Tag: custom mobile and web applications
According to a 2020 report, 58% of real estate brokers have a clearly defined digital strategy, a figure that represents a 6% increase from the two previous years and thus indicates that an increasingly large percentage of the real estate industry is buying into the concept of digital transformation.
While the real estate industry is — and always will be — centered around interpersonal interactions between buyers, sellers, and agents, technology plays a more significant role in these transactions than ever before. Innovative real estate firms worldwide are leveraging futuristic technology far more frequently, and those that fail to adapt will find it hard to keep up.
Technology such as machine learning (ML) software, artificial intelligence (AI)-powered mobile apps, drones, and augmented reality (AR) solutions are no longer just “nice to have” in the real estate industry. Digital transformation is an inevitability that real estate professionals must embrace if they want to thrive in such a rapidly evolving business space.
Why Digital Transformation Is Inevitable for the Real Estate Industry
While many factors fuel digital transformation in the real estate industry, the most potent catalyst is consumers. Home buyers and sellers have grown accustomed to being able to perform a variety of essential life tasks online thanks to the ever-evolving nature of smartphones and other sophisticated internet-connected devices.
According to a 2022 report, 51% of all home buyers found the properties they purchased via the internet. Another 29% found their dream home with the assistance of a real estate agent, whereas just 4% located the home they eventually purchased via traditional signage.
These statistics indicate that the vast majority of prospective buyers are taking charge in their search for their next home. Real estate agents who want to keep pace must incorporate futuristic technology into their sales models or risk finding it increasingly difficult to provide consumers with the efficient and primarily digital experience they prefer.
Still, the industry is about more than buying and selling homes and real estate technology means more than improving sales. Many property management firms want to leverage technology for payment platforms, leasing and facility management, back office processes, and more. Most important to these management teams is having all those processes in one place.
Read more: Reshaping Real Estate Operations with Fully Integrated End-to-End Software.
Futuristic Technology is Poised to Reshape Real Estate
The real estate industry can solve many existing challenges by embracing digital technologies. From complex workflows brought on by the multitude of activities required of a real estate firm to communication shortfalls, there are many leading technologies that property services can embrace as part of a digital transformation. While there is no single answer, some forms of futuristic technology that are already making a big splash in the real estate industry include:
1. ML and AI
Machine learning and artificial intelligence technologies are true game changers for the real estate industry. They enable real estate agents and brokers to automate redundant tasks, like creating timesheets, filling out paperwork, generating offer documents, or scheduling meetings. Within property management, automation can lead to higher sales volumes, efficient back-office solutions, and a more valuable experience for clients and management teams.
2. Mobile Applications
Real estate agents and property managers are always on the go, and while smartphones help them stay connected to clients and co-workers while in the field, these devices are only as good as the applications installed on them.
With that in mind, many real estate firms are turning to robust mobile applications that are purpose-built for the real estate industry. These applications can enable the performance of a wide array of tasks remotely, including approving documents, sending forms to clients, and much more.
3. All-in-One Property Management Platforms
Traditionally, real estate firms that manage rental properties have done so by using a cobbled-together network of disparate applications. Though that kind of approach works, it is hardly ever efficient or cost-effective. Fortunately, dynamic, all-in-one property management platforms like Rentmoji exist.
Created by Fingent, Rentmoji empowers property managers to govern every facet of property management from a single, user-friendly platform that includes a mobile application. The platform includes a suite of interconnected apps, each of which addresses specific property management challenges and pain points.
With separate sub-portals for tenants, owners, and vendors, the Rentmoji suite provides complete transparency for all parties and makes process automation a breeze. Rentmoji is the reality of futuristic technology for the present.
4. Drones
Drones enable real estate agents to capture aerial pictures of a home and property to provide a more comprehensive overview of each listing. Unique and captivating aerial drone photos on an online listing will help real estate agents make the properties they are selling stand out. In addition, multiple listing service (MLS) reports that properties with drone images in the United States are 68% more likely to sell.
Agents can also use drones to help assess property lines, landscapes, and potential maintenance concerns. Real estate agents and property managers can then use this information to help clients make informed purchasing decisions or evaluate upkeep issues.
