<p dir="ltr">If you own an IT business, you probably know how difficult it is and how long it takes to recruit in-house IT specialists. Especially those with a Middle or Senior level of expertise or some with very rare tech skills. This could become a real nightmare if your project needs experts just right now.</p>
<p dir="ltr">What to do in such a case?&nbsp;</p>
<p dir="ltr">The smartest move you can take is to opt for a staff augmentation model that helps expand your team for a specific project extremely fast. Still don&rsquo;t know what this helpful model is? In this article, we will explain to you what staff augmentation really is, when it is best to use it, as well as give you all the cons of this model.&nbsp;</p>
<p dir="ltr">But let&rsquo;s start with some basics.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Staff augmentation is a flexible and cost-effective solution for companies that need to scale their workforce quickly. By extending their existing team with external talent, companies can access a wide range of skills and expertise without committing to the long-term costs associated with hiring full-time. 
There are different models of staff augmentation, including time and material, fixed-price, and dedicated team models. These models offer varying degrees of flexibility and control, allowing companies to choose the model that best suits their needs.
Staff augmentation enables companies to access the skills and expertise they need to complete projects more quickly, ultimately leading to improved business outcomes and success.
Among the most popular cases of team augmentation use are when a company needs to meet a tight deadline, requires specialized skills, or wants to maintain its core team's stability. By leveraging staff augmentation, companies can quickly access the talent they need to meet their business objectives, without the long-term commitment of hiring full-time employees.
By adopting a staff augmentation model, companies can access a pool of skilled talent, reduce costs, and remain agile and responsive to changing market conditions, ultimately leading to improved business outcomes and success.">
<div class="form-description-title">Key Takeaways</div>
Staff augmentation is a flexible and cost-effective solution for companies that need to scale their workforce quickly. By extending their existing team with external talent, companies can access a wide range of skills and expertise without committing to the long-term costs associated with hiring full-time. <br /><br />There are different models of staff augmentation, including time and material, fixed-price, and dedicated team models. These models offer varying degrees of flexibility and control, allowing companies to choose the model that best suits their needs. <br /><br />Staff augmentation enables companies to access the skills and expertise they need to complete projects more quickly, ultimately leading to improved business outcomes and success. <br /><br />Among the most popular cases of team augmentation use are when a company needs to meet a tight deadline, requires specialized skills, or wants to maintain its core team's stability. By leveraging staff augmentation, companies can quickly access the talent they need to meet their business objectives, without the long-term commitment of hiring full-time employees. <br /><br />By adopting a staff augmentation model, companies can access a pool of skilled talent, reduce costs, and remain agile and responsive to changing market conditions, ultimately leading to improved business outcomes and success.</div>
<h2 dir="ltr">What is Staff Augmentation?</h2>
<p dir="ltr">When you first hear about IT staff augmentation services, many people would immediately think of an augmented human from a modern cyberpunk movie. Are you one of them? That is understandable.&nbsp;</p>
<p dir="ltr">In reality, IT staff augmentation is not about it at all. The word augment itself means to make something larger &mdash; in size, number, strength, etc. Augmented in the IT sphere means a bigger team. But having bigger teams doesn&rsquo;t mean becoming more effective. It can sometimes be quite the opposite, as bigger teams are quite difficult to manage. Staff augmentation can help you enlarge your team while ensuring that this staffing remains efficient.&nbsp;&nbsp;</p>
<p dir="ltr">To put it simply, staff augmentation is an outsourcing hiring strategy where a business temporarily hires one or several outsourcing IT experts for a certain project.&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407005789.png" width="2001" height="1401" /></p>
<p dir="ltr">Wait, so is it that simple? And you won&rsquo;t need to pay for time-consuming recruiting or consulting services?&nbsp;</p>
<p dir="ltr">Yep, you can find numerous staff augmentation providers that will do the job instead of you and hire excellent temporary engineers for your project very fast. Besides, skilled talent is hired to cover only the necessary positions temporarily, permanently, or on-demand. The hires are added to the in-house team and collaborate with them on a specific project which enhances the capacity of your team and organization.&nbsp;</p>
<h3 dir="ltr">Why is staff augmentation so popular?&nbsp;</h3>
<p dir="ltr">Staff augmentation has become a widely used practice worldwide with <a href="https://www2.staffingindustry.com/site/Research/Research-Reports/Americas/Global-Staffing-Forecast-May-2019" target="_blank" rel="noopener">$490 billion</a> of revenue annually. One of the main sources for staff augmentation is freelancing, which has become very popular recently due to the rise of numerous freelance platforms. Just imagine, in the US solely, about <a href="https://www2.staffingindustry.com/site/Research/Research-Reports/Americas/The-US-Gig-Economy-2019-Edition" target="_blank" rel="noopener">34% of workers</a> are freelancers, and this number grows each year.&nbsp;&nbsp;</p>
