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According to Gartner, the market size of the custom CRM solutions will soon exceed $ 40 billion. Such an impressive figure is quite understandable: modern marketing is increasingly seeking to automate all and everything, and therefore successful companies monitor, analyze, and customize different aspects of data processing. Because forward-looking businessmen and investors know that it's difficult to draw the right conclusions and predict results without a reliable data management system. This applies to companies of any type, especially venture capital firms.
Manual data processing is possible only for the time being, and after a certain point, when the number of startups reaches 10-15, XSL tables can no longer satisfy your needs. And it's much more reasonable to implement a customer relationship management (CRM) system and, thus, automate these processes.
So let's discuss how mainstream CRM systems help VC firms improve their efficiency. Also, we're going to describe the best data analytics strategy and explain how to avoid CRM failures. We hope, you'll find our article useful.
<h2 dir="ltr" style="text-align: justify;">What data should be managed?</h2>
A lot of top-tier firms use data and CRM tools, and if you've decided to join the leaders, you should figure out what data management you need.
We'll tell you what type of information is being usually processed by traditional CRM solutions, and then it's up to you what to choose.
<h3 dir="ltr" style="text-align: justify;">Standard CRM offerings:</h3>
<ul dir="ltr">
<li style="text-align: justify;">contact management. Contacts may include information about startups' owners, partners, clients, etc.</li>
<li style="text-align: justify;">startups management. The feature helps to manage startups: keep track of new projects and check the status of old ones (both abandoned and accepted by your company).</li>
<li style="text-align: justify;">the deal flow, which contains everything related to transactions and relationships with startups and partners. The feature is aimed to help you see the history of your interaction with a particular company.</li>
<li style="text-align: justify;">fundraising and investments. We&rsquo;re talking about the processing of cash flows. You must clearly understand how much funds you've already allocated and to whom. And future investments should also be tracked.</li>
</ul>
You can expand the list as you please because effective CRM platforms mean reporting and tracking systems that meet your specific requirements. And you're the only one to know these requirements.
Still don't see why your company needs CRM? We're ready to explain your benefits by points.
<h2 dir="ltr" style="text-align: justify;">What CRM benefits do venture capitalists get?</h2>
Now we&rsquo;ll try to convince you that getting CRM systems for firms would be a great business decision.
We&rsquo;re not going to be unfounded, we have arguments in favor of creating market mainstream CRM solutions.
<img src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/3892/content_content_crm_2_1.jpg" alt="CRM solution" width="800" height="399" />
<ol>
<li style="text-align: justify;">Reduced costs, which is due to the automation of complex calculations (and other operations of the sort) and the formalization of business processes.</li>
<li style="text-align: justify;">Workflow optimization. Notifications (mail, SMS), reducing the number of unnecessary routine tasks, and simplification of data processing lead to a significant optimization of all activities.</li>
<li style="text-align: justify;">KPI-based management. For each process, you can select performance indicators (metrics) and start tracking them with your CRM solution.</li>
<li style="text-align: justify;">Standardization of business processes. The work of the company is being carried out according to a certain scheme incorporated in your mainstream CRM system. This also improves business efficiency.</li>
<li style="text-align: justify;">A powerful analytical tool, which provides comprehensive information about the current state of affairs in a company in real time.</li>
<li style="text-align: justify;">Increase in business transparency. The item in question logically follows from the previous one: with all the data at hand and the possibility of their detailed analysis, the business becomes more transparent (and therefore more trustworthy).</li>
<li style="text-align: justify;">Better internal communications. Among others, the company leverages a CRM system to store information about each employee, both public data (general contacts, his position, etc.) and confidential information (which is available only to management). Such an approach helps to strengthen the relationship in the teamwork. &nbsp;</li>
</ol>
<h2 dir="ltr" style="text-align: justify;">What to consider when choosing a CRM platform</h2>
You can implement a CRM system by building it from scratch or selecting one of the ready-made solutions. The second option isn&rsquo;t the most perfect, but it'll do if you have a limited budget or think that creating new CRM software for client management would take too much time.
