IT Resource Planning

IT Resource Planning

The Growing Role of Cloud Computing in the Financial Services Industry

The financial industry is rapidly evolving and the cloud is playing an increasingly important role. It offers several advantages for banks and other financial institutions. Consider the impact cloud computing is making on each of the following capabilities: Improved customer service Cost savings Enhanced security Scalability of operations Data storage capacity And more With these benefits, come challenges that must be addressed to ensure successful implementation. In this post, we’ll explore how the cloud is revolutionizing the financial services industry and how this type of transformation can be done successfully for an organization like yours. Cloud Computing Use Cases in Financial Services The cloud is rapidly changing the way financial services organizations operate. It provides them with flexibility, scalability, and cost savings that weren’t previously possible. Customer Service Cloud computing provides financial institutions with the ability to offer customers innovative services. This includes online banking, mobile payments, and virtual wallets. This improves the customer experience and boosts customer loyalty. Data Storage and Analysis Cloud computing enables financial institutions to store and analyze customer data securely and cost-effectively. This results in informed decisions about customer behavior, as well as identifies areas for improvement. The cloud also provides financial institutions with the ability to store larger quantities of customer data. Additionally, data stored in the cloud can be accessed from anywhere. This makes it easier to work jointly with other financial businesses or agencies. Accessibility and Analytics Furthermore, cloud computing provides access to customer data without needing to physically store it on-site. This eliminates the need for costly IT infrastructure and provides secure storage that can be accessed easily. Finally, through analytics-as-a-service (AaaS) solutions, banks are able to gain deeper insights into customer behavior through real-time analytics. AaaS can be used to monitor accounts and transactions in order to detect potential fraud or identity theft attempts. It can also uncover hidden trends in customer activities that can help banks better anticipate future demands from users or potential markets for new products or services. Employee Collaboration The cloud also brings new opportunities when it comes to collaboration among employees. Teams in different cities or countries can work together seamlessly, sharing documents and making edits in real time. This level of collaboration increases both their efficiency and overall productivity. It also eliminates the need for costly physical meetings or long-distance travel. Training Organizations can use cloud-based solutions to provide access to courses or tutorials. They can also enable access to virtual job simulations that can help employees better understand their roles and responsibilities. Training sessions can happen virtually or asynchronously, meeting the needs of the business and employees alike. CRM and Resource Management Cloud-based customer relationship management (CRM) solutions can track customers’ interactions. This can provide a better understanding of their individual customer needs.  Resource management is not just about customers and clients. Cloud solutions can also help manage resources such as employee schedules, quoted policies, and required staffing levels. How the Cloud is Changing Financial Services Cloud solutions have paved the way for change in countless industries. However, there may not be one that has seen bigger opportunities than the financial sector. Improved Customer Experience By relying on cloud-based solutions, banks can store and access data instantly. This enables them to respond to inquiries quickly and accurately. They can also leverage real-time analytics to gain insights into customer behavior. Speed to Innovation Develop and deploy products and services quickly without investing in costly infrastructure. This makes it easier for businesses to experiment with new ideas, while also giving them the flexibility to pivot if needed. Digital Workspace The digital workspace provides a more comprehensive and streamlined experience for customers. By offering customers access to a wide range of services such as payments, transfers, loans, investments, and more, banks are able to provide a complete suite of services that can be accessed from anywhere in the world. This enables them to move faster, increase efficiency and improve customer service levels. Additionally, it reduces costs and risks associated with traditional banking activities. With cloud-based solutions, banks can extend their services to remote areas where it would otherwise not be possible. Furthermore, they’re able to automate various processes. This includes onboarding new customers or verifying identities electronically. This reduces manual labor costs while improving accuracy and consistency. Portability of Data The portability of data is one of the more critical aspects of cloud computing. Cloud-based solutions securely store customer records that can be accessed anytime. Moreover, they’re able to move data between different environments for analysis or other operations without worrying about compatibility issues. AI-Enabled Analysis AI analytics solutions can give more in-depth insight into the behavior of customers and markets. Predictive analytics, machine learning, and AI algorithms can automate processes such as risk management or fraud detection. Credit Checks Organizations can quickly access customer data to determine their creditworthiness in a secure, cost-effective manner. Cloud solutions also enable faster processing of applications. This enables them to provide customers with an answer quickly and accurately. Account Creation Banks and other institutions can quickly and securely open new customer accounts. All without needing to invest in hardware or complex software. This provides customers with faster account creation processes that are more secure and cost-effective than traditional methods. Security Concerns for the Cloud Data security is undeniably important in every industry. The rapid growth of digital technologies has resulted in heightened risks and increased worry. It is important to measure the growing role of the cloud in financial services through the lens of security and privacy. Consider the following:  Intrusion and Data Theft By using cloud security solutions such as encryption, tokenization, and user authentication protocols, businesses can reduce the risk of unauthorized access or malicious intrusions. Additionally, various monitoring tools track user activity and alert administrators in the event there is suspicious activity. Compliance and Governance Cloud computing offers enhanced security measures to ensure that its services comply with all data privacy regulations. This helps to ensure that organizations meet the requirements as required by industry […]

