Why Financial Firms Use System Automation

In today's fast-paced business environment, teams who prioritize productivity and efficiency have a much better chance of success. Savvy leaders know this, and it’s why they treat their time and that of their teams as a currency, because it quite literally is. 

Investing in efficient systems is a must for businesses targeting long-term success. It starts by maximizing the short-term time-saving potential. Now when we say “succeed long term,” we’re not talking about the businesses trying to dominate the market for the next 3-5 years; we’re talking about the enterprises looking to make their mark for the next 10, 20, 30 years and beyond. 

But what industries do businesses aim to compete for such a long time? The financial industry is an example of a sector where businesses aim to compete for a long time, and firms need to evaluate their capabilities for the long haul. For this reason, technology providers cater to these needs by introducing tools and solutions that help businesses streamline their workflows, automate repetitive tasks, and overall manage their teams more effectively. 

So, what are these magic systems? Here are just 5 software solutions that a financial firm trying to compete long-term would use:

1. Workflow Management Systems: Financial firms use these systems to organize and track different tasks and approvals, making sure everything gets done on time.

2. Business Intelligence and Data Analytics Systems: Systems used by institutions to understand how the business is performing and make more informed decisions through data analysis.

3. Artificial Intelligence and Machine Learning Systems: Smart computers that can learn and make predictions on their own, helping firms easily make better decisions. 

4. Electronic Document Management Systems: This is where organizations store and share important papers like contracts and invoices electronically. As a result, they don't have to rely on hard copies.

5. Robotic Process Automation Software: This software will take over repetitive tasks such as data entry and free up time for the complex and value-adding tasks we’ve been mentioning. 

While each one of these systems sounds cool, there is still a gray area behind integrating them into daily practice within the organization. With that said, It's important to note that while these systems can indeed bring great benefits, they also require a significant investment in terms of time and resources. Consider for a moment that 70% of digital transformation projects fail typically because of a lack of planning for system integration and an understanding of why the team needs the system. That is why a game plan before implementation is so critical to ensure maximum ROI upon execution.

What Does This Execution Plan Look Like?

For a financial institution, the execution model might look something like this: 

1. Identify the goals that can be met with the new system.

2. Assess the current workflows and processes within the organization and find the areas that the new system can optimize.

3. What features/capabilities of the new technology align with the objectives of the business and/or team?

4. Outline ideals (milestones, timelines, and deliverables upon implementation).

5. Resources needed to support the project (staff, budget, equipment, etc).

6. Monitor progress and ensure the necessary adjustments are being made.

This outline is kind of the static layout behind every software project and for good reason. This guide is going to force you to evaluate the “why” behind your project, which will then make every step beyond a lot more simple to understand. 

The Takeaway

The point here is to emphasize how important it is to constantly evaluate your organization's processes and to find the margins where innovation can benefit performance. As always, this comes down to understanding your business goals and the impact of new technologies.

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.

5 Mistakes to Avoid When Building a Mobile App

Since mobile apps were first introduced in the 1990s, people all over the world have wanted a version that fulfills their interests. This has led to the creation of millions of mobile apps that do more than just entertain. It’s estimated that the average smartphone user spends around 3 hours every day using apps which presents lucrative opportunities for the app owner but even more so for the programmers who materialized the platform. 

App development is expensive, there’s no denying that. Though prices vary heavily if you’re looking to build something decent, be ready to spend a minimum of around $40,000. However, be open to the fact that the ROI on building that app could be dramatically higher. Now the price of development is of course enough to scare most curious creators away. However, in those cases, it’s likely the person is simply not ready to take on the responsibility or lacks a clear vision of what the app will bring. 

There are several examples of companies that owe their success to integrating mobile apps such as Uber, YouTube, Facebook, Google, and so on. This is not to say that success is imminent for everyone in this case but the principle is simple. These companies had a foundation that was ready to take on the mobile market and when they did they took it by storm. 

The mobile app development market is already worth hundreds of billions of dollars and further growth is inevitable. While competition is fierce, those with a strong team, clear vision, and solid platform can still succeed. However, it's important to be aware of these 5 common misconceptions to avoid on the path to success:

1. The work ends when the app is released: Many fail to take into account the work that comes after a mobile application is created. This includes (but is not limited to) consistent maintenance, updates, bug fixes, and user support. 

   As well, marketing and promoting the application needs to be a priority after the release to attract new users and keep the app visible. Developers need to have a plan in place for the work that comes post-release to ensure the app is successful long-term.

2. Features are enough to make an app successful: While the features of an app are important, they will not single-handedly make your app a success. A solid user interface, user experience (UI/UX), performance, and reliability are the primary aspects that contribute to a successful mobile app. 

   How would you feel about an app that had all these great features but performed horribly and was difficult to navigate? You’d probably feel like deleting the app right away.

3. You can stop at iOS: iOS devices account only for a little over 26% of all mobile operating systems. While it’s great to have your app made for iOS devices and the market will be very good for organizations, there’s a big chunk of the demographic being excluded. Ultimately, this is going to depend on the needs/goals of the business.

