Why Should You Outsource Expert Areas?

outsource your software needs

In today’s highly competitive business landscape, organizations constantly seek ways to stay ahead of the curve and drive growth. One of the strategies that has gained significant traction in recent years is outsourcing expert areas.

Outsourcing expert areas is quickly becoming the go-to strategy for businesses looking to maximize their potential, reduce time to market, and improve customer service. From test automation to mobile app development, outsourcing allows businesses to tap into specialized skills and stay up-to-date with the latest technologies and trends while saving money in the process. This article will explore the benefits of outsourcing expert areas and some available specific services.

Advantages of Outsourcing Expert Areas

Outsourcing expert areas offers several advantages that can drive business growth and success. That gives companies access to specialized skills, increased scalability of operations, and faster response times. Let’s explore the benefits of outsourcing expert areas in more detail.

Firstly, it allows organizations to tap into specialized expertise that may not be available internally. By leveraging the expertise of external partners, businesses can tap into specialized knowledge and resources that may not be available in-house. When it comes to complex tasks such as Test Automation, having access to experts who possess in-depth knowledge and experience can significantly improve the quality and efficiency of the process. This means that a company can quickly access cutting-edge technologies and trends without investing heavily in research and development.

Secondly, outsourcing expert areas can help businesses save time and resources. Instead of investing in hiring, training, and managing an in-house team, organizations can rely on external partners with the necessary infrastructure and resources. This allows businesses to focus on their core competencies and allocate resources more effectively, increasing productivity and cost savings. So by leveraging the expertise of external partners, you can quickly develop new products without investing in costly internal resources. This results in faster product launches and improved customer service due to shorter wait times for customers seeking information about new products or services.

Outsourcing also increases the scalability of operations with external resources. Companies no longer have to worry about ramping production during busy periods as external partners can always assist with increased demand if needed. This ensures operations run smoothly regardless of how busy things get – giving businesses peace of mind knowing their operations can easily handle unexpected surges in demand.

Outsourcing expert areas can provide businesses with a fresh perspective and innovative solutions. External partners specialising in areas such as Software Development or Business Analysis bring diverse experiences from working with multiple clients. This exposure to different industries and challenges enables them to bring new ideas and insights to the table, helping businesses overcome obstacles and drive innovation.

Choosing the Right Outsourcing Partner for Expert Areas

Selecting the right outsourcing partner is crucial to the success of any outsourcing initiative. When it comes to expert areas, businesses should consider several factors before deciding. Firstly, assessing the partner’s expertise and track record in the specific area of interest is important. A reputable outsourcing partner should have a proven track record of delivering high-quality results and a deep understanding of the industry and its challenges.

Furthermore, businesses should evaluate the partner’s communication and collaboration capabilities. Effective communication is key to a successful outsourcing engagement, ensuring that expectations are aligned and any issues or concerns are addressed promptly. Collaborative tools and methodologies should also be considered, as they facilitate seamless collaboration between the outsourcing partner and the internal team.

Another essential aspect to consider is the partner’s scalability and flexibility. As business needs evolve, it is crucial to have an outsourcing partner who can scale their resources and adapt to changing requirements. This is particularly important in areas such as Mobile App Development, where technological advancements and user expectations can change rapidly.

Our Expert Service

There are many benefits associated with outsourcing expert areas, such as cost savings, access to specialized skills, reduced time to market for new products and services, improved customer service with faster response times, and increased scalability when using external resources during busy periods so if you’re looking for ways to drive growth for your business check our expert areas in below:

Business Analysis

Business Analysis is crucial in understanding and defining business requirements for software development projects. Outsourcing this expert area can provide businesses access to professionals with a strong analytical mindset and a deep understanding of business processes. External partners specializing in Business Analysis can help businesses identify gaps and opportunities, define clear and achievable project objectives, and ensure that the final solution aligns with the organization’s goals.

Software Development

Software Development is a complex process that requires a deep understanding of coding languages, frameworks, and best practices. Outsourcing Software Development to expert partners can provide businesses with access to skilled developers with the necessary expertise and experience. By leveraging external resources, businesses can accelerate their development timelines, improve the scalability and maintainability of their applications, and reduce development costs.

Mobile App Development

With the proliferation of smartphones and mobile applications, businesses are increasingly looking to develop mobile apps to reach and engage their target audience. Outsourcing Mobile App Development to experts can help businesses navigate the complexities of mobile platforms and ensure their apps are user-friendly, visually appealing, and performant. External partners specializing in Mobile App Development can provide businesses access to skilled designers and developers who can create intuitive interfaces, optimize app performance, and integrate the latest mobile technologies.

Test Automation

Test Automation plays a vital role in ensuring the quality and reliability of software applications. By automating repetitive test scenarios, businesses can improve the efficiency and accuracy of their testing processes. Outsourcing Test Automation to experts in the field can provide several benefits, such as increased test coverage, faster time-to-market, and reduced testing costs. External partners specializing in Test Automation can bring in-depth knowledge of industry-standard tools and frameworks, enabling businesses to leverage the latest advancements in this field.

