An entrepreneur with over two decades of experience, Richard Hearn has overseen startups and other entities across marketing, commerce, and SaaS. He co-founded and serves as executive chairman of BambuMeta, a New York-based software corporation specializing in web3 orchestration services. In January 2022, Richard Hearn co-founded Fēnom Ventures, a private investment group focused on early-stage SaaS and tech-enabled services. Since January 2021, Richard Hearn has also served as senior advisor to Providence Strategic Growth (PSG), a Boston-based growth equity firm aiding software and technology-enabled corporations. In this role, he supports investing and acquisition due diligence, coupled with being a board member in two of PSG's portfolio companies. Before PSG, Richard Hearn served as the private equity SaaS CEO of FPX, a Minneapolis-based software development corporation, between 2018 and 2021. He notably led FPX to a turnaround of $25 million in revenue and a further $3 million in profit. Mr. Hearn holds an MBA in business administration from Ohio State University. Earlier, he acquired a BA in mechanical engineering from Purdue University, graduating with magna cum laude honors. A former powerboat driver, Richard Hearn is a five-time national and a five-time world champion racer, as well as a four-time Le Mans powerboat champion.
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Trends in Enterprise Software Development
Most companies seek new ways to reduce time and money spent on processes. The goal is often to make informed business decisions and improve the customer experience. This makes enterprise app development integration important if a business is to gain a competitive edge over the competition.
Many information technology (IT) companies have adopted Infrastructure as Code (IaC), which offers several advantages in managing IT infrastructure. It reduces cost, enhances productivity, and is error-free.
With this enterprise application, the only requirement is a scripted, machine-readable file configured on the primary system, including the necessary authorization. IaC ensures that cloud adoption, deployment, and traceability are continuous and seamless. When a script is not required, the app execution can be stopped to conserve resources.
Low-code platforms have gained popularity, particularly with the growth of artificial intelligence (AI) augmented software development. Simple drag-and-drop features and visual interfaces allow users with little or no coding knowledge or software development skills to build or tweak applications for different uses, such as business and mobile apps. For many companies, low-code platforms have reduced the costs of skilled developers.
A major shift is also happening in Software as a Service (SaaS), Platform as a Service (PaaS), and serverless systems. With these low-code platforms, even non-programmers can implement applications without spending time mastering programming languages.
Another trend in enterprise software is DevOps, a methodology that speeds project implementation by establishing communication with system administrators and programmers. Some of the benefits of DevOps are reliable development, high speed, fast product realization, scaling, and security.
Many business processes use AI, and enterprise software is no different. AI is deployed in business intelligence, data analysis, online banking, cybersecurity, and many other areas. For example, a growing trend in enterprise application development is the adoption of AI and Internet of Things (IoT) platforms. AI and IoT-powered devices are efficient and cost-effective because they reduce the number of workers.
The advanced features of IoT devices also help collect real-time data that can be analyzed with the help of IoT platforms for business decision making. Internet-connected hardware and tracking devices provide useful business indicators that enterprise software can help analyze. IoT devices can then take actions to enhance business processes. In addition, the IoT helps companies digitize and automate their processes.
In recent years, the Metaverse has gained much attention in the digital world. Today, virtual reality (AR) and augmented reality (AR) technologies are no longer the preserve of the gaming world. Businesses now actively implement AR and VR technologies as they realize their power to reach more audiences through immersive experiences.
As the demand for enterprise software has increased, so has a rise in malicious digital activities targeting companies. To prevent and mitigate cyber threats, companies are coming together to establish new code guidelines. For example, in 2022, advances were evident in ISO/IEC 25010 and 27001, which aim to reduce the sharing of confidential information with unauthorized third-parties.
Today, ISO certification is required for developing enterprise software that protects user information, such as bank accounts and credit card details. This will likely enhance cybersecurity and improve efficiency and user satisfaction. Also, current and new developers are obligated to generate codebases with secure and well-defined coding standards.
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