relationships with their valued customers.

Automating data collection processes empowers media companies to gather and analyze essential insights in a timely and accurate manner. This enables them to provide advertisers with valuable data-driven recommendations and strategies for optimizing their campaigns. By leveraging automation tools and technologies, media companies can minimize human error, expedite data processing, and deliver actionable insights to advertisers, ultimately fostering greater campaign performance and success.

Moreover, by reducing the time and effort spent on repetitive tasks, media companies can devote more attention to building lasting relationships with their customers. This customer-centric approach entails providing personalized support, understanding specific needs and goals, and offering tailored solutions to drive mutual growth and satisfaction. By automating routine tasks, media companies can free up valuable resources and dedicate them to delivering exceptional customer experiences, resulting in enhanced customer loyalty and long-term partnerships.

In summary, media companies can significantly benefit from the automation of data collection and other operational tasks. By embracing automation, these companies can optimize their efficiency, support advertisers in campaign optimization, and concentrate on nurturing valuable customer relationships. This approach enables media companies to thrive in a competitive landscape, while ensuring their customers receive the attention and support they deserve.

Access to real-time data and analytics

In an era of rapidly advancing digitalization, businesses are increasingly transitioning their operations to online platforms. As this shift occurs, companies are recognizing the significant advantages offered by real-time data and analytics. By consolidating data sources into a centralized repository, organizations can gain comprehensive insights into the effectiveness of their strategies and tactics.

Real-time data and analytics enable businesses to promptly identify what aspects of their operations are yielding favorable outcomes and which ones require optimization. This newfound visibility empowers companies to make informed decisions based on up-to-date information, leading to more effective resource allocation and strategic planning.

Furthermore, real-time data and analytics provide valuable insights into shifts in customer behavior. By monitoring and analyzing data in real-time, businesses can stay attuned to changing preferences, trends, and demands within their target market. This enables companies to proactively adjust their marketing strategies, refine their messaging, and personalize their offerings to better resonate with customers, ultimately driving engagement and loyalty.

The ability to leverage real-time data and analytics offers companies a competitive edge in today’s fast-paced digital landscape. By harnessing the power of timely information, businesses can continuously optimize their operations, adapt their marketing approaches, and meet the evolving needs of their customers, thereby fostering sustainable growth and success.

Cross-channel advertising

In the contemporary landscape, individuals are highly engaged across multiple platforms throughout the day, rather than being limited to a single medium. They consume media through diverse channels and in various formats, necessitating advertisers to establish a comprehensive presence across these platforms to achieve success. Recognizing this prevailing trend and adapting strategies accordingly, advertisers can enhance their ability to effectively reach their target audiences.

By acknowledging the multi-platform nature of media consumption, advertisers can strategically allocate resources and develop campaigns that span different channels and formats. This proactive approach ensures that advertising efforts are aligned with the preferences and behaviors of the target audience, maximizing the likelihood of capturing their attention and generating desired outcomes.

Moreover, by embracing a cross-platform approach, advertisers can leverage the unique characteristics and strengths of each platform to deliver tailored and impactful messages. This enables them to engage with their target audience at various touchpoints, providing consistent and compelling brand experiences that resonate with individuals regardless of the specific platform they are using.

Additionally, staying attuned to the evolving landscape of media consumption allows advertisers to adapt their strategies to emerging platforms and trends. By continuously monitoring consumer behavior and market dynamics, advertisers can identify new opportunities for engagement and effectively incorporate these platforms into their overall marketing mix.

In summary, the success of advertisers in today’s world hinges upon their ability to recognize and respond to the multi-platform nature of media consumption. By embracing a comprehensive presence across various platforms, advertisers can more effectively reach their target audiences and achieve their marketing objectives. Continual adaptation and optimization based on consumer behavior and emerging trends will enable advertisers to stay ahead in a rapidly evolving media landscape.

Factors driving digital transformation in media industry

Demographics

The expansion of the global middle class is driving a corresponding increase in the demand for new media services. This demand is being significantly shaped by the preferences and expectations of millennials, a generation that seeks convenience, immersive experiences, and instant access to content through technology-driven solutions. Additionally, the aging population worldwide is generating a surge in demand for health and wellness, entertainment, and educational services tailored to the needs and interests of older individuals. Furthermore, the rapid pace of urbanization is fueling a growing need for media offerings that cater to commuters and individuals with busy work lives, ensuring seamless integration into their daily routines. As these demographic and societal shifts continue to unfold, media companies must proactively identify and develop innovative services that align with these emerging demands, effectively catering to diverse consumer segments and unlocking new growth opportunities.

New consumer behaviors and expectations

The prevalence of digital media has ushered in a paradigm shift in consumer behaviors and expectations. Particularly, younger generations demonstrate a strong inclination towards consuming content from diverse global sources, while exhibiting heightened discernment in identifying marketing or PR-driven content camouflaged as editorial material. Moreover, the emergence of amateur content creators has brought about a transformation in consumer expectations, with an increasing appreciation for curated content that simplifies their consumption experience.

Furthermore, consumers are increasingly cognizant of the digitization of their daily lives and the potential monetization of their online activities by external entities. This heightened awareness highlights a growing concern regarding data privacy and the commercialization of personal information.

In light of these evolving dynamics, businesses operating in the digital media landscape must proactively adapt their strategies to align with shifting consumer preferences. This entails transparent and authentic content creation, the provision of curated experiences, and the establishment of robust data privacy practices to foster trust and engagement with their target audiences. By addressing these emerging consumer behaviors and expectations, organizations can navigate the digital media landscape successfully and forge meaningful connections with their customers.

Ecosystem challenges

The proliferation of startup companies is revolutionizing the established media landscape by introducing innovative products and services that cater to the evolving preferences of modern consumers. These startups are adept at meeting the demands of an audience that has grown accustomed to instantaneous access to content across global platforms.

However, the legal frameworks pertaining to intellectual property rights have yet to fully adapt to the expectations of this new generation of media consumers. With an increasing reliance on digital media, consumers now anticipate the ability to access content at their convenience, regardless of their geographical location or the time of day. This misalignment between consumer expectations and current legal frameworks presents a challenge in effectively addressing the evolving landscape of media consumption.

To navigate this discrepancy, policymakers and industry stakeholders must engage in ongoing discussions to develop and refine legal frameworks that strike a balance between protecting intellectual property rights and accommodating the changing dynamics of media consumption. By fostering dialogue and pursuing collaborative solutions, a more robust and adaptable legal framework can be established, enabling both innovative startups and established media entities to thrive in an environment that meets the demands of contemporary consumers.

23
May, 2023

3 Sets of Initials Key to Digital Transformation: VDI, ERP, CRM

As the digital landscape continues to advance, businesses must adapt their strategies to keep up with the evolving trends. In the current scenario, embracing a digital transformation strategy has become more crucial than ever before. Fortunately, there is a wide array of solutions and services available to assist businesses in staying abreast of this rapid evolution. However, three key elements stand out as essential for maintaining competitiveness in the modern world:

  1. Virtual Desktop Integration (VDI): VDI facilitates the relocation of hardware infrastructure to an off-site datacenter. Rather than managing their own servers, businesses can access critical data and files through the cloud. This approach enhances mobility, enabling users to work remotely and significantly improving productivity in an era where enhanced mobility translates to improved performance.

