Blog

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.

In the modern business environment, the rise of customer expectations impacts every part of the supply chain. Meanwhile, next-generation transportation and logistics strategy solutions are making global supply chains more intelligent, faster, user-centric, and sustainable. In the last decade, the logistics industry has made a huge leap forward and is expected to reach $12,256 billion by 2022. Since proficient logistics is crucial in reshaping the supply chain, let us see what tendencies might help you improve your supply chain strategy and therefore grow your business.

The digital consulting agency, Digital Authority Partners, reports that blockchain in the healthcare market is expected to reach $890.5 million dollars by 2023. Blockchain is treated as an effective digital technology in medicine because it improves data security, makes medical records more accurate, and cuts the operational costs for information managing and storage. These facts are proved in a scientific article published by the International Journal of Advances in Scientific Research and Engineering. HIPAA-covered entities have reported that in March 2019, the amount of healthcare data breaches increased by 14% compared to the average rate of the last sixty months. As a result, the volume of exposed patient medical records has continued to grow. In March 2019, the medical information of 912,992 patients has been either stolen or exposed.

In this article Rocky Osborn, Senior Vice President, Global Business Development & Client Success at Innovecs, a global software development company, talks about the key peculiarities, advantages, and mechanics of IT targeting. An average user is given 5000 ads online every day. Businesses must come up with new solutions to stand out and deliver their messages through the virtual wall of advertising media. The International Advertising Bureau (IAB) reported on user’s “Likes” and “Dislikes” in its annual ‘Consumers and Advertising – Key Stats’: 71% of consumers prefer ads targeted to their interests; 3 out of 4 consumers (75%) enjoy more personalized ads. To take advantage of the key concept outlined above, a business needs its digital solutions to target better through worthy options such as IP targeting advertising and cookie targeting in B2B or B2C sector. Let’s see how it works.

Emarketer calculated that ad server spending would exceed $375 billion by 2021. WebEx notes that enterprises have a more than $1.2 billion yearly PPC budget through Google. Figures prove brand communication via online advertising is important for companies nowadays. In 2019, devices with ad blockers increased from 142 million to 615 million. So, to overcome the challenge of meeting user needs and ad content, publishers must find new approaches to design, place, and implement the commercials. This article outlines the role of online media tools in managing advertising for your business.

Digital tracking has become common in everyday life. Enterprises have become aware of the pros and cons of big data and use them for industry needs. People answer all sorts of questions on their smartphone, like “What trendy things are going on sale,” “What’s happening in the world?”. They can decide to buy a Halloween costume, or make an appointment with a doctor. Big corporations, middle-size businesses, and commercial institutions come across challenges, such as big data validation, security, and solution development. Let’s explore some of these in facts and numbers.

The American Hospital Association has published its 2020 strategic report to the Healthcare IT News Platform. Among the other top trends, machine learning in healthcare as an effective solution was singled out. Telehealth and AI technologies were also emphasized as being capable of helping health systems in dealing with staff shortages, impacting the skills and competencies needed, securing patients’ health records, and increasing clinical opportunities immensely. Widespread usage of machine learning and AI is predicted in the following fields: administrative, financial, operational, and clinical. Considering these facts, custom healthtach software development seems to be highly demanded to improve monitoring of people’s health, assist in disease predictions, and protect data. Let’s see it in more detail.

Matthew Shay, president of the National Retail Federation, commented on the retail industry’s achievements in 2019 and provides insights into the future of the industry in 2020 in the December 30th, 2019 episode of the NRF podcast. He stated that 2019 was an amazing year for the industry with a lot of accomplishments. Regardless of multiple uncertainties in the political environment, such as the impact of the US-China trade war or US-Canada-Mexico relationships, retailers have found ways to become successful. According to Mr. Shay, in 2020, the industry will keep transforming digitally and adapting to new political and economic fluctuations. At the NRF 2020 conference this year, hundreds of industry leaders will discuss retail trends. For those attending the event, we have outlined the top retail technology trends to help prepare for the big show.

Microservices architecture is not a new thing in software development. However, today this approach to building applications is actively gaining traction. In 2018, Camunda conducted research and surveyed 354 companies to determine the value of microservices adoption for fulfilling digital transformation initiatives. Around 63% of respondents mentioned that the transition to microservices helped them improve user experience, employee efficiency, and save on development and infrastructure tools. The respondents also identified top reasons why they had switched to microservices: Additional reasons for switching to the microservices Today, developing a monolithic program comes with various challenges. For example, the more complicated the composition of the monolith is, the more difficult it is for developers to properly maintain it. Let’s take a look at a scenario where there are many teams working on the same monolithic program. If team B fails to deliver high-quality code, it blocks the other teams from pushing their error-free code to the environment. So, all teams wait till team B fixes the code and tries to deploy it again. All teams are dependant on each other, which results in constant delays in delivering features. Additionally, adopting new technologies while having a monolith application can be a very slow process. For example, if you want to apply a new framework, you must rewrite all the code, which can also become a huge challenge and lead to crashes. To minimize these risks, software companies have started actively using microservices application structure. However, this “monolith → microservices” transition may come with its own challenges. So, in this blog post, we are going to cover the following topics: The peculiarities of microservices architecture and some examples Benefits of microservices and drawbacks that can occur along with these benefits Successful cases of switching to microservices structure

Over the last few years, the logistics industry has seen significant evolution. According to TechNavio, the global logistics market share will increase to $357.5 billion by 2022 with a compound annual growth rate (CAGR) of 7%. Factors such as the increased popularity of online shopping, more high-speed Internet connections, and the faster adoption of mobile services can explain this prediction. As a result of this industry growth, the demand for improved transportation services has also risen. To streamline the overall supply chain management (SCM) and make it cost-effective, many small and mid-size e-commerce businesses have already started partnering with third-party logistics (3PL) services. Thus, this blog post will cover the following topics: key peculiarities and benefits of 3PL services major connectivity types between shippers and 3PL transportation providers benefits of API-led connectivity over other types

Cash still enjoys supremacy at the point of sale, but digital payment methods continue to grow, from wallets for mobile phones to wire transfers. Statista predicts digital payments will exceed $4 million in 2019 with a 12.7% YoY increase by 2023. Ecommerce’s evolution has led to the meteoric growth of online payments. According to Worldpay’s Global Payments Report 2018, online payments made up more than half of all the ecommerce transactions. Worldpay researched 36 countries and spotted 140 different digital payment methods used last year.

Artificial intelligence (AI) and machine learning are widely adopted across outsourcing companies such as Innovecs in the logistics, aviation, retail,  many other industries. Multiple market predictions prove it is really so. Thus, the International Data Corporation (IDC) claims that AI global spending will increase to $98 billion by 2023.

As the logistics market accelerates its expansion, warehouses are keeping up with the pace, which is why warehouse efficiency becomes the number one priority. Business Insider has unveiled the Technavio stats forecasting the warehousing and storage market will witness a 6% global increase from 2018 to 2022. 44% of the predicted rise is expected to take place in the APAC region. Here is how Technavio sees the upcoming change.