Blog

The recent banking fraud survey in 2019 revealed that modern financial institutions (FIs) have to overcome many challenges, including cyberattacks, data breaches, slow payments, and adopting digital tools. These hurdles are the main reasons why banks and financial firms have faced low efficiency and decreased customer satisfaction. All this inevitably leads to a drop in revenues. The payments today need to be faster and the security within banks needs improvements. Thankfully, the highly digitized fintech industry offers the solution – EDI or electronic data interchange. For the financial sector, EDI means seamless transactions, enhanced security, automated processes, fewer costs, elevated customer service and more. Look under the hood to see how EDI works.

I think intelligent automation can smooth certain tasks that in the past were impossible to be simplified, so not only will we have a much wealthier civilization, but the quality of work will go up very significantly and a higher fraction of people will have callings and careers relative to today. Jeff Bezos, founder of Amazon. Intelligent Automation as comprising technology in the field of RPA (Robotic Process Automation) and AI (Artificial Intelligence) is aimed at enabling business processes automation and digital transformation performance. According to the global Statista survey, 39% of respondents share the opinion that intelligent automation is implemented in their enterprises to streamline operational activities. And 32% more notice it is planned to launch RPA in a year. RPA worldwide revenue is growing constantly as it’s seen in the chart below. CMO of Softomotive, RPA solutions development company, Kyle Kim-Hays described the main 2020 trend of intelligent automation in such a way: “It’s specifically for 2020 that robotic process automation is moving from the field of back-office and IT-focused tasks and moved deeper into the production and day-to-day logistics and supply chain management operations”. So, here we propose to outline the basics of the process intelligent automation, the main challenges of the industry now, to follow successful cases of RPA application in SCM and logistics as well as robotics technologies integration to enhance operational efficiency.

The outbreak of COVID-19 has been declared a global pandemic: the number of cases has passed 1,8 million at the time of this writing. In addition to the human tragedy, there is also a huge impact on business. Currently, the responses to the coronavirus pandemic are dramatic: Governments isolating millions of people around the world The US restricting travel from Europe Thousands of schools shut down Thousands of planes parked Conferences and meetings delayed or canceled Supply chains constrained, disrupted, or closed India postponing visas for all foreign citizens (with some exceptions) Most companies ordering employees to work from home

The majority of organizations have been forced to transition to a remote working environment which has become a real challenge. However, there are some well-known technology companies that have never had a stable coworking space. Stack Overflow, Zapier, Stripe, Automattic, InVision, GitHub and many other companies have always had distributed teams. This was not an obstacle for them to succeed in the market. These companies provide teams with the necessary hardware and software, paid maternity/paternity leave, unlimited vacation, and assist in organizing home-based working spaces. Many of us have used the successful products and services these companies offer. So, how do they manage to build the work and keep everything under control being distributed around different places and without physical face-to-face communication? In this article, we are going to overview the trend of remote working in 2020 and outline effective ways of managing distributed teams.

The article was originally published here – https://hackernoon.com/software-solutions-and-technologies-to-counter-the-coronavirus-pandemic-xr383y4n BlueDot, a Toronto-based artificial intelligence company, was first to spot the mysterious virus causing pneumonia in Wuhan. On December 30, their systems, backed by machine learning algorithms, flagged the outbreak of a new infectious disease. They alerted hospitals, governments, businesses, and other clients from the private sector about the danger. Only 9 days after BlueDot’s discovery, the World Health Organization (WHO) made an official announcement about the spreading of Covid-19. Not a human, but a smart technology system, alerted the global community. The same way technologies can help us survive this pandemic.

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.

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.

The recent data breach report shows, that over 500 organizations around the globe experienced a cyber attack during 2019. That’s why businesses now demand an urgent and effective solution to mitigate such costly risks like data breaches. The key takeaways from the Cost of a Data Breach survey include: For the last decade, the medical sector paid the highest price for data breach—near US$6.5 million, which is 60% more than other industries. Cybercriminals steal more than 50% of data, and such breach costs US$1 million more than random data violations. The price of a one million data violation may charge organizations of around US$42 million, while for loss of 50 million data records, they would pay US$388 million. Businesses with incident management experts were able to lower these enormous expenses to US$1.23 million. The current price of cybercrime associated with data in the United States is US$8.19 million, twice more of the global rate. GRC software can help organizations to dramatically minimize the impact of the above mentioned cyber crimes.  

New technologies such as AR/VR, AI, machine learning, blockchain enhance game development, making software development companies introduce new and trendy products on the market. In the article, Innovecs’ VP of Gaming and Entertainment, Doug Dyer, answers the questions about game development challenges 2020, basic monetizing game models (premium, freemium, ad-supported or hybrid ones), and outlines key Innovecs strengths in game development.

In this article Rocky Osborn, Senior Vice President, Global Business Development & Client Success at Innovecs, a global software development company, provides insights in supply chain risk management, discusses main challenges and solutions, and describes real cases. 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 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.

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.