  2. Enterprise Resource Planning (ERP): Today’s ERP systems extend far beyond traditional accounting software. Modern ERP solutions are compatible with cloud environments and empower businesses to efficiently manage various aspects such as personnel, finances, and supply chains. Given the prevalence of regulatory requirements, frequent disruptions in the supply chain, and resource constraints, effective management of these elements has become more crucial than ever. ERP systems provide automation and streamlined management of vital processes, helping organizations navigate these challenges.

  3. Customer Relationship Management (CRM): CRM tools have evolved to enable businesses to engage with customers on multiple levels, encompassing social media interactions, drip campaigns, and pay-per-click advertisements. In an era where brand engagement and customer experience play pivotal roles in determining business success, implementing a modern CRM solution is paramount. Such a system empowers businesses to cultivate strong customer relationships, a factor critical for sustained growth and profitability.

Having outlined the essential components, let us now examine the specific benefits associated with each of these solutions.

VDI

Virtual Desktop Infrastructure (VDI) is an advanced technology that leverages virtual machines to manage and deliver virtual desktops. Unlike traditional desktop setups tied to specific physical devices, virtual desktops are preconfigured operating system images and applications that can be accessed from any compatible device. VDI enables the hosting of desktop environments on a centralized server, which can be provisioned to end-users as needed. A notable example of Desktop as a Service (DaaS) is Microsoft’s Azure Virtual Desktop, renowned for its Windows 10 VDI multi-session feature, enabling efficient scalability by accommodating a larger user base on a smaller pool of virtual machines. Windows VDI, a cloud-based desktop and application virtualization service, offers a multi-user Windows 10 experience. In essence, VDI empowers organizations to deploy Windows virtual machines that can be accessed from anywhere, at any time, making it an optimal solution for remote workers.

Virtual Desktop Infrastructure (VDI) operates by segmenting servers into virtual machines that host virtual desktops, enabling users to access them remotely from their devices. These virtual desktops can be accessed from any device or location, with all processing handled by the host server. To establish a connection, users utilize a connection broker—a software-based gateway that acts as an intermediary between the user and the server.

VDI provides numerous advantages, including user mobility, accessibility, flexibility, and enhanced security. Previously, the high-performance requirements of VDI made it costly and challenging to implement on legacy systems, thereby acting as a barrier for many businesses. However, the growing adoption of hyperconverged infrastructure (HCI) in the enterprise sector has provided a scalable and cost-effective solution with improved performance.

While VDI’s complexity may not make it suitable for every organization, those that do adopt it can benefit from a range of advantages, such as:

  1. Remote access: VDI enables users to connect to their virtual desktops from any location or device, facilitating easy access to files, applications, and the ability to work remotely from anywhere in the world.

  2. Cost savings: As processing occurs on the server, the hardware requirements for end devices are significantly reduced. Users can access their virtual desktops from older devices, thin clients, or even tablets, diminishing the need for IT departments to invest in new and expensive hardware.

  3. Security: In a VDI environment, data is stored on the server rather than the end client device. This ensures data protection in the event of a stolen or compromised endpoint device.

  4. Centralized management: VDI’s centralized format simplifies IT management tasks, allowing for easy patching, updating, and configuration of all virtual desktops within the system.

By considering these benefits, organizations can make informed decisions regarding the implementation of VDI in their operations.

ERP

Digital transformation encompasses the incorporation of advanced digital technologies throughout all aspects of a business, aiming to enhance the customer experience and optimize core operations. Its primary objective is to discover novel methods of generating value and improving overall business efficiency.

Preparing the Ground for Digital Transformation To establish a cognitive enterprise, it is imperative to modernize the business landscape. Many organizations employ Enterprise Resource Planning (ERP) software as a fundamental tool to propel their digital advancement. Well-configured ERP software empowers organizations to drive strategic transformations and seamlessly integrate state-of-the-art technologies.

ERP systems exist in both generic and industry-specific variants. For manufacturers to effectively leverage innovative technologies, it becomes essential to implement a manufacturing-specific ERP solution. Manufacturing ERP oversees all business and manufacturing operations, encompassing personnel, resources, and inventory, while promoting collaboration through integration.

By consolidating all business data into a single database, ERP software serves as a unified reference point for every department, eliminating data silos. In the context of manufacturing, ERP systems expertly manage, automate, track, and connect every stage of a dynamic manufacturing process, starting from the receipt of a customer order to the final shipment of the completed order.

Enhancing Business Operations with Cloud ERP

  • Security: Cloud ERP employs a robust data isolation architecture that ensures enhanced security and facilitates swift data access. Employing a multilayered security approach, it safeguards your most valuable asset—your business data.
  • Interoperability: Cloud ERP fosters seamless connectivity across the organization, promoting collaboration between departments while ensuring the utilization of a unified data source. Furthermore, it facilitates integration with existing applications within your organization or any additional ones required as your business scales.
  • Configurability: Cloud ERP offers the flexibility to tailor the system according to your business requirements. You can configure processes, collaboration methods, and documents to align with your specific needs. Additionally, it allows the integration of digital technologies such as IoT, AI, and Machine Learning to enhance efficiency and productivity within your manufacturing operations.
  • Usability: Cloud ERP boasts an intuitive user interface, simplifying system adoption and minimizing the learning curve. Its ease of implementation reduces the reliance on IT staff, if at all. Furthermore, vendor-managed updates and maintenance alleviate the burden on in-house IT personnel.
  • Globalization: As businesses venture into global markets and expand into new geographical regions, an ERP system capable of supporting country localizations and multiple subsidiaries becomes indispensable. Modern cloud ERP enables seamless data sharing across operations, business units, and global enterprises.
  • Analytics: Cloud ERP empowers users with robust analytics capabilities, enabling real-time insights into the performance of various aspects of the business. It facilitates predictive analysis to assist in forecasting, while accommodating various key performance indicators (KPIs) for measuring tasks, quality, cycle times, and more.
  • Agility: Cloud ERP streamlines workflows and provides expedient access to the data required for swift and informed decision-making. With mobile access, staff members can work efficiently from diverse locations such as the plant floor, customer sites, airports, or even their homes. Additionally, cloud ERP allows for seamless scalability, accommodating the addition of user licenses or modules as your business grows.

CRM

The digital transformation of Customer Relationship Management (CRM) has emerged as a pivotal advancement over the past decade, and its evolution continues to be driven by emerging frontiers such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT). These transformative digital technologies have significantly impacted the CRM landscape, shaping the direction of CRM platforms and technologies in profound ways. Their influence on CRM is evident and tangible, revolutionizing the way organizations manage and engage with their customers.

CRM digital transformation is being propelled by various digital technologies and concepts that are reshaping the landscape.

