Cybersecurity has always been an edgy topic in the IT landscape.

With one network attack happening every 3 seconds, cybercrime is about to cost the global community some $6 trillion in 2021. 

That’s a staggering figure to think about, and a lot of damage for the digital crime victims in the form of operational costs, harmed reputation, and direct financial losses. Notably, the global protective measures expenditure this year makes up just 1% of the financial losses evoked by malicious online activities. 

Really, the subject of enterprise digital security can not be overestimated.

What are the main threats businesses should look out for, and how can they combat these issues realistically in today’s fast-paced digital environment? 

This article is going to shed some light on these questions. 

Cybersecurity threats to businesses

An old saying goes “Praemonitus, praemunitus”, which means forewarned is forearmed. 

*It is actually the motto of the US Army Security Agency, the British Royal Observer Corps, and the Australian Army Intelligence Corps – kind of a clue on the importance of knowing the dangers when we talk about security. 

As for the modern digital sphere, there are 6 main groups of threats for businesses to be aware of:

• Phishing 
• Ransomware 
• (D)DoS attacks
• POS malware 
• Insecure networks
• Modern technology

Let’s explore each.  

Phishing

Perhaps the leading cybersecurity threat for a long time already is “phishing” – a social engineering attack aimed to deploy malicious software or steal user data by deceiving the victim. 

This could be done through misleading links, fake digital personas, mirror websites, or even compromised pixel tracking. 

The idea is to earn the victim’s trust so they perform a voluntary action – something like clicking on a link, submitting credit card details, or downloading a file. This is why it’s called “phishing” – the target has to bite the hook in order to get caught. 

Phishing is to blame for as much as a third of all confirmed data tampering and nearly 80% of all cybercrime every year. 

Ransomware

A common type of software deployed through phishing is ransomware, which encrypts data and blocks access to infected devices demanding a ransom fee to unblock it.

This type of malware is very common and constantly growing in numbers, with some industries experiencing unprecedented levels of attacks in recent years. Like that, the global banking industry saw a baffling 1318% YoY rise in ransomware data breaches this year. 

With an average of 37% of organizations worldwide suffering from ransomware attacks in 2021, this 20 billion dollar question should be highlighted on every company’s cyber protection agenda. 

Denial of Service (DoS) attacks

Another way hackers disrupt digital platforms is through directed network attacks called DoS or DDoS – (Distributed) Denial-of-Service attacks.  

These attacks aim at making a web service unavailable by flooding the targeted system’s host with a superflux of requests. The server then becomes unresponsive, thus the “denial-of-service” term.

While there is no direct gain for hackers from a victim system’s stoppage, this tactic is used to blackmail or harm institutions operating on the web.

In fact, it is estimated that every third business in the US is targeted by a DDoS attack, legitimately rendering this web security threat our third critical issue. 

Point-of-Sale (PoS) malware

Another major digital security issue for businesses these days is Point-of-Sale malware. 

Since the main goal of most hackers is to steal funds, Point-of-Sale systems like ATMs, credit card terminals, and online checkouts make just a perfect target. These devices and functionalities process all sorts of customer data, including payment details, and are usually less protected than other system elements.    

A PoS can be compromised both through hardware (via remote data readers and transmitters) and software (dongles and trojan viruses) to steal and sell data or withdraw funds. 

Not exactly a new threat on the horizon, it has been determined that nearly half of PoS attacks targeted small businesses in 2015, with some breaches compromising millions of credit cardholders. 

Insecure networks

As the world is becoming remote-based, more and more people work outside of professionally protected environments – in home networks, through public Wi-Fi and 5G, and from mobile devices. 

This poses another major threat for companies and individuals as it makes it easier for hackers to intercept data, which can be especially harmful if logging into vital services, making payments, or operating sensitive data online. 

In fact, experts have already detected loopholes in 5G to WiFi data transmission and expect more vulnerabilities to surface.

Modern technology

Last but not least, businesses should look out for the threats posed by modern tech.

Technology is evolving rapidly, and so are the hackers’ approaches to abuse it. The problem is that very often, we have not yet determined effective preventive measures to combat innovation abuse. Just like with a regular virus or illness, it takes time to find the cure. 

In this regard, BlockChain, Cloud computing, IoT, and AI are some of the main technologies related to malicious online activities. 

Crypto & BlockChain 

Even though blockchain technology is supposed to provide a bulletproof network, the mere human factor along with environments in which distributed ledgers operate actually introduce loopholes for hackers to breach its security. 

People often assume that their crypto assets are impervious and forget to take the basic safety measures (like device and network security) seriously, paying dearly for it. 

Like that, it is estimated that a total of over $10 billion in bitcoin alone has been stolen since 2011 – pretty impressive for a “bulletproof” system.   

Cloud

Another group of vulnerabilities among modern tech comes with cloud technology, which is developed and adopted quicker than the associated security measures.

Just to give you a perspective, the number of companies suffering cloud attacks grew 5X times in the past year, reportedly losing over $6 million to these incidents.

Notably, it is estimated that nearly two-thirds of cloud breaches occur due to user error and could have been prevented, so professional support is definitely needed to ensure that your business is safe in the cloud.  

Internet of Things

Connected devices provide another pool of opportunities for hackers to invade people’s privacy. 

From fitness trackers and wireless medical devices to cars’ computers and smart home systems – we are increasingly reliant on the IoT devices that collect massive amounts of data and directly affect our daily lives. 

The problem is that these devices are usually less protected than systems and networks they are connected to, which provides additional entry points for hackers to abuse. So, there is no wonder why IoT attacks are increasingly frequent, with over 60,000 registered breaches just this year. 

Deep Fake

Deep fakes are powering a new type of cybercrime, with some research suggesting it’s about to become the most dangerous type of AI-related crime. 

Machine learning algorithms are now capable of indistinguishably simulating a person’s appearance and mimics from just a small batch of that person’s original photos. 

Needless to say, safety troubles mount when you can’t tell the real from fake, especially if we talk about faking government officials, business executives, or legal testimonies – the ways of abusing deep fakes are countless. 

Top industries for cyber attacks

Speaking about cyber threats, we need to understand that different industries and business types experience different amounts of digital crime.

Right now, we see healthcare, financial, and educational institutions, as well as SMBs across all other domains of activity under elevated pressure.

Let’s try to figure out why. 

Small and medium-sized businesses

First of all, most attackers choose an easy target over a difficult one. 

Having smaller overall budgets as compared to corporations, SMBs spend less on protective measures and thus are more susceptible to online crime. This is why small and medium-sized businesses get more attention from cybercriminals, accounting for as much as 43% of all attacks. 

Healthcare 

The rapid digitization of healthcare since Covid created another major target for online crime. 

To hackers, healthcare facilities represent a mixture of outdated IT systems, weaker cybersecurity measures, and a ton of valuable data like patients’ personal records and billing info. 

All this contributes to increased malice attention, with healthcare attacks doubling over the past couple of years – up to a point where over 93% of medical institutions worldwide suffered from digital crime.  

