business development

5 Skills Needed to Work in Tech Today

As each passing day raises new concerns surrounding the implications of AI, there’s a lot of speculation from workers about what it takes to become indispensable. The thing about this is that it’s not a matter of what you do, but how you continue to do it. As someone who provides value to your industry, you need to adjust to its demands and pay attention to what’s required because that’s what’s going to set your efforts apart long-term.

Artificial intelligence is bound to make people feel that they have to be tech-savvy and understand how to leverage these new tools at maximum capacity. In reality, this may be far-fetched, because there are prerequisites and foundational skills that go beyond technical expertise for workers today and it starts with communication and problem-solving. 

The way AI is evolving suggests that it needs guidance from experts, people who can identify the problems and tasks that the system will solve in the first place. With that said, nothing is slowing down the trajectory of AI anytime soon, so with these prerequisites and foundational skills locked down, here are the areas tech workers need to focus on:

Cloud Computing

This is likely the most fundamental tool needed to develop high-performing, scalable platforms and applications, especially when it comes to AI. Imagine you're a project manager building an application for a telecommunications company that monitors network performance and predicts network failures.

Two aspects of cloud computing you’ll want to focus on might include the following:

  • Infrastructure as a Service (IaaS): Understand how to provide and manage virtual machines, storage, and networking resources in the cloud. This is going to demand familiarity with provider offerings, such as AWS EC2, Azure Virtual Machines, or Google Compute Engine, and how to configure and scale these resources to meet the application's requirements.

  • Platform as a Service (PaaS): You’ll need platform-level services from cloud providers that streamline app development and deployment. This can include services like Azure App Service, AWS Elastic Beanstalk, or Google App Engine since they offer pre-configured environments for deployment without you having to worry about managing the underlying infrastructure.

Machine Learning

This arguably could have been number 1 since it’s what makes AI as versatile and convenient as it is. In 2021, of all the use cases for machine learning, improving the customer experience accounted for 57% of companies worldwide. 

Two key principles of machine learning that workers should gain familiarity with include the following:

  • Unsupervised Machine Learning: Unsupervised learning involves training models on unlabeled data to discover patterns or groupings within that data. Clustering algorithms like k-means, hierarchical clustering, or Gaussian mixture models are good options to identify similar data points or clusters. Dimensionality reduction techniques like principal component analysis (PCA) or t-SNE also help to reduce the dimensionality of data (number of dimensions applied) while maintaining and preserving its structure.

  • Supervised Learning: Supervised learning is a popular approach we’re seeing with machine learning where models are trained using labelled data (opposite of unsupervised learning). Tech workers will want to understand the concept of input features and target labels, and how algorithms such as linear regression, decision trees, support vector machines (SVM), or neural networks can be applied to learn patterns and make predictions.

Data Science

Data science is interesting because it combines elements of math, statistics, computer science, and domain knowledge as a means to analyze high volumes of data and identify patterns, trends, and relationships that will then be used to make informed decisions and predictions. It's the driver behind data-driven decision making which Bloomberg identifies as “An elusive aspiration for most organizations”. This highlights the untapped potential of data science since it’s clear organizations recognize the potential value of their data but struggle to turn it into actionable insights. 

Two key aspects of data science for workers to know going forward include the following:

  • Data mining: Remember those high volumes of data we mentioned? Well, data mining is what’s going to allow workers to identify those patterns, trends, and relationships we mentioned using algorithms and techniques. Properly leveraging data mining is what’s going to remediate that data overload and turn it into actionable insights.

  • Data visualization: This practice involves representing data in visual formats such as dashboards, graphs, charts, and maps. The ability to create clear and concise visual representations of data is crucial for workers to communicate findings, drive that data-driven decision-making processes, and foster a culture of data literacy within their organization. Proficiency in this is an indispensable skill…

Deep Learning

Deep learning is a subset of machine learning that trains neural networks to understand things and be able to make decisions and predictions without being directly programmed to do so. A key differentiator between machine learning and deep learning is that deep learning models excel at handling unstructured and high-dimensional data like audio, images, and text. Deep learning is something that’s going to push the envelope when it comes to what machines can achieve which makes it crucial for tech workers to understand how to leverage it in their work.

Here are two key aspects of deep learning for tech workers to focus on:

  • Neural Network Architectures: Understanding different types of neural network architectures is essential in deep learning. For instance, convolutional Neural Networks (CNNs) are commonly used for computer vision tasks, Recurrent Neural Networks (RNNs) are great for sequential data analysis, and Generative Adversarial Networks (GANs) are primed for generating new content. As a tech worker, it’s a great idea to study these architectures and be able to recognize what model is best for different tasks. 