  • Cloud computing has played a significant role in revolutionizing CRM with the advent of cloud-based Software as a Service (SaaS) solutions. It goes beyond mere remote servers, fundamentally changing how modern systems are developed, deployed, upgraded, and accessed. The user-centric design and accessibility from any device have empowered sales and service teams to be more productive, offering improved customer service.
  • Self-service portals have emerged as another transformative digital revolution in CRM. These portals consolidate functionality and enable customers, partners, and agents to access CRM systems for self-service capabilities. They facilitate seamless integration of customer and partner activities into CRM systems while providing one-click access to company personnel. The evolving portal technologies offer advanced features like customer segmentation, customized content, and consolidated communications.
  • Social media has become a driving force in CRM digital transformation. Enterprises leverage social media platforms for marketing, advertising, customer engagement, service, and advocacy. Social CRM systems integrate with social media channels, acting as a centralized repository for client communications and interactions. This wealth of data enables sales and service teams to engage customers effectively and on their preferred channels.
  • The mobile revolution, sparked by the introduction of touch-based devices like the iPhone, has accelerated CRM digital transformation. Mobile devices enable customers to access sales and service channels, while CRM functionalities seamlessly adapt to mobile platforms. This mobility empowers businesses to engage with customers on the go and offer personalized experiences.
  • Analytics have become crucial in the information age, where data overload can impede decision-making. Advanced analytics capabilities transform CRM platforms from passive data repositories into powerful systems that drive insight-driven interactions, enabling businesses to make informed decisions based on meaningful data.
  • Artificial intelligence (AI), machine learning, and related technologies have moved beyond science fiction and are now integral to CRM. Companies like SalesForce.com leverage AI and machine learning to enhance sales team productivity and optimize customer engagement. The future trajectory and potential of these technologies within CRM are yet to be fully realized.
  • Chatbots have gained popularity as intelligent systems within the CRM landscape. While still in their early stages, chatbots offer the promise of context-driven conversations and intelligent interactions with prospects and customers. Seamless integration with human support allows for a personalized and efficient customer experience.
  • The Internet of Things (IoT) presents a tangible opportunity for CRM as the physical and virtual worlds converge. Leveraging IoT devices like beacons, businesses can gather real-time customer data and provide personalized offers based on location. IoT data from various sources, such as cars, wearables, and appliances, holds significant potential for CRM strategies and customer engagement.

Check out Slitigenz's latest project on digital transformation for the ERP & CRM sector

8
May, 2023

Digital Transformation in the Retail Industry in 2023

Retail digital transformation refers to the strategic integration of technology into retail operations with the goal of improving efficiency, customer experience, and growth. It encompasses a range of activities such as contactless ordering, curbside pickup, self-checkout systems, cost optimization, and AI-powered product recommendations.

In today’s retail landscape, digital transformation has become a necessity for staying competitive and meeting consumer expectations. As per recent research by Gartner, the trend towards online shopping will continue to accelerate, with more than 50% of all consumer spending projected to be done online by 2023. Moreover, nearly 60% of online transactions will be carried out on mobile devices, emphasizing the need for retailers to optimize their digital capabilities. Thus, embracing digital transformation is critical for retail leaders to remain relevant and sustain growth in the coming years.

What’s Driving the Demand for Digital Transformation in Retail?

The global retail industry, which employs 1.8 billion people, represents a $7 trillion market with approximately 3.2 billion consumers shopping online. In the past, retailers focused primarily on competitive pricing, store proximity, convenience, and product variety to drive value and loyalty among customers. However, in today’s digital age, personalization in communication and marketing strategies is critical for retaining existing customers and attracting new ones.

By leveraging data and insights, retailers can increase the frequency of purchases by existing customers and target high-value customers who typically shop at traditional retailers. Consequently, the demand for digital transformation in the retail industry has intensified as it has the potential to directly drive revenue and growth for retailers.

Challenges in the Digital Transformation of the Retail Industry

Digital transformation in the retail industry presents several challenges that need to be overcome to reap the benefits fully. Some of these challenges are:

  1. Resistance to change Retailers who are accustomed to traditional methods of managing their business may find it challenging to switch to a new system. This can create resistance to the adoption of digital methods, resulting in slow or incomplete digital transformation.

  2. Cost considerations Digitally transforming a retail company can be a costly endeavor, requiring significant investments in both technology and human resources to implement an efficient management system. Small and medium-sized retailers often face budget constraints that hinder their ability to undertake a complete digital transformation.

  3. Technological complexity The implementation of advanced technologies such as blockchain, the internet of things, and augmented reality can be complex. The intricate details, analysis, steps, and procedures involved in digitizing a retail system can be confusing, and those without expertise or experience in the field may find it challenging to navigate through a digitized retail system.

Benefits of Digital Transformation in the Retail Industry

Digital transformation in the retail industry can offer several significant benefits, including increased customer retention. By leveraging data and insights, retailers can segment their customers, analyze their buying behavior, and develop personalized communications and promotions to improve customer loyalty. For example, a fitness enthusiast who regularly purchases health supplements from a retailer can be targeted with personalized promotional campaigns to increase purchase frequency and retention. A notable example of this is Target, the 7th largest retailer in the United States, which has digitally transformed its retail experience using sophisticated technologies such as artificial intelligence, machine learning, and predictive analytics to identify the needs of their customers based on their past store purchases. This approach has led to improved customer experience and enabled mass personalization for businesses, resulting in increased customer retention.

Digital transformation has several benefits in the retail industry, including providing useful market insights, implementing efficient marketing campaigns, easier inventory management, and improved customer service. By utilizing consumer data analysis, retailers can generate helpful market insights that outline specific actions and strategies to increase growth and profitability, and better understand their customers. Implementing technologies such as CRM, data analytics, and marketing automation allows retailers to create personalized and targeted marketing campaigns and identify patterns and trends. Using digital technologies also streamlines and automates inventory processes, increasing operational efficiency and enabling quick order fulfillment, warehouse management, and safety stock management. Digital transformation also allows for an omnichannel customer experience, where customers can receive help and support across multiple channels, including self-service options on chatbots, resulting in round-the-clock personalized customer service while minimizing interactions and reducing costs for retailers.

Digital Transformation Trends in Retail

The retail industry has seen significant digital transformation trends that are expected to continue in 2023. Here are some of the most prominent trends:

  1. Big data Retailers are increasingly leveraging big data to understand their customers better and provide personalized and efficient shopping experiences. Predictive and prescriptive analytics help manage inventory, merchandising, and procurement strategies, leading to better return on investment.

  2. Omnichannel Omnichannel retailing is gaining popularity among customers who expect a seamless shopping experience across different channels. Retailers are synchronizing business transactions with customers via social media, emails, websites, and other channels. Home Depot, for example, has created personalized shopping experiences through click-and-collect and personalized marketing.

  3. Internet of Things (IoT) IoT technology, such as GPS and RFID, has revolutionized how retailers track products in the supply chain. Retailers also use geofencing to control shoplifting, which costs them millions of dollars daily.