Anyway, we strongly recommend that you take into account a few factors when choosing a CRM platform.
<h3 dir="ltr" style="text-align: justify;">Data storage security</h3>
Custom CRM solutions involve working with data, which means that there is a risk of losing the information, stealing it (in the case of hacker attacks), and other similar problems.
What could be done to improve data security? We&rsquo;ll give a few examples of appropriate measures:
<ol dir="ltr">
<li style="text-align: justify;">Encoding data. Each transmission must be secure and encrypted. The step is obvious but inevitable.</li>
<li style="text-align: justify;">Immune to hacker attacks. Again, such a security measure seems rather traditional, plain as a pikestaff, but logical at the same time.</li>
<li style="text-align: justify;">The use of several centers to store the data. Then you shouldn't be afraid of failures in the work of any of the centers. In the end, there are also others to keep your information stored.</li>
<li style="text-align: justify;">User security. Multiple measures should be provided to secure the processing of user data, including multi-stage authentication, limited access to information, session time, etc.</li>
<li style="text-align: justify;">Updates. And, of course, the security system must constantly evolve and improve.</li>
</ol>
<h3 dir="ltr" style="text-align: justify;">The problem of finding the perfect ready-made data management system</h3>
We guess everyone knows how to use CRM systems but what about finding the best one? Is it an easy task?
Of course not, because you need to choose the best one of the ready-made web-based management systems - the perfect tool which your whole company is going to use. So, you may encounter a couple of difficulties, such as:
<ol dir="ltr">
<li style="text-align: justify;">Each project (as well as every venture capital firm) is unique, and the mainstream CRM system you've found is universal. You'll have to create a data management solution in accordance with your specific custom CRM requirements in order to be fully satisfied with the result.</li>
<li style="text-align: justify;">Sometimes it's difficult to meet the needs of all departments with a single software. In order to make sure everyone is satisfied, you should test the selected tool, compare it with other solutions, and take other similar steps. Otherwise, by choosing a system without such measures and disregarding the opinion of future product users, you just waste your time and money.</li>
</ol>
In general, the difficulties we&rsquo;ve described lead us to the next item, namely&hellip; &nbsp;
<h3 dir="ltr" style="text-align: justify;">Customization of ready-made CRM systems for firms</h3>
If you decide to take advantage of one of the existing CRM systems for firms, then, sooner or later, you'll have to customize the chosen tool and adjust it to your needs. Of course, you're unlikely to cope with the task on your own; you'll probably have to hire the following experts:
<ul dir="ltr">
<li style="text-align: justify;">backend and frontend developers. They'll be able to expand or customize the functionality of your mainstream CRM system, set up a dashboard, integrate new tools, and perform other similar tasks;</li>
<li style="text-align: justify;">UI/UX designer to help you redesign your data management platform and make it more intuitive and easy to use. Also, your company needs CRM which would fit into your corporate style.</li>
<li style="text-align: justify;">QA team to ensure the error-free operation of web-based management systems. Without these experts, you won't manage to succeed either!</li>
</ul>
<h4 dir="ltr" style="text-align: justify;">Additional points worth considering:</h4>
<ul dir="ltr">
<li style="text-align: justify;">access to API. If the CRM provider doesn't care to give you a free API, customization can become a difficult task;</li>
<li style="text-align: justify;">server data output format. The fact is that not all systems provide data in the convenient JSON format, and then it won&rsquo;t be easy to make any changes later;</li>
<li style="text-align: justify;">the programming language, in which CRM has been written. Such a parameter affects the issue of finding the right specialists. You must make sure the developers you hire are versed in this language.</li>
</ul>
<img src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/3891/content_content_crm_3_1.jpg" alt="mainstream CRM system" width="800" height="523" />
<h2 dir="ltr" style="text-align: justify;">How to select the best mainstream CRM system</h2>
So, you intend to select a ready-made CRM solution (or create one from scratch). But what to consider in the process of choosing a particular system (or drawing a list of requirements)? To figure out what to look for (or what task to delegate to the developer), answer the questions below.
