Why and How to transform your traditional business into a tech-driven one

As Winston Churchill said, “we should never waste a good crisis.” The biggest positive of the COVID-19 pandemic is that it has pushed us to rethink our potential and ensure that we prepare ourselves for future challenges. The pandemic kept us indoors for almost a year. There was a sudden mushrooming of apps providing a range of services. Digitization practically saved us during the crisis. Some businesses lapped up the technology and others who were slow to respond perished.

Crisis or no crisis, it is certain that technology is fast advancing, and organizations that do not adapt risk becoming obsolete. If you’re looking to stay ahead of the curve, now is the time to ramp up technology in your business. This blog post will outline why and how to build a tech team that transforms your business.

Why is digital transformation a necessity?

With the advent of new digital technologies, customers increasingly expect businesses to offer digital solutions and services. At the same time, new digital competitors are emerging, offering innovative digital solutions that can quickly capture market share. To stay competitive, businesses must embrace digital transformation and adopt new technologies and solutions.

Some of the benefits are:

  • Changes the Customer Experience
  • offers data-driven insights
  • Encourages teamwork and improves employee satisfaction
  • Improve agility and innovation.
  • Encourages a digital culture
  • Improve skill set and knowledge
  • Process and operations are streamlined

The advantages are many, and the time to act is now!

How to achieve digital transition?

Some companies are starting to see a real impact from their tech transformations. In a McKinsey study, around 50% of surveyed companies reported a moderate to significant impact on realizing new revenue streams, almost 70% reported an impact on increasing existing revenue streams, and 76% reported an effect on reducing costs.

Tech transformations, nonetheless, remain notoriously difficult and complex. Commercially, businesses are seeking the most effective methods to integrate digital into their operations. Among these methods are:

Creating a new digital business model: Customers now expect a tailored and seamless experience from the businesses they patronize. Hence, rethinking a business model is the cornerstone of the digital transformation of your business.

Implement personalization without impacting privacy: Personalisation has become essential for businesses that want to create a lasting connection with their customers. By tailoring communications to individual consumers’ specific needs and interests, businesses can create a more personal, engaging customer experience that builds loyalty and strengthens relationships.

Having said that, the most crucial aspect of digital transformation is building the right tech team.

Digital transformation is about talent, not technology

Harvard Business Review maintains that contrary to general opinion, digital transformation is less about technology and more about people. You can buy almost any technology, but your capacity to adapt to an even more digital future depends on cultivating the next generation of talents, bridging the talent supply-demand gap, and future-proofing your and others’ potential.

Focus on employee onboarding: As businesses increasingly move towards a tech-driven model, it is essential to focus on employee onboarding and training. After all, the transition will be significantly easier if your employees are equipped to handle the new technology. 

Fortunately, there are several ways in which companies can accelerate digital innovation.

a. Prioritizing institutional knowledge for balance

In order to accelerate digital innovation, companies should prioritize institutional knowledge and find tech talent to integrate with legacy employees with domain expertise. New tech talent brings fresh ideas and perspectives that can help solve problems in new and unique ways. However, they may not have the same deep understanding of the company’s core business and processes that more experienced employees have. Bringing them together will build a tech team perfect for growth.

b. Go beyond the three ‘D’s of digital roles and skill sets

Beyond the designers, developers, and data scientists that everyone is vying for today, it may be clever to consider what new professions may arise as digital disruptors. Perhaps you’ll need an AI specialist in your Operations soon; if so, the time to start planning is now.

c.  A resilient future-proof workforce 

Once you’ve identified the skills and roles, build a tech team that will typically include internal people, external hires, partners, and freelancers. Empower your employees with continuous digital learning programmes, job mobility, and skill grafting to equip themselves and play their part in transforming your organization.

d. Balancing AI with tech talent

To fully keep up with the flood of AI-based applications and innovation opportunities, you must immediately create a balance between machines and people. This entails challenging decisions about reskilling, moulding talent, and ensuring your staff is the right size.

How can iView Labs assist you in building a tech-driven business?

iView Labs can serve as your potential tech partner to help transition your business into a tech-driven one. As the business world iView Labs understands the importance of being technology savvy and up to date with the latest tools and trends. iView Labs can also help you build a tech team within your company. iView Labs has a decade of experience helping SMEs transition into tech-driven businesses. We also assist CTOs in building remote development teams.
To learn more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

What is the easiest and fastest way to find tech talent for your business?

Technology is a constantly changing puzzle that only the brightest minds can solve. Modern employers recognize that building a tech team is the first and the most crucial step toward the business’s success. However, there is a global tech talent shortage because of the shrinkage of the talent pool. You must have experienced that getting the best minds isn’t just a challenge now; it’s a chaotic race against the clock.

As global businesses go the tech path, qualified IT specialists are in demand more than ever. However, there is a widening skills gap. According to Gartner, 64% of new or emerging technologies could not be adopted due to a lack of qualified team members. This has serious revenue implications – a new Korn Ferry report shows that by 2030, the U.S. could lost out on at least $162 billion in annual revenue if they don’t find the right tech talent. 

Find the right tech talent 

Tech professionals roday understand their value proposition and how much impact they can make, which means that they hold significant leverage in hiring situations. Understanding their needs, anticipating their wants, and accommodating their aspirations are the keys to acquiring such talent quickly and with minimum hassle. 