  4. Blockchain Blockchain technology is gaining traction in retail due to its enhanced security, efficiency, and transparency. It helps track products in the supply chain and stores information in a decentralized ledger. Nestle, for example, has been using blockchain to track its products and expanded its use to its Swedish coffee brand Zoegas.

  5. Augmented Reality (AR) Augmented reality creates unique digital experiences, enabling brands to enrich interactions with their customers. Virtual simulations help users interact better with products from their homes, while virtual stores combine traditional retail experiences with e-commerce.

Conclusion

In today’s market, where online shopping and other e-commerce options are gaining popularity, digital transformation has become a crucial factor for retailers who want to remain competitive. Failure to adopt technology and data-driven strategies could lead to being outcompeted by more innovative businesses. Therefore, retailers must stay informed about current trends and technologies to set themselves up for success and growth. By staying updated and investing in digital transformation, retailers can remain relevant and competitive in the ever-evolving retail industry.

21
Apr, 2023

6 Stages of Digital Transformation in F&B

According to Prophet’s research, there are six distinct phases of digital maturity that can be applied to F&B operations. The placement of your organization along this linear progression is contingent upon your digital objectives and the extent to which you are actively working towards them.

It is important to note that achieving a high level of digital maturity, such as stage #5, cannot be accomplished by a single facet of your business while other areas remain stuck at stage #1. This is not a feasible approach.

To effectively succeed in digital transformation within the F&B industry, it is imperative to garner support from upper management, colleagues, and employees alike. Additionally, a multi-disciplinary approach that integrates leadership, personnel, technology, processes, data, and analytics is necessary.

Let us now closely examine each of the six stages of digital transformation in F&B, and discuss how to effectively navigate through them by incorporating “people”, “processes”, and “analytics” strategies. This breakdown will be provided below the roadmap infographic.

Stage #1 Business as usual

The current approach is characterized by a predictable legacy perspective that influences all aspects of your operations, including menu engineering, scaling, and expansion of F&B locations. This mindset can be described as a “we’ve always done it this way” mentality that may hinder innovation and progress.

Leadership & People: As a leader, it is crucial to proactively educate and highlight success stories of digital transformation (DT) in the F&B sector. This can be achieved by showcasing case studies of competitors who have embraced DT initiatives and demonstrating the benefits of early investment in such endeavors to top management.

Tech & Processes: An evaluation of your existing technology and processes is essential. Are you utilizing outdated legacy systems that isolate your data? Do your technological solutions suffer from bloat and inefficiencies? Are your processes error-prone, resulting in unnecessary costs? These are critical questions that need to be addressed.

Data & Analytics: To make informed decisions in the F&B industry, it is imperative to have data-driven insights. Are you leveraging data to its fullest potential? Are there any gaps in the data you are collecting that need to be addressed?

When considering your F&B operations, it is crucial to recognize that legacy ERP-based technology may result in data-rich but information-poor (DRIP) outcomes. This highlights the need for an AI-ready restaurant management platform to optimize your operational ecosystem and drive meaningful insights from your data.

Stage #2 Present & active

As your F&B operation begins to recognize the advantages of digital transformation, including the integration of AI-supported technology and processes, pockets of innovation are emerging. Examples of these innovations include digitizing stock-taking or procurement based on sales forecasts.

Leadership & People: Leverage these pockets of innovation to create compelling case studies. Consider inviting guest speakers to educate other executives on the benefits of digital transformation. Additionally, assemble a dedicated team to map out a comprehensive roadmap for digital transformation, encompassing F&B processes, technology, and potential organization-wide projects.

Tech & Processes and Data & Analytics: Implement back-of-house technology specifically designed for data collection at select locations to identify potential gaps in your operations.

Select one location to undergo a thorough process overhaul, carefully tracking performance and monitoring changes in food cost percentage, inventory variance, and food wastage levels. Utilizing tools such as Apicbase can streamline and automate time-consuming tasks in your F&B operations, such as inventory tracking.

Stage #3 Formalised

The pivotal point of real change in digital transformation (DT) for the F&B industry is often initiated by a change agent, typically a cost-conscious COO or a high-level F&B executive. Despite operating on tight budgets, tangible results must be achieved swiftly.

Leadership & People: Formalize your DT efforts by assembling a dedicated team. Overcome objections from top brass and secure budgets for pilot programs by partnering with HR, finance, and IT departments to create a multi-disciplinary team.

Tech & Processes: Begin the process of replacing legacy technology, such as modified ERPs and point solutions, with platform-based solutions that can seamlessly connect various back-of-house (BoH) operations.

Implement technology solutions that can communicate with each other. For example, utilizing Apicbase can involve integrating with your HR systems to optimize shift scheduling and reduce labor costs, or connecting with your POS system for data-driven planning and forecasting.

Revamp processes with consideration for the new technology in use. Automate tasks wherever possible, introduce digitally forward processes, and eliminate outdated practices. Apicbase can serve as a valuable tool, acting as a “Rosetta Stone” that automatically translates recipes into bills of materials (BOMs) based on desired quantities, which are then transformed into accurate purchase orders.

Data & Analytics: Identify gaps in data measurement and take steps to close them, including areas such as recipes, stock, and sales. With technology now automating complex manual calculations, such as actual food costs or bills of materials, collaborate with IT and other departments to create a customized analytics dashboard tailored to your F&B operation’s specific needs.

Stage #4 Strategic

The pivotal point of real change in digital transformation (DT) for the F&B industry is often initiated by a change agent, typically a cost-conscious COO or a high-level F&B executive. Despite operating on tight budgets, tangible results must be achieved swiftly.

Leadership & People: Formalize your DT efforts by assembling a dedicated team. Overcome objections from top brass and secure budgets for pilot programs by partnering with HR, finance, and IT departments to create a multi-disciplinary team.

Tech & Processes: Begin the process of replacing legacy technology, such as modified ERPs and point solutions, with platform-based solutions that can seamlessly connect various back-of-house (BoH) operations.

Implement technology solutions that can communicate with each other. For example, utilizing Apicbase can involve integrating with your HR systems to optimize shift scheduling and reduce labor costs, or connecting with your POS system for data-driven planning and forecasting.

Revamp processes with consideration for the new technology in use. Automate tasks wherever possible, introduce digitally forward processes, and eliminate outdated practices. Apicbase can serve as a valuable tool, acting as a “Rosetta Stone” that automatically translates recipes into bills of materials (BOMs) based on desired quantities, which are then transformed into accurate purchase orders.

Data & Analytics: Identify gaps in data measurement and take steps to close them, including areas such as recipes, stock, and sales. With technology now automating complex manual calculations, such as actual food costs or bills of materials, collaborate with IT and other departments to create a customized analytics dashboard tailored to your F&B operation’s specific needs.

Stage #5 Converged

At this stage, the Chief Digital Transformation Officer (CDTO) has earned a prominent position at the executive table, as digital technology now serves as the backbone of the organization’s operations. New roles are being introduced, and the entire operation is leveraging data-rich information to guide decision-making.

