BLOG

Modern terms such as ML, data science, big data, and data science services remain a mystery to many people, and they often confuse these notions. In this article, we will explain these technologies in simple terms to make it easier to see what exactly is the difference between them.

Knowing Who’s Who and What’s What

In order to define what that situation between data science vs machine learning vs big data is, let’s overview each technology separately.

Data science

This is the method for analyzing data and extracting valuable information and knowledge from it. It overlaps closely with the areas of machine learning and, of course, technologies for working with huge massives of data.

Machine learning

Machine learning is the use of algorithms to deeply explore data assets, extracting the most useful info possible. Through ML techniques, one can also employ given datasets to predict future trends. Such software employs predictive and statistical analysis approaches to identify patterns and uncover hidden yet meaningful knowledge.

An excellent example of the implementation of machine learning in real life is algorithms that study your behavior on the network and then provide recommendations.

Big data

The definition of Big data is usually quite simple - it is a huge amount of information, often unsystematic, which is stored on some kind of digital medium. However, the data called “Big” is so vast that it is impossible to efficiently process it with the usual means of structuring and analytics. Therefore, the term “big data” is also understood as technology for searching, processing, and using huge heaps of ill-structured information.

Data Science vs Data Analytics vs Machine Learning

Data science is a broad concept that includes many disciplines. Machine learning falls under data science as it employs several techniques commonly used in this field. Data science, on the other hand, encompasses many disciplines, as opposed to machine learning, which focuses on one subject.

When it comes to data analytics, the focus is on raw data or primary sources. However, the goal of analytics is to identify algorithms and cause-effect chains, for example, user behavior or market trends, using data.

Ultimate Benefits of ML

Let's find out more about the advantages of machine learning.

• Seamlessly pinpoints common tendencies and patterns. ML can process huge amounts of data and detect certain trends and patterns that will not be obvious to humans. For example, e-commerce websites aim to clarify how users behave during browsing and what individual purchase history specifics there are so that more relevant systems for finding relevant products, offers, and reminders related to specific wishes and desires can be implemented. The results of such analyses are used to come up with the most individually relevant ads.
• No human intervention is required. With ML, you don't have to oversee your project every step of the way. Since it means empowering machines to learn, it allows them to make predictions as well as improve algorithms on their own. Antivirus software is a typical example of this. Antiviruses learn to filter new threats as they are recognized. ML is also good at detecting spam.
• Continuous improvement. As you gain experience, machine learning algorithms improve. This allows them to make more informed decisions.
• Processing of multidimensional and diverse info. ML algorithms are truly efficient for processing multidimensional and varied data, and they can do so in uncertain and highly dynamic environments.
• Extensive field of application. You can be an online seller or a healthcare provider and make ML work for you. Where applicable, it can help provide clients with a much more personal experience while also targeting the right clients.

Difference Between the Big Three

Figuring out the difference between data science AI and machine learning, we must understand that AI is a group of methods and algorithms that are used to solve various kinds of problems, used in various fields, from robotics to text content inspection. But ML involves algorithms capable of learning to solve certain problems autonomously over time.

Data science uses machine learning to analyze data and predict the future. It combines machine learning with other disciplines such as analytics of big data. Data science is a hands-on application of machine learning with a full focus on solving real-world problems.

Conclusion

Our team is focused on developing solutions that leverage the above technologies and help solve real-life business problems. If you are looking for a company that provides data science services and machine learning consulting, then contact us.

What is predictive analytics in commercial real estate based on artificial intellect, and how does it affect the development industry? In a nutshell, predictive analytics is a part of a marketing strategy that is aimed to provide potential customers with the information that best matches their needs.

Predictive Analytics in Real Estate

Predictive analytics instruments are a symbiosis of behavioral factors and customer information. Thus, a package of customer preferences, based on a personalized experience, is formed, which is the basis of establishing the purchasing algorithm.

Predictive analytics real estate is useful for both developers and potential buyers:

• Structured user data makes life much easier for developers, homeowners, and investors alike. Predictive analytics takes into account motivation and preferences and enables an individual approach for each market user. As a result, each of them sees online real estate options that not only match their search criteria but also their individual consumer preferences.
• Segmented data is the most reliable source of information, especially for those looking for the perfect property to invest in. A potential investor sees thorough analytics, including not just the value of the property but also the potential rental income and even the estimated occupancy rate.
• Return on Investments in a case when a home needs renovation can be easily boosted with predictive analytics instruments. You can get information on how much local investors are willing to pay for possible upgrades.