Here are some strategies to make the tech talent hunt go easier and faster for your business:

  1. Find tech talent and make them choose YOU: In such a competitive market, ensuring that your organization stands out from the crowd is essential. One way to do this is by connecting with potential candidates during the hiring process. By getting to know them and understanding their goals, you can show them that they would be valued as team members, not just hired hands. This can go a long way in persuading them to choose you over other employers.
  1. Advertise Your Positions in the Appropriate Places: Advertising the role is one of the most critical steps in finding tech talent. You can look for a talent pool on job portals like Indeed or social media channels like LinkedIn. Non-traditional channels like GitHub are also where talented techies hang out. Or you can outsource the entire process to an organization with expertise in team building.
  1. Impact of Employer Branding: Employer branding can be a powerful tool when building a strong tech team. By shaping how prospective candidates perceive your brand, you can influence their decision to join your team. And because employer branding can produce immediate results in the hiring process, it’s an important strategy to consider when you’re looking to build a top-notch tech team.
  1.  Tap into your personal and professional networks for referrals: While job portals and social networks may be a great place to start, in today’s job market, it’s more important than ever to get the word out about open positions at your company. While traditional methods like job boards and classified ads can be effective, you may miss out on a large pool of qualified candidates if you don’t utilize social media to its full potential.

Common Mistakes to Avoid when finding tech talent

  • Complex Application Procedures: Long application processes can turn off potential talents. It also simply delays hiring.
  • Delayed Interactions: Act promptly and without delays. Delayed responses can imply to candidates that you are uninterested in their application. Meanwhile, other organizations may sweep off the top talents.

Integrating and onboarding a tech team 

Once you build a tech team, the new talent may seem self-sufficient initially, but the full potential will only be realized with training. So complete training – make sure your investment pays off by getting everyone up to speed. Scheduling training sessions ensure that the new team members and business owners are all on the same page. 

Before you begin your training program, some pointers can be of immense use:

  • Roll in the change: Employees must be able to grasp the larger picture and comprehend business drivers. Before you teach your personnel about the business requirements, prepare them “culturally” for the transition.
  • Allow enough time: With more new things to learn and busy work schedules, training may quickly become boring, so plan and allot enough time.
  • Ensure accessibility and availability: Using in-app training or just-in-time interventions using microlearning modules is ideal. Maintain contextual and customized training.
  • It’s an ongoing process: Use tactics such as meeting with the subject matter expert/project managers, tests, videos, mailers, Q&A, and follow-up sessions.

Make use of expert solutions

A lot goes into building the right tech team. It can make or break the organization. But what if you could find tech talent that is “plug-and-play”? A tailor-made team just for your business needs? That would make life so much easier. Fortunately, there is a way to do just that. 

By working with a company specializing in placing tech talent, you can build a team with the right skills and experience you need. And you can spend your time and resources on something other than hiring. These tech organizations will handle all the details, from identifying candidates to conducting interviews. So, working with an expert tech organization is quick and easy if you’re looking for a hassle-free way to build a top-notch tech team.

Find tech talent for your company with iView Labs

At iView Labs, we help CTOs build remote tech teams. With over a decade of experience and over 25 active partnerships, iView Labs helps you build, manage and operate tech teams.

iView Labs specializes in connecting businesses with the best tech talent. We take the time and effort your company needs. Then, we use our extensive network to find candidates who are a good fit for your business. With iView Labs, you can confidently find the perfect tech team for your business.
To learn more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, write us an email at info@iviewlabs.com and sales@iviewlabs.com.

How non-tech founders can build great technology companies

If you’re a founder from a non-tech background, you may feel disadvantaged when building a technology company. You may need to figure out where or how to start. But with the right advice and resources, you can overcome these challenges and create a successful tech company. In this blog post, we’ll discuss some tips for non-tech founders and helpful resources that will guide you through the process. So don’t worry – you got this! Just follow these simple steps, and you’ll be on your way to success.

Building a product/service without understanding of the underlying tech can be tricky. You may face some challenges like:

Hiring a technical team

Building a tech team is the most challenging part of setting up a startup. You need to find tech talent that is suitable for your business needs. Sourcing, engaging, and hiring tech talent takes a lot of time. If you are looking to hire developers, you need to figure out the entire development pipeline. Assigning them roles and responsibilities can be challenging if you don’t know the tech. 

To overcome this, non-tech founders can benefit from the expertise of a reliable pre-assembled plug-and-play tech team. Instead of worrying about recruitment or team leadership, you can focus on developing your product or service.

Finding a co-founder with a tech background

While having a co-founder with the tech expertise is not mandatory, they can help build a tech team. They can also be critical players in business-related activities such as networking, pitching to investors, presenting your products at conferences, and gathering user feedback.

Many benefits come with finding such a co-founder. But recruiting a technical co-founder can be challenging too. Many non-technical startup founders need help figuring out where to start looking for such experts.

Solution?

Outsourcing with an external tech company means that you’ll be benefiting from the technical expertise of teams that may be located all over the world. This helps broaden your search and find people excited about your product. Plus, you can always leave the door open for bringing a tech co-founder on board when the time is right.

Non-tech founders have succeeded and how!

Wonder if you can succeed as a non-tech founder? There are plenty if you are looking for some inspiration. Founders with no education or work experience in the technology space have gone on to become successful entrepreneurs.

Brian Chemsky is one such name. He and co-founder Joe Gebbia famously built the 100 billion dollar business Airbnb without an iota of coding skills. The duo were industrial design/graphics design graduates from Rhode Island University. Today, Airbnb is over six million rooms strong in over 81,000 cities globally as of 2020. 

For another non-tech entrepreneur, the journey began in 2012. Falguni Nayar, the founder of the Indian online cosmetic marketplace Nykaa, was a banker for two decades before dipping her toes into entrepreneurship at age 55! Nykaa specializes in multi-beauty and personal care products. Today, the e-commerce giant is valued at approximately $13 billion after its recent listing on India’s National Stock Exchange.

Similarly, Alexis Ohanian, a non-technical entrepreneur, co-founded Reddit. As a prominent news aggregator, Reddit receives over 1 billion page views per month and can convert a news topic into a viral hit. Ohanian co-founded Reddit with co-founder Steve Huffman after graduating from the University of Virginia in 2005 with degrees in commerce and history.