UAT Testing

User Acceptance Testing (UAT) is a critical phase in the software development lifecycle, where end-users validate the system against their requirements. Outsourcing UAT Testing can help businesses ensure that their applications meet user expectations and are defects-free before deployment. External partners specialising in UAT Testing can bring a fresh perspective and unbiased software evaluation, helping businesses identify and address usability or functionality issues. This ensures a smooth user experience and reduces the risk of post-deployment issues.

Conclusion: Leveraging Outsourcing for Business Success

Organizations must constantly innovate and adapt to stay competitive in today’s fast-paced business environment. Outsourcing expert areas can provide businesses with access to specialized knowledge, resources, and fresh perspectives to drive growth and success. By carefully selecting the right outsourcing partner and considering cost implications, businesses can leverage outsourcing to enhance their capabilities, improve efficiency, and focus on their core competencies. Whether it’s Test Automation, UAT Testing, Software Development, Business Analysis, or Mobile App Development, outsourcing expert areas can be a strategic move towards achieving business success.

Ready to leverage the expertise of external partners and drive growth for your business? Contact us now to discuss your outsourcing needs!

How Outsourcing Can Keep Businesses Sustainable?

Outsourcing is gaining popularity among businesses of all sizes as a cost-effective strategy for staying competitive in today’s cut-throat market. Businesses that outsource often see big benefits by doing so, including lower costs and more capacity than they could afford to build on their own. But it can be tricky to get this process right. Outsourcing has its risks – but when you know what you’re doing, it can also be one of the most effective ways of growing your business sustainably. In this blog post, we take a look at how outsourcing can keep businesses sustainable.

Why Outsource?

There are a number of reasons why a business might want to outsource some of its functions.

Increased Efficiency: If your company does everything in-house, it’s bound by the capacity of your existing teams – which might not be enough to deliver what you need. Outsourcing allows you to temporarily bring in the outside help you need to handle peak demand without the long-term commitment required to hire full-time employees.

Access to Expertise: You may not have the expertise required to complete certain tasks in-house. In these cases, outsourcing allows you to bring in experts who can get the job done while keeping your employees focused on the work they do best.

Access to Specialized Technology: Outsourcing can also be a good strategy for businesses that need to integrate new technologies without the infrastructure to support them. Hiring an outside company that can provide access to the latest technology can help you get the most out of your investment.

Economies of Scale: Finally, outsourcing allows companies to benefit from economies of scale that are often not available to smaller companies. Outsourcing tasks to a larger supplier allows you to get the same level of service that a much larger customer would get, at a fraction of the cost.

What is sustainable business?

A sustainable business is a company that is able to maintain its current level of production for the long term. It does not have to grow, although it could if it chose to, but it cannot produce less product or service than it does now. There are a number of factors that can affect the sustainability of a business, but the two most important ones are demand and supply. You will want to make sure that the amount of product or service you are producing is enough to meet demand, but not so much that you are accumulating excess inventory and going broke. You will also need to make sure that you have enough employees to meet the demand for your product or service.

How does outsourcing help business sustainability?

As we’ve discussed, outsourcing can be a great way to improve business sustainability – but only if it’s done right. A few key things to keep in mind:

Match Your Needs to the Right Outsourcing Model: There are a number of different types of outsourcing models, each tailored to a particular set of needs. Make sure you choose the model that is right for you – and that you have a clear understanding of what you’re getting for your money.

Understand the Risks: While outsourcing can be an effective way of managing your supply chain, there are also a number of potential pitfalls to be aware of. Poor communication can slow down the process, leading to orders being delivered late or not at all. Poor quality control can put your brand at risk while increasing customer dissatisfaction. Inadequate service levels can put your customers at risk.

Strategies for outsourcing with a focus on sustainability

Understand the Full Life Cycle Cost: To understand how outsourcing will affect your business over the long term, you need to understand its full life cycle cost. This means more than just the up-front cost of hiring an outside company – it also includes the costs associated with managing the relationship. Be sure to account for all the costs associated with managing this relationship, including training, monitoring, and the cost of any errors that may happen along the way.

Focus on Outcomes, Not Processes: A common mistake that businesses make when outsourcing is focusing too heavily on the process by which the outsourcer will get the job done. Although it’s important to make sure that both parties understand the process, it’s equally important to focus on the desired outcomes that the outsourcing relationship has been designed to achieve.

Use Technology to Improve Contracting: To make sure that outsourcing remains effective over time, it’s important to use technology to help keep your contracts up to date. Make sure you have tools in place to manage the following: – Contract Terms and Conditions – Change Orders – Contract Payments – Deliverables

Conclusion

Outsourcing can be a great way to keep your business sustainable, as long as you make sure to choose the right type of outsourcing for the job. It’s also important to make sure that you’re tracking the costs and outcomes of your outsourcing relationships so that you can make adjustments as needed.