<ol dir="ltr">
<li style="text-align: justify;">What is the list of features you want to get? All the CRM systems for firms are somewhat similar, but there are also nuances, of course. Say, the owner of the online shop wants to have a possibility to monitor buyers, and the representative of the venture capital fund should keep track of startups.</li>
<li style="text-align: justify;">How much time do you have to implement the CRM system you need? You won't manage to create data management software too quickly (especially when talking about developing from scratch). Customization of the existing tools may take some time either. These factors must also be borne in mind.</li>
<li style="text-align: justify;">What about pricing? There are free ready-made solutions as well as paid ones. Of course, the latter offer more advanced and flexible functionality. Determine your budget and think about how much you can allocate to implement a customer relationship management (CRM) system.</li>
<li style="text-align: justify;">What is the size of your venture capital firm? The larger the company, the more advanced your mainstream CRM system should be. In addition, be sure to consider the project scaling factor: perhaps, you're planning to expand your company in the future?</li>
<li style="text-align: justify;">What are you using now for data management? Maybe, you already have an effective CRM platform, and you just want to add new features to it? Otherwise, if you're unhappy with the existing tool, then, of course, the best option is to abandon the old version in favor of the new one.</li>
</ol>
To get a successful CRM, you need to clearly understand your expectations. Do enough preparation, and only then proceed to the project implementation.
<h2 dir="ltr" style="text-align: justify;">Summary</h2>
We'd like to believe we've convinced you of the importance of competent data management, and now you understand how to leverage data and CRM systems to your benefit - so that it would lead to the company's growth and increasing business efficiency.
If you have questions left or need expert advice on the data analytics strategy, you're welcome to <a href="https://agilie.com/contacts" target="_blank" rel="noopener">contact us</a>!
&nbsp;

Every venture capital firm should find a reliable CRM solution. So click here and read all the details of choosing a CRM platform your VC company needs.

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What's the weather app and how to create it? If you're really interested in these and other similar questions, read our article! &nbsp;

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Remember when Korben Dallas in The Fifth Element movie wakes up and so does his apartment. Music starts to play, lights turn on, the bed makes itself. We can say that 21 years later we still don&rsquo;t have flying cars, but we control our houses with simple smart home apps. The future of smart home market looks attractive with <a href="https://agilie.com/blog/fresh-trends-in-smart-home-apps-development">emerging trends</a> and increasing awareness of consumers in safety and security, personalized experience as well as the adoption of cloud-based technologies.
In this blog post, we answer 5 questions that will help you to improve and better understand your smart home idea.
<h2 dir="ltr" style="text-align: justify;">Is your smart solution really smart?</h2>
Over the last years, there has been an increased interest in the smart home. Many world tech companies have announced that they are going to make the smart home their next big thing and invest in it. However, let&rsquo;s sort out, what is smart and what is the difference between the smart and connected device?
For many years we have been using a variety of automated devices in our houses: home thermostats, remote light switches, and others. Recently, manufacturers have started to add web connectivity to these devices, which makes it possible for users to manage and monitor them from anywhere at any time using a smartphone. These devices are known as &ldquo;connected&rdquo;. However, some marketers mistakenly call them &ldquo;smart&rdquo; devices, which they are not. A real smart device contains a certain intelligence, which is located in the cloud. As an example take a smart leak detection system. In case it detects a leak, it automatically turns off the water and prevents any damages.
A&nbsp;smart solution is a solution behind the smart home idea. Yet, the use of an intelligent device in the home, which is labeled as a smart home product doesn&rsquo;t make a home smart.
The crucial components of a smart home are integration and expansion. For example, some malfunctions in your kitchen sink have appeared. In this case, your smart home connects online to your plumber to make an appointment for a service day. Knowing your work schedule, it gives a one-time door access code that deactivates your security code and lets the plumber enter your house and fix the sink. At the same time, you can watch the plumber&rsquo;s progress through your security camera.