<p dir="ltr">But why has staff augmentation become so popular?&nbsp;</p>
<p dir="ltr">It is obvious. Many companies today choose IT staff augmentation for a bunch of situations, including talent shortage, high cost of IT professionals, and many more. This model helps businesses minimize operational costs while skyrocketing their efficiency. It also helps quickly scale your IT department once you need it and add more employees to keep up with the demand.&nbsp;</p>
<p dir="ltr">Staff augmentation can, undoubtedly, help you enhance both the quality and speed of your projects, because by hiring professionals in various fields, you get the expertise that your in-house developers may lack. This could be extremely helpful if you have complex IT projects and you need a senior level of expertise.</p>
<p dir="ltr">Last but not least, staff augmentation service can present your workers with excellent training opportunities. Your in-house staff can share the experience with your in-house team, allowing them to learn and grow throughout the whole development process.</p>
<h3 dir="ltr">Types of staff augmentation</h3>
<p dir="ltr">Today, IT staff augmentation can be divided into three main types, each with its own peculiarities:</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407019595.png" width="2001" height="1001" /></p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Core augmentation</p>
</li>
</ul>
<p dir="ltr">This type of augmentation is long-term with a full-time contract. All the resources of the business are shared with another company and the core team works full-time at the hired company while paralelly working in their own company. The roles and responsibilities of the core team are stated in the contract.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Temporary augmentation</p>
</li>
</ul>
<p dir="ltr">This type of augmentation is short-term with temporary staff for a specific project. Usually, companies prefer the temporary augmentation model if they lack the resources for covering all their projects. Temporary augs can increase the number of people to handle multiple projects.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Functional augmentation&nbsp;</p>
</li>
</ul>
<p dir="ltr">This type of augmentation involves contracted employees working temporarily on a specific project. The main difference between core and functional augmentation is that the latter doesn&rsquo;t have an indefinite duration.&nbsp;&nbsp;</p>
<h3 dir="ltr">Use cases of staff augmentation</h3>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407086168.png" width="2001" height="1201" /></p>
<p dir="ltr">Before applying this cooperation strategy, it is crucial to know its best use cases. Here are some of the most common uses when you should consider opting for staff augmentation:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Reinforcing your in-house team: yes, you may already have a developer team that works in-house. However, when you launch new projects or release new products or services, it is better to improve your expertise by augmenting your existing IT team with temporary personnel. This way, you will get a better outcome.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">When you have short deadlines: the process of recruiting new employees is a complex process with lots of stages. But if you don&rsquo;t have time and patience for it, you can take advantage of staff augmentation. You can get programmers from any part of the world very fast and meet the needs of your project, no matter if it is short- or long-term.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">If you need specific expertise: if you need to get a specialist with a certain skill set over a short period of time, this cooperation method will help you out.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">If you need to bridge a gap: you can always hire temporary workers for short-term projects while looking for permanent candidates.</p>
</li>
</ul>
<h2 dir="ltr">The Difference between Staff Augmentation and Delivery Teams</h2>
<p dir="ltr">When learning about staff augmentation, you may also come across the term delivery teams. These two terms can even be misused sometimes.&nbsp;</p>
<p dir="ltr">But what is the difference? And is there any?&nbsp;</p>
<p dir="ltr">As we already found out, staff augmentation is the process of hiring one or more temporary tech specialists. So, when you have more demanding projects that need constant support through all their stages of development, staff augmentation might not be a good fit for you.&nbsp;</p>
<p dir="ltr">In this case, you need a delivery team that usually consists of a skilled project manager, several software developers, and quality assurance specialists. Such teams work on projects autonomously and need little or no supervision from your side.&nbsp;&nbsp;</p>
<h2 dir="ltr">Benefits of IT Staff Augmentation</h2>
<p dir="ltr">Just like with any other cooperation strategy, staff augmentation comes with a bunch of pros and cons. Here is the list of some of the benefits you can get when opting for this model:</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407045860.png" width="2001" height="1101" /></p>
<h3 dir="ltr">1. Reduction of the time for recruiting</h3>
<p dir="ltr">Organizing a well-functioning recruiting process takes time and energy. You need to create job descriptions, place them on the job portals, interview candidates, and do many other necessary steps. And even all of them do not guarantee fast and successful hiring.&nbsp;</p>
<p dir="ltr">But what if we say that staff augmentation will eliminate all these stages, especially if you get help from a staff augmentation company? It will do everything instead of you and staff your business very fast with new full members of your team.&nbsp;</p>
