ben brown

January 9, 2023

Business

How Big Companies Can Benefit From Outsourcing Software Development

ben brown

January 9, 2023

Business

Long days, longer nights, headaches for breakfast, and no sign of relief. This is the ugly sight of taking on a new project without proper guidance. We’ve all been in this position at one point or another. Whether it’s shown up in your personal or professional life (or both) will dictate your understanding of just how necessary guidance is.

In the land of technology, being underprepared when taking on a software development project can lead to stress and wasted time. And what’s even scarier here is that this is something that, when done improperly, will hurt your company's wallet. For this reason, companies outsource.

Outsourcing software development is a cost-effective and efficient way to bring new products and features to market, especially for large enterprises. By partnering with a third-party software development company, a large enterprise can tap into a pool of talent and resources that would otherwise remain out of reach.

4 Ways This is Made Possible

Time-to-market: Outsourcing software development can help a large enterprise bring new products and features to market faster. The software development company can handle the development process, freeing up the enterprise to focus its energy on other tasks.

Cost: Compared to scouting and recruiting in-house developers, outsourcing software development can be far more cost-effective, especially if your enterprise is located in an area with a high cost of living. By outsourcing, an organization now has access to an array of talent and can offer competitive pricing.

Access to specialized talent: Many software development companies are going to have a team of developers with a wide range of specialized skills and expertise. This can be especially useful for a large enterprise that needs to develop a complex software solution, implement new technology that they’re unsure how to materialize, or if they simply need proper guidance.

Flexibility: Outsourcing software development allows a large enterprise to be flexible and scale its development efforts up or down as needed. This can be especially useful for companies with fluctuating demand or those that need to quickly respond to changes in the market.

Entities Who Outsource

We could sit here and dish out every little detail of why outsourcing development will help you and your business, but why not just show you? Some large enterprises that have benefited from outsourcing software development include IBM, which outsourced the development of its Watson artificial intelligence platform, and General Electric, which outsourced the development of its Predix industrial internet of things platform. Other familiar names include:

Google
Apple
Oracle
Amazon
Facebook

This list is undoubtedly just the tip of the iceberg, but it gives you a sense of how the biggest and most successful companies use outsourcing as a resource to remain the best at what they do. It’s a competitive market, especially in the digital realm where the demand for skilled talent is high and lucrative for businesses.

How It Can Be Applied

Getting started when it comes to a new software development project is more often than not the hardest part. Commonly, this is simply because the project has been overthought or there is still a level of uncertainty. When this is the case, it requires company leadership to resort back to the basics which include:

Defining the goals of the new system
A comprehensive evaluation of all options for outsourcing providers
Outlining and communicating expectations
Tracking progress

Outsourcing can provide many benefits, but to reap the rewards, these are the kinds of operating procedures that need to be in place. Again, like anything in business, for this to work, it requires leadership to be aligned with the goals of the project.

The Takeaway

There are no shortcuts to success in business— or anything for that matter, even in a world where resources are abundant. There is only hard work that can solve the problems of an organization. To prioritize quality in all aspects, you may have to leave certain things up to others to ensure it gets done right and that your business can focus its efforts where it counts.

Written By Ben Brown

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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

ben brown

January 6, 2023

Business

5 Industries Using Embedded Financial services in 2023

ben brown

January 6, 2023

Business

Embedded financial services, commonly referred to as "banking-as-a-service," is a business model where financial services are integrated into the products and services of non-financial companies. As we are now in 2023, we can expect this model to become even more prevalent as companies are consistently seeking ways to add value for their customers in addition to streamlining their operations.

That’s a lot to take in from the jump but it covers the basic idea of how BaaS fits into the generic landscape of businesses. This is yet another versatile piece of technology that can transform an organization's operations from the ground up.

2 Leading Factors Behind the Adoption

Demand for convenience: The first key driver behind the growth of embedded financial services is the increasing demand for convenience. Customers today expect to be able to access financial services on their own terms. To accommodate this, companies must offer flexible, high-performance experiences that allow users to manage their finances from anywhere, at any time. By integrating financial services directly into their products/services, companies can provide a one-stop-shop experience.

Data privacy and security: As data breaches become more common and customers become more concerned about the handling of their personal information, companies that can ensure and offer secure financial services are likely to be more attractive to consumers. By embedding financial services into their products and systems, companies can better control and protect their customers' data, which can give them greater confidence in using their services.