We could go on and on. But the bottomline is, if they can do it, so can you. Let’s see how. Start by building a solid tech team.

How can you build a strong tech team?

Finding tech talent is difficult for many CEOs. After all, even if you know your business well, it might be tough to discern if the person you hire can truly accomplish what is required of him/her. According to a McKinsey survey, 61% of HR professionals believe building a tech team is the most challenging for them in the years ahead.

Regardless of the daunting hurdles in finding tech talent, established organizations can only expect to survive in the digital era if they are technologically strong. As a result, IT talent should be the CEO’s top focus.

Here are a few tips that will go a long way if you want to build a tech team as a non-technical founder/entrepreneur.

Multi-pronged approach

Filling your tech-talent demands is becoming a multidimensional competition. Companies must spend concurrently throughout the “hire to retire” life cycle.

This begins with creating a digital-talent engine; a dedicated team is tasked with managing the whole employee experience, from hiring and onboarding to generating new career pathways and continually upgrading capabilities.

Bridge the talent gap

Do your employees have the skill required to fulfill your business needs? Analyze the skill gaps of your employees periodically and develop training sessions to refresh their existing talent or upskill them.

Focus on candidate experiences

To find the perfect tech talent, a more effective approach is to focus on the candidate’s experience. You need to improve the virtual candidate experience since 70% of companies in a recent survey said their recruiting and onboarding was at least half virtual. Some ways of doing that include the following:

  • Tech talent want to meet other technologists, so ensure that engineers and other relevant roles are part of your interview team. 
  • Promising applicants are ambitious and have a wide range of possibilities. Create an interview and evaluation strategy that can result in a decision in as little as one day.
  • Because IT talent isn’t only going to job boards, be active in non-traditional channels like hackathons, open-source channels, and skill-specific curated sites. 

iView Labs as a talent partner

iView Labs can be a potential partner that helps businesses find tech talent. We have a team of experts who know how to find the best tech talent. This way, businesses can focus on building their product or service and not worry about the nitty-gritty of hiring. iView Labs is a reliable partner that you can trust to build a tech team for your business.To learn more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

How to build a remote team from scratch quickly and effectively

As more and more businesses start warming up to new ways of working, remote teams are becoming widespread. Needless to say, hiring remote teams is one of the best business decisions a leader can take today to keep pace with the changing corporate world. However, establishing remote teams also presents some peculiar difficulties. To ensure that you hire talented workers, engage extensively in their training, and actively seek to boost their morale, you must plan smartly. 

So, what does it take to build a productive remote team? Broadly, employers may ensure the following to build a productive remote working setup: 

  • A proven and effective hiring process
  • Open communication channels 
  • Productivity-boosting incentives 
  • A mechanism to measure and monitor progress

Hiring the right employees 

When you plan to hire remote employees, often the recruitment process will likely be remote as well. So you’ll need to adopt a different strategy than you would for employing regular employees. First of all, since your employees will be working alone for the majority of the day, recruiting self-motivated individuals is a wonderful skill set to look for. You can also look for employees who have already worked in a remote setup and are comfortable working and collaborating with remote teams. 

It often also becomes important for the business to hire individuals that don’t require to be trained extensively and can demonstrate proven expertise in the field for which they are being employed. Employers can test candidates by asking open-ended as well as specific questions to test both their attitude as well as aptitude.

Time-zone of your employees is another point to factor in. If you need to have in-person team meetings, target your geographical locations accordingly. On the other hand, if you’re looking to expand your team in a way that your business stays active 24×7, you can look at locations in time zones complementary to yours- this can also be based on where your client is located. 

For instance, we hire the right people to fulfil your business needs at the right time. Send us the tech team brief, and based on your requirements, our team will recommend the most suitable profiles. Once we receive a favourable response, our staff will present the profiles most compatible with the role.

Deciding your hiring model structure

One of the numerous benefits of remote hiring is to be able to choose staff members according to a project. You can choose to hire part-time employees, freelancers, full-time employees or mix and match in a contract-based setup. 

Decide the perks and benefits you wish to offer while also freezing the pay structure, schedule and modes. You can always take external assistance to help you manage the entire human resource planning for remote work. 

Based on the skills you need, the number of employees needed, and the length of the project, iView labs may assist you in finding the ideal tech team, and we’ll take care of the rest. 

Getting the tools right

Your business can employ a variety of remote work tools, in addition to MS Teams, Slack, and Zoom, to make these alternate work arrangements successful. For an added layer of security, you can also get dedicated white-labelled solutions customized for your business. 

To make remote-work easier, employers must also make sure that necessary tools, such as project management, time monitoring, and communication, are available to employees. Also, set sprint meetings to check on daily, weekly, monthly progress as and when required- having a SCRUM master could be quite effective in this case. 

And while you pick the right tools from those available in the market, also ensure you don’t overwhelm your employees with too many of these products. Security and privacy issues must also be taken care of with due diligence. The tools should work in assisting employees make their tasks easier and should not serve as an obstacle to speed and productivity. 

Maintaining high engagement levels

Remote employees are more prone to feeling isolated from the rest of the organisation. The impact of this issue on the business may be significantly greater if the entire team works remotely. Disconnected feelings can impact productivity and can lead to higher attrition rates, consequently impacting both top and bottom line. 

As a result, a business needs to invest in the right processes for engagement. Additionally managers, and human resources can take proactive measures to guarantee that workers are actively engaged, such as: 

  • Holding team meetings weekly or bi-weekly; 
  • Check-in with each employee one-on-one, especially those who live alone; 
  • Participating in enjoyable activities such as virtual games, quizzes or anything else that may foster a sense of teamwork. 
  • Rewarding milestones or sending a written note of appreciation to employees.