Latest Innovations in Process Automation of Healthcare Ops

Automation has become an essential part of the healthcare industry. The trend to reduce tedious work has increased the quality of healthcare for both patients and care providers. This blog post will look at why there has been an increasing demand for automation. We’ll also discuss the benefits and the latest innovations in healthcare operations. Increasing demand for automation Technology is the center of modern business There has been an increasing demand for automation to improve operations in healthcare. Organizations have already seen the benefit of data-driven decisions and integrated systems. For healthcare, this means reducing time spent on administrative tasks and providing care for more patients.  Process automation maximizes resource utilization Staffing and costs have always been a challenge for healthcare. This is why there has been a demand for automation to maximize resource utilization. By finding gaps in processes, staff can be enabled to focus on more critical activities. This improved efficiency translates into better resource allocation and cost savings. Automation systems also result in faster response times and better productivity. As healthcare organizations look for ways to improve the experience of both care providers and patients, automation has played an important role in maximizing limited resources. Benefits of automating tasks  We’ve talked about the benefits of automating tasks, but what exactly can be automated? Healthcare providers spend a significant amount of time on administrative tasks. Specific tasks such as data entry, record keeping, and reporting can all be automated. This allows healthcare professionals to improve care delivery and efficiency of the work. Below are three benefits to automating tasks in healthcare operations. Improved patient care The healthcare industry has seen how automation benefits the patient experience. First, automating time-consuming tasks speeds up the process of delivering care. From scheduling appointments to document management, patient care has improved with automation. For patients, this means a seamless experience and faster response time.  Improved employee efficiency Another benefit of automation is how it can improve employee efficiency. For example, automating medical testing procedures have added a layer of convenience and reliability for care providers. This also means that employees are able to handle more patients with limited resources. For employees working in operations, automation has allowed systems to be integrated. This allows patient records to be coherent and doctors to better rely on them. Improved efficiency and effectiveness from healthcare providers Automation is a common solution to improve efficiency and effectiveness for healthcare providers. Because automations free up time, healthcare professionals can focus on curating effective care. They can also rely on automation to schedule follow-ups and treatments so that patients are receiving the care they need. Other ways automations improve effectiveness in healthcare are with automated check-ins and prescriptions. Latest innovations in the field of process automation for healthcare providers Access to care Access to care is an entirely different experience today. Through new technologies, people can now book virtual medical appointments, order tests, and medications, and even receive diagnoses without ever leaving their homes. An example of these innovations includes medical apps such as Babylon Health. This solution enables users to access virtual consultations with doctors from anywhere. Meanwhile, telemedicine tools like WebMD Connect provide remote monitoring solutions. Lastly, AI-driven chatbots such as Flo provide real-time answers about health-related topics. Such innovations are making life more convenient, especially in areas of limited healthcare. From saving hours of online waiting rooms to receiving immediate advice, access to care has changed for the better. Employee workflows Automating employee workflows is a popular topic among businesses. Many industries are benefiting from productivity tools like project management or document sharing. As healthcare providers look for ways to increase efficiency and productivity, there has been a growing demand for such tools.  A popular solution is online scheduling apps. This has removed an entire chunk of tasks in the employee workflow to boost productivity. Documents are also shared over the cloud, which removes any gap in communication. As employees can access information securely from anywhere, it removes the need for the physical transfer of records. Patient care delivery Diagnoses Automating diagnoses has come a long way in recent years. Technology today plays an important role in the medical process. Much of diagnosis is assisted by technology, and there are even autonomous robots examining patients. This has helped doctors to accurately diagnose patients and reduce human error. Additionally, healthcare providers can access medical databases to arrive at diagnoses faster.  Treatments Whether it is treatment planning or delivering surgery, technology has taken up more responsibility. Thanks to advances in artificial intelligence, computers can now curate treatments for patients. In addition, robots are performing surgical maneuvers that would challenge even the most well-trained human physician.  Automating medical treatments has become so accurate and reliable in some areas that many experts believe it could revolutionize the healthcare industry for years to come. Choosing the right process automation solutions  Choosing the right automation solutions for your practice, provider, or use case is not a “one size fits all” proposition.  In fact, getting the most out of any automation investments requires seeing the world through a different lens. Consider the following game plan when introducing automation to your healthcare operations. Determine the desired outcomes Automations are changing the healthcare industry and the number of innovations will continue to grow. If you are debating on a solution, it is essential to first determine the desired outcomes. A clear picture of goals will allow you to focus on a need and avoid derailing.  One way to do this is by choosing a specific pain that you’d like to resolve. For example, maybe you’d like to reduce the number of administrative tasks to manage. This can help you focus on improved scheduling systems or digital payment methods. Setting expectations and building desired outcomes should be the first step of an automation strategy. Build a plan for evaluation Before choosing an automation solution, develop a plan for evaluating the technology. This should include all of the available features and capabilities, as well as […]

