Using Agile Business Management To Survive An Economic Downturn
The rate of cultural and technological change in modern markets demands agility. I believe business leaders who rely on traditional management models will soon find that they cannot keep up with changing conditions and demands. The changing business landscape is becoming further complicated by events such as the current economic downturn. During previous periods of economic turmoil, market changes were not as rapid or pronounced; business leaders will need new strategies to ensure that their companies survive.
To build agile companies, business leaders need to create a stable but flexible business framework, focus on the people who make up their organization and understand their role in managing nimble teams.
An important benefit of agile business management is that it allows a business to rapidly adapt to changes in the environment. Thus, flexibility is key. But, although it might sound counterintuitive, a stable business framework is equally important. Stability keeps managers and their teams on the right path to achieve their shared goals and creates an atmosphere in which people have the confidence to innovate.
Three factors affect the stability of the business framework in an agile company: strategy, structure and processes. In this context, strategy refers to the bigger picture, the shared vision and purpose.
In terms of structure, a simple organizational structure with modular teams that have the autonomy to make decisions is usually the most effective. Autonomy and project ownership allow teams to allocate resources as needed to achieve project objectives.
Finally, core processes should be standardized but minimally specified to allow teams to adapt and improve the broader processes while they work to find the most effective and efficient ways of achieving their objectives.
People are at the core of any business. In the case of agile business management, the people involved in the business include employees and external stakeholders. Team members should have the freedom to grow and develop in order to avoid stagnation. The organizational culture should value self-improvement, critical thinking and open, honest communication and feedback. In other words, people should be encouraged to develop the tools they need to succeed and given a platform to share and test their ideas.
In agile business management, the business leader is a facilitator. In other words, your role is to ensure that your teams have the tools and resources they need to get the job done.
Taken together, these factors allow you to respond quickly and effectively to change without becoming ensnared in the day-to-day management of teams. This leaves you free to focus on strategy and business growth, which, along with agile business management and nimble teams, are key elements to surviving an economic downturn.
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Ultimate guide to understanding Product Management
We literally use hundreds of products on a daily basis; from smartphones, cars, laptops, to socks! How do these products end up becoming the way they are, in terms of features? Surely, the manufacturing department makes these products in factories, but who tells them what shape, form, feature, or for that matter, weight of a particular product ought to be? And who ensures that the product being made is in line with customers’ latent or explicit needs. You guessed it, it is the Product Managers whose job it is to ensure the above.
Becoming a Product Manager can offer a chance to experience leadership and connection, and the opportunity to create impactful products. This role may be a natural progression for those with backgrounds in engineering, marketing, sales, or design.
Product management is the process of overseeing the development and lifecycle of a product, from conception to retirement. It involves balancing the needs of customers, stakeholders, and the business to ensure that a product is delivered that meets customer needs and achieves business goals. Good product management requires a deep understanding of the market and customers, effective communication and collaboration skills, and a strategic approach to product development and planning.
Here is an ultimate guide about the key aspects of product management and what it takes to excel as a Product Manager.
1.Defining the Role of a Product Manager
Product management at its core is about solving customer problems. Product managers assess various factors such as business goals, market trends, customer needs, and technological capabilities to make informed decisions that balance customer value and business impact. They work closely with key stakeholders to ensure successful delivery and communicate the product's value to the company and customers.
2.Understanding the Responsibilities of a Product Manager
Product managers have a wide range of responsibilities that go beyond just overseeing product development. They work with cross-functional teams, including executives, developers, sales, and marketing, to gather inputs and ensure alignment with business goals.
3.Developing the Skills of a Successful Product Manager
To excel in product management, one needs a technical understanding, strong stakeholder management skills, customer-focused approach, and data-driven decision-making capabilities. Effective communication and collaboration skills are also crucial, as product managers need to work with diverse teams and stakeholders.
4.Distinguishing Product Management from Other Roles
Product management is distinct from project management and marketing. While project management focuses primarily on delivery and marketing raises awareness of the product, product management is about defining the "what" and "why" of solutions that solve customer problems.
5.Understanding Salary and Career Growth in
The salary of a product manager varies greatly based on factors such as experience, location, industry, and company size. Product management offers ample opportunities for career growth, with potential roles such as senior product manager, director of product management, and chief product officer, among others.