Leadership & People: Change agents and early sponsors of digital transformation have now assumed leadership roles in shaping the operational strategy. The objective is to identify synergies between pilot programs, connect the dots in the digital landscape, and facilitate the smooth rollout of the digital strategy.

New hires should possess digital literacy and support the new digital infrastructure, including roles such as AI and machine learning experts, innovators, and futurists.

Tech & Processes: All technology in use at this stage is cloud-based, blurring the line between technology and processes, as most actions do not require manual execution and monitoring, but rather approval.

For instance, Apicbase can detect the required ingredient levels for pasta Bolognese, automatically create a bill of materials, calculate quantities, choose the best vendor based on packaging options and lead times, and generate a purchase order ready for approval.

Data & Analytics: Begin testing a process that leverages data from disparate sources, both internal (such as vendors and recipes) and external (such as current events and weather), to make more accurate business predictions.

Layering AI and machine learning on top of your technology and data can assist your back-of-house (BoH) operations in automating more complex actions, such as automatic vendor selection and making informed judgement calls on vendor choices.

Utilize increasingly precise data and insights to experiment and develop new business models, such as implementing automated or semi-automated F&B kiosks outside main locations, introducing delivery services, expanding into cloud kitchens, and exploring similar opportunities.

Stage #6 Innovative & adaptive

In your F&B organization, constant innovation has become ingrained as a way of life. You diligently monitor industry trends, conduct pilot programs involving smart digital menus, robotized waiters, and fully automated kitchens, and scale up successful initiatives. This innovative mindset empowers you to diversify your business models and generate new revenue streams with unprecedented agility.

At stage six of your F&B digital transformation, it’s not just your F&B operations that have undergone reinvention, but your entire organization has transformed into a digitally-empowered organism. Digital transformation is now deeply embedded into the DNA of your culture, and both new and existing employees possess significant digital prowess. Your technology, processes, people, leadership, and analytics are all aligned towards the common goal of supporting innovation, experimentation, iteration, and the adoption of effective strategies while discarding what doesn’t work.

Although not every F&B operator has reached this stage yet, the team at Apicbase is committed to helping you get there by providing cutting-edge solutions and relentless efforts towards advancing your digital transformation journey.

Your F&B Digital Transformation is Around the Corner… But It Has to Start Somewhere

It is crucial to start your F&B digital transformation journey today, as you now understand that it encompasses your entire operation. This realization can be both sobering and overwhelming, especially considering that different parts of your global operations may not progress in lockstep through this process. Your customer support, HR, and marketing may be at varying stages of digital transformation, but it is your F&B operations, particularly the back of house (BoH), that should be the focus.

Whether you are a restaurant chain, a large hotel brand, or an enterprise caterer, your BoH operations hold the key to driving meaningful change and achieving tangible results. By making your BoH operations the North Star of your digital transformation journey, you can create a success story that sets the pace for the rest of your operations to follow.

It’s time to move beyond theoretical discussions and take action by investing in your digital transformation efforts. Let’s demonstrate our commitment by putting our resources where our intentions are.

Check out Slitigenz's latest project on digital transformation for the F&B sector

31
Mar, 2023
Digital Transformation ‘MedTech’ Industry

Digital Transformation Stands Crucial to ‘MedTech’ Industry

The pervasive influence of digital technology is reshaping every industry, regardless of size and financial strength. The healthcare industry has been a pioneer in the adoption of emerging technologies to advance next-generation healthcare services. This has resulted in the growth of the MedTech industry as we know it today. According to recent reports, digital transformation (DX) is revolutionizing the delivery of healthcare services and ultimately, the fortunes of MedTech companies.

Digital transformation in the MedTech industry has two core objectives: to enhance service continuity for patient care and to improve the efficiency of MedTech companies’ internal operations. The implementation of these objectives has had a positive impact on the performance of MedTech companies in terms of operating margins and overall revenue generation.

Moreover, the digital trend is also driving innovation and creativity in MedTech companies, enabling them to introduce novel medical devices and services that better meet the needs of patients and healthcare providers. With the increasing importance of digital technology in the healthcare industry, it is imperative for MedTech companies to stay ahead of the curve and leverage the benefits of DX to remain competitive in the market.

Digital Transformation of MedTech Industry

The MedTech industry is expected to experience a significant rise in revenue, with digital transformation initiatives projected to contribute to its growth at a Compound Annual Growth Rate (CAGR) of 6.3% between 2018 and 2024, adding up to USD 241 billion in revenue, according to Frost & Sullivan, a leading market research firm. The availability of advanced digital solutions such as analytics, AI, and augmented or virtual reality is having a considerable impact on the internal operations of the MedTech industry, including manufacturing, as well as on external areas of care delivery, states Siddharth Shah, Program Manager of Transformational Health at Frost & Sullivan.

This transformation is creating novel opportunities, such as gamification, patient engagement, device data analytics, and medical device cybersecurity for the industry’s growth in the future. However, the report highlights that North America and European markets are more mature in adopting digital transformation solutions, given their technological sophistication, regulatory support, and investment. The Asia-Pacific and Latin America markets are next in line for readiness to adopt such solutions.

The report suggests that North America, Europe, and Asia-Pacific together represent 89% of the overall opportunities for MedTech digital transformation solutions globally. Although the widespread adoption of digital solutions remains a challenge, it is expected to improve significantly, driven by the demand from tech-savvy users and the pressure within the industry to improve margins and efficiency, observes Shah. Some pioneering health systems are already experiencing positive returns on investment from their digital solutions, which is creating a positive outlook for the industry’s future receptivity to MedTech solutions. The report notes that support from regulatory bodies will further help achieve this goal.

To leverage the benefits of digital transformation (DX), Frost & Sullivan recommends that MedTech companies should prioritize the following strategies. Firstly, companies should seek partnerships that provide access to patient care insights and opportunities for growth. Secondly, they should invest in cost-effective solutions that prioritize patient care. Thirdly, companies should consider shifting from a one-time device sales model to a predictable subscription-based revenue stream to reduce bulk capital expenses and make operational costs more affordable. Lastly, innovative solutions should be implemented to improve brand loyalty and differentiate from competitors.

Moreover, DX offers immense opportunities for MedTech companies to enhance their offerings through value-added services such as remote monitoring, telemedicine, and other patient-centric solutions. These services can enable MedTech companies to deliver personalized care and improve patient outcomes while generating new revenue streams. Additionally, DX can also enable MedTech companies to optimize their supply chain operations, reduce costs, and enhance their overall efficiency.

By embracing these strategies, MedTech companies can position themselves for long-term growth and success in the rapidly evolving digital landscape of the healthcare industry.

Riding the Wave of Digital Transformation in MedTech

In the digital era of the MedTech industry, data is a valuable asset that is widely available across the organization, medical devices, electronic medical records (EMRs), and social media platforms. This data provides essential context for patient responses to medical devices or therapies and fuels the healthcare information system. MedTech companies must leverage this abundant data to drive innovation and demonstrate the effectiveness of their products in improving care and reducing costs.