Outsourcing Challenges: Software Development Contract

A software development contract can always protect you and your business when you are outsourcing a service. It provides you with some legal backup in case of any kind of dispute.

As the talent shortage grows, the need for outsourcing also becomes more common across the world. However, it’s crucial to do it properly for the maximum benefits. 

While misunderstandings and hidden clauses can trigger undesired issues, a software development contract creates a reassuring and safe space for both parties to avoid them. 

Also see: Why Top Tech Companies Need Software Outsourcing?

What is a software development contract?

A software development contract is not just a piece of paper. It is an essential roadmap that can help both parties to understand 

  • where they are at this moment and 
  • the plans they have together for the future. 

A standard contract must hold all the information about the time and the money that will be invested for the project, an outline of the work, responsibilities, and all other additional information that is important.

It can help you have a clear idea about everything and protect you from fraud and betrayal later.  

Types of the software development contract

These contacts generally contain different information and some legal documents depending on what an organization wants from its vendor. There are three types of software development contracts depending on the arrangement and the engagement model. 

1. Time and material contract 

You can choose time and material contracts to work on some specific projects which are limited in time. These projects really have some loosely defines scopes. With this type of contract, you will have absolute control over that particular project. Also, you will only pay for the work that is getting done. 

2. Dedicated engineering team contract 

This model is more beneficial for any long-term project with more ambiguous scopes. In these types of projects, the team you are hiring acts as an extended part of the organization. 

3. Product development model with a fixed price contract 

In this model, the vendor has to return some specific service for a price. Most small and medium projects generally use a contract with a fixed price and predetermined scopes. The organization does not prefer to have much control over the development process here.

What should be included in a software development contract?

Several things are essential for a good software development contract. 

Work phase

Work phases generally address the direction of a contract and the stops it is going to make. A good project must have a predefined calendar. 

You should also include additional information like the number of changes a client can make or if any changes are applicable under the work phase section. 

Development process

This section includes the product details, such as

  • how the final product should look, 
  • its work process, and 
  • what the client should expect from it. 

Property ownership

The details about the ownership and the rights of the intellectual property should stand in this section. It will help you avoid any kind of misunderstandings or conflicts with your kind in the future. 

Copyright ownership

This section should include a clear description of the materials to use in this project and the people who own the copyrights. The ownership structure of the software you are developing is also important. 

Payments

All the details about the payments, like the date of the payment, total cost, payment mode, and additional fees, if any, should be a part of this contract. 

Warranties

A time period must be mentioned where you will make any repairs or any upgrade of the software. 

Confidentiality

In this section, both the parties agree not to share any confidential information. It is necessary to protect the project in any situation and to stop people from misusing it. 

Dispute resolution 

A dispute resolution clause is significant to find out what steps should be taken if one part breaks the negotiation. It will help the team avoid future conflicts and provide a right to take legal action if needed. 

You may like this: How Outsourcing Will Affect The Economy?

Software development contract red flags

Several reg flags may pop up if the contract is not clear and specific enough. The lack of transparency and missing out on important information while making this contract can create major issues in the future. 

Certain reg flags may appear if the contract is not made properly.

  • The scope of the project is not clearly defined.
  • The responsibilities of the clients and the vendors are not mentioned properly. 
  • The warranty of the software or the quality expectations is explained vaguely. 
  • Acceptance criteria are not predefined. 
  • Payment and costing terms are not clear enough. 
  • No liability cap or indemnification.
  • Ownership or copyrights is not defined. 
  • The arrangement is unable to protect you legally. 

Wrap up 

Outsource software development can make the whole process a lot easier and less complicated. Signing a contract at the beginning can help you to have a clear idea about the project. It also provides you with a roadmap that makes it less time-consuming and more transparent. 

Contact our team for more detailed information.

Improve Agility with Business Intelligence

Today’s business landscape is dynamic and ever-changing. As a result, businesses need to innovate and adapt to the industry’s current conditions to stay relevant to their customers. That’s how agility becomes paramount for any business.

Those who fail to innovate their systems and use the newest technologies are bound to lose their market share to the competitors who adapt to the new circumstances instantly. Especially now, when data gains extraordinary significance, businesses have no other option, but they have to get help from intelligent technologies.

Business agility and business intelligence come to the rescue to ensure companies keep customers happy and workflows functioning even in the face of the constantly evolving industry.

What is Business Agility?

Business agility is essentially an organizational method that refers to the rapid and comprehensive transformation of a company’s structure, services, and products to 

  • new demands, 
  • market changes, and 
  • technological advancements.

An agile business is flexible and can rapidly respond to customer needs without raising costs and compromising on quality. The faster a business adjusts its strategy, the more agile it is.

Continuously innovating their systems and what they offer, businesses can be a step ahead of their competitors via business agility.

