In this article, we will explore the journey of becoming a super app in Southeast Asia, exemplified by Grab, delving into its business and revenue model, its best app features, as well as strategies for building your own Grab-inspired super app, with insights from leading software development companies.

1. The Growth Cycle Of Grab

• 2012 – The giant offered ride-hailing services under the brand name GrabTaxi in Malaysia.
• 2013 – Expanded its business operation to Singapore, Thailand, and the Philippines.
• 2014 – Expanded to Vietnam and Indonesia. Launched GrabCar in SouthEast Asian countries and GrabBike in Vietnam.
• 2015 – Launched GrabBike in Indonesia to compete with Gojek. Entered logistics delivery service under the name GrabExpress.
• 2016 – Launched GrabPay as an online payment service and GrabFood as an online food delivery service.
• 2017 – Expanded to Myanmar and Cambodia. Acquired Indonesian startup Kudo to gain reach for GrabPay in Indonesia.
• 2018 – Merged with Uber for operating in Southeast Asian countries.
• 2019 – Emerged as a Super App in Southeast Asian countries.
• 2020 – Won digital full bank license in Singapore in a partnership with Singapore Telecommunications Ltd.
• 2021 – Agreed to list on Nasdaq through a merger with special-purpose acquisition company Altimeter Growth Corp securing a valuation of nearly $40 billion.

2. Grab’s Business & Revenue Model Explained

Book a GrabCar to get to work, deliver gifts to your loved ones through GrabExpress and order your dinner with GrabFood – all enabled by one mobile wallet, GrabPay.

2.1. The Business Model of Grab

Grab is an online aggregator with a straightforward yet cutting-edge business model. It provides an online platform for those looking for a ride and connects them with the appropriate people willing to offer ride services. Grab deducts a specific amount from the fare and gives the driver the remaining money.

With 2.8 million drivers and more than 6 million daily rides, Grab is one of the top on-demand companies providing services other than cab rides. The business has grown over time and developed numerous revenue streams, including platforms for ordering food, hotels, and groceries.

The picture below shows how Grab works:

For drivers: 

For passengers:

2.2. The Revenue Model Followed

The customers or passengers who use Grab are who generate its income. The more demand for cab rides increases, the more drivers will register on the platform, leading to a rise in the number of rides. Grab receives a specific commission for each successful ride.

A commission-based business model is used by Grab. It deducts between 16% to 25% of the ride fare as commission and gives the driver the remaining amount. You need to know the crucial partners who round out the Grab model to comprehend how Grab’s on-demand business operates:

Drivers: The Service Providers

With Grab’s lucrative incentives for drivers completing rides, the drivers earn a sizable sum and are prodded to complete more rides in a month.

A driver who completes at least 60 rides is classified as Silver and is qualified to receive car maintenance coupons. To be listed in the Gold category and qualify for lifestyle coupons and vouchers, drivers must complete 150 rides per month. Drivers who complete 300 rides per month fall under the third category, Diamond, which entitles them to medical and health benefits.

Such incentives persuade more people to sign up for the platform as service providers, ultimately boosting revenue.

Passengers: The Consumers

Like any other business, passengers are the lifeline of Grab. The platform won’t be profitable for drivers until there is greater demand for cab rides. Grab therefore makes a diligent effort to develop a secure and open app that results in a flawless user experience. It uses state-of-the-art technology to locate the nearest available ride and bring the driver on board so the passenger can be picked up within minutes after their search.

Grab guarantees a pleasant ride for both passengers and drivers with strict guidelines. Additionally, it has live-tracking features and safety SOS buttons that give passengers peace of mind while traveling. Such additions attract more passengers to the platform.

Investors: The Financial Backbone

Grab receives funding from big-shot investors. In 2020, it raised as much as $856 million in funding from strategic Japanese investors. In 2021, Grab was listed on Nasdaq through a merger with special-purpose acquisition company Altimeter Growth Corp securing a valuation of nearly $40 billion. 

Additionally, Grab collaborates with businesses for marketing and partnerships that contribute to its revenue source. It, however, does not promote any discount offers for riders and sticks to earning a minimum commitment from the ride fare. 

3. Understanding The Rise Of The Grab SuperApp

3.1. How it emerged as a Super App?

Grab, which started as an on-demand taxi business under the name GrabTaxi has grown out to be a platform where one can hire anything that runs on wheels. The platform offers more than ten types of on-demand ride-hailing services, including taxis, private cars, bike taxis, carpooling, bike pooling, shuttle services, etc. 

The giant expanded its operations in not just the ride-hailing sector but also set foot in new business verticals such as food delivery, grocery shopping, logistics delivery, on-demand video platform, hotel booking, ticket purchasing, financial services, etc.

Thus, Grab started offering multiple on-demand services under one roof, similar to the concept of Gojek, and emerged as a super app in Southeast Asian countries. 

3.2. A look into the different services offered by Grab

a/ GrabPay

Grab launched its QR code-based mobile payment application named GrabPay in January 2016. The service is currently available in six nations of Southeast Asia, namely Singapore, Malaysia, Vietnam, Thailand, Indonesia, and the Philippines. This app is used to pay for availing their ride-hailing services, food delivery services, in-store purchases, and fund transfers.

You can use the app for purchasing on e-commerce platforms as well. Also, it devised a strategy named ‘Grow with Grab’s roadmap’ with which Grab has forayed into providing loans to SMEs and insurance services for drivers in Singapore. 

Adding to this, GrabPay extended its financial services towards offering a post-paid and installment payment option in Singapore in the name “Pay later”.  With this option on board, the users can pay for Grab services at the month-end without an additional cost.

b/ GrabFood

As a part of its strategy to emerge as a super app, Grab started offering food delivery services under the name GrabFood in May 2018. The service is now provided to more than 200 cities across several Southeast Asian countries and makes use of GrabPay for checkout. This sector has given a chance for Grab driver-partners to double their income by becoming GrabFood delivery partners. Also, it made use of the cloud kitchen concept to expand its operations in the cities it serves.

c/ GrabExpress

Following the success of GrabFood, the giant launched its grocery delivery service GrabExpress in July 2018, in collaboration with the Southeast Asian grocery delivery service provider, HappyFresh. The users can choose the groceries they need from the range of products listed on GrabExpress. Similar to GrabFood, Grab driver-partners are chosen for grocery delivery in GrabExpress as well.

4. Growth Hacks To Learn From Grab

Grab was able to expand its operations to various business verticals due to the techniques it uses to retain their customer base. Here we have listed the learnings one should gain from the trending super app Grab.

• • Customers see the service provider, i.e., Grab, as the go-to place for all issues that occurred while obtaining the platform’s service. Even though Grab does not directly employ the drivers or delivery partners, they take as much responsibility as possible for problems related to them. 
  • Though many businesses have stopped using word of mouth (WOM) to promote their brand, Grab made maximum use of it by leveraging social media and email marketing tools. Every quarter, they run online and on-ground surveys to track the WOM among its users. 
  • Going hyper-local is their primary strength. They focus on brand awareness and offline marketing campaigns to engage local users. They modify their service or collaborate with local service providers to provide an enhanced user experience. 
  • The giant is exceptionally responsive to its customers not just to their problems, but as a brand. Thus, users turn up to brands that listen to them and take care of their issues. 
  • One of the key USPs of Grab is user safety. Also, it puts a lot of effort into ensuring the quality of the services provided. They partner only with professionals to offer the services listed on their platform.

5. How Much Does It Cost To Build A SuperApp Like Grab?

The cost to build an app like Grab depends on multiple factors which are very customizable. So, the final price of creating an app like Grab can vary in an extensive range. Consider consulting with an experienced software outsourcing company to better understand cost-effective strategies and efficient development practices.

To count the price of the project, it should be divided into compartments such as:

• Design of the App
• App Platform (Android/iOS/Hybrid)
• Development of the Backend
• Web Development (Included or Not)
• Project Management
• Quality Assurance Tests

It is impossible to speak about the cost of a mobile app at a fixed universal price. The price of these factors mentioned above also varies as per the app development project’s complexity and needs. The cost of developing an app like Grab could range anywhere from $35,000 to $100,000.

6. What Are The Best App Features Of Grab?

Before learning how to make an app like Grab or even figuring out the cost of building an app like Grab, you need to understand the digital app solution. The Grab app consists of:

• App for Clients – where anyone can conveniently order a ride.
• App for Drivers – the app for drivers who offer ride service.
• Administrative Dashboard Panel – the control web panel to manage drivers and orders.

Further, we explore the best app features of each of these digital product modules.

Basic Features of Grab Client App:

• Charge Calculations
• Cash Payments
• Cashless Payments
• Your Travel Route In Real-Time and secure
• Client Profile Including Ride History
• Free Call/Chat with The Driver on Grab
• Ongoing Driver Tracking with ETA
• Quick and Easy Registration with Mobile Number
• Select your pick-up and objective, then book a cab
• Access coupon codes for discounts 
• Share insight via Driver Reviews and Ratings
• Transportation/Shipping via Grab Express
• Save frequently visited Locations For Quick Access
• Share your route with family and friends for safety

Basic Features of the Grab Driver App:

• Invitation to Rides
• Start/End Trips
• Quick registration and enrollment
• Start/End of the Day’s Duty
• Collection of Payments (Cash and Cashless)
• Accept/Reject Trips
• Review back The Clients
• Collections and History of Riding
• Can submit a new mobile phone application
• Pick-up and Drop Items via GrabExpress
• EMI Management alternative for the Grab Mobile

Grab Taxi’s Admin Web-Panel Features:

• • Create Sub-Admins
  • Multi-Level Admin Access
  • Complete Dashboard
  • Driver/Passenger Management
  • Analytics & Reports
  • God’s Eye View
  • View Transaction History
  • Block Driver/Passenger
  • Add/Edit/Delete Various Profiles
  • Manage Payment Accounts
  • Offers and Coupon Code Management
  • Reviews and Rating Management
  • Conveyances Management with GrabExpress

7. How To Build An App Like Grab?

Now that you know what the best app features to have in a taxi app similar to Grab are, it’s time to learn how to build an app like Grab.

Step 1: Find The Right App Development Company

If you don’t have an in-house app development team or your team is insufficient in either manpower or skill, you could choose to outsource to a trusted tech partner. So, the first step is to find an excellent app development company that knows how to create an app like Grab.

Step 2: Choose The Right Resources Of The App Company

Let’s say you found the best app development company. Now, any good app development firm will have a large resource pool, more than you need. Hence, building the right team from the resource pool is the next big step.

Being a non-technical founder, interviewing technical personnel could feel intimidating. So, a good practice would be to interview the right project manager, hire a top official or the CTO of the company for this task, and manage your project.

Step 3: First Get The App Design Ready

Once you have your team, the next step in Grab taxi app development is the app’s design. Once you’ve decided on the look and feel of the app and all its screens, the designers will work on them and forward the final version ahead for development.