The Growing Role of Cloud Computing in Aerospace

It’s a given that businesses across the entire spectrum utilize cloud computing and/or storage these days. And that usage is growing and likely to continue to do so. The increased efficiency, cost savings, and security are enticing evermore industries to get on board. The aerospace industry’s use of the cloud is no different and it has been keen to capitalize on those advantages. Technological advancements have made it faster and cheaper to deploy cloud-based solutions for manufacturing, operations, flight planning, aircraft maintenance tracking, record management, and much more. In fact, according to a recent report from Frost & Sullivan, the global aviation data analytics market is estimated to reach $35.42 billion by 2030 and will be driven largely by the growth in cloud-based solutions. The potential through the internet of things (IoT), technology, and big data analytics is significant with major companies such as Boeing, Airbus, Embraer, and Bombardier already investing heavily.  And more players are entering the field in one fashion or another. In this post, we’ll examine the growing role of cloud usage in the aerospace industry. The History of Cloud Computing In Aerospace The early adopters of cloud usage in the aerospace industry were typically small-to-medium-sized businesses. They saw the potential to save money and time by shifting from traditional methods such as onsite servers, paper documents, and manual processes. These tasks used to be cumbersome and labor-intensive. The switch to the cloud quickly proved worthwhile. Not surprisingly, the largest aerospace companies took longer to embrace cloud computing. As those larger players realize the benefits of using the cloud, they’re beginning to make big investments in the technology. For example, Boeing is leading a research effort that uses cloud and edge computing to provide pilots with real-time analytics and better flight control. Alternatively, Airbus has implemented a cloud-based solution that enables its supply chain partners to quickly access aircraft maintenance and repair information. With those two big names getting on board, the rest of the industry wasn’t to be far behind. The benefits are just too obvious to pass up.  Cloud Computing Use Cases for the Aerospace Industry There are numerous other cloud-based solutions being employed in the industry. Two such examples are predictive maintenance and condition monitoring of an aircraft.  Predictive maintenance entails using machine learning-driven algorithms to anticipate potential problems and suggests preventive measures. This reduces the need for unscheduled maintenance and associated downtime.  Condition monitoring focuses on tracking the real-time health of an aircraft and its components. This enables accurate diagnosis and proactive intervention. Used in tandem with predictive maintenance, it can help reduce technical difficulties, improve safety, and lower the cost of operations.  The aerospace industry has also begun utilizing cloud-based solutions for asset, personnel, and cargo tracking. This technology facilitates real-time viewing and enables better tracking and control. Additionally, the utilization of facial recognition systems is becoming more commonplace in airports for better security.  These implementations enhance safety, reduce the cost of operations, and improve efficiency. With the promise of greater savings, it’s able to more effectively manage its operations and ensure a safer flying experience for all.  The Future of Cloud Computing, Up in the Clouds The future of cloud usage in the aerospace industry looks very promising. According to experts, the current adoption rate for cloud-based solutions is estimated to grow at a compound annual growth rate (CAGR) of over 25% through 2026.  The faster pace of innovation Cloud usage will enable the aerospace industry to be innovative at an even faster pace. By leveraging cloud computing, businesses can access data and analytics quickly, allowing them to make decisions rapidly and stay ahead of their competition.  Introduction of more AI and ML There have been major advances in artificial intelligence (AI) and machine learning (ML). This is going to help businesses automate processes quickly, accurately, and cost-effectively. AI and ML can also help improve customer experience by providing more personalized services based on user data.  Increase in distributed systems In the coming years, we can expect to see an increase in distributed systems within the aerospace industry. This is due to the fact that cloud-based solutions offer a great deal of flexibility and scalability. Moreover, such systems also enable better control over operations while reducing costs. All these factors point towards increased adoption of distributed system technologies within this sector in the near future. Benefits of Cloud Computing for Aerospace Innovation The cloud is empowering businesses within the aerospace industry to innovate and stay ahead of their competition. Consider the following benefits of cloud computing for this use case. Design acceleration The cloud is enabling the acceleration of design processes. This creates more efficient and cost-effective products. With quick access to data for better decision-making, these advancements enable companies to be able to create innovative products faster than ever before. Efficiency in Manufacturing Access to data on production and inventory levels in real-time will improve efficiency. Automated systems can analyze trends, forecast demand, and optimize production. This ensures a systematic flow of materials from suppliers to customers with minimal wastage or delays. Improved testing and performance Businesses are able to test and measure the performance of their products at a much faster rate. This allows them to make decisions more quickly and accurately, and gather data from multiple sources for improved analytics.  Reduced costs from idea to production The cloud can help make it cheaper to turn ideas into something real. It can provide access to on-demand computing resources and reduce the need for large capital investments. They can also provide access to special computers that can help turn ideas into reality.  Maximizing Cloud Computing In Your Aerospace Business The potential of the cloud in the aerospace industry is immense. There are opportunities to create new business models and increase revenue streams. Thus far, only a fraction of those opportunities has been tapped into. With the right investments in technology and resources, the aerospace industry can take full advantage of all that cloud computing has to offer.  With these […]

The Growing Role of Data Science in Driving Positive ROI in Financial Services DX