4. It’s cheaper to build an app than a website: We’ve already gone over a bit about the kind of prices to expect, but this is a key area to be aware of. Again, every project is going to vary in terms of cost so it’s not possible to put a price tag on an app or website. However, when it comes to comparing the two, there may be misconceptions about which is more cost-efficient. 

   Because apps are designed for specific platforms, devices, and screen sizes, while websites need to be compatible with a variety of all three, some may assume that apps are cheaper to build. However, it's important to note that both apps and websites require maintenance, updates, and testing. With this in mind, it's important to consider all of these variables for both when deciding which type of project to pursue.

5. Not thoroughly testing the app: Don’t make the mistake of being so anxious to get your app out to people that you fail to prioritize the testing phase. This is where you can identify and remove bugs, evaluate performance, how it looks, and how it functions across various mobile operating systems.

   Problems that app creators don’t identify and rectify will come as complaints from users which will hurt the app's success in the early stages. In short, get ahead of the curb, make sure the app is what you envisioned and that nothing is left to chance. 

The Takeaway

To succeed when creating a mobile app, developers must take strategic approaches that focus on quality. This starts with a clear vision, is fueled by setting meaningful goals, and assembling a strong team that can deliver a user-friendly platform that will be around for the long haul. 

By avoiding these mistakes, you won’t have all the answers but you will have a bit of an edge along the journey.

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.

What is Technology Debt?

Businesses love innovation and making things simple both for the organization and the customers whom they serve. Technology was built on that premise and it’s the reason we have so much variety in the selection of technology providers and services in 2023. However, just like the businesses that use technology to enhance their operations, the providers of the technology are running a highly complex operation and working hard to continuously make it profitable. 

As technology providers continue to innovate and improve their products and services, they may also accumulate “technology debt”. This can happen when they rush the launch of a new product or feature, use shortcuts to solve problems, or simply neglect to properly maintain and update their systems. It’s normal to see prices rack up but not making it a priority to have paid off is dangerous.

Why is Technology Debt so Detrimental?

The biggest issue with technology debt is that it can make it harder for the provider to continue innovating and improving their technology, in addition to making it more difficult for their customers to fully utilize the technology's capabilities.

Technology debt is like when you use your allowance money as a kid to buy something you want now, but then you don't have enough money to buy something else you need later. 

When a company or organization uses shortcuts or quick fixes to solve a problem, they can get things done faster in the short term, but it can make it harder and more expensive to fix or update things in the future. So just like saving money, it's crucial to keep on top of technology debt so it doesn't become a bigger problem later on.

Last year alone, nearly 70% of organizations struggled with rising tech debt costs which was primarily attributed to the pandemic. As a result, many companies are making efforts to reduce their tech debt and invest their cash in more cost-effective solutions. These solutions include:

• Open source software: This software is free to use, simple to modify, and distribute. It can make for a cost-effective alternative to proprietary software, which typically requires a license or subscription fee.

• Cloud computing: Companies only pay for the computing resources they use, lowering initial costs and providing flexibility in usage and scaling.

• Outsourcing: This provides access to specialized expertise at a lower cost than that of maintaining an in-house team.

The main concern with tech debt in this sense is the expense of maintaining, updating, and modernizing technology in the long run. Again, using the pandemic as an example, many companies had to quickly adopt new technical methods to support remote work and online operations alike. 

This sudden increase in technology usage and adoption led to a dramatic rise in tech debt for many organizations. As a result, organizations began turning to alternative solutions like the ones listed above. 

We’ve done a lot of talking about what tech debt is, but the real question is: how can your business avoid becoming part of the 70%? The answer is simple: stay on top of your technology debt. It may seem like a daunting task, but updating your software systems can save you a lot of trouble in the long run which is a key reason to invest in IT systems. 

Aside from the obvious risks and headaches that come with accumulating debt, 6 of the main consequences of not managing tech debt include:

1. Difficulty in attracting and retaining top talent: Engineers may be less willing to work on a system that is difficult to maintain or update.

2. Reduced flexibility: The codebase may be difficult to understand or modify, limiting the ability of the organization to adapt to its own changing needs.

3. Difficulty in integrating new technologies: Branching off the above point, the existing codebase may not be compatible with newer technologies.

4. Security vulnerabilities: Code that hasn’t been updated may not have been written with optimal security measures.

5. Hard to scale: The codebase may not be designed to handle increased usage or traffic.

6. Maintenance costs: It becomes more and more expensive to maintain and update the affected systems, which may result in reduced productivity and higher costs for the business.

Managing The Issue

One of the sure ways to stay on top of your technology debt is by working with a trusted provider who can help you assess your current systems, identify areas of improvement, and, most importantly, implement cost-effective solutions. By being proactive, you can ensure that your organization is well-positioned to take advantage of new technology as it becomes available.

At ISU Corp, we understand the importance of staying ahead of technology debt. That's why we offer a range of services to help businesses like yours assess, manage, and reduce their technology debt. From open-source software and cloud computing to outsourcing, we have the expertise and resources to help you stay ahead of the curve. Contact us today to learn more about how we can help your organization stay on top of tech debt and overall improve your bottom line.

Written By Ben Brown

—

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.