Step 4: Back-end & Front-end Development

The most prolonged and most significant step in this process is the app development itself. To be specific, the back-end and front-end development of the app. Two teams of developers simultaneously create the back-end and the front-end of the taxi app like Grab.

Step 5: Testing The App

Once the Grab-like app of yours is ready and functioning, it’s time to test it thoroughly. Several other tests are done to ensure that your taxi app is working perfectly from start to finish.

Step 6: Launch & Updating

Once the tests and reworks are all done, it is time to launch the app into the market. Usually, the app development company will launch it for you onto app stores like Google Play Store and Apple’s App Store.

Now the next and final step is to keep innovating and bringing something new. A business is only good if it stays relevant. So, your app should continuously be updated with the latest technology, app design, and features.

8. Outsource Your App Development In Vietnam, Why Not?

Grab has scaled up as a super app by setting foot in almost all business verticals after gaining a strong user base in the ride-hailing industry. You can also expand or start your own business by following the strategies of Grab.  

All you need is a Grab-like app that can be personalized according to your business structure. With an on-demand app on board, you can bring all possible businesses that can be taken on-demand under a single roof. 

In recent years, app development outsourcing with software development companies in Vietnam has been a popular option for companies worldwide. This is due to its competitive outsourcing pricing, highly qualified IT workforce, and top tech expertise.

• According to TopDev’s report, Vietnam has about 400.000 IT Enginners and over 50.000 graduated IT Students from over 153 IT Institutions per year.
• Vietnam ranks 29th in terms of Skillvalue Worldwide in Developer Skills Chart Of Skill Value Report in 2018.
• Top 06 worldwide in Developer Skills Charts Of Topcoder Report in 2016.
• Rank 23rd worldwide in Developer Skills Charts of Hackerrank’s Report in 2016

For over a decade, Savvycom has successfully delivered 400+ successful app development projects for both international and domestic clients in a variety of industries, such as E-commerce, Fintech, Healthcare, and Transport & Logistics. Turn your super app idea into reality with Savvycom right today!

How does the Grab app function?

• Book Ride: With just two taps, the rider can easily book his rider. To get an estimate of the ride fare, they just need to enter the pick-up and drop-off locations.
• Get a Driver: The Grab app will assist the user in locating the closest driver.
• Track The Driver in Real-time: Users can track the driver's location in real-time and view the estimated time of arrival.
• Arrive Safely: For added security, a rider can let their loved ones know where they are going and the ride details.

How to make money using an app like Grab?

An app like Grab can be used to generate income in a variety of ways. Here, we've listed a few strategies you can use to make money. Check out each of these approaches.

• Base fare 
• Drivers' commission
• Trip costs paid by passengers
• Costs associated with canceled travel
• Booking fee (or safe rides fee)
• Premium transportation
• Brand partnerships and advertising
• Leasing to drivers

Which are the key features of the Grab admin panel?

Here are some of the key features of the Grab admin panel that you can also take into account when developing your own Grab-inspired app.

• Users/Drivers Management
• Driver Tracking in Real-time 
• Payments Tracking Module (Cash & Online)
• Ride Tracking & Management
• Reports & Analytics
• Pricing Management
• Offers & Coupon Code Management
• Reviews & Rating Management
• Deliveries Management With GrabExpress

Point of sale (POS) technology has significantly benefited from the advancements in online and cloud-based systems in recent years. With the increasing mobility of tools, POS platforms have embraced this evolution by offering mobile payment solutions that operate independently of fixed terminals.

However, despite these advancements, many companies still rely on their traditional, stationary POS terminals, preferring to maintain familiarity and the status quo. It’s crucial for businesses to understand the distinctions between traditional and cloud-based POS systems to make informed decisions that align with their needs. Let’s explore the variances between Traditional POS Systems and Mobile POS Systems, particularly from the perspective of a software development company.

Traditional vs. Mobile POS System

Traditional POS System

Traditional POS System

A traditional POS system, also known as “on-premise” or “legacy”, runs on closed networks and the data is stored on local servers. A simple analogy of this is storing your family photos in your computer at home, which cannot be accessed from anywhere else.

What Is A Mobile POS System

Mobile POS System

The Mobile POS system, also known as cloud-based or Software as a Service POS (SaaS-POS), operates via the web and is hosted on a cloud service, enabling online data accessibility. For instance, all your data is stored in a centralized location such as Google Drive or Dropbox, allowing for access and sharing from any internet-connected device. This exemplifies the convenience and flexibility offered by software development as a service.

Comparison between Traditional and Mobile POS Systems

Data accessibility

Traditional:
The data can only be accessed on-site, meaning that you have to be physically present in a business facility to make any changes to the menu or items, to check employee clock-ins, to see sales report.
Mobile:
Many newer POS platforms include dynamic data analysis and reporting so you can assess the data from anywhere, anytime. The manager can monitor all of the reporting in real-time from anywhere with internet access using any device such as desktop, tablet, mobile, or laptop. Moreover, he can make any changes online, giving remote accessibility and eliminating the need to be there in person to do everything.

Cost efficiency

Traditional:
Traditional terminals are the excellent cash register and help collect sales data, but not much else. Traditional POS systems usually have high upfront costs. In addition, they require a maintenance fee because it performs remotely, which requires additional labour and time. Additionally, in case the system crashes, the cost of re-installation can be expensive.
Mobile:
On the other hands, Mobile POS is often cheaper because the installation is not as complex and it can be installed on existing computers, tablets or smartphones. The software is also updated automatically by the service providers, in which the cost is already included in the monthly or yearly charges. However, in the long-run, the cost may be as expensive as traditional POS because the size of the business can affect the cost of the subscription.

Frequent updates

Traditional:
For many legacy systems, the server needs to be updated manually on-site. These legacy systems need to be updated manually, so the POS software is only upgraded once per year at best.
Mobile:
For SaaS POS systems, the provider implements the updates automatically and remotely, meaning there is no need for on-site visits to update the system. They usually update more frequently than the on-premise systems, and it updates in real-time, ensuring that you are always utilizing the current version of the software.

Innovative Hardware

Traditional:
The hardware of the traditional system is usually quite big, bulky, and heavy. Additionally, POS terminals are sold separately. The most common size of the traditional POS screen is 15 inches. It is not portable but it may prevent theft.
Mobile:
Cloud-based POS, unlike the traditional POS, uses portable devices, such as tablets and mobile phones and has very few hardware requirements. Moreover, SaaS POS system such as Ambur let you install their services on any internet-connected device, and allow for integrating credit card readers, receipt printers, and other tools as you need.

Integrated Systems

Traditional:
For on-premise POS systems, it is often difficult to integrate new modules, and features, and updates. This makes it harder to customize the system, and the business has to use it as is.
Mobile:
In the case of the SaaS POS system, it is possible to fully integrate higher functionality modules and connect with third-party software programs to customize the POS according to the business’s needs. Moreover, advanced cloud-based systems feature CRM for restaurants solutions that allow owners to influence loyalty programs, online ordering, and email marketing based on historical customer data.

Crave Vend case study for Mobile POS System by Savvycom

Traditional POS terminals are not going away anytime soon, however, mobile POS systems are an excellent alternative for a small business in need of an agile and comprehensive point of sale solution. The needs of each business are different, but each business should have a POS system that matches their requirements and values. Taking these POS systems into consideration, Savvycom has designed and developed the Crave Vend app, which enables users to discover fantastic deals while promoting local businesses in the era of digital technology. Crave Vend allows a lot of helpful functions such as locate food merchants, view merchants rich menu, securely order for delivery or pickup, save favourite items and restaurants. Here are some features of Crave Vend:

• • Ultimate Online Ordering. This feature helps increase sales, productivity and reduces waiting time for customers: A win-win for customers & merchants. Online orders go directly to your POS system to confirm and print to the kitchen printer. No more call from a third party, or customers during the busy time.
  • MercuryPay. This is the fast, reliable, secure payment gateway. Moreover, Mercury accepts the most common payment types and card brands, while enjoying reliable uptime, real-time transaction viewing, same day or next day funding capability and promotional payment options.
  • Flexible Menu Management. Crave Vend provides easy, quickly add/ remove items, one-touch disable/ enable items. All menu information is synchronized to the cloud for coordinated changes across the entire system including the online menu from a single device. This facilitates merchants to control inventory, get the real-time email and push notification alert.

What is financial software?

Financial software, also referred to as financial system software, serves as a specialized toolset aimed at streamlining and managing monetary activities across businesses, organizations, and personal finances. These solutions encompass a diverse array of functionalities, ranging from accounting systems and payment gateways to budgeting apps and financial forecasting tools. 

By automating tasks and facilitating transactions, financial software significantly enhances efficiency and ensures accurate financial reporting. It empowers users to track expenditures, monitor revenues, manage budgets, and adhere to regulatory requirements, fostering financial transparency and accountability. As digitalization gains momentum, the demand for robust financial software grows, spurring innovation and evolution in the fintech industry.

Who needs financial software?

Financial software is essential not only for finance experts or big companies but for a wide range of users. Individuals and families can use it to manage budgets and track expenses, gaining better financial control. 

Small businesses and freelancers can benefit from features such as invoicing, tax preparation, and payroll management, which simplify finance tasks. Large corporations can utilize financial reporting software for detailed financial analysis and forecasting, aiding strategic decision-making.”+

Non-profit organizations can also benefit from financial software by simplifying donation tracking and fund allocation, ensuring transparency and accountability. Financial advisors and accountants can streamline operations, enhance client service, and ensure regulatory compliance with advanced financial software. In essence, almost anyone dealing with finances – which includes most of us – can benefit from using financial software in some capacity.

Importance of financial application development?

Financial software simplifies complex problems for individuals and businesses

Financial application development involves creating software that helps individuals or organizations manage, track, and analyze their finances. There are several reasons why it’s important:

• Audience: These applications serve different types of users like individuals, small businesses, large corporations, banks, or governments. Each group has unique needs, and financial apps offer tailored solutions.
• Process: Development includes planning, designing, coding, testing, deploying, and maintaining. Attention to detail, quality, and security is vital due to the sensitive data involved. Compliance with laws and regulations, like data protection and accounting standards, is necessary.
• Benefits: Financial apps improve efficiency, accuracy, security, and decision-making for users. They enhance user experience, satisfaction, and loyalty while boosting revenue and profitability.

In essence, financial application development is a crucial task demanding expertise, creativity, and innovation.

Types of financial software

There’s a variety of financial software available, offering businesses and individuals numerous choices. However, not all software enjoys widespread popularity. Let’s summarize and analyze some of the popular styles that garner high traffic and usage.

1. Accounting systems

Accounting systems are vital for effectively managing financial operations. They come in various forms, each tailored to specific business requirements:

• General Accounting Software: This software records and processes financial transactions such as invoices, payments, and expenses. It generates detailed reports and statements to evaluate a business’s financial status.

• Enterprise Resource Planning (ERP) Software: Financial planning software systems integrate different business functions like accounting, human resources, and inventory management. They offer a centralized platform to streamline operations and facilitate decision-making.

