Why Digital Transformation?
Today's customer is digital-savvy and likes to be served on the device of their choice, from anywhere expecting round the clock responses. To meet the needs of these new age customers, companies are transforming their ways of doing business. Like any other revolution, digital revolution is comes with many challenges and tremendous opportunities. Are you ready to win or even survive in this new digital age?
No company is immune to this change as we have seen diverse industries being disrupted at an unprecedented pace by companies like Tesla, Airbnb and Amazon. Today every company needs to embrace digital transformation to become a tech company. Digital revolution is unstoppable. The only questions remaining are:
“More than 90% people start with online search before they make a buying decision…Going digital provides you an opportunity to get in front of these people who are planning to buy something that you may be selling"
“89% of enterprises have plans to adopt or have already adopted a digital-first business strategy with Services (95%), Financial Services (93%) and Healthcare (92%) leading all industries. Education, high-tech, manufacturing, retail, and government are also quickly adopting digital-first strategies to improve process efficiencies and meet and exceed customer expectations.”
What is Digital Transformation?
Digital Transformation has many definitions. App-scoop defines it as a process of making a giant leap in business effectiveness by incorporating today's cutting edge technologies such as Artificial Intelligence, Smart devices, Internet of Things, Augmented Reality, Blockchain and so on.
Banking is the one industry known for their limited hours of operation. This would be wearisome as formerly, it would be necessary to go to the bank for something as simple as checking the account balance. The unending lines, long wait for information and sometimes being given the run-around by staff.
In today’s world, with all the digital advancement, customers do not need to physically go to a bank to complete transactions anymore. This is a boon as it saves time and transactions can be completed, bank statements checked, money transferred and more, all with the click of buttons.
The world of banking has gone mobile and most people complete all transactions using their banking apps on mobile devices. This trend has been on the rise and the banking industry needs to adapt and advance to deliver a smooth and satisfactory experience to the customers they no longer interact with.
Nearly 68% of Canadians use mobile banking on a weekly basis and only 16% are said to actually visit banks. The Canadian banking industry would needs to take appropriate steps to ensure customer needs and demands are met. They would need to adopt digital transformation programs, focusing on mobile app enhancement and development to provide a seamless banking experience.
Imagine having to take time out during a busy day, to go stand in line to buy tickets to an event. Now imagine that after standing in line for nearly an hour just when it is your turn the tickets are sold out. All that time and energy wasted plus the added disappointment of a failed attempt to book tickets.
Advent of the digital age has seen a revolutionary change in the trend of making bookings. Now, there is no need for people to stand in line and wait for their turn to book any kind of tickets or services. The advancement of technology has made it possible to book, cancel and reschedule things with just a few simple clicks of the button.
Revenue generated from event tickets alone will see an increase of 9.3%, which amounts to north of $100,000 million by 2023. The reason for this tremendous increase is the simplicity of the task right from finding the desired event to making the booking and payment.
The demand for ticket distribution systems will keep rising as the number of users keeps increasing as well. Given below are a few platforms which help event promoters optimize and sell tickets globally:
Mobile app development has been on the rise for a decade now. As opposed to what was assumed, it was not a dream which fizzled out, but a trend which shattered the glass ceiling. According to Statistica, there were 2.1 billion smartphone users in the world (in 2016) and the revenue generated by mobile apps was about 60 billion dollars. By the year 2019, it is believed that the number of smartphone users will be 2.5 billion if not more.
Mobile app culture is something all smartphone users have got accustomed to, from their wide range of virtual or augmented reality to location based services. They are used on a daily basis for something as simple as ordering groceries to booking cabs to even planning vacations. These apps are not only efficient but also customise preferences as per each user.
The past year alone is said to have witnessed about 27 billion mobile app downloads. This upward trend of mobile apps has made the developers come up with renewed novelties to keep up with the current trend and user’s interests.
The year 2019 will witness innovation of existing apps, going a notch higher and giving the mobile developers more mobility to focus on app niceties. Let us take a look at which mobile app development trends will enrich the realm and directly impact the industry in the following year:
“The only constant in life is change” – Heraclitus
In today’s day and age, business scenes are constantly evolving to keep up with the dynamic changes, in the environment. We can see digital technologies are changing the facade of business at an exponential rate. Organizations need to keep up with these changes in order to survive and grow. An organizations IT strategy is vital to its business strategynow more than ever.