How Companies Are Capitalizing

There are several different ways that companies can use embedded financial services to benefit their customers as well as their operations. Every industry is searching for the best way to apply this. With that said, here are 5 that have found some success in doing so:

E-commerce: Many e-commerce companies, such as Shopify and Amazon, offer embedded financial services like financing options and payment processing. This allows customers to make purchases and pay for them over time, rather than having to pay upfront, which can increase sales and customer satisfaction (BNPL).
Travel: Companies in the travel industry, such as Expedia and Airbnb, often use embedded financial services to offer a range of payment options, one of which includes the ability to pay in different currencies. This can be especially useful for travellers who are visiting a country for the first time and aren’t familiar with the local currency.
Retail: Retail companies, such as Target and Walmart, are using embedded financial services to offer customers more convenient ways to pay for their purchases. For example, Walmart allows for payment through its mobile app, Walmart Pay, which allows customers to simply make purchases using their smartphone.
Technology companies: This one may not come as a surprise, but tech companies, such as Apple and Google, are using embedded financial services to offer financial products, such as credit cards and mobile banking apps. This allows them to expand their customer base and generate even more streams of revenue.
Telecommunications companies: Telecommunications companies, such as AT&T and Verizon, are using embedded financial services to provide direct access to financial services such as mobile banking and payment. This is great for increasing customer loyalty and retention.

The Takeaway

As we can see, it’s clear that embedded financial services will continue to play an important role in the economy during 2023 and in the years to come. As companies try to provide more value for their customers and streamline their operations, the integration of financial services into their products and services will continue to prevail.

The hardest thing to do as a company with long-standing operating methods is to implement change. However, in this day and age, change is inevitable for those who plan to capitalize on the modern market.

Written By Ben Brown

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ben brown

January 3, 2023

Business

When Machine Learning Meets Cyber Security

ben brown

January 3, 2023

Business

When it comes to the technology backing an enterprise, ensuring the security of networks and data has to be a high priority. This may sound glaringly obvious but oftentimes companies lack direction when it comes to building this kind of software. This is where cybersecurity comes in.

In today’s world, cyber security is non-negotiable for anyone with sensitive data stored online. Take for instance the fact that there are an estimated 2,200 cyber attacks per day which equates to over 800,000 per year and 1 every 39 seconds.

This raises a ton of red flags for many businesses that are now forced to evaluate their options for protection consistently. It's also important to remember that technology is built to adapt and needs to be in order to tend to the needs of its surroundings.

When it comes to the case of a company protecting its assets, there are many factors to consider both within and outside the organization. One way that companies are addressing the growing threat of cyber attacks is through the use of machine learning.

Machine learning is a technology that can perform without being directly ordered to carry out specific functions. As you may have guessed, this means its capabilities are incredibly versatile and you’d be right. When it comes to cybersecurity, here is how machine learning is used to enhance its performance:

3 Ways Machine Learning Is Used For Cybersecurity

Pattern Recognition: Machine learning uses algorithms that can realize patterns in data and identify any irregularities that might indicate a breach. Machine learning is especially effective at detecting malware, a type of hacker software designed to cause disruption. This is something that traditional methods may struggle to identify.
Attack Prediction & Prevention: Machine learning is used to predict and prevent cyber attacks before they ever happen. For example, an algorithm could be used to help a company that’s already experienced cyberattacks by analyzing the company's past attacks and identifying the common patterns or indicators that suggest a future attack. Companies can then take this information and develop contingency plans as well as take preventative measures.
Improved Security: Aside from simply detecting and preventing attacks, machine learning can improve the overall security of a company's networks and systems. For example, machine learning can be used to monitor network activity and identify potential vulnerabilities. This information can then be used to patch those vulnerabilities and strengthen the company's overall security posture. Features of this include:

Fraud detection: Machine learning can analyze data transactions and identify patterns that may suggest fraudulent activity.

Malware detection: As mentioned earlier, machine learning algorithms can also be trained to recognize patterns in code that might indicate the use of malware; this allows them to identify and block malicious software before it can cause any harm.

Phishing recognition: Machine learning can even be used to analyze the contents of an email and identify patterns of a phishing attack.

For Small Businesses:

Small businesses often have limited resources and may not have the same level of security as larger enterprises. However, this does not mean that they are immune to cyber-attacks. In fact, well over 40% of online attacks are targeted at small businesses due to their perceived lack of security measures. This makes it even more important for small businesses to have strong cybersecurity systems in place.

Machine learning can be a valuable tool for small businesses looking to improve their cybersecurity posture. By automating the detection and prevention of cyber attacks, small businesses can protect their sensitive data and ensure the long-term sustainability of their platforms.

The Takeaway

Machine learning can enhance cyber security by equipping companies with the most advanced tools and tactics to detect and prevent attacks, in addition to improving the overall security of the companies' networks and systems. As the threat of cyber attacks continues to grow, the use of machine learning in cyber security is inevitably going to continue expanding through innovation. If we were to get into specifics, experts are predicting a Compound Annual Growth Rate (CAGR) of nearly 9% over the next 5 years in the industry.

As we’ve seen here, machine learning is already a highly valued tool when it comes to security and preventative measures for cyber attacks or any other variant of digital fraud for that matter. Companies who are serious about the long-term sustainability of their platforms' secure information storage are making the necessary moves using the right software. But as always, it starts with reviewing the needs of your business to find what is right.

Written By Ben Brown

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