• Payroll Software: Designed to handle employee payroll, this software automates payroll processing, tracks work hours, and ensures compliance with tax regulations. ADP stands out as a notable example in this field.

• Billing and Invoicing Software: It will simplify the management of payable and receivable accounts by automating tasks and minimizing errors associated with manual data entry.
• Inventory Management Software: These systems help businesses monitor inventory levels, orders, and deliveries, optimizing stock control and cutting costs.

These software solutions cater to businesses of all sizes, enhancing efficiency, accuracy, and transparency in financial management.

2. Payments gateway

Payment gateways are crucial middlemen in online transactions, making it easy to process payments using credit and debit cards. They securely connect merchant and customer bank accounts, verifying banking and card details, ensuring enough funds, and transferring data between banks for safe transactions.

It’s impressive how payment gateways smoothly integrate with various software platforms for online payments, showing their flexibility. The global payment gateway market, valued at $32.52 billion in 2023, has grown steadily at a rate of 22.2%, highlighting their vital role in digital payment commerce.

Savvycom, a trusted provider in designing and providing finance solutions

In addition, financial software development companies like Savvycom that offer financial software development services, lead the way in payment processing, using technology and adaptability to navigate the changing landscape of online business. The shift to online commerce due to the pandemic has pushed payment gateways even further into the spotlight of FinTech innovation, confirming their importance in modern financial systems.

3. Insurance 

Insurance technology (InsureTech) is among the fastest-growing segments in financial applications, with an impressive Compound Annual Growth Rate (CAGR) of 34.4% and a projected value of $1.19 billion by 2027. The evolution of InsureTech has brought about a new wave of innovation, where data from wearables and similar devices play a crucial role in providing highly personalized services. This new generation of InsureTech platforms utilizes wearable data to offer dynamic insurance plans and personalized recommendations to customers. 

The insurance software market remains a valuable opportunity for businesses

Source: Adaca fintech

Interestingly, smaller insurance companies are embracing this trend, venturing into areas that larger peers traditionally avoided. In doing so, these smaller firms not only explore new opportunities but also reduce customer acquisition costs, thereby enhancing their competitiveness in the market.

4. P2P lending platforms

Peer-to-peer (P2P) lending platforms mark a significant shift in borrowing and lending, allowing individuals to borrow directly from others in a virtual marketplace. These platforms, driven by decentralization, connect borrowers with investors without traditional financial intermediaries. P2P lending platforms prioritize reducing operational costs, offering more attractive terms to investors than traditional banks. 

According to Webisoft, the global P2P lending market is expected to reach $558.91 billion by 2027, with a growth rate of 29.7%, driven in part by pandemic-related challenges. As more companies adopt P2P lending, these platforms transform lending practices, making capital more accessible and promoting decentralized borrowing and lending.

Development cost?

Understanding the cost dynamics of financial software development involves considering various critical factors and estimation methodologies. The development cost is influenced by factors such as scope, complexity, technology stack, and human resources. These elements collectively determine the overall expenses of building software solutions.

Latest price list on costs of building financial software

Estimating development costs entails analyzing project scope, complexity, and technology resources needed. Techniques like bottom-up estimation and analogous estimation help derive accurate cost projections. These methods take into account project size, duration, and required functionalities to establish a realistic budget framework.

For small-scale accounting software projects, costs typically range from $10,000 to $50,000, depending on project size and duration. Medium-scale projects may incur expenses ranging from $50,000 to $150.000, considering complexity and required features. Large-scale or enterprise-level accounting software development may involve significantly higher costs due to extensive integrations, scalability, and maintenance requirements.

How to build financial software?

Quick steps to build financial software

Building financial software requires careful planning and execution to make sure it works well and is dependable. Here’s a clear plan to help you through the development process:

• Define Project Requirements: Start by understanding what your financial software needs to do. Think about things like managing accounts, processing transactions, generating reports, and keeping things secure.
• Market Research: Look closely at what users want, what your competitors are offering, and where the industry is heading. Find out what’s missing in current solutions so you can make your software fit the market better.
• Select Technology Stack: Choose the right tools and frameworks based on what your project needs and how big you expect it to get. Think about security, speed, and making sure it can grow with updates.
• Design Architecture: Create a strong plan for how everything in your software will fit together. Decide how data will be organized, what different parts of the system will do, and how new features can be added later on.
• Develop Core Features: Start building the most important parts first, like letting users log in, managing accounts, and handling transactions. Put the most useful things first, based on what users need and what’s standard in the industry.
• Implement Security Measures: Make sure your software keeps financial data safe from hackers and other threats. Use encryption, special logins, and check regularly to make sure everything stays secure.
• Test and Quality Assurance: Check your software thoroughly to find and fix any problems. Test how it works, how different parts fit together, and how secure it is to make sure users have a smooth experience.
• Deployment and Maintenance: Once your software is ready, launch it in a controlled way and keep an eye on how it performs. Keep updating and fixing it to make sure it keeps working well and meets users’ changing needs.

By following these steps, you can create financial software that’s reliable and meets the needs of users and the industry.

Conclusion

In summary, creating financial software is a strategic investment for organizations, enabling precise financial management and decision-making. The process, from planning to implementation, demands a focused approach to ensure that the software aligns with specific business needs and offers a secure, scalable, and efficient financial management solution. Ultimately, we hope the question “how to build financial software?” was clear for you.

Serious repercussions from a hacking incident might include impairment to one’s credibility, economic and legal repercussions, and an overall loss of customer confidence. As a consequence, protecting personal information and safeguarding CRM software are now obligations that must be fulfilled in an organized way rather than being options. 

However, as businesses become increasingly reliant on these systems to store and manage sensitive customer information, the risk of cyberattacks and data breaches grows exponentially. A compromised CRM system can lead to devastating consequences, including:

• Reputational Damage: A data breach can erode customer trust, negatively impacting your brand’s reputation and leading to lost business.
• Financial Losses: Data breaches can result in direct financial losses due to fines, legal fees, remediation costs, and stolen funds.
• Legal Penalties: Depending on your industry and location, you might face significant legal penalties for failing to protect customer data, especially if you don’t comply with regulations like GDPR or HIPAA.
• Loss of Customer Trust: Perhaps the most significant consequence, a breach can severely damage customer trust, making it harder to attract and retain customers in the future.

In this comprehensive guide, we’ll learn how to secure CRM Software and ensure data privacy , explore multi-faceted best practices to ensure data privacy, and provide actionable recommendations to help you safeguard your most valuable asset – your customer data.

Secure CRM Software

What are the typical CRM security threats?

CRM systems are susceptible to myriad online attacks, all of which possess the potential to impact the privacy and security of sensitive data negatively. Let’s examine some common ways that customer relationship management (CRM) platforms are compromised before moving on to how to safeguard CRM software and protect data security:

• Malware: Various forms of malware like viruses, ransomware, and trojan horses can infiltrate CRM systems. Ransomware, in particular, can encrypt critical customer data and demand a ransom payment for the decryption key. The average ransomware payment surged in 2022, increasing by over 40%. (Sophos State of Ransomware 2023). In 2021, a ransomware attack on the Colonial Pipeline caused severe disruptions to fuel supplies in the United States, demonstrating the widespread impact of such attacks (BBC News: [[invalid URL removed]]).
  
• DDoS Attacks: These attacks flood your CRM with overwhelming traffic, hindering legitimate user access. They can result in system downtime, lost productivity, and potentially open the door for data exfiltration during the disruption. According to a Cloudflare report, DDoS attacks increased 79% year-over-year in 2022, highlighting their growing prevalence ([[invalid URL removed]]).
  
• Phishing: This social engineering tactic, often disguised as legitimate emails or messages, targets your employees. Successful phishing attempts lead to stolen login credentials, giving hackers unauthorized access to your CRM and its sensitive data. Phishing remains a top threat, with Verizon’s 2023 Data Breach Investigation Report (DBIR) finding that 36% of data breaches involved phishing.
• These assaults entail tricking users into divulging essential data, like login passwords or banking details, by sending texts or emails that seem to be from an authentic source, like an accredited supplier or company collaborator. Installing a code signing certificate on your website can be an optimal way to protect your site from phishing attacks.
  
• Insider Threats: Employees, contractors, or ex-employees with access to your CRM can expose it to risk, whether intentionally (malicious intent) or unintentionally (through negligence or accidental data exposure)
  
• Zero-Day Vulnerabilities: These are software flaws unknown to the vendor and therefore, unpatched. Hackers can exploit these vulnerabilities before a fix is released, making timely software updates even more crucial.
  
• SQL Injection: This attack targets CRM database vulnerabilities, allowing hackers to manipulate and steal sensitive data. SQL injection attacks remain one of the most critical web application security risks according to the Open Web Application Security Project (OWASP).
  

Best Practices: A Multi-Layered Approach to CRM Security

Protecting your CRM requires a holistic approach encompassing technical safeguards, compliance measures, and human-centric security practices. Here’s a detailed breakdown:

Technical Safeguards

• Data Encryption: Encrypt sensitive customer data at rest (on servers) using robust standards like AES-256 and during transmission with HTTPS/TLS protocols. Consider full-disk encryption for added protection. According to the Thales 2023 Data Threat Report, only 58% of businesses surveyed said they encrypt more than half of their sensitive data, indicating room for improvement in this crucial area.
• Authentication

  Make the most of robust methods for authorization to confirm users’ identities when they log into the CRM system. To provide a further level of protection, multi-factor authentication (MFA) may be implemented.

• Perform Daily Software Updates.

  CRM software should be updated often in order to correct bugs and fend off identified attackers. Upgrade all systems and applications with the most recent security enhancements. You must also make sure that your CRM system is compliant with every modification. Furthermore, it is imperative to streamline updates and fixes in order to guarantee their timely deployment without interfering with corporate operations. 57% of data breaches were attributed to unpatched vulnerabilities, reinforcing the need for up-to-date systems (Verizon DBIR 20230). 

  You need to steer clear of employing weakened methods of encoding that are readily cracked. For the safety of data in movement, you should employ encrypted transmission protocols like HTTPS, SSL/ TLS. Lastly, you must not be employing unsafe forms of communication like FTP or HTTP. 
  

• Multi-Factor Authentication (MFA): Go beyond passwords. Require users to provide an additional authentication factor (code from their phone, biometric verification) when accessing the CRM.
  
• Strict Access Controls:

  Ensuring that solely authorized individuals are able to view confidential information can be accomplished through the implementation of access controls, including role-based permissions and two-factor authentication (2FA). Additionally, it will help safeguard consumer data.

  Having access to private data can be restricted depending on an employee’s job duties thanks to role-based access control, or RBAC. RBAC guarantees that workers only have possession of the information they require to carry out their job responsibilities.

  For every employee who wants to log into the CRM system, utilize 2FA. By forcing staff to give two forms of verification before accessing confidential information, 2FA brings an extra degree of protection to CRM. 

• Intrusion Detection and Prevention Systems (IDPS): Deploy these systems to monitor your network for suspicious activity, detect potential attacks, and block them in real-time.
  