In the recent past, marketers calculated all of the parameters listed above manually by assigning each lead the following category, and so on. Intelligent predictive analytics makes it possible to predict future real estate trends, optimize their activities, and get the resulting profits.

Future Real Estate Trends

Artificial intelligence technologies actively intrude on all business branches and consumers of goods and services. In real estate, the market was stable until 2003. But then intelligent learning technologies made a real revolution! And as predictive analytics technologies grow, the revitalization of the market can be noticed.

What are the benefits of real estate development technology?

• A guarantee of a successful investment based on 100% consideration of the location and prospects of the area. Predictive analytics based on artificial intelligence provides the investor with a prediction of trends in the real estate market, and this is a sure way to success.
• The ability to obtain information about the Return on Investment in case of property renovation. Predictive analytics allows the investor to analyze the potential willingness of users to pay more for a certain improvement.

Understanding and using effective predictive real estate analytics instruments gives market users a chance to change buying and selling commercial and residential real estate.

Big Data Predictive Analytics Solutions

How to avoid mistakes when choosing residential and commercial real estate? Marketing theory is good. But what is the right choice for a buyer? This means working with an unimaginably huge amount of real estate data. In this regard, not only already made decisions are worth attention, but also different startups that are developed based on artificial intelligence. The predictive analytics system provides all factors that may influence the decision making for the consideration:

• Demographic data of the region;
• Average cost per square meter of residential and commercial real estate;
• Concordance of the retail space to the number of residents in the area;
• Security level;
• Availability of a competitive environment;
• Availability of parking;
• Transport infrastructure;
• The purchasing power of the local population;
• Profitability of retail space lease.

These circumstances significantly increase the importance of modern algorithms for determining the characteristics of real estate in each specific micro-district.

What trends have property buyers and sellers faced in 2020?

Slim pickings for home buyers

Note that during the pandemic, the number of offers in the real estate sector decreased by almost 22% compared to 2019. In such circumstances, the buyer should:

• Give up some wishes, since an inexpensive house in a good neighborhood can eventually be put in perfect order.
• Include multiple districts in your search.
• Obtain mortgage approval before starting your property search.

As for the sellers, a small selection implies low competition and, therefore, a bigger selection of the best buyer.

Home prices are still rising

In order to avoid financial difficulties when buying real estate, follow these guidelines:

• The monthly house payment must not exceed 25% of the buyer's income;
• The initial payment must not be less than 20%. Otherwise, the buyer is at risk of facing additional commissions and fees on the mortgage loan.
• The optimal format is a 15-year mortgage with a fixed rate. But a 30-year mortgage will be too expensive.

For real estate sellers, rising prices promise good profits. Do not rush to sell your property to the first customer. With a little patience, you will have enough money to buy a new home.

Low mortgage rates

In 2020, the rate on a 15-year mortgage reached its lowest level within the last 20 years, at just 2.1%. In 2021, the interest rate will be about 3%. This is great news for both buyers and sellers of real estate. For the buyers, this is the availability of making a purchase, but a reason to make a purchase that will be difficult to pay for. For the sellers, an affordable mortgage means a large number of motivated buyers.

Online real estate services are growing

The consequence of this is an increased activity of companies willing to buy and resell your home, freeing you from the hassle. They promise to do all the work of the experienced agent for a small payment. But be prepared that your profit will not always meet your expectations.

Another option is a hybrid service, where only a part of traditional agent services is provided. As a result, there is a reduction in commissions. But, nevertheless, caution should not be neglected, because you are selling your most expensive asset.

To simplify the documenting process of selling and purchasing, digital technologies with digital signatures, remote notarization, etc. are used more and more often.

Conclusion

Our team will help you use modern real estate technology when buying and selling residential and commercial real estate. Our highly qualified specialists deserve your trust and will ensure you achieve the best financial result.

Today’s digital competition revolves around the global economy and the daily lives of consumers. At Axisbits, we help every business adapt to the fast-changing digital world by offering custom web development. Our company consists of professional developers with a rewarding experience. 