Business agility does not only means speed, but it also refers to intelligence. Making rapid decisions to respond to the market demand is not always the best option. Rather, taking the correct decisions rapidly is what truly means to be an agile business.

Why is Agility Important to Your Organization?

Several reasons make agility important to any business. For example, suppose you aim to 

  • respond to changing market demands swiftly, 
  • deliver exceptional customer service and satisfaction, 
  • increase revenue, 
  • stand out among your competitors, 
  • improve operational efficiency, and 
  • manage the uncertainty and ambiguity of business life. 

In that case, business agility is an effective method to employ for you. 

Business agility allows you to track and analyze changing market trends in real-time, innovate and reform your company’s internal structure, products, and services. So, you can respond to changing needs as soon as the shift happens, and ultimately achieve the greatest customer satisfaction. 

How can BI Help Increase Your Business Agility?

Business intelligence refers to the technologies (software or tools) used to analyze data comprehensibly without destroying its integrity. 

There are three main ways business intelligence can help increase business agility.

Make data-driven decisions with real-time analytics

Thanks to the constantly evolving and improving technological advancements, we can gather and analyze data as events happen in real-time. 

This allows for 

  • making data-driven, informed business decisions and 
  • taking faster actions compared to the past when businesses had to collect and analyze data in batches. 

Data collected and analyzed in real-time can help identify changes in demand. It can be immediately converted into actionable insights that help influence the decision-making process at your organization. It ultimately gives your business a competitive advantage.

Automate reporting and analytics processes

Streamlining your workflow with automated reporting and analytics processes ensures saving time. For example, instead of manually collecting data to create a report, your staff can spare more time to analyze them and develop better strategies. This means you can maximize the value you get from your employees. 

Automating these processes also help with the accuracy of the information and reduces the risk of error. In addition, with automated reporting and analytics, you can choose to receive reports as often as you prefer. 

By increasing the frequency of reporting, your team can stay on top of market trends and the latest industry changes to adapt faster.

Build a flexible data platform

Bringing together data collected from external and internal sources into one data platform is a great way to improve organizational efficiency and lessen the workload of your staff. 

It also foolproofs the reporting and analyzing process and minimizes mistakes. Building a stable, resilient, and agile data platform is great for data processing as all relevant data from multiple endpoints are brought together for better and more reliable analysis results.

Wrap up

In the 21st century, business agility is more important than ever to get one step ahead of competitors. To achieve business agility as well as organizational agility, business intelligence is remarkably crucial. By adopting business intelligence technologies, your organization can improve its business agility and soar in the industry.

How Business Intelligence Helps Forecasting

Business intelligence (BI) is a technology-driven process that utilizes various types of software that analyzes data and helps businesses monitor performance. The purpose of business intelligence is to convey useful information that helps executives, employees, and other actors across industries to take informed action while making business decisions.

Forecasting is one of these actionable processes made possible by business intelligence software. Forecasting helps businesses to bring together the past, present, and future of their performance by focusing on statistical analysis and other data points. So, tracking forecasting metrics not only enables businesses to plan for future targets but also to optimize this planning process.

Below we will explain more in detail how business intelligence helps forecast many aspects of a business. Read on to learn more about how you can utilize BI to maximize your company’s forecasting abilities.


What is forecasting?

Forecasting in business means analyzing and mining data to predict what will happen in the future. It is typically accomplished using various BI tools, and it can provide vital information to any business regardless of the industry. So, forecasting is quite a useful method to analyze the functioning and strategize the future of a business.

Business forecasting predicts developments in different aspects of a business including demand, sales, cost, and profits. To illustrate, forecasting for demand would mean working on data and estimating the demand for aspects such as material, inventory, and workforce. Thus, organizations can plan their targets in a way that they can keep up with internal and external demands.

Why is forecasting important?

The importance of forecasting for any industry cannot be stressed enough. It is one of the most accurate and efficient business intelligence methods through which businesses can shape growth strategies. Utilizing forecasting can help companies to develop proactive policies.

Forecasting is central to drawing the growth model of a company. Hence, it is also crucial for planning the targets and strategizing. Thanks to forecasting, organizations can make better decisions on budget, resource allocation, marketing strategy, and business patterns. However, to ensure maximum efficiency, forecasting needs to be backed by a solid business intelligence structure, as we will detail below.

How does business intelligence help forecasting?

As the name implies, forecasting relies on guesswork, which makes it a bit tricky. This is an expected outcome given the uncertainties and constantly evolving business conditions. However, business intelligence services come into play here: business intelligence enhances the precision of forecasting by minimizing the possibility of incomplete, inaccurate data analysis.

Since business intelligence involves qualified analysis of data, it provides companies with comprehensive and timely information. As a result, business intelligence consultancy helps every department in a company to function better, e.g., the need for materials can be better estimated, targeting customers is accomplished more efficiently, and financial management becomes easier. 