<p dir="ltr">Besides, having temporary workers will help you fight another issue called overstaffing. When you have already delivered the project, you may not need the same number of workers anymore. And with staff augmentation, you won&rsquo;t face the problem of firing gifted tech talent.&nbsp;</p>
<h3 dir="ltr">2. Access to a talented pool of experts</h3>
<p dir="ltr">When you need a candidate with a certain technical skill set, the staff augmentation company will offer you good fits without wasting your time. Besides, you can select experts from any part of the world to meet your business goals if you do not have matches in your region.&nbsp;</p>
<p dir="ltr">With staff augmentation, you can use both internal and external resources while saving your time on onboarding and training of the new employees.&nbsp;</p>
<h3 dir="ltr">3. Enhanced flexibility and scalability</h3>
<p dir="ltr">This model is extremely flexible and scalable. With IT staff augmentation, you can easily both upscale or downscale your development team, which is more comfortable than hiring full-time employees. What is more, when the project ends, you can end the partnership with temporary staff or revive it in the future if you need help again. This won&rsquo;t ruin your brand image like firing your employees.&nbsp;</p>
<h3 dir="ltr">4. Quality on a budget</h3>
<p dir="ltr">If your business has a limited budget and payroll, staff augmentation is just for you. You don&rsquo;t need to pay any extra costs as you do with full-time staff. However, you can always add some bonuses to improve their happiness and performance.&nbsp;</p>
<p dir="ltr">Moreover, small businesses benefit a lot from temporary placement on a short-term basis with no long-term commitment as you do not need to pay taxes or insurance.&nbsp;</p>
<p dir="ltr">But does this mean that the quality is lower, too? Of course, not. Staff augs deliver the same quality and quantity of work just like your full-time employees.&nbsp;</p>
<h2 dir="ltr">How to Succeed with Team Augmentation</h2>
<p dir="ltr">If done the right way, staff augmentation can significantly improve your bottom line and enhance productivity. Here is a step-by-step guide on how to successfully implement this strategy in your business:&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407061994.png" width="2001" height="1701" /></p>
<h3 dir="ltr">Identify which skill or expertise your company needs</h3>
<p dir="ltr">The first step of staff augmentation adoption is identifying which tech expertise you currently need by conducting a detailed analysis of your business operation. You can also assess your projects requirements and your personnel audit outcome and find out which gap you have and whether the acquisition of the temporary employees will help you out.</p>
<h3 dir="ltr">Search for staff augmentation provider</h3>
<p dir="ltr">When you are looking for a staff augmentation vendor, you should always keep in mind your requirements as different staff augmentation companies have different approaches to recruiting. Conduct the research, assess their credentials and offers, and track records. Make sure to find someone who aligns with both your corporate and operational cultures.&nbsp;</p>
<h3 dir="ltr">Compare and choose one</h3>
<p dir="ltr">You don&rsquo;t need to choose only one staff augmentation provider as each of them has unique offers to consider. Try to multisource, select several of the most suitable vendors, compare them, and select the one that is the best fit for long-term cooperation.</p>
<h3 dir="ltr">Foster a healthy relationship between in-house and remote teams</h3>
<p dir="ltr">No matter if you work with in-house or remote teams, you need to force a healthy environment in which everyone is happy to work. How? You need to communicate with everyone and ensure that each of the teams is in sync. For example, when you are holding a meeting, ask about your team&rsquo;s interests or hobbies to figure out what they have in common. This will also help in building a healthy relationship in the team.&nbsp;</p>
<h3 dir="ltr">Make sure the communication is clear</h3>
<p dir="ltr">Did you know that your bottom line can be improved with the help of clear communication? How so? It is obvious. Your entire team needs to understand your business vision and mission as well as all project requirements. It is also very important to ensure clear communication so that everyone who takes part in the development and administration process can contribute to it and buy into decisions.</p>
<h3 dir="ltr">Master useful technologies</h3>
<p dir="ltr">Always master technologies and tools that might be helpful for you. Such team collaboration tools like CRM system, Slack, JIRA, task management system, or Basecamp help to share comments from team members as well as project statuses. Be careful as the lack of communication may result in miscommunication. And this can affect your entire project negatively. Many modern tools can do the contrary; they enhance the communication and collaboration within your team.&nbsp;</p>
<p dir="ltr">Conclusion&nbsp;&nbsp;</p>
<p dir="ltr">Undoubtedly, a staff augmentation strategy allows you to focus on your core business objectives and stay competitive in this fast-paced world. By adopting this cooperation solution, you get several benefits, like decreasing time and cost for recruiting and employment, improved efficiency of your team, and extreme flexibility and scalability.&nbsp;</p>
<p dir="ltr" style="line-height: 1.9871999999999999; margin-top: 0pt; margin-bottom: 10pt;">If you often need employees for short-term projects, then IT staff augmentation is surely a must for your firm. And the abundance of staff augmentation providers on the market will ensure that you hire only skilled developers whenever you need them and won&rsquo;t spend too much time and money on recruiting. <span id="docs-internal-guid-38677343-7fff-dfcf-7319-998567c0d35d"></span></p>