The team’s efforts and talents have helped our success in serving multiple clients over the years. With that, we can finally announce that our hard work is paying off by becoming a leading company in Ukraine by Clutch! 

Clutch is a B2B ratings and reviews platform based in Washington, DC. They help businesses connect with service providers to fill in their needs. Only the highest performing companies receive Clutch Leader Awards, so we’re incredibly grateful for the recognition and would like to express our gratitude. Please take a moment to read the message of appreciation from our CEO. 

"Clutch Award acknowledges the high standards of quality that our company provides and motivates us to work even better.”

CEO, Axisbits

This would not be possible without the support of our satisfied previous clients. We are honored and thankful for the positive verified reviews they left us. Here’s some of the feedback we have received.

"Most of all I’m very happy to work with a team that understands the modern world design and feature needs."

Founder, Booking Software

“Their pricing structure is great, their integrity is awesome, and their creativity is phenomenal.”

Angela Renaud, Founder, Online Education Platform

Additionally, we are proud to be featured on Visual Objects, Clutch’s sister site, which provides more information about our company's success and how we work. Visual Objects is a market research firm that provides a set of project data from top-performing firms across the globe.

Want us to work together? Our team responds within 24 hours to emails and messages. Drop us a line! We’ll respond to you right away.

Brilliant ideas on promising software products come to mind from time to time. But they are always subjective. Is there any value in your great idea for other people? Will your future product be in demand?

Fears and doubts are natural for any creator. And oftentimes they take over to prevent doing anything. In fact, only two approaches are available: either giving up your idea at all or creating a Minimum Viable Product. If you choose the second one it is worth knowing some fundamentals of MVP software. We are going to explain critical HOW-TOs regarding minimum viable products in the present post.

What a Minimum Viable Product Means

MVP comprises its basic definition in itself: a minimum viable product is a working hypothesis of your business idea that can be offered to your future customers in the form of a real product/service with a minimum set of functionalities. In other words, MVP is a software product having no minor details but capable of bringing some certain value to your target audience.

MVP software is aimed at answering the question of whether your idea is viable from the perspective of your customers. Hence, when you practice MVP app development, you seek to get clear feedback about your business idea from potentially interested people (users, investors, etc).

How To Grasp The Main Advantage of MVP

The main advantage of MVP software is that you can avoid months and years of futile effort spent on something nobody needs. Suppose you start developing a software product with a fully-fledged holistic agenda. The detailed architecture, expensive design, complicated functionality all are available in your development process from the very beginning. 

Your product life cycle can last months and years: changes of all sorts may happen before deployment. And after a long while, you suddenly realize that your idea has initially no value for anyone. Potential customers have no interest in your solution since their demands happen to be different. What a frustration!

More than one-third of all startups fail due to the discrepancy between the expected demand for their new software and the actual interests of customers. If you begin with a minimum viable product such a failure can bring much fewer losses and less disappointment. MVP app development saves time and money by providing quick (and relatively cheap) feedback from target audiences regarding what you are going to sell them.

How To Realize Why You Need MVP Software

MVP is a “lite” version of your product/service offered to your potential customers to figure out their needs and pains through a real user experience. The received feedback is worth using in the further work over your business idea. To sum up for what MVP app development is needed the following considerations should be kept in mind:

• to test your business hypothesis with real users;
• to save time and money if your idea appears to be unviable initially;
• to accelerate development reaching the moment when your idea can be literally touched;
• to be able to detect possible shortcomings of your idea and make necessary corrections;
• to represent your idea to potential investors with something more appealing than just a slide show.

How To Understand When MVP Software is Relevant

MVP software development can benefit almost any complex project. Visiting-card websites, landing pages, and even enterprise websites unlikely need MVPs. But web-services, applications, and online platforms all should origin from minimum viable products. The following use cases reflect when MVP software is particularly useful:

• E-stores with rich functionalities across multiple sections (delivery, credit, customer support, etc);
• Social networks and messengers;
• Aggregators and marketplaces that require processing large volumes of data;
• Personal account sections of complicated websites;
• Intracompany online services (closed sections for staff only);
• Various integrated services (i.e. document management programs)
• Fintech projects, etc.

