Category: Business

In today’s digital economy, organizations that run legacy apps have to Modernize their Applications, because they run the risk of being disrupted and put themselves in a profoundly uncompetitive position.

This is not the truth of the matter, and organizations can take steps to mitigate the complexity of app modernization. The first step, however, needs to be to sell an app modernization exercise across the organization and to do this; understanding the specific business drivers behind modernization is critical.

The business challenges organizations face in running legacy apps include:

• Difficulty in finding people with the skills to maintain existing applications.
• The challenge of managing the technology that no longer has the support of the vendor/developer.
• Escalating maintenance & support cost.
• Integration issues with new technology, and difficulty in providing integration solutions.
• Difficulty in adding new features & benefits.
• Poor usability, and resistance from staff in using these applications.
• Reactive support model, meaning things need to go wrong before ongoing support can be provided.
• Low or no visibility of user engagement due to primitive and/or inefficient data collection/analysis within the applications.
• The difficulty in defining user value & lack of metrics to validate ideas.

One of the most significant issues technology people face with modernization is explaining its value, when, in many cases, the technology best suited to modernization is sophisticated. There are several different paths organizations can take towards modernization.

For example, for complex cloud migration projects, Kubernetes is still a common choice for the benefits it offers the development team at the other end, including a higher level of control over the applications, and therefore the ability to do more with it.

Because of the technical complexity of app modernization, it’s important to be able to frame the case for app modernization in non-technical terms. The benefits of a successful app modernization project will be felt across the organization, so the most effective way to pitch it to the leadership team or the board is as a whole-of-business solution.

App Modernization Reduces Risk

Old and out-of-support applications lower the security profile of the organization. Data breaches are one of the most serious risks organizations face, and there are severe new penalties globally for data breaches. In Australia, organizations face fines of either three times the value of the benefit obtained through the misuse of information, 10 percent of a company’s turnover, or $10 million — whichever of the three is greater. App modernization should be a priority in mitigating this risk, as part of a broader technology modernization strategy.

App Modernization Delivers Speed

Hosted in the Cloud, modernized applications can be approached through Agile methodology with regards to ongoing development; meaning teams can rapidly scale, add features, and undertake further development on an app. KPMG research shows 65 percent of CEOs see disruption as an opportunity rather than a threat. Still, to be disruptive, an organization needs to have a transformed IT environment — including the apps.

App Modernization Delivers a Superior Customer Experience

Modernized applications improve data practices across integration, reporting, and analytics; and give organizations better insights into their customers. Additionally, hosting applications in the Cloud helps improve processing time, deepens customer experience with opening the door for richer self-service capabilities, and gives the organization deeper real-time feedback.

Organizations can approach app modernization by adopting one of five different strategies, which in some ways represents a ladder of escalating difficulty & complexity, with the more complex migration initiatives presenting greater opportunities to subsequently leverage the capabilities of Kubernetes and other tools to further build on the app’s capabilities.

App Modernization Projects Might Take the Form of:

1. Rehost: When an organization adopts this approach, it simply takes the underlying application resources and drops them into a Cloud environment. Rehosting doesn’t touch the function of the application itself, meaning it’s a relatively straightforward project, but if there were legacy issues around the application beforehand, they are still going to be there following the rehosting.

2. Refactor: This is much the same as rehosting, with the added caveat that the developers will tweak parts of the code to ensure the application, which was generally developed before the advent of Cloud platforms, will work as intended on the new platform. Refactoring generally enhances an application’s ability to scale but isn’t extensive enough to address more fundamental legacy issues.

3. Rearchitect: Once organizations get to the rearchitect phase, they are looking at substantial work on the core of the applications. This process gives the DevOps team control over the applications and starts to deliver the material benefits of app modernization. They include improved agility, faster time to market, and the ability to leverage the app to enhance the customer experience.

