Predictive maintenance is often discussed by McKinsey, an American management consulting company, in its reports. They announced a $1-4T value creation in 2025 because of IoT (Internet of Things) in factory settings globally. And a huge part of this value is the result of industrial analytics and predictive maintenance implementation.  Applying predictive maintenance tools isn’t necessarily smooth—most companies discard 98% of the data collected. They’re unable to integrate collected data fully into the operational workflow due to the lack of predictive capabilities. In such cases, predictive maintenance software is one of the ways to adapt collected data into learning necessities to carry maintenance out. To implement the described tool, a variety of PdM solutions are introduced to the market.  So, what does predictive maintenance mean and why does it matter? Let’s talk about this and try to identify the basic industry challenges, enumerate PdM benefits, and outline strategies for the successful application of IoT predictive maintenance programs.

As part of the COVID-19 Innovecs Fund, the company will purchase and install an oxygen pipeline system at the Kyiv City Clinical Hospital No. 17. It is the main hospital specializing in respiratory diseases. The new pipeline will cover several buildings of the hospital at once, its total cost will be 486 (four hundred eighty-six) thousand hryvnias.  Such a pipeline will allow for carrying out timely oxygen therapy for many patients with exacerbation of coronavirus infection COVID-19 and with diseases of the respiratory tract. According to the Сhief of medical issues Tatyana Baranovskaya, the old hospital system was designed to serve a maximum of 10 patients. The new oxygen pipeline will allow doctors to save 60 people at once and increase the chances of recovery for patients with COVID-19.

What is the most common pain point for a company’s executives? Gartner, the world’s biggest IT research firm, gave a clear answer: demand volatility. Too many reasons—from weather conditions to posts by social media influencers—make buyers change their minds frequently.Worse still, things that reshape customer demands happen quite unexpectedly. Think, for instance, of how the new coronavirus may affect your forecasting, turning it absolutely upside down.  There is no magic wand to predict global situations like the “coronavirus effect.” But there are technologies to enhance the accuracy of demand forecasting. Although it will never be 100% accurate, it can be trustworthy enough to help you achieve your business goals. In this article, we look through the most popular forecasting methods, the criteria of a useful prediction, and why it is important for your business.

As we see from the 2019 Cost of a Data Breach Report, more than 500 companies around the world suffered a breach over the past year. Organizations are now creating an urgent demand for reliable, feature-rich, and trusted solutions that meet the GRC (governance, risk, and compliance) regulations, forecast risks, identify problems and mitigate them before they happen.The report data is based on hundreds of cost factors, including legal, regulatory, and technical procedures to the loss of brand equity, customers, and human productivity. The highlights from this year’s report include:For the last nine years, the healthcare industry suffered the highest cost of a breach—almost $6.5 million on average (60% more than other sectors in the survey). Over 50% of data breaches were caused by malicious cyberattacks and cost $1 million more on average than those that resulted from accidental causes. Big breaches of more than 1 million data records cost companies approximately $42 million in losses, and breaches of 50 million data records can cost companies $388 million. Companies that have an incident response team have reduced those costs to $1.23 million on average. The average price of a breach in the US is $8.19 million, more than double the worldwide average.Another report from IBM Security and Ponemon Institute examined the financial consequences of a data breach and how companies can reduce the impact.An effective GRC platform helps companies to identify the risks before they occur, centralize the entire program in one place, and integrate risk management across all business procedures.

Today, Innovecs has decided to create the “Innovecs COVID-19 Fund” in the amount of 1,500,000 (one million and a half) hryvnias to fight COVID-19 in Ukraine. The funds will be directed to support the initiatives that combat coronavirus in Ukraine, as well as to ensure the safety of the company’s employees and their families. We are working closely with all the relevant organizations that coordinate efforts to overcome the coronavirus. We are also considering the medical institutions’ need for material and financial resources. And we are ready to provide expertise and resources and contribute to combating the COVID-19 pandemic in Ukraine.

In “Supply Chain Risk Management: Advanced Tools, Models, and Developments,” Dr. Yakob Khojasteh assumed that the statement, “all the goods produced can be sold,” is no longer true. Today, production businesses should consider optimal output, supply levels, and apply risk pooling (as a form of risk management) to operate efficiently—because factors such as consumer needs diversification and business competition globalization have decreased product life cycles. SCRM solutions are demanded on the market since they help companies to evaluate, forecast, and mitigate evolving risks in their developing supply chain networks. The world’s largest logistics companies, such as DHL, provide tools for business continuity planning, logistics control towers, supplier risk management, trade compliance, supply chain insurance, and sustainable procurement.  Software development companies, including Innovecs, can customize your transportation management, assist in collecting data from multiple sources, establish tracking processes, or optimize warehousing. The company follows best practices in SCRM to enhance business opportunities and decrease risks. So, let’s learn more about modern possibilities in supply chain risk management software implementation.

ironSource, an advertising technology company, calculated that among 792K publishers on both Apple’s Store and Google Play, there are 108K of game publishers. iGaming products are only a part of them, but quite a substantial one. New and unique gambling products are demanded worldwide. One of the most interesting markets, which has been opened up recently, is the US one because there’s advantageous legislation. iGaming software developers can gain new opportunities in every region, if they are ready to collaborate with the clients deeply, propose product design on their time and budget without quality reduction. Slots game development, virtual reality casinos, sports betting, iLotteries are developed by the Innovecs teams. And, here our VP of Gaming and Entertainment, Doug Dyer, is sharing his vision of iGaming 2020 trends, market challenges, and Innovecs strengths in the field. Read the full interview by the link – https://innovecsgaming.com/blog/outsource-game-development/  