How To Develop a Minimum Viable Product

If you recognize the value of MVP software for your project keep your development under the following essential principles:

1. Always look for a way to cut down expenses. The core idea of any MVP software is in saving time and money for development. Therefore, figure out the minimum functionality you can offer to your customers and do nothing beyond it. 
2. Make a model of the user experience of your MVP software. Consider how and for what potential customers can use your product/service. Develop a scenario of interactions between your MVP and the users.
3. Build a hierarchy of your product functions. Figure out the priority value of your product/service for users. The function that reflects the value best should be on top of the hierarchy. Begin your MVP app development with that function. 
4. Make a clear decision on what exactly is to be available in your MVP software. Get all redundant stuff away from your MVP, don’t spend much time on illustrations, design, etc.
5. Make tests routinely. Represent your finished MVP software to your colleagues, relatives, and friends. Get their feedback and amend your MVP accordingly. After that, represent the last version of your minimum viable product to customers and get their feedback. Make relevant revisions. Repeat this algorithm through multiple iterations across the entire life cycle of your product/service.

How To Choose an Appropriate Management Method For MVP App Development

When the amount of work needed for the development of your MVP software is determined you have to choose the most appropriate management strategy. Not so many types are available, in fact. But they all are agile and iterative enough to fit diverse MVP software projects.

Extreme Programming (XP)

This is a set of such practices as code refactoring, small releases, simplified design, and various coding standards capable of improving your code over short periods. The XP development cycle requires less than a couple of weeks usually. Hence, you can deploy the first version of your MVP software quickly to scale it up subsequently. XP fits those sorts of MVP software that rely heavily on code quality.

Lean

This method is based on the following core principles: eliminating redundant expenses, accelerating releases, enhancing staff training, and building integrity. The iterative development under the “creation-testing-training” pattern is inherent in Lean. Hence, the developers can postpone the majority of project proposals to establish a quick feedback cycle. In doing so they make sure that just the goal-driven product is under their MVP app development.

Scrum

This method implies the effective distribution of workflows. You can manage the MVP Scrum development in a sprint - the short cycles requiring 2-4 weeks each. A pre-assigned Scrum master is to monitor the operation stability of all MVP Scrum processes. Your MVP software can be released after just the first cycle. Developers can upgrade that MVP software across all subsequent cycles. Even though Scrum is more labor-intensive than, for instance, Lean, this method appears less stressful for developers since it facilitates gradual and progressing processes.

Conclusion

MVP software development acts as a safety airbag: it enables forecasting both the commercial potential and technical capabilities of your future product. MVP allows you to make business decisions based on facts, not assumptions. Testing promising business concepts in a real market environment is the main goal of MVP app development. 

Contact us today to clarify the viability of your business idea with a professionally created MVP software based on our deep expertise in all major IT domains.

The pandemic has become one of the main reasons for the change that many businesses have had to face. To keep afloat, they are automating their workflow.

In this article, you will learn about the latest trends in automation, the benefits of robotic process automation, artificial intelligence services, and much more.

Automation Solutions in 2021

Usually, automation is perceived on par with efficiency, since it is aimed at improving some processes and making them easier. For example, simplifying routine tasks, improving the overall business performance, and maximizing the results.

In the context of information technology, this means breaking down into details the systems and environments that are difficult for a simple user to understand. We are talking about scalable container launch, multi-cloud and hybrid cloud infrastructure management, and cloud navigation. Automation is crucial for keeping both internal and external environments as simple as possible.

Most of the experts are united in their vision of the future trends in automation in 2021 - they will be aimed at making the work of people, processes, and tools simpler. Moreover, as the volume of work with native cloud technologies grows, the task of automating all work processes becomes relevant. As part of its solution, managers will be able to form teams and distribute specialists more flexibly.

What Does the Automation of Business Processes Give Companies?

The main idea behind all automation projects is to collect as much relevant data as possible, automate certain actions, reduce the likelihood of errors by eliminating manual labor, and save money.

Automation is not an attempt to replace people with soulless machines; in practice, it is, on the contrary, a way to enable people to work more efficiently, faster, and focus on interesting creative tasks, bringing more value.