A system to monitor and track progress

As previously stated, implementing tracking tools is one method of holding employees accountable for respecting workplace standards. Building an integrated app that allows you to assign as well as track work can go a long way in building the right remote working culture. It should be easy for the higher as well as middle management to visualize progress towards a goal, set milestones and assess team and individual performance. This will lead to a streamlined and transparent way of working with business leaders feeling in control even when the organisation is scattered across geographies. 

If you are looking for a Technology Talent partner, we at iViewLabs will be happy to help. Just fill in this easy form to get in touch with us with your queries and needs. You can also write to us at info@iviewlabs.com and sales@iviewlabs.com. 

Top 3 Reasons Why Enterprises Need Zero Trust Security Model

Data breaches are becoming more pervasive every day and so must our understanding of modern day cyber-attacks. According to Gartner insights, businesses have spent more than $123 billion on security in 2020 and now projected to $170.4 billion by 2022.

Due to the accelerating number of cyberattacks, every organization needs a robust mechanism for a risk-free digital ecosystem. Zero trust security model can help businesses to create the most secure environment while mitigating the risk of any security breach.

Let’s discuss zero trust security model in detail and learn why enterprises should implement zero trust security model without any further delay.

How do you define Zero Trust security and why do you need it?

Zero trust security refers to a security approach where enterprises shouldn’t by default trust any device or individual without proper verification. You can get the highest level of security and mitigate the risk of a data breach or unauthorized access by deploying zero trust architecture.

Traditionally, many businesses used to protect their valuable resources with the help of perimeter security strategies and using firewalls and other network-based tools to inspect and validate users going into and out of the network. However, transforming to hybrid cloud infrastructure and digital transformation are changing the way industries do business now.

Many organizations are now working with several security solutions and tools with poor integration. And due to this, security facilities are dedicating a longer time to manual activities. Zero trust addresses the security needs of this data-driven hybrid cloud environment providing organizations with adaptive and continuous protection for users, data, and assets, and the ability to manage threats proactively. Applying a zero trust framework, you can produce several corollary benefits, such as:

  • Improved network performance due to reduced traffic on subnets
  • Enhanced ability to address network errors
  • Streamlined logging and monitoring process due to the granularity
  • Rapid breach detection times

What are the Components and Business Benefits of Zero Trust Security Model?

The Zero Trust security model includes

  • Zero Trust architecture (ZTA),
  • Zero Trust Network Access (ZTNA), and
  • Zero Trust Edge (ZTE).

Here are some proven benefits of zero trust security model that you should know about: 

Secures Business Information and Brand Name: Are you aware of the reputational damage that businesses across the world suffer when sensitive business data gets leaked?

Hackers are always trying to expose, infiltrate, and profit from sensitive information through malware, sophisticated social engineering techniques, or third party supply chain cyber attacks. According to research, 93% of successful data breaches occur in less than one minute and 80% of businesses take weeks to realize a breach happened. 

An efficient Zero Trust Security Model allows only authorized and authenticated individuals and devices to access applications and resources. This model also helps to mitigate data breaches, avoiding many negative consequences.

Ensures Greater Transparency: You can get greater visibility with the help of Zero Trust by securing all information and computing sources. You also can gain access to specific resources through a robust authentication process. This will help always keep track of who can access your business’s network.

Safeguards Remote Workforce

According to a survey, around 73% of IT professionals are concerned that the distributed workforce has eventually introduced new vulnerabilities due to the sudden shift to the remote working ecosystem. Identity can be linked to applications, users, and devices for seeking access, and augmenting security with the help of Zero Trust Security Model.

Wrapping it up

It’s time to make cybersecurity a priority, and businesses and governments must be proactive in adopting zero trust to confidently provide a cyber-secure future to customers, partners, employees, and citizens. It is imperative for any organization to protect, detect, and mitigate modern-day threats. The zero trust security framework offers network visibility and constant monitoring that verifies user identity and privileges as well as device identity and security. Zero Trust is designed to monitor how many different devices are trying to access their network, ensuring that every device is authorized, and assess all devices to make sure they have not been compromised.

For those undergoing digital transformation, finding the right partner who can deploy Zero-trust security is often a challenge. We at iView Labs are trying to help as many organizations as we can in an endeavour to build a safer, more secure corporate ecosystem. Learn more about how we can help.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

How To Build An Exceptional Fintech Application

Introduction

The finance industry has successfully amalgamated with evolving technologies to meet the growing demands of its clients across several verticals. The emerging fintech industry aims to reach 2 billion people worldwide who do not have traditional banking accounts. The objective is to make banking services accessible to all with greater convenience and flexibility. That said, fintech apps across domains have been able to garner interest from not just the unbanked but also many who wanted to overcome bottlenecks of the existing banking systems. Today, even these traditional financial institutions are deploying fintech apps to keep pace with the dynamic, fast-moving fintech startup ecosystem. 

Today, you’ll see the daily lives of billions deeply enmeshed with fintech solutions, giving rise to one of the most advanced phases of human society. For instance, cross-border payments can be made with just the touch of a button- minus the extensive paperwork and approvals. Or, take a look at how convenient managing your investment portfolios have become. Fintech apps and platforms have made the Customer 2.0 self-sufficient to accomplish an array of financial tasks in a jiffy, without having to invest unwarranted amounts of time and effort. 

As per research by The Business Research Company, the Fintech industry is expected to grow up to $158014.3 Million by the year 2023! Payment options, intelligent banking solutions, investment planning and several other services are being built on the foundations of AI, machine learning, blockchain and advanced data analytics to create a seamless customer experience. 

Fintech App Development: The Journey

We can see a growing number of fintech apps in a market that aims to serve their customer base with a wide variety of functionalities. If there is an appropriate time to hop on the bandwagon, this is it! But how does one go about fintech app development from scratch?

In this article, fintech app development company iView Labs will discuss everything about it by helping you lay down the process of creating a stellar fintech application in six actionable steps.