• Secure Backups: Regularly back up your CRM data to a secure off-site location. Test your backup systems to ensure data recovery in case of a breach or ransomware attack.

Conclusion

Promoting corporate efficiency and preserving consumer trust is contingent upon the safekeeping of CRM data. You can strategically protect your essential data from CRM by choosing a secure CRM program, putting in place administrative, complicated, and human safety policies, and routinely inspecting and updating your system. Therefore, you should adhere to these suggested practices to maintain the confidentiality of your CRM system and lead your company toward growth and economic success.

However, similar to the proverbial two sides of a coin, Big Data presents significant risks alongside its myriad benefits. Unfortunately, these inherent dangers are frequently ignored by software development companies, largely driven by the profit-centric nature of the business world.

Big Data Risks

As such, to provide more insight on this, following are the four most concerning risks nowadays:

Breach of Data Privacy

Big Data also means big threats to data privacy. Enterprises all around the world store an enormous amount of sensitive data at their disposal, such as personal customer and employee information, company’s strategic documents, and so on. These kinds of data are an obviously juicy target for hackers because of how valuable they are to the other competitions in the business. Therefore, the last thing you want is an organizational data breach, which could inevitably lead to heavy consequences, potentially bringing down the business. Developing countermeasures for security scenario is a compliance necessity.

• Read more: What are the hot trends for outsourcing cloud services in 2019?

A Troublesome matter named: “Data Organization”

To put it mildly, an enterprise may possibly generate an enormous heap of data points on a daily basis, as most tasks involving business nowadays are completely data-driven. The bigger the business, the larger the data accumulation. Furthermore, data is ever-changing and therefore highly versatile, which comes in from numerous sources and forms. With all this data keeps flooding in and piling up each minute, enterprises are prone to be overwhelmed when trying to make use of the stored data. As such, a significant amount of time is wasted on cleaning and integrating it into the enterprise network. These tasks negatively affect the performance of the business. It is imperative that the firms understand data collection and deploy a solution for it as soon as possible.

Inefficient Analytics

How important Big data analysis is

Without analysis, data is just an unnecessary burden for the business. Data analysis is an absolute obligation to put big data into good use, giving valuable insights into enterprises’ usage in business decision-making as well as developing business strategies. Had the firm not handled their data well, analyzing data is surely an arduous task, as much as it is money-consuming. Likewise, with information overload due to unorganized data, businesses run a huge risk of wasting, misinterpreting, and even relying on outdated data, which ultimately leads to major data error while making poor decisions and plans for the firm. Sequentially, the business lags further behind on the market competition.

Big hit on the budget

As the business grows, more and more information flows into the database, it becomes apparent that the concerns for storage are absolutely critical. With such data coming in huge volumes, the costs for upgrading storage also multiplies. Traditional data warehousing calls for a huge initial setup cost, not to mention the fact that performing hardware upgrade is also time-consuming and costly, due to the fact that the actual hardware needs to be purchased and properly installed. Another approach for data storage is to make use of cloud technology. While this method can minimize the costs for on-premise data warehouse, there are certain hidden security risks associated, which is why many firms prefer the former system. Regardless, both traditional and cloud-based storage methods involve a huge expenditure. Additionally, the procedure of processing, analyzing and securing data requires top dollar investments, which may take a heavy toll on the enterprise budget. Only with a carefully developed Big Data Solution can the cost be mitigated well.

Read more: 6 Questions You Should Ask before Using Big Data

Savvycom administers Big Data Solutions to mitigate the risks for your business

Genomic | Big data solution to Gene Analysis

Blockchain App Market Overview

Blockchain technology, a cornerstone of the Internet of Things (IoT), is revolutionizing industries worldwide with its decentralized ledger capabilities. From finance to healthcare, its applications offer transparency and heightened security, transforming how businesses operate. The blockchain app market is experiencing substantial growth, projected to reach $12.3 billion by 2030. This surge is propelled by the increasing adoption of cryptocurrencies and the integration of blockchain across diverse sectors such as retail and finance.

Emerging trends like DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and enterprise adoption are reshaping the market landscape, paving the way for innovative solutions. Despite the evolving regulatory frameworks, which pose both challenges and opportunities for development and adoption, the blockchain market continues to expand. Successful ventures like Ethereum exemplify the immense potential of blockchain, contributing significantly to market growth.

With a remarkable Compound Annual Growth Rate (CAGR) of 57%, the future of blockchain technology is poised for robust expansion, promising sustained influence throughout the IoT ecosystem.

Criteria For Top 10 Blockchain App Developers

There are several factors that we have taken into consideration to compile this list. Some of these factors include:  

• Experience: Prioritize firms with extensive experience, considering their tenure, successful projects, and client roster.
• Technical Expertise: Look for proficiency in various blockchain technologies like Hyperledger, Ethereum, and Solidity.
• Client Satisfaction: Value a strong reputation for client satisfaction, evidenced through positive feedback and testimonials.
• Product Quality: Emphasize commitment to delivering high-quality products, ensuring project success.
• Industry Recognition: Consider recognition, awards, and partnerships with leading companies as indicators of excellence and credibility.
• Team Size: Assess both larger teams for resource depth and smaller teams for personalized attention, based on project requirements.
• Flexibility: Prioritize firms that can adapt to changing project needs and timelines for successful project delivery.
• Cost-effectiveness: Evaluate competitive pricing while maintaining quality and adherence to timelines in the selection process.

The Top 10 Blockchain App Development Companies In Asia

With the amount of attention blockchain technology has been attracting, here is the list of the leading Blockchain app Development services you can work with.

1. Savvycom

As the first and only member of the Apple Consultants Network in Vietnam, Savvycom has also partnered with other global leaders

The first on the top 10 list today is Savvycom, a leading custom blockchain app development firm in Vietnam that has established itself as an industry pioneer through a commitment to innovation and client satisfaction. With over 15 years of experience, Savvycom excels in providing tailored blockchain solutions for businesses of all sizes, leveraging expertise in platforms such as Hyperledger, EVM, Solidity, Cosmos, and Substrate. Their comprehensive services span consulting, design, and development, aimed at expediting time-to-market and optimizing ROI.

Highlighted projects, such as the collaboration with Morpheus Labs, underscore Savvycom’s prowess in executing successful blockchain initiatives, bolstering its credibility. Savvycom boasts a team of blockchain developers proficient in Ethereum, Tezos, and Hyperledger, having completed numerous 500 projects. Client testimonials further attest to Savvycom’s commitment to excellence.

Learn more about Savvycom

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• Featured customer

2. Creatix Technologies

Creatix Technologies focused on helping businesses grow through digital transformation services

Creatix Technologies, headquartered in Armenia, is a leading company in blockchain consulting service, catering to various industries including finance, healthcare, and real estate. With a focus on creating custom blockchain solutions, Creatix adapts each project to meet the unique requirements of its clients, seamlessly integrating these solutions into existing business frameworks. The experienced team at Creatix is dedicated to delivering top-notch results, consistently surpassing client expectations. 

By harnessing advanced technologies such as Ethereum, EOS, Solana, and NEAR, Creatix leads the way in innovative blockchain development, making complex concepts easy for businesses to navigate. Offering a full range of services from consultation to smart contract development and enterprise blockchain solutions, Creatix has a proven track record of successfully delivering projects that improve transparency, streamline processes, and generate tangible business value. With its impressive portfolio, Creatix Technologies is the preferred partner for startups and enterprises seeking cutting-edge blockchain solutions.

Learn more about Creatix Technologies

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3. Appikr Labs

Appikr Labs Provides Mobile App Development Solutions For Brands And Companies With Objective To Generate Revenue In Billions Through “Fortune 500 Apps”

Appikr Labs, headquartered in Dubai, has been a leading figure in blockchain development services since its inception in 2015. They specialize in various areas including blockchain consulting, smart contract development, and decentralized application creation, serving industries such as finance, healthcare, and supply chain management. What sets Appikr Labs apart is its skilled team of experienced blockchain developers proficient in technologies like Ethereum, Hyperledger, and Corda. They have a notable track record of delivering innovative solutions like a voting system and a secure property title management platform for the real estate sector.

One of the key strengths of Appikr Labs is their ability to simplify complex blockchain concepts and transform them into easy-to-use applications. This has made them a preferred choice for both startups and established enterprises. With a commitment to delivering high-quality solutions that surpass client expectations, Appikr Labs continues to lead the way in blockchain innovation. Additionally, they offer educational services to help businesses harness the transformative potential of blockchain technology.

Learn more about Appikr Labs

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4. Labrys

Blockchain services that Labrys provides

Labrys is Australia’s top spot for cutting-edge Web3 solutions. Since 2017, Labrys has quickly become the largest Web3 development agency in the country. They specialize in using blockchain infrastructure and Web3 technologies to create innovative products. Labrys takes a comprehensive approach, not only developing groundbreaking solutions but also building the necessary supporting infrastructure like web and mobile applications, APIs, and integrations to support any Web3 project.

What sets Labrys apart is its team of experienced blockchain developers and consultants. They’re experts in Ethereum, Hyperledger, Corda, and more. But Labrys isn’t just about delivering solutions; it’s also about educating and empowering businesses. Through their blockchain education services, Labrys helps organizations in various industries understand how to leverage blockchain’s potential, keeping them ahead in today’s digital world.

Learn more about Labrys

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5. Sotatek

Embrace innovation, empower possibilities

SotaTek is a leading name in Blockchain Development and IT Consulting, with a global presence spanning seven offices worldwide and a strong team of over 500 skilled blockchain developers and consultants. Known for their versatile expertise, SotaTek offers a wide range of services, from full-stack public blockchain development to the creation of state-of-the-art NFT marketplaces, dex platforms, blockchain-based games, and essential infrastructure such as E-wallets and POS systems.

Their commitment to innovation and excellence shines through in their dynamic approach to crafting solutions tailored to various business needs. With a proven track record in payment processing, digital identity verification, and document management, SotaTek stands out as a leader in the Vietnamese blockchain development scene. They consistently set high standards for the industry and prioritize client satisfaction above all else.

Learn more about SotaTek

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6. Cubix

Unleashing the potential of blockchain, one block at a time

Cubix, based in Singapore, is a leading blockchain development company that’s making waves globally. With a team of over 250 experts, they’re delivering tailored and robust blockchain solutions to businesses in more than 50 countries. They specialize in key areas like blockchain supply chain, decentralization, and E-wallet platforms, drawing on their extensive experience to meet the unique needs of clients worldwide.

Having completed over 200 successful projects, Cubix has built a solid reputation for providing top-notch, dependable solutions in blockchain development, smart contract implementation, decentralized applications, and digital tokenization. Their commitment to excellence and innovation is evident, driving progress in the industry and helping businesses thrive in the digital.

Learn more about SotaTek

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7. T-Mining

Empowering the digital future of logistics

T-Mining, a leading blockchain company based in Singapore, has been reshaping the digital world since its establishment in 2016. Focused on decentralized technologies, T-Mining has introduced its innovative Decentralized Technologies Framework (DTF). This framework aims to speed up the creation of decentralized applications (dApps) while keeping costs in check.