In summary, effective product management is characterised by a customer-focused approach, technical understanding, strong stakeholder management, data-driven decision making, effective prioritisation, and alignment with business strategy. A successful product manager understands their target users and customers, has a close relationship with them, works with multiple stakeholders, uses both qualitative and quantitative data to inform their decisions, prioritise tasks effectively, and tie their product work to the business goals.
The original content of the note was published on Economictimes.indiatimes.com. To read the full note visit here
Product-led growth: The key to thriving in a downturn
If there’s one positive to shine through all the economic negatives dominating the headlines of late, it’s this: a macroeconomic environment like the one we’re now experiencing forces businesses to prioritise or perish.
Those who want to build for a better tomorrow must figure out what their biggest opportunity is today. And as they discern what that is, many companies are coming to the same conclusion: their product.
A recent survey commissioned by Pendo and Mind the Product of more than 500 professionals in the field confirms product’s growing importance for businesses as a whole. The results are in, and 67% of product leaders say their company has grown more focused on product in today’s economic environment. Meanwhile, 62% say the economy has led their company to view their product role as increasingly important.
If there’s one word that explains why product has become so important, it’s data. In today’s world, your product can deliver heaps of data about your customers. With the right analytics, this data can yield insights that help answer vital business and customer health questions.
Product-led growth (PLG) – the strategy by which a company puts its product at the centre of all stages of the buying journey – was already growing in popularity before the recent downturn. Think freemium models, friction-free self-guided tours, in-app purchasing and cross-sell/upsell capabilities.
The aforementioned survey results bear this out. Fifty-four per cent of respondents said their organisation had either implemented or accelerated implementation of PLG during the current downturn. That’s in addition to the 29% of respondents who said their organisation had already implemented PLG strategies before the downturn. PLG is “smart growth” at its smartest.
This “smart growth” can take many forms. One is to leverage product analytics to understand customer usage data and identify at-risk accounts. If a customer’s usage is significantly down, or if they haven’t adopted any new features in a while, it could indicate potential trouble. Customer success teams can then proactively check in and assist the customer to stave off the threat of churn.
Alternatively, consider how to best chart your product roadmap. Product, development and engineering time are precious resources, yet too often these teams plan products and features that don’t reflect customer priorities.
As we face continued economic uncertainty, there’s an overarching takeaway for businesses to anchor on: product teams and the work they do are more important to overall business health than ever before, and product-led tactics are the key to business success.
The original content of the note was published on Businesschief.com. To read the full note visit here
Top Healthcare App Development Trends That Will Dominate 2023
The world is going digital at a very fast speed. From retail shops to the cab industry to banking, all are changing and so is the healthcare industry. We can see a huge difference in the industry in terms of technology compared to ten years back. But there is a long way to go for the healthcare industry, especially after the pandemic, with the huge stress that came into the world economy. The shift from traditional to digitalization brought a massive need for the healthcare industry to adopt new technology.
Today, from practitioner to patient, all will be benefited from the upcoming healthcare app developments trends in 2023.
But, before moving further let us see why healthcare apps are crucial in this digital time.
With the use of mobile applications, healthcare app development is a rapidly growing trend. Mobile apps are quickly becoming an easy way for healthcare providers, patients, and other stakeholders. Mobile apps are time savers and provide ease, better communication, and more efficient care delivery for those in need.
Access to healthcare services has been revolutionized by the use of mobile apps. From scheduling appointments, contacting providers to look up health information, and even monitoring vital signs remotely, all can be done efficiently on mobile apps.
Healthcare app development appears to have a bright future. Mobile apps will become an even more important part of the healthcare industry as technology continues to advance.
Now, we will look at the top healthcare app development trends that will dominate the healthcare industry in 2023.
1.AI and ML
In the healthcare sector, AI and machine learning are becoming increasingly crucial technology for improving patient care and making the healthcare system more efficient.
Artificial intelligence and machine learning are being used to process large amounts of data of patients quickly and accurately, making it easier to make decisions based on authentic observations. AI and machine learning can also be used to help automate processes, reducing the amount of time and manual labor required for complex tasks.
Improved data accuracy and security are just two of the many benefits that blockchain technology can provide to the healthcare industry. It can also give patients more control over and privacy over their data, letting them own their medical records and making sure they are safe and easy to access. It could also be used to integrate administrative procedures like the processing of claims and the verification of medical records.