Notably, over a quarter of all cyberattacks in healthcare target connected (IoT) devices like defibrillators, pacemakers, neurostimulators, and insulin pumps. This is extremely concerning, to say the least, and can be devastating for both medical institutions and their patients alike. 

Financial institutions 

Another major target for hackers is the financial sector, mainly due to its innate relation to money. 

Here are some stats for you to consider: 

• Financial institutions are 300 times more likely to be attacked than any other business. 
• The industry was the most heavily pressured by hackers vertical market already in 2018, 
• and saw another 30% spike in online crime since the Covid began. 

And while financial institutions are generally more protected (as required by government regulations), the increased usage of online banking in unsafe environments or by untrained people really creates the loophole for hackers to infiltrate accounts and steal money or data. 

Education 

Last but not least, education is yet another industry suffering a massive spike (600%) in harmful online activity in 2021. 

This happens mainly due to the increase in online learning in recent years that comes along with using unsafe devices and vulnerable platforms, as well as unprepared cybersecurity staff in educational institutions. 

With 44% of educational institutions worldwide hit last year, schools mainly suffer from ransomware, adware, and spam. 

How To Protect Your Business From Cyber Attacks

Now that we’ve learned about the main security threats and industries under pressure, let’s figure out how to counter these issues proactively. 

All of the safety measures that institutions ought to take to protect their data, finances, and reputation can be classified into 5 groups: 

• Data,
• Equipment,
• Access, 
• Human factor,  
• and Case-specific measures.  

As usual, let’s explore them one by one. 

Data 

The first thing every business with at least one digital device in operation should check for security is data.

Information is pretty much our most precious, sensitive, and vulnerable asset. To protect it from harm, there are two simple steps: backup and encryption.  

Essentially, backup secures your data from being lost.

Backup functionalities are included in most data storage and management solutions, so you simply need to ensure that it’s properly set up and turned on, and prepare an extra storage space for the backup files. 

Encryption, on the other hand, protects data from being stolen. 

With encryption, you can secure specific files, entire disks, or the transferring data. 

To encrypt stored data, there are both in-built (Microsoft BitLocker, Apple FileVault, and Dm-crypt for Linux) and custom solutions (AxCrypt, VeraCrypt) to protect your stored data. In addition, many anti-malware solutions like Eset or Kaspersky include encryption functionalities in their features. 

And when it comes to encrypting transferring data, the easiest way to do it is through a VPN solution (in-built with most browsers) or router settings. 

Equipment

The second step to securing your business online is ensuring the safety of the devices you are using.

This comes down to: 

• Updating the software to get the latest security patches;
• Installing specialized security solutions with antivirus, anti-spyware and anti-spam filters;
• Setting up a firewall on all devices, including portable ones;
• Encrypting network data through a VPN or router settings (see previous paragraph).

And this doesn’t just touch on the in-office company equipment! 

Any device you or your staff use for business-related activities should undergo similar protective measures – whether it’s a home PC you sometimes work from, a laptop you travel with, or the smartphone you likely use for team communication. 

Access

Another security measure to protect your business from digital harm is to bulletproof account accesses.

The main way to do it is through using unique, complex passwords and passphrases, along with multi-factor authentication (MFA) to ensure that criminals won’t be able to access your system even if some of the devices or login credentials are compromised. 

Also, to protect these access details, using a private network or a VPN (virtual private network) in public ones is strongly recommended.  

Human factor

Apart from the purely technical preventive measures, it’s worthwhile to ensure that all members of your team and clients are informed and trained to operate safely in the digital environment.

In fact, it is estimated that as much as 95% of cybercrime is enabled by human error – through using insecure networks and devices, utilizing weak and repetitive passwords, opening hazardous links, downloading unverified files, etc. 

So, properly training your staff and clients to stay safe online is perhaps the best cybersecurity investment a business can make.  

Professional advice 

Last but not least, it’s worthwhile to take professional advice to protect your business. 

Hackers constantly find and invent new ways of harming businesses online, and traditional protective measures can not always prevent those attempts. Consulting with cybersecurity experts is the last, but very often the most effective measure a business can take to protect itself. 

Looking for professional cybersecurity advice? Fill out this short contact form and we’ll get back to you with a checklist of the best digital protective measures for your specific case!  

eCommerce is among the most prevalent and fast-developing business niches in the world right now, with the global digital buyers pool surpassing a stunning 2.14B this year. 

Most of them represent upper-income users, which means there is money on the table and it’s not just window shopping. So, this is no wonder that more and more people are trying to enter the online commerce game and make money here, whether big or small. 

And the first question aspiring retailers face is how and where to market one’s products and what is the easiest way to do it if you don’t already have a platform to kick things off from. Luckily for the many in those shoes, various eCommerce solutions are at their service, providing the place (and sometimes, the audiences) to sell products online, in exchange for a moderate monthly subscription or a share of the profits. 

Among such services, one of the leaders on the market today is Shopify – a global eCommerce platform that allows to easily build and run custom shops on the web. 

Now, what exactly makes Shopify stand out from the competition? 

Let’s find out. 

Description

Essentially, Shopify is the WordPress for eCommerce businesses. It enables anyone without a master’s degree in commerce or coding to set up a fully functional shop and sell products both online and offline. 

To the shop owners, it offers a wide range of tools and functionalities to conduct daily eCommerce operations. Things like product showcasing, inventory tracking and management, order processing, payments, customer communication, financial reporting, and much more. 

Meanwhile, customers may enjoy reliable service with a smoothly working interface and pleasing visual themes for a positive shopping experience. 

From such a perspective, it does seem that everyone is a winner in the Shopify formula. Is it so indeed? Let’s take a closer look at the opportunities provided by the platform and its potential drawbacks. 

Key opportunities

First of all, Shopify is realistically a great eCommerce tool for a wide range of businesses. It is the market’s #1 platform choice for setting up online stores, and the reasons for it are rather convincing: 

Workflow

First of all, Shopify offers an extremely simple and straightforward workflow, with a drag and drop interface and theme-based design to easily customize the shop according to your vision and needs, while maintaining a pleasant user experience. 

The entire process of setting up and running a store with Shopify is rather intuitive. And although there may be some issues when taking your first steps with the platform (it’s not making popcorn, after all) everything becomes clear rather quickly as you get used to the tool.

Not making selling online look like rocket science is clearly an advantage in favor of Shopify. Simplicity and convenience of usage – check.  

Budget 

Another important aspect of any business tool is of course the cost of using it. In this regard, Shopify offers a great bang for the buck. 

It comes with lots of price plans to satisfy virtually every need and pocket, from $9 a month for the Lite plan and all the way up to more pricy top-notch service. At that, Shopify offers a substantial list of free features. Things like visual themes and graphic materials, as well as versatile apps to improve the online commerce experience.   

So, budget is another pro in favor of Shopify when looking for a web store platform.

Administration

Making your eCommerce business successful requires continuously assessing statistical data and adjusting the strategy to keep up the shop’s efficiency and meet the consumer’s demand.

In this regard, Shopify’s profound admin panel provides all the tools and features to determine the strengths and weaknesses of your online store and maintain a high-level game in the back office, from inventory tracking and shop stats to financial reporting and much more. 