<p>Staff augmentation is an outsourcing hiring strategy where a business temporarily hires one or several outsourcing IT experts for a certain project.</p>

Staff augmentation is an outsourcing hiring strategy where a business temporarily hires one or several outsourcing IT experts for a certain project.

What is Staff Augmentation and How it Works | Agilie

<p>The Dedicated Team Model is a model of cooperation with a digital service provider in which the client is provided with software development specialists on a long-term basis. A team of specialists is selected in accordance with the requirements of the project, based on their experience and skills.</p>

The Dedicated Team Model is a model of cooperation with a digital service provider in which the client is provided with software development specialists on a long-term basis. A team of specialists is selected in accordance with the requirements of the project, based on their experience and skills.

Dedicated Team Model: What It Is, Pros & Cons for Your Project | Agilie

<p><span id="docs-internal-guid-80c61be6-7fff-5e69-7424-6932e7a55521">SDLC is a process that consists of a detailed plan that describes all the details regarding the development, maintenance, and replacement/change of specific software. It is a methodology used to improve the quality of software as well as improve the overall development process.</span></p>

SDLC, or Software Development Life Cycle, are the steps to create software applications. The development process is divided into tasks that then are assigned, completed, and measured.

What is SDLC? Phases of Software Development & Models

<p dir="ltr" style="text-align: justify;"><span id="docs-internal-guid-ee5298e2-7fff-1429-728e-a028fcc13792"></span></p>
<p dir="ltr" style="text-align: justify;">Gain insights in personal finance app development, features, and types.</p>

Gain insights in personal finance app development, features, and types.

