In the present time, technology and business growth go hand in hand. Here is all you need to know about tech implementation in startup businesses.
The present-day entrepreneurs are coming up with new business ideas and are changing the shape of the business market.
However, as innovative as these ideas are, their implementation is often highly demanding and challenging.
Consequently, there is a need for a solution that can aid this problem and facilitate seamless business formation, especially for start-up owners.
Technology is one such solution that has the potential to change the paradigm of the business market for good.
With the latest tech innovation, one can do almost anything digitally from anywhere, at any given time. As a result, considering technology and tech-based solutions for business growth is a million-dollar idea.
However, before we decide to implement any kind of technology in a business, we need to know exactly how popular is tech-transformation in businesses.
Stats on Tech-based Business Innovation
In 2022, most businesses have realized the high potential that technology holds in numerous sectors and industries.
To add to that, many businesses have taken the risk of investing in technology for their business and have gained tremendous success.
Moreover, COVID-19 has further accelerated technology implementation amongst various businesses and has transformed the way they operate.
Speaking factually, the pandemic has accelerated tech implementation by 59% and has boosted business efficiency.
This can help you understand how revolutionary and potent technology is in the present time for businesses.
Benefits of Implementing Technology in Businesses
Gaining operational efficiency is one of the core objectives of every business.
However, manually conducted processes are a hurdle in achieving this objective, as they have high time and human effort requirements.
One can overcome this challenge by implementing technology in their business processes.
Technology is known for its ability to automate processes and generate precise and reliable outputs. This makes it an excellent alternative to manual processes.
One can significantly save on time and increase the efficiency of their startup business by automating various tasks and processes using technology.
Increased Customer Satisfaction
It is a commonly known fact that customer satisfaction is the key to generating repetitive revenue.
However, achieving customer satisfaction is a common challenge amongst businesses, especially newly started ones.
Owing to the latest technological advancements in the CRM segment, startup businesses can easily achieve customer satisfaction.
Technology enables businesses to deliver unique and personalized solutions to customers, therefore fulfilling their individual demands. Solving customer queries, settling disputes, and efficient customer management are a few of the many ways in which technology is enhancing a business’s customer satisfaction rates.
Efficient Resource Management
Resources are scarce at the present time and require optimum utilization. This is even important in start-ups, where it is fundamental to efficiently utilize each and every available resource.
Technology-enabled resource management is known for being a complete solution to this requirement.
Today, there are numerous tech solutions for businesses to choose from when looking for resource management.
From inventory control to HR management and finance management, technology has taken over every aspect of business operations.
One of the major drawbacks of manually conducting business processes is extensive time utilization. This not only decreases the efficiency but also the productivity of your employees.
When a business implements technology in its operations, it can tremendously save on time.
This saved time can be used for various other more important tasks like planning business strategies.
Now that you know the benefits of investing in technologies, you must be wondering about their implementation process.
The actual process of developing and implementing a technology depends on your personal objectives and the type of technology you wish to implement. However, there are certain basic steps that remain the same throughout.
Step-by-step Process of Implementing Technology in Your Business
We’re sure that by now, you are convinced about the benefits of investing in technology solutions for your startup business.
If you want to know the step-by-step process of developing and implementing a technology in your business, refer to the below-given steps.
Step 1: Do Research and Analysis
If you are looking to get a tech-based solution for your startup business, the first thing you need to do is identify and analyze the market you are aiming to operate in.
This analysis will form the foundation of your digital solution and will serve as objectives for your digital product development.
In this stage, you need to analyze your target market, competitors, and the industry and look into various aspects.
This analysis can help you find out the current challenges, their solutions, and even new business ideas to implement in your startup.
This will enable you to add USP to your business and gain a differentiated market position.
Step 2: Choose Technology
Once you have analyzed the market and are clear on your requirements, you need to choose a technology that you wish to develop. There is a plethora of technologies out there to choose from.
Websites, mobile apps, software, and web apps are a few of the most commonly used business technologies.
You need to narrow down the list based on your business’s requirements and select a technology that caters to your needs.
Here’s a tip, consider connecting with a development agency and send them your requirements to get the best possible solutions.
We will be discussing more about development agencies, and other development approaches in the next section of the blog, so make sure to read it attentively.
Step 3: Choose Development Approach
There are various ways to develop a technology for your business.
Depending upon your requirements from the platform, you can choose to develop a technology yourself, hire full-time employees for the job, or outsource its development.
You must know that this is a highly critical step. Each of these options has its own impact on the final output.
Therefore, it is essential to weigh down the pros and cons of each option and make a wise choice. Below given are the details of each option for your reference.
This option is chosen by people who have knowledge of designing and developing a digital platform.
Here, the business owners play the role of platform programmers and code the platform for themself.
Even though this approach is highly cost-efficient, it has numerous drawbacks.
Developing a platform is a lengthy process and requires a team of different specialists (business developer, UI/ UX designer, programmer, tester, etc.) One person cannot hold expertise in all the development phases, and therefore, the final platform is of low quality.