3.Internet of medical things(IoMT)
The Internet of Medical Things (IoMT) is a crucial part of the digital transformation of the healthcare sector. The IoMT is the network or web of medical equipment and other devices, connected to the internet, used for monitoring and diagnosis. Better patient care, increased efficiency, and improved communication between doctors, nurses, and patients are some of the benefits of using this technology.
Healthcare wearables are devices worn by the patient that monitor health data such as heart rate, blood pressure, sleep, and other metrics. This data can be used to analyze and make decisions about medication, diet, and lifestyle changes. Also, most of these wearables also have features such as reminders for medication or track of activity levels.
Wearables are becoming more and more popular in healthcare due to their ability to provide actionable data for both the patient and their physician.
5.Augmented reality/ Virtual reality
Augmented reality and virtual reality can be proven a benediction for the healthcare industry. This technology is already opted for by various reputed medical institutions. Many medical colleges are using AR/VR to train medical students and many doctors are using this technology for conducting various medical research.
Future technologies, such as wearables, blockchain, artificial intelligence, and AR/VR, provided by the healthcare app development company, will help shape the health industry. These healthcare industry trends in 2023 will prevail to boost the sector in the face of constantly evolving technologies. Overall, adopting the emerging trends in healthcare app development for 2023 will be an effective strategy for gaining a competitive advantage in the market.
The original content of the note was published on Datasciencecentral.com. To read the full note visit here
4 Reasons Low-Code Tools Will Never Replace Software Developers
Low-code tools are evolving as companies build applications to meet their needs. Its flexibility and scalability have become a go-to solution for companies and businesses. Companies can now create custom applications with ease and meet customers' demands. But it's logical to imagine that low-code tools will replace developers.
However, low-code tools will never replace developers, especially those working with C++, Python and Java languages. Though low-code tools could replace handwritten codes, companies and businesses need developers to optimize the software and its applications.
Even if low-code is for all developers, it's handy for high-code developers as it eases building applications faster. Ideally, low-code is a powerful software development tool designed to make a developer's life easier.
In this article, we'll discuss what exactly low-code tools are and why they'll likely never replace developers.
What are low-code tools?
Low-code tools are software applications assisting tech and businesses in elevating coding from textual to visual. It operates in a model-driven and drag-and-drop interface. Low-code tools build value-driven enterprise applications, making them suitable for all development skill levels.
Why low-code tools will never replace developers
1.High-level of flexibility:
With a team of developers, you can easily add in-depth functionality to a solution and maintain it without worrying about outages. Sharing responsibilities and allowing professionals to connect and share their ideas is the best way for a business to grow.
The emergence of low-code tools doesn't mean everything built by then will get destroyed; its emergence is due to increased demand on the market. Generally, low-code tools came to make old coding methods fast, efficient and exciting to both developers and businesses.
These tools push developers towards collaboration. They are forced to improve their communication skills, interact directly with clients, sharpen their skills and channel their skills to meet business needs.
3.In-demand low-code skills:
Businesses always have issues to solve. This means that developers with low-code skills will remain in demand. Companies always have improvements they can make. Companies will not only need developers who can use low-code tools, but they may also need written code in areas where low-code does not solve complex issues.
4.Avoid repetitive tasks:
On average, developers spend lots of time dealing with technical debt. But the low-code platform handles loads of work, making it easy to introduce the debt. For instance, developers must refactor the code every time an operating system update is needed. Low-code platforms can handle such types of tasks.
The odds favor the developers because they did not come to the industry to fix and maintain the old but to build new things. They will have enough time to focus on more complex software solutions and applications, eventually improving companies.
Developers will now spend less time creating new codes and focus on developing responsive software that meets customer needs. This means businesses will now have sufficient time to predict customers' needs and develop new software based on that data.
With the ongoing advancement in the tech sector, there is still a software developer shortage. Low-code software and applications can support developers by helping them create applications and features fast. So, low-code tools will never replace developers. Developers must embrace low-code tools and see their career prospects thrive. They should explore low-code tools, build apps, learn how to use the tools and become more productive.
The original content of the note was published on Entrepreneur.com. To read the full note visit here
A Quick Guide To iOS And Android App development In 2023
If you look around, you’ll observe we have apps for everything. They’re like food, and we consume every bit of it. If you have a business, you must consider app development along with a website.