In the financial services sector, the use of data science is rapidly gaining traction. This is because it has the ability to generate insights, identify trends, and improve process efficiency. These combine to make it a powerful tool for driving positive Return on Investment (ROI). Data science helps businesses make faster decisions more accurately and reduce costs at the same time. By leveraging data science, companies increase their chances of moving ahead of their competitors. They can also help increase service levels more cost-effectively than current practices. Moreover, data science can reveal risks and opportunities that may not have been seen before. Finally, data science can drive increased profits and a better customer experience. In short, data science is becoming an integral part of the financial services landscape. In this post, we will examine the role of data science in financial services and how that role is unlocking new domains of transformation for organizations across the industry. The Current State of Data Science Data science is still the new kid on the block but it’s already playing an important role in the financial services sector. Companies are leveraging machine learning algorithms and data analytics to gain actionable insights. This helps them respond to changing customer and market needs in real-time. It’s important… It’s important for businesses to understand the value of data science and how it can be used to drive positive ROI. Companies should assess their current data science capabilities and invest in training and infrastructure upgrades where needed. They should also consider integrating data science into their existing processes and systems. Doing so will enable them to gain more insights, identify better opportunities, and drive positive ROI. …but still unorganized in most organizations While data science is becoming more important in the financial services sector, most organizations still lack well-defined processes and structures for leveraging this technology. That means they’re not benefiting from its full potential. As such, it’s essential that businesses focus on establishing frameworks and processes around data science so that they can maximize ROI and gain a competitive edge. Using Data Science to Drive Positive ROI Companies that leverage this technology can develop better products, services, and pricing models. Moreover, data science can help identify priorly missed opportunities. Data-driven Decision Making Data science = informed decisions. Companies can use predictive analytics and machine learning algorithms to assess the risk/reward of various actions, identify patterns in customer behavior, and trends in market dynamics. All of this helps businesses make more strategic decisions that can yield higher ROI in the long run. Examining Existing Processes and Investments Data science can be used to review existing processes and investments. Companies can analyze their current performance and develop strategies for improving it. This helps identify trouble areas so that changes can be made in order to capitalize on their strengths. Exploring New Areas of Opportunity with Data Using data science to explore new areas of opportunity can be very beneficial for businesses. For example, it can help identify opportunities that the company may not have been aware of before and uncover patterns in customer behavior which could result in increased profits. Increasing Speed in New Account Acquisition Data science can also be used to speed up the process of acquiring new accounts. Companies can use analytics techniques to automate processes and quickly identify profitable prospects. This helps them acquire more customers at a faster rate, leading to increased profits and improved customer experiences. Benefits and Challenges of Using Data Science in Financial Services Data science has the potential to provide immense benefits to companies in the financial services sector. However, when implementing it, there are some challenges that companies need to be aware of. The most significant challenge is data quality and accuracy. Companies must ensure that they have clean and reliable data before leveraging analytics tools and algorithms. Additionally, businesses need to understand the implications of using data science and ensure they have the right infrastructure and personnel in place to maximize ROI. Speed of Decision Making Using data science can also lead to faster decision-making as companies are able to leverage insights in real time. This helps them identify opportunities quickly and make decisions that yield higher ROI. However, this can also result in quick decisions without a proper analysis which could be detrimental in the long run. Therefore, it’s important for businesses to ensure they have the right processes and safeguards in place to ensure the quality and fidelity of data helping drive these decisions. Confidence in Decisions Data science enables employees to make decisions with greater confidence by leveraging predictive analytics and machine learning algorithms to ensure the decisions are aligned with company objectives. Companies can also use data science to develop insights quickly, allowing them to identify opportunities and make informed decisions that yield higher ROI. Additionally, data-driven decision-making helps businesses reduce risk while gaining a competitive edge in their respective market. New Insights Uncovered and Leveraged Data science uncovers new insights that may have been missed before. Companies can use predictive analytics and machine learning algorithms to assess the risk/reward of various actions, identify patterns in customer behavior, and trends in market dynamics. All of this helps businesses make more strategic decisions that can yield higher ROI in the long run. The Future of Data Science in financial services Companies are investing more money and resources into leveraging this technology to maximize profits while minimizing risk. As data science continues to evolve, there will be even more opportunities for businesses to benefit from its insights and leverage those insights to gain a competitive advantage. Data science is an exciting technology and it will continue to be a source of innovation in the financial services sector. Companies should strive to take advantage of its potential and use it as a tool to increase their competitive edge and maximize profits. Data science is the path to greater innovation, not less. It can also give companies in the financial services sector a competitive advantage by […]