Moreover, since one person will work on all these stages, more time will be required to complete the platform development process.
Use of Tools
There are various tools available in the market for easily building a digital platform.
While these tools aid the platform development process to a certain extent, they aren’t the most optimum solution.
In order to develop a platform with a building tool, all one has to do is drag and drop the elements of their choice to the platform. The coding for the platform simultaneously takes place in the background.
However, these tools often have a set number of designs for the users to choose from. Therefore, when you develop a platform with these tools, the UI design customizability is highly limited.
Resulting from this, there are high chances that the UI of your platform will be similar to that of other businesses, creating a negative user experience.
Hiring a Full-time Team
Isn’t it great to have a team of employees working on your project full-time?
This approach is based on this fundamental and is commonly chosen by various businesses.
However, this approach is recommended only if you are planning to develop a large-scale platform for your businesses. As a result, this approach is not ideal for startup businesses.
This is because hiring a complete in-house team for platform development can be a cost-intensive affair.
Moreover, hiring a complete development team requires various additional resources and processes. This further adds to the cost of platform development and makes it an impractical investment in most cases.
Hire a Freelancer
Freelancers are remote workers that undertake projects in different industries.
In the context of platform development, freelancers offer development services for various types of digital products.
Hiring a freelancer is often preferred by businesses as it is a cost-efficient approach.
However, getting work done by a freelancer is often a challenge. One needs to have precise knowledge of the development process to be able to guide the freelancer.
Moreover, the quality of the end result is always in question in this approach.
Nevertheless, if you wish to develop a platform with this approach, you might want to hire a team of freelancers to work on your project.
Ultimately, you might end up paying a high amount for your platform without any guarantee of productivity and quality.
Outsource to Agency
Digital platform development outsourcing is one of the most popularly chosen approaches around the globe.
This approach is chosen by businesses as it combines the benefits of having a full-time team with outsourcing.
To outsource development to an agency, all you need to do is find an agency online and send in your requirements.
The agency then takes complete care of your requirements, from feature research to designing, development, testing, and even maintenance.
We highly recommend choosing this approach if you are looking for a cost-effective and efficient solution for your platform development requirements.
These were the 5 ways through which you can develop a digital platform for your business.
Which way to choose will depend upon your individual requirements and business objectives.
One thing which is common amongst all businesses is their requirement for cost-effective solutions.
However, developing a platform can turn out to be a cost-intensive affair, especially if you aim to develop a large size platform.
Many businesses abandon the idea of platform development for this very reason. Let us tell you that there are various ways through which you can cut down on the cost of developing a digital platform for your startup business.
We will take a detailed look at each way in the following section.
Tips to Optimize Development Cost of Your Platform
White Label Solution
Custom developing a platform can be a large investment and might not be feasible for every business.
For instance, if you are a newly established business looking for app development solutions for startups, the initial investment in app development might end up going very high, depending on your requirements.
This is where white label solutions come into the scene. White label solutions are ready-made digital solutions that are available with most development agencies.
The development agencies, upon your requirements, customize the platform up to a certain extent and deliver them to you.
Since the platform is already designed, programmed, and tested, it is developed in a comparatively short time to the business.
Nowadays, you can find white label solutions for most of your business requirements and can purchase them to optimize the cost of your digital platform requirement.
Location-based Cost Optimization
One of the most prominent reasons for businesses to outsource platform development is cost optimization.
Businesses choose development agencies located in countries where development rates are low, therefore saving a tremendous amount.
Generally speaking, the development rates are lowest in Asian countries like India ($15-$20/ hour) and Indonesia ($20-$30/ hour).
Moreover, India is a popular IT hub and is known for having some of the best and most skilled developers and designers in the development market. This makes these two countries a hotspot for development outsourcing.
As a result, if you are looking for a development agency to outsource platform development, we highly recommend choosing agencies from these locations.
This will ensure that you receive a high-end digital product at a low cost.
Hire Dedicated Developer Instead of In-House Team
If you are looking for a large-scale digital platform, you are probably considering hiring an in-house team.
However, as we discussed earlier, the cost of hiring an in-house team can be extremely high.
One can avoid these costs and get similar output by hiring dedicated developers.
This is a service provided by development agencies in which a business is allocated a complete development team.
This team of project manager, business analyst, designer, developer, and tester work full time on a single project until it’s completion.
As a result, a business can accomplish a project of any scale with ease by hiring a dedicated development team for it’s project.
This is a relatively new approach but is gaining massive popularity amongst businesses.
This was it for the ways to optimize the cost of developing a digital platform for your startup business.
The Bottom Line
Whether you are looking for a solution for your startup business or customers, technology is an overall answer to your needs.
We hope that by now, you are clear on everything you wanted to know about technology and its implementation in startup businesses.
By focusing on the benefits of tech solutions in your business and carefully following the given development process, you can be assured that your digital platform will add value to your business.
As a result, it is safe to say that technology is the future of business growth and has the potential to be the driving factor for business success.
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