Well, you’re at the right place. The app development journey can be overwhelming as it comes with tons of responsibilities, and your entire business depends on it. Fortunately, this article covers everything you must know to develop an app. Let’s study them step-by-step to help you understand better.
Why do you need a mobile app for your business?
The decision to build an app for your business requires thorough planning. But why do you need it? Let us help you solidify your decision
A.Improves visibility and brand recognition.
When you have a mobile app, your business prospers. With mobile phones consuming our entire day, humans spend 6-7 hours on average exploring and using multiple apps. This allows you to set a brand image and recognition for your business.
B.Better customer engagement and loyalty
Once your app is out in the market, your users will actively engage with your business. If your app works seamlessly and answers users’ queries, it’ll help maintain and retain customers. With loyalty comes more profits.
C.Boost sales and revenue.
You need to ensure your app is user-friendly, simple, and intuitive for users to make purchases or explore it. The easier it is for them to communicate with your app, the more chances it increases to boost your sales and grow revenue channels.
D.Gain customer data and insights.
A mobile application is an excellent approach to gathering and examining client data. SMBs can examine collected information to determine client patterns and reactions to marketing strategies. You can use it to understand user behavior, customer comments, the most and least visited areas, time spent, and more.
What are the requirements for developing a mobile app?
Understanding your business demands and goals
Knowledge of your target audience
Availability of resources (budget, team, etc.)
What is the difference between iOS and Android development?
Android and iOS are the two most widely used platforms for creating mobile applications. Despite having comparable architectures, the two systems still employ various development and maintenance strategies.
Not only do the two systems differ from one another in terms of development, but they are similar when it comes to design and marketing tactics.
Apple users have always valued the controlled environment of their devices. They also adore how user-friendly and appealing the apps’ interfaces are.
For tech-savvy audiences, the iPhone has always been an appealing product.
Leading experts, department heads, general administrators, and typically people who can spend more money on in-app purchases also favor iOS devices.
If you target this innovation-loving demographic, your company will have more room to produce rapidly evolving apps with rich features. T
iOS systems have a remarkable collection of advanced capabilities and unique functionality. It is a powerful platform for creating beautiful and intuitive apps.
Applications cost less since Android attracts a fairly large audience.
Android dominates the app business because it can run on more devices than its rivals.
You require a Mac to build apps on iOS. However, this is different from Android. You can develop Android applications on Windows, Mac, and Linux.
Additionally, you need to pay a one-time fee of $25 on the Google Play Store and $99 on the Apple App Store, annually.
Android apps can be downloaded from any website, not just the Google Play Store. In addition to the Google Play Store, third-party websites can host apps.
How to pick a development partner for your iOS or Android app?
1.Understand your business goals.
2.Conduct thorough market research.
3.Pick the right agency for mobile app development.
Now that you’ve gained insights on how to develop an iOS and Android app in 2023, you can get ready for further steps. Good luck with your app development journey.
The original content of the note was published on Datasciencecentral.com. To read the full note visit here
The breakthrough that is ChatGPT: How much does it cost to build?
Since its launch in November 2022, ChatGPT has shaken the technological world as we know it. The natural language processing (NLP) chatbot developed by OpenAI has shown the world how transformative artificial intelligence will be. From passing university-level exams to writing keynote speeches, from assisting marketers to helping programmers write and debug codes, no industry or domain is untouched by this AI revolution known as ChatGPT.
Therefore, we wanted to share our expert insight into how to make an app like ChatGPT and ChatGPT app development cost, which can be anywhere between $100,000 to $500,000 (more details later).
In its essence, ChatGPT is a chatbot. But when you look a little bit closer, it is so much more than that. OpenAI developed a natural language processing artificial intelligence model based on ‘Generative Pre-trained Transformer 3’ (GPT 3) technology.
In its own words, “ChatGPT is a state-of-the-art language generation model developed by OpenAI. It uses deep learning techniques to generate text based on the input it receives. This allows ChatGPT to hold conversations and answer questions on a wide range of topics with high coherence and consistency.”
OpenAI has been developing its GPT algorithm for years, the latest version being GPT 3. OpenAI trained the first version of GPT with the objective of causal language modeling (CLM) being able to predict the next token in a sequence. Building upon this model, GPT 2 could generate coherent text from a grammatical and linguistic standpoint.
Then came GPT 3, on which ChatGPT is based. The conversational AI chatbot became an internet sensation overnight and had 1 million users in just five days and 10 million in 40 days.
Several factors will determine GPT-based app development costs. The complexity of the model, the end use case of the model, the dataset required, and the computational requirements are some of the significant factors that will influence the cost of developing a ChatGPT-like AI app. To have a sense of the dataset required, ChatGPT was trained on 570GB of textual data.
To begin with, gathering a large dataset can be quite expensive, especially if you need to pay for access to proprietary data or hire people to annotate the data. Additionally, if you have to use cloud-based resources, the cost to develop an app like ChatGPT can be quite high depending on the resources used and the duration of usage. The cost of data annotation ranges from a few cents per annotation to a few dollars per annotation. Also, the cost of obtaining data can vary greatly depending on the source.
To put a number to it, the ChatGPT app development cost can range between $100,000 to $500,000. And it can take from several weeks to several months to develop such an app, depending on the factors mentioned above. The cost of developing an AI content detection tool is also around the same range.
The original content of the note was published on Appinventiv.com. To read the full note visit here
Low-code app development: 4 key benefits
The way we approach app development is being completely transformed by low-code and no-code tools as they advance and achieve new levels of sophistication.
We’ve already observed an increasing adoption of low-code app development practices in enterprises when working on different projects and tasks. Their role has become vital for the survival of businesses, especially now that companies try to pave their way to decreased expenses and increased productivity in times of global recession, skyrocketing inflation, high development costs, and a shortage of experienced, full-time software developers.
Low-code tools bring a new, modern, and automated way of building mission-critical applications. Therefore, major low-code app development adoption comes as no surprise.
To understand why enterprises perceive low-code app development as a strategy for their business survival and effectiveness, let’s look at some of the key benefits low-code app development offers enterprises.
1.They provide effective risk governance and easier management
One of the biggest advantages of low-code development is that it can help companies foster better risk mitigation. Why? Because low-code tools offer a visual development environment for building applications, reducing the need for manual coding, which is traditionally more error-prone due to bugs, inconsistencies, etc.
2.They help achieve better development workflows
Think for a moment about this - an app that usually takes months to build can now be pushed live in a matter of weeks. Since these platforms typically provide drag-and-drop interfaces and deliver pre-built UI components, they allow developers to focus on solving business problems rather than writing code from scratch. As a result, they get quicker and more efficient app development cycles and faster deployment and iteration, making for a fully agile model for innovations.
3.They improve collaboration between fusion teams
Low-code development allows teams and vendors to adopt a single source of truth, improving collaboration between teams. Reducing legacy applications and multiple tools used by designers, programmers, and stakeholders makes it easier for team members to share information, work together on projects, and coordinate their efforts.
4.They help leaders overcome industry and business challenges
The IT industry is in the clutches of a global recession while still suffering the aftermaths of the COVID-19 pandemic, and at the same time, trying to overcome the software developer shortage crisis. These factors fuel low-code adoption even more.
By delivering WYSIWYG (what-you-see-is-what-you-get) app development experience through reusable drag-and-drop components, low-code platforms help enterprises.
In challenging times when achieving cost reduction and optimization is a must, low-code app development provides plenty of benefits as it ensures cost efficiency, streamlined app design and development processes, proven ROI, and more straightforward adaptation to the dynamics of the IT world.
The original content of the note was published on Enterpriserproject.com. To read the full note visit here
The importance of user experience in DeFi mobile app development
Blockchain technology is capable of revolutionizing the banking sector by introducing DeFi (Decentralized Finance) mobile applications. These are fully decentralized and permissionless applications that allow users to exchange digital currencies without the need for an intermediary such as a bank or an exchange. The easy exchange of assets without any mediators results in secure transactions.
The workflows used in a typical DeFi mobile app are rather overwhelming for an average user. To unlock the full potential of these apps and witness their wider acceptance across a wide spectrum of users, it is necessary to offer an intuitive, safe, and comfortable user experience. A seamless user interface will allow users to quickly and easily understand and use these mobile apps while ensuring the maximum advantages of these applications are realized by the end users.
