Video Subscription Platform

Why invest in Video Subscription Platform Business?

Digital media industry is growing at a wild pace since the commercialization of cloud based platforms. It is not only the social media channels that are contributing but live streaming and original content providing platforms as well. The trend of providing video content through smartphone apps is gaining remarkable attraction. An entire industry based on video subscription platform has emerged in the recent years.

 

Crowd-sourced video content providing apps like YouTube and 9GAG are around for many years now. Subscription based platforms like Netflix, and Hulu are also around for some time. However, mobile app based video on-demand services of these providers apart from HBO Now and Apple TV are relatively recent.

Mob Inspire develops and delivers software-as-a-service and on-demand mobile solutions to digital media industry for over a decade. In this article, our experts reveal market analysis of video on-demand business model. It also highlights the factors that ensure success. Meanwhile, the article states reasons for why cable and satellite TV service providers should opt on-demand business model.

Video On-Demand Market Analysis

The statistics from credible sources released in 2018 indicate an incredible annual growth of over 38% in market size of on-demand industry. The market in the prior year was calculated at $42 billion which reached as high as $58.3 billion in the following year. Considering the current growth rate, the sector is projected to grow up to $91 billion by 2023 providing a significant boost to digital media industry.

Why VOD Makes Up a Successful Business Model?

There are undeniable reasons that enable subscription VOD platform highly attractive. The flexibility in services, convenience of getting the desired content, cost of subscription or purchase and portability are some of the notable factors pushing customers to replace traditional cable and satellite TV.

1. Flexibility and Convenience

Unlike VOD, there is no way as yet to personalize content for each viewer. For instance, if a person wants sports and athletics content only, other channels would still be available on cable and satellite TV. Video on-demand attracts subscribers since the content is most relevant to each customer’s interest.

Moreover, VOD services enable customers to watch content at the time of their choice. They can pause and rewind programs and play back whenever required. They can also forward a program unless one is broadcasting live.

2. Subscription Costs

The subscribers of VOD are obliged to pay only for the subscribed content. The charges would be only as much as the viewed content. Despite this flexible cost model, the subscription video on-demand providers earn significantly more than their cable TV competitors.

Apart from this model, video subscription service also enables customers to subscribe on monthly basis. The details in business models vary because some allow unlimited viewership for a monthly package while others place a range of limitations.

3. Content Portability

Your customers can access the subscribed content from anywhere with an internet connection. The availability of a unique account ensures that their progress remains intact. In essence, subscribers can quit watching a program at one time and resume watching it later from where they left. The apps from top providers are capable of running seamlessly on devices with every available screen size.

Furthermore, more than one customer can use the same subscription package with their unique profiles. The distinctiveness of profiles enables each of them to personalize content and save progress. Every user of a shared package can access video content any device and location.

Which VOD Business Model is Suitable for You?

Apart from the factors mentioned above, some native aspects in every region are crucial to consider while working on online video subscription platform. The socioeconomic situations and current trends shape the interests of customers. Thus, you may need to make a behavioral and geographic analysis before starting to collaborate with original content producers.

VOD Success Factors

The aforementioned points indicate that VOD model has very high probability of success. Numerous factors influence the probability. Following are some of the most notable factors making the business more meaningful.

Content Delivery Network

It is absolutely crucial for individuals to have knowledge on how they are going to sustain and expand the business in future. Devising a growth path takes more significance in case of online video subscription platform because your customers would be spread across various regions of the world.

Utilization of Content Delivery Network (CDN) provides you the ability to offer localized servers for each region. The natives of each area are able to access the video from nearest server. For instance, Google has placed its CDNs in every inhabited continent. Each search query generates quick results as the traffic on local servers is relatively lesser.

Also read: Why Big Data is incredibly effective in Digital Media industry?

If customers access videos uploaded on single server from around the world, it is highly likely that the server would face bottlenecks and excessive traffic. Thus, CDN is essential to ensure smooth content delivery for customers spread in various regions.

Cloud-based Video Platform

The selection of underlying cloud infrastructure and cloud integration service provider is significant. Cloud infrastructure refers to the server where your mobile app, website and entire content would be uploaded. The most credible platforms include Microsoft Azure and Amazon’s AWS.

Cloud platform selection rests on multiple factors including projected number of users after a given number of years, tradeoffs between price and quality, and amount of demand in every region.

Mob Inspire lists among the top cloud integration service providers for on-demand mobile solutions. Our primary choice is AWS for its relentless performance and unparalleled speeds. We have delivered 81 on-demand platforms so far to companies in over 30 countries.

The platform includes mobile and web based apps for customers and admin panels for business executives. You can expand business to new regions or allow more traffic to existing regions almost effortlessly by updating cloud package.

Flawless Device Compatibility

Your subscribers would be using a range of devices with varying operating systems, screen sizes and processors. Thus, the mobile app development should be perfect to efficiently run the app regardless of the devices used.

Compatibility problems in video subscription software integration occur frequently. This may end in a number of unwanted consequences including poor rendering of a video to screen and app crashing. The app should fully utilize cloud benefits by consuming least space on users’ phone. Instead entire content should be placed on remotely located CDNs.

Variety of VoD Subscription Service Models

Cable TV would not allow your customers to watch shows when and where they want. Besides, the pricing structure of cable and satellite TV networks is rigid. In essence, your customers must pay a fixed price no matter how little or large amount of time they would spent on watching the channels provided by you.

Video on-demand platform replaces cable and satellite TV businesses with a highly flexible model. The subscribers can watch favorite TV shows at their own pace. They can stream video content from any place where your services are available.

The pricing structure of acquiring on-demand video widely varies with a number of business models. You can offer your customers one of the following services or a combination of them.

1. Subscription Video On-demand (SVOD)

A customer pays for accessing all the TV shows and live streaming of available events. You can either put a limit on amount of content accessed or time duration after which the subscription period expires.

Popular subscription VOD platforms like Netflix and Hulu offer monthly subscription packages accessible through multiple accounts so that most family members can access content on their phones, tablets or laptops. On-demand mobile solutions make this model even more attractive.

2. Advertisement Supported Video On-demand (ASVOD)

A marketplace for video sharing used to be one of the hottest VOD business models up to few years back. The users can access videos without charges on these platforms. Meanwhile, service providers can earn revenues by allowing advertisements that play at the beginning or somewhere in the middle of a video.

However, services like YouTube and Dailymotion have penetrated to every corner of the world up to the extent that there is little for another similar platform.

Introducing ASVOD alone would rarely make any notable gains now because existing service providers have extremely high brand equity. However, ASVOD would work very well when introduced in combination with SVOD or below-mentioned TVOD.