Six Steps to Build a Robust Fintech App

  1. Find your niche: Before you set out to create your fintech app, make sure that you have covered all your bases in research. This will give you a fair idea as to what kind of services and niche would provide the most lucrative results, in terms of operations as well as revenues. If you’re interested in building a cryptocurrency-based site, the process will be entirely different from wanting to create a unified payments app. Fintech Mobile app development requires you to get several licenses and permissions. So, make sure you’re on the right side of legal compliance.
  1. Decide the features and estimate your costs: Once you’ve moved the niche and regulatory body’s permissions out of the way, it is essential to start thinking about the app’s functions. Charting the interface will need you to have a clear idea of how the app will work and what functions your users can perform while using your fintech app. This also brings you to deciding on a feasible budget that works for your organization, since many wonders about the fintech app development cost. Look upmarket standards before deciding on an estimate.
  1. Hire an app development team: While creating your own app development team is a great way to get things done, it can be a highly expensive affair. Finding and recruiting the necessary professionals for the job takes time and funds, which could otherwise be saved. Instead, consider hiring a fintech app development company like iView Labs, that has an extensive portfolio in your specific niche. It will save you time and get the job done more effectively, including quick deployment, round-the-clock support, and maintenance.
  1. Formulate the UI/UX Design: Once you’ve finalized your development team, it’s time to focus on the UI/UX design, which is the front-facing interface of your app. With the help of your app development experts, mention the exact specifications to curate your brand aesthetics, app elements, features, navigation, and functionalities. Once you’ve decided on these aspects with the app designer, the development team will quickly take over and curate your fintech app.
  1. Develop Minimal Viable Product: It’s a good idea to test your app before embarking on your app development process. A Minimum Viable Product or MVP contains all the basic elements of your idea that can be a good test run if you’re looking for feedback. It will show you how much value your customers can get, and make room for improvements if there are any errors, saving you development time.
  1. Modify and Support the Fintech App: The key to start a fintech company and keeping it going is having your apps tested constantly pre and post-deployment. There will always be new technologies, inclusions, and mandates that you’ll need to keep up with. Dedicating time to ensure that your site delivers a seamless experience to your customers will be the hallmark of your services.

Wrapping Up: 

It may seem intimidating to set out on the fintech app development venture all on your own, especially as a new entrepreneur or traditionalist business that’s transitioning into digitization. 

At iView Labs, we possess all the modalities, knowledge, and skills to deliver a fully functional, sophisticated, and impressive fintech application. Our professionals ensure not just the highest standard at the interface level but also the back-end of app development. To get started on your journey, contact us today. Stay tuned for more informative blogs on end-to-end development solutions on our portal!

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

The Easiest Way To Launch An On-Demand Solution

In several studies conducted this year, the rise of the on-demand industry is clearly evident. The market size rakes an income of about USD 57.6 billion from US customers on an average each year. By 2023, the on-demand food delivery market is projected to reach $161.74 Billion. These numbers are not lost on emerging and existing businesses, as everyone wants to become a part of the incoming wave where customers rely heavily on on-demand services like Uber, Dunzo, Rideshare, and others. But what is the main essence of establishing your own on-demand app?

Many organizations prefer to curate apps from scratch, there is a huge market for on-demand solutions today. Owed to the ease it brings to business operations, companies are keen to provide an application that skips out lengthy processes like beta testing, development, and recalibration. 

Businesses can save up on such operational costs by delegating the development aspects to a third party who can get the work done effectively. For instance, a company that seeks to create a digital presence requires an internal development team to build its website, web app, or application.  However, it becomes a whole lot more convenient to let a third-party on-demand app development provider have the job done using their tailored approach. Just implement a white-label solution to solve all your problems with a simple few clicks.

The question that arises in such situations is how does a company go about launching an on-demand solution? iView Labs has the answer for you! Let’s look into six ways that can help you launch an on-demand solution that can immediately cater to your client’s needs- minus the hassle.

Six Steps To The Easiest On-Demand Solutions Launch 

Conduct the Necessary Market Research

Today, the on-demand app and solutions market is one of the most lucrative avenues for businesses to delve into. Be it on-demand healthcare solutions, or delivery services, all of them are thriving due to the evolving consumer persona. Customer 2.0 puts convenience and ease of living above everything else. Hence, it is a good place to start your research to find ways that add to the comfort factor of your prospective and existing customers. For insight into what works and what isn’t working, save time by looking into your competitors. They can become a shining example for learning from others’ mistakes while refining your solution structure and concept in the early stages. From your preliminary research of the market and relevant industry, you’ll be able to form an informed decision regarding:

  1. Any gaps and voids in the demand-supply bridge
  2. The niche of your on-demand solution
  3. The projected growth of such solutions
  4. Consumer expectations and receptivity
  5. Features and Functionalities
  6. Your budget for solution development
  7. Deployment strategy and timeline

Your Definition of Success

For every brand, success is measured in a unique way. Sure, your numbers can showcase monetary gains, but today, success is quite multifaceted. It can be defined as the number of customers served over a particular timeline, or the number of leads you acquire. If you’re a service-based company, the key decision-makers may use metrics like the Key Performance Indicators mentioned below:

  1. Number of active users
  2. Gross Margin
  3. Burn Rate
  4. Conversion Rate
  5. Customer Acquisition Costs
  6. Consumer Lifetime Value
  7. Operational Costs to Revenue Ratio

It is imperative that these KPIs be defined early on in the process because they act as a yardstick to compare your monthly, quarterly, and annual growth. It will also help your teams collaborate in perfect sync to work towards these common goals. If you’re choosing a white-label partner for your on-demand app development solutions, conveying these success markers will help them tailor your app to perfection.