Management and administration – check.

Cloud Capabilities 

Reliability and performance are another two points in favor of choosing Shopify as the foundation for your web store. 

Running in the cloud, the platform can boast of refined stability and virtually unlimited computational power, unlike traditional localized servers. Therefore, you may sleep well knowing that no power outages or server overloading mess with your shop’s operation. 

The reliability of the tools you’re using grants the effectiveness of the work you do. And Shopify’s cloud-based nature is definitely a great advantage in that sense.   

User support

Last but not least, user support is another notable feat in the list of Shopify’s strengths. 

The company offers outstanding customer care, ready to help and troubleshoot any issues. And being a leader in the market of web store builders, Shopify has an extensive user community gladly sharing their knowledge and experience. 

Like that, whatever problem you may come across when setting up an online store with Shopify – you’ll most probably find a solution to it in no time. 

Given all the aforementioned, Shopify seems like the perfect solution for eCommerce businesses of any shape and form, doesn’t it? 

Not quite so. 

Alternatives

Shopify sounds like the magic wand for your eCommerce endeavors. So, why would anyone look elsewhere? 

Well, it turns out that nothing is perfect in the real world (except for Bruce Willis acting, perhaps). 

Whether you’re already using a CMS, want to have more control over your store’s SEO, or have a really large and complex product catalog – you may want to consider Shopify alternatives. If so, here are some of the most popular options available: 

Other web store builders

The closest to Shopify alternatives would be other similar eCommerce-focused website builders like Wix or BigCommerce. 

With some differences in the interface and workflow, as well as offered price plans and available features, these platforms offer generally similar opportunities to what Shopify does.

In some cases, the seemingly subtle differences may in fact be important enough to switch a platform. Plus, it never hurts to have the options, you know. 

If you’re looking for something like Shopify but not Shopify, pay attention to the following popular solutions: 

• Wix
• BigCommerce
• WooCommerce
• Magento

Conventional web marketplaces

Another Shopify alternative when selling goods online can be one of the good old marketplace giants like Amazon or eBay.

Offering unparalleled audiences, they don’t allow for as much branding and shop customization as web store builders do, yet are still great a  eCommerce solution for smaller vendors and retailers. 

If you’re just starting out in eCommerce or run a  small retail business without a massive brand behind it, the platforms below may be a great Shopify alternative for you:   

• Amazon
• eBay
• Zappos
• AliExpress
• Rakuten
• Overstock
• Etsy 

Custom online shop

Finally, there is always an option to build your own, 100% unique web store. 

Advocates of this option claim that having a custom online shop is the best choice to make, and we can only add that developing it is our craft. 

As for the mere facts, it is true that the capabilities of any website builder or similar solution are rather constrained both technology- and feature-wise, as well as in terms of the UX/UI design. Whereas when building up a web store from scratch, only imagination limits how the end-product will look like, work, and feel on the inside and out.

If that’s what you’re looking for, our team will be glad to fulfill your vision in life when it comes to: 

• Websites
• Mobile apps
• CRMs
• Individual eCommerce functionalities
• And much more

Final word

All things considered, Shopify is a god-given gift for the players in the eCommerce game. It offers a substantial range of functionality matched by cloud-based reliability and impressive performance – all at a flexible and moderately-set price.

Perfect for smaller and medium-sized shops, it has great alternatives if you don’t fit the description or look for something slightly different. To each his own, and if you’re looking for a reliable IT partner to help in your eCommerce endeavors – don’t hesitate to contact us, and let’s do business together!

Establishing good communication within teams has always been among the main factors of success for businesses of any shape and form, and it has become an even more important task and a greater challenge now that we are in the all-remote era. 

Let’s face it: almost everyone is working from home now.

The pandemic has pushed companies to adopt a remote working model and time has shown us that it actually works. At that, a lot of executives are still rather skeptical about outsourcing, fearing productivity issues, lack of trust, and miscommunication within teams. So, it’s important to know how to make it as effective as possible.

MintyMint has been providing dedicated staff and managing outsourced projects for years. We know how to make remote work effective, what works, and what won’t. And although it doesn’t come without a fly in the ointment, it’s very possible to make remote work even more effective than in the office.

In this article, we are going to describe all the pros and cons, potential issues, and solutions associated with remote work.

The main remote work issues

First of all, you can’t just send people home and expect smooth remote teamwork.

Here’s what you’ll need to take care of:

• Establish an effective communication
• Supply required software (and hardware)
• Resolve organizational issues
• Oversee team processes and KPIs
• Ensure staff discipline

Your people need guidance, process tuning software, and oversight to ensure an effective workflow. Otherwise, remote work can be extremely ineffective and disappointing.

In fact, here are some of the main struggles for remote workers, according to themselves:

Now, how exactly does one do that?

Let’s move on.

How to make remote work successful?

On the brighter side, remote work can make your teams happier and more productive, provided everything is set up properly. Here are our main tips for making your operations productive.

1. Communication

Perhaps the most important aspect of remote work effectiveness is team communication.  

That is why we’ve compiled a list of the main principles to check with that’ll help to make your online communication purposeful, relevant, and successful. 

Choose the right software

One of the first things to get clear with on your way to perfecting online meetings is to choose the platform where they are going to be held. 

There is already enough of the human factor involved when it comes to remote communication, so you don’t want the software to slow the process down even more. 

As has been mentioned, there is a wide variety of video conference tools available on the market, from good old Skype to more recent solutions like Zoom or Google Meets. Most of them have a free version for you to try out the app and offer advanced functionalities per pay. The price plans and feature sets also differ, so you’ll have to look at the options and find the best one for your setup and needs.

By the way, here are some of the most popular tools to make communication easier for you and your team:

• Daily communication: Slack
• Video conferencing: Google Meet.
• Scheduling: Google Calendar.
• Project and task management: Trello, Asana.
• Time tracking: Toggl
• Internal documents and JDs: Notion, Confluence.

Predefine the subject

Another important thing to do when establishing a call online is to define the topic and goals for the meeting and share it with the participants. 

Having this information will not only allow your colleagues to think through their point of view on the subject and come up with potential suggestions beforehand but will also help the team tune into the conversation and tackle the task a lot better.    

Determine the timeframe

Another important point to consider when preparing for an online meeting is determining its timeframe. 

Effectiveness is about fulfilling a particular task with an adequate amount of resources, time being the main one. So wasting none of it is essential when we talk about effective meetings. 

More so, there is substantial evidence supporting the theory that a task takes as much time as is allocated for it. Like that, cutting down the estimated timeframe may speed up the working process, too. And visa versa, the more vivid those time limits are the more likely the resolution is to be postponed. 

Set up a timeframe for your meeting, whether it’s a regular weekly update or a team brainstorm, and set up an alarm to know when it’s time to wrap up.  

Keep it intimate

Having too many people at the table may drop the discussion effectiveness even in traditional meetings. And when it comes to online chats – the problem magnifies tenfold. 