3. Transactional Video On-demand (TVOD)

To provide further granularity in pricing plans, you can enable customers to pay for each video they watch instead of acquiring entire package. This pay-per-video model is relatively new but proving to be highly successful as it allows even more flexibility.

There is a massive range of TVOD use cases. One notable case is the selection of games in a competition that a customer would like to stream. For instance, I am more inclined to watch LA Galaxy games because I am a fan of this MLS club. TVOD model allows such fans to get the streaming of the game that they intend to watch.

Another model similar to TVOD is Premium VOD or P-VOD. The service providers would be able to get the license to release a movie on platform on the same day of its release. Thus, the subscribers would be able to watch new movies without needing to travel to cinemas.

Launch your VOD Platform Today

The statistics and causes of success in video on-demand business reiterate the fact that cable and satellite TV would be obsolete soon. The disruption is underway at a higher pace than ever before. Whether you are a cable or satellite TV operator or an entrepreneur aiming to invest in digital media industry, adopting VOD business model is your best bet.

Mob Inspire is developing mobile based software platforms for more than a decade. Apart from serving digital media industry, our on-demand software solutions are assisting startups and enterprises in transportation, home services, real estate and healthcare. We are also listed among the top companies for providing enterprise mobility management solutions.

We would like to know about your business plans and intended areas of services. Our development team would not only help in providing the most appropriate software technology but in business development and marketing as well. Contact us so that we can move ahead.

appointment booking software

What Makes Appointment Booking Software Effective?

The process of scheduling the meetings, examinations, medical tests, and other healthcare practices is around for centuries. Now, digital technologies are facilitating this process by eliminating the wait time and ensuring that patients reach the most specialized practitioners. Appointment booking software systems are at the forefront of this transformation.

This article mentions some of the most noteworthy use cases of such software systems. Moreover, it also shares the essential components of such platforms.

Use Cases of Medical Appointment Booking Software

Appointment scheduling is not only confined to booking a meeting with physician. Following are some of the notable use cases of these systems.

Physician On-demand Booking Platform

You can either schedule an in-person or remote meeting with healthcare practitioners using the on-demand services model. Apart from physicians, these may also be surgeons, pharmacist, or another subject specialist.

There are further variants for in-person meetings. A patient can seek services of doctors at home or at clinics. Either way, the platform ensures that the specialist remains available and serves patients at the scheduled time.

Zocdoc is one of the finest examples. This facility connects patients with service providers including independent practitioners and partnered clinics.

Ambulance Service Scheduling Software

Although ambulance booking is not a new concept, yet it is essential to mention for the sake of comprehensiveness. The aim of appointment booking platform is to provide a range of healthcare services through smartphone app. Thus, the ability to schedule an ambulance or a paratransit vehicle through this platform is vital.

If you intend to introduce on-demand ambulance service, Flare serves as a decent role model. This startup aggregates various ambulance service providers and dispatches the most suitable vehicle depending on the requested type and distance from patient.

Medicine Delivery Job Scheduling Software

Getting a prescribed drug delivered at your doorstep is no less vital. A patient should be able to share the prescription with your on-demand pharmacy. One of your agents deliver the medicine at the indicated location and the patient can pay the delivery charges via credit card or through an in-app e-wallet.

Numerous startups have emerged with this business model. Capsule is notable in New York City. This startup with a total funding amount of $70m to date delivers drugs within two hours. ScriptDash is another notable startup powered by Alto with an impressive Serie C funding of $55m.

Nurse At-home Scheduling

There is little or no doubt in the fact that US population is aging. Consequently, the need for at-home nursing agents is rising. Besides, families are inclining toward keeping nannies for childcare. Thus, scheduling nursing services should also be an option in appointment booking platform.

Besides these use cases, there is a wide range of applications for such platforms. Businesses can enhance their services by facilitating customers with immaculately designed and developed scheduling software.

Also Read: A Guide to Enterprise and Consumer App Development

Components of Appointment Booking Platform

Telephone calls served as the top medium for booking appointments. Websites replaced phone calls and remained the primary booking source until recent past. The contemporary era of smartphones demands mobile apps as the medium for appointment scheduling.

A comprehensive appointment booking software should have following components.

App for Patients

Patients or their guardians should be able to schedule an app via their smartphones. The app should be simple enough to allow the least literate individuals to schedule appointment without needing to have any technical understanding.

Personalization in booking platforms is vital. It is achieved by providing unique profiles for each patient so that they can instantly retrieve medical history or EHR.

Developing a dedicated appointment scheduling platform for a business is one case but many startups serve as a gateway between customers and a range of healthcare providers. In this latter case, the patient should be able to search and select the provider of their choice.

Also Read: Blockchain Technology in Healthcare

Moreover, the platform can also suggest the most relevant providers depending on the specialization that a patient intends to seek.

Many healthcare providers collaborate with on-demand scheduling startups to appear at the top of search results. The startups earn monetary commission in return.

Administration Panel

This software serves as the middleman between patients and service agents. It also validates each request for appointment and confirms its schedule.

An admin panel should have an extensive dashboard with scheduled appointments. It should show the pending requests besides in-progress and past ones.

It is notable that the process of scheduling should not require phone call or in-person meeting. Instead, patients should be able to book any available timeslot from an in-app calendar. As a consequence, the admin can verify the appointment by connecting the request with most relevant healthcare practitioner.

Also Read: Robotic Process Automation in Healthcare Industry

The panel should also feature interactive charts and graphs depicting performance of business. Some of the key performance indicators include: difference in the number of bookings from previous week, month, and quarter; number of new visitors; percentage increase in the number of positive reviews.

App for Service Agents

Service agent apps are only required when you are providing on-demand medical services through independent gig workers. Otherwise, administration panel with an app for patients should be sufficient if you are scheduling for an in-house team of practitioners.

The admin panel also serves as dispatch panel to connect the suitable healthcare service providers with patients. It is notable that the entire scheduling process should be automated. Patients choose the timeslot of their choice. The admin panel software confirms the request and dispatches the relevant practitioner by considering the availability of providers.

The app should allow independent practitioners to reveal their flexible work hours. It should also empower practitioners to confirm or decline a scheduled service.

This appointment booking platform comprising apps for patients and practitioners along with an admin panel should be interactive. In essence, the practitioners should be able to access EHR of patients as soon as they confirm appointment request. Besides, it is also advisable to keep the platform cloud-based so that it scalability is easier.

Get Your Online Appointment Booking Software Today

Mob Inspire is working with some of the top healthcare businesses for over a decade. Our experts build and maintain software systems which ensure business growth with cost and time optimization and enhanced user satisfaction.
We would love to serve you as a technology provider. Contact us today so that we can collaborate and grow together.

Telemedicine platform

Telemedicine Platform – Use Cases and Challenges

Healthcare sector is one of the most crucial stakeholders of research and development in software industry. Apart from IoT based machines connected with smart devices, Artificial Intelligence, Big Data, Blockchain, and Robotic Process Automation are also enabling significant improvements in this sector. One highly rated business model is that of a telemedicine platform.

Many telemedicine startups have emerged in the ongoing decade. The regulators are also developing regulatory framework for mainstreaming of telemedicine service providers. This article shares some of the most noteworthy use cases of telemedicine, the challenges posed to it and their solutions.

Notable Use Cases of Telemedicine Platform

The introduction of telemedicine software platforms was aimed at facilitating the patients and their guardians at the places of their choice. However, more use cases started to emerge with time. Some of the most notable applications of telemedicine platform are shared below.

Remote Patient Examination

Carrying an ailing patient to hospital for routine check-ups is one of the most debatable topics. At one end, healthcare practitioners discourage frequent traveling whereas, on the other end, they push for regular examination. Traveling causes fatigue and may exacerbate health conditions especially amongst patients with chronic diseases and those aged above 70 years.

Also read: Robotic Process Automation in Healthcare Industry

Telemedicine platform enables patients to access medical services without moving out of their homes. A doctor can examine patient via video call or may travel to patient’s home. The latter model, called on-demand healthcare services, is gaining incredible momentum in the industry.

One does not necessarily have to be a patient or a guardian to use telemedicine apps. These apps can serve as awareness and education platforms to familiarize users about prevention, cure, and symptoms of diseases.

Intelligent Prescription

The research and development in big data and AI allowed innovators to capacitate software systems in automatic medicine prescription. The systems are trained on case studies from hundreds of thousands of patients so that correctly predict the disease or illness depending on the symptoms and suggest the most suitable prescription.

This smart prescription model demonstrates remarkable results as the AI outsmarts human experts in disease prediction efficiency. Despite this impressive outcome, intelligent prescription for the most part is still in its testing stages. Nevertheless, regulators allow using such telemedicine software systems for prescription in situations which are considerably less likely to become life threatening.

Translation for Non-Native Residents

A considerably large number of Americans are unable to speak English and Spanish correctly. This limitation often leads to a communication gap between healthcare practitioner and patient/guardian. Moreover, most of the clinics do not have Spanish speakers adding to the woes of 41 million native Spanish speakers who are not bilingual.

Many top service providers of telemedicine software platforms ensure that their system performs real-time translation to enable seamless communication between patients and physicians. This activity is relatively easier when communication happens remotely.

Earlier, analysts believed that automated translation using AI was ineffective because it often changed the context of speakers’ point. However, the advancement in natural language processing (NLP) is resulting in maturity of virtual assistants up to a remarkable degree. The NLP for telemedicine app is capable of not only translating the words but also understanding the tone and expressions to differentiate literal meanings from wit, metaphor, and sarcasm.

Medicine Delivery from Chosen Pharmacy

Telemedicine software platforms are not only capable of prescribing medicine but delivering them on-demand as well. A consumer can place order for the prescribed drug from the store of their choice. Top mHealth systems also inform about the store where patients can find prescribed medicine. This is particularly important in case of rarely available drugs.

Some service providers use drug store suggestions as a way to earn revenue. They suggest a store in return of monetary benefits from store owners. There are medicine delivery app startups which serve as gateways between customers and pharmacies. For instance, Eaze is a startup which delivers cannabis to customers from the store of their choice.

It is notable that telemedicine app should remain a single stop shop to acquire each of the services including physician on-demand, intelligent prescription, translation for comfortable communication, and medicine delivery. This ability would prevent users from using multiple software systems for healthcare. You may also choose to offer a set of these features.

Telerehab with Telemedicine Software

In the contemporary highly busy routines of Americans, it is intensely challenging to spare time for mental health. Anxiety disorders alone make the most prevalent illness in the US with 18.1% population suffering from it. Anxiety and Depression Association of America reveals that these mental conditions are curable regardless of their intensity.

However, only a small proportion of people seek services of psychiatrist or rehab center. The primary reason is the lack of time and excessive costs. The introduction of telemedicine app platforms is enabling patients to get treatment in the comforts of their homes. As a result, the annual number of individuals seeking rehab services is gradually increasing.

Also read: Recommendation of Successful App Development Outsourcing

This incline is going to take pace as the patients get aware of such platforms. Thus, entrepreneurs have a huge business opportunity which can also serve as social responsibility fulfillment cause.

Addressing the Challenges

Although startups and established healthcare providers are rapidly adopting telemedicine software systems, yet it is not free of challenges. Fortunately, the advancements in technologies are enabling providers to address challenges in both traditional and telemedicine based services. Following are some of the notable developments.

  1. Healthcare providers were reluctant to incorporate such services up to few years back because of insufficient internet and video quality. Besides, the cost and time consumed for physician to travel to patient’s site were excessively high. Nevertheless, the successful expansion of on-demand ride-hailing services like Uber and Lyft enabled providers to adopt this model.
  2. Telemedicine is not only a startup job anymore. Tech giants are making ways into mHealth and telemedicine because these models carry potential to become one of the biggest impressions in healthcare industry. Apple Inc. is collaborating with American Well, a notable telemedicine startup, to market this model up to the extent that it requires.
  3. One of the top challenges posed to traditional healthcare practices was the lack of specialist physicians in remote regions. Telehealth is undoubtedly a significant alternative.

Mob Inspire is among the leaders in developing software systems for healthcare industry. In a period of working for a decade, our experts developed systems powered by AI, RPA, AR and VR, big data, Blockchain, and cloud computing.

We would love to work you for the development of your telemedicine platform. Contact us today.

Fitness app ideas

Fitness App Ideas with Crucial and Innovative Features

Thousands of health and fitness apps are already available at App Store and Google Play. Statista puts the number in Google Play at 37,143 as per the report for Q1 2019. To a new entrepreneur, the space might apparently be saturated to provide room for implementation of more fitness app ideas. However, an overwhelming majority of apps in this category are either too basic or demonstrate unmistakable performance setbacks.

Thus, users are always out to find a decent app with comprehensive features and seamless performance. This article shares the most essential features that a fitness app should contain depending on the user behavior toward existing apps. In the second half, the text shares the most innovative features which have the potential to provide distinctive edge over competitors.

Also read: A guide to Enterprise and Consumer App Development

Essential Fitness App Features

It goes without saying that performance and scalability are among the factors most crucial in the success of an app. Besides these factors, following are some of the essential fitness app features.

Personalization

The users are likely to have a variety of conditions depending on their age and health issues. The app developer should not treat all potential users equally. For instance, it would be inappropriate to suggest a senior citizen to run miles when one might be suffering from multiple age-related challenges.

Personalization of fitness mobile apps implies sharing the most pertinent content to each user. Fitness tracking app must have a distinct profile for each user. The user should be able to enter one’s age, gender, weight, height, and any health related problems. As a consequence, the app should provide the most suitable pieces of information to ensure improvement in health and fitness.

Also read: How to Make a Fitness App

Push Notifications

Whether it is the workout hour or the time to take a medicine, push notifications are vital to assist users in maintaining their health and fitness schedule. There is a range of use cases for notifications in fitness apps.

1. Reminding user about the muscle they would work on today.
2. Reminding users to take a scheduled meal or medicine.
3. Sharing the progress at the end of each week and month.

Beware! The fewer, the merrier. Populating the users’ notification bar with too many reminders and overly excessive notifications may cause displeasure. A single notification each day is fine unless user explicitly set the otherwise.

Workout Tutorials

Human body has a total of 360 joints. It is evident from this number that movement is an inevitable part of fitness. Every muscle and joint requires sufficient movement to ensure higher muscle strength, better circulation of blood, and prevention of soars in joints. In words of Socrates;

“It is a shame for a person to grow old without seeing the beauty and strength of which one’s body is capable.” (Socrates)

However, fitness enthusiasts need to ensure that angle of exercise is correct to get the best results. The app should provide coaching on doing exercise for each muscle and joint the right way. Moreover, it should also reveal the purpose of each workout and the consequences of incorrect postures.

Also read: 5 Core Stages of User Experience Design Process

Activity Goals

Research indicates that milestone achievements motivate humans to achieve challenging goals. Thus, the app should provide small milestones for users so that they can track improvement over the time.

The feature of geolocation serves well. A user can turn on the GPS so that the app keeps measuring the distance traveled in a day. It also shares the path that one traverses. This path is automatically sketched onto the embedded map in the app.

Innovative Features in Fitness Tracking App

The fierce nature of competition in health and fitness category suggests that innovation is indispensable. Mob Inspire performed a survey regarding the kind of additional features that users would like to have in apps. Based on this survey, our experts came up with four innovative recommendations. They have also developed and tested these fitness app features as test cases.

Tracking Blood Pressure and temperature

To incorporate this feature, the developers require IoT devices with embedded pressure and heat sensors to realize such fitness app ideas. Some apps claim to measure without these devices. However, the experts at Mob Inspire have tested these apps on a wide range of cases with boundary conditions to find that these claims are fallacious. Independent peer review research also confirms this hypothesis.

Nevertheless, the devices – usually pulse oximeters – used to measure oxygen rates in blood are inexpensive. Thus, users would rarely ignore purchasing one if they are aware of it. These devices connect with smartphone app using Bluetooth to share the detailed readings.

Body Heat Map

Sensors are also available to measure muscle activity to sketch a heat map in the fitness app. These sensors identify amount of heat and flow of blood at a given instant. The readings enable mobile app to draw human body with points of high heat penetration.

This idea for fitness mobile apps is more effective when aided with a key stating normal and alarming conditions. Heat maps in apps assisted by IoT devices are highly effective after workout to determine if the session was sufficient or not.

Multi-Platform Synchronization

There is a range of smart devices available today with varying screens and operating system. Although smartphone is portable, a user may not always be comfortable using one for fitness app. For instance, a smart watch is a better choice while running whereas tablet serves better while viewing workout tutorial.

It is highly recommended that the app is also available on platforms like smart watches, tablets, and laptops. Besides, the app should be synced on each device. In essence, the profile of a user automatically updates on each device when one completes a workout session.

Sleep Monitoring

An overwhelming proportion of population suffers from sleep deprivation. It does not only include the total number of hours sleeping but lack of deep sleep as well.

Sleep monitoring feature is one of the most attractive fitness app ideas. Its effectiveness remained a question for years. However, recent studies and subsequent pieces of research indicate that apps an efficiently integrated feature should measure sleep with up to 95% precision.

Also read: Recommendations for Successful App Development Outsourcing

Sleep monitoring feature makes use of motion sensors embedded in smartphones. Every smartphone in past five years from a globally recognized manufacturer embeds motion sensor in it.

Most physicians recommend keeping smartphone considerably far from body unless switched off or placed on airplane mode. However, motion sensors also work while the phone remains on airplane mode. Thus, it tracks the movement of nearby object – mostly human and indicates the total number of times movement occurred during sleep hours.

Fitness App Development

Implementing fitness app ideas require developing a scope. You can have as many features as you would like. It also depends on the targeted niche and the objectives that you intend to accomplish with this app.

Mob Inspire carries an experience of over a decade in planning, developing, deploying, and maintaining native mobile apps. We also assist businesses in employing effective marketing strategies. Our platform innovation model drives development and sustainability of multiple startups each year.

Our experts would like to work with you to develop the best health and fitness app. Contact us today to get ahead.

Fintech Disruption in Financial Services

Tech Innovations for Fintech Disruption in Financial Services

Researchers have published extensively on fintech in the opening decade of the current century. Although the amount of theoretical work is sufficiently large, yet no company could attain any significant breakthrough in practice until late 2008 when the businesses were suffering severely from Great Recession. The subsequent period witnessed a remarkable revolution demonstrating fintech disruption in financial services.

This period was the beginning of time when scores of industries started to incorporate advanced fintech. Following are the three most notable emerging trends in financial services which revolutionize data security, data analysis, transaction processing, and operational management in corporate sector.

Blockchain for Innovation in Financial Services

Documented businesses in every industry rely on traditional banking for transactions. As the challenges section indicates, transaction through centralized banking carries many vulnerabilities. Blockchain is an appropriate alternative which is tested for over a decade to addresses transaction problems without leaving side-effects.

Blockchain is an instance of distributed ledger technology which defines a database to store data in distributed and shared schemes. The most notable aspect that distinguishes blockchain from other data management techniques is immutability. The technology is tamperproof unlike relational database management systems which are prone to intrusions.

This technology is revolutionizing financial services by bringing transparency and security. Transparency reflects in the fact that each stakeholder can view history of records as well as the timestamp which indicates time when a block or record was added to the chain.

Blockchain ensures data security with its architecture based on consensus algorithms. Such algorithms require consensus of more than 50% of nodes to make a new block with same transaction record. The probability of generating such a consensus is negligible.

Big Data for Financial Analysis and Projections

The growth rate of data is incredible – to say the least. With the current rate, the total amount of digital data would be as big as 44 zettabytes by the end of 2020 – Raconteur reports. Besides, the data created every single day by 2025 is projected at 463 exabytes. For reference, single zettabyte is equivalent to one billion terabytes.

The creation of such a humungous amount of data is rather beneficial than alarming. As the volume of data grows, the business or the underlying industry has greater opportunities to make correct future projections.

“79% of enterprise executives agree that companies that do not embrace Big Data will lose their competitive position and could face extinction.” (Accenture)

Big Data enables financial institutions to identify patterns in market and forecast future trends. The utilization of Big Data for over a decade is proving this claim as companies are attaining meaningful insight from vast sets of data.

Bank of America introduced a virtual assistant called Erica to help clients with finding billing information and transaction records in seconds. It eliminates the need for manual input of information and search of records. Instead, it runs a predictive analytics to provide precise information. This intelligent assistant is capable of training itself. The bank expects that Erica will get as much smarter in a matter of months that it will provide recommendations as well to clients.

AI and RPA Fintech Technology Solutions

Artificial intelligence resonates in the corporate world more often than any other set of technologies. Financial services have the potential to take the leverage of AI far more than any industry. The degree of repetitive and non-technical tasks is way too high as workers have to speak and type more or less similar set of information to clients.

Robotic process automation addresses this challenge by automating most of the repeated tasks. Two most impressive innovations in this regard are voice assistants and chatbots. A voice assistant answers the queries of clients by replicating human speech while chatbot does the same through online real-time chats and emails.

Also Read: Robotic process automation in healthcare

Earlier, the chatbots could only answer a few questions. They would respond with limited set of answers picked from a pool. However, the use of machine learning and natural language processing (NLP) is now enabling bots to self-train themselves and respond to complicated questions as well. Self-trained bots are now frequently used in industry and ensure a significant drop in operational costs.

Impact of Technology on Financial Services

  1. Data security is one of the chief challenges in financial services sector. The Financial Conduct Authority in UK reports an increase of five times the number of data breaches in 2018 as compared to previous year. A total of 145 banks and financial institutions reported the breach. The figures in North America and rest of the Europe are also alarming. Fortunately, the companies that use Blockchain and AI have significantly low record of violation.
  2. Transparency is crucial when dealing with large-scale transaction processing. Blockchain is ensuring the transparency through its distributed ledger policy. Every stakeholder has more visibility and control over transaction history. Thus, Blockchain elevates the level of trust.
  3. Pace of operations in businesses is growing with the adoption of these technologies. Robotic process automation (RPA) for fintech industry is at the forefront in reducing the time consumption by automating repetitive tasks. Blockchain is enabling financial services providers to perform days-long transactions to complete in seconds.
  4. Cost of operations is also depicting drastic drop in the companies which are adopting Blockchain, AI, and Big Data solutions. For instance, chatbots and virtual assistants eliminate the need to keep 24 hour attendants. Blockchain is replacing the need to keep verification officers. Instead, of someone verifying the transaction records for you, Blockchain enables you to comfortably verify it yourself.
  5. Operational efficiency is the most notable impact of adopting effective fintech products and services. They provide excessively better customer relationship management (CRM) as well as enterprise resource planning (ERP). Besides intelligent information systems provide insights for informed decision making.

Join the Innovators

Fintech industry is leading a revolution in financial services sector which is barely feted like revolutions in other industries. The reason is the fact that most people are unaware of the technical intricacies involved in this revolution. The corporate sector has leapfrogged into an era where acquisition of fintech technology solutions is not a choice – rather a compulsion.

Mob Inspire can assist you in becoming a part of this evolution and in avoiding the extinction. Contact us today so that our experts will take you further.

Automation in healthcare

Robotic Process Automation in Healthcare Industry

The practice of adopting automation is revolutionizing the operational activities in every industry. McKinsey & Company reveals that the process time reduces up to 60% by incorporating Robotic process automation (RPA). Besides, it ensures three times bigger return on investment. Automation in healthcare industry indicates even more impressive results. Some automation activities are still in rudimentary and testing phases while others are into commercial practice for years.

Following are notable uses cases of automation in healthcare.

Data Analysis for Disease Diagnostics

The prevalence of autoimmune diseases reflects in the fact that annual spending on treatment of these diseases in the US is 25% more than spending on cancer-related problems. The amount of expenses is a factor of delay in diagnosis. Thus, delays do not only pose threat to health but also increase expenditure by manifolds.

Predictive analytics ensures timely diagnosis with much less cost. Using this technique, healthcare practitioners collaborate with software engineers and data scientists to analyze data of thousands of patients. This analysis enables them to find patterns, and hence make informed decision making.

Although the technique does require massive amount of data, yet regulators and official healthcare agencies maintain this record and share it for research purposes.

Smart Billing with Healthcare RPA

Besides AI, smart systems are also driving automation in healthcare sector. One use case is that of automated prescription. Such a technology is still far from prescribing medicines because, at current state, it involves uncertainty. Nevertheless, the software systems powered by AI and IoT accelerate the process billing.

Patients or doctors request a drug online through apps. Smart billing software systems acknowledge and schedule the order for delivery. Besides, these systems also generate receipt with authentic stamp. This entire process of prescription including ordering and billing is automated with robotic process automation in healthcare industry.

Automation in Healthcare for Resource Optimization

Smart billing is only one instance of effective resource optimization with healthcare automation. There are scores of other examples where automated information systems used in healthcare are revolutionizing the businesses.

Healthcare companies including hospitals, clinics, and pharmacies still rely on human workforce to perform most of the clerical operations. However, statistics report an alarming level of shortage of human resources. Researchers in a recent study noted that there will be a shortage of 260,000 registered nurses in 2025 if it continues to grow at current rate.

Any clerk, regardless of the amount of experience one carries, is a human after all with a high proneness to error. The erroneous data entry is frequently resulting in wrong appointment scheduling. The time consumed while performing the tasks manually goes without saying.

One notable use case which is already in practice for some years is chatbot application. The research and development over the years has resulted in impressive maturity of chatbots which are capable of communications as good as humans.

“The relationship between technology and people has to change in the future for the better, and I think RPA is one of the great tools to enable that change.”

(Leslie Willcocks, Professor of Technology Work and Globalization at LSE)

Thus, the automation in healthcare is ensuring resource optimization through smart billing, automated appointment scheduling, and communications with clients. The result is a remarkable reduction in costs and time consumption of performing the operations.

Data Analytics for Business Growth

This use case is not specific to healthcare industry. In essence, data science is revolutionizing every industry by providing insightful information. The companies can track the performance of their employees as well as their business campaigns. They can identify the areas which are underperforming and those which are overachieving.

The most significant use case of data analytics for automation in healthcare is its ability to forecast future. Healthcare companies can predict trends in future by assessing the behavior of current and past customers. They can invest more in areas which are generating more revenues for them.

The field of data analytics takes the leverage of artificial intelligence to enable companies in developing precise future projections. The process includes access, extraction, and cleansing of data before its segmentation into relevant groups. Finally, the segmented datasets are visualized in the form of graphs and charts so that the executives can make informed decisions.

Excessive Data Security

Data breaches have become the most painful events in healthcare industry. Although every industry faces data security concerns, yet the cost in healthcare is cosmic. Each compromised record costs $408 on average – up from $380 in 2017. In contrast, all other industries combined have per record cost of $148.

Irrespective of how wealthy a company could be, healthcare businesses cannot afford to have breach of any sort. Fortunately, robotic process automation in healthcare industry is assisting big time in developing and sustaining a comprehensive security framework.

Automation is leading the processes of intrusion detection as well as prevention. An efficient system with extensive security checks can detect the breach at its earliest stage and alarm the concerned authorities before the intrusion can cause harm. To add further comprehensiveness, the systems can also prevent attacks altogether so that you can invest time and money on business growth instead of firefighting with data security violations.

Robotic Process Automation for Clinical Research

RPA along with Blockchain technology is ensuring remarkable developments in clinical research. Such studies require experimentation on patients. Prior to any experiment, the researchers need to get consent of subject. Machine learning helps in finding the reasons for patients’ concern regarding trials. The technique assists in determining the behavior of people toward clinical research through discussions on forums and social media.

Apart from consent, researchers also need to determine the appropriate set of individuals who are most suitable for running the trials. The RPA enables them in achieving this feat by assessing the record of thousands of potential subjects and selecting the most suitable ones.

Besides, the utilization of Blockchain ensures automation by providing smart contracts. Many individuals employ unethical practices by tempering the records and running trials on patients without their consent. Blockchain technology provides tamperproof blocks of information which disallow such practices.

Mob Inspire is developing healthcare automation products for a decade now. We are leaders in innovation and tech development. Our experts can assist you to incorporate tech software infrastructure which complements your business needs. Contact us today and we will have our professionals help you.

Augmented Reality Marketing

Augmented Reality Redefines Online Marketing Approaches

There is little doubt about augmented reality making its mark businesses. The technology is not only assisting in operational management. In fact, marketing is one of the areas where its utilization is most effective. Following are some of the instance of augmented reality marketing.

IKEA Augmented Reality Advertising

Swedish IKEA is one of the favorite furniture retailers in North America, Europe, and beyond. Its flat pack furniture and home appliances have high worldwide demand. To further its marketing and expanding its customer-base, IKEA recently introduced an augmented reality (AR) app called IKEA Place.

The app is available for both Android and iOS devices. It enables the homeowners to virtually place IKEA products in their homes to find out the resultant appearance. The placement remains true-to-scale. In essence, the size of a furniture item in app camera would appear precisely the same as it would in real world.

This augmented reality marketing strategy raises confidence of customers and pushes them to purchase products. Statistics confirm that the incorporation of AR app increased the IKEA revenue by a considerable factor.

YouVisit LLC for AR College Tour

There would rarely be any high school student out there who is not interested in knowing the appearance of colleges in which they intend to admit. YouVisit in collaboration with hundreds of colleges offers students to virtually visit colleges. It allows 360o¬ view of campus with hundreds of thousands of images.

The company relied on website only for years. However, it developed apps for Android as well as iOS platforms. Though the initial reviews were not as impressive as perceived, yet recent updates ensure that the apps are going to attract appreciation from users.

Realtor Augmented Reality Mobile Marketing

Realtor has one of the most widely used real estate listing websites in the United States. Since the arrival of its iOS and Android based apps, it is making giant strides on smartphones as well. Initially, the apps only offered a static view of homes and properties to potential customers. However, it barely helped because pictures and even videos were insufficient to convince customers sitting miles away.

The integration of AR in these apps enabled Realtor to share 360o¬ views of homes – from outside as well as inside. The app shares the details about house once a user points phone camera at it from app.

Sephora for AR in Digital Marketing

French personal care company Sephora is utilizing AR for expanding its M-commerce campaign. It introduced AR features in its app which enables users to evaluate the appearance of products including cosmetics and wearables. This app is not only helpful for customers of Sephora but young makeup artists as well. The artists can experiment new combinations without physically putting anything.

Research indicates that women are 40% more likely to perform shopping through mobile commerce when the app offers augmented reality.

Augmented reality and marketing are making an unprecedented combination. Be sure that your business also takes the leverage of AR. Contact us today and our experts will take you from there.

On-demand Cargo Bike Services

How Cargo Bikes Can Be The Best Choice For Your Family?

A wide variety of cargo bikes are available that are used for various purposes. People find them economical as well as easier for transporting loads and taking kids from one place to another. I am sharing here different types of Cargo Bikes and their benefits, helping you to make the best choice for your family.

Cargo Bikes for Family Riding:

Cargo bikes have been around for a long time and there are various options to choose from them. In North America, Cargo biking is on rise for hauling kids on bikes, trailers, midtails, longtails, and bakfiets. If you want to know about these options, please read the article below:

Longtails:

Longtails are longer than bikes which allows you to haul more stuff. It is like a bike with various models available which you can choose according to your preference. It has enough space to put things.

Bakfiets:

Bakfiets are box bikes that are used for carrying purposes. They usually have a wooden box having a bench seat and some basic clips as harnesses. Bakfiets are driven by linkage steering. The Front tire is connected to the steering tube by means of a long metal bar. It seems to be the right choice for your family. Longtail bakfiets are much lighter and easier to move around. Bakfiets with a canopy on is even a better option.

Bakfiets are the best choice for winter, which has a protective box for keeping your children warm. Box bike or bakfiets has an internal hub and a canopy. It can be the best choice for many while longtail cargo bike can also be the best choice to accommodate more stuff in it.

Bakfiets protect your child from precipitation. It keeps passengers dry as it has a built-in cover with solid protection. The cover acts as a mini-greenhouse, adding extra warmth. There is enough space to add blankets etc., to the box.