Personal Finance App Development: Complete Guide | Agilie

<p id="docs-internal-guid-8357fa14-7fff-5992-cf6a-611c0aa3d29e" dir="ltr">What is a minimum lovable product (MLP) and how can it benefit your business? You've come to the right place for the answers to these questions, as we're ready to provide them in our piece.</p>
<p dir="ltr">Let's start with the fact that technologies are rapidly evolving, and new software items appear every day. As a result, users are harder to please than before.</p>
<p dir="ltr">Under such conditions, MLP can be the key to success. When building lovable products, we kind of test the waters. The task is to better understand what to offer our target audience and how to delight our users.</p>
<p dir="ltr">Of course, these are just generalities. They aren&rsquo;t enough to build MLP. That's why we've prepared a complete guide; hopefully, it'll help you figure this issue out properly.&nbsp;</p>
<h2 dir="ltr"><strong>What Is A Minimum Lovable Product?</strong></h2>
<p dir="ltr">Just like MVP, a minimum loveable product provides users with a basic set of features: those without which the app or website won&rsquo;t work properly. And the main difference is that MLP pays great attention to the UI/UX factor. The goal is to spend a minimum of resources to create a product, capable of attracting the users even in its simplified version.</p>
<p dir="ltr">The author of the concept is Brian Haaff. He proposed a minimum loveable product definition in 2013 when he realized the MVP approach no longer worked as it should.</p>
<h3 dir="ltr"><strong>Why Make A Product Lovable?</strong></h3>
<p dir="ltr">Every year the markets become more competitive, which makes consumers especially capricious and demanding. They won&rsquo;t be satisfied with just a useful product, they need the emotions and impressions it provides them with.</p>
<p dir="ltr">Here is a basic example, just to make things clear. Visitors to the only coffee shop in the city would be happy with any interior and menu (they have nothing to choose from!). However, the situation will change radically as soon as several more similar establishments appear. That's when you have to think about beautiful serving, tasty dishes, and other ways to attract customers.</p>
<p dir="ltr">In other words, today it's important to create an emotional connection with consumers and give them the best experience of interacting with your product. And you can't achieve this goal with the help of useful features alone.</p>
<p dir="ltr">If you still don&rsquo;t see the relationship between the minimum loveable product definition and all of the above, pay attention to the picture below. It'll put things into perspective.</p>
<p dir="ltr" style="text-align: center;"><img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580113622.png" alt="what is a minimum lovable product" width="1000" height="800" /></p>
<p dir="ltr">On the left, we see regular coffee without milk, cream, and other additives. It's a good option to brighten yourself up early in the morning, but nothing more. Another thing is a cappuccino with thick milk foam. Such a drink is tastier and looks prettier, it gives more emotions and impressions.&nbsp;</p>
<p dir="ltr">As you may have guessed, the coffee on the left is the MVP. The cappuccino on the right is the MLP.</p>
<p dir="ltr"><a class="incut--wrap" href="https://agilie.com/blog/how-your-startup-can-reduce-development-costs-with-an-mvp" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580077647.png" width="100%" height="100%" /> <span class="incut--text">To better understand what MVP is, read our other article.</span> </a></p>
<p dir="ltr">And now let's take a closer look at the main differences between these concepts.</p>
<h3 dir="ltr"><strong>The Difference Between MVP and MLP</strong></h3>
<p dir="ltr">MVP is a simplified software version helping businesses bring the product to market at a low cost and in a short time. After the MVP launch, the company collects and analyzes the feedback and considers further steps.</p>
<p dir="ltr">For a long time, MVP was more than enough to get things done&hellip; however, the high level of competition presented new demands, which resulted in the emergence of MLP.&nbsp;</p>