Digital technology has reached a point of omnipresence and it is no longer optional for a company to be digital or not. The world has had over 4 billion internet users in 2018 alone. Studies have shown that there will be a growth of nearly 800% in mobile data usage in the next year or two.
In such scenarios, a digital transformation is paramount in the company’s vision for its future and growth.
What is a digital transformation?
“The way out of these difficult times is not cost cutting. It is to innovate and embrace digital transformation.” – Steve Jobs (Apple Co-founder).
Digital transformation is integrating digital technology, into all areas of business, which fundamentally changes how you operate and deliver value to customers. Digital transformation, in other words business transformation, is driven by technology innovation, customer behaviour, demand and satisfaction and external environmental factors.
“Imagine if the line between the virtual and the real simply didn’t exist.
Your classroom could become the cosmos.
The past could be as vivid as the present.
And the familiar could look like nothing you’ve ever seen.”
The expectation from the tech world has increased rapidly in the past few years. The millennial users want to experience the world by living within four walls. They want an experience that could get them to the edge of the seat while playing a game or take them into virtual worlds.
Apple has recently released iOS 11 that gives the user the experience of augmented reality. Apple’s SDK – ARKit has moved beyond simple 2D camera overlays and moved on to 3D images that uses visual inertial odometry.
What does visual odometry do? It estimates the position of a moving camera in three dimensions relative to its starting position, i.e. it tracks a bunch of interest points (corner-like pixels in an image) across images in a video and uses 3D projective geometry to estimate their relative positions.
It is said that ARKit could give Google a run for their money and take Apple to the next level when it comes to giving the user an augmented reality experience on their phone.
Our economy today is made up of more multinational companies than ever before. However, due to the unsettled economic times facing us, one of the fundamental problems for a company has been how to sustain itself and grow. Most companies struggle with this i.e. how to ensure low production costs and high quality products and profits.
Have you been mulling about outsourcing your company operations to other business providers? Usually this is very beneficial as it reduces the long term investment in infrastructure, thus reducing costs. However, it is very important to ensure strategic relationships are set up keeping in mind the state of affairs of both parent and partner companies. According to Forbes, there are approximately 300,000 jobs outsourced by the United States each year.
Technology in Real Estate
Real estate is one of the fastest growing industries in the world, and technology is helping its growth rate. In 2017, more than $5bn was invested in real estate technology (Forbes). This significant increase in investment was majorly driven by the use of technology in the industry, allowing apps like Airbnb to compete with some of the largest and most established real-estate companies and hotels. Now, the use of Augmented Reality (AR) and Virtual Reality (VR) is also helping improve an average homeowners experience.
Augmented Reality in Real Estate
The advantage of using AR is that information that is traditionally visualized in 2D can now be depicted in 3D for any user with a fair amount of intractability.
The first area AR can help in is finding actual listings for real-estate properties. Commercial Real Estate built an app that allows users to overlay listings for properties onto their camera, so they can see which properties are available in a crowded area such as downtown quite easily
The most important check before rolling out a product in the market is testing the quality of the product. Testing the capabilities and functionalities of the product help us understand its performance, scalability and maintenance before launching it in the market. The different levels of testing the software helps us reduce the bugs before releasing the product.
So how do you go about testing a product? The best way to do that is by testing functionalities individually, i.e. unit testing. Let’s understand what unit testing is, why it is necessary and its benefits.
There are various product ideas that can be developed to create a mobile app. After going through a plethora of ideas, the next step is to choose a mobile product idea that can define the vision of the next promising mobile app that you wish to launch in the market.
The first step towards creating a successful mobile app is to create a Product Requirements Document (PRD). This document contains a detailed project management plan stating the logic behind creating the app, the technical requirements and the responsibilities of stakeholders at each stage.
This is essential to avoid scope creep – that is the tendency for projects to go above and beyond its set limitations in terms of functionality, project duration, etc. In the initial stages of planning a PRD everything might seem like a haze but it will definitely help you think about all the aspects about the product.
Let’s take a look at a few requirements that will help you manage scope creep from taking over your project: