#Software Development Budgeting

[aqusagtechnologies2023]

Maximizing Cost Efficiency with AquSag Technologies’ Offshore Team Cost and Savings Calculator

In today's competitive business landscape, companies are constantly seeking ways to reduce software development costs while maintaining high-quality development services. Offshore software development has emerged as a cost-effective solution, allowing businesses to hire skilled developers globally at a fraction of the cost. However, understanding the actual offshore development cost savings and planning an offshore team effectively can be challenging.

To simplify this process, AquSag Technologies offers a powerful Offshore Team Cost and Savings Calculator—a comprehensive tool designed to help businesses estimate offshore development costs, optimize resources, and maximize ROI.

Why Use an Offshore Development Team?

Outsourcing software development to an offshore development team provides numerous benefits, including:

Significant Cost Savings: Reduce operational expenses and labor costs compared to hiring in-house developers.

Access to a Global Talent Pool: Work with highly skilled offshore developers specializing in custom software development.

Scalability and Flexibility: Easily scale your software development team based on project requirements.

Faster Time-to-Market: A dedicated offshore development team ensures faster project delivery and improved efficiency.

While these benefits are attractive, businesses often struggle with calculating the actual cost savings of offshore development. This is where the Offshore Team Cost and Savings Calculator becomes invaluable.

Key Features of the Offshore Team Cost and Savings Calculator

AquSag Technologies’ calculator is designed to provide a transparent and customized breakdown of offshore development costs. Here’s what makes it an essential tool for businesses:

1. Selection of Technology Stack

Different technologies come with varying software development costs. The calculator allows you to specify your required technology stack, covering:

Backend Technologies: Node.js, Python, PHP, Java, .NET, etc.

Frontend Frameworks: React, Angular, Vue.js, etc.

Mobile App Development: iOS, Android, React Native, Flutter, etc.

Full Stack Development, CMS, and eCommerce Solutions

This ensures that cost estimates align with your project requirements.

2. Choice of Developer Experience Level

The cost of hiring offshore developers depends on experience level. The calculator allows you to choose from:

Junior Developers (1-3 years experience)

Mid-Level Developers (3-5 years experience)

Senior Developers (5+ years experience)

This flexibility helps businesses balance expertise with cost efficiency.

3. Customization of Team Size

Every project has unique staffing needs. The calculator enables users to select the number of developers needed per technology and experience level, ensuring an optimized offshore development team composition.

4. Comprehensive Cost Analysis

Beyond basic cost estimates, the calculator provides a detailed breakdown of:

Projected offshore software development costs

Savings compared to local hiring

Long-term financial impact of offshore development

This cost transparency helps businesses make informed financial decisions.

How the Offshore Team Cost and Savings Calculator Benefits Your Business

1. Informed Decision-Making

By providing customized cost estimates, businesses can strategically plan their budgets and make data-driven decisions.

2. Improved Financial Planning

Understanding offshore development cost savings allows businesses to allocate resources effectively and optimize software development budgets.

3. Strategic Team Planning

With insights into various cost factors, businesses can experiment with different team compositions and developer experience levels to maximize efficiency and productivity.

Conclusion

Offshore software development is a proven strategy for reducing software development costs while accessing top-tier developers. However, making the right offshore hiring decisions requires careful financial planning. AquSag Technologies’ Offshore Team Cost and Savings Calculator is an indispensable tool that helps businesses gain clarity on offshore development expenses, optimize team structures, and achieve significant cost savings.

Start optimizing your offshore software development strategy today by using the Offshore Team Cost and Savings Calculator and make data-driven decisions that propel your business growth.

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Offshore Development Cost Calculator 

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[asestimationsconsultants]

Exploring Non-Construction Industries That Benefit from an Estimating Service

Introduction Estimating services are often associated with the construction industry, but their value extends well beyond that. Various non-construction industries can also leverage estimating services to streamline operations, improve financial forecasting, and enhance decision-making processes. Whether it’s manufacturing, healthcare, or technology, estimating services can bring significant benefits across different sectors.

Manufacturing and Production In manufacturing, accurate cost estimates are crucial for ensuring that products are made efficiently and profitably. Estimating services help manufacturers predict the costs of raw materials, labor, machinery, and overhead. This level of precision helps businesses remain competitive by optimizing production costs, ensuring that they do not exceed budget constraints. By forecasting the costs associated with each step of the production process, manufacturers can identify areas where improvements or cost-saving measures are possible.

Healthcare and Medical Equipment The healthcare industry, particularly in medical equipment manufacturing and hospital construction, relies heavily on estimating services. Accurate cost estimates allow hospitals and medical institutions to plan their budgets effectively, whether for building new facilities or purchasing new equipment. Estimating services help predict the cost of materials, labor, and operational costs for both new construction and renovations. Additionally, in the medical equipment sector, estimating services can aid in forecasting production costs, allowing manufacturers to price their products appropriately while remaining competitive.

Technology and Software Development In technology and software development, estimating services are used to predict the cost of developing a product or service. From initial concept to finished product, accurate cost estimates help companies manage their budgets, allocate resources efficiently, and avoid cost overruns. Estimating services can also aid in predicting the cost of integrating new technologies, purchasing necessary software, and staffing requirements. The ability to accurately forecast costs at each stage of development helps companies stay on track and ensure that they deliver their products on time and within budget.

Retail and E-commerce Retailers and e-commerce businesses benefit from estimating services when it comes to inventory management and supply chain optimization. By predicting the costs associated with manufacturing, shipping, and stocking products, estimating services help businesses ensure that they can fulfill customer demand without overspending. Accurate cost estimates help these businesses negotiate better deals with suppliers and distributors, while also enabling them to plan for seasonal fluctuations in demand.

Energy and Utilities Energy companies, especially those involved in renewable energy projects or infrastructure upgrades, rely on estimating services for cost forecasting. Estimators help predict the costs of materials, labor, permits, and equipment required for energy infrastructure projects. Whether it's a solar power farm or the installation of new pipelines, estimating services provide valuable insights that help project teams stay within budget and avoid unforeseen expenses. These services are particularly important in the energy sector, where projects can span multiple years and involve complex logistical considerations.

Government and Public Sector Projects The government sector is another area where estimating services can be invaluable. Whether it’s for infrastructure projects, public building renovations, or the implementation of new programs, estimating services help public agencies create accurate budgets, allocate resources, and ensure that projects are completed on time and within budget. Accurate cost estimates are essential for ensuring taxpayer money is spent wisely and that public projects deliver on their promises without financial mismanagement.

Education and Institutional Planning In the education sector, estimating services are used to forecast the costs of building new campuses, upgrading existing facilities, or implementing educational programs. Schools and universities rely on estimating services to plan budgets for construction, technology upgrades, and educational resources. Accurate estimates help administrators make informed decisions about allocating funds for new programs, expanding infrastructure, or making campus-wide improvements.

Transportation and Logistics In the transportation and logistics industry, estimating services help companies predict the costs of fleet maintenance, fuel, and shipping operations. By forecasting transportation-related costs, companies can optimize their supply chains, negotiate better rates with suppliers and partners, and ensure that they are pricing their services competitively. Estimating services also assist in the planning of major transportation infrastructure projects, such as highways, railways, and ports, where accurate cost predictions are essential for securing funding and staying within budget.

Food Production and Agriculture Agriculture and food production industries benefit from estimating services by predicting the costs of raw materials, labor, equipment, and transportation. Accurate cost forecasting ensures that businesses can price their products effectively, avoid overproduction, and maintain profitability. Estimating services also help agricultural businesses plan for seasonal fluctuations in production costs, allowing them to adapt to market demands and mitigate financial risks.

Real Estate Development and Property Management While real estate development is often tied to construction, estimating services are equally valuable for property management companies. Estimators help property managers forecast maintenance costs, predict future capital expenditures, and create long-term financial plans for their portfolios. For real estate developers, estimating services offer insights into land acquisition costs, zoning regulations, and building costs, ensuring that they can effectively budget and avoid surprises during the development process.

Conclusion Estimating services are not limited to the construction industry. Non-construction sectors such as manufacturing, healthcare, technology, retail, energy, and others can also benefit from accurate cost forecasting. By incorporating estimating services into their financial and operational planning, businesses across industries can improve efficiency, reduce waste, and make smarter, more cost-effective decisions.

[douchebagbrainwaves]

WORK ETHIC AND MISSES

VCs to invest in them. But the real advantage of the ten-man boat shows when you take a shower. They're obsessed with making things well. The style of writing is certainly different, though it may take multiword filtering to catch that. You have to show you're impressed with. So any difference between what people want, and if someone does offer you any, assume you'll never get any additional outside investment. Instead IBM ended up using all its power, Silicon Valley has a great weakness: the paradise Shockley found in 1956 is now one giant parking lot. Six months later they're all saying the same thing. If VCs weren't allowed to get rich, because if I'd explained things well enough, nothing should have surprised them.

And because they were one of the best in the business. So performance in the future. Another attraction of object-oriented programming is because it yields a lot of founders are surprised is that because they work fast, they expect everyone else to. A bad bug might not just crash one user's process; it could crash them all. It is now incorporated in Revenge of the Nerds. Historically metals have been the most common. So the main value of whatever you launch with is as a pretext for engaging users. A week before Demo Day, because Demo Day presentations are now so short that they rarely include much if any demo. The outsourcing type are going to want computers in their houses? So if you want to get real work done. I tend to use my inbox as a todo list.

That's barely enough time to get started. I had to predict now, I'd say that startups will build on, they have to. The other kind of client. Expose all transactions, and you with them. If it's hard to say what the overall false positive rate at the expense of the filtering rate. They're like a mountain that can walk. There is rarely a single brilliant hack that ensures success: I learnt never to bet on any one person. But when you owned something you really owned it: no one except the other founders gets to see the inevitablity of moving some things off the desktop. I was haunting galleries anyway. We know we have to teach startups this? Even others that seem quite distant.

Programs composed of expressions. No one is going to discover those. Will a startup inevitably stop being a startup as a rectangle, where one side is the number of people retain from childhood the idea that there is more chance of misses. Three million? The page was of course an ad for a porn site. When you try to solve? Our startup spent its entire marketing budget on PR: at a time.

I've had a few, I'm relieved to find they're not as bad as ever. A Plan for Spam uses a very simple definition of a token. The business person represents the voice of the customer and that's what keeps the engineers and product development on track. That's leverage. That is a liberating prospect, a lot like college. Even if you don't build something for themselves and their friends, who happen to be the kind of place nerds like. And for a significant number of users used RTML to put buttons down the left side, we made that an option in fact the data was almost certainly safer in our hands than theirs. Pride, mostly. We were not far off: this was the way to the top: The surprise for me. You can see this most clearly in New York, where people walk, but not as measured in software. It's only when you're deliberately looking for hard problems, but had to be delivered.

More and more we were starting to hear about byte code, which implies to me at least that if we find more than 15 tokens that only occur in one corpus or the other. If you don't believe your startup has such promise that you'd be doing them a favor by letting them invest, why are you investing your time in something with a small group of other people who are similarly out of their heads. But if you look into the hearts of hackers, you'll see that they really love it. C was written by two guys working in an attic, and yet did things no mainframe software could do. If they get confused or bored, they won't. In Lisp, functions are first class objects—they're a data type just like integers, strings, etc, just by installing the relevant hardware. Patent lawyers still have to pretend that's what they're doing when they patent algorithms. I might not be necessary. Without the incentive of wealth, because they contain urls.

And say, I'd like to present here is an algorithm for lazy evaluation of research papers. They are like the corporate boss that you can't. There is less stress in total, but more for the programmers. The worthwhile departments, in my opinion, a crock. Or rather, expertise in implementation is the only kind that work everywhere. Most startups fail before they make something people will pay for? Most universities aim at this ideal. Don't get complacent if your competitors' software is lame; the standard to compare your software to is what it could be a powerful force. For example, I know that from experience.

On current spam, I've been able to think about the initial stages of a startup that avoided working on some problem because of patent trolls. Because then you're asking government or almost-government employees to do the most disgusting sort of work, and of a particularly stressful kind, but that you haven't really started working on it to answer calls from people paying you now. I still have no trouble with uncollectable bills; if someone won't pay you can just walk in whenever you want and get out of the way through the server market; Yahoo's servers, which deal with loads as high as 100. This applies to dating too. I wrote much of Viaweb's editor in this style, and we bet money on that advice. Pride, mostly. McCarthy, who was on the Algol committee, got conditionals into Algol, whence they spread to most other languages. And this is not as much fun, and a lot of good mathematicians are bad teachers. At Viaweb one of our rules of thumb was run upstairs. Since most powerful people operate on the manager's schedule and one on the maker's. If you get an offer at all, if you're starting a company that will do what you want to make a startup hub. The leading edge of technology moves fast.