Latest Trends in Automation

Business process automation is carried out in different ways. It depends on the field of activity, on the number of personnel, on the financial capabilities of the organization. But there are general trends:

Hyper-automation

The use of AI in the field of business process automation did not begin yesterday, but it is in 2021 that the technology is expected to find widespread use in commercial enterprises.

Hyper-automation is the term for the introduction of advanced AI and machine learning technologies to increase employee productivity and improve the overall efficiency of the enterprise. Such technologies are expected to be significantly more efficient than traditional automation tools. Business processes based on artificial intelligence services must flexibly adapt to changing circumstances and provide an adequate response to unexpected situations, hence the need for AI.

Hyper-automation engages business analysts, industry experts, and end-users, allowing people to work side-by-side with machines and advance the hyperautomation market.

Robotic Process Automation (RPA)

RPA and bots are the most talked about trend. Several years ago, some tried to view bots as an alternative to BPM due to the faster implementation and adaptation. According to many experts, the future belongs to the synergy of BPM and RPA.

RPA is increasingly being used to help employees perform their day-to-day tasks more efficiently. One of the benefits of robotic process automation is that by automating traditional tasks, businesses can eliminate human error while increasing the efficiency.

Bots and RPA are a strategy that has a quick but limited effect, and BPM has a stronger effect - not just an increase in employee productivity, but higher quality for customers - but delayed in time.

Over time, BPM and bots will learn to work together and ultimately become part of the digital business platform, which will ensure timely delivery of complex results for the business with a high level of visualization.

Internet of Behavior (IoB)

The Internet of Behavior is useful for humanity to adapt behavior to certain changes. The IoB collects and processes digital dust for digital and physical realities. Its main sources are commercial customer data, social media, locations, citizen data processed by government agencies, and more.

As an example, telemetry from cars helps to analyze the driving behavior of their users. This data is used to optimize or improve vehicles.

Internet behavior has different social and ethical implications depending on the user's goals. In the future, this issue will be governed by privacy laws, which will differ from country to country and from region to region.

Development of omnichannel retail

Customer service automation assumes an integrated approach that combines offline and online interaction with the consumer. It is assumed that the client can equally use both offline and online purchase formats, switching from one to another without losing convenience. Sales outlets, in turn, exchange data on balances, orders, and shipments.

Mesh technology in cybersecurity

Much data now exists outside of the standard security perimeter, so cybersecurity cells help define this security perimeter around the user and create flexible, scalable cybersecurity governance. This approach is considered more modular by centralizing policy management and dividing the application of the same policies across cells.

Mesh technologies allow people to access any digital asset, regardless of where the asset, or the person, is located. The use of cloud technologies and the departure of employees to work remotely contribute to the fact that many leaders have to look for new approaches to ensuring cybersecurity.

Distributed cloud

The purpose of a distributed cloud is to distribute cloud services across different physical entities, but leave responsibility for the development, use, and management of the public cloud provider. This automation helps with cost savings, low latency scenarios, and compliance with data storage laws.

Self-service systems

Self-service devices for ordering, storing, selling, and issuing checks are ubiquitous for interacting with end-users.

How to Implement Business Process Automation

Implementing automation tools is a process that avoids potential problems. First of all, it is important to pay attention to the planning stage - highlight the business processes that need to be automated and optimized, determine the desired result of the implementation of the appropriate tools.

After the actual stage of implementation of automation services, it is necessary to analyze its results and understand how they correspond to the expectations - and how correctly these expectations were formulated. In the future, you will have to optimize already automated processes to achieve even greater efficiency.

Conclusion

Automation is a powerful way to make complex processes easier. Including, for example, solving problems with remote work and information technology management in the cloud. As automation solutions evolve, businesses will have even more choices, while increasing the efficiency and saving the time. Contact us to discuss possibilities for your business.

One would have thought the need for retail security systems has largely decreased following the latest COVID-19 pandemic, since people prefer online shopping now. Unfortunately, that is not the case. Retail theft and organized retail crime are now thriving more than ever, along with vandalism, store assaults, and cybersecurity threats. Some people are shoplifting food out of impoverished necessity and economic uncertainty, and others with criminal backgrounds relapse into violence. 

Retail security has now become a №1 loss prevention system.

What Is Retail Security Systems?