If there’s an announcement to make – you may surely add as many participants as the software you’re using allows. But if there is a heated discussion in the plan – it is better to keep the number of participants down. Or, you can divide the meeting into several consecutive ones when discussing an important topic online.  

Record the meetings

Unlike traditional in-person conferences, online calls provide a bright opportunity to easily record the entire chat. 

This way you can keep track of everything discussed and revise the meeting if needed, without having to distract from the conversation to make notes on the go.

Whether you need to write down ideas and key takeaways during the discussion or not – is entirely up to you. That said, recording and revising calls is among the main ways of improving the effectiveness of meetings online.  

Communicate frequently

Just like any activity, consistency is extremely important for boosting the effectiveness of remote meetings. 

On one hand, calling up frequently creates a habit that adds structure to the routine and reduces the subjective stress from participating in high-engagement activities like daily meetings. Believe it, you can easily stress online, too.

On the other hand, it will inevitably make your meetings go more smoothly and to the point, which is another important factor for boosting their effectiveness. 

2. Performance and KPIs

What you expect from your teams will depend on the type of business you manage. For example, your customer service teams may need availability between certain hours, while your design team may be able to pick up a project at any time of the day. Whatever your expectations are: clearly let people understand from the very beginning and make sure everyone fully acknowledges the rules.

Here are a few things you should think about and discuss with those you work with:

• Working hours. Please make sure that people know whether their schedule should be the same or whether it may be more flexible when working from home.
  
• Availability. In case you need to know when your teams are present, make sure that you have a process to inform you that they are outside their workplace. The Slack tool is really useful here because you can set your status by letting everyone know that you are at lunch, meeting, or on a trip to the doctor.
  
• Processes and priorities. Please remember that some types of work may be possible from home, while others may not and you may need to review some of your processes and priorities and adapt them to work at home. Also, make sure that you report any changes in your life and work to your teams.

3. Data Security

Remote work inevitably leads to new security considerations. Every employee should know exactly what needs to be done to stay safe online while working at home, and it is your responsibility to manage that.

Here’s a short checklist to help you:

• Only work on trusted devices.
• All desktop and laptop computers must use full disk encryption.
• Home routers should not use default passwords and should be checked for firmware updates.
• As a rule, try to minimize the storage of confidential customer data on local devices (like contracts, invoices etcetera). Encourage your team to routinely check their local storage and clean the sensitive data.
• Use database software tools to securely store passwords. Try 1Password (subscription) or KeePassX (freemium).

4. Feedback

Last but not least, improving any process requires collecting feedback and implementing the changes accordingly. 

Every team’s setup is unique. So, beyond the basic rules laid out in this article, it’s up to you to find “the recipe” that’ll match your goals and needs the best. 

Look at what went well and what didn’t in the past several online calls, and ask your colleagues for suggestions to improve the communication. Remember that flexibility is the way to go when looking for the best approach.    

Tips for the employees

Maintaining a healthy balance between the work and personal life of your teams is as important as creating the structural basis for remote work. Disconnecting from the office environment and spending too much time at home may be stressful, so be sure to encourage people to take breaks and spend time away from their jobs – seriously, keep that in mind. And of course, there are also many ways that employees can help themselves:

– Set up your workplace

In case you have a free room for use as an office, then this is just perfect for you and your work. If that’s not your case, you may use your kitchen or living room, or go to a coworking space altogether. Of course, working from a sofa or bed can be very tempting, but when professional and personal spaces intersect, it can be difficult to disconnect and switch specifically to work. Also, it is extremely challenging not to fall asleep when you work sitting on a couch.

Ideally, you will have two devices: one for work and one for home. In case this is not possible, the use of a laptop with a monitor and keyboard, rather than on your lap, can serve as a mental signal to separate work and personal time. It is also a good idea to split up the hard drive and create a separate account for work.

– Dress for work.

We are not talking about a full suit and tie. However, wearing comfortable and at the same time presentable clothes, rather than plain-looking pajamas, will greatly help you focus on the work. It also means that you are ready to walk your dog out and get some fresh air, which is crucial for maintaining productivity.

– Adhere to the regular schedule.

Even if working from home means that you can be flexible with your time, setting your own deadlines and meeting them helps to maintain a balance between work and personal life. This, in its turn, will free the time for everything that you were planning to do for a long time.

– Take a break

We understand that without a walk to the station or a walk at lunch, it is easy to become sedentary, working from home. Therefore, we advise you to take a walk while you, for example, are talking on the phone. With the help of such walks, you will not only not worsen your own health, but also make your remote work more productive! For example, the 1Password tool offers everyone the opportunity to spend on healthy activities away from the keyboard; be it yoga classes, a monthly kayak ride, or a subscription to the meditation app.

Here’s a brochure to share with your colleagues:

Keynotes

• Put your employees’ well-being first
• Don’t be scared of switching to remote work. Doing it not only will you protect yourself and your family from the Сoronavirus disease, but also receive additional benefits.
• Stay safe and healthy!

And if you’re looking for a remote-ready team of professionals to fulfill a project without a headache – MintyMint is always at your service.

Keeping up with the competition and making consumers satisfied with your digital product in 2021 requires maintaining its program component at the highest level of quality standards. 

One of the ways of achieving this is by frequently revising and improving your code. In this regard, there are two main approaches to keeping the software tight – refactoring and reengineering. 

Today, let’s take a closer look at these two practices, explore their differences and discover the main benefits updating your software has for the business. 

As usually, starting with the definitions first… 

What is software refactoring and reengineering?

Essentially, both refactoring and reengineering aim at rewriting existing computer code to improve the internal design, structure, and/or implementation of the software, while preserving its external functionality.

Refactoring describes changing bits and pieces of software while keeping the core of a program mostly untouched. Meanwhile, reengineering implies making fundamental changes to a program’s structure and design – whether adapting the software to a new hardware platform, changing its programming language, or shifting it to a new dialect. 

Like that, there are three main types of software reengineering practices. Those are: 

• Porting – when a program is adjusted to operate on different hardware.
• Translation – when the code is translated from an old (legacy) language to a new (modern) one.  
• and Migration – when the code is shifted to a new dialect of a language without changing its intrinsic nature. 

In essence, the two practices in question often overlap as all reengineering consists of a series of refactoring initiatives.  

To provide a real-life example for reference, let’s compare it with fixing an old car. One way is to only fix the parts that have worn out, so it represents virtually the same car inside and out, with just some fresh details. That would be refactoring. Or, you can strip the car down and replace its engine, suspension, transmission, etc., or even make it gas-powered. That’s reengineering.  

You choose the best option depending on your setup, resources, and needs. At that, it should be noted that just like with the car, reengineering will often take a lot more time. 

Now that we’ve got it clear about the nature of software redesign, let’s move on to its key advantages from a business perspective. 

Benefits of software refactoring and reengineering

Dealing with the legacy code is perhaps the developers’ second least favorite activity (right after jumping off a bridge). It is also the most common cause of spilling coffee over the keyboard in rage. 

So, why do it in the first place? 