BI tools for effective forecasting

Forecasting future data necessitates well-functioning BI tools. For the myriad advantages of forecasting to realize, business intelligence uses these tools in various ways. BI tools add enormous power to your forecasting abilities; besides, they are easy to implement when you turn to consultancy services. BI system is a great roadmap as the information obtained from your BI system reflects all activities completed within your organization.

BI tools increase organizational efficiency. They give you insights for strategizing. They solve unexpected issues quickly and collect your data in one place, visualize your data, and do many more for your business. For example, transactional data is mostly scattered in spreadsheets. The employees need to merge files for the sake of comprehensiveness. But it is a time and energy-consuming task. Business intelligence systems bring together data from various departments into a series of reports that businesses can reach through a single center. So, employees can focus on more useful tasks. BI tools assist you in improving inventory management, distribution, sales, and marketing.

Conclusion

Forecasting is one of the best steps you can take to improve your business in multiple ways. Business intelligence is the backbone of forecasting to make it more than guesswork. Business intelligence provides all industries with an effective way of acquiring and forecasting the data for better functioning.

A more advanced business intelligence system brings better forecasting outcomes, and better forecasting helps you develop a cost-effective business and thrive in productivity. You can step into forecasting by planning a business intelligence consultancy.

Why Top Tech Companies Need Software Outsourcing?

Companies with the best software teams worldwide, including technology giants like Google and Facebook, outsource their software development.

Technology giants employ the best software and IT teams in their field. However, no matter how competent the team is, these tech companies prefer to support their teams with outsourcing. As a result, these companies make decisions and develop strategies by focusing not on accomplishing a project but on how they can conclude it most efficiently.

Why do tech giants outsource?

When planning the workflow of software development projects, companies that measure how to perform the fastest, most efficient, and least costly use outsourcing.

In this article, we will examine in detail 

  • the primary rationale for technology giants to choose this path and 
  • the advantages new startups gain by outsourcing software in the software market.

Gain access to specialized skills and talent

For your company in the software field, adding talented software developers to your team is not the most convenient way in terms of the conditions of the companies and the job expectations of the software developers.

Moreover, after hiring developers for your software development project, you need to establish a long-term strategy for the people you hire. Especially enterprise-level companies and start-up companies may have difficulties employing competent software developers.

For this reason, outsourcing makes it possible to reach talented software developers in the required software development field. Thus, the opportunity to access the productions of the leading software developers arises. Moreover, with globalization, you can get service from a software developer living anywhere in the world.

Speed up your development process

Discussions, scheduling, and endless meetings during business and strategy planning or software development may delay project completion.

On the other hand, getting services from companies that develop needed software enables new startups to catch up with the speed they need. In this way, companies can work with an outsourcing provider that will partner with them. Thus, they can implement the additional developments and adaptations they need in a short time.

Save costs while focusing on core business

The software development your company needs takes a lot of time, requiring your software team to focus on that specific work. As a result, the primary function of your company, which your team must carry out simultaneously, may be interrupted.

When you outsource the software developments for your new enterprise-level company or company, your IT team can focus on the core functions that will make you stand out in the market. Moreover, the cost of hiring one or more talented and experienced software developers full-time on your team is relatively high. Software developers providing outsourcing services allow you to reach the best software at a more affordable price by making hourly or project-based pricing.

Thus, you can get a much higher ROI from your software with the time and cost advantages you gain.

World’s Most In-Demand Position: Software Developer

Undoubtedly, the 21st century will be remembered for developments in communication and technology.

Digital transformation has become more across-the-board with the spread of the internet since the beginning of the 2000s. And it continues to accelerate, especially with the effect of the pandemic. New startups operating in technology and companies that produce with traditional methods must be a part of this transformation to have a place in the market and the future.

In this incredibly accelerated transformation period, the most needed human resource is in software development. As a result, the demand for software developers is increasing exponentially. In fact, this need creates competition between companies.

Although there is a significant increase in the number of people working in this field, this increase is insufficient to meet the market’s demands. For this reason, new opportunities arise for both employees and companies, regardless of country borders. Software developers now develop software for companies in different parts of the world. A software developer can easily work for technology companies abroad.

Outsourcing services is the fastest, most efficient, and low-cost solution to this need for software developers. Moreover, the benefits that arise, especially when considering the position of new startup firms in the market, make startup firms stand out in the competition.

Conclusion

Outsourcing in the software field reveals the time and cost opportunities that not only big technology companies but also enterprise-level companies need. Firms providing services in software development offer much more flexible and innovative solutions than many enterprise-level companies and big technology companies, as this is their main activity.

Cyber-Security Priority for The Insurance Industry

Cyber-security is the backbone of the digital transformation across many industries, including insurance. However, the insurance industry has recently started attaching importance to developing cyber-security, in contrast with the rapid adoption of other digital technologies.

Just like many other industries, the insurance industry has increasingly been relying on digital activity after the pandemic. As a result, the threat posed by data breaches and cyber-attacks to the insurance industry has been growing.