4. Rebuild: To use an analogy, with the three modernization approaches above, you are trying to remodel a home or space. It’s a renovation that maintains the existing foundations but looks to recontextualize them. When rebuilding, you will level the foundations as well, and start afresh. The application will be re-written as a Cloud-native one. This requires a substantial investment up-front, but with the benefit of having nimble, fresh code in the application to streamline and simplify future development work.

5. Replace: This is like moving house. You’re looking to get the same functionality the existing application offered, but through a different (and now Cloud-based) application entirely.

Taking the Right Approach to App Modernization

App modernization initiatives can be substantial investments, with significant KPIs & expectations from all stakeholders within the organization. It’s essential to approach these projects the right way — to establish the foundation first, and after that start small.

Finally, organizations must focus on a single platform. In many cases; organizations that find app modernization to be overwhelmingly complex have approached the project from an ad-hoc perspective; using a blend of platforms & hosting solutions; each requiring the development team to understand and after that master the unique challenges of that environment in isolation.

The most successful app modernization projects are those where the organization masters a single platform.

Source: Towards data science

The difference between B2B and B2C is huge, but only if you notice the little & minute things that make the difference. To start with, there are some factors to take into consideration.

In today’s dynamic world, as an eCommerce player, driving sales on your platforms and churning out higher revenues, mandates a clear-cut focus on your customers. And that’s not as straight forward as you might think! To be honest, there are two facets to your target audience.

On one side, there is the business-to-consumer (B2C) setup, where the “consumer” is the target who buys products/services directly from the business. On the other side, there is the business-to-business (B2B) setup, where one business sells to another, which in turn sells to the consumers.

1. The Homepage is What Sets the First Impression Right

B2C: The ultimate aim of B2C websites is to attract visitors who can then be converted into customers. For that, a much-thought-about strategy needs to fall into place that speaks in favor of users.

The features of B2C eCommerce homepage should include:

• Highlights running sales & valid discounts
• Running carousels for different trending products
• Simple “clickable buttons” to product pages

B2B: The ultimate motive of the B2B eCommerce platform is to attract other businesses who can, in turn, form a long term alliance with them. The main focus is on solving business problems.

A B2B homepage should include:

• Focuses on demonstrating a demo in the center
• Running carousels that represent products with core features
• A “Why Choose Us” section to trigger the target audience’s decision

2. Customer Support at Different Stages of the Interaction

B2C: The end-user does not have much to invest when making a purchase online. Their decision is self-driven without being answerable to anyone. Customer service is essential in B2C eCommerce as well.

Major elements that B2C eCommerce development efforts should include:

• A 24/7 customer support to answer the common queries
• A post-sales system that handles the returns/complaints/exchanges
• Availability of self-service or a knowledge management portal

B2B: In B2B business platforms, larger orders are involved. Talking physiologically, a business investing a larger part of their resources need to be well-informed.

Major elements that B2B eCommerce developer should include:

• A 24/7 customer service to answer the business queries
• Live chats and video chats to answer business-oriented FAQs
• After-Sale customer care that handles reorders and concerns

3. Measuring the Complexity of the Checkout Process

B2C: The last step of any transaction is the checkout process. In a B2C setup, the flow is simple, i.e., smoothly navigating a customer from “Add to Cart” to “Thank you for placing the order.”

Major elements that a B2C checkout should include:

• Include as few steps as possible so to help customers stay on track
• Include all the payment options, i.e., credit cards, debit cards, wallets, CODs
• The “Apply Coupon” section should be a prominent part of the checkout interface

B2B: In the B2B model in eCommerce, the checkout process should be an amalgamated version of automated pre-programmed checkout steps and live human assistance.

Major elements that help figure out the difference between B2B and B2C checkout should include:

• Demos, phone calls, and video chats should be an active part of the checkout process
• Payment options such as pay on credit, procurement punchout, credit cards, ACH payments, and even paying through cryptocurrencies should be made possible
• A one-click reordering system can be the best feature of all

4. Informational Assets to Keep the Target Groups Involved

B2C: An end user who is buying a product for personal use is the target here. Though the target audience here does not need to have an insight into the factual data, they still need to stay updated as transparency of information is a major parameter that instigates purchases.