It turns out there are three rather convincing reasons for a  business to consider rewriting their product’s code. Let’s look into each in particular: 

Long-term Profit

The first thing to think about when considering any business initiative is its monetary value. Although rebuilding software implies immediate spendings, the long-term return on investments from updating a digital product will cover it tenfold in the majority of cases. 

Just within the US, various software failures have cost businesses a whopping $1.7T back in 2017 with the figure growing by over 60% in a year. That’s definitely one piece of statistics to consider if your company’s budget is anywhere among the main concerns. 

And even if there are no code-related issues affecting your business directly right now, a proactive approach will definitely save a good buck on resolving those issues in the future. It’s well known that it is a lot easier to prevent sickness than to cure it. So, redesigning a website or an app is definitely a forward-thinking decision to make.     

Product Quality

IT technology does not stand still, and applying new software development methods or polishing the existing code will always have a positive effect on its performance. So, quality is another major point to factor in when considering adjusting or rebuilding a digital product. 

How old is your platform? Perhaps it’s worthwhile to shift the servers to the cloud for better flexibility or to scale up. Maybe it’s time to change a part of your tech stack for newer technology. Or quite possibly, it’s a good idea to rewrite the entire program in a different coding language. 

Whatever it is, properly redesigning your software will improve how it works, looks, and feels, which the end-users will definitely enjoy and value big time.    

Safety and Security

The older a piece of software gets, the more likely it is to suffer troubles operating within a modern environment. From integration and maintenance to update – it surely won’t hurt to keep up with the latest tech trends and ensure that nothing goes wrong when least expected. 

In fact, refactoring bits and pieces of your code may help you to avoid the need of re-engineering the entire product as time passes, which may be a lot more costly and time-consuming. 

Gradually modifying software also reduces the risks of losing valuable business data or stalling the product, so you can update a website or an app without worries in a safe and secure way.  

When to consider product update

Now, all of the above sounds promising and great. But how does one tell if a digital product is in urgent need of an update or revision? 

In this regard, there are a few red flags to consider, too. 

Functionality 

The first and foremost hint suggesting you need to consider refactoring or reengineering comes after answering the following question: 

Does the product you’re using fulfill all of the functions it was designed to and are the users fully satisfied with its functionality?  

If everything is up and running and users are happy, then there is probably no need to bother with software redesign, at least no urgent need. You may still consider the long-term benefits of updating the software, and ask your IT team to scan the product for potential bottlenecks and issues. But bear in mind the “don’t fix what isn’t broken” philosophy and try to focus on the urgent and essential.  

Performance 

Is your app or website working quickly and smoothly enough? 

If so, good news! But if it’s not, you don’t want to waste your users’ time keeping the outdated products around and “beating the old horse”. Invest some of your time and resources into reengineering or refactor the bottlenecks of the software, and you’ll see that you return a lot more once the users notice improvements.   

Bugs

If bugs and errors are popping up quicker than your team is able to fix them, it is definitely a sign to look at the code structure behind your digital product and change it. 

In fact, nothing spoils the user experience and perception of a business bigger than product bugs, so it’s better not to ignore the issue if there are any, even minor ones. 

Platform Change

Last but not least, you may want to consider rebuilding your software when shifting to new hardware or software environments. 

As already mentioned, maybe it’s time to move to the cloud or shift your product to a new coding language altogether. Talk to your IT team and discuss the need to change the basics and potential benefits.  

Final word

All in all, redesigning your app or website is an important topic to look at frequently, with a lot of potential in it. 

Whether refactoring a part of the code or reengineering the entire product, it is worthwhile to think everything through, compare the pros and cons, and evaluate potential issues. If done properly and at the right time, updating your software will definitely be a change for the better for both you and your service consumers.   

Want to learn more about software restructuring? Feel free to contact us and we’ll answer all your questions!

Effective data analysis is among the main pillars of successful decision-making in business. And while it is rather clear how collecting and evaluating data can help your company move in the right direction, choosing the right business intelligence tool comes with a lot more open questions. 

Among the myriad of such tools present on the market today, Power BI and Tableau are perhaps the two most popular corporate solutions. Both of them are high-grade applications, with a good level of integration, rich functionality, and advanced data visualization features. 

What is the difference between them and how to pick the right data analysis software for your setup and needs? 

To answer this question, let’s compare Power BI and Tableau in relation to their main descriptive characteristics. We will look at nuances of application and setup, integration, pricetag, and additional features. And of course, we’ll explore some alternative data analysis options, too. 

So, let’s jump in! 

Application

One of the first noticeable differences between Power BI and Tableau is their respective target audience. 

Power BI is designed to operate mainly within a Microsoft products environment. It uses Azure, SQL, and Office 365 to aggregate data and offers affordable data analysis. For those of you who already rely on MS products for business operations, Power BI is definitely a go-to business intelligence tool to choose. 

Meanwhile, Tableau is designed to fit in well with custom corporate environments and ERPs. A great choice if there is a couple of data engineers ready to set up and fine-tune the tool with your company’s software system. Overall, it is a lot more corporate-orientated. 

Setup

Naturally, an app’s setup is important in establishing a convenient and effective workflow. In this regard, both solutions offer a good degree of flexibility, although somewhat different in form. 

Like that, Power BI is available on three platforms – desktop, mobile, and as a service. So, it allows you to choose the most comfortable option and switch between them when needed.  

Whereas Tableau also comes in three forms – Tableau Desktop, Tableau Server, and Tableau Online, which you can easily synchronize and shift between while at work or to collaborate with your team.

Integration

Another important point of comparison between Power BI and Tableau is their integration with outside data sources. In this regard, both business analysis tools can be connected to a wide range of third-party technologies. Including Google Analytics, salesforce, marketing sources, etc. 

At that, while Power BI offers a lot of preconfigured dashboards and templates, its counterpart is more about manually defining what type of data you want to extract and how to use it. So, it kind of requires a bit more expertise from the user or doing some research. 

Interface

When it comes to the user experience of the two apps, both offer a wide range of functionality, are fairly easy to use, and utilize a drag-and-drop approach to operate data.

Power BI’s design focuses a little bit more on intuitive workflow, ease of use, and live data analysis. All of this allows to achieve zero time waste and apply gathered insights in real-time.  

Meanwhile, Tableau’s dashboard requires slightly more time to get familiar with as compared to its peer. Gravitating towards a more query-based workflow, it offers rocket-fast analysis with its revolutionary data engine.  

Price  

Speaking about pricing, both products offer a good level of flexibility, although stand slightly apart in terms of the overall cost. 

Power BI’s pricing model is rather straightforward. There is a public (free) version, a subscription-based plan, and a scalable premium option available at your service. Each of the for-pay options is moderately priced. And being deeply rooted with the Microsoft software, it’s a rather cost-effective solution especially for those already using MS products.    

Meanwhile, Tableau’s pricing plan may seem quite confusing at first sight. They charge differently depending on the type of data sources and third-party apps you apply, as well as the way they are integrated. However, it’s rather flexible at the same time. All in all, designed with corporate users in mind, Tableau comes at a slightly higher price tag than its rival. You may check their pricing calculator over here.   