<p dir="ltr">A minimum lovable product delights consumers beyond solving their problems. That's its main essence... but the differences don't end there. Let's look at some of them:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Primary goal.</strong> MVP is designed to confirm or refute the software idea, collect feedback on the product, and think about the further development strategy. MLP, on the other hand, needs to win over early adopters, so to say.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Time and financial costs.</strong> Building lovable products takes more time and effort than developing an easier-to-implement MVP.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>UI/UX</strong>. When creating an MVP, little attention is paid to UX, because it's not a key task. But if you intend to build MLP, you have to take care of the product usability and work on the interface design. After all, MLP should appeal to users.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Relationships with users.</strong> After testing the MVP, users simply express their opinion about the software and say if everything works as it should. But interaction with MLP must hook and interest them; ideally, it causes the word-of-mouth effect.</p>
</li>
</ul>
<p dir="ltr">The difference between MVP and MLP is clear, but let's not forget one more concept, namely, MMP.</p>
<h3 dir="ltr"><strong>What About MMP?</strong></h3>
<p dir="ltr">MMP stands for Minimum Marketable Product. The name eloquently reflects the concept idea and shows that we're dealing with the minimum set of features for which people don't mind paying. Of course, it's still a simplified software version, but it's monetizable. Simply put, this is a polished MVP or MLP.&nbsp;</p>
<p dir="ltr">There is even a special formula to illustrate the MMP meaning:</p>
<p dir="ltr" style="text-align: center;"><em>MVP/MLP v01 + MVP/MLP v02 + MVP/MLP v03 + &hellip; MVP/MLP v0N = MMP</em></p>
<p dir="ltr">By testing and improving MVP or MLP, we gradually make it a commercially interesting product.</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580172251.png" alt="difference between mvp and mlp" width="1000" height="900" /></p>
<h2 dir="ltr"><strong>The Benefits Of Creating Your MLP Product</strong></h2>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Increasing competitiveness. </strong>As you've already understood, the concept of MLP appeared due to a new problem, which is the crowded markets. Lovable products have more chances to appeal to the customers and make them loyal. As a result, you increase the competitiveness of your company.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Loveable product with low effort.</strong> You can test the product in its simplified version and understand how to perfect it without big financial outlays at the start. And it's not just about offering the user what he needs: you offer him something that pleases him and brings him positive emotions.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Reduced time to market.</strong> By creating your MLP product, you reduce your time to market many times over. Also, you're making the user fall in love with your software (even in its stripped-down form), which is an additional bonus. Minimum launch time with maximum user loyalty sounds pretty good, right?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Marketing at the start. </strong>If you make a product lovable, you initiate a viral effect. Users, admiring your software, begin to discuss it with each other and thus contribute to its promotion.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Early Branding.</strong> And one more benefit is the opportunity to work on the recognition of your product at the very first development stages. You can do this by incorporating branding elements into the interface design.</p>
</li>
</ul>
<p dir="ltr"><a class="incut--wrap" href="https://agilie.com/blog/what-are-the-next-steps-after-creating-an-mvp" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580228583.png" width="100%" height="100%" /> <span class="incut--text">What if you&rsquo;ve already created MVP? Your next steps are described in the piece at the link.</span> </a></p>
<h2 dir="ltr"><strong>How To Build A Minimum Loveable Product</strong></h2>
<p dir="ltr">Since MLP is a simplified version of the software, there is no point in trying to bring a flawless product to market. It might take too much time, money, and effort, which will devalue the MLP concept. In addition, you're unlikely to 100% guess the tastes of your audience on the first try, even with preliminary research. So you had better take it slow and act wisely.</p>
<h3 dir="ltr"><strong>Let&rsquo;s Build MLP From Scratch</strong></h3>
<p dir="ltr">We&rsquo;ll start with a more complicated option when you don&rsquo;t have anything ready.&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580310230.png" alt="how to build a minimum loveable product" width="1000" height="550" /></p>
<h4 dir="ltr"><strong>Setting the MLP Goal</strong></h4>
<p dir="ltr">Surely, your product must be visually appealing, but it's not enough! The MLP must still solve the user's problem. Define this problem and make it the goal of your project. Among other things, knowing your tasks will help you later come up with the functionality ideas.</p>
<h4 dir="ltr"><strong>Market Analysis</strong></h4>