Avoiding Pitfalls While Shifting Left

Shifting left is a simple, straightforward idea. Imagine a project timeline with a start date on the left and an end date on the right. Shifting left simply means moving a concern further left on that timeline so that attention is given to it earlier in the process. However, this often results in making the development team responsible for whatever is being shifted. Having been a software developer in various industries for most of my career, I have a lot of empathy for the challenges that developers face. Today I’ll put on my Developer Advocate hat as we explore the idea of shifting left. Why is shifting left important? As Mark Eisenberg, Cloud Solutions Architect with Microsoft says, shifting left means that decisions and conversations about concerns like application architecture, data architecture, observability, and security are moved to the beginning of the process, where they can be trivially built in while they’re still on the whiteboard in the conference room.¹ Shifting left can have huge benefits for the security, maintainability, and longevity of a software project. The Value of Failing Fast Perhaps “Fail Early” would be more accurate. Concerns related to code quality, feature quality, security, and performance can require monumental efforts if left to the end of the project. Making adjustments and corrections early has a higher impact with less effort than trying to make them toward the end of the process when there’s more complexity to deal with. Higher Quality Deliverables Failing fast has the added benefit of producing a more stable product overall. As you continue to make adjustments and corrections each step of the way, you focus on ensuring that each component functions as intended and that all of the components of the system are integrated properly leading to a higher-quality deliverable. Cost Benefits Adjustments made earlier with smaller scopes are also less expensive than those made late in the delivery lifecycle, leading to more cost benefits. Increased Talent Lastly, we shouldn’t overlook the benefit to our delivery teams. In the early stages of their careers, developers typically focus on coding and learning the various frameworks and tools they need to be productive. Shifting things like testing, security, cloud infrastructure provisioning, and observability to the left puts these concerns closer to developers, allowing developers to be exposed to better practices and giving them a broader vision of the process and the product. But companies don’t always benefit from shifting left. In order to reap the benefits, shifting left should be done carefully and with consideration. Understanding some common pitfalls can be helpful. Recognizing and Avoiding Pitfalls When vs. Who The first pitfall is to assume that shifting left means making developers responsible for doing the work. In some cases, the developers will be the best candidates for doing the work, but that’s not always the case. To avoid this pitfall, remember that shifting left is about when a concern is addressed, not who addresses it. Thinking “when” instead of who can help you consider how best to address the concern in your company. If your best option is still to have the developers take responsibility, determine if what you’re shifting is already part of their skill set. If the work is completely new to them, look for developers who want to expand their skill sets and give them the training and tools to be successful. Not Accounting for the Whole Effort Shifting a concern to the left requires that its associated effort be accounted for earlier in the development lifecycle. This is especially important if the developers are handling the work since they’ll have to schedule it with their other work. Also, candidates for shifting left don’t exist in isolation. Many of these candidates are first-class concerns that may have additional dependencies, and which require design, support, leadership, tooling, governance, etc. Shifting something left means those related concerns need to be accounted for earlier as well. Not accounting for these can be detrimental. To avoid this pitfall, reassess effort estimates with the shift in mind. Account for discovery efforts that may be necessary if the concern being shifted is new to the team. If the shift has dependencies on other teams or business units, make sure they understand the adjusted timelines and secure the required support before making the shift. Expertise Some concerns being shifted require expertise. Giving the responsibility to teams or individuals that don’t have that expertise does provide a learning opportunity, but may result in poor initial implementations. It may be better to have someone with expertise work alongside the team instead of making the team members directly responsible. To avoid this pitfall, consider the risk. For high-risk areas like security, substandard implementations could be detrimental to the business. If the concern being shifted is one that addresses major risks, ensure it’s being handled by people with expertise in that area. Tooling The last pitfalls we’ll discuss relate to tooling, and there are a couple of things to watch for. It’s pretty common for companies to prescribe tools to be used for testing, code and security scans, etc. because it enables the company to benefit from economies of scale. In those cases, it’s important to provide training, pipelines, guidance, and other onramps that facilitate the adoption of the tool. Without these, adoption may suffer or be inconsistent with your objectives, and you may find teams neglecting it or finding ways to work around it. The result can be costly and in the end, you may find that the concern hasn’t shifted left at all. Transition to Adoption To avoid this pitfall, envision what a smooth transition would look like for teams adopting the tool. Or better yet, tell them the company is considering adopting the tool and ask them how best to ease their adoption of it. What pipelines and processes would need to be in place so that teams don’t think twice about adopting the tool? Make that vision a reality as much as possible to minimize the impact on the […]