It is vital for businesses to adopt a user-centered approach to DeFi app development to emphasize the needs of target users. A seamless user experience (UX) makes way for several key benefits for the organization like increased customer engagement, more customer loyalty, and improved customer satisfaction.
Here are a few reasons why an interactive UX is responsible for the DeFi app’s success.
1.Loyal user base
A badly designed DeFi app can be detrimental to customer loyalty. Users usually don’t have a high tolerance for applications that are unstable.
2.Optimized support cost
A well-designed app can be a great asset for consumers and businesses. It can save consumers time and money by giving them easy access to solutions to their problems.
3.Increased customer satisfaction
Customer satisfaction is an essential element for any business to succeed. It is a measure of success in any industry, as the better the experience provided to customers, the more likely they are to be satisfied.
4.Increase in overall sales
A well-designed app is essential for increasing traffic, transactions, and conversations. Such an app will attract and retain customers, resulting in more purchases and positive feedback.
5.Gaining a competitive edge
Designing a DeFi mobile app that stands out in this competitive ecosystem is increasingly difficult. The app store has more than 1.96 million apps available to download. This immense competition makes it difficult for a single product to stand out.
In order to make a successful DeFi mobile app, keeping it aligned with an overarching digital transformation strategy is vital. This makes way for an optimal user experience, as the DEFi app’s content and functionality is customized to meet the needs of the target audience. Implementing this strategy will give users a seamless and unmatched UX which is key for increased user engagement and retention.
The original content of the note was published on Technode.global. To read the full note visit here
ChatGPT and software development
I tried using ChatGPT to help with a common coding issue when working on CRM applications and merging customer data sources. I asked ChatGPT, “Given two lists of names, write Python code to find near matches of the names and compute a similarity ranking.” ChatGPT replied, “You can use the FuzzyWuzzy library in Python to find near matches and compute similarity rankings between names.” ChatGPT then displayed code to interface with FuzzyWuzzy and included examples to help demonstrate results.
Now, there are debates about how smart ChatGPT is, whether it can write secure code, and why it should attribute its sources. But ChatGPT’s effectiveness is causing many people to consider how generative AI will change people’s creative work in marketing, journalism, the arts, and, yes, software development.
ChatGPT already reached more than 100 million users, and Microsoft is embedding it in Bing and other Office applications. Other generative AI competitors in search platforms include Google’s Bard, and developers can test code-generating AIs such as AlphaCode and GitHub Copilot. A wave of SaaS products, tech platforms, and service providers are integrating ChatGPT capabilities.
If you’re a software developer or a devops engineer, you might experiment with generative AI tools and wonder what it will mean for your profession and how it will change your work.
Remember when you installed your first Amazon Alexa or Google Assistant in your home, expecting it to be as smart and responsive as Star Trek’s computer? It helps you do simple tasks such as set alarms, add items to shopping lists, share the weather forecast, or update you on today’s news, but it’s unlikely to answer more complex questions accurately.
For now, generative AI can help fill gaps and accelerate implementing solutions within the software development life cycle, but we will still need developers to drive appropriate experiences.
Software development has many generational improvements in languages and platforms. Many tools increase a developer’s productivity, improve code quality, or automate aspects of the delivery pipeline. For example, low-code and no-code platforms can help organizations build and modernize more applications, but we’re still coding microservices, developing customer-facing applications, and building machine learning capabilities.
Developers must also consider how ChatGPT raises the bar on user expectations. The keyword search box in your app that isn’t personalized and responds with disappointing results will need an upgrade. As more people are amazed by ChatGPT’s capabilities, employees and customers will expect AI search experiences with natural language queries and apps that answer questions.
Generative AI can also improve workflow and support hyperautomation, connecting people, automation, and AI capabilities. I think about smart health applications, where doctors can ask AI questions about a patient’s condition, the AI responds with similar patients, and the app provides options for doctors that automate ordering procedures or prescriptions.
So, where can software developers leverage generative AI today? It’s easy to see its usefulness in finding coding examples or improving code quality. But product managers and their agile development teams should validate and test their use cases before plugging a generative AI into their application.
ChatGPT is more than a shiny object, but like any new technology, software developers and architects will need to validate where, when, and how to use generative AI capabilities.
The original content of the note was published on Infoworld.com. To read the full note visit here