Bakfiets Style Bikes with Babies:

For the earliest stages infants, a bucket-style car seat in a bakfiets is used for transporting little ones around. Front mounted seats are generally recommended for 9 months baby. With the right body type, bike type, and handlebar configuration, these seats are the most excellent option. Long tails are just awesome for rear seats with one or two kids.

Biking with older babies:

If you are biking with older babies, use the widest tires that your bike can fit and lower the pressure. Cargo is a very good option which allows you to accommodate a kid or two easily. Cargo bikes are also used for groceries. The bakfiets offer all-in-one solution. It is extremely helpful having two cargo bikes with two adults and two children. It really reduces the car use in the city and saves a lot of time while being really great for our health and well-being.

Family Bike:

Family bikes are quite good for moving with your kids while keeping the cost of traveling in car low. Trailers and long tail cargo bikes are more popular in North America. Bakfietsen and trikes are more prevalent in Europe while various cargo bikes are also used in Japan.

Cargo for Small Passengers:

Some cargo bikes are suitable for carrying little ones. These are perfect for the age when your children are either immobile babies in car seats, toddlers, preschoolers, or even elementary aged kids who need a ride to get somewhere. These are also ideal for grocery shopping with or without kids.

Bike Trailers:

The bike trailers are commonly used by many people who ride with their children on a regular basis. Trailers are the appropriate way to carry a baby as they provide comfortable sitting and weather protection. While going on somewhere hilly, trailers are quite good for carrying baby.

Bakfietsen:

Bakfietsen is a two-wheeled Dutch cargo bike with a meter-long wooden box in front. It is easy to ride when full of children and groceries.

Trikes:

The three-wheeled version of a bakfiets is known as a trike. In this version, a large box is sandwiched between the two front wheels. They are quite stable and can be handled quite easily. Trikes are well-known to accommodate large loads and can be great for fulfilling cycling needs.

Mid or long tail bikes:

One of the options to move with kids is longtail cargo bike. Longtail bikes are longer than regular bikes. They give space for 1-3 children. They provide a lot of room for groceries and other things. They are also suitable for bike camping or even bike packing. This is another less expensive entry point into the world of cargo biking.

Midtail bikes:

These are slightly shorter than longtail bikes, which offer rooms for 1 to 2 children. These bikes are not the best choice for biking with babies, but once your infant is strong enough for a front-mounted child seat, it is good to go with it.

Electric Assisted Bikes:

Sometimes you need to opt for an electrically assisted version as it allows so many conveniences. The kids stay warm and dry underneath the rain canopy during the wet fall, winter, and spring. People use these bikes to go for camping. Electric assist options are available on more models of bicycles.

There are various kinds of cargo bikes which people are using in various parts of the world. They are quite helpful for families to carry their kids, luggage, and moving from one place to another. On-demand cargo bikes can be helpful for people with the help of on-demand solutions.

We provide on-demand services platform for you to manage your on-demand business efficiently. If you want to get on-demand solution for your business, Contact Us today.

Market Networks

Market Networks – Intersection of Marketplaces and Social Networks

A detailed retrospection reveals that service marketplaces undergo evolution every five years on average. From the listings era in mid-nineties to managed services marketplaces in the middle of current decade, the depth and breadth of these marketplaces have steadily increased. While the scope is becoming wider, the business models are eliminating ambiguities. The success of social networks is enabling technologists to push marketplaces on the verge of another revolution called market networks. Thus, the aspirants aiming to build a service marketplace startup have an impressive opportunity at their disposal.

A marketplace for goods is also an option. However, this article emphasizes services because, as per the statistics from Bureau of Economic Analysis, consumers spend 69% on services and a mere 31% on goods.

The stats further reveal that only 7% of this spending on services goes toward internet marketplaces while the traditional brick and mortar service providers get the rest of it. The primary reason is the fact that consumers are distrustful of service providers since they carry an apprehension about providers of being inefficient.

Evolution and Scope of Marketplaces

The pioneering market used to be highly vague since there was no predefined domain in which they served. Instead, those platforms offered everything from product advertisements to job listings. Craigslist is a pertinent example. Such services were more like the advertisement section in newspapers.

Nevertheless, business owners and innovators brought clarity in marketplace business models by classifying services over the time under various categories. This classification gave rise to industry-specific on-demand marketplaces. These platforms were far more automated.

A considerable amount of trust built by on-demand services allowed investors to push money into managed marketplaces. Another reason for success of managed marketplace companies was the excessively high rate of digitization of companies.

This digitization prompted businesses to outsource the technical tasks so that they focused more on growth. It also allowed a remarkable cost reduction. A number of B2B marketplace startups emerged as a result of managed marketplace business model.

One notable difference between on-demand marketplaces and managed ones is the fact that latter requires proactive trust building. You cannot expect consumers to trust you with massive amount of money for acquiring services unless you develop a trustful reputation.

Earlier, marketplaces tend to be more horizontal. In essence, they offered broad range of services, thereby targeting a greater consumer base. The access of wide segments of market allowed them to have users from a diverse range. However, the breadth disallowed such services to specialize in some areas.

Modern marketplaces tend to have narrower scope. Although this relatively thinner scope targets lesser audience, yet sticking to specific consumer-base improves business-consumer relationship.

How are Market Networks Reshaping Consumer Trust?

What is so good about Uber, or for that matter Airbnb and Alibaba, that people excessively use them instead of traditional services. It is true that these services facilitate users but what really encourages consumers is the amount trust.

These marketplaces have limitations as well. Consumers may trust a services marketplace to travel a few miles within a city or to make a purchase under $50. However, one is highly unlikely to acquire health services or house construction or renovation through a provider listed at marketplaces.

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Social networks are another source of trustworthy connections. One would rarely make a LinkedIn connection or Facebook friend if the subject has crumbling reputation. The probability further declines if the underlying aim of this social relationship is a business affair.

While social networks and service marketplaces in their distinct capacities are serving to grow trust among providers and consumers, market networks at the junction of these multiply their individual impact.

Market networks take a selection of features from social networks and marketplaces. People using such networks are able to develop more business oriented relationships rather than social ones.

The founders of marketplaces and investors alike speak highly of the significance of market networks. For this reason, an efficiently-built network tends to attract impressive funding as with the case of HoneyBook.

Telling Market Networks Apart from Marketplaces

Since a market network is an extended form of marketplaces, one may find it challenging to tell apart the two. Following are some of the most telltale signs which create the distinctions.