  • Training and Optimization: Deep learning models require a lot of computational resources and training to achieve high-level performance. Tech workers need to know various optimization techniques such as gradient descent, backpropagation, and regularization methods (Such as L1, L2, and Dropout) to train deep neural networks effectively. Additionally, understanding techniques like transfer learning or pre-trained models might just help leverage existing knowledge and reduce the training time for specific tasks.

Internet of Things (IoT)

IoT technology is reshaping industries across the globe and ultimately changing the way we interact with our surroundings. Above all else, IoT technology gauges where a business's systems are in terms of performance and enables them to leverage data-driven decision-making. 

Two key aspects of IoT for tech workers to become familiar with:

  • Connectivity and Integration: IoT revolves around the premise that having various interconnected devices, sensors, and systems can create a network of objects. Workers need to understand the logistics and technology behind IoT connectivity, such as wireless protocols (e.g., Wi-Fi, Bluetooth, Zigbee), network infrastructure (e.g., edge computing, cloud platforms), and data transmission protocols (e.g., MQTT, CoAP). This is effectively going to let you design, implement, and manage IoT solutions, which ultimately leads to seamless communication and interoperability between the different components.

  • Industry-specific Knowledge: You need to understand how to tailor IoT solutions to the specific needs of your sector. For example, healthcare workers might use IoT applications in remote patient monitoring, while manufacturing workers may focus on IoT-enabled predictive maintenance. In essence, it’s not a one size fits all approach, but if you know the industry (Or industries) you’re serving - you can add a lot of value that will be hard to replace. 

The Takeaway

People still have a lot of value to bring to the workforce that compliments the unique potential of artificial intelligence. You have to be willing to try new things and give up old methodologies to move forward. Never fall victim to thinking you know it all, and work like you can never know enough.

Written By Ben Brown

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

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

 
 

How to Overcome The 5 Most Common Challenges During Software Development

Software development is one of the most complex and demanding processes that any business can undergo. It not only requires talent with programming languages, but it also requires the ability to navigate development environments, libraries, frameworks, and troubleshooting, all while working under time constraints. Nonetheless, the most crucial characteristic that sets the best programmers apart is their ability to solve problems effectively.

The Reality for Companies Starting a Software Project

In 2023, many companies either are currently or soon will be undergoing digital transformation using custom software development to keep up with the demands of the digital marketplace. This is exciting for businesses wanting to level up their development, but what’s important for every company to remember is that a software project can face plenty of obstacles which will require clear communication to overcome.

The riskiest part of a software development project is typically during the beginning and is commonly due to a lack of three things: 

  1. Planning

  2. Goals

  3. Transparency between the client and the development team

A study from last year found that 75% of IT executives agree that projects are often in trouble from the “initial phase” due to a lack of clear expectations or proper planning. The three components listed above are the most crucial pitfalls to avoid during your project, but they are not the only ones.

In a perfect world, software developers would have all the necessary resources and information on a project with all possible changes from the client outlined as well as an ideal deadline for everyone. However, this is not always the case, which means that when obstacles do arise, teams need to be equipped to overcome them.

With that said, here are 5 common challenges when starting a project and how to overcome them:

1) Planning, Goals, and Communication:

At the base level of struggles during a software development project, a lack of clear vision is at the forefront. This is a relatively easy fix because it simply requires the organization looking to integrate custom software to review their needs and reach a consensus on how they want the system to benefit their stakeholders. 

Custom software systems are directly built to fit the needs of businesses which means that to justify building a system, businesses need to sit down and define their reasoning. 

2) Time Restrictions:

In some cases, when a new project is started, the deadline is agreed upon before the details of the project are outlined. This can be detrimental to the success of a project which means that when both parties consult, the scope of work must be laid out to determine an appropriate deadline.

It’s additionally important to consider that resources and budget play a significant role in determining the timeline as it gives developers a sense of how much time they can allocate and the resources they can dedicate to each stage of the project. 

3) No Testing = No Innovation:

When it comes to testing your IT systems, the importance of consistently ensuring quality performance and finding room for improvement is self-explanatory. The purpose of software testing is purely to mitigate the risk of error and ensure that systems can keep up with what is expected of them. 

The last step of a software development project is the testing and maintenance phase which allows companies to identify any faults in the system as well as areas that they may want to improve on in the future.