One of the first solutions to the issue of retail crimes was installing surveillance cameras, but security systems have since evolved immensely. Retail security nowadays primarily consists of numerous in-store systems and cybersecurity options. Before determining which option to use, a store owner should access their weak spots first, whether it’s a poor neighborhood, dishonorable competitors, or the lack of overall protection.

Cameras and Alarms

In-store security is the most popular choice as it is the first line of defense. Video surveillance is still essential, paired with multiple alarm systems - open/close sensors, indoor glass-break and motion detectors, and smoke analyzers. Access control systems can lessen the possibility of employee theft. Camera technologies have got an upgrade too. Dome cameras are here for aesthetical concealment, and blurry video footage is no longer an issue with the highest definition quality and day/night features.

Electronic Identification

One of the newest additions to the “fight retail crime” team is RFID chips, which stands for radio-frequency identification. Not only do they improve stock control and enhance customer experience, but they alert the security of unauthorized product removal. Even the whole physical store’s identity can revolve around them, like Amazon Go. Tags in retail are also the work of the electronic article surveillance system (EAS), and they need to be deactivated after each purchase.

Cybercrime

The other side of modern retail - online shopping - has brought us growing numbers of cybersecurity threats. Moreover, cybersecurity administration in retail is still feeble; for example, nearly 40% of businesses didn’t do any cybersecurity risk assessment in 2020. Such negligence can result in both financial and reputational losses. The worst-case breach scenario might involve losing sensitive client information, i.e., payment data and credentials, meaning thousands of people’s safety will be at risk.

Benefits of cybersecurity for retail involve:

• maintaining loyalty and brand reputation among stores - both physical and eCommerce;
• minimizing the risk of insider threats by monitoring system access, which in case of preliminary employee assessment can also reduce turnover;
• adding competitive advantage as opposed to other stores that are neglecting security measures;
• customer satisfaction and trust due to available encryption - people feel safe and looked after. 87% of clients will not deal with a company if they believe their data won’t be handled securely.

Retail Cybersecurity Solutions

Unfortunately, due to being poorly defended, retail continues to be an attractive target of cybercrime. People with malicious intent and hacker knowledge are evolving, and retailers need to evolve too, equipped with the most current retail cybersecurity solutions. Keep in mind that every device connected to the internet in one way or another is vulnerable to attacks. 

While big retail corporations are starting to invest more in cyber defense, small businesses still believe themselves an unlikely target. In reality, 73% of companies with less than a million dollars in revenue do not have any defense plan and don’t think it’s necessary. One out of four hasn’t got any idea where to start when it comes to cyber protection.

The most prominent gaps in retail security issues:

• Lack of defence against mosr=t malicious codes that run on Windows systems. Linux is considered more secure but less commonly used.
• Extensive usage of old operating systems (Windows XP and others), which are more prone to vulnerabilities.
• The absence of point-to-point encryption for most credit cards.

Here are the leading security solutions to review and implement:

• Only use licensed and up-to-date equipment and software with regularly updating antivirus installed on every device. The database of potential vulnerabilities and ransomware gets updated regularly.
• Two-factor authentication is a must for eCommerce to make hackers’ jobs less easy - the same goes for complex passwords. When left inadequate, such transactions may lead to unauthorized access.
• Administer security penetration testing to see where your system might be more prone to attacks.
• Encryption software will protect sensitive customer data. Add application codes and multi-device certificates as well.
• Beware of sketchy customers - in this day and age, the “client is always right” motto is slowly getting outdated. Always be polite to customers but skeptical. Think like a hacker and be on the lookout for potential weak links and employee susceptibilities.
• Inform and educate your employees on the importance of cybersecurity and how they can help.

Conclusion

In retail, data breaches, theft, and assaults are of nearly equal importance. In most cases, the steps needed to ensure decent protection of your retail store are uncomplicated but indispensable nonetheless. Retail security services are designed for risk mitigation and have multiple in-store and virtual strategies to defend your business. The most recent shift to global online shopping resulted in the rise of consumer data exploitation; therefore, we have to update our security standards. If you need a consultation - you can contact us.

Outsourcing is very profitable for a business, but certain risks and difficulties may arise with using this service. Besides, the digitalization pressure on companies in all industries has increased tremendously in recent years, and at the same time, the demands on modern software systems have also increased.