5. AR/VR Technologies
Virtual reality (VR) and AR technologies benefit firms that sell yet-to-be-completed homes. Agents can use these technologies to give buyers a sneak peek of a home before it is built, and these digital images can help agents close more deals and bring customers’ vision of their dream home to life much more quickly as a result.
AR and VR technologies can also be used to digitally stage properties, an approach that is much more cost-effective than bringing furniture in just to stage a vacant home. Staging properties with AR/VR tech makes vacant homes more appealing and can thus speed up the selling process.
Read more: Augmented Reality and Virtual Reality: Transforming The Real Estate Industry!
How Fingent Can Help Real Estate Firms Embrace Digital Technologies
If you operate within the real estate industry and want to gain a definitive edge by investing in digital transformation, Fingent is here to help. We create customized, futuristic technology that is tailor-made for the needs of your business.
We understand the challenges that affect the real estate industry. You’re seeking solutions to marketing challenges that help you stand out against the growing competition, and your business wants to adapt to evolving tech trends. We have a track record of solutions that are here to help.
Our custom software development professionals have created numerous real estate software solutions for clients that engage in every facet of the industry, from single-family residential sales to commercial property management.
To learn more about how Fingent can help you step into the future, contact our team today to schedule a consultation.
Everyone uses software products. From toddlers to grandparents, in one way or the other, almost everyone has used a software product. The number of mobile devices operating worldwide stood at almost 15 million in 2021! Today, software development permeates the entire world. You are reading this blog on a device whose lifeblood is software. It is no surprise that businesses invest in software development. But what is the cost? That is probably the single most important question to businesses intent on making wise business decisions. This article discusses everything that may affect the cost of app development in 2024 to help you estimate the cost of your app development.
Is App Development Necessary for Your Business?
Adding to the Statista report that put the 15 million number on the number of mobile devices, did you know that the number of mobile app downloads surpassed 200 billion in 2019? And there is no slowing down.
Along with mobile devices, there are other devices like tabs, laptops, and desktops. And we know that all of these function by the operating system. The operating system is a piece of software with lots of integrated functions known as software.
Individuals and businesses across the world depend heavily on software and enjoy many benefits. In this digital age, the software is essential to run different operations in transportation, electrical grids, and many other functions that offer the basics of life.
To the question “Is App Development Important?”, the answer is a resounding YES. Now to the costs involved.
App Development Cost Estimates For 2024
It is important to remember that app development cost depends on various factors. Mobile app development costs will be different than web app costs. The cost could also depend on the complexity of the app.
A small app with core features can be developed at lower rates. However, a complex app with intricate features will be expensive. Building a minimum viable product may cost less than $10,000. On the other hand, if you want an app that is compatible with both android and iOS platforms you will need a bigger budget.
App development cost also depend on whether you develop the app in-house or outsource it. Before you choose to develop it in-house you must ask yourself if your team has the necessary experience to take an app from design to delivery.
If you do not have the expertise on your team, it may ultimately end up costing you more in terms of lost work and demoralized teams. Otherwise, the best option is to seek out an external partner who can develop an app for you.
Read more: Top Technologies Used to Develop Mobile App
Keeping all this in mind, is there a formula to calculate app development costs?
Top Factors That Drive App Development Costs
1. Based on the complexity of the app
A simple app might take hundreds of hours while a complex app might take thousands. These hours also depend on how efficient the developing team is.
A simple app includes basic features like a login screen, user account, admin tools, and so on. It may have limited integration with other apps. Thus, it may take about 3 to 6 months to develop.
Along with all the features of a simple app, a complex app includes features such as integrations, profile feeds, enhanced admin tools, media streaming, and more. Such an app would take 6 to 12 months.
The most complex of all is an advanced app. This includes multi-language support, versioning, lots of user customization options, AI and AR, and more. This could take somewhere between 12 to 24 months.
2. Based on region
You will find potential developers around the world, over various time zones such as the US, India, and Europe. Each of these areas has expert developers but their rates vary depending on their location.
3. Based on development stages
The budget of the project starts to become clearer during the research stage. In this stage, you will be able to clarify your requirements and finalize goals and deliverables. You will also be able to assess risks and threats.
The next stage would be designed where the development team needs a clearer idea of what the app should look like. This stage will take longer and will be more expensive depending on the complexity of the user interface and so on.