Go Cross-platform and Multi-version for Your App

Have you heard of the multi-channel approach for enhanced customer experience? In the present scenario, businesses need to approach customers at their level, which includes the channels they prefer to use the most. As per Statistica’s study on internet usage in  April 2022, we’ve crossed the five billion internet users mark worldwide. This makes up 63 percent of the global population, which is a huge market to cater to. Additionally, the number of global smartphone users today is  6.648 billion. 

If a business launches an on-demand solution only in a singular model, it is most likely to touch only a part of its ideal customer base. However, this can be changed if they choose to consider cross-platform integrations such as mobile-optimized web apps, desktop browser versions, and the app store. It improves your availability, thereby helping customers find you wherever they wish, from any device possible.

Get the Right Solution Partner On Board

One of the biggest tasks after research and choosing initial markers is to select the best possible technology partner. For white label solutions, organizations like iView Labs can help with end-to-end development, from inception to the launch and post-deployment. One of the best ways to hire an on-demand app development company is to book a demo with them to check your conceptual alignment with theirs. 

Not only can this approach save you the costs of hiring specific professionals, but provide greater assistance in terms of a tailored approach. Setting up the terms of use, social handles, web domain, and app store approvals all become relatively hassle-free when the professionals have your back. Since they take care of the testing, modification, updates, and debugging, launch day would be a breeze while your team can simply assume control of the back-end.

Establish User Documentation and Guides: 

What makes your on-demand app development process better than 80% of the competition out there? Make sure that your customers have the smoothest user experience. As we’re living in the age of digital transformation, user documentation can no longer be moved to the sidelines. Prioritize, creating an extensive knowledge base for your users, be it demo recordings, CMS guides, agnostic chatbots FAQ, or meaningful content. The key is to have all the resources they need ready so that the struggle is kept to a bare minimum.

Revise and Reroute

Post-launch, you’ll receive a lot of feedback from customers and users based on their clickthrough rate, retention rate, or even abandoned carts. For instance, your delivery app UI has been a bit too unfamiliar for users to find real-time updates. Your job is to find out what aspects of your on-demand delivery app development can be refined, and make the necessary adjustments. The first six months are usually dedicated to such fine-tuning after which the app will settle into a simple feature addition, user-experience enhancements, or debugging process per update.

Wrapping it All Up:

The journey may seem meticulous, but the diligence pays off. Curating a lucrative solution for your customer base can be made easier if you followed these six steps while formulating a strategy. Be it an on-demand cab development solution or an online dispensary you’re seeking to build, the bottom line lies in having the right technological support. At iView, we strive to make the process of launching an on-demand app seamless with our bespoke solutions.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

How to Ease the Burden of Operations in an On-Demand Solutions Industry

The COVID-19 pandemic has ushered in a new age of on-demand customer experiences characterized by unprecedented speed and efficiency. As customers around the world grow to expect immediate provisioning from their product and service providers, the on-demand economy continues to flourish. In fact, according to a recent PwC report, the market value of the on-demand app economy is expected to reach a staggering $335 billion by the year 2025. 

With the overwhelming growth of the on-demand economy promising to create better business opportunities, the burden now lies on the Operations Team to achieve the necessary speed and accuracy for each delivery. The heroes working in Operations are solely expected to handle numerous issues that may arise in the on-demand business. This leaves them with a sense of ineffectiveness as challenges pile on. To lessen the burden of the Operations Team and enable them to make proactive decisions, sophisticated on-demand applications that integrate adequate technologies are a necessity.  

On-Demand App Development Overview

For organizations aiming to enter and flourish in the on-demand economy, a well-crafted on-demand application is fundamentally integral. According to the U.S. Census Bureau’s American Community Survey, American consumers spend approximately $57.6 billion in the on-demand economy annually. These numbers highlight the immense recent growth of the on-demand industry. It is clear that massive value can be generated by developing a successful on-demand application.

An application developed for the on-demand industry requires a host of unique features depending on the exact service. Besides a visually appealing and friendly user interface, an on-demand app essentially requires order tracking features, a detailed map, order history, vendor profiles, recommendation engines, push notifications and multiple payment gateways for ease of use. Since monetary transactions are at the core of such applications, strong cybersecurity features are also a requisite. Other features such as reviews and ratings and in-app chatting further add to the appeal of on-demand applications. 

To additionally ease the duties of the Operations Team, a real-time analytics feature to manage fleets is integral. Customer experiences are at the forefront of the on-demand industry. Thus, the Operations Team is expected to provide immediate solutions and unparalleled efficiency. A constant feed of relevant information can be leveraged to make real-time decisions, adding to the overall customer experience. Being able to analyze routes, traffic patterns and possible shortages in real-time can be a much needed feature to thrive in this industry.

Catching Up With Costs

The cost of developing an app for the on-demand industry is largely determined by the hours of work needed and the functionalities required. A custom on-demand app is widely expected to take anywhere between 2,670 – 3,720 hours to fully develop and deploy. The hourly rates in the U.S. for developing such applications range from $100 to $250 an hour. Hence, developing an on-demand application tends to be more expensive than the average software solution.

Globally, developing an on-demand solution application can cost anywhere between $53,400 for a single platform project to $930,000 for a refined cross-platform application with a plethora of features. Advanced technologies such as real-time insights, recommendation engines and in-app payment gateways take substantially greater time to be integrated into an application but are essential for large scale on-demand apps that cater to wider audiences. Sophisticated technologies, in terms of real-time insights and hyperlocal analytics in particular,  have grown in prominence during recent times as speed, accuracy and efficiency become paramount characteristics for an enterprise in the on-demand market. 

Guide to Creating Your On-Demand Business

Launching an on-demand business application requires you to follow a number of steps. The process includes designing the application, analyzing the market for opportunities, development and implementation of the app and then finally QA testing and stabilization. A few key imperatives are as follows.