The Growing Role of Cloud Computing for Healthcare

The cloud has become an integral part of many industries. In healthcare, cloud services offer many benefits for both healthcare providers and patients. In this blog post, we will explore the growing role of the cloud in healthcare and its benefits for providers and patients. We’ll also be looking at how leveraging the cloud can improve treatments and quality of care while ensuring the privacy of personal data.  Uses of the Cloud In Healthcare To better understand the rise of the cloud in healthcare, it is critical to understand how physicians, insurers, care providers, and even patients are leveraging this cutting-edge technology. Consider the following uses of the cloud in healthcare. Patient Records The cloud is having a huge impact on patient records. Many hospitals and medical practices are turning to cloud storage as a way to store essential documents. A cloud-based system is a secure way for doctors to access patient data quickly and share it with other doctors in real time. Not only does this result in improved care coordination, but it enables doctors to create holistic care plans that are informed by the individual’s full medical history and current treatments. Collaboration between providers Cloud technology is allowing healthcare providers to collaborate like never before. With cloud-based software on the rise, healthcare providers can share patient data and coordinate care across multiple locations. This eliminates the need for physical office visits and couriering documents while significantly speeding up communication between providers. Interaction with Insurance Providers and Care Providers The cloud is transforming the interactions between insurance providers and care providers. By bringing health records into the cloud, the two teams can access a pool of up-to-date patient records. This improved access allows for efficient collaboration between the various stakeholders. Furthermore, the cloud helps automate redundant tasks such as version management to save time. In short, investing in the cloud for healthcare activities can pay off by providing efficient communication and smoother data transfer between parties. Benefits of the Cloud for Healthcare Providers Faster access to research With the cloud, healthcare providers now have much faster access to research. This is great because it allows providers to learn about the latest medical news and make the best choices for their patients. By taking advantage of the cloud, providers can quickly access databases, journals, and other research materials to stay on top of their practice. Faster access to patient records Healthcare providers are always seeking a faster way to access patient records. After all, a quick and accurate diagnosis can be the difference between life and death. Thankfully, the cloud has changed how patient records are accessed. With cloud-based databases, providers can quickly pull up the records they need without having to look through stacks of paperwork or worry about possible data loss in a filing cabinet. Not only is it faster, but these systems ensure that all shared documents and records remain secure and compliant.  Ease of collaboration with peers There are no boundaries when it comes to healthcare. One big advantage of a cloud solution is that healthcare providers can easily talk and work with each other. Healthcare professionals today share real-time data across large distances in just seconds.  With features like digital document sharing and video conferencing, working together has truly been revolutionized. This is especially beneficial in the healthcare sector because resources are often shared on a global scale. Reduced manual errors Recent advances in healthcare are streamlining patient data entry and order processing through the cloud. This shift to the cloud allows data to be automatically entered into the right places. For healthcare providers, this also means reduced manual data entry and the potential errors that come with it.  Data can also be backed up frequently so that any data loss can be recovered. Through integrations and automation, cloud computing is reducing human error and improving the accuracy of the care package. Seamless prescriptions and care delivery Cloud technology introduced the enhanced capability to store, issue, and manage prescriptions and care delivery. For instance, the cloud eliminates many of the manual processes associated with prescription management. This drastically reduces the doctor-patient interaction time, resulting in seamless prescribing and delivery of care.  Furthermore, the cloud also ensures timely access to medication refills and other treatments. For those seeking special care, the process can now be easily streamlined to better track the status of expected delivery. Benefits of the Cloud for Patients Access to the care they need The cloud offers many benefits for patients in need of medical care. First, basic healthcare services can now be provided over the web so that patients can receive the care they need. The cloud also offers a way to store medical records online so they can be accessed from anywhere with an internet connection. This allows healthcare providers to quickly get information about a patient’s health history and current condition.  This ease of access enables patients to receive timely and comprehensive treatment that they may not have had access to before. Additionally, the cloud can grow as more people use it. This means that if there is an expanding need for care, providers can easily scale up storage and service. Portability of records In this day and age, the cloud offers incredible portability. With health data stored on the cloud, records can be accessed from any device or location.  This portability of data spares patients from having to physically transport paper documents when needed. This also results in a reduced risk of lost documents and stolen information. Improved privacy of personal data and information Despite the accessibility and data portability that the cloud brings, personal data and information are kept very secure. Cloud storage is highly reliable, allowing for privacy and controlled access to all patient files.  Furthermore, cloud-based methods ensure that data remains confidential and within HIPAA compliance guidelines. This heightened privacy protection gives patients peace of mind knowing their medical history is safe from unauthorized third parties. The Future of the Cloud in Healthcare So what […]

Empowering Digital Patient Experiences: Why Every Healthcare Executive Should Prioritize Their Patient Portal Strategy

The Case for Prioritizing Patient Portals By Melinda Wagner, MBA, MS, BSN, RN, FACHE Mass Mobile Adoption The world has gone digital and the healthcare industry is no exception. With an increasing number of consumers seeking to manage their health through digital means, having a robust patient portal strategy has become a crucial aspect of any healthcare organization’s digital strategy. 73.7% of the US population owns a smartphone, making the mobile portal a prime platform for educating and proactively engaging patients in their own health management.  Patient portals have the potential to drive significant value for both patients and healthcare organizations, and the majority of healthcare providers offer at least one patient portal. The National Laboratory of Medicine reported that patient portals can effectively positively influence patient satisfaction, an important outcome for healthcare organizations.   Real Benefits Multiple studies have shown that portals can improve compliance, raise health awareness, and even reduce hospitalization and readmissions in patients with chronic conditions. The Health Information National Trends Survey 2020 (HINTS) found that 60% of patients were offered access to a portal and were more likely to use them (38%) if regularly encouraged by their provider.  However, there are still several obstacles that prevent patients from engaging with patient portals. These include fear of privacy and security issues, discomfort with technology, and difficulty logging in. It’s crucial for healthcare organizations to regularly assess their portal strategy and identify areas for improvement. This can be achieved through deep-dive annual assessments and by pairing portal data with other member data to gain insights into how to better meet patient needs.   Moreover, organizations should be mindful of the disparities in portal access and usage among different populations. A study recently published in JAMIA found that Black and Hispanic individuals were offered portals at significantly lower rates than White individuals, highlighting the importance of ensuring equitable access to digital healthcare services. The key is making sure your portals adhere to industry best practices relating to features offered, accessibility, and user experience.  More Than Marketing Patient portals have become a cornerstone of the digital healthcare experience, offering patients the ability to manage their health and care from the comfort of their own devices. As consumers become more tech-savvy, their expectations for a seamless, user-friendly experience are growing, and healthcare providers must adapt to meet those needs.  While the marketing potential of the patient portal is clear, organizations must also consider the impact these portals can have on value-based care contracts. Studies have shown that patients who engage with their portals are more likely to adhere to their care plans, leading to improved health outcomes and reduced hospitalization rates for those with chronic conditions. As healthcare moves towards value-based care, it is critical for organizations to monitor and understand how their patients are engaging with the portal.  But where do organizations turn for help in improving their patient portals? Whether you are looking to address privacy and security issues, find new ways to engage your patients, or simply assess what is missing from your current portal strategy, a wealth of resources is available to support you.   Experienced Tech Consultancies Can Help Improve the Potential Impact on Patient Outcomes A literature review published by NCBI concluded that while there are mixed results, the use of patient portals has the potential to enhance awareness and compliance. And a study conducted by the University of Texas-Austin in 2020 showed that the use of patient portals reduced hospitalizations and readmissions for patients with chronic conditions. The key to success is making sure your portals adhere to industry best practices relating to features offered, accessibility, and user experience.   By leveraging available resources and experienced digital health consultancies, healthcare executives can ensure that their patient portals deliver the seamless, user-friendly experience that patients expect, while also supporting their efforts to improve health outcomes and reduce costs.  At Technossus, we have deep experience and understand the challenges faced by healthcare executives in delivering exceptional digital patient experiences. We can help you assess your portal strategy and identify areas for improvement, ensuring that your organization is providing the best possible care to your patients. Don’t miss out on the opportunity to enhance your patients’ health journeys and drive more value for your organization – take your patient portal strategy to the next level and reach out to us at Technossus today.    Related posts: Is AI Good for Business? Why SpaceX Chose Technossus to Upgrade its Internal Software Digital Transformation: Key Questions & KPIs that Track to Value (w/ INFOGRAPHIC) Touchless Technology Revolutionizing the Airport