One of the largest US stock market makers struggled to stay afloat after a software bug caused a loss of $440 million in just 30 minutes. The company’s shares lost 75% in two days after the faulty software flooded the market with erratic trades—Knight’s trading algorithms launched faulty trades through nearly 150 different stocks. That’s why choosing the right system and style of management is the key to successful software development. Today, we have tons of approaches, and they all have their pros and cons. It’s a difficult and crucial task for your future or ongoing project to choose the smartest strategy as well as define objectives, budget, and deadlines.  We have investigated the most popular and beneficial software development methodologies to give you a distinct image of what the industry suggests at the current moment.

The software testing life cycle is undergoing a significant shift. And to keep pace, team leaders and executives need to “reboot” the existing specialists and hire new talent. The World Quality Report also stated that testing and QA is no longer a closing phase, but a process that emerges in parallel with development. 2020 is the year that we’re going to see the introduction of a more intelligent, self-sustaining, flexible ecosystem that stays in-line with changes.  То have a better understanding of the testing itself, let us dig deeper into the basics of the process and identify its key milestones. By definition, the software testing life cycle (STLC) is a sequence of different activities conducted during the software testing process. Typically, STLC is characterized as follows:STLC is an essential part of the software development life cycle (SDLC), but STLC refers only to the testing phases. STLC begins as soon as requirements are defined and stakeholders share a software requirement document. STLC requires a step-by-step process to ensure high-quality software.While the software product or the application is under development, the test team analyzes and describes the scope of testing, entry and exit criteria, and the test cases. It helps to save the test cycle time and dramatically enhances product quality. Once the development phase is over, the test team is ready with test cases and starts the execution to find bugs as early as possible.

Due to the coronavirus outbreak, SXSW 2020 has announced its cancellation just a few days before its start.  SXSW is the annual conference focused on advertising, game industry, design, experiential storytelling, media, and journalism to be held in downtown Austin. It was scheduled to take place on March 13-22 in Austin, TX, and aimed to bring together the best minds of the advertising and brand experience sector. Innovecs’ representative Rocky Osborn, Senior Vice President, Global Business Development & Client Success, planned to be among SXSW attendees to learn new trends, network, and to share their expertise.  While the opportunity to connect with both existing and potential partners in person is missing due to the cancellation, Rocky offers to get in touch online to discuss topics of interest, Innovecs software services, and partnership possibilities.

The e-commerce market is growing: Statista calculated that revenue would be up to 6.54 trillion US dollars by 2022, and it’s estimated that, in 2020, there will be 2.05 billion digital buyers worldwide. For business, it means new challenges in warehouse and inventory management, demand for 3pl logistics implementation, and discovering innovative response to increasing demand in accurate quick product delivery.  Technologies such as AR (augmented reality), sophisticated robotics, drones, smart glasses for hands-free packaging are minimizing company costs, boosting competitiveness, and leading to customer satisfaction. Alongside these tools, it’s worth mentioning warehouse management software-driven changes to speed up orders fulfillment or decrease inefficiencies.

Supply chain management (SCM) is a wide range of processes required to plan, manage, and execute a product’s flow from raw materials to the creation of a final product and its distribution in the most cost-effective way. SCM incorporates a set of actions needed to streamline the flow of goods and services, information, and costs by covering these stages: planning, sourcing, production, inventory management, and logistics. Companies use both business strategy and supply chain management software to create a competitive advantage.Supply chain management is a complex undertaking where each participant has to put forth much effort—starting with suppliers to manufacturers and beyond—for it to run seamlessly. Because of this, powerful SCM also requires change management, cooperation, and risk management to create alignment and interaction between all the partners. Many challenges plague the supply chain industry. A few supply chain data sources reveal that many professionals are having problems with improving their operational visibility (21.1%) and meeting the changing customer demands (19.7%). This is in addition to being constrained by cost increases and the increasingly competitive business landscape.Now might be the time for businesses to start rolling out data-driven processes to improve their overall supply chain.

Concerning big data in banking and financial systems, Financial Times provides a smart definition about both systems as a data store. They record people who have money, the transactions used to handle it, and the rules governing service provision. And Zachary Townsend, Co-founder of Standard Treasury, San Francisco, US, commented for FT that the banking industry budgets and organization headcounts could be optimized by fintech technologies to reduce operational costs, improve ROI, and raise financial system efficiency. Juniper Research estimated that more than 2 billion users would access their bank account through their devices by the end of 2018. To serve huge numbers of clients faster and more effectively, banks must turn to fintech software development companies with expertise in big data solutions. Big data is a complicated issue, but it simplifies everything: from filtering the necessary information based on the client’s name to answering the customer’s question more quickly. Big data in banking helps to perform financial processes more smoothly. Let’s see how it works.

Poor effort estimation is one of the reasons projects fail. Many other factors can also affect the software development process and lead to the project breakdown, but estimation is paramount and plays a critical role in further project progression. This is part one in a two-part series about the challenge of project effort estimation. All the information is provided by Oleksandr Katrusha, Senior Development Manager at Innovecs, and is based on his experience.