By utilizing reusable features, DTF makes it easy and quick to develop dApps, especially for supply chain purposes like Maritime, Port, and Logistics sectors. T-Mining is well-known for its expertise in building advanced trading systems and financial software, earning recognition in the financial industry. Collaborating with esteemed financial institutions, T-Mining excels in smart contract development, integrating blockchain technology, and tailoring blockchain solutions to specific needs.

Their proficiency extends across various blockchain platforms such as Ethereum, Bitcoin, and Hyperledger Fabric, solidifying their position as pioneers in blockchain innovation.

Learn more about T-Mining

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8. Tradeline

Transforming transactions, empowering trust through blockchain innovation

Tradeline is shaking up commodity trading with its innovative platform for automating post-trade workflows. Positioned at the forefront of this sector, Tradeline leads the pack with its cutting-edge technology, which not only streamlines communication and transparency within organizations but also ensures robust management of electronic contracts.

Drawing on its expertise as a blockchain development company, Tradeline delivers top-tier solutions tailored to diverse sectors, ranging from finance to supply chain management. Their seasoned team specializes in crafting blockchain-based solutions that place utmost importance on trust, transparency, and security.

By harnessing distributed ledger technology, Tradeline empowers businesses to streamline operations, slash costs, and bolster security measures. From initial consultation to full-scale implementation, Tradeline caters to businesses of all sizes, forming partnerships with industry titans like Visa and Nasdaq.

Learn more about Tradeline

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9. Appsynth

Crafting digital experiences that transform businesses

Appsynth, a leading player in the blockchain arena across Thailand and Asia, is dedicated to pushing the boundaries of Distributed Ledger technology. With a fervent commitment to continual growth and innovation, the team focuses on unlocking the full potential of blockchain advancements. 

Despite being headquartered in Bangkok, Thailand, expertise extends globally, offering tailored solutions for blockchain development. Specializing in Ethereum, EOS, and Hyperledger Fabric, a spectrum of services is delivered ranging from comprehensive consulting to end-to-end product development. From strategizing and feasibility studies to seamless integration planning, solutions prioritize security, scalability, and future-readiness. Beyond blockchain, proficiency extends to web and mobile app development, ensuring every client’s unique requirements are met. 

At Appsynth, the mission is clear: to deliver unparalleled service and project management, empowering businesses to thrive in the ever-evolving digital landscape.

Learn more about Appsynth

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10. Finwin Technologies

Empowering Financial Transformation

Finwin Technologies is a leading force in digital platform engineering and software development, offering top-notch IT solutions designed to adapt to the changing needs of businesses worldwide. Specializing in Fintech and AI, we help enterprises achieve rapid and cost-efficient growth. Renowned for our expertise in blockchain, we provide cutting-edge decentralized solutions such as cryptocurrency development, dApp creation, and ICO consulting. 

Additionally, we excel in mobile app, AR/VR, and AI/ML development, showcasing our versatility across various industries. With a strong reputation for client satisfaction and proven success in healthcare, finance, logistics, and real estate, we are recognized for our excellence in IT innovation. Our commitment to delivering high-quality solutions has established us as a premier blockchain development company in Thailand.

Learn more about Finwin Technologies

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Vietnam: A Rising Hub for Blockchain Outsourcing Endeavors

Vietnam is becoming a top choice for blockchain outsourcing, thanks to its skilled workforce, cost-effectiveness, and supportive government. With nearly 70% of its population under 35 and proficient in cutting-edge technologies like blockchain, Vietnam offers a rich talent pool. Its strong technology education system churns out over 600,000 IT engineers yearly, well-versed in coding and possessing good English skills.

Moreover, the government actively promotes entrepreneurship and digital transformation, boosting Vietnam’s appeal as a global tech hub. Thus, Savvycom, a prominent enterprise blockchain app development company with over 15 years of experience and more than 500 projects completed, offers top-notch blockchain solutions for businesses of all sizes.

Collaborating with firms like Savvycom ensures innovative and successful outcomes as Vietnam solidifies its position in the blockchain industry.

Conclusion

In Asia, the blockchain app development companies thrives with talent and innovation. The listed companies are top players in the industry, each offering distinct strengths. As blockchain tech progresses, these firms are poised to pioneer solutions that are both cutting-edge and practical. Whether you’re a startup or a big business, teaming up with these developers can unleash blockchain’s potential to revolutionize your operations.

Image Recognition Development

1. What is Image Recognition Development?

Image recognition is a mechanism of computer vision, while computer vision is a branch of AI.

As mentioned in our article AI vs. Machine Learning vs. Deep Learning: The simplified distinction, Artificial Intelligence (also known as AI) is a computer system being able to copy human characteristics and perform tasks that normally require human intelligence.

In order to create a persuasive AI, we need what is known as “Computer Vision”. According to Venture Beat, it is the “ability of computers to acquire, process, and analyze data coming primarily from visual cue but could also include data from similar sources such as heat sensors, ultrasound, and so on”.

In short, computer vision allows machines to “see” things – sometimes, things that humans cannot. For example, the Carnegie Mellon University located in Pittsburgh (United States) is actually working on a computer vision application named “Breathe Cam”. Equipped with four cloud-connected cameras, it allows its users to monitor and document the air pollution they breathe, even trace it back to the sources. Yes, it “sees” air quality.

However, to do what human can’t, we must start with what human can: seeing and labeling objects and creatures. That’s the primary function of image recognition.

Tensorflow, an open-source software library created by Google brain team, defines image recognition as the process by which computers break down photos or videos into pixels by pixels, recognize the pattern of shapes in order to “see” what’s in those images, and categorized them.

For example, stock websites are fueled with millions of picture and billions of searches every day. Typically, website’s contributors have to add tags and descriptions to every single photo they upload in order to match with the user’s search words. With image recognition install, as soon as the images are transferred to the server, the machine can automatically recognize who is who and what it what. Then, it can fill up the description with way more details than a human can, which optimize the search engine and amplify users experiences.

2. How to achieve Image Recognition?

Presently, the most favorable approach for empowering machines with the capacity to “see” is through deep learning. In essence, deep learning is a machine learning framework loosely inspired by the human neuron system, offering computers self-learning capabilities. Consequently, computers can adeptly recognize image content without explicit hand-coded software and instructions—albeit requiring extensive data for proficiency. This is particularly pertinent for software outsourcing companies seeking to leverage advanced techniques in their projects.

And massive amounts of data is what the world is working on, with the prominent examples of ImageNet and PASCAL. Years in the making, these massive and free-to-anyone databases contain millions of images tagged with keywords about what’s inside the pictures

1. ImageNet: Created by researchers from Princeton University back in 2009, this visual database has over 14 millions URL of images collected from search engines like Flickr. During the compilation process, staff and volunteers annotated the submitted pictures with detailed description and categorized them in approximately 1000 object classes.
2. PASCAL: Stand as a united collaboration between various EU-based universities, the PASCAL Challenge is quite an underdog compared to ImageNet database – having only 20,000 training images categorized into 20 object classes.

As you might have guessed from the drastic difference in the number of classes, PASCAL has a more generic categorize system. ImageNet, instead, promotes one crucial feature to push forward the image recognition technology: Inter-class variability – two images each containing a different kind of one species/ object look different to the machine and therefore, being categorized in different classes. For example, while a picture simply belongs to the “dog” category in PASCAL, it can be put into the “corgi dog”, “shepherd dog” or “pug dog” class in ImageNet.

3. Why do you need to invest in Image Recognition Development now?

Seems like everybody’s doing it, aren’t they? Because they are.

In 2012, Qualcomm Connected Experiences, Inc first introduced Vuforia – a software platform that utilizes image recognition to offer a wide set of AR and VR-related features and giving mobile app developers the freedom to extend their vision.

Facebook began helping blind people to ‘view’ photos and images in 2016. By using image recognition, the Facebook IOS app will generate a description for every photo and narrate it out loud for the users.

Fast forward to just earlier this year, Google – one of the world most noteworthy AI company – have introduced Cloud AutoML – a tool that’s designed to simplify the process of applying AI in business operations. Cloud AutoML is starting out with image recognition, allowing Google’s customers to drag in images and teach their systems to recognize them on Google’s cloud. It’s already being used by corporations such as Disney and Urban Outfitters to make searches on their websites more relevant to customer’s demand.

But It’s not just the big guys league. According to an analysis by Bloomberg’s Chief Economist McDonough, since mid-2015, the number of corporate earnings calls that mention “AI” or “AI companies” has skyrocketed. In fact, 80% of interviewed companies reporting that they have AI applications in production.

Why are billions of dollars are being thrown into this technology? Our guess: Potential. Humongous potential.

Image recognition alone can be a very abstract field. But when put into contexts, its potential to transform businesses is indisputable. Let’s look at several potential image recognition application in various industries and business processes:

1. Healthcare: One of the most prominent Image Recognition ability is assisting the creation of Augmented Reality (AR) – a technology that “superimposes a computer-generated image on a user’s view of the real world”. Giving an AI the AR technology and a database contains visual cue of diseases or illnesses and you have yourself a medical assistant who never forget. With it, doctors then can get real-time, detailed diagnostic suggestions projected on the patient’s wounds or the medical documents during examinations.
2. Education: Image recognition can allow students with learning difficulties and disabilities to obtain the education they need – in a form they can perceive. Apps powered by computer vision can offer text-to-speech and image-to-speech which assist students with impaired vision or dyslexia to ‘read’ the content provided.
3. Food and Beverage: By employing image recognition, a simple app on smartphones can caught visual cues in Instagram and Facebook uploaded images, analyze them and offer live data. For example, based on the photos, the app could tell you whether a cafe in Singapore is frequently visited by families and friends, or it’s a wild place to party. This way, customers receive local customized proposal at-a-glance while restaurants can effectively reach out to its targeted audience.
4. E-commerce: Imagen a customer seeing something they would like to buy on the street. They have nobody to ask where to get it, so they snap a picture. Then, the customer uploads it to an E-commerce site that equipped with image recognition technology. The algorithm itself can ‘see’ the picture, scan through millions of options available and recommend the one that looks identical – or at least, the closest – to what the customer is looking for. This is exactly what Savvycom has in mind when founded the new AI Lab back in March 2018. Now, our engineers are currently developing an Artificial Intelligence Visual Search tool to utilize the big E-commerce database of thousands of products and amplify the E-commerce experiences.
5. Business Process Management: A more advanced image recognition system can also assist the identification process during business operation. For example, the machine can provide Face ID identification, which will replace the traditional ID cards used to determine whether a person is granted the right to conduct a certain task: access to document storages, attend meetings or simply check in to work. However, we acknowledge that to ‘see’ and ‘recognize’ a human face is much more complex than identifying an object due to emotion illustration and makeup alteration ability. Therefore, Savvycom is aiming to tackle this area as soon as possible with upcoming projects.