Smart home apps should bring value, be convenient in use, and solve real problems that users face. Imagine that your smart home acts as your assistant who is able to prevent, reveal, and fix disruptions that happen to users during their everyday lives.
<h2 dir="ltr" style="text-align: justify;">Is it equally smart and user-friendly?</h2>
There is a common problem that draws users away from purchasing a smart home app: the inconvenience. Smart devices are all about interfaces and easy integration into people's lives. Users want to have simple navigation and one best home automation app to control all devices. Assume that a person has a smart home equipped with several IoT devices: a thermostat to control temperature from a smartphone, smart lighting to remotely turn on and off the lights or a robot vacuum cleaner with remote control. For now, we have three different smart home apps, which a user has to manage. Because these apps are not integrated into one platform, it provides users with a headache instead of a comfort.
In a perfect world, it would be possible to control a house using a single app or interface. For example, with a voice assistant, a user can control everything without a need to type in the action. The examples of such devices are Alexa, Siri, Google Assistant. There are two options to access these voice assistants: either through a smartphone or if buying a special device that can handle all voice commands.
Another opportunity for a user to control everything using a single device is a smart home hub. A smart home allows integration between all smart home devices to perform various tasks and control of those devices in one interface. It is possible to set up the temperature and lights using the same app.
This certainly makes controlling various smart home devices much simpler and with the voice control, you won&rsquo;t be hunting for your phone to turn on the lights.
<h2 dir="ltr" style="text-align: justify;">Is your target market right?</h2>
The smart home market continues to grow. If previously smart home automation systems were considered as a luxury, today more households are considering to equip their houses with smart home devices. However, before developing the next product, it is worth approaching each country differently. According to a forecasting study conducted by Berg Insight, by 2020, 91 million homes in Europe and North America will be smart. 
The home automation industry analysis shows that the USA is the best smart home market across the globe followed by Europe. It is expected that by 2021 there will be 73 million smart homes in North America, which equals 55 percent of all homes. Americans are ambassadors of a comfortable lifestyle. The most preferred products in smart homes are smart lighting, security systems, lighting, audio systems, and climate control. 
European smart home market is not that big as in the USA. The key opportunities for the smart home market in Europe are energy and cost saving, security and convenience, and more. For example, Scandinavian countries drive the development of alternative sources of energy and for them, the smart home is a way to save natural resources. Southern European countries have lower standards of living, thus people there are less interested in the adoption of smart home automation systems. Those who live in Portugal or Spain save as much as possible on heating.
 The United Arab Emirates is the leading country in the adoption of home automation solutions. Because of the constant heat, the country residents and tourists spend most of the time in air-conditioned premises. For this reason, climate control devices are the most popular in UAE. UAE is also known as one of the safest countries in the world. Many people don't even lock their cars. Taking into consideration this fact, smart home security systems are less popular. But due to high utility bills, residents of UAE concentrate on saving.
Due to the increasing adoption of cloud-based technologies, increasing population and standard of living, the Asia Pacific region is expected to have the highest adoption of smart home applications. It is expected that the Asia Pacific smart home market will reach US$115 billion by 2030, which will account for 30 percent of the global share.
<h2 dir="ltr" style="text-align: justify;">Can your application ensure security?</h2>
More IoT devices increase the chances of hacking. Consequently, it is essential for both developers and users to take care of safety and privacy vulnerabilities. So what are the ways to keep smart home security and avoid being hacked?
<ol>
<li dir="ltr">
Using two-factor authentication can save you from a phishing attack. When you log in from another device or location, you are required to enter an additional password that might be sent by SMS or automatically generated by your phone. In this case, even if the hackers get your password, they won&rsquo;t be able to log in.
</li>
<li dir="ltr">
Complete security updates. Neglecting software updates can cause dangerous malware. Most smart home devices don&rsquo;t update automatically that&rsquo;s why once a month users should check their smart home appliances for firmware updates.