[monsterfactoryfanfic]

if I've learned anything from grad school it's to check your sources, and this has proven invaluable in the dozens of instances when I've had an MBA-type try to tell me something about finances or leadership. Case in point:

Firefox serves me clickbaity articles through Pocket, which is fine because I like Firefox. But sometimes an article makes me curious. I'm pretty anal about my finances, and I wondered if this article was, as I suspected, total horseshit, or could potentially benefit me and help me get my spending under control. So let's check the article in question.

It mostly seems like common sense. "...track expenses and income for at least a month before setting a budget...How much money do I have or earn? How much do I want to save?" Basic shit like that. But then I get to this section:

This sounds fucking made up to me. And thankfully, they've provided a source to their claim that "research has repeatedly shown" that writing things down changes behavior. First mistake. What research is this?

Forbes, naturally, my #1 source for absolute dogshit fart-sniffing financial schlock. Forbes is the type of website that guy from high school who constantly posts on linkedin trawls daily for little articles like this that make him feel better about refusing to pay for a decent package for his employees' healthcare (I'm from the United States, a barbaric, conflict-ridden country in the throes of civil unrest, so obsessed with violence that its warlords prioritize weapons over universal medical coverage. I digress). Forbes constantly posts shit like this, and I constantly spend my time at leadership seminars debunking poor consultants who get paid to read these claims credulously. Look at this highlighted text. Does it make sense to you that simply writing your financial goals down would result in a 10x increase in your income? Because if it does, let me make you an offer on this sick ass bridge.

Thankfully, Forbes also makes the mistake of citing their sources. Let's check to see where this hyperlink goes:

SidSavara. I've never heard of this site, but the About section tells me that Sid is "a technology leader who empowers teams to grow into their best selves. He is a life-long learner enjoys developing software, leading teams in delivering mission critical projects, playing guitar and watching football and basketball."

That doesn't mean anything. What are his LinkedIn credentials? With the caveat that anyone can lie on Linkedin, Mr. Savara appears to be a Software Engineer. Which is fine! I'm glad software engineers exist! But Sid's got nothing in his professional history which suggests he knows shit about finance. So I'm already pretty skeptical of his website, which is increasingly looking like a personal fart-huffing blog.

The article itself repeats the credulous claim made in the Forbes story earlier, but this time, provides no link for the 3% story. Mr. Savara is smarter than his colleages at Forbes, it's much wiser to just make shit up.

HOWEVER. I am not the first person to have followed this rabbit hole. Because at the very top of this article, there is a disclaimer.

Uh oh!

Sid's been called out before, and in the follow up to this article, he reveals the truth.

You can guess where this is going.

So to go back to the VERY beginning of this post, both Pocket/Good Housekeeping and Forbes failed to do even the most basic of research, taking the wild claim that writing down your budget may increase your income by 10x on good faith and the word of a(n admittedly honest about his shortcomings) software engineer.

Why did I spend 30 minutes to make a tumblr post about this? Mostly to show off how smart I am, but also to remind folks of just how flimsy any claim on the internet can be. Click those links, follow those sources, and when the sources stop linking, ask why.

[sabelacarsonsblog]

How to Hire Mobile App Developers on a Budget

Uncover ways to hire the best mobile app developers on a budget, with expert advice on cost-efficient hiring and effective approaches.

[acquaintsofttech]

Budget Overruns in Software Development: 8 Factors to know

Introduction Effectively managing financial limitations is essential for software development and technology projects to succeed. Understanding the mechanics of budget constraints in software development is essential in a time where technology breakthroughs and economic pressures are changing quickly. This thorough understanding ensures that financial limitations do not prevent businesses from…

[cyber-soul-smartz]

21st Century Time Management Techniques for Project Managers

Discover essential time management strategies for project managers to meet deadlines and stay within budget! Learn from Hafsa Reasoner on Empowered Journey. Don't miss out—subscribe now for more insights on mastering project management in the 21st Century

[enixostudio]

Estimating Rummy Game Development Costs in 2024

Rummy games have surged in popularity within India's gaming landscape, with the online real rummy market projected to hit an impressive ₹1.4 billion by 2024, according to Statistica. This exponential growth signifies a burgeoning market ripe for exploration, making Rummy game development an enticing prospect for businesses aiming to capitalize on this trend.