  • Choose Your Market: The on-demand industry consists of a broad range of subdomains covering fields such as food delivery, retail, healthcare, groceries, cosmetics and taxi services. Before you enter the on-demand economy, identify your niche market and integrate the particular necessary features. 
  • Identify the Target Audience: As per an HBR report, nearly 49% of on-demand service users are Millennials. The age group between 35 and 54 make up another 30%. Your on-demand app has to appeal to the audiences most likely to use your products and services, especially the Millennial population that dominate the on-demand customer base.  
  • Start Locally: To create a successful on-demand application that is not only aesthetically pleasing but also successful, you have to begin at a local level. By catering to a smaller area and a denser population , you can test concepts, strategies and advertisements. This also allows you to test features individually and start with an MVP.
  • Find Your Features: As discussed earlier, the features you decide to include in your app are determined by your overall product and service portfolio. For a taxi service such as Uber, advanced solutions like real-time insights, traffic data, dynamic price calculations, fleet tracking and route optimization are all essential. The same features may not be necessary for a small scale cosmetics delivery application. 

In Conclusion

In today’s on-demand world, the pressure to provide quality services is unrelenting. With ever-growing customer expectations, it becomes increasingly difficult for the Operations Team to provide accuracy and efficiency. Developing an on-demand application can be the optimal strategy to ensure your Operations Team has a strong backbone. Such applications enable your organization to thrive in this blooming new industry. By leveraging modern advancements with real-time, data-driven insights and integrating these features into a comprehensive application, your enterprise can scale up to reach unfathomable possibilities.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

RPA is the key to Fintech Industry growth

Introduction:

The fintech sector is observing a rapid change with the expansion and maturity of computer processing capabilities. Now information technology can provide advanced software that can perform human-like tasks. To mitigate the scarcity of skilled resources and boost efficiency at minimal cost, the banking, financial services, and insurance (BFSI) organizations are now ready to adopt the latest offering of the automation technology – the Robotic Process Automation (RPA).

As per the global fintech giants, RPA is the convenient choice and mandatory for the industry to take a competitive advantage. As claimed by Gartner, in 2022, the estimated market value of the RPA solution is $2.4 billion, which was $250 million in 2016. And it is forecasted to grow at a CAGR of 33.6% from 2020 to 2027.

What is RPA in banking, and how does it work?

Robotic Process Automation is an automated software that is used for automating different repetitive process flows within the company. In the banking and fintech sector, this specialized software is used to perform recurring, rule-based, and high-volume tasks. 

In the fintech and banking industry, RPA follows a predetermined workflow that provides a guideline to the software robot on what steps to follow precisely. This software understands the proper keystrokes, follows the provided roadmap, and runs the required programs automatically to perform necessary tasks. Several banks and other financial institutions currently utilize RPA in customer KYC, account opening, processing client requests, and other repetitive tasks.

Benefits of RPA in the fintech industry:

There are several reasons behind the success of Robotic Process Automation in the fintech industry.

Comprehensive Insights:

Organizations can get detailed insights into their customers’ needs and the market influencing factor when implementing RPA. These insights are imperative to mark significant growth in this competitive environment.

With the introduction of RPA in business, companies are observing more customer onboarding. This is because there is more time to focus on business development and create attractive and much-needed products and services. Apart from this, RPA is efficient in providing the detailed report of competitors after performing in depth analysis. This can provide you a competitive advantage and through data representation in customized format ease the decision-making process.

Reduced Costs:

Fintech companies are processing vast amounts of bills and invoices every month. A well-programmed RPA can help you save a lot of time and money by automating the invoicing process. Moreover, there is significantly less chance of error compared to humans. Moreover, if taught smartly, these software robots can fill up forms and extract from several banking and financial systems and prepare a financial report in no time.

These all automation are a great money saver for your business. According to studies, implementing RPA in the fintech sector can save 25-50% processing time and cost. Now every sector is striving for higher profit margin and in Fintech, this pressure is more. Financial institutions can generate sustainable profit and mark significant cost reduction through automating maximum processes.

Higher Productivity:

If you want your resources to be more productive and innovative, you need to take them out of the monotonous and repetitive tasks. And the best way is to introduce RPA to perform such activities. You can thus utilize their skills to develop new strategies, foster agile development, and more. These activities not only help to increase their productivity but also encourage them to think out of the box.

Better Compliance:

Banking, financial services, and insurance (BFSI) organizations are set to operate within the guidelines and regulations. Meeting the compliances is a daunting task for businesses, but it is mandatory. A slight misalignment and compliance issue may cause massive damage to the organization.

RPA is a perfect tool for maintaining strict regulations and guidelines. To reduce the business risks, you can perform audit trials of every process through RPA. Moreover, there is no space for errors when the checking is performed by smart software. Even the advanced RPA software can detect fraudulent activities and deactivate the malicious accounts to avoid bad debts. This ensures the enhanced security of customers’ financial and personal data.

RPA Archetypes to transform Fintech Automation:

  •  Robots for verification and validation: Information verification and data validation are important tasks for any financial organization. And a slight mistake can lead to major problems. This automated software can perform real-time authentication and verification processes for external and internal systems. These activities are vital in KYC verification, Customer Due Diligence, and other processes. Such automation can quickly transform error-prone operations into a smoothly running activity.
  • System interoperability robots: As the technology is changing every day, it is imperative to adopt the latest one to stay in the competition. In the way forward, the crucial part is to integrate the legacy systems with the advanced, and a lot of data migration takes place. Integrating (RPA) robotic process automation tools can bridge the gaps and perform the cumbersome data migration task without any error.
  • Scheduled robots: There are several banking events that operate until a particular event occurs. The scheduled automation robots are hardcoded and delivered when it is required. In this way, you won’t miss any deadline or can resolve any issue in a big rush.
  • Data input robots: This type of automation can synchronize the data without much time and labor. RPAs can perform human-like activities in data management like system login, searching the data, copying and inserting the records in the perfect place in an error-free manner. It improves productivity and saves a lot of recurring costs for the business.