Major elements that B2C informative assets should include:

• Product availability and delivery information
• The price and discount based information should be communicated on the go
• The details of the products in the form of features and related pictures

B2B: Getting a lead and nurturing it till it gets converted is the aim of any B2B business. And, that is why having effective informative assets in place is essential to guide the lead through.

Major elements that a B2B eCommerce developer should focus on:

• Explainer videos & demos that highlight the main features of the products/services
• Links to download white papers and eBooks that showcases the details solutions that the products/services offers
• Raw sheets and data that talk about the stats and figures related to the product/services

5. The Catalog & Pricing Model Differs at Various Levels

B2C: In a B2C eCommerce platform, the pricing is consistent across the catalog without being bias to any target group. The only variance in the pricing model comes in the form of first-time purchase offers, discount coupons, seasonal sales, and clearance sales.

Basic features for a successful B2C website:

• Maintain transparency when communicating the price on the product page and the shopping cart
• All the discounts and offers should be listed along with the underlining T&C.

B2B: If the difference between B2B and B2C is analyzed, a B2B eCommerce business happens to offer a personalized shopping experience to its customers for they need to keep them engaged over a long time. That is why; B2B eCommerce platforms rely on special pricing based on quantity, volume, and frequency of orders made.

Basic features for adjusting a dynamic pricing model:

• Work on offering a customer-specific product catalog
• Focus on listing a completely personalized product inventory for larger clients

6. Abiding By the Minimum/Maximum Order Quantity Norm

B2C: There is no minimum order quantity parameter that needs to be taken into account when placing an order on a B2C eCommerce platform. However, there is this maximum order quantity that comes into play in retail eCommerce websites.

Requirements for designing MOQ for a B2C platform:

• Set a parameter for “Maximum order quantity” per product
• Generate an alert message once the order quantity exceeds the set quantity

B2B: Minimum order quantity (MOQ) is the main requirement that any B2B eCommerce platform needs to cover. Because placing a “single item” order is simply not allowed in this wholesale oriented business.

Requirements for designing MOQ for a B2B platform:

• Set a parameter for “Minimum order quantity” per product
• Include “Minimum order amount” parameter required to complete an order
• Set quantity multiple requirements for products sold in packages

7.Having an understanding of the Buyer’s Psychology

B2C: A buyer who is purchasing on an individual basis is independent enough to make his own decisions. They are the masters of their own decisions where they do not have to seek permission to make a purchase.

What to consider while designing for a B2C buyer:

• Keep the product/services features to-the-point
• Do mention discount offers running on individual products to quicken the buying process

B2B: Here the buyer is a sales representative of a business! But, the decision to buy does not depend on that individual alone. There are multiple parties involved: product/service users and the decision-makers of the business.

What to consider while designing for a B2B buyer:

• Focus on listing detailed descriptions of the products/services that you are selling
• eBooks, user manuals, and genuine client reviews would help make a well-thought-of decision

The beginning of every Success Business Idea is usually marked with super-excitement. You are convinced that your idea is the next big thing. And maybe it is if you follow the next 6 steps and know how to validate your ideas. We developed these 6 steps by guiding many corporate innovation teams and startups from their early idea to investment readiness.

The first contact with customers or experts often leads to the first point of complete frustration. Usually, it turns out that one has no clue about customers, their needs, market dynamics, and competitors. No innovation team is protected from wrong assumptions. It is key to learn as quickly as possible. This means formulating a hypothesis and collecting real market feedback to see if you are on the right track. Building your business on the basis of wrong assumptions can lead to critical mistakes instead of big success. So, don’t forget to continuously validate your business idea while working on the 6 steps:

1. Customer Exploration: The Customer is everything, but not every customer has to be yours

The first big step is to get to know your customers. No customer means no business. Define the major customer segments you want to address, elaborate on the ‘job they want to get done’, and state the major pains and needs they have in order to do so. Most important is to not force the solution. Try to really understand your customers. The more you understand your customers and their needs, the better the value you can create for them. Subsequently making your business more successful. Keep in mind that you don’t have to serve every customer. It will be a lot easier to concentrate on one customer segment and find a niche market. Check out our blog post “Step 1: Understand Your Customer” for detailed information.