</li>
<li dir="ltr">
Don&rsquo;t use public Wi-Fi. When accessing your smart home remotely, avoid using public Wi-Fi networks. Hackers can use them to get access to your home.
</li>
</ol>
Providing that developers and consumers adhere to the highest level of <a href="blog/mobile-app-security-risks-and-their-impact-on-your-business" target="_blank" rel="noopener">mobile security</a> on all devices, home automation solutions can bring many benefits to our lives.
<h2 dir="ltr" style="text-align: justify;">Have you paid enough attention to a mobile application?</h2>
Wearables and smart home devices eliminate the need for computer screens and keyboards, which brings new ways for users to interact with devices in more unexpected ways.
We have reached the point when we can totally control our house: temperature, lights, security, air pollution, etc. Modern IoT smart home apps take care of users&rsquo; comfort and safety.
Wearables and smart home devices eliminate the need for computer screens and keyboards, which brings new ways for users to interact with devices in more unexpected ways.
 The graph below shows that the market for the smart home is growing. It is clear why many companies invest in smart home application development. But to succeed in this market, it&rsquo;s worth paying attention to the app&rsquo;s usability, design, and set of features.
<img style="width: 700px; height: 347px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/584/content_statista.png" alt="smart home trends" />
Source: <a href="https://www.statista.com/statistics/682204/global-smart-home-market-size/" rel="nofollow">Statista</a>
Design
While some IoT devices user can control via mobile apps, others require the use of voice interactions. As IoT development becomes a bigger part of our lives, we may expect a rise in new user experience design. Design of internet of things app should be user-friendly, provide value and positively impact the user&rsquo;s day-to-day routine. If designers use best practices and create technology that will connect the creativity with true usefulness, then IoT devices will successfully position themselves.
It&rsquo;s not that simple to design a user experience for IoT products. IoT systems consist of several devices, a number of interfaces and apps with various functionality, and user rights distribution. It is not enough to build a set of cross-device user flows for an IoT product. It is more important to create a user experience that will help people to manage IoT product with ease. &nbsp;
Most connected IoT devices are mobile. Design for smaller screens should be responsive, which means in response to the user&rsquo;s behavior and environment based on the UI&rsquo;s size.
<img style="margin: 5px; width: 800px; height: 600px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/583/content_sh_animation.gif" alt="" />
Smart Home App Concept by Agilie Team
Making your app accessible
This is the most basic and important feature in the mobile monitoring system for the smart home for a smart home. Just using a special smart home monitoring app, the user can control home appliances like doors and lamps with a touch of a fingerprint. The user is able to control his house from anywhere at any time.
Accessing user configuration 
The homeowner should have admin rights, which requires setting up an access configuration. In this case, home automation would have the correct access and avoid mistakes.
Sending push notifications
Notifications show users the status of all the integrated devices in the house. If a person forgets to turn off the lights, close the garage or doors, the system sends instant notifications.
<h2 dir="ltr" style="text-align: justify;">Summary</h2>
Soon owning a smart home device may not be a matter of a choice but rather a necessity. Shortly when buying a light switch consumers won&rsquo;t have another option but to buy a smart light switch.
If you are considering to enter IoT market and start home automation business but still wonder how to implement all of your smart home business ideas, <a href="https://agilie.com/contacts">get in touch</a> with our experts who will give you a technology consultancy and project estimation. We also invite you to read our <a href="https://agilie.com/success-stories/smart-home-app" target="_blank" rel="noopener">latest case study</a> on smart home safety and <a href="blog/what-can-make-your-smart-home-product-more-attractive-for-users" target="_blank" rel="noopener">mobile security software</a>.

The future of smart home market looks attractive with <a href="https://agilie.com/en/blog/fresh-trends-in-smart-home-apps-development">emerging trends</a> and increasing awareness of consumers in safety and security, personalized experience as well as the adoption of cloud-based technologies.
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