4. Conclusion

Image Recognition Development is not a new field, but under bird-eye-view, it is still in its early stage. And like any typical developing teenagers, it has problems when adapting to the real worlds.

Remember the “80% of organizations report they have AI applications in production” earlier? Within the same group of AI companies, around 33% said the biggest blockage to that desired adoption is the AI technology’s sentiment – immature and unproven. 34% of them find a hard time recruiting talented engineers, and 40% stated that information technology infrastructure impeding progress can easily take a toll on the company financial strength.
Money is also an issue. Thanks to the growing number of open-source software libraries for dataflow programming such as Microsoft CNTK and Accord.Net, machine-learning enthusiasts can conduct researches and studies with limited to none of cost. However, not everything is there because not everything is known. Companies still have a long way to go and budget to balance in order to fulfill their product ideas.

There is one solution that solves a lot of those mentioned issues: outsourcing. With a condensed focus on skill-set and expertise, IT outsourcing companies provide the insurance of higher-end tools and best practice operation with a predictable management cost. In short, they know what they are doing. That’s their jobs.
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To sum up, image recognition is the early sign of a future of computer vision. No matter how it will be approached or what industries it will be applied on, image recognition will never be achieved alone. It can only be made stronger by access to more pictures, real-time data, time and effort. The businesses that realize this, make the most of these connections and prepare head-on are the ones that shaped for success.

1. Emphasis on Cloud

The COVID-19 pandemic has accelerated the shift towards cloud services. These services allow businesses to scale up or down as needed, providing flexibility in uncertain times. According to Gartner, worldwide end-user spending on public cloud services is projected to grow by 18.4% in 2021. As businesses continue to digitalize their operations, this trend is likely to persist into 2023 and beyond.

2. Growing Use of Blockchain

Blockchain technology has potential applications well beyond cryptocurrency. It offers a secure method for recording transactions, making it valuable for preventing fraud. According to Statista, the blockchain market is expected to reach $39.7 billion by 2025, indicating a growing demand for this technology.

3. Evolution of AI

AI continues to evolve, offering new possibilities for business innovation. The rapid advancements in AI bring forth a wave of opportunities driven by new software technologies. Natural Language Processing (NLP), which enables computers to understand and interpret human language, is a particularly promising area of AI. According to a report by Stanford University, AI patenting has grown by 34% annually since 2000. Additionally, there is growing interest in ethical AI, which aims to ensure AI systems behave in a way that is ethical and beneficial to humanity.

4. A Surge in Low-Code/No-Code Development

Low-Code/No-Code (LCNC) programming has emerged as a crucial trend in software development process. It enables non-technical users to create applications, helping to alleviate the shortage of software engineers. According to Gartner, LCNC development is projected to increase by 23% in 2021. This trend is expected to continue in 2023, further democratizing software development.

5. The Ascendancy of React, Go, Kotlin, JavaScript, Swift And TypeScript

Modern programming languages like React, Go, Kotlin, JavaScript, Swift, and TypeScript are becoming increasingly popular. They offer features like type inference, null safety, and expressiveness that can make software development services or process more efficient and enjoyable.

JavaScript and TypeScript, in particular, continue to dominate the web development landscape. According to Stack Overflow’s 2021 Developer Survey, JavaScript is the most commonly used programming language, while TypeScript is rapidly gaining popularity.

Python’s ascendancy also continues unabated, largely due to its simplicity and versatility. It’s widely used in data analysis, machine learning, web development, and automation.

React, a JavaScript library for building user interfaces, has become the go-to choice for many developers due to its flexibility, efficiency, and robust ecosystem.

Go and Kotlin, although newer, are also gaining traction. Go, developed by Google, is prized for its simplicity and efficiency. Kotlin, on the other hand, is fully interoperable with Java and is the preferred language for Android app development.

Swift, the successor to Objective-C, has become the standard for iOS app development due to its performance and safety features.

6. Progress in Use of Modern Languages

Emerging languages like Rust, Go, and Kotlin are attracting developers with their modern features and capabilities, reflecting a significant programming trend in 2024. Rust, for example, is gaining attention for its focus on performance, reliability, and productivity. It was named the “most loved” language in GitHub’s 2020 Report, indicating a potentially bright future.

7. Uptick in Native App Development

With the proliferation of mobile devices, native app development is more important than ever. Native apps offer a superior user experience compared to hybrid apps, as they are designed specifically for the platform they’re on. Statista reports that mobile ad spending is expected to surpass $240 billion by 2022, further reinforcing the importance of mobile apps.

8. Rise in Progressive Web Apps

Progressive Web Apps (PWAs) are hybrid applications that combine the best of web and mobile apps. They are accessible via web browsers but offer functionality traditionally associated with native apps, such as offline access andpush notifications. Google has been a major proponent of PWAs, suggesting that they will likely continue to grow in popularity.

9. Emphasis on Cybersecurity

With the increase in cyber threats and data breaches, cybersecurity will remain a top concern for companies. Implementing robust security measures, staying up-to-date with the latest threats, and training employees on secure practices are critical steps to ensure data protection. The global cybersecurity market size is expected to grow to $345.4 billion by 2026, reflecting the importance of this trend.

10. Internet Of Behavior (IoB) For Personalization

The Internet of Behavior (IoB) is an emerging trend that extends the Internet of Things (IoT) by not only gathering data from devices but also tracking and analyzing people’s behaviors as they interact with apps and devices. Although IoB has yet to gain mainstream traction, Gartner predicted that 40% of the worldwide population will have their behaviors tracked by 2023.

The data gathered via IoB can be used to create a more personalized user experience. Startups can look at how platforms like YouTube and Facebook use IoB to provide personalized content and advertisements based on users’ behaviors and preferences. As personalization becomes increasingly important in the digital experience, the use of IoB is likely to grow.

11. Total Experience For Improved Conversion

Customer experience is pivotal in today’s software development and IT Outsourcing trends. Forbes reports that 96% of customers cite experience as a key factor in establishing brand loyalty. This leads us to the concept of Total Experience (TX) in app development.

TX amalgamates different aspects of a business – customer experience, user experience, employee experience, and multi-experience – into a central point of intersection. With a TX approach, startups can provide an optimal experience for their customers while also empowering their support teams.

The essence of TX lies in unified communication, which necessitates the integration of effective customer support technologies. It’s crucial to ensure seamless communication between customers and support personnel, even when the latter are working remotely.

Virtual Private Network (VPN) providers that offer round-the-clock, responsive live-chat support exemplify the concept of total experience. Their approach underscores the importance of having a support team that can respond promptly and effectively, thereby enhancing the overall user experience and contributing to customer satisfaction and loyalty.

12. Edge Computing

Edge computing processes data closer to where it’s created (the “edge” of the network), reducing latency and bandwidth use. According to Grand View Research, the global edge computing market size was valued at USD 3.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 37.4% from 2020 to 2027. This is particularly important for IoT devices, which generate huge amounts of data. Edge computing can also improve privacy and security by keeping data local.

13. Augmented Reality and Virtual Reality

Augmented Reality (AR) and Virtual Reality (VR) are changing the way we interact with digital environments. From gaming to training, these technologies are being used to create immersive experiences. According to Statista, the global market size for AR and VR is expected to reach $72.8 billion by 2024, indicating a growing interest in these technologies. As the technology improves and becomes more accessible, the use of AR and VR is expected to grow.

14. Microservices Architecture

Microservices architecture breaks down applications into small, independent services that communicate with each other. This makes it easier to update or scale parts of an application without affecting the whole system. According to Market Research Future, the global microservices architecture market is expected to reach USD ~$33 Billion by 2023 at a CAGR of ~17%. Companies like Netflix and Amazon have successfully used this architecture, leading to more businesses adopting it.

15. DevOps Adoption

DevOps – a set of practices that combines software development and IT operations – aims to shorten the development cycle and provide continuous delivery of high-quality software. According to a report by Statista, the global DevOps market size is expected to reach $12.85 billion by 2025, showing an increasing trend towards this methodology. As businesses seek to increase efficiency and improve collaboration between development and operations teams, DevOps adoption is expected to rise.

What Is The Meaning Of Outsourcing Development?

Software development outsourcing refers to the strategic engagement of an external specialist entity for managing software development initiatives. This scope spans the creation of proprietary software systems, operational management, and the establishment and maintenance of customer-focused software solutions, amplifying business efficiency and customer engagement. According to Statista:

• In 2023, IT Outsourcing market's revenue will be $460.10bn.
• An annual growth rate of 11.07% is projected from 2023 to 2028, leading to a market volume of $777.70bn by 2028.
• The average IT Outsourcing spend per employee is estimated to be $132.10 in 2023.
• The United States will generate the highest revenue globally, with a projected $167.90bn in 2023.

Savvycom specializes in delivering tailored made software development services and solutions for the BFSI, Healthcare, E-commerce, and other sectors, proficiently serving the needs of Enterprises and growing SMEs.

Is Outsourcing Software Development A Good Idea?

Yes, outsourcing software development can be a beneficial approach for many businesses. Here's why:

• Cost Efficiency: Outsourcing can often be more cost-effective than maintaining an in-house team, particularly for small to medium-sized businesses or startups.
• Access to Expertise: You can get access to a large pool of talented developers and specialists who are up-to-date with the latest technologies and trends.
• Flexibility: Outsourcing allows for scaling your team size up or down based on project requirements, without the long-term commitments of hiring full-time staff.
• Focus on Core Business: Outsourcing technical tasks allows your in-house team to focus on the core business aspects.

How Much Does Software Development Cost?

The cost of IT outsourcing can vary significantly based on the scope of work, the expertise required, and the pricing model adopted. Two common pricing models include team-based pricing and fixed-cost pricing. Regarding IT outsourcing models and project estimation:

• Dedicated Team Model: A long-term partnership where the outsourcing company provides a dedicated team to work exclusively on your projects. This model is beneficial for large projects with evolving requirements.
• Fixed Price Model: The project scope and timeline are well-defined, and the outsourcing company delivers the project for a fixed price. This model is suitable for small-to-midsize projects with clear specifications.
• Time and Material Model: This model provides the greatest flexibility, as you pay for actual work hours spent on the project. This model is ideal for projects where requirements may change frequently.

Project estimation in outsourcing involves determining the time and resources required for the project. It includes assessing the project size, complexity, and potential risks. Accurate project estimation is crucial for setting realistic deadlines and budgets.

Common Factors Affecting The Costs Of Software Development

The software's scale significantly influences its development cost, whether produced in-house or outsourced. The scale varies based on the needs of an organization and its user base.

• Small Scale: This involves crafting straightforward software with minimal custom coding requirements.
• Mid Scale: This pertains to the development of Minimum Viable Products (MVPs) featuring a singular functionality in its simplest form.
• Large Scale: This entails the creation of comprehensive software, featuring a myriad of functionalities, API integrations, and database components.
• Enterprise Scale: This refers to the generation of internal or customer-facing applications designed for enterprises servicing tens of thousands of users, with a focus on delivering an outstanding user experience.