After you have identified a problem you should prove if it really exists and if it matters to your customer. Validate if the problem you identified is really there and matters to your customer.

2. Solution: Develop your solution

The next step is all about developing a solution that fits the customer’s pain and needs. List the major pains and needs you identified and think about the major customer benefits you want to create. If you can quantify the customer benefit it’s even better (e.g. 20% faster, 2x cheaper). Next, think about what features your solutions need to solve the pain or need to create the outlined benefit.

Validate if you are able to solve this problem with your solution and if that leads to the value you propose (Customer Value Proposition).

3. Business Model: What’s your Business?

Develop a sound business model around your by now validated value proposition. The Business Model is about putting your knowledge of your customer and the work on your solution into one piece of paper. A business model describes how your business works and how you deliver, create and capture value to your customers. Define where and how to get in touch with your customers and build up a strong relationship. But also elaborate on how the value you are proposing can be created through activities, resources, and partners. And in the end, don’t forget about the money that keeps your business alive. Define the major cost drivers behind your business and the major ways you intend to make revenue.

4. Competitive Advantage: Just be better than your competitors

Even though you might think you are the only one- you are not. There is always competition. But you don’t have to be afraid of competition as long as you know who they are. To find your niche you have to identify and analyze your main competitors. List the major benefits relevant to your customers and evaluate yourself with your competitors. Make sure to identify your secret sauce.

5. Market Size: Crunch the numbers

To analyze the market size helps you to get a basic understanding of how big your target groups are and if the overall market is big enough to make a profitable company. The toughest part of this step is to find reliable sources for the numbers and to stay conservative. Keep in mind that your core mission is to find out if the customer segment you plan to target is big enough to build up a successful and sustainable business.

6. Finance: Do you make business or profit?

When you are confident that you have identified a market that is big enough with a problem worth solving, it’s time to put together a quick set of financial projections for your solution. It is important to look at your business idea from different angles to get a holistic perspective. Also, think about different scenarios that can happen.

Validate if you are able to offer the value proposition in a sustainable and scalable way. This means understanding your customer’s funnel from awareness to action. Along this journey you can measure important key metrics, that will help you to track and optimize your process.

Many companies have successfully launched products and services by using this 6 step process and validating their ideas and they still use our services and tools to stay productive and get their work done.

Let us know if our services can also help you to turn your business idea into a success!

Source: Whataventure.

When an entrepreneur is struck by an idea or concept, no matter how great it may seem, there is no certainty how the market will respond. This is where an MVP comes in.

Minimum Viable Product is where the core functionalities of a new product are developed and presented to a target audience to assess their response.

The early adopters get to sample the MVP in order to provide feedback, give suggestions and share their opinions on the product.

10 STEPS TO BUILD A SUCCESSFUL MVP

Step 1: Market Research

Market research is a key stage that enables you to identify how your idea fits into the market needs. Several ways can be used to approach this which may include conducting surveys and questionnaires to get a better understanding of the market.

There is also a high possibility that what you are offering is already on the market. Therefore research similar products with which you will eventually compete, also consider all the possibilities to make your idea unique.

Step 2: Find the Niche

Why would anyone want to use your product? What problem does your product solve? Why would I use the product rather than another company’s product?

These are just a few of the critical questions you need to ask yourself at this stage, and hopefully find answers to them. This helps you create value for your customer base. Keep in mind that fulfilling the customer’s desire in the best way possible is your main goal.

