Why Financial Firms Use System Automation

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

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

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

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

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

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

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

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

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

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

What Does This Execution Plan Look Like?

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

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

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

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

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

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

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

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

The Takeaway

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

Written By Ben Brown

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

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

The Top 14 Most Common Mistakes in LIMS Selection and How to Avoid Them

LIMS (Laboratory Information Management Systems) are an essential tool for many organizations in the scientific, research, and healthcare fields. If your laboratory is still using excel sheets, manually inputting data, you’re at high risk for errors. This can be a slippery slope, as too many mistakes can be detrimental to your laboratory’s reputation. Additionally, mistakes in data and analysis can be harmful to the population affected by your work. Even publishing work that relies on your data can be retracted if your lab is unable to recall the data that was used.

That’s why it’s important to stay on the cutting-edge of technology with a LIMS; automating your processes can revolutionize the way your laboratory reaches results, while minimizing errors and boosting the productivity of you lab. It also makes it easy to access relevant information at the drop of a hat. However, selecting the right LIMS can be a daunting task, especially if you are not aware of the common pitfalls and how to avoid them.

Here are the top 14 most common mistakes that organizations make when selecting a LIMS and how to avoid them:

1. Failing to define clear goals and requirements

One of the most common mistakes made in the selection of a Laboratory Information Management System (LIMS) is failing to define clear and specific goals and requirements before beginning the process. Knowing your needs is the baseline for any successful LIMS project. If you’re not crystal clear on the exact end-goal of implementing a LIMS, it can lead to a lack of direction and focus during the selection process, making it difficult to determine which system best meets the needs of the laboratory.

To avoid this mistake, take the time to clearly define the goals and requirements of the laboratory, such as