Additional features

As for the additional perks, both business analysis tools come with mobile applications for getting quick insight on the go, and both have extensive web communities and user support to help you get the best experience with the software. 

Power BI can boast of a natural language query processing that allows you to simply ask it questions and get data. Just like you would with the Google search.

Meanwhile, Tableau can be quite proud of its Hyper data engine. It’s claimed to enable one of the fastest data import and analytics available on the market. 

So, both products really have something unique to offer.     

Alternative tools

Naturally, there are other great business intelligence tools on the market. So, if all of the above did not convince you to pick either of the tools mentioned, here are additional options to explore: 

• Google Charts 
• Visme
• Infogram
• Sisense
• ChartBlocks
• DataWrapper

You pick the right one for you. 

Conclusion

Effective data analysis is crucial, if not defining, to make great decisions and stay competitive in today’s business landscape. 

Both of the business intelligence tools we looked into today will do the job. Power BI is an extremely user-friendly solution that offers a great bang for the buck, whereas Tableau seems to slightly step up the data analysis game and be more of a corporate-orientated solution. 

By any means, you will no regret it whichever tool you choose, so pick the best one for you and let it help your business thrive. 

And if there are any questions left regarding the data analytics market or a different topic – feel free to reach out!  

Continuing to review digital transformation trends across industries, it’s time to take a closer look at an indispensable sphere of commercial human activity like transportation and logistics.  

The state of digitization in logistics

More than half of logistics management believe in reviewing operational models to stay relevant as the world is shifting to a digital-first, remote-based realm where less and less trade is conducted in person

At that, the global online shopping boom has grown even more since the introduction of quarantines last Spring. All of this creates an increased demand for appropriate tech solutions in the logistics industry.

Technology trends in the logistics industry

The three main technology trends are fueling digital transformation in logistics and supply management right now. Those are IoT, AI, and Blockchain. 

Let’s look into each one in particular.  

1. Internet of Things in logistics

One of the main technologies pushing digital transformation in logistics is the Internet of Things, aka telematics. 

Supply management implies moving a ton of orders around countless locations every day. Making such a process effective, it makes a lot of sense to connect items, vehicles, and personnel into a mesh of trackable data, creating a completely coherent network.

To do this, the following tech solutions are adopted right now: 

Autonomous package delivery

• Drones 

Drone delivery is gaining momentum among retail and eCommerce businesses. Drones facilitate same-day delivery to poorly accessible areas and traffic-clogged locations, saving the day when the traditional delivery options simply don’t work. 

• Driverless Trucks

Over 65% of global goods transportation runs on trucks. Driverless vehicles help to reduce costs associated with vehicle maintenance, personnel employment, and road accidents. In fact, automated truck delivery can save transportation companies as much as 45% of operational budgets.

Smart warehouses

IoT-based WMSs (warehouse management systems) monitor warehouse goods on an item level. They can help companies boost order-placement efficiency through precise inventory monitoring and automated goods management.

Digital wearables

Adopting trackable wearable devices for employees in logistics can help supply chain management monitor and oversee the delivery process with higher accuracy. Meanwhile, it facilitates hands-free workflow for the personnel, boosting their work efficiency. 

2. Artificial Intelligence in logistics and supply chain

Transportation relies on analyzing both historical and real-time data, and AI plays an important role in meeting this need.  

The aforementioned mesh of connected devices generates a ton of data, which only AI can effectively comb through. This, in turn, allows businesses to determine efficiency issues and find appropriate solutions.

Technology-wise, here’s how the logistics industry can benefit from adopting AI tech: 

Inventory forecasting software

Although still in the development stages, intelligent demand forecasting solutions are already outdoing traditional methods, allowing to predict future product demand and keep the supply in check. 

Smart shipping and tracking

AI can help logistics companies optimize shipping and cut associated costs by analyzing real-time data on shortest routes and traffic jams, as well as availability of staff and vehicles / drones. 

Workflow automation

AI-backed workflow automation and robotization of the workplaces is one more way intelligent software can bump up processing capacities and improve daily operation in supply management.   

3. Blockchain in logistics

A distributed ledger can be extremely useful in logistics and supply chain management.  

On one hand, Blockchain allows to securely store operational data about the origin and location of goods, transportation conditions, expiration date, etc., and use self-executing smart contracts to automate trade. On the other hand, it provides bullet-proof security, making Blockchain-based products virtually impenetrable. 

You could say it’s a “buy one get one free” type of technology.   

Challenges in the logistics industry

Digital transformation in logistics and supply chain management is facing several obstacles on the way to a brighter, automated future.

Those are:

– Insufficient IT expertise

Some 40% of top management in logistics blame unsuccessful business transformation on the lack of appropriate IT training and skills. In fact, most of them consider engaging third-party services and outsourced talent to close the expertise gap. Such a lack of specialists within the niche causes poor technology processes across the entire industry.

– Slow technology adoption

While every second supply chain management company runs on legacy software, a quarter of all industry businesses don’t have a digital transformation strategy whatsoever. More so, only one out of five industry executives is leveraging operational data to improve workflows. This makes companies operate in “good old” and often inefficient ways.   

– Outdated IT solutions

Apart from the ominous human factor, the very technology imperfection often slows down digital transformation in logistics. Like that, connectivity issues and security holes across the supply chain, as well as imperfect delivery tech are some of the main pain points in the sector, causing billions in financial losses.   

– Data security

Another major pain point for both companies and service consumers in logistics is security and reliability of software systems.

Custom logistics software development

Given the huge demand for niche software on the market, it is rather lucrative to invest in these kinds of solutions right now. 

Here’s a list of the main directions to pick when thinking about niche product development for the transportation industry: 

• Inventory and order tracking
• Smart warehousing
• Routing (mapping) and shipment optimization 
• Autonomous transportation
• Drop-shipping and same-day delivery
• Transport cost optimization

The future of the logistics industry

The logistics industry is evolving rapidly on all levels, with AI, Blockchain, and IoT fueling the process. While a lot has been achieved in this direction already, the transformation is still happening. This creates a wide pool of opportunities to seize and leverage both business-wise and in terms of technology development.

Want to learn more about IT product development in logistics? Contact us to get all the answers!  

Just like many other traditional industries, education has been shifting to a digital-first dimension for quite a while. Seemingly approaching its pinnacle since COVID, digital transformation in the education industry is only picking up speed right now, and we can watch an actual e-learning revolution happen right in front of our eyes.   

How big is the progress so far and what opportunities are there in the e-learning niche? Let’s find it out. 

Accelerated online learning

In April 2020, almost 90% of enrolled students around the world were affected by quarantines. Nationwide closure of schools was recorded across almost 200 countries, affecting about 1.6 billion people – a staggering audience to think about when we talk about digital transformation in the education industry. 

Here’s a map to grasp the scale of the COVID impact on the global education system:

*by Ourworldindata

This year’s contact limitations didn’t allow many options for schools but to rethink the standard model of knowledge distribution and adapt to the challenges of the new world. Remote schooling has become the new norm on all levels – from early education and tutoring to higher education, professional growth courses, and non-academic training. 