What Are The 07 Steps Of Software Development Life Cycles?

Partner with Savvycom to elevate and streamline each phase of your SDLC:

1. Planning: Savvycom strategizes with you, defining clear objectives aligned with your vision.
2. Analysis: Our team conducts thorough requirements analysis, ensuring feasibility and optimal solutions.
3. Design: Savvycom's expert designers create intuitive and aesthetically pleasing software structures.
4. Development: Our developers, proficient in the latest technologies, construct robust software.
5. Testing: Savvycom's rigorous testing processes verify functionality and identify potential issues.
6. Implementation: We ensure smooth deployment of your software, minimizing disruption.
7. Maintenance: Savvycom provides regular updates and troubleshooting, ensuring your software remains efficient and effective.

Why Software Development Is Important?

Software development plays a pivotal role in the success of modern businesses and organizations, offering a multitude of benefits. Here are some key reasons why software development is crucial:

1. Increased Efficiency
2. Improved User Experience
3. Enhanced Security
4. Cost Savings
5. Streamlined Collaboration
6. Data Collection & Analysis
7. Increased Mobility & Accessibility
8. Scalability & Flexibility of Solutions

Does Savvycom Provide Dedicated Development Team?

A dedicated development team is a model where an outsourcing company provides a team that works exclusively on your project. They act as an extension of your in-house team. Benefits of this model include:

• Focus: The team is entirely dedicated to your project.
• Flexibility: It's easier to manage changes in project requirements.
• Cost Efficiency: You get a full team without the overhead of hiring in-house.

Looking for a top-notch dedicated development team? Savvycom offers excellent value, providing high-quality dedicated development teams at attractive prices.

Nearshore And Offshore Development At Savvycom

Offshore Software Development is when you outsource work to a company in a different country, usually one with a significantly different time zone. Benefits include:

• Cost Efficiency: Lower operational and labor costs.
• Access to Global Talent: Bigger pool of skilled developers.

Nearshore Software Development is outsourcing to a company in a nearby country, often in the same or a similar time zone. Benefits include:

• Cultural Similarity & Time Zone: Easier collaboration and communication.
• Quality Work at Competitive Prices: High value for investment.

Savvycom, with robust capabilities and a global presence, is the perfect partner to scale your business, both nearshore and offshore. Get in touch today to kickstart your journey to success.

Follow us as we’ll go over the basics of your Software Development Process, how everything goes during Software Development Life Cycle, and the 05 different management methodologies available out there. Trust our expertise as a leading software development company to guide you through this journey. 

What are basic steps of software development process?

You’re probably already familiar with the software development process steps if you’re a project manager. You must consider everything from requirements to stakeholder communication, development, and ongoing maintenance as the shepherd of a digital project.

These steps are essentially the same regardless of which software development method you use. However, as we’ll see later, the order and sequence in which they occur can vary depending on your needs, goals, and the size of your project and team (for example, some steps might be combined, duplicated, or run in parallel).

1. Analysis and Planning

Once a customer or stakeholder has requested a project, the first phase of software development is planning. This usually means looking into:

• Alignment: How does this project connect to your company’s larger mission and goals?
• Resource availability and allocation: Do you have the people and tools you need to take this on? Or do you need to outsource development?
• Project scheduling: How does this project fit your company’s goals and other tasks?
• Cost estimation: How much is it going to cost?

The planning phase ensures you’re starting off on the right foot. So try to make sure you include all of the departments that will be impacted by this project, including project managers, developers, operations, security, and key stakeholders.

You should have enough information at the end of the planning phase to put together a detailed scope of work (SOW). This plan details what’s being built, why, and how you see it coming together.

2. Requirements

The next step is to understand the technical requirements of this project. Every piece of software, tech-stack, whether it’s an app, website redesign, or new feature needed to solve a customer problem.

As you move on from the planning phase and continue to fill out the SOW, ask yourself and your IT Partner if you are going for software outsourcing company to route these questions about the specifics around this project, such as:

• What problem does this solve?
• Who’s going to use it and why?
• What sort of data input/output is needed?
• Will you need to integrate with other tools or APIs?
• How will you handle security/privacy?

Once the development team gets the answers, they can scope out technical requirements and testing terms and decide on a technology stack. This phase is also where you might start sprint planning (if you’re using an Agile software development process) or break down large tasks into more actionable steps.

3. Design and Prototyping

With all the requirements in place, it’s time to start designing what this software will look like and how it will function.

Depending on the software development process you’re following, this phase of the SDLC might mean you create simple wireframes to show how interactions will be included or make more full-fledged prototypes to test with users. Alternatively, you might decide you need more user feedback and create a design sprint to quickly get a feature or idea in front of your users.

This stage helps your team and client validate ideas and get valuable feedback before committing your thoughts to code.

4. Software Development

With everyone on board with the software’s proposed functionality and design, it’s finally time to build it according to the requirements and SOW. This phase is obviously the hardest and potentially riskiest stage of the SDLC (and each software development process we’ll discuss below handles it differently.) However, whether you’re working in Agile sprints, building an MVP, or using the more traditional waterfall method, the goal is to stick to the SOW, avoid deviating from the SOW, and create clean, efficient software.

5. Testing

You’ll most likely be testing, tracking, and correcting issues as your team develops the program. However, once the features are finalized, and the product is declared ready to go, you’ll need to conduct more testing. This could entail giving the effect to a small group of beta testers or tracking how consumers engage with it using UX tools.

While testing may be a lengthy stage of the SDLC, it is critical to avoid selling flawed software to real users. Bugs may ruin your reputation, cost you money, and, worst of all, take up hours of development time that could have been spent on new features, as we explained in our guide on bug tracking tools and workflows.

6. Deployment

Now that you’ve completed the heavy work and coding, it’s time to make your software available to all of your users. Pushing your code into production is what we’re talking about here. It’s up to your sales and marketing staff to come up with and implement a go-to-market strategy.

7. Maintenance and Updates

The SDLC isn’t over after your software is released into the open. Remember the term “lifecycle”? The end of one phase heralds the start of the next, and the same is true for post-launch.

Customer wants, and requirements change all the time. People will definitely uncover issues, seek new features, and enjoy additional or different functionality when they begin to use your software. (Not to mention basic application and software upkeep and maintenance to assure uptime and customer happiness.)

All of these requests should be routed back to your product backlog of tasks, where they may be prioritized and included in your product roadmap.

05 Best Software Development Processes (Methodologies)

Software Development Life Cycle (SDLC) is a step-by-step process bringing a product’s concept from the ideation stage to implementation and eventually to the market. Typically, the Software Development Life Cycle covers the following stages: 

• Requirement analysis
• Planning
• Software design, such as architectural design
• Software development
• Testing
• Deployment
• Maintenance and Updates

The Waterfall framework introduced the basic software development algorithm in the last century. The end-to-end software development life cycle has evolved significantly over time. The most significant shift occurred in the 1990s when the Software Development Life Cycle shifted from Waterfall to Agile approach.

The primary purpose of the Software Development Life Cycle is to provide high-quality software development within the time and price constraints. Therefore, software development procedures vary depending on management methodologies such as Waterfall or Agile. And we are going to learn more about the top 05 Methodologies down below.

1. Waterfall

The Waterfall software development process (also known as the “linear sequential model” or “Classic lifecycle model”) is one of the oldest and most traditional models that is used in building software. In its most basic form, you can think of the Waterfall method as following each step of the SDLC sequence and that you have to finish each one sequentially before moving on to the next. However, in most nowadays applications, the phases overlap slightly, with feedback and information being passed between each steps.

To many, this methodology is often known as the “plan-driven” process as to complete a project, you first need to know everything that needs to be done and in what order. Hence the name “Waterfall” as each section flows into the next one.

a/ Waterfall SDLC:

1. Planning
2. Requirements
3. System and software design
4. Implementation
5. Testing
6. Deployment
7. Maintenance/Updates

b/ Waterfall is best suited for:

Teams with strict organization and documentation requirements

The Waterfall software development approach works well when your goals, needs, and technology stack are unlikely to undergo significant changes during the development process due to its inflexible structure and significant upfront planning time (such as during shorter one-off projects).

In practice, the Waterfall approach is best suited for larger organizations (such as government agencies) that demand sign-offs and documentation on all requirements and scope prior to the commencement of a project.

c/ Waterfall isn’t best suited for:

If you’re testing a new product, need user feedback in the middle of development, or want to be more dynamic in your development process, the Waterfall development process is probably not for you.

While simple, the main disadvantage of this procedure is its lack of adaptability. You won’t be generating and testing MVPs or prototypes while changing your mind. As a result, unless your scope is well stated, you may find up committing to the wrong path without realizing it until launch day.

2. Agile and Scrum

The Agile software development process (and its most prominent methodology, Scrum) favors an iterative and dynamic development approach.

In contrast to the waterfall approach’s tight, sequential flow, cross-functional Agile teams work in “Sprints” of 2 weeks to 2 months to build and distribute useable software to customers for feedback.

Agile is all about moving quickly, releasing frequently, and responding to the genuine demands of your users, even if it contradicts your initial strategy. This means you don’t need complete requirements and a detailed SOW before beginning work. Instead, you’re effectively traveling in one direction with the expectation of changing direction along the way.

Assume you’re developing a new feature for one of your products that may have X, Y, and Z features. Rather than spending months producing everything, you would create the bare minimum that is both functional and usable (in what is known as a “Agile Sprint”) and then release it to your consumers.

This enables tighter feedback loops throughout the software development process, allowing you to adjust and respond to real consumer needs.

a/Agile SDLC:

1. Product Backlog
2. Sprint backlog
3. Sprint (Design & Develop)
4. Release working software
5. Feedback and validation (add to backlog)
6. Plan next sprint

b/ Agile is best suited for:

Product changes are made on a regular basis by dynamic teams

Agile is the software development process preferred by most startups and technology organizations for testing new products or making continual upgrades to existing ones due to its dynamic and user-focused character.

Agile allows firms to move faster and test theories without jeopardizing their livelihood on a massive release that their users despise, as it becomes easier to perform minor releases and gain user input. Furthermore, because testing occurs after each tiny iteration, it is easier to monitor defects or roll back to a previous product version if something more severe breaks.

c/ Agile isn’t best suited for:

Teams working with highly constrained budgets and schedules

On the other hand, because Agile is dynamic, projects can quickly go beyond their initial timescale or budget, cause issues with existing architecture, or be derailed by mismanagement. This implies it’s not the most superb option for risk-averse or limited-resource organizations.

Furthermore, utilizing Agile and Scrum requires commitment and a thorough understanding of the underlying methodology. That is why it is critical to have at least one committed Scrum master on your team to ensure that sprints and milestones are met, and the project does not stop.

3. Incremental and Iterative

The incremental and iterative software development processes lay somewhere between the structure and upfront planning of the Waterfall process and the flexibility of the Agile methodology.