<p dir="ltr">To understand how to build a minimum loveable product, you need to explore the current market situation. What kind of competitors will you have? What are their strengths and weaknesses? What do your potential users choose and why?</p>
<p dir="ltr">Until you answer these and other similar questions, it is pointless to continue.</p>
<h4 dir="ltr"><strong>Selection Of Must-Have Features</strong></h4>
<p dir="ltr">As we said, in addition to trying to impress customers, you must solve their problem. And the only way to solve it is to provide them with some basic functionality. Therefore, choose the minimum set of features, which will allow users to get what they want, whether it's an online order on a website or booking a hotel room through an app (or whatever!).</p>
<h4 dir="ltr"><strong>Working on UI/UX</strong></h4>
<p dir="ltr">Pay special attention to the next step when creating your MLP product. It&rsquo;s really crucial, as now is the time when you make your software not only useful but also loveable.</p>
<p dir="ltr">Work properly on the interface design. Remember, the process of using your product should be pleasant, easy, and exciting: in short, your app or website must be user-friendly. Only in this case, the first interaction of customers with the software will give them the most positive experience.</p>
<p dir="ltr">And one more piece of advice: don't try to design based on UI/UX trends alone. Consider the data you&rsquo;ve collected during your market analysis.</p>
<h4 dir="ltr"><strong>Community Gathering</strong></h4>
<p dir="ltr">Also, it doesn't hurt to create a community loyal to your product. Find those users among the target audience who believe in your project and are ready to help you finish it. Communicate with them on an ongoing basis and get their opinion on your MLP.&nbsp;</p>
<h4 dir="ltr"><strong>MLP Launch &amp; Testing</strong></h4>
<p dir="ltr">If you think your work will soon come to an end, then you're going to be disappointed. Alas, it's just begun.</p>
<p dir="ltr">After launching MLP, you need to test it on end-users and collect their feedback. The task is to draw conclusions and decide on the next development steps.&nbsp;</p>
<p dir="ltr">You&rsquo;ll act in this way cyclically, in iterations, until MLP becomes MMP: a minimized product, which brings you profit.</p>
<h3 dir="ltr"><strong>Turning an MVP Into a Minimum Lovable Product</strong></h3>
<p dir="ltr">Another minimum lovable product example is the case when MLP is based on an already existing MVP.</p>
<p dir="ltr">Suppose, you've already built a minimum viable product... why abandon it entirely? A much smarter step is to remake your MVP into what you actually need. And if you're not sure where to start, take a look at our tips, they might help you.</p>
<h4 dir="ltr"><strong>Clarifying The Goal</strong></h4>
<p dir="ltr">First, you need to clarify the purpose of your project. Discuss the situation with the team and let them know that you have another task now, an updated one. All of you should work together, knowing what goal your company is aiming at and what you should get in the end.</p>
<h4 dir="ltr"><strong>Analyzing User Preferences</strong></h4>
<p dir="ltr">You already have the basic functionality, which is a good start. All you have to do now is to add some appealing elements to your product and thus make it loveable.</p>
<p dir="ltr">If you haven't conducted your customer preference research yet, it&rsquo;s the best time to finally do so. You can use the received data to develop a further strategy. Your task is to work on software design, provide an innovative user experience, and think about integration with other tools.</p>
<h4 dir="ltr"><strong>Looking For Balance</strong></h4>
<p dir="ltr">As you understand, there is a difference between MVP and MLP, but these concepts have something in common too. Namely, we&rsquo;re talking about the opportunity to launch the product without any extra effort. Therefore, one must keep in mind the balance between under-investing and over-investing in MLP.</p>
<p dir="ltr">If you under-invest in a project, you'll achieve nothing. If you overdo it out of a desire to implement too many features or UI elements, you'll waste extra resources.</p>
<h2 dir="ltr"><strong>Summary</strong></h2>
<p dir="ltr">Creating an MVP only makes sense if you don't have any idea about your target audience yet, which is typical in the early project stages. Once you have the right information, turn your MVP into an MLP.</p>
<p dir="ltr">And remember! MLP development is an iterative process. It'll continue until you see you've achieved what you want, which means customers enjoy using your product.</p>
<h3 dir="ltr"><strong>BTW!</strong></h3>
<p>Our experts know how to build a minimum loveable product and have relevant development experience. And we would be happy to help you with your software project.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>