During the development stage, each feature will add to the cost. The next stage of testing may require human users to ensure the correct functionality, and this will add to the cost. The final stage is maintenance and support. Bugs and unexpected behavior will need to be addressed; hence, it is important to budget in the final phase.
Watch now: How To Choose The Right Mobile App Development Approach
Top Ways In Which One Can Initiate Cost-Effective App Development
Are you wondering how you can get the app that you wanted in your limited budget? Here are a few tips that help you initiate a cost-effect app development.
1. Use software development kits wherever you can: Software development kits could trim weeks or months off your development schedule. Thus, reducing thousands off your development budget.
2. Find a vendor that can design and develop: Finding a vendor that does both designing and development can help you deal with communication problems and optimize workflow.
3. Get the MVP made: Getting the MVP made and testing on your users will help you identify what needs to be added. Eventually, your full-featured app will be ready. Besides, you will also learn how to optimize your budget.
4. Cross-platform development: Opting for cross-platform development can heighten your potential to reach a wider audience.
5. Do not rely on older operating systems: Just a couple of years older can make a huge difference. It is worth the effort to focus on consumers who keep up to date.
How Can Fingent Help Develop Top-Notch Apps On A Budget?
We at Fingent custom software development experts understand considering how much it costs to develop an app can be an overwhelming experience. How about a consultation with our expert to get a quote?
We assure you that we have the specialized skill and experience to build a successful and budget-friendly app. Don’t take our word for it. Have a look at some of our case studies.
As your technology partner, Fingent can bring your brilliant ideas into digital reality!
We have helped many businesses grow their business with our innovative, modern mobile app solutions. Take a look at our most success stories here!
We can help you too. Connect with our experts today!
Every new project in an organization goes through an analysis phase. The information collected during the analysis forms the backbone for critical decisions with regards to the complexity, resources, frameworks, time schedule, cost, etc. Over the years, there have been several techniques to simplify the project analysis phase, but most of them still remain inadequate when considering the accuracy of the outcome. Even clearly defined projects can fall out during the later stages without an accurate analysis methodology in place.
Mitigation of risk in software projects turns out to be of prime importance. Usually, it starts with delineating precise measurements concerning the scope, performance, duration, quality and other key efficiency metrics of the project. Advanced analysis techniques like Function Point Analysis (FPA) bring a clear picture regarding each of these metrics, chiefly related to the project scope, staffing, cost and time, which helps in the management, control, customization of software development right from its initial planning phases.
Function Point Analysis is a standardized method used commonly as an estimation technique in software engineering. First defined by Allan J. Albrecht in 1979 at IBM, Function Point Analysis, has since then underwent several modifications, mainly by the International Function Point Users Group (IFPUG).
What is Function Point Analysis?
In simple words, FPA is a technique used to measure software requirements based on the different functions that the requirement can be split into. Each function is assigned with some points based on the FPA rules and then these points are summarized using the FPA formula. The final figure shows the total man-hours required to achieve the complete requirement.
Components of Function Point Analysis
Based on the interaction of the system components internally and with external users, applications, etc they are categorized into five types:
- External Inputs (EI): This is the process of capturing inputs from users like control information or business information and store it as internal/external logic database files.
- External Outputs (EO): This is the process of sending out data to external users or systems. The data might be directly grabbed from database files or might undergo some system-level processing.
- Inquiries (EQ): This process includes both input and output components. The data is then processed to extract relevant information from internal/external database files.
- Internal Logic File (ILF): This is the set of data present within the system. The majority of the data will be interrelated and are captured via the inputs received from the external sources.
- External Logic File (ELF): This is the set of data from external resources or external applications. The majority of the data from the external resource is used by the system for reference purposes.
Source: https://bit.ly/2N2KFhy
Below are some abbreviations which need to be understood to know the logic in-depth:
Data Element Type (DET): This can be defined as a single, unique, non-repetitive data field.
Record Element Type (RET): This can be defined as a group of DETs. In a more generic way, we can call this a table of data fields.
File Type Referenced (FTR): This can be defined as a file type referenced by a transaction (Input/Output/Inquiry). This can be either an Internal logic file or an external interface file.
Based on the number of DETs and RETs, all the five components of FPA are classified into High, Average and Low complexity based on the below table.
