Please introduce your company and give a brief about your role within the company?
We, meaning my CEO/Co-Founder Jayavardhan B N (Jay) and myself, found Day1Technologiesas a product-first company in the AI first world in 2016. When thinking about what to name the company, I admit we were greatly inspired by the Jeff Bezos culture at ‘Amazon’ and the place it all started in – the building, ‘Day One’.
At Day1 Technologies Amazon’s never-ending start-up culture is what we want to cultivate – the culture of keeping customer interests first, focus on results, be prompt in decision making and adapt to changing external dynamics.
Just within three years of our inception, we have been able to fulfil our dream of establishing Day1 Technologies as a top global player in the AI, RPA and blockchain market. Our AI powered mobile apps and/or intelligent products are regarded among the best in the market, our RPA services are getting noticed, and we already have clients internationally that have first-hand experience of our blockchain capabilities.
Within Day1,currently I manage the marketing, sales and business side of things. I take care of promoting the brand in high growth markets, identifying new business opportunities, accelerating business growth, conceptualizing and designing end-to-end strategies. In my efforts at helping brands to bring their ideas to life, I also take care of forming strategic partnerships and collaborations.
My CEO, Jay on the other hand, is the go-to-person for all technology solutions.
What was the idea behind starting this organization?
We started off as colleagues at Sourcebits where the idea of establishing our own company germinated. Jay, the technology enthusiast that he is, was quick to realize that AI, ML, RPA and related deep tech is the future and has immense business potential. We thought of exploring that.
We founded Day1 Technologies on that note – as a one-stop destination to help enterprises and start-ups commence their journey in digital transformation. We believe that AI, RPA, NLP – these are very powerful and effective technologies, and can be of tremendous help to businesses and individuals. But unfortunately, there are not enough skilled personnel to work on these techs and there is the additional challenge of non-acceptance or worse misconceptions surrounding them. With Day1, we hope to eliminate this gap.
Technology is for all – and we want to bring it to all.
What are your company’s business model–in house team or third party vendors/ outsourcing?
We prefer to work with our in-house team. We have a team of very competent developers/coders, UI/UX designers, product/project managers, QA specialists, marketing strategists, among others who work as a team to deliver the final product. We also have a pool of adhoc consultants who are specialists and SMEs and we bring them on-board as per project requirements.
We are not averse to the idea of having third party vendors or even outsourcing at times, if we feel that the collaboration will offer value.But it’s only a once-in-a-while collaboration.
How is your business model beneficial from a value addition perspective to the clients compared to other companies' models?
Ah – the value addition of our business model. So, to understand that, let me first explain how we work, especially the business model we follow. It all centersaround the project we are working for and the product we are building. We mainly go for cash only projects, but there has also been cases where we have considered cashless equity, equity + profit share, and APEX + equity + equity share.
This means that we are ‘flexible’ in the model we follow and that in itself is the greatest value we offer our clients.
What industries do you generally cater to? Are your customers repetitive?If yes, what ratio of clients has been repetitive to you?
There is practically no industry that AI has not had an impact on . Artificial Intelligence is for everyone and irrespective of the industry or the size of the company, AI can benefit all. As a company focusing on the implementation of techs like AI, RPA, ML and the like, at Day1 we don’t limit ourselves to any specific industry.
In our 3 years of operation we have worked on products for FinTech, HealthTech, EdTech, TravelTech, RegTech, Social Media and Entertainment, FoodTech to name a few.
When it comes to repetitive customers, a simple answer would be ‘Yes.’ A lot of our customers come to us for upgrading their apps. Often, they might want to include new features or functionalities, or add an iOS or Android version – simply enhance the scope of the project. There are others who sign up for app marketing and growth hacking services, after app development. We’ve even had clients that have signed up exclusively for social media marketing services. So, yes we do have repetitive customers – at times on the technological forefront and at others on the marketing front.
Mention the objectives or the parameters critical in determining the time frame of developing a mobile app.
When building an application or providing value-added services timelines are decided based on several factors. Some of the commonly considered factors are:
- Product to be built – mobile app, web app
- Nature of the final product – MVP, CVP
- Scope of the project
- Platforms to be built on – iOS, Android
- Budget of the project
- Estimated number of resources
- Value-added services requested
In most cases, a project timeline ranges between 2-6 months.
How much effort in terms of time goes into developing the front end and back end of a mobile app?
That would be project specific. As stated previously, the average timeline of a project is 2-6 months depending on the requirements, such as whether MVP or CVP is required, and the platform it is being built for.