While both are based on the principle of generating little bits of software and exposing them to people for feedback, they differ in what is created during each release.

Each “incremental” product growth in the incremental software development method adds a rudimentary form of a new function or feature. Consider creating an overarching strategy, creating an MVP with simply the essential functionality, and then adding features based on feedback.

However, under the Iterative software development process, each version released includes a rendition of all anticipated features. Consider creating a v0.1 with the most basic version of each feature and then upgrading it all at once in v0.2, v0.3, and so on.

a/ Incremental and Iterative SDLC

b/ Incremental and Iterative is best suited for:

Teams with specific requirements demand more flexibility than the Waterfall technique offers

Both give flexibility to your software development process without throwing out the primary strategy, making them excellent for large projects with defined objectives (or teams with less risk tolerance).

You obtain early feedback on your core feature with the incremental method, which can help you prove your business case immediately. The iterative approach, on the other hand, gives users an early view of what the final product could be, allowing you to collect better and more targeted input.

In both cases, you’re talking to users early on about what they want, which may save you time, money, and headaches compared to waiting until later in the development cycle.

c/ Incremental and Iterative isn’t best suited for:

Team that operates without a long-term technology strategy

Unfortunately, attempting to add structure to a flexible method has its own problems. Perhaps your company’s goals, strategies, or technologies evolve with time, rendering previous editions obsolete or inoperable. Perhaps your codebase has become cluttered and bloated due to adding functionality without considering efficiencies.

Furthermore, both approaches (particularly the iterative approach) necessitate extensive planning and architecture development early on. As a result, they are not suitable for smaller projects or teams who are still evaluating use-cases and attempting to identify product-market fit.

4. V-Shaped

The V-shaped software development process is a twist on the traditional Waterfall method that compensates for its main flaw: a lack of testing. Rather than working sequentially through the development process and leaving all testing until the end, each stage of the V-shaped process has a strict “validation and verification” step where requirements are tested before moving on.

a/ V-Shaped SDLC

1. Requirements
2. Specifications
3. High-level design
4. Low-level design
5. Development
6. Unit testing
7. Integration testing
8. System testing
9. Acceptance testing

b/ V-Shaped is best suited for:

Smaller teams working on projects with a limited scope

Suppose you have a small project with relatively precise (and static) requirements and scope. In that case, the V-shaped software development process is ideal. Instead of risking following a plan only to discover flaws at the end, it gives you plenty of opportunities to test along the way.

c/ V-Shaped isn’t best suited for:

Teams that require more flexibility and early user input

Even the best-laid plans go astray from time to time. And the process’ drawbacks are essentially the polar opposite of its benefits.

For starters, you don’t have much control because you’re following a strict structure and testing schedule. You still run the risk of building the wrong software for your business if you don’t get early input and feedback from your users. Finally, if you’re working on anything other than a small, simple project, it’s nearly impossible to create a detailed development plan ahead of time.

5. Spiral

The V-shaped process’ focus on testing and risk assessment is combined with the incremental nature of Iterative, Incremental, and Agile in the Spiral software development process. Once a plan for a specific iteration or milestone has been established, the next step is to conduct a thorough risk analysis to identify any errors or areas of high risk.

Let’s say you develop a feature that hasn’t been validated with customers as part of your strategy. You could create a prototype to test with users before moving into the full development phase, rather than just adding it to your current milestone. After each milestone is completed, the scope expands out (like a spiral), and you begin planning and another risk assessment.

a/ Spiral SDLC

1. Planning
2. Risk Assessment
3. Development and validation
4. Evaluate results and plan next “loop”

b/ Spiral is best suited for:

Working on large projects with risk-averse teams

Clearly, the main goal of such a procedure is to lower risk. Following a path like this might make sense if you’re working on a large or critical project requiring much documentation and validation. It’s also helpful if a customer isn’t sure exactly what they want and expects a lot of changes as the product develops.

c/ Spiral isn’t best suited for:

The majority of people

The spiral software development process, while unique in principle, is rarely used in practice due to the time and costs associated with taking such a measured approach. Instead, it’s usually utilized as an example of how to critically consider an iterative development strategy.

What’s The Difference Between Incremental, Iterative, and Agile?

There are a few key differences between them, despite their similarity. The incremental approach creates a fully functional feature with each increment. You build small portions of all features during iterative development. Agile, on the other hand, is a hybrid approach that incorporates elements from both approaches. You build a small portion of each feature one at a time during each Agile sprint, and then gradually add functionality and new features over time.

What are The 05 Basic Steps of Software Development Process?

At its most basic level, the software design process involves five stages: research, ideation, design, development, and iteration. These five aspects correspond to the most basic "who, what, when, where, and how" inquiries that must be answered in order to fully answer any collection of questions.

How Much Does It Cost To Develop a Software?

When it comes to software development, the cost can vary widely based on several key factors. These include the complexity of the software, the technology stack used, the geographic location of the development team, and the level of expertise required. For a detailed analysis tailored to your specific project needs, you might want to consult with a professional software development company. For a deeper dive into this topic, including a breakdown of costs by project type and tips on how to budget effectively, check out: How Much Does Software Development Cost?

What is a Heatmap?

A heatmap can provide a visual summary of information by the two-dimensional representation of data, in which values are represented by colours. There can be a number of ways to display heatmaps, but they all share one thing in common – they use colours to draw the relationships between data values that would be much harder to understand if presented in a sheet of numerical values.

• 

  What is a Heatmap

  Read more: How Machine Learning and AI will transform business intelligence and analytics?

Businesses or organisations can use as a means to describe their sales, customer’s usage of products, websites or financial data in a visual format instead of looking at a long, boring numerical sheet of data. Heatmaps can not only show businesses what their current results look like geographically but they can also spot opportunities. In the most simplified examples: what would you do, as an online store owner, if you know the areas where most of the visitors look at on your website? Perhaps you should put a Call-To-Action button in that area.

Here are some of the solution that Heatmap can offer:

• Enhancing marketing activities’ efficiency
• Spotting underserved markets by seeing the “cold” and “warm” areas
• Defining target customer segments by analyzing where the majority of customers reside and assessing regional demographics.
• Optimizing product lineups by understanding which products are selling in different regions

Benefits of Heatmaps

As heatmaps are incredibly user-friendly and can give new and useful perspective on the existing data, they can bring various benefits and opportunities for business-driver, if fully exploited and utilized. There are 5 key benefits of Heatmap for business:

Improving company-wide communication

People love visualized things than pure, boring numerical things. Being able to take boring, hard data and represent it in a visually appealing way can help a company to get more insights, understanding of what is happening with their business. Generally, sales and marketing professionals are more creative or visual types. By presenting these teams with heatmaps, is a more effective way to communicate the business’s current financial or operational situation and makes it clear what improvements need to be made

Understanding Time-Based Trends

One of the most impressive things about heatmaps is their ability to represent changes in time using a visual representation – Companies can see how their sales or other data have improved or declined over time and in which areas. This allows companies to tailor their sales and marketing efforts accordingly.

Boosting Sales Funnel Activity

Sales results rely on filling up the funnel with leads and opportunities to close deals. By assessing which areas have gone cold that were once active, sales teams can boost customer engagement and sales activity that otherwise would have been lost.

Creating Competitive Advantage

Data analysts can also use heatmaps to draw a competitive landscape. Businesses can gain a competitive advantage by using promotions or targeting underserved markets by using numeric data such as competitor sales volumes, competitor locations and known competitor service areas.

Enhancing Territory Sales Efficiency

For companies with large outside sales teams, heatmapping is an excellent way to divide up designated territories. Heatmaps can reveal the number of customers in any given area and the sales volume within certain areas. This helps companies better understand factors like rural/urban divides and customer opportunities so that areas can be evenly divided among representatives. Sales teams also use heatmaps to update sales territory boundaries as the business environment changes.

Heatmap applications in data analysis

Heatmaps can analyse the current data of your business and find areas of intensity that might reflect where the majority of customers live, where there’s a risk of market saturation, or where areas have gone cold and need a boost. In other words, heatmaps give us access to better understanding different aspects of the company’s performance. In this blog, Savvycom would like to show you two most popular applications of heatmaps in life.

In Retail: Merchandising Strategies

Heatmaps offer an innovative, creative way to deliver important information to team members or clients. The truth is, heatmaps can collect and show businesses how they should use data for improving the operations, financials, sales and customer service or marketing effectiveness. Therefore, they have been bringing about apparent effects on the Retail industry.

Stores are not just interested in what people buy, they also want to know how people shop.
In a recent project with one of the top-notch fashion brands in Vietnam, Savvycom is building a system of in-store cameras which can help retailers track visitors activities: what they touch, where they walk, what are they liking and ignoring, so the shop owner can optimize the shop layout. Multiple surveillance camera streams are integrated to gather continuous and up-to-date in-store customer positions.

Let’s have a look at the heatmap below. The colours on the floor corresponding to foot traffic during a particular time period. Red areas had higher traffic, while green spots had lower traffic. The small splotch of blue in the centre suggests barely anyone went there.

Heatmap in security cameras & surveillance systems

Savvycom has helped this fashion brand to collect data of customers’ footprints and behaviours. Gathering shopper flow is extremely useful for them to optimize their store layouts and to strategically plan where to place popular – unpopular and expensive – cheap merchandise. Meanwhile, knowing what people touch in your clothing store is also particularly helpful as Some studies have shown that touching items increases the likelihood of consumers making a purchase. The data can also help pinpoint pricing problems. For example, if lots of people are touching an item but few are actually buying it, that suggests the price is too expensive.

With the implementation of the heatmap, the company revenue has grown by 10% in 2018.

In Software Development: UI Design Optimization

The key problem every business has to solve when they want to monetize their traffic is how to optimize the conversion rate, which is affected significantly by the website design.

In fact, there have been a number of websites that make a “random” change on their website without any analysis to obtain surprising results: lower traffic and conversion rates; sales decrease.

Every change should be made based on in-depth data analysis to achieve the best result. Perhaps people are so familiar with Testing A/B that they don’t know that it will be better when combining Heatmaps and A/B Testing to optimize their websites.

• Related post: 10 Signs Your Business Needs an Optimization Software

Heatmaps can provide you data when you want to measure engagement: When you post an article on your website and want to know whether the content is good or not, a heatmap can show you where your visitors stop scrolling, and where they interact with your site most. If the area you put CTA button displays the cold colour on the heatmap, it’s time to make a change.

A heatmap can tell you if you should change CTA button position

After collecting data from the heatmaps, you will make changes to your website. To measure the effectiveness of these changes, you should use A/B testing. The final step is to choose the highest performing solutions.

Savvycom demonstrates a strong interest in undertaking heatmap-related projects for clients, recognizing heatmap’s transformative impact on the retail industry and businesses overall. Heatmaps offer valuable insights not easily obtained from other analytics tools. When used appropriately and with caution against drawing conclusions from limited data, heatmaps can serve as powerful tools to enhance business performance in today’s technology-driven era. This highlights the significance of heatmap projects for software outsourcing companies.