In this article, we aim to inform you about the cyber risk for insurance companies, and the importance of prioritizing cyber security. Insurance companies must be alert and dynamic when it comes to following the latest security technology. Thus, cyber-threats can be easily noticed and quickly eliminated to prevent potential financial and intangible harm.

Why Is Cybersecurity Important In Insurance?

Insurance companies are a prevalent target of cyber-attacks because they hold considerable amounts of confidential data. While some other sectors also collect sensitive financial data, insurance companies, on top of that, generally possess a substantial amount of protected personal information. This situation makes the insurance industry prone to cyber-attacks.

Remember, nearly everyone has some form of insurance, so the scope of the industry is giant, and the data is sensitive. Potential vulnerabilities of your insurance company might burden you with financial liabilities. These unwanted liabilities include ransoms asked by cyber-criminals, lawsuits by clients, and fines from regulatory agencies. All these scary scenarios underscore the central importance of cyber security for insurance companies.

If you are aware of potential cyber security threats, then you are at the right point to take essential preventative measures such as frequent risk assessment and a solid security plan. In the long run, you will save your insurance company time and money, and more importantly, protect your reputation.

What Are The Cyber Risks In Insurance?

Insurance supervisors claim that cyber security risks trigger other types of risks including digitalization risks, cyber underwriting risks, and harming competitiveness. Therefore, understanding the methods of cybercriminals are important to take measures and stay secure for many elements of your business. Below are some common specific risks that you should be aware of.

Ransomware is a sort of malicious software that enables cyber criminals to prevent you from accessing your data until a certain amount is paid. It is not the best thing to directly pay the ransom instead of combatting the cybercriminals, but many insurance companies do it to fix the issue right away. That’s why it is a popular method among cybercriminals.

The risk of cloud exploits is also getting common as more insurance companies adopt cloud usage. Operating on the cloud expands your surface and makes you viable for data breaches and hijacking attacks. Protecting data from cloud exploits necessitates a powerful cybersecurity structure.

Social engineering is the risk that works with deception. It is usually hard to prevent via cybersecurity tools because individuals themselves give hackers access to the system through manipulation. Cybersecurity training is an effective tool to prevent this type of attack.

Sometimes, cybercriminals target your third-party vendors instead of your insurance company. They can penetrate your data through the system of your third-party provider. To prevent such attacks, you should be jointly keeping up with each other’s cybersecurity measures.

First-Party Vs. Third-Party Risks

The responsibility incurred by the insurance companies varies according to two main types of cyber risks: first-party risks and third-party risks. Knowing about them will help you figure out which precautions to take for yourself and your customers.

What is meant by first-party cyber risks is that they directly affect a business and its information system infrastructure. When the operations of a business are halted due to a ransomware attack, it is indeed first-party damage. In this case, your partnering reinsurance company can help you with fixing the situation such as paying the ransom, notifying customers, and compensating for the duration of halted business.

Third-party risks are about the cyber risks of other organizations that you are supposedly responsible for. When a customer claims that they are damaged because you could not secure their data because of a cybersecurity vulnerability, it is considered among third-party risks. You might have to deal with the third parties’ claims, especially if they engage in lawsuits.

Insurance companies should develop policies to address both first- and third-party cyber risks. Often it is tricky to differentiate third-party damages from first-party ones. For example, if you and your client have both been attacked, then it is not easy to identify how the data breach occurred at first. 

Wrap Up

The insurance industry is unique because insurance companies hold information about most of the world’s population.  Therefore, the cyber risks we mentioned above have significant consequences for insurers and policyholders.

If you are a part of the insurance industry, you should keep your eyes open to these detrimental risks. The key to prioritizing cybersecurity is to incorporate it into your infrastructure technology and let a group of highly skilled personnel operate it.

Why Is Data Accuracy Important?

Data is the basis of every business. Either this or that way, companies have to work with data. In this sense, data accuracy is the crucial point for keeping data functional. 

Data accuracy affects all parts of your business. As it is directly connected to your decision-making process, it figures your forward-looking strategies.

For this reason, ensuring data accuracy is critical for the success of your business.

What is data accuracy?

Data accuracy, as the essential standard of data quality, refers to the consistency of data with reality. Because more conformity means more accuracy, so the accurate data must reflect the information you require.

This also means that the data is error-free and has a reliable and consistent source of information. Therefore, even though it may not be possible to get 100% truth, you should target to reach the optimum.

Accurate data is substantial for forecasting, planning, program budgeting, strategy development, and any business operation.

Data accuracy also includes totality, validity, and consistency. Your goals, projects, and projection for the future may fail if the data is inaccurate, incomplete, and unreliable. It can cause you to make wrong business decisions at critical junctures.

For instance, according to a study, 70% of data managers believe that inaccurate predictions are a hazard to their and the company’s reputation. And inaccurate predictions are usually rooted in inaccurate data.