Building Resilient IT Infrastructure in Financial Services: The Role of Cloud Computing & Data Analytics

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Transforming Financial Services Using Advanced Technologies (AI, ML, & Blockchain)

Financial Services: AI and ML technologies bringing a new era of efficiency & innovation Digital transformation sometimes referred to as “DX,” is a term used to describe the process of leveraging technology, data, and analytics to create new or improved products, services, and processes. It’s a way for companies to rethink how they do business by taking advantage of new opportunities presented by digital technologies. Common digital transformation initiatives include the introduction of intelligent automation and cloud computing. Transformation may include the use of data, business intelligence, and analytics. In some cases, digital imperatives will mean adding artificial intelligence (AI) and machine learning. Ultimately, a transformation almost always includes introducing new software applications to a business and its customers. Taken in total, advanced technology and data science play crucial roles in driving digital transformation. They enable companies to be cost-efficient and quick in delivering better products and services. Data-driven tech innovations enable employees and have the potential to thrill customers with additional utility and convenience features. Within each sector, there are different ways to view digital transformation. In eCommerce and retail, digital transformation will prioritize different technologies as compared to manufacturing and avionics. In the Financial Services industry, banks, wealth management firms, insurance companies, etc. are all seeking new ways to improve the practical use of their data to empower employees and engage their customers with more convenient and useful mobile-first tools. Yet regardless of industry, digital transformation is about leveraging the right technology to serve the business’s strategic goals and making the right data available, accessible, and secure at the right time for maximum impact and value.   Examples of Digital Transformation in the Financial Services Industry Digital transformation is being embraced across the financial services industry. Banks and insurance companies are leading the way by looking to new technology to drive growth. For example, in banking, AI-driven chatbots are being used to interact with customers. These chatbots provide personalized advice and recommend financial products. Banks are also employing ML algorithms. These algorithms can detect fraudulent transactions and protect customer accounts from cybercriminals. Blockchain technology is also revolutionizing the payments industry. This technology enables faster and more secure cross-border payments. Many banks have adopted blockchain technology to keep up with changing customer demands. Demands for faster and more secure payments matter to customers and banks alike. Blockchain is also gaining adoption in the insurance sector to automate claims processing. This automation and added security reduce costs associated with manual processes. Additionally, facilitates smart contracts between insurers and customers. Robotic process automation (RPA) has also become a popular tool in the banking and insurance industries. As part of a digital transformation, RPA can pay huge dividends. By automating mundane tasks such as data entry or document processing, RPA can cut significant costs. RPA also frees up employees’ time for more productive activities. Insurance companies are using RPA to improve underwriting accuracy as well. This process automation can streamline their claims processes as well. RPA can automatically assess customer data for eligibility or fraud detection purposes. Advanced analytics also play a key role in driving digital transformation in financial services. Analytics enable banks and insurance companies to gain insights into customer behavior. These insights help to develop tailored products that meet customer needs. Analytics can also help identify areas of improvement within the organization. These improvements lead to increased efficiency and reduced costs.   New Trends in Advanced Technology Advanced technologies like artificial intelligence, machine learning, blockchain, and others are having a major impact on the industry. Considering the span of outcomes, from improved operational workflows to new end-user applications, intelligent tech is helping deliver better customer experiences. These advanced technologies enable employees to do their best work. They deliver an improved customer experience without sacrificing security or privacy. They help financial services firms grow into the future. Consider these examples:   Improved Operational Workflows AI and ML can help automate manual processes, improve data accuracy, reduce latency and enhance scalability. Each of these things can lead to improved operational efficiency and cost savings. The aforementioned AI-enabled chatbots can provide real-time customer support. ML algorithms can detect fraud and identify potential financial risks. Automated workflow processes also eliminate the need for human intervention. This automation allows data to move between departments without any delays or manual errors. AI and ML can also be used to analyze large amounts of data in seconds, providing valuable insights that can help inform decision-making. Banks can use this technology to better understand customer needs and develop more personalized products or services. This helps them stay competitive in an ever-changing market by offering customers what they want when they want it. In addition, automated workflows enable companies to optimize their operations. Imagine the benefits of reducing manual tasks and streamlining processes such as data entry or document management. The outcomes allow employees to focus on higher-value activities. Employees have more time to focus on strategic initiatives that have a greater impact on the bottom line.   New End-User Applications New applications powered by advanced technology can provide customers with faster, more convenient services, and give banks and financial institutions the ability to offer unique, personalized experiences that set them apart from their competitors. Companies can use ML algorithms to analyze customer data and build personalized experiences tailored to individual needs. This helps them stay ahead of competitors by providing customers with the most relevant information when they need it in online portals and mobile apps. Employees also benefit from new applications. These applications streamline workflows, reduce human error, and bring structure to the business. Customer record management, billing tools, and software that recommends related products are just the start.   Enhanced Security and Data Privacy Enhanced security and data privacy have become increasingly important for banks and other financial services firms as the digital transformation of the industry continues. Banks and financial institutions are using advanced technologies such as blockchain, encryption, and machine learning to protect customer data from potential cyber threats. Blockchain technology has […]