In this article, we will talk about the benefits of outsourcing, compare nearshore vs offshore outsourcing, and more.

What Is Outsourcing?

Outsourcing is a method of doing business in which certain services or tasks are performed by a third party. In the field of information technology, outsourcing can be used in the widest range of meanings, from the management of an entire IT infrastructure to individual services, for example, network services, system recovery, computer maintenance, and software development.

Companies can choose IT services within the country of their operation (onshore outsourcing), use the services of companies located in neighboring countries or states that are in the same time zone, or even do business from more distant countries. To reduce costs, the latter two options are usually used.

So why do companies use outsourcing? The specifics of services depend on a particular company, but the following factors are usually attributed to the benefits of outsourcing:

• Reduced costs;
• Improved efficiency of the company;
• Flexibility due to the possibility of using various outsourcing services;
• Increased attention to the strategy of the company and its main features;
• By using outsourced services, the company gains access to more modern services and professional workforce;
• Compliance with changing business conditions;
• Faster entry of the company to the market;
• Reduced costs of internal infrastructure;
• Enhanced access to technological innovation and intellectual property;
• Increased possibility of cash flow by transferring company assets to a third-party provider.

Nearshore vs Offshore Outsourcing

Offshore outsourcing is a smart way of hiring outsourced skilled workers for a short or long-term project. The contract employees come from other countries. Business owners can save a lot on offshore IT outsourcing companies compared to hiring an in-house team. 

In turn, nearshore outsourcing is similar to offshoring, with one difference. Software development and other areas of the business are outsourced to a location no more than an hour or two away.

Nearshoring outsourcing provides a better exchange of information compared to offshoring. Usually, greater cultural affinity also facilitates communication between the client and the service provider.

Nevertheless, offshoring is still popular among many companies. And in the past few years, it has become a development factor for economically insolvent countries, as it increases infrastructure development and gross domestic product, and lowers the unemployment rates.

Outsourcing vs Offshoring

Outsourcing is an agreement whereby a business process is outsourced to third-party contractors. It can be performed for specific manufacturing operations, administrative activities, worker training, and more. Most often, outsourcing is carried out to reduce costs.

Offshoring refers to the process of carrying out a business process in some other country. This can occur in the context of offshoring production or services. The obvious question is, why would a company want to do business overseas? The answer to this question is that the benefits are similar to outsourcing. Especially the advantage of lower costs.

Companies are primarily looking at profit-making scenarios, and a suitable offshore solution can have several benefits for the company in addition to making a profit - for example, being on the international market.

Pros and Cons of Outsourcing

Some consider outsourcing necessary to keep the company afloat and extremely cost-effective for doing business. It's true: one of the benefits of outsourcing software development is that a lot of money can be saved with this method. Especially in the case of production situations that allow the manufacturing of goods at lower prices due to less stringent regulations and taxes in some countries. At the same time, this process allows you to benefit from a lower ability to waive benefits that are necessary for a domestic production environment and labor costs. 

There are also advantages to using it for other functions. For example, customer support and service can be easily provided with the help of specialists located in another country. IT outsourcing is also an opportunity to enable businesses to leverage information technology knowledge at a lower cost. Other important tasks in a business operation can also be outsourced and accessed remotely, saving the company a lot of money.

However, there are some disadvantages. This is especially important when language or cultural barriers make communication difficult. For example, clients who seek support and service through the customer service line and cannot understand the responses from the support staff are likely to become dissatisfied and stop doing business with the company. Concerns about the impact of this type of outsourcing on a country's ability to efficiently produce its goods domestically have also led to backlash in some industries.

Conclusion

While the concepts of outsourcing and offshoring can coexist in the same company, they differ from each other. But both are usually done to save money.

Before choosing one or both, we recommend consulting specialists who will explain in detail the specifics of supply management, the intricacies of taxation in your country and offshore zones, and help you calculate profits for various business strategies. 

If you have any questions or are looking for an offshore outsourcing software development company, contact us at any time. Our development company will gladly help you with outsourcing business processes.

Digitalization is making a robust advent into an ever-widening circle of industries and applications. We see IT solutions streamline and automate virtually all spheres of human activities – from banking and logistics to retail and education. However, as the events of the previous year have shown, all business considerations are relegated to a secondary place when it goes about our health. 