Hence, data accuracy is the backbone of your business, and you must focus on it cautiously.

Accuracy Principle

The accuracy principle is the fourth principle of data processing in the General Data Protection Regulation (GDPR).

The GDPR principle is that the companies that collect and process the data must ensure their data is accurate. In addition, companies must admit and practice the policies to keep data subjects accurate.

As a part of the accuracy principle, individuals have the right to demand their right to rectification and erasure. Therefore, the companies must provide these necessary conditions to use their rights. This principle also sustains data security while keeping data up to date and trustworthy.

What does “accuracy” mean under EU Data Protection law?

EU Data Protection law sets conditions for data to be accurate and kept up to date. The accuracy here can be considered as not having incorrect, misleading information.

In the general sense, EU Data Protection law requires these points for the companies in terms of accuracy:

 The companies should take responsibility to ensure the accuracy of the personal data they collect from subjects.

  • They must recognize individuals’ right to rectification and erasion.
  • They also should keep the data accurate by erasing and rectifying inaccurate data as soon as possible when you notice an inaccuracy.
  • They should periodically update the information to keep their data accurate.

The law makes a significant distinction between personal data and historical data. If personal information changes, it affects the data accuracy. Then you should update the data to keep it accurate, but historical data may embrace the past and current. So data may be inaccurate, but it may be accurate for the historical data framework.

Does personal data always have to be up-to-date?

The answer to this question is a yes in general terms. The companies must ensure that the personal data is actual and accurate. Yet, it depends on the data’s function and what purpose it is used.

If you use the information for activities requiring accuracy, then personal data must be up to date. Otherwise, the data will be inaccurate and, thus, misleading.

For instance, personal data, including address information, must be valid if your company aims to reach a specific person physically. So, any changes in address information must be periodically challenged and updated. Besides, it provides data security in terms of accuracy.

Up-to-date data is a must for you in that case.

On the other hand, there are cases in that you do not have to update your data constantly. For example, if you do not need the current information of your data subjects, it is not necessary to check the currency of your data. 

If you keep personal data just for research reasons like statistics and so on, then you only need personal data on a broad base, and you do not have to hold the data up to date.

To sum up

Data accuracy is vital for your business’s decision-making processes and prediction strategies.

While keeping data accurate, you should provide the conditions to correct information and enable individuals to use their rights of rectification and erasure. The accuracy principle, as is required by GDPR, is the base of your functional, secure and valuable data, which does not mislead you and cause harm for your company.

How Outsourcing Will Affect The Economy?

In recent years, outsourcing has become one of the most discussed subjects in business circles. With the rise of digitalization in business, physical presence in the workplace is becoming less necessary. In addition, as the old school office spaces are losing their cultural relevance, companies realize they don’t need to compete with other businesses to hire local talents.

An estimated 300.000 positions are outsourced every year from the U.S alone, and 59% of businesses use outsourcing to reduce their expenses. With numbers as high as that, it is no wonder that outsourcing has a significant impact on the global economy. 

Why Do Companies Outsource Talent?

The answer to this question may vary from company to company, but one of the top reasons for the popularity of outsourcing is its cost-efficiency. 

Having an in-house team can be much more costly than hiring offshore talent. Hourly rates being more affordable offshore is a part of the equation; however, that’s not the only issue. An in-house team will need extra office space and equipment that you will be responsible for purchasing and maintaining. Not to mention that the hiring process for these employees can be long and arduous. 

Another main reason for outsourcing is the global lack of talent in certain professions, such as software development, while the need is constantly increasing due to digital transformation. For example, as many as 39% of employers have reported a shortage of talent in the fields of system developers and system administrators. 

So, companies handle this challenge by outsourcing software development as a reliable solution for getting the job done in a stress-free and time-saving way.   

The Impact of Outsourcing on The Economy

Technology, including digital services, software, and software-based services, is leading the economy globally. Accordingly, the trend of outsourcing tech talents is changing the game, requiring companies to adapt to the new economic environment. 

In earlier decades, technology became a part of the business world with the need for a website and digital presence. However, digital transformation rules how we do business now, and the demand for experts in tech is drastically increasing. 

Companies are outsourcing talents to achieve their digital transformation goals. To state more clearly, by partnering with these providers, companies maintain cyber security, build apps, and go digital and agile without a considerable investment. There is no doubt that these services are mandatory in today’s business world and require quite a lot of attention to get the maximum benefit from them.

With a handy outsourcing strategy, the companies save their budget on tech and create big waves in the global economy. Even though unemployment seems to be the most significant unintended result of outsourcing in the economy, we can also interpret this situation as a shift in employment models. 

The professionals with experience and talent don’t want to limit their potential within a company. Instead, they want to expand globally and join the global economy. As a result, the cost of acquiring a good service may increase. However, it’s still more budget-friendly than hiring teams in-house. Because companies pay an hourly or a project-based price, they spend money on tech services only as long as they need them. 