To achieve these goals, MedTech companies must ask themselves the following questions. Firstly, do they have a comprehensive strategy for digital transformation that includes interoperability, data governance, and analytics? Secondly, can they seamlessly connect device and clinical data from EMRs and other healthcare information systems? Thirdly, for value-based care or outcome-based contracts, are they identifying the patient cohorts and care pathways most likely to benefit from their devices and therapies, and creating real-world evidence of efficacy and cost reduction? Fourthly, are they capable of easily consuming and aggregating data in any format in real-time? Finally, do they have a unified information system that can supply data from all sources for advanced analytics, machine learning, and artificial intelligence initiatives?

If a MedTech company cannot confidently answer ‘yes’ to all of these questions, it may be time for a fresh approach to digital transformation. By implementing a robust digital transformation strategy that leverages the power of data, MedTech companies can access new customers and succeed in value-based care contracts, ultimately driving innovation and growth.

Trends and Developments in the Medical Devices Industry

The medical device industry relies heavily on technology, which is driving digital transformation in all aspects of the field. Additive manufacturing, such as 3D printing, is becoming increasingly prevalent in traditional manufacturing, with parts and prototypes being designed digitally and then printed layer by layer using metal, plastic, or resin. This method is particularly useful for one-off replacement parts and rapid prototyping, as it can increase profitability, keep production lines operational, and even reduce time to market.

Smart factories, empowered by the Internet of Things (IoT), are revolutionizing asset management by shifting from reactive to predictive maintenance. By continuously monitoring plant assets, the IoT can detect performance inconsistencies before they become problematic. Furthermore, IoT systems can adjust the environment to maximize productivity for both people and machinery, through the continuous monitoring and adjustment of lighting and temperature, among other factors. Additionally, IoT can improve quality control by monitoring output and testing predetermined factors.

In a digital world, collaboration is made easier, and medical device manufacturers are taking advantage of this by collaborating with drug manufacturers to create devices to administer novel drugs. For instance, Takeda Pharmaceuticals and Portal Instruments recently joined forces to develop a biologic drug that can be delivered in a patient’s home without the need for a needle or hospital visit. This new technology is improving the patient experience, and it represents an exciting opportunity for further innovation in the industry.

The medical technology and pharmaceutical industries are increasingly collaborating to develop innovative solutions for diabetes control and cancer treatment. Digital collaboration facilitates the secure exchange of vast amounts of data between partnering companies. With the advent of Industry 4.0, traditional manufacturing processes are being transformed into agile supply networks that leverage new technologies to integrate the physical and digital worlds. Rather than following linear processes, the ecosystem of manufacturing is connected by a digital thread that facilitates the transfer of information, goods, and services. To achieve this, digital supply networks rely on the integration of enterprise resource planning (ERP), warehouse management system (WMS), third-party logistics (3PL), and e-commerce systems. In particular, B2B e-commerce platforms are proving vital to medical device manufacturers, wholesalers, and distributors in meeting the needs of their customers. By creating a B2B digital customer experience that is similar to B2C while ensuring regulatory compliance, these platforms enable users to customize their checkout workflows, pricing rules, and product data.

Check out Slitigenz's latest project on digital transformation for the Medtech sector

29
Mar, 2023

Finance digital transformation: 5 key rules & tools for 2023

Digital finance transformation is a comprehensive approach to financial management that leverages the digital landscape and innovative technology. When implemented effectively, it can yield numerous advantages, including enhanced efficiencies, minimized errors, expedited processes, optimized workforce allocation, and tangible financial gains. The wide-ranging and significant benefits associated with this approach have prompted CFOs worldwide to adopt finance process transformations. However, given that digital finance transformation involves end-to-end enhancement of processes, methodologies, and business practices, it can be a considerably challenging undertaking. While the scope of work required to execute finance transformation effectively may seem daunting, failing to take action could result in your company losing valuable ground, a risk that is unacceptable in today’s competitive and unforgiving markets.

1. Automate digital processes to support finance team growth

As businesses experience growth, they are faced with numerous challenges, and automation has emerged as a crucial necessity. As a company expands and its departments scale, its finance team must undergo a digital transformation to keep up with the pace. Therefore, finance professionals must identify the appropriate digital processes to automate and utilize effectively.

Pavla, whose company manages over 2,200 clients, has identified two critical priorities that require attention. Firstly, billing poses a challenge due to the complex nature of their pricing and billing structure, including payments processing, subscription billing, one-off fees, and transactional fees. To address this, Mews developed an in-house tool for subscription management, which is synced with Salesforce and their financial stack using Zapier.

Secondly, the general monthly close process is a key area to automate early on, as it is a common process in most businesses. With multiple people and dependencies involved, setting everything up in advance is essential to enable closing within five to six days for the full P&L. Pavla recommends Asana and task tracking management to achieve robust results in this regard.

2. Get the right tools for modern finance operations

Quentin faces similar challenges in Double, despite the company being significantly smaller in size. The finance team comprises only one-and-a-half individuals, but the challenges are the same, particularly in terms of billing clients, owing to numerous pricing exceptions and a large volume of data from their systems, as well as monthly closing.

To tackle these challenges, Quentin has adopted a centralized approach, utilizing QuickBooks for all accounting and some reporting purposes. The company’s financial tech stack includes Stripe for invoicing, Carta for employee ownership management, an automated Google Sheets script for billing, and Zapier for connecting most systems. However, Quentin emphasizes the importance of ensuring that all information flows seamlessly and automatically between these systems.

Nevertheless, achieving finance digital transformation requires specific skills, which Quentin acknowledges. Being a technology company, Double has access to engineering resources to make the necessary investments and develop scripts to simplify the finance function, particularly when it is fundamental to the organization.

3. Centralize data from your sprawling tool stack

When Pavla was selecting digital tools for her finance team, she was managing a team of 14 individuals. However, the company grew rapidly, and within four years, the team had expanded to over 300 individuals, which was unexpected for Pavla.

Despite this, Mews still operates on its initial tools, which include Xero, Dext for expenses, and ApprovalMax for approvals. For reporting consolidation, Excel files connected to databases are used, which are refreshed regularly, and they have proven to be stable.

Pavla considers the data warehouse to be a crucial part of the company’s tech stack. Microsoft Azure ETL tools and synchronizers are used to ensure that all of the tools used in the company are connected and stored in a single data warehouse. Although many of the processes that should have been automated with ERP were instead automated through database connections and setups, they have been successful in streamlining the company’s operations.

For Quentin, having a “data lake” that serves as a centralized repository for all structured and unstructured data is critical. This allows for the analysis and manipulation of data in one place. Regardless of the source of truth, building a robust data warehouse allows finance teams to support the digital transformation of their organization as a whole.

4. Build your own digital bots

Johan faces the challenge of scaling Rainbird Technologies’ finance function without incurring additional staffing costs, in addition to the need for more efficient process management. To address this, the team developed a digital finance bot that can “identify R&D projects in the business, similar to how a human would.” Via Slack, the bot communicates with department heads on a monthly basis to flag any new projects as R&D-related or not. The finance bot is being trained to support more of the company’s digital finance transformation, and is continuously acquiring new skills to help scale the finance function, which currently only consists of two members.