Step 3: Define the User Flow

Defining customer flow involves stepping into your customer’s shoes. What you want to achieve is to reach the primary goal but it’s going to be a process getting there. For example, assuming the goal is purchasing a product, it is essential to consider all the stages the customer has to go through to get there (i.e. purchase a product).

Define the process stages required to reach the main objective. Focus more on basic tasks rather than elements such as finding and buying the product. You should aim at simplifying the whole process and at the same time adding more value to it.

Identify the pain points (problems or inconveniences users encounter) and then write down the gains (the value-add achieved when the pain point is addressed). Comparing and balancing the pains and gains will help you generate features for the app.

Step 4: Come up with a list of Features

At this stage, list all the desired features that you have in mind and want to have in the app. Go through each stage one at a time and establish its intended purposes. Come up with a list of features that you believe will be right for the purpose.

Brainstorming and gathering ideas is key in the creative process and also don’t limit the number of ideas for the features at this stage. Identify all the possible ways to go about each and every stage.

Step 5: Break Down and Prioritize Features (Core and Add-ons)

Ascribe the listed features of each stage into core features and add-ons based on priority. Here, you also need to take the customer’s experience into consideration.

Constantly ask yourself engaging questions such as: “How important is this feature for finishing the process?”, “How much value will this feature bring to the customer?” or “How often will this feature be used?”.

This will enable you to come up with the minimum possible representation of the working product. This is what an MVP is all about.

Step 6: Build Your MVP

Prioritizing helps you define the scope of the first version of the product. The development team, following these assumptions, is able to create the MVP.

A key reminder is that a prototype is not a substandard version of the final product, but it still should be able to meet customer needs. Therefore, it ought to be easy to use, engaging and suitable for its users.

Step 7: Test Your MVP

The completion of the development phase ushers in the testing process. The first testing stage takes place before the release of the MVP, which is known as the acceptance testing.

It is carried out by the Quality Assurance engineers and the main task is to improve the quality of the product before its release to the market.

Step 8: Deployment

The release of the MVP to the users is known as deployment. You can take either the alpha testing approach or the beta testing approach or do both.

Alpha testing is a form of internal testing performed by a limited number of people. This can include Quality Engineers, testing teams and sometimes potential users, though, it is still a form of in-house acceptance testing.

Beta testing is carried out by real users in a real environment. During the final testing phase, the product is released to external user groups.

Fixing the issues in the beta stage leads to a significant reduction in the development costs as most of the glitches have already been catered for before the final release.

Step 9: Improving and Tweaking

This stage kicks off immediately after the MVP launch. Addressing and dealing with problems that arise from using the product should be treated as an ongoing process as well as a constant struggle and desire for improvement.

However, in the process of improvement feedback from customers plays a vital role. That is why the users should be encouraged to provide you with feedback and your task should be to make it as easy as possible.

Step 10: Measure Success

There are several approaches that can be adopted in order to determine the future success of the product. Here are some the most common ways to measure the success of an MVP:

Level of engagement

This approach enables you not only to learn about the current value of the product but also predict or estimate its future value. Engagement provides feedback that is invaluable to improve the user’s experience.

Sign-ups

Sign-ups are an indication of user interest levels. Users who sign-up may convert to revenue based on the result of the interest levels.

Percentage of active users

You need to study the users’ behaviors. It is necessary to collect data concerning the amount or length of time they stay logged in on the platform as well as the frequency of the visits. Check the ratings of active users regularly.

Client Acquisition Cost (CAC)

The approach focuses on establishing all incurred costs (and efforts) which result in attracting paying customers. It’s beneficial to know whether your marketing efforts are working or if some adjustments are needed.

CAC = Money spent on traction channel / Number of customers acquired through the channel

Client Lifetime Value (CLV)

CLV measures the amount of time the user spends using the app before uninstalling or stopping using it.

CLV = (Profit from a user * App usage duration) – Acquisition cost

Churn

It shows the percentage of people who have uninstalled or stopped using your app altogether.

Churn = Number of churn per week or month / Number of users at the beginning of the week or month.

Source: Netsolutions