  1. Unlike an Uber driver or parcel delivery person, the consumers know their agents far more. They start knowing their service providers months or even years before trusting them with spending money.
  2. In on-demand or goods marketplace, any individual or group referring a service or product to another individual or group results in an increased likelihood of latter spending a small amount of money. The referrals in market networks, on the other hand, can result in huge business deals worth millions.
  3. Most of the relationships between service providers and consumers in marketplaces are volatile and remain for shorter periods. For instance, you would rarely make friends with your Uber driver or passenger even if you have interacted multiple times. However, market networks trigger longstanding relationships.
  4. The operating markets of market networks are excessively complicated as compared to services marketplace startups. Usually, it takes days, months, and years rather than minutes or hours to serve one client for once.
  5. Like the large amount of cashflow involved in each service provision, the amount of money for collaborations between businesses will also be massive.

Let’s Collaborate

Market networks do not tend to replace social networks. Instead, they will enhance them by developing a stronger bond between followers, friends, or connections. With a workflow provided by cloud-based SaaS, the startups providing market network platforms will be at the center-stage of corporate sector in upcoming times.

Startup development is one of the areas where Mob Inspire specializes with a decade-long experience and unparalleled expertise. The businesses which worked with us for their software tech infrastructure are promising to lead their respective industries in future. Contact us today and share your startup idea so that we can work together.

Profitable startup business

Profitable Startup Business Ideas and Failure Factors

It is not unwise to label the United States as the land of startups and small businesses. Although the country hosts world’s biggest corporations, yet 89% of firms have less than 20 workers. Around 69% of startups begin at home while 56% of the total launched startups manage to exist beyond five years. An idea and its implementation are the principal causes behind any profitable startup business.

One of the previous articles shares the key to building a startup from scratch. This article shares the most profitable business ideas for the current and upcoming times. The selection of these ideas is based on multiple parameters including industrial demand, cost-effectiveness, and massive return on investment. Successful case studies also accompany each selection. Latter half of the text shares some of the top startup failure factors.

Most profitable startup business ideas

It is an undeniable fact that implementation and management of business idea is far more significant than the idea itself. Nevertheless, ideas also play a crucial role in ensuring growth and consumer admiration. Following are some of the most profitable low-cost ideas picked by our editor.

On-demand Home Cleaning Services

One of the top selection parameters is the ability of a service in addressing problems faced by majority of the users in a region. Every household needs to fulfill home cleaning chores regardless of how they do it. Surveys from credible organizations indicate that a significant number of households in the US are ready to pay for on-demand services once they are available in their area.

The startups like Handy and Thumbtack do not have to employ permanent workers. Instead, they provide marketplaces where consumers and workers can connect. This ability reduces the operational and management costs considerably. The only one-time cost for such a business would be the acquisition of on-demand mobile solutions.

Food Delivery

On-demand food business is the most profitable business with low startup costs. There are some businesses with greater revenues but the profit-to-cost ratio of food delivery startups is lowest. For the same reason, a number of startups in this area are leading toward becoming unicorns.

Food delivery is also one of the few business models which are applicable in every developed and developing country. One notable example is the emergence of two unicorns in India. In the US, Grubhub, Uber Eats, Doordash are some of the on-demand food startups likely to join billion dollar club soon.

Get Started: Customized App for Food Delivery Business

Tutoring App

Tutor on-demand services are gaining momentum faster than one would imagine. Statista research from 2018 unveils that 13% of the US residents utilized tutor besides formal education.

This number does not include the individuals obtaining informal education through remote tutorship. Moreover, the percentage growth indicates an incredible number of new consumers are adopting on-demand tutorship annually.

Such a business does not necessarily have to provide teaching of formal sujects. Instead, you may choose to provide mentorship to athletes or physical fitness training as well.

Analysts forecast that on-site tutors will cease to exist in less than five years due to rise of on-demand alternatives. Apart from being a profitable low-cost startup business, on-demand services also provide low-cost substitute to consumers.

It also ensures eliminating geographical limitations. Therefore, students may choose a teacher of their choice out of all available for on-demand teaching.

The Failure Factors

Unlike widespread belief, luck plays little or no role in shaping the destiny of startups. Research indicates that there are undeniable factors leading to startup failures. Following are three of the most frequently occurring reasons.

Absence of Appropriate Business Model

Many young entrepreneurs embark on ambitious journeys to reach the level of industrial leaders with a perception that their unique idea will thrive.

Ideas are not as significant for establishment of profitable startup business as the approach to implement them. Unfortunately, most of startups fail to develop a blueprint and implementation path for their business.

Business model should define the revenue streams. For instance, food delivery startup Grubhub generates revenue mainly from three sources. These include sponsored prioritized search results for food outlets, delivery outsourcing service for restaurants, and delivery charges from customers. Some other may also use advertisement as a revenue generating source. However, grubhub prefers not to use it.

Moreover, inflexibility is also a major cause of failure. Owners must ensure that the business offers flexibility to scale-up over the time. Besides, the business should also carry the ability to evolve with technological innovations. The startup development services at Mob Inspire enable you to craft an effective business model and develop a highly promising solution.

Loopholes in Software Systems

Most of the startups emerging in the current decade require supporting software systems. These systems reside at the core of business architectures. Unfortunately, startup owners with lack of technical knowledge end up employing inefficient developers.

Mobile apps accompanied with monitoring software make the foundation of startup. Imagine the magnitude of dent on companies like Uber, Grubhub, Postmates, and Handy if their mobile apps suddenly stopped working.

Software must ensure that it provides a simple but pleasing interface. Many companies overcrowd their app in a bid to appear fancier. Consequently, the usability becomes intensely low as non-technical users are unable to effectively use such apps. The performance of app also plays crucial role. Users will prefer switching to another similar service if app speed is relatively lower.

Ineffective Marketing

Although startups have more cost-effective and productive marketing opportunities than before, yet appropriate utilization is essential for success. Before launching marketing campaigns, the managers should have an understanding of demographics and interest groups which may convert into customers.

Besides, you also need to have a comprehensive marketing funnel. Such a hypothetical funnel classifies the visitors of your website, ad, or app.

This classification enables you to determine the probability to determine if a visitor can convert into a customer or not. There are scores of free and paid tools available to evaluate the behavior of visitors.

Summing Up

The choice of startup ideas indicates that profitable small businesses with low startup costs require flawless implementation. Efficient software systems often turn relatively lesser known ideas into remarkable revenue generating engines.

Mob Inspire carries a decade long experience of helping startups in growing up to their potential. Contact us today so that we can start exploring new opportunities to streamline your business.