5. Hire and develop digital skills

Possessing data-related skills can be advantageous in the early stages of a company. According to Quentin, “many software engineering skills are useful in finance, and there is an interconnection between the two.”

His team has a strong digital presence. “Every role requires a data-driven approach and the use of technology. With regards to my mix of finance and operations, we have everything under one roof and can identify the best person to manage each function as we expand.”

In the future, as the company grows, he plans to hire more experts. “As we expand, we will be able to employ someone who is focused on adding value that we cannot derive from those systems.”

Pavla also agrees with this strategy. Her third hire was a technical student with excellent SQL skills who could create macros and basic automations to support the finance team.

“When they don’t have to export journal ledgers from accounting and then create pivot tables, it makes things much simpler for the rest of the team. They already have a Power BI report where they can just filter out the accounts they need.”

“As soon as feasible, I would recommend recruiting someone with SQL skills, at least for reporting, and possibly annual ledgers.”

As the organization grows, data-related skills become even more essential, contrary to popular opinion. According to Johan, technical hires become more crucial as the company expands. “If I had to recruit someone in the future, it would be a data scientist. I require someone who can evaluate data and extract insights beyond finance.”

Pavla recommends that finance specialists who are unsure how to identify and evaluate the right talents for their team rely on other team members. “Having a fellow developer assist you in identifying that person in an interview can be helpful. I’ve had colleagues who were more technical than I am checking people I was hiring.”

Why is Digital Transformation in Finance Important?

It is imperative for the finance industry to transition to digital practices to remain abreast of emerging technology and cater to consumer needs. While client-facing digital transformation initiatives have already proven to be beneficial, the finance industry still lacks back-office digitization efforts.

Digital transformation has revolutionized the customer-facing section of the industry, whether through AI-powered budgeting services like Digit or instant payment platforms such as PayPal. However, businesses must also focus on digital transformation processes for their back-office operations. This approach makes employees more productive, streamlines business functions, and enhances service delivery. The benefits of digital transformation in finance are as follows:

Reduced Errors and Reporting The finance function is plagued by human errors, regardless of the level of expertise of finance professionals. Simple errors, such as typos, broken links, and outdated data, can cause significant problems. Digital transformation advocates for the use of a single platform that provides a 360-degree view of reports and the numbers therein, making errors easier to spot. Moreover, data is shared and updated within a single system, minimizing the likelihood of outdated data. Centralizing and organizing everything across departments results in reduced errors and better compliance with finance laws and regulations.

Enhanced Security Finance operations require the handling of sensitive data, and finance professionals may not be cybersecurity experts. It is, therefore, the responsibility of CFOs and other leaders to find a system that prioritizes information security. A digitalized system allows sensitive data to be stored in a secure cloud-based system. SaaS solutions that cater to finance teams often offer advanced security to protect sensitive data and restrict access to it, even within a team.

Advanced Analytics Digital transformation empowers you and your team to leverage numbers, formulas, and other critical data to work for you, not the other way around. With innovative machine learning, AI, and real-time data processing, advanced analytics are easily accessible.

Manual review of analytics can be entirely overhauled, leading to improved accuracy and reduced time expended. Automated analytics, adaptable and not dependent on manual processes, can deliver intelligent insights with the right solution.

Improved Employee Performance Providing effective automation and collaboration solutions to your finance team is key to their success. Digital tools streamline repetitive, tedious tasks such as vendor management, cash flow forecasting, accruals, and audit preparation, resulting in improved employee performance.

Optimizing search tools, automating task execution, and enhancing business processes are essential elements of digital transformation. Ultimately, digital transformation provides support to finance teams, simplifying their jobs and increasing operational efficiency.

Key Takeaways for Digital Finance Transformation Despite lagging behind in finance back-office operations, digital transformation is gaining momentum, particularly in light of the recent pandemic. Uncertainty persists, making it crucial to implement digital processes enabling teams to work from home or adopt hybrid work functionality seamlessly with the necessary tools.

23
Mar, 2023

Digital Transformation in the Education Sector – A Guide To Education Technology

The education sector has been rapidly advancing in digital transformation, with further momentum expected in the future. Although the advantages of EdTech outweigh the disadvantages, it is not exempt from challenges. However, with our implementation tips, educators can be better prepared for these challenges.

The prevalence of digital transformation is evident in almost all aspects of life, including the education sector, where various degrees of digital transformation have been implemented. This transformation has given rise to EdTech, a technological industry that includes interactive whiteboards and front-facing projectors.

Many educators are still unaware of EdTech and its impact on education. This guide aims to assist teachers in navigating the ever-changing landscape of digital transformation and EdTech successfully. Check out ViewSonic’s Education solution for empowering classroom collaboration or read on to learn more about the digital transformation in education and how to make the most of it.

Is there any aspect of life that has yet to be influenced by digital transformation and technology? The answer is highly unlikely!

What Is EdTech and the Digital Transformation?

EdTech is an abbreviation for educational technology, which denotes a field of technology used to enhance classroom learning. Although the definition may seem broad, EdTech encompasses a wide range of products and philosophies that aim to modernize education practices, from digital whiteboards and online curriculum management systems to specialized tablets. Reflecting on your own education, you may recall the use of chalkboards, overhead projectors, and physical textbooks. However, with the ongoing digital transformation of the education sector, these traditional tools have been replaced by digital whiteboards, interactive front-of-classroom displays, and tablet-based versions of textbooks, which are all facilitated by EdTech devices.

4 Advantages of the Digital Transformation

In any major transformation of a sector, whether industrial, political, or academic, diverse opinions emerge, often polarized between positive and negative perspectives. In the specific case of the digital transformation of the education sector, proponents often highlight the potential benefits, such as increased opportunities for experimentation, enhanced access to resources, improved efficiency, and the development of valuable life skills.

1. Experimentation and Feedback

EdTech offers increased dynamism compared to traditional educational methods, particularly in terms of on-the-fly quizzes and up-to-date lesson content. The constant connectivity of EdTech provides teachers with tools for unlimited experimentation and nearly instantaneous feedback. They can easily test out new learning tools, assess students’ understanding through quizzes, and seamlessly update outdated lesson material. The digital transformation of the education sector enables educators to experiment whenever they desire and take appropriate action based on the results.

2. Plenty of Resources

EdTech eliminates the concerns of teachers regarding resource constraints. With the integration of an interactive whiteboard’s native software and Internet connectivity, the availability of resources is virtually unlimited. These resources may include media integration, live annotation, and gamification, among others. The teacher’s creativity and technological literacy are the only limitations on the possibilities offered by EdTech.

3. Automation and Efficiency

While education aims to develop young and mature minds, teaching involves various necessary but tedious tasks that can distract from the main goal. These tasks may include grading, attendance-taking, communication with multiple stakeholders, and other administrative duties.