<p><span id="docs-internal-guid-4741a6ec-7fff-c7ec-4162-822f8db63584">MVP is no longer working! To successfully compete in the market, you need to start by </span>creating your MLP product ⚡️ It's harder, but the result is better. But what is a minimum lovable product? And how to create one? We're happy to share with you our expertise in this regard. 💥</p>

MVP is no longer working! To successfully compete in the market, you need to start by creating your MLP product ⚡️ It's harder, but the result is better. But what is a minimum lovable product? And how to create one? We're happy to share with you our expertise in this regard. 💥

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<p dir="ltr">Modern solutions have penetrated into numerous industries including the financial field. Every day we interact with various gadgets and do not even realize how they improve our life and the state of the economy. In this article, we are going to consider the IoT in banking: the benefits of different systems and reasons to start their implementation.</p>
<h2 dir="ltr">What is IoT Technology?</h2>
<p dir="ltr">The IoT technology in any enterprise is a set of devices connected to the Internet. The holistic system is managed by special software with or without Artificial Intelligence (AI). True smart solutions, which we deploy, are able not only to collect but also to analyze data by representing it in a meaningful way.</p>
<p dir="ltr">Without a doubt, the Internet of Things is a leading technology in the near future. Specialists have estimated that the IoT market had exceeded $500 million in 2021. And the growth is going to continue: by 2027, the market will cross the $2 trillion mark.</p>
<h2 dir="ltr">Benefits of the IoT in the Banking Industry</h2>
<p dir="ltr">The Internet of Things is usually associated with smart homes but actually, the technology has a significant spread in the production and service spheres. Let&rsquo;s find out what the IoT might offer you as an entrepreneur and your clients.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Personalized service</strong>. The IoT systems are about gathering and analyzing data related to the needs and habits of your audience. As a result, you are able to provide services that would meet all users&rsquo; requirements. According to some research, one in three millennials can easily change the bank if the convenience of use and banking offers don&rsquo;t match the initial expectations.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Boosting business processes</strong>. The mainstream among the mobile banking trends is the refusal of human labor because it&rsquo;s too expensive and irrational. Automated systems can easily replace a part of employees by processing requests and operations. A good example is a time for opening a new account, which is reduced to five minutes in some modern banks and is performed in a mobile app.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Simplified switching to the online business model</strong>. There are financial establishments, which don&rsquo;t even have branches: they are operating completely online saving a decent amount of income. IoT solutions allow you to adapt faster and easier to the ever-changing world.</p>
</li>
</ul>
<p dir="ltr">Moreover, implementing IoT solutions lays the foundation for a structural transformation of your business in the future by simplifying it.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Expanding the range of services</strong>. If you know the hobbies and preferences of customers, you can offer more services. You are able to link the financial industry to channels where users leave their money. The bottom line is to provide bonuses and financial rewards to an audience segment, which takes advantage of the offers of your partners. The list may include gyms, restaurants, train stations, and so on.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Simplifying the decision-making process</strong>. The main benefit of IoT in banking is receiving answers to numerous questions about your clients. Thanks to the IoT, banks get a huge amount of information that helps them make the right decisions regarding the launch of new products and development in general.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Eliminating fraud</strong>. It&rsquo;s a merit of technologies that enhance the security level.</p>
</li>
</ul>
<p dir="ltr">Each of the mentioned things leads to one crucial goal of any company: increasing revenue by improving customer loyalty.</p>
<h2 dir="ltr">How to Apply the Internet of Things to Banking?</h2>
<p dir="ltr">It&rsquo;s impossible to cite all existing scenarios of using IoT technologies within the article. So, we are going to list the brightest ones.</p>
<h3 dir="ltr">Security</h3>
<p dir="ltr">A high-security level is the basis of the financial industry. So, in order to have a clue about who is making a transaction or trying to access a certain resource, companies must perform authentication.</p>
<p dir="ltr">Technologies aimed at your clients:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Logging to ATMs using a smartphone</strong>. Let users scan a QR code on the ATM screens to enter their personal accounts. It will allow your clients to have an expanded range of services and secure their operations;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Approval of payments</strong>. If the system sees a new recipient and the amount of money is decent, it may ask for the transaction approval through a phone call or an SMS code. The first method involves a robot that requests the user to tap, for example, the number 1 on the keyboard.</p>
</li>
</ul>
<p dir="ltr">IoT in banking aimed at your employees:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Video surveillance</strong>. It&rsquo;s not necessary to keep records 24/7: smart systems allow starting the process after detecting movements. Moreover, there are solutions, which are able to recognize people (of course, if they are close enough to the camera and are looking straight into the lens);</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Pass system</strong>. To know who comes in and out, you should take care of passcards. All the employee needs to do is scan it. After that, the data about the person will be recorded and the door will open.</p>
</li>
</ul>
<p dir="ltr">Thus, The Internet of Things provides strong data protection with multiple authentication options.</p>
<h3 dir="ltr">Expediting assistance</h3>
<p dir="ltr">Modern technologies make visiting bank branches more organized: people can sign up for an electronic queue in a special self-service terminal. The computer will display a message when it&rsquo;s your turn.</p>
<p dir="ltr">In order to save time and money, modern banks have refused the use of paper bills and documents: the operations are performed electronically; clients sign documents on a tablet and then receive a receipt by email or in a bank application. So, the benefits of IoT in banking are obvious: such an approach to the assistance process is fast and eco-friendly.</p>
<h3 dir="ltr">Offering a unique user experience</h3>
<p dir="ltr">Wallets look different nowadays: it&rsquo;s usually smartphones with NFC chips. However, there are other options: smart bracelets, smartwatches, or even rings! Everything of these is a big part of the Internet of Things, which generates a new user experience.</p>
<p dir="ltr">The last thing we would like to mention is control over cars/planes, which are in rent. IoT solutions allow tracking their locations and parameters inside them such as temperature, humidity, and so on. It&rsquo;s important to keep the transport in proper condition.</p>
<h2 dir="ltr">Main Risks You Should Be Aware Of</h2>
<p dir="ltr">We have listed numerous reasons why you should implement IoT systems. However, we are going to be honest with you: there are certain risks if you entrust the development to an unprofessional team.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Using uncertified hardware</strong>. Such devices have an insufficient level of cyber security and do not often receive updates. As a result, storing data on them becomes insecure.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Lack of visibility and device management</strong>. Unmonitored and untracked devices cause suffering. IoT in banking is about convenience and complete control, not about trying to make solutions work.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Stealing data</strong>. Such endeavors should be prevented at the hardware and software levels. Modern gadgets have special chips, which make it impossible to compromise information.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Ill-considered decisions at the very beginning of implementation</strong>. It&rsquo;s a big problem taking into account the conservatism of the banking industry. You cannot sometimes follow the mobile banking trends because your financial establishment requires preparation. And it may cost an arm and a leg.</p>
</li>
</ul>
<p dir="ltr">Agilie is here to help you implement all your ambitions despite the existing challenges. We know what a quality product should look like and how to ensure an unprecedented level of security.</p>
<p><span id="docs-internal-guid-830b3366-7fff-3584-c524-74b0ea831178"></span></p>
<p dir="ltr">Our team has the necessary expertise and resources, so feel free to get hold of our manager to start working on your project. We can also help in <a href="https://agilie.com/blog/how-to-create-a-mobile-banking-app" target="_blank" rel="noopener">creating a fintech app</a>.&nbsp;</p>

<p><span id="docs-internal-guid-254b356b-7fff-f7c2-33ec-28ae0a3b3f88">Examples of using the IoT in the fintech industries: the main benefits</span></p>

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