At Day1, we usually work parallel on the front end and back end jobs. Simple tasks like a form page would take about 3-5 days only whereas building more complex apps will take months. As a general rule, back end work takes more time than front end. So, if front end development is taking about 2 months, we can keep aside 3-4 month work for back end. That’s why we prefer to work simultaneously on both, so as to save time and make changes on the go.
For this reason, at Day1 we run projects on the agile-scrum methodology. The timeline for a sprint is usually 2 weeks. So all tasks, whether back end or front end, will be segmented into smaller sprints and the timeline will be decided vis-à-vis the complete project.
What are the key parameters to be considered before selecting the right platform for a mobile application?
Platform selection is a client privilege. Our clients decide on what platforms they want to build their product. Of course, as their technology partner we offer our recommendations, but clients have the final call.
Parameters like scope of the project, budget, target audience, geography – all of these contribute in finalizing the platform. For instance, a native application is always better than a hybrid app. Building an app for iOS will take lesser time, but complementing it with an Android app will increase app reach and downloads.
Our recommendations and consultancy is available to each of our clients, but the decision is theirs.
Which platform do you suggest your clients to begin with when they approach you with an idea (Android or iOS) and why?
Again, it’s project specific. We have to look at the end goal of the product/project, the app monetization strategy in use, the timeline, the audience pool etc. And only after considering all factors.
From a developer’s perspective, we do recommend building an iOS app before the Android. iOS is a more secure and less fragmented platform; the review process though complex is very detailed and releasing the app in Apple App Store means that we can mark most of the design and development checkboxes as done.
Also, when it comes to app monetization, App Store revenue is more than Google Play Store. It is said that in 2018 for instance, revenue from mobile apps amounted to over $45 billion for App Store, whereas the Play Store made only about half that amount.
Android or iOS, Native or Hybrid — which platform is best to use to build your app? What are your recommendations?
iOS first, Android next, but definitely native over hybrid! No two ways about that.
Android is a great choice if the app is being built for a global audience, but if time is a constraint, we recommend getting the iOS version out first. Of course, having the app released on both platforms is the best scenario, but often it might not be feasible.
What are the key factors that you consider before deciding the cost of a mobile application?
The project scope, the design assets, the technology stack, the platform, the timeline, the resources, additional value added services, pre and post app launch services – those would be some of the most prominent factors.
What kind of payment structure do you follow to bill your clients? Is it Pay per Feature, Fixed Cost, Pay per Milestone (could be in phases, months, versions etc.)
Payment is always project specific. I don’t recollect having a fixed pricing structure for any two projects.
Fixed costs would have worked, but we often have instances, when once the project commences, the client desires new features to be added or the project scope expands. In such cases, we might even have to add new resources that would lead to added costs, or if new features are added, pay per feature might also be considered.
I think in most cases, we prefer to follow the T&M model, i.e. Time and Material pricing model. This covers the human resource cost, cost of technology used and any other included expenses.
Do you take in projects which meet your basic budget requirement? If yes, what is the minimum requirement? If no, on what minimum budget you have worked for?
Absolutely! We do take projects that meet our basic budget requirements if we see there is merit in undertaking the project. A lot of our clients are repeat customers. And often, we have had instances that a project that started at only $25,000 grew to double that amount.
We are a for-profit organization, but we also understand that we are competing in a very intense market. Though there are not too many AI mobile developers in the market, we always have to stay alert. We have been regarded as a top player in the field of AI, and we always ensure that we maintain the quality and standard of the products we build.
The thing about budget is that the best resources – whether human or technology – comes at a price. And we want to work with clients who understand and respect that.
What is the price range (min and max) of the projects that you catered to in 2018?
$50,000 to $120,000 would be the average price range of the projects we are working on or have worked on.
Which business model do you suggest to your clients enabling them to generate revenue from mobile applications? Why?
We recommend a combination of different app monetization strategies. The thing is, whether iOS or Android, over 90% of the apps in the app marketplace are free apps. So we have to rely on app monetization for making money for the client.
Advertisements, sponsorships, in-app purchases, email marketing, subscription model (freemium/premium), data-driven strategies, content strategies – a combination of the most suitable methods is what we recommend to our clients.
Kindly share your feedback on how GoodFirms has been doing so far in increasing your visibility among potential clients.
Day1’s association with GoodFirms has been extremely beneficial. The platform has put us in the spotlight and the mileage has been good for us. Thank you!