Naturally, such a great demand requires a lot more than an outstanding supply of hardware. This is less of a problem since most households and learning facilities in the developed countries have access to a wide range of tech. The real challenge is to develop appropriate software tools allowing schools and students to fulfill regular activities without sacrificing education quality. 

The e-learning revolution

Speaking about the types of digital solutions helping students learn at distance – the list is virtually bottomless. 

Right now we’re seeing major efforts at improving web classes, automating student and work assessment, and digitalizing course materials via smart textbooks, rich video content, slide show presentations, and much more. In this regard, Kognity and Lix Technologies are two startups leading the race at the moment.

Secondly, improving general education accessibility and support within the sector, especially for college and university students, is another major focus point right now, with Graduway and Teacherly delivering some great results already.

Various administrative tools for conducting the educational process online are also being developed lately. They include digitalized school payments and fee collection software, student attendance tracking, and education monitoring applications. And don’t forget about language adaptation and designing a new learning model for students with limited abilities.  

Meanwhile, the task of digitalizing is rather simplified for adult and post-degree learning – where online courses have already been adopted well before the pandemic. 

All this being the case, digital learning remains unsaturated product-wise, as the demand for niche solutions exceeds the current market supply. 

Edtech investments and initiatives

Given the timing of COVID and further uncertainty about quarantines and travel restrictions – entrepreneurs see a high time to put both their time and resources into the development of edtech businesses and startups. 

In fact, experts predict edtech investments to reach $7.5T in 2020, growing an estimated 15% in a single year, and over 4 times since 2014. 

Right now, the UK remains the largest hub when it comes to digital transformation in the education industry, receiving almost 40% of Europe’s investments in the sector.   

Speaking of which… 

While businesses are the main drivers of progress in edTech adoption, governments also play a part in the process. In this regard, Estonia’s legislators show a good example by not only supporting internal edtech market but freely sharing the developed tools and technologies with the rest of the world.

Notably, a lot of digital education initiatives are occurring in third-world countries, where the pandemic has hit the already crisis-affected regions. 

Like that, international humanitarian organizations and private foundations are backing versatile tech solutions in cooperation with ministries of education. Right now they are helping students and families in places like Sudan, Uganda, Lebanon, Jordan, Chad, Bangladesh, as well as Kenya, and multiple African countries access affordable education and continue learning.   

To get a glimpse of the variety of current edtech projects, check EdTechHub’s list of the most relevant startups in the sector. 

Final word

The global education system is undergoing a major transformation on all levels. Both schools and universities, as well as non-academic educational institutions, are switching to a digital-first approach. This means an increased demand for niche software development and technology maintenance. 

Online learning is becoming the new norm, and the trend does not seem to be reversing anytime soon. Therefore, investing in custom e-learning solutions is decisively a winning business move right now. 

Need help or have questions regarding digital opportunities in the education sector? Contact our team to discuss it! 

Unlike many other industries, real estate is booming in 2020/2021 and so is digital transformation within the industry.

As the pandemic hit businesses of all types, immovables seem to be the bullet-proof asset everyone is looking for in turbulent times. The real estate market is on fire, but the competition is fierce, too, so poor acquisition choices or property mismanagement can be financially fatal.

Now, what can resolve such issues better than software?

Real estate software development and IT services

Technology has helped to overcome challenges in almost every sphere of life, and real estate management is not an exception. More so, custom software has already proven to be a golden goose for the industry. 

Here’s who can benefit from custom property management solutions: 

• Real estate agencies
• Private and corporate facility owners 
• Landlords and tenants
• RE startups

Now, let’s look into what we can offer to each of these groups.  

1. Real estate agents and agencies 

Before anyone else, it’s real estate agencies and individual realtors who can benefit from custom digital products. Whether it’s a single-page business card or a fully-fledged digital platform with CRMs and admin dashboards – building up a strong online presence is the right move.

Here are some of the products and services businesses usually look for:

• Web and mobile apps for realtors and agencies
• Customer relationship management (CRM) and marketing tools
• Facility search and listings 
• Multiple Listing Service (MLS) and IDX integrations
• Accounting and document turnover 
• E-signature integration 

2. Private and corporate facility owners 

Managing property is not an easy task both in the private and corporate sectors. Especially owning multiple homes or offices, apartment buildings, warehouse spaces, etc – things get pretty messy without effective management. 

For businesses with many locations (like food chains, hotels & resorts, fitness clubs, multi-office companies) – having the following may be a lifesaver: 

• Utility billing and energy management tools
• Accounting and financial integration 
• Document turnover software 
• Customized reporting and data analytics
• Maintenance work oversight

3. Landlords and tenants

Selling and buying property is just the tip of the Real Estate iceberg.

Another big chunk of the industry is renting & lease, which is even more intense and than trade. 

Landlords and tenants know it’s not easy to find a good place to stay at – on one side, and a reliable person or business to trust your property to – on the other.

Here’s how landlords and tenants can benefit from custom real estate software development: 

• Applicants screening tools and lease management
• Customized reporting
• Accounting and document management 
• Online payment functionalities
• Reliable communication channels
• Maintenance work oversight

4. Real estate startups

Given the state of the real estate industry, it does not take a college degree to see that it’s high time to occupy a niche in the industry. RE aggregators are gaining momentum but are usually limited to a particular city or area. Therefore, there’s plenty of opportunities to leverage the current market rise and find your spot under the sun while helping others find theirs. 

So, startups and individual entrepreneurs are another large group of clients looking for digital products in the real estate industry. Here are some of the popular options: 

• Custom web and mobile apps 
• Facility aggregators 
• Property management software
• Accounting and financial integration
• CRM solutions
• Real estate data analytics 

Disruptive innovation in real estate

Apart from everything mentioned above, it is possible to develop or integrate an AI-powered solution predicting property price fluctuations and investment potential (similar to one of our fintech projects – OxfordRisk).

The algorithm works based on evaluating key facility metrics like location and area, property type, and previously recorded trade prices. It then compares it against the market’s big data, estimating the property’s value over time.

Not only does it help to understand a property’s actual price and investment potential, but also to predict the best deal moment.

Final word

Real estate is booming worldwide.

Whether you own property, manage facilities, invest in real estate, or help others do the above-mentioned – there are great challenges and opportunities on the way.

Successfully meeting the first and seizing the second requires proactive action and leveraging the power of technology. 

Want to learn more about digital opportunities in real estate right now? Contact us to ask any questions! 

Doesn’t it seem like science fiction writers lay out the path to our future?

Even in one’s twenties, it is astonishing to look around and see all the things you’ve read about in books as a kid – gradually take shape and compose the new realm. Literally everywhere, sci-fi movies are becoming less and less fictional. Now, what can be more futuristic (except for space tourism, perhaps) than a mesh of digitalized intelligence covering every level of our daily life? 

Believe it or not, this is exactly what technologies of the future like AI, Big Data, and IoT are facilitating already today. Essentially, all three are sides of the same pyramid, the tip of which is a “smart environment” (a.k.a. pervasive computing).