Fortunately, EdTech and the ongoing digital transformation of the education sector provide assistance in streamlining these processes. As with most industry-level technology upgrades, increased automation and efficiency are common outcomes of the transformation. In education, teachers can now delegate administrative tasks to their newly-acquired EdTech tools. As a result, educators who properly leverage these devices may experience more efficient day-to-day teaching experiences.

4. Life Skill Development

Technology is an indispensable aspect of our modern world, and its presence is likely to persist. From job searching to long-distance communication with friends, the use of technology has transformed from an unusual hobby to a necessity in just a few years. This is where EdTech and the digital transformation of the education sector come into play. By introducing students, especially young ones, to these technologies, they are well-equipped for the future. In practice, this includes skills such as source literacy and digital presentation creation. Considering technology use as an essential life skill, there is no better time to acquire such knowledge than during the developmental years of the brain.

3 Challenges of the Digital Transformation

The digital transformation of the education sector has faced criticism from various quarters, raising legitimate concerns. These include the potential for in-class distractions, unequal access to technology among students, and inadequate oversight of digital sources. In the following discussion, we will examine these drawbacks to provide insights on how to address these challenges effectively.

1. Distractions Abound

There are concerns among some individuals regarding the potential for addiction and harm to students caused by the use of technology, particularly tablets or screens. If students are misusing EdTech, it is essential to reconsider the lesson plan to ensure optimal use.

Surprisingly, the solution to this issue might involve incorporating more interactive and engaging elements into the EdTech usage. This might appear counterintuitive, but research indicates that students who enjoy themselves while learning are more likely to engage in active learning.

2. Unequal Access

Inequality is a pervasive issue in our society and extends to access to modern technology. The cost of such technology may be prohibitive for some students, making it imperative for educational institutions to provide necessary tools and resources in a universal manner to ensure equal access to educational opportunities. While teachers need not necessarily implement EdTech at an individual-student level, front-of-classroom tools can be utilized to enhance the overall learning experience. This approach will aid in achieving the ultimate goal of successful implementation of EdTech and digital transformation in the education sector.

22
Mar, 2023

Powering digital transformation through proptech

The real estate industry worldwide, including the multifamily sector, is being disrupted by novel technologies. In this digital era, technology adoption has hastened communication, transactions, and collaborations between individuals, businesses, institutions, and processes, consequently altering our way of living and working.

The notion of properties as interconnected spaces with access to dynamic services has created fresh opportunities for property management firms operating in the multifamily sector. By reimagining buildings as intelligent environments, new software solutions for managing properties more efficiently have emerged.

The advent of smart buildings that integrate with emerging technologies such as IoT sensors and cloud-based property management software has presented novel methods for managing multifamily assets. Moreover, the advent of blockchain technology has transformed our understanding of data security and trust among stakeholders in the real estate transaction chain.

Location-based services and real-time analytics for multifamily real estate

The increasing obsolescence of traditional technologies for communication and workflow management has resulted in the emergence of novel solutions such as augmented reality (AR) and virtual reality (VR), artificial intelligence (AI), machine learning, blockchain, and the Internet of Things (IoT), all of which facilitate novel methods of linking people, data, and systems.

Location-based services have surfaced as a crucial element of these technologies for communication management between individuals and assets. In the real estate sector, location-based technologies have empowered organizations to create real-time analytics for managing assets and workflows, facilitating efficient management of their multifamily investments.

Real-time information provides clients and decision-makers with valuable insights that can guide decisions, enhance service delivery, and demonstrate progress towards objectives and milestones. For example, a multifamily property management company can leverage location-based technology to track assets and individuals in real-time, creating “virtual fences” around each property to monitor ingress and egress.

This capability aids multifamily property managers in safely and securely managing their property, an aspect that is becoming increasingly critical for residents. It also enables property managers to real-time coordination of maintenance personnel and contractors, with all feedback relayed to a secure server for review.

Blockchain for data security and trust in the multifamily sector

Blockchain is a distributed ledger that leverages code and cryptography to track transactions between two or more parties. Although it is widely known for its use in cryptocurrencies such as Bitcoin and Ethereum, blockchain is also revolutionizing various sectors, including finance, logistics, and real estate. Despite the tendency to conflate blockchain with Bitcoin, the technology is much more than just a cryptocurrency platform.

In its simplest form, blockchain technology is a decentralized ledger that enables individuals to create an immutable, shared record of transactions. This technology is secure because each party has a copy of the ledger that is visible to all participants. Any attempt to modify a record is detectable by all parties, ensuring that the record remains unchanged.

The shared ledger provided by blockchain technology addresses the primary challenge of centralized record-keeping: trust. In centralized systems, a single entity (such as a bank or a government) controls the records. However, blockchain allows multiple parties to access a shared ledger where information is visible to all stakeholders.

The use of blockchain technology in the real estate industry has gained significant attention, given the sluggishness of the current real estate transaction process. This is particularly frustrating for tenants, buyers, and sellers who desire a quick resolution. Investors also seek a fast return on their investments.

Blockchain technology is expected to play a crucial role in unifying the real estate industry, supporting and enabling almost all types of transactions, financial or otherwise, to enhance the process for all stakeholders. While numerous technology companies are experimenting with blockchain technology, few have made significant progress in the space. However, the next few years are crucial, given the increasing cost of living that is affecting real estate markets worldwide.

Multifamily buildings as smart environments with IoT sensors

The Internet of Things (IoT) refers to a network of interconnected devices that communicate with each other through sensors, embedded software, and data networks. The transformative potential of IoT technologies is apparent in various aspects of our lives, ranging from shopping to home management. The emergence of connected technologies has been instrumental in ushering in a smart home revolution.

The real estate industry has also leveraged IoT technologies to create intelligent buildings that can enhance building management. By utilizing sensors, IoT systems collect data on factors such as temperature and energy consumption while facilitating the connection of the building with external systems and devices.

IoT-enabled buildings provide new possibilities in building management, such as reducing energy consumption, improving indoor air quality, and enhancing building safety. Commercial real estate has recorded the highest adoption rates of IoT technologies, leading to cost reductions and optimal utilization of space. However, the multifamily sector of the residential real estate market is increasingly integrating IoT systems.

The importance of technology in multifamily real estate

New technologies are causing a transformation in the real estate industry, revolutionizing the way we think about transactions, buildings, and data. These technologies are extending beyond their original purposes to find new applications in commercial and residential real estate.

For instance, virtual reality is being utilized by architects and interior designers to create 3D models of buildings and redesign interiors. In addition, companies such as Matterport are using VR to enhance the property viewing process.

Similarly, blockchain technology, which is typically associated with finance, is now being employed to facilitate secure and fast information sharing. Blockchain is now utilized in property sales, allowing for information about the property, seller or buyer identity, and lending financials to be shared among parties.

As these technologies continue to develop, new proptech solutions will arise to solve persistent issues in real estate. Virtual reality, artificial intelligence, machine learning, blockchain, and the Internet of Things are redefining real estate, establishing more collaborative methods of work, while enhancing data security and trust to create intelligent buildings that can be managed remotely and efficiently.

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