Parting thoughts:

The fintech sector is facing tremendous pressure to improve its process, boost its efficiency, and cut down its operational expenses to improve the profit margin. Implementing Robotic Process Automation is the only way to make this sector future-ready.

Many financial institutions have already implemented this intelligent automation as these are quick solution providers, easy to implement, and cost-efficient compared to large-scale transformations. If properly implemented, RPAs can offer huge benefits, and this is the call of time for the banks, fintech, and other financial entities to adopt RPA into their solutions.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

How Blockchain Manages Data?

Introduction:

Blockchain technology is nowadays snatching the attention of every digital and print media. With the increasing popularity of cryptocurrencies, the technology behind them is also attracting the tech-savvy world. Though blockchain was initially invented to develop bitcoin, its immense usability in other aspects is now attracting several industries, from healthcare to fintech. 

Nowadays, data is the most valuable asset. Technology experts and data scientists have observed that one of the most viable usages of blockchain is in the data management sector. And the most exciting aspect is how blockchain helps make data management more secure and efficient. Let’s have a look.

What is blockchain?

Blockchain is not as easy as it sounds. But in a simplified form, we can explain blockchain as a distributed and decentralized ledger or register where all the transactional records are stored in a structured format in a database. Blockchain is an amalgamation of two words, “Block” and “Chain.” “Block” represents the transactional records or data, and “Chain”- which is a combination of database networks connected through peer-to-peer nodes. It is a highly secured “digital ledger,” unalterable, and can be shared within the network like we use Google Docs. Anybody in the network can see and modify it, but all the activities are tracked in real-time.

In the blockchain, it is vital to understand that you cannot transfer the data but rather distribute the information among all the interconnected devices, also known as nodes. That’s why blockchain has a permanent record of every transaction and information, making it the most secure data management platform.

Why use blockchain for data storage?

The current problem:

The traditional data storing concept is mainly concentrated on cloud storage. There are some advantages to using the cloud for storing massive amounts of data. But it also brings several problems for users in the data management which are

Low security: The major disadvantage of the current data management system is that all the information is located on a centralized platform. This increases the risk of data vulnerability. 

Mutability: Another drawback is during the transaction, the data is not encrypted, which makes it easier for hackers to tamper with the data. 

Unclear Traceability and Authenticity: The current cloud system cannot offer any robust process to trace the source of the breach. It always raises the question of the authenticity of the data.

With the use of blockchain:

  • The data is stored in a decentralized manner where every involved party can control the data. 
  • Blockchain offers transparency of the data, which is visible to everybody.
  • Blockchain provides tamper-evidence of the data. When a datasheet or information is changed, the blockchain captures each and every transaction, which you cannot delete.

How is data stored in a blockchain?

Data storing in the blockchain system takes place by using decentralization and cryptographic hashing. Blocks are the units or primary building components of a blockchain. Putting one block upon another generates a chain of blocks containing a data link system. Let’s have a step-by-step look.

Step-1: let’s assume that the blockchain is a wall of bricks and the starting brick on the base is the initial block for the blockchain.

Step-2: The next block stores the information about the unique hash of the previous block.

Step-3: The block stores the data and information inside it, and a hash is generated for the unique data.

Step-4: Likewise, every block preserves unique data, and therefore, a different hash is generated for every block.

Step-5: Now, if any change occurs in any data, it triggers a change in the hash key of that block. This changed hash key now cannot be fitted with the next block of the chain, and therefore, consecutive change in the data of the next block is required. 

Step-6: This function triggers a simultaneous change in every block of the chain, which ultimately restricts the overall tampering of the information in the blockchain.

Benefits of blockchain for data management:

Protection of critical data: 

With the advent of digital revolution, the number of cybercrimes has also drastically increased across the globe. And there is a good reason for everyone to be worried about the exploitation of their personal data. According to the Cybercrime Magazine, by 2025, cybercrime will cost $10.5 trillion per year worldwide. Hackers are not only targeting the giant organizations, but also MSMEs are getting affected by cyber-attacks. 

Stringent security measures like implementing blockchain technology can provide considerable security to the data at every level. Though it is not full proof, the chances of data breach can be reduced significantly.

Data quality:

As we are moving into a data-driven world, which is more important is the quality of data. Every organization analyzes a giant pile of data for their business growth. And if the study is done on poor quality data, it may lead to destruction. 

In the blockchain network, every piece of data is analyzed and cross-checked thoroughly before adding it to the next block. This extra layer of scrutiny ensures that the information must have superior quality or the data get rectified before passing on to the following receiver block. Gartner says that organizations will have 50% more high-quality data in their system through blockchain smart contracts.

Data Traceability and transparency:

Traceability and data transparency are now essential for every industry to grow in the competitive market. In Healthcare, food, manufacturing, pharmaceuticals, and the supply chain, every industry is struggling to get complete visibility of the data and track it on a real-time basis. To meet the high customer expectation of minimum lead time, organizations are now able to improve their efficiency by implementing blockchain in their system. Through blockchain in the supply chain, all the stakeholders can securely access the shared ledger data without any fear of tampering.  

Critical data Sharing:

Data sharing without fear of losing or tampering is a tough job. The legacy systems do not provide this facility, and here comes the blockchain application. Through its decentralized nature, blockchain allows to share information to every party involved. Interestingly, by its inherent nature, everybody with a permission can see it but cannot alter it, making it more trustworthy.

The Bottom Line:

Recognizing the exceptional benefit of blockchain technology in data management, organizations are adopting it very fast. With the increase in internet usage, the chances of a data breach will also shoot up. Before it is too late, it is vital for businesses like you to implement this most advanced, highly secured, and efficient technology.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.