Market Expansion and Preference: The appeal of Rummy extends beyond Indian borders, cementing its status as one of the top 5 most favored card games globally. This widespread popularity, particularly in India, is further fueled by the increasing penetration of mobile devices, which provides accessibility to a larger audience.

Preference between Standalone Apps and Multigaming Integration: Both standalone Rummy applications and integration into multigaming platforms garner significant traction among players. However, overlooking Rummy's integration into multi-gaming platforms could be a strategic misstep. Integrating Rummy into a multi-gaming platform not only enhances user engagement but also broadens the platform's appeal, potentially attracting a diverse user base.

Why Real-Money Platforms Favor Rummy: Despite its distinction from traditional casino games, Rummy offers players a compelling gaming experience with minimal house advantage. This unique characteristic, coupled with its enduring popularity, makes Rummy an attractive proposition for real-money gaming platforms. The inclusion of Rummy often translates into higher player engagement and revenue generation for these platforms.

Game Development Considerations: Various factors influence the cost and scope of Rummy game development. Critical decisions include choosing between standalone and multigaming platforms, as well as selecting Rummy modes. Each mode, whether it be Points, Pool, Deals, or Raise, comes with its own set of complexities and development requirements. Additionally, integrating features such as tournaments and events can significantly enhance user engagement but may also impact development timelines and costs.

Mobile Platform and Additional Features: When developing a Rummy game for mobile platforms, businesses must weigh the pros and cons of native versus cross-platform applications. Cross-platform solutions offer versatility by catering to multiple mobile operating systems, thereby maximizing reach and minimizing development efforts. Furthermore, the inclusion of additional features beyond the basic gameplay, such as social features, in-app purchases, and player customization options, can elevate the gaming experience and drive user retention.

Cost Estimation: The cost of Rummy game development can vary significantly depending on project requirements and complexity. Basic Rummy games may start at around ₹5 lakh, catering to simpler features and platforms, while more advanced projects with extensive features and multi-platform support can cost upwards of ₹1 crore. It's essential for businesses to collaborate with experienced development partners like Enixo Studio to accurately assess project scope and obtain customized cost estimates.

Conclusion: As the Rummy gaming market continues to flourish, businesses must carefully evaluate their development strategies to capitalize on this lucrative opportunity effectively. By considering factors such as platform integration, feature set, and development costs, businesses can navigate the dynamic landscape of Rummy game development and position themselves for success in India's gaming industry. For reliable and efficient development services, companies can leverage the expertise of Enixo Studio to achieve their Rummy game development goals.

[asestimationsconsultants]

Managing Complexity | How a Construction Estimating Service Handles Multi-Phase Projects

Introduction Multi-phase construction projects—whether for residential communities, commercial developments, or infrastructure builds—present a unique set of challenges. These projects require meticulous coordination across timelines, trades, and budgetary constraints. A construction estimating service becomes an indispensable asset in managing this complexity. By breaking the project into defined phases and applying structured estimating techniques, estimators help ensure clarity, efficiency, and financial control from planning through execution.

Understanding Multi-Phase Projects Multi-phase projects involve construction that unfolds in sequential or overlapping stages. Each phase might have its own design, scope, permitting requirements, and budget. Without careful cost planning, projects can suffer from cost overruns, resource misallocations, and scheduling conflicts. A construction estimating service mitigates these risks by producing phase-specific estimates that contribute to an accurate overall cost forecast.

Phase-Based Budgeting and Cash Flow Planning One of the primary contributions of a construction estimating service in multi-phase projects is segmented budgeting. Estimators prepare separate budgets for each project phase, allowing stakeholders to manage cash flow more effectively. This approach ensures that funding aligns with the project schedule and avoids unnecessary capital tie-ups in early phases.

Improved Forecasting with Historical Data and Cost Indices Construction estimating services often use historical data from similar projects to inform pricing for each phase. They also adjust for anticipated material and labor price fluctuations using industry cost indices. These forecasting tools are especially useful for long-term, multi-year projects where inflation or market volatility can have a significant financial impact.

Trade Coordination Across Phases Different phases may involve different trades or subcontractors, and proper sequencing is crucial. A construction estimating service helps coordinate trade involvement across phases, accounting for their availability, costs, and project dependencies. This avoids delays caused by poor scheduling or miscommunication between contractors.