The vicious onslaught of the global pandemic made it clear that for digital transformation health and safety are the top priorities to be implemented on the double. Even before the outburst of COVID-19, people all over the world trusted IT to make a significant difference in healthcare more than in other fields and today this percentage is likely to be yet higher.

When ushered into healthcare, digitalization can bring significant perks in its wake.

How Technology Is Used in Healthcare Industry

Being beneficial to all medicare instances, high-tech advancements have come up huge in the following healthcare applications.

• Health data repositories. In the days of yore, doctors were keeping detailed medical case histories that with years evolved into bulky and unwieldy binders. Patients had to bring these along, traveling from place to place and in case they were mislaid it became a major headache for all parties to the treatment process to recreate the lost files.
  Modern doctors have weaned themselves off this unhealthy (pun is intentional) reliance on paper documents, switching to EHRs – electronic health records. Transferring patients’ log records into digital format removes interoperability bottlenecks, eliminates filling out numerous forms, speeds up searching for relevant information, and generally furnishes a complete picture of a person’s health history.
• Personalization of healthcare. Wearable devices are an emerging technology in healthcare that provides insights into an individual’s state by tracking their critical health indices. It enables to approach each case personally, develop recommendations that will target this very person, and prevent recurrent attacks of chronic maladies.
• Surgery room upgrading. Operations have stopped being a totally traumatic experience when state-of-the-art technologies entered surgical theaters. Before making the first incision, doctors can review a 3D visual model of the case and plan their actions ahead. Besides, robotic arms that are increasingly utilized for operations provide exclusive precision of manipulations and eliminate the negative impact of the human factor when the life of a patient is at stake.
• Leveraging AI and AR. These two buzzwords in the IT realm have come together to deliver high-quality medical services. For instance, the AccuVein device is used to visualize veins that are otherwise hidden from the doctors’ eyes and drastically enhance accuracy when it comes to blood draws and IV insertions.

Among all headways that contemporary medicine can boast of, one deserves a special mentioning.

Make Way for Telehealth Solutions

This know-how is a godsend for the plague-ridden world of today since it blends the merits of most above-mentioned IT achievements. Telehealth technologies serve as an essential link between patients and clinics, enabling them to exchange health-related data, monitor the implementation of treatment plans, and cut down on therapy costs.

By joining the telemedicine program, people in fact connect to the on-demand healthcare system that can easily fit into our crowded schedules and allow us to get the much-needed advice and cure whenever the patient and the doctor find convenient. Video conferencing can be used by clinicians to gather a pool of experts from various parts of the globe to discuss the case and find the optimal way of treatment.

 Remote medicare opportunities are in high demand today when the lethal virus is still ravaging the planet scarcely betraying any signs of abatement. Keeping people on their premises relieves the pressure on hospitals and limits the disease transmission rate, minimizing contagion risks for both patients and doctors.

Future Healthcare Trends: Technologies and Innovations

By all estimations, digital technologies are expected to bring about a better quality of medical service and ultimately benefit patients. 

What advancements are likely to disrupt the industry in the nearest future?

• Swifter development of digital products. Technical progress in the IT sector witnesses constant reduction of software development cycle duration. While three years ago, the creation of 29% of healthcare solutions took under 18 months, last year this percentage soared to an impressive 41%. Today, both software engineers and doctors increasingly realize the “need for speed” when human health is in danger.
• Broader involvement of artificial intelligence. The global AI medicare market is expected to top the astounding $45 billion within the next five years – a quite telling figure! What will AI specialists focus on is making medical services personalized by offering health tracking platforms and facilitation of medical data processing.
• Growth of wearables. Modern medicine is moving outside the hospital, emphasizing the priority of illness prevention over their treatment, and wearable devices fit into this shift perfectly. Miniature gadgets that monitor a person’s critical biometrics and even provide nutrition and fitness load tips are the trendiest digital healthcare products that are getting remarkable traction nowadays.

Conclusion

In the pandemic-afflicted world of today, the medical industry is considered to be the primary sphere of digital technologies application. Axisbits can assist you in building top-notch healthcare solutions that will provide high-quality healthcare services to people and become a source of steady income for your company.