4) Technical Challenges:

Developing software often involves using new or complex technologies, which can lead to technical challenges as with any technology. In the case of custom software, these challenges can range from compatibility issues to something as difficult as debugging complex code.

To prevent this, it's critical to have a team with a diverse range of technical expertise and experience. This will not only ensure that experts are overseeing different areas who can then work together to solve any technical challenges that arise, but it will also help teams stay up to date with any outdated technology that needs to be updated.

5) Managing Changes and Expectations:

As the software development project progresses, there may be changes to the scope, requirements, or timeline. These changes can be difficult to manage and may lead to confusion or delays.

To overcome this, it's important to have a change management process in place. This process simply requires clear communication between the development team and the client and should include an outlined process for evaluating and approving any changes. Having a clear understanding of the project scope and goals can help manage expectations and reduce the likelihood of unexpected changes.

Final Thoughts

Challenges during software development are nothing new which means there’s no real reason to panic if you encounter them. As long as you’ve established clear expectations and communication standards with your software provider, risk can be mitigated.

Businesses that are firm on their standards and make sure that their software developers are aligned with said standards will have the greatest chance of success when it comes to digital transformation.

Written By Ben Brown

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

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

 
 

Why FinTechs Use Python

A business's long-term goals need to be aligned with the systems they implement to achieve an ideal outcome. FinTechs know this and those who make it a priority to fulfill their needs with the right software are the most successful. Startups looking to build digital products, for example, would run into challenges without effective solutions for a few reasons.

The first is that solutions need to allow businesses to scale, offer compatibility, and perform powerfully in a simple format. Additionally, the software that FinTech companies use needs to cater to the demands of the FinTech industry which innovates systems based on three things: 

Taking into account the facets that make an ideal software for a FinTech, it begs the question of how to create the best one. Every software requires a programming language, and with so many moving parts in this aspect, it can be intimidating for companies just beginning to plan their project. However, there is one language that has become a staple for development in FinTechs today: Python. 

A computer monitor displaying code

In 2016, studies began showing us the increased endorsement of Python among FinTech programmers. Of course, speaking on this 6 years later, making that statement wouldn’t be useful unless it was still relevant. In this case, the relationship between Python and FinTech has become more than just relevant and is now mainstream understanding. Why is that?

The Significance of Python

Not only is Python regularly ranked as one of the top three programming languages for people to learn and use, it is also heavily favoured by developers with well over 70% placing it as their most loved language. This goes to show you the kind of expertise that can be found and the resources available for FinTech startups looking for developers that can build an efficient platform. 

The reason for the wide-scale usage of Python can be attributed to the sheer simplicity of the language. What this entails is that programmers can use it to develop an application with ease. The result will be a platform that runs into fewer errors and bugs, which in the financial industry, being as regulated as it is, is pivotal as these issues can be detrimental.

How Python Makes a Developers Job Easier

Python offers open-source financial libraries that eliminate the need for developers to build add-ons from the ground up. Here are 5 of the top tools that Python can deliver for financial institutions:

  • ffn - financial function library

  • pandas - tool for analyzing and manipulating data

  • finmarketpy - used to backtest financial markets and trading strategies

  • NumPy - a scientific computing package

  • pyalgotrade, zipline - libraries for algorithmic trading

There are many more tools like these that are used for economic measuring, stocks, and finances, the majority of which are going to be compatible (via API) with the application built for your FinTech. This list is just to get a sense of Python’s capabilities when used to create financial applications. 

Bitcoin Graph

Another one of the most important things to understand about Python today is just how flexible it can be. In the financial sector, it’s great for managing sensitive data, crypto markets, banking, trading, and much more. However, the language can be used for just about any software development involving task automation, website building, or analyzing/visualizing data. All of these are regular needs for business applications.

Life For FinTech Startups Today

As of this year, there are around 30,000 FinTech startups. While China is one of the biggest markets for this technology, North America still holds limitless potential. 88% of Americans use FinTechs and 70% of the world's payments are processed through companies based in Atlanta alone. The growth potential is still there as the technology becomes mainstream with younger generations. What won’t change is the need for consistency in terms of performance. 

The Takeaway

In the financial industry, it’s pivotal that there is trust between the client and the firm. Technology is the most trusted resource in the world. The combination of the two leads to a product that requires flawless input and output processes. FinTech requires automation and management which is why choosing the right coding language is important as this will dictate how well your application can perform. It all starts with a vision.

Written By Ben Brown

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

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