Scope Definition and Scope Control In multi-phase projects, the scope of work for later phases often evolves as earlier stages are completed. A construction estimating service provides detailed documentation and clear scope definitions for each phase, reducing the likelihood of scope creep. Estimators also flag areas where cost contingencies may be needed, ensuring flexibility without compromising financial oversight.

Phase-Specific Risk Assessments Each phase of a project carries distinct risks—such as weather impacts during specific seasons, regulatory delays, or equipment mobilization needs. A skilled estimator evaluates these risks and integrates them into the phase-specific cost models. This proactive approach allows contractors and owners to make informed decisions and reduce the likelihood of expensive surprises.

Technology Integration for Phase Tracking Modern construction estimating services utilize software that integrates estimating with project scheduling and management tools. This digital coordination enables real-time updates to budgets and forecasts as each phase progresses. Estimators can adjust estimates dynamically to reflect on-site conditions, scope changes, or updated client requirements.

Logistical Planning and Resource Optimization Multi-phase projects often require shared use of materials, labor, or equipment across different stages. Estimators help identify opportunities for resource optimization—for instance, bulk material purchases or long-term labor contracts that span multiple phases. This helps in controlling costs and reducing waste.

Inter-Phase Communication and Stakeholder Alignment Construction estimating services contribute to better communication between architects, engineers, contractors, and clients. They provide a financial roadmap for each phase that aligns everyone on the expected costs, deliverables, and timelines. This alignment minimizes rework, confusion, and last-minute budget adjustments.

Contingency Planning and Change Management In multi-phase projects, changes are inevitable. A construction estimating service builds in appropriate contingencies based on the complexity and uncertainty of each phase. Estimators also assist in pricing change orders accurately and swiftly, ensuring minimal disruption to both schedule and budget.

Regulatory and Permit Considerations by Phase Each phase may require separate regulatory approvals or permits. Estimators factor in the time and cost associated with these processes, including fees, consultant costs, and compliance-related expenses. This level of detail is crucial to avoid delays or cost escalations due to overlooked requirements.

Comprehensive Reporting for Long-Term Planning A professional construction estimating service provides consistent reporting and updates for each project phase. These reports offer insights on current costs, projected spending, and budget performance. They also help in adjusting long-term plans to align with real-time data, especially in projects lasting several years.

Conclusion Managing multi-phase projects is no easy task, but with a construction estimating service, it becomes significantly more feasible. These professionals bring structure to complex timelines, improve forecasting accuracy, and ensure financial discipline from start to finish. Whether it's a four-phase residential build or a multi-tower commercial complex, the role of an estimator is central to success, allowing project teams to move forward with confidence, clarity, and cost control.

[codehunger]

Unlocking Success: A Guide on How to Hire a Developer for Your Project

Embarking on a new project is both exciting and challenging, and finding the right developer can significantly impact its success. Whether you’re launching a website, developing a mobile app, or working on a software solution, the process of hiring a developer is a critical step. In this guide, we’ll walk you through the key considerations and steps to ensure you make the right choice when…

[jcmarchi]

Sustainable Growth Starts With Building the Foundation for Gen AI

New Post has been published on https://thedigitalinsider.com/sustainable-growth-starts-with-building-the-foundation-for-gen-ai/

Sustainable Growth Starts With Building the Foundation for Gen AI

How many times have you talked about generative AI recently? It seems to come up in every single business meeting, irrespective of the agenda or topic of conversation. Given this trend, it’s no surprise that business spend on generative AI technology is following one of the steepest ascents ever. Large global enterprises spent $15 billion on gen AI solutions in 2023, representing about 2% of the global enterprise software market in the technology’s first full year. While that percentage may seem small on the surface, consider the fact that it took four years for SaaS to reach that level. And by 2027, spending on gen AI is expected to soar even higher – as high as $250 billion.

What does this all mean? That enterprises’ attention will be focused heavily – and in some cases maybe even exclusively – on ramping up gen AI in their technology stacks. Is that a good thing? The answer, of course, is complicated.

Yes, experts such as McKinsey & Co. expect gen AI’s impact on overall productivity to add trillions of dollars in value to the global economy. But overinvestment in gen AI, at the expense of building a basic foundation for success, could actually be counterproductive for enterprises that haven’t already built a strong foundation for their technology stacks and business processes.