Main players in the outsourcing

Outsourcing benefits two main groups. The first group is smaller countries and countries with developing economies. While they have a large pool of talented workers, their local economy might not have the infrastructure or the resources to acquire their services. 

As a result, qualified workers in these countries can sell their outsourced services for more money than their local economies would allow. This results in the growing impact of these countries on the global economy. The physical boundaries in employment are disappearing, and professionals in developing countries are increasing their chances of getting satisfaction in their careers. 

The second group is enterprise-level companies with talented teams offering world-class service. These providers act as a limb for their clients to contribute to their tech needs. Therefore, companies that get their support can access all devices, tools, and talents these providers offer.  

Conclusion 

The economy has a mind of its own, and few can predict the exact impact of outsourcing on it in the long run. So the best you can do is analyze the current data and have an educated guess on what might happen. 

Like any other business practice, outsourcing is a complicated subject with its own set of pros and cons. We will have a better grasp of its effects in the near future. But until then, it remains a reliable source of help for companies who can use an extra hand.

Manage Sustainability with Business Intelligence

Sustainability is critical in today’s rapidly-changing and highly-competitive business conditions and digital transformation is helping the companies to achieve it. Nevertheless, the process is thorough, requiring highly advanced technological approaches in most cases.

No doubt increased sales and profits along with reduced costs are highly mandated to maintain a company. However, in current bussiness world, business owners and managers only with knacks to make strategic sustainability decisions can move forward cautiously and consistently.  

Making informed decisions helps you stay competitive. For this, you need a broader understanding of your past activities and a regular analysis of your current situation.

At this point, Business Intelligence (BI) plays an important role for the future of your company by helping you make data-based decisions. Business Intelligence collects, stores and analyzes data based on your company’s activities to minimize strategy risks and boost sustainability. In this way, it helps you reduce operational costs, increase revenue, improve customer service, and more.

How to be more sustainable?

When you bring together your teams on a common mindset based on real activity of your business, they can increase efficiency of each task on the way to your ultimate goal. That’s how you can achieve sustainability. 

Through a variety of tools and platforms, process tracking and analysis helps establish the necessary common ground for consistency of workflows. Regular and systematic evaluation of business processes empowers the hands of companies to make faster and more accurate decisions.

Therefore, companies need to find practical applications to deal with ever-growing databases and analyze complex data for targeted strategies. In order to manage the processes that arise in the face of these needs, technology support becomes inevitable.

On the other hand, there are numerous technologies you can use for sustainable businesses. For example, task-oriented RPA can help you speed up repetitive tasks, while business analytics can initiate radical changes in the entire workflow. Both are valuable and are part of Business Intelligence, which is extremely effective in keeping your company sustainable.

How Does Business Intelligence Improve Sustainability?

​​Business Intelligence use cases for better development, testing, and implementation improve sustainability. It provides the ability to organize confidential and critical data, facilitate consistency, and analyze the entire management process.

Here are the main points how business intelligence improves sustainability.

Unite employees on a centralized system

Data-driven business decisions require access to information. When your employees at all levels can access the accurate, up-to-date, and complete information they are looking for easily, whenever they want and in any format, the processes will be more sustainable. 

Business Intelligence enables your teams to communicate and store the data on a centralized system. They can share the files and reports when needed quickly. Therefore, you achieve organizational efficiency and improve employee satisfaction drastically.

Improve decisions with instant analysis and reporting 

Business Intelligence allows you to collect data based on your activities so that you can get the knowledge specific to you. In addition, you can automate the data collection and interpretation to make better and faster decisions than ever before. 

The system analyzes and updates the reports regularly, allowing you to get detailed information about your activities using various tools. Therefore, you can set your strategies sustainably without taking risks and losing time.

Instant reporting and analysis also bring flexibility to survive in changing conditions. BI systems provides online analysis, warning, design of queries, accessing data, identifying exceptions, and presenting reports and decisions at all levels. 

Boost agility with notification and alert center

Quick reaction matters as much as wise action. Business Intelligence supports your agility which is an important aspect of sustainability by informing you automatically when needed. 

You can create target values in your report and allow the system to warn you when the numbers you want or do not want occur, and you can provide laborsaving control. Thus, under your management, you are automatically warned by the notification center when data you want or do not want occurs.

It also makes the steps more clear by enhancing the visuality of the processes. The BI systems prepare all your data in various formats such as summaries, tables, graphs, charts, and maps. Interactive dashboard and user-friendly interface simplifies even the complex situations to interpret data more insightfully.

Sustainability and Business Intelligence are interconnected. Business Intelligence enables more data-driven and informed decisions about how to position against competitors for better sustainability. After disseminating Business Intelligence within the organization, each employee in the enterprise can make more accurate and consistent decisions relying on the data. 

Contact us to learn more about how to achieve sustainability with Business Intelligence.