Why SpaceX Chose Technossus to Upgrade its Internal Software

Technossus modernized SpaceX’s proprietary ERP system “Warp Drive,” their HR Review System, and their “SafetyNet” application to help the company operate manufacturing more efficiently while protecting their workforce from injury and maintaining a culture of safety. By Kurt Lohse. Head of Global Marketing, Technossus In 2013, SpaceX contracted Technossus to modernize its proprietary ERP system called Warp Drive. Impressed with Technossus’s work, the tech giant contracted Technossus to do the same for two of their other internal applications: SafetyNet which monitors employee safety, and its HR Review System. Since then, Technossus has provided ongoing modernization and support for these three systems.  I caught up with our Senior Enterprise Solutions Architect, Steve Kardian, to learn more about Technossus’s role with SpaceX, why the aerospace company chose to continue the relationship with us, and what Technossus does exactly for this Fortune 50 company.  Three systems In 2013, SpaceX chose Technossus as its very first external software development partner. The company’s Warp Drive system had grown outdated and was in need of modernization. The system had been built internally and the people who had built it were either no longer with the company or assigned to other projects.  After a successful initial trial on Warp Drive, SpaceX reached out to Technossus again to modernize its other two proprietary systems:  SafetyNet And its internal HR Review system SafetyNet is a manufacturing management application that helps SpaceX operate rocket manufacturing more efficiently while protecting its entire workforce from injury and maintaining its exceptional culture of safety.  The tool tracks employee injuries and workplace safety issues. It allows incidents to be reported to the causes so they can be quickly remedied.  “But the technology used on SafetyNet was rather antiquated,” Kardian says. “And so there were not a lot of people who actually knew how to improve it.” The application was written in AngularJS, official support for which was discontinued in January 2022. SpaceX didn’t want to rewrite the entire code base but asked Technossus to help bring in additional features, clean up the code, and optimize it.  After the first series of changes, SpaceX asked Technossus to continue the optimization process.  “Not a lot of people understand AngularJS anymore,” says Kardian. “So, while we’re building in new features into the SafetyNet system, we’re also working with SpaceX to figure out the best way to modernize the code base because eventually, it’s going to need to be replaced.” Making matters more challenging, the original developers of these systems moved on to different roles at different companies without ever really turning over the knowledge of these systems. For the most part, Technossus has had to reverse-engineer the existing systems and go directly into the code bases to try and figure out what that code does.   The greatest challenge has been keeping the existing system working while strategizing a way for a better system in the future.  New features all the time Technossus’s role is far from one of just “fixing what’s broken.” Technossus’s primary function now is keeping up with the torrent of improvements that SpaceX wants to implement in these systems.  “They want a lot of things,” says Kardian. “For example, their HR System reviews employee performance but they’ve never had anything to track interns.” So Technossuis now implementing additional functionality into this system to track everything related to interns from the moment they arrive. This helps SpaceX decide if they want to keep working with those interns, and possibly even make them a permanent offer.  Success in the future Forming a close strategic IT consulting and technical resource relationship, Technossus has been instrumental in developing SpaceX’s proprietary business applications and operational management systems. Working to form teams of internal and external development resources, the partnership has successfully modernized systems relating to proprietary ERP, WMS, HR, and manufacturing process management.  The technical innovations implemented through access to external insights provided by Technossus help to ensure SpaceX remains in a league of its own when it comes to worker safety, business process optimization, and extensions of tech through to global device hardware. To read our Client Success case studies on SpaceX, please click here. To learn more about how Technossus can help your company modernize its legacy applications, contact us today.  Related posts: Digital Transformation: Key Questions & KPIs that Track to Value (w/ INFOGRAPHIC) ALM: Drive Innovation By Being Predictable and Boring Is AI Good for Business? Seizing Value: Using Data Science & Analytics to Direct Digital Transformation