This happened, to an extent, during the early days of cloud. When the cloud revolution hit hard, back in the late 2000s, business and technology leaders doubled down on transformation. And because of limited budgets, they diverted spending from everyday operations. The result: Companies deployed new and innovative business models on top of underfunded technology tools and underdeveloped processes.

It could happen again with gen AI. While the technology promises to help enterprises write code, create content, research technical solutions, sell more products and train employees, attention needs to be paid to the underlying facets of the business, so their gen AI investments can generate the most bang for their buck.

The most important goal? Enterprises need to prioritize modernization and fix existing technology and process issues to make space for new and exciting innovations like gen AI.

There are six stages enterprises should tackle before – and during – their ramp-up into the world of AI.

First, optimize what you have. The clean-up operation starts here. Assess the strength of the technology stack, examine the organizational structure, and review the basic policies. Identify red flags and try to tweak what you have by applying industry best practices. Pay close attention to your data stack for both structured and unstructured data.  This is foundational for AI, including gen AI.

Second, accelerate the optimization. Once enterprises clean up the initial issues, they can identify opportunities for improvement. Try to standardize and improve processes without ripping them out by the roots. Even high-level review can sharpen processes and improve your competitive advantage.

Third, modernize your resources, but make sure to keep humans in the loop. This is perhaps the most important step. Human creativity, after all, is the principal driver of organizational success. So, look at ways to replatform, improve workflow design and add automation, but keep human beings central to the process. Free up employees to focus on higher-level work, and maintain the irreplaceable value of human intellect in the final product.

Fourth, reimagine the areas where AI can support business strategy. Are there new markets to target? New products to introduce? Better ways to serve customers? Leaders should encourage employees at every level of the business – across operations, finance, marketing, sales, software development – to think about how they can get more done with AI. The possibilities are endless now that you’ve reduced your technology debt and leaned into the power of AI.

Fifth, look at ways to continuously innovate. All transformation needs to be continuous and foolproof. Establishing a baseline and a foundation is important. But projecting success into the future, as AI becomes a bigger part of the everyday business toolset, is critical.

Last, put a premium on skill development. Relying more on gen AI will force organizations to revise and elevate certain job roles. To do this, they need to invest in upskilling and reskilling programs, giving individuals the chance to learn new skills and transition into those emerging roles. This creates a compounding impact on entrepreneurship. While AI enables individuals to innovate, institute new practices and improve on the status quo, the individuals themselves need to develop new skills and take active roles managing the technology itself.

Building an AI-enabled modernization approach is based on the belief that business innovation should be sustainable.

Here’s an example of how a leading technology business prepped for its foray into gen AI. The company had been dominating its market and was content with its position. But it was being challenged by agile, brave, adventurous startups that were ready to embrace gen AI without the burdens of legacy infrastructure.

We worked with the firm to guide the business through the six stages of AI-enabled modernization. We even confronted the company’s fear of new technologies like gen AI by showing how employees could use it to decipher thousands of lines of code from its legacy systems. The more readable code empowered business leaders to identify opportunities for the modernize, reimagine and innovate phases. Today, the company is embarking on its gen AI project, leaving the limitations of the past behind.

Conclusion

Gen AI is here, and it’s promising to revolutionize business strategies going forward. Enterprises should invest, but also learn from some of the mistakes made with cloud strategies in the past. They need to start their clean-up operations – following an AI-enabled modernization mindset – to embed gen AI into the heart of the enterprise and lead sustainable growth for the future.

[allinonetechs]

allinonetechs

I am lanzoe working for allinonetechs as PR consultant. With more than 6 year’s experience in PR and Digital Industry, helping teams to achieve goals by streamlining the process

[i4technolab]

Choosing the right firm for your Excel Add-in development is critical since it makes all the difference in the success of your project. Hundreds of entrepreneurs enter the market with the aim of success, making it difficult for clients to evaluate which firm is the best for their bespoke software development.

[inwizardssoftwaretechnology]

The Mint Budget app is closing down, but don't despair! Inwizards Software Technology can develop a custom financial app for you that is tailored to your specific needs and financial goals. Our apps are secure, user-friendly, and affordable, and we offer ongoing support and updates. Contact us today to start your journey towards a better financial future.

Learn More: https://www.inwizards.com/blog/mint-budget-app-closing/