For Internal Logical Files
And based on the complexity, the FPA points are calculated
For External Logical Files
And based on the complexity, the FPA points are calculated
For External Input Transactions
As the External input is a Transactional type, the complexity is judged based on FTR instead of RET.
And based on the complexity, the FPA points are calculated
For External Output Transactions
As External Output is a Transactional type the complexity is judged based on FTR instead of RET.
And based on the complexity, the FPA points are calculated
For Inquiries
As Inquiries is a Transactional type the complexity is judged based on FTR instead of RET.
And based on the complexity, the FPA points are calculated
As we now have the reference chart to find the complexity of each variety of functions discovered in the system and that we also have the Points that should be assigned based on the complexity of each component. We can now look into the calculation.
Steps to Count the Function Points
Below are the steps used in counting the function points of a system.
1. Type of count: The very first step of this process is to determine the type of function count. There are 3 types of function point (FP) count.
- Development Project FP Count: This measures the functions that are directly involved in the development of the final system. This would include all the phases of the project from requirements gathering to the first installation.
- Enhancement Project FP Count: This measures the functions involved in the modifications brought in the system. That is the changes made to the system after production.
- Application FP count: This measures the functions involved in the final deliverable excluding the effort of already existing functions that may have existed.
2. Scope and Boundary of the Count: In the second step, the scope and boundary of the functions are identified. Boundary indicates the border between the application being measured and the external applications. Scope can be decided with the help of data screens, reports, and files.
3. Unadjusted Function Point Count: This is the main step of this process where all the function points produced from the above FPA components (External Inputs, External Output, Internal Logic files, External Logic files, Inquiries) are added together and labeled as unadjusted function point count.
4. Value Adjustment Factor: In this step the value adjustment factor is determined. VAF contains 14 General system characteristics(GSC) of the system or application that defines the types of application characteristics and is rated on a scale of 0 to 5. The sum of all the 14 GSC rates are calculated to give out a mathematical value and is labeled as Total Degree Influence(TDI). TDI is used in the calculation of VAF and its value may vary from 0 to 35.
Below are the 14 GSCs listed and the mathematical formula for calculating the VAF.
- Data communications
- Distributed data processing
- Performance
- Heavily used configuration
- Transaction rate
- On-Line data entry
- End-user efficiency
- On-Line update
- Complex processing
- Reusability
- Installation ease
- Operational ease
- Facilitate change
- Multiple sites
Once the unadjusted function point and value adjustment factor is calculated, the Adjusted Functional point count is found out using the two values. This is done with the help of the following formula.
The Adjusted FPC is then multiplied with a numeric value, which is the effort based on the technology. Some of the examples are below.
If the technology selected for a particular requirement is Java, then the formula to calculate the final hours are as follows:
FPC = (Non-adjusted FPC*VAF) * 10.6
This will give the total hours of effort required to achieve the requirement under analysis.
Merits of Function Point Analysis
- FPA measures the size of the solution instead of the size of the problem
- It helps in estimating overall project costs, schedule, and effort
- It is independent of technology/programming language
- It helps in the estimation of testing projects
- FPA gives clarity in contract negotiations as it provides a method of easier communication with business groups
Related Read: Quality Assurance in Software Testing – Past, Present & Future
References
- International Function Point User Group (IFPUG) – https://www.ifpug.org/
- ProfessionalQA.com – http://www.professionalqa.com/functional-point-analysis
- Geeksforgeeks – https://www.geeksforgeeks.org/software-engineering-functional-point-fp-analysis/
You and your business are in the midst of a spanking new industrial revolution, driven by technology that binds all living things and nonliving things, everywhere, anytime – the Internet of Things! Staying relevant and in the picture will not be as easy as before for businesses. The S7P 500 index shows how the average lifespan of companies has fallen from 61 years in 1958 to just 20 years in 2015. This is expected to fall further, making it too hard for companies to strive. Companies should be prepared for what’s ahead, conduct researches, listen to experts, keep a watch on latest analysts, reports, observe your market and trends to anticipate the changes that your business will take.
So, what technologies in the year ahead will play crucial roles in the success of your business?
Let’s see some of these:
Providing better user experience through web based platforms:
Businesses can utilize the potential of latest technologies to the maximum to offer personalized experience for customers, and to create better and meaningful relationships with them. There are several ways you can improve the customer experience through web based platforms: Developing an online customer advisory community, integrating social media intelligence, adopting face recognition methods using augmented reality in sales, etc. are a few examples. Business strategist and futurist at Altimeter, Brian Solis says, “The customer experience is a very human emotion, it is the sum of every engagement that a customer has with your business”. Researches show that 98% of customers agree that poor customer experience means going for another option.
Make sure your business has a flexible/scalable technology:
If you plan to win a marathon, would you invest in cheap trainers falling apart in the first half? Likewise, while making tech purchase decisions for your business, keep in mind the brighter side your business will get into through it. Go for tech that can evolve in pace with your business. For instance, it has always been wiser for small businesses to use cloud applications or cloud based business platforms if they aim to grow fast, in order to accommodate their growing customer demands seamlessly. New features and functionalities can be easily integrated into cloud platforms with growing business needs. The vendor can also manage the updates ensuring everything runs smoothly. There is little overhead on the business owner, who can forget the system and focus on the business goals.
Connectivity:
Offer a reliable, widespread internet connection to ensure the information you and your employees need are readily available. This allows the employees, owners and partners to have secure access on their own devices enabling tasks on the go and increasing their productivity. Onsite Wi-Fi access is critical for companies which deal with daily interaction with customers. Wi-Fi CRM also helps businesses to get details about their target audiences who uses the Wi-Fi, which in turn can be used to provide personalized experiences for customers.
Social Media Branding:
Almost all your customers use most social media sites out there. Social Media is a comfortable medium for you to reach out to your target customers instantly. Businesses can raise their brand awareness via social media among current and prospective customers. Your brand pages in Social Medias like Facebook, Twitter or LinkedIn is a great way for you to interact with customers (via emails, updates, messages or push notifications), promote your brand, market your products and also obtain customers’ opinion about the products via feedback. It enhances the way in which your business communicates with customers, clients and suppliers by increasing responsiveness and in turn, improving the reputation of your brand.
Mobile First:
First and the foremost thing to do for your business is to have a Mobile friendly website or a Mobile App of its own, to enable business owners manage their tasks in their own mobile devices. In coming years, businesses will serve customers more through mobile apps which is why you see most online websites encouraging users to make purchase through their mobile apps. Technology giants like Apple, IBM and HP investing more in mobility is another hint of how large this market is going to get. Enterprises will create new and native apps taking advantage of the device’s unique features and form factors. Businesses will also increasingly incorporate mobile payment system into their apps offering fast, secure and easy payments online. It provides new ways of payment system for customers through chip card technology in credit cards and mobile bill payment applications.
API- first design is opening a new door to software development. In a multi-platform environment, API first principles allow to create quick and efficient products and experiences that work across any kind of device. ‘Develop an API First – Before building the website, mobile , web, or single page application and then you get to work on defining the channels you will be making the API resources available on’. All the major players in market, like Oracle, IBM, Intel and others have been preparing for the API-centric software development for years.
Security:
Whatever technology you opt for in your business, security and privacy should be its primary feature. Every app, software, hardware or platform used must be self-aware and self-protecting. You can’t compromise the company’s confidential data for a better user experience; rather everything should be an integral part of the system.
Preventive maintenance through IoT:
In critical business environments, it is important to ensure continuous uptime by diagnosing and preventing malfunctions in real time. Previously, companies used to send field technicians to perform routine checkups and preventive maintenance on fixed schedules. Recently companies started fitting equipment with sensors to alert operators when there are chances for things to go wrong. With the power of Internet Of Things and machine to machine communication, your business can analyze operational data and take predictive actions in real time. This will help your business to predict resource availabilities and take actions before problems occur. You can predict equipment malfunctions even before they occur and take preventive actions.
This year, make a wish to give your business the latest, best-in-class tech, and we are here to help you achieve that.
In conclusion, evolving your business with technology can be a game-changer for improving efficiency, reducing costs, and boosting productivity. However, it’s crucial to approach technology adoption strategically. Partnering with a custom software development company can provide businesses with the expertise needed to identify the right technology solutions that align with their goals, budget, and resources.