Here’s how it works: 

In a smart environment, objects of everyday interaction contain sensors and computers which compose a fine network of smart devices. That’s the Internet of Things. Now, all of these devices generate a gazillion bytes of information (read on for a more accurate figure) that has to be gathered for smooth operation and maintenance. That’s Big Data. Finally, processing and effectively implementing all of this data requires super-human intelligence powered by next-gen computing capabilities. You guessed it right – that’s Artificial Intelligence (potentially run on quantum computers, for performance reasons, you know). 

These are the bases of a smart environment. And if it sounds one bit fantasy-like, here’s a reality check for you.

The state of technology

Remember all those movies where the protagonist has information popping on the eyeglasses and his physical condition constantly assessed? This doesn’t even sound futuristic anymore.

These days a fitness bracelet will not only track mileage but also measure your heart rate and blood pressure. It will then alert you or medical personnel should an emergency or worsening medical condition be detected. Self-driving cars avoiding traffic jams and accidents? That’s kids’ stuff! How about facial recognition surveillance systems appraised for helping fight the pandemic in Asia?

Mind you, all that’s mainstream. Now think of what they’ve got for us in the labs. Personally, I am looking forward to some “5th Element/Minority Report/Black Mirror/Brave New World” type of innovations… The tech part of it, of course.

Ok, let’s get back to the topic.

While AI, Big Data, and IoT aim at improving our lives in the bigger scheme of things, the change doesn’t come overnight. Before all of those fun and grandiose things are fulfilled, a much more prosaic path awaits the revolutionary technologies. Traditionally, big business is among the first industries to adopt a new approach for its own benefit. 

Btw, here are some numbers for a clearer picture of future-tech trio adoption over time:

*According to Verified Market Research, Datanami, Gartner, Seagate.com, Securitytoday. 

As you can see from the graphic above, the combined trend of AI Big Data & IoT is huge, to say the least. Once again, the main idea behind these technologies is for artificial intelligence algorithms to analyze the data collected from the myriads of devices hooked up to the internet. Therefore, it makes no sense to separate the three when looking at how they affect modern business processes. So, it is thoughtful to use the term “future tech” – for convenience, clarity, and simplicity. 

AI Big Data IoT application

As already mentioned, commercial enterprises are the first to include robotic automation in their strategic arsenal. At that, there are two main areas where high intelligence technologies can be used to resolve the issues companies often struggle with or want to improve. The first one refers to the internal company processes, like Operation & Management, Recruiting, Security. The second one covers customer-related issues that include User Experience, Support, and Acquisition. 

Actually, this goes in line with one of our previous articles about the automation of business processes. In this regard, future tech is essentially the next step in the same direction. So, you may find it useful to check that material first.  

Anyways, let’s look into each of the application areas mentioned separately.

Operation & Management

The first and foremost place of application for future tech is of course everyday operation and management. Not only people management – but the management of goods just as well. 

Let’s say you run an online shop with thousands of offerings on your website. In this case, your most popular products may often go out of stock due to high demand. These things are just hard to predict. A common issue, it often makes customers shop somewhere else and turn to your competitors. Do you need another hole in the budget? Probably no. In this case, an AI solution analyzing customer behavior and comparing it to the IoT-supplied inventory information may easily predict a shortage and alert you early enough to restock the item. Simple, and highly efficient.

Another example of robotics utilized at the forefront of commerce is drone delivery. Already tested by companies like Amazon and Dominos, this revolutionary approach to goods distribution takes a ton of pressure away from the logistic departments.

Furthermore, AI-based task scheduling tools like X.ai can help executives fine-tune the daily management process, save time, and effectively distribute resources. 

If you are not tired of statistics, bear in mind that experts estimate ¾ of all enterprise apps to use AI by 2021, and over ⅓ of data analysis in marketing organizations to be executed by intelligent algorithms integrated within various marketing software by 2022. 

Recruitment 

Talent acquisition is another important yet burdensome task on the shoulders of your company’s employees. However, this one, too, can be simplified using future tech. 

Modern AI solutions (like Fetcher, Hiretual, Textio) can help recruitment teams compose resonating job descriptions, profile potential candidates, and choose the ones that best suit your needs.  

Wonder what do the niche experts say? 

96% of responders said they believe using AI can greatly improve their talent acquisition work. Of them, between 17% and 41% claim not using it has lead to poor candidate experience, higher costs, and lower overall efficiency. 

Security

Cybersecurity is another crucial business aspect enterprises can improve via advanced intelligence algorithms. While it sounds like a strictly IT-related issue, it is not so. Every company that stores or processes clients’ data, deals with online payments, owns sensitive information, or controls essential public or private facilities – should rank cybersecurity high on the list of their priorities. 

How can AI help in this and beat the risks? 

To access secured digital locations, hackers often use “inventive” pathways and program loopholes through which they can penetrate a lesser-secured frontier (like an employee’s account or a client’s computer) to breach the security border and enter the system. Furthermore, these days hackers themselves can use machine learning algorithms for malicious purposes.   

Countering this, AI-based cybersecurity solutions take the knowledge and expertise of seasoned security experts and reinforce it with the computing power of ML algorithms. This allows analyzing and intercepting potential stealthy attacks with high precision. Like that, Symantec‘s AI cybersecurity software detected a chain of Dragonfly 2.0 hacker attacks targeting multiple energy companies in attempts to gain control of the companies’ operational networks last year. 

Speaking of which, some of the popular AI-powered cybersecurity tools include Sophos’ Intercept X tool, Darktrace Antigena, IBM’s QRadar Advisor, and Vectra’s Cognito.

User Experience, Support, and Acquisition 

Last but not least – user experience. The statistic shows that automated customer service agents receive the greatest share of funding among all commercial AI use cases (see the chart below). This alone is a valuable indicator of the importance and power of the trend. Chatbots have been a hot topic of discussion for quite a few years and it seems to remain so in the years to come. 

Actually, it should not be surprising. Customer service is among the strongest selling points for businesses in any industry. Having a good support team could nail it before. Nowadays, though, it is simply inefficient, if even possible, to maintain enough specialists to comb through the massive flow of user issues that are coming in at a typical enterprise. Especially so when it comes to big retail and services businesses processing tens of thousands of requests every day. 

AI chatbots, on the other hand, are scalable, efficient, and lately – even better at helping clients than real people. Actually, some two-thirds of responded web users prefer to deal with a chatbot vs talking to a human when communicating with a business, according to G2 Crowd. Moreso, about 85% of all customer interactions are already taken care of by intelligent algorithms.

That’s it regarding the future tech hands-on application. 

AI investments distribution

As for the share of funding different AI implementations receive, here’s how the picture looked like in the past year:

*According to IDC

When will the future arrive?

Of course, the smart environment future we all anticipate is coming in one batch at a time and is far more vivid at the frontiers of technologically developed spheres of life. But hey, businesses have always been the early adapts of innovation, and it is great to see the enterprise world incorporate and fuel the progress of intelligent tech. Sooner or later it will enter our everyday lives, just like the internet and microchips did. So, let’s not rush it and enjoy the show!

Need a touch of innovation to improve your own business processes? You know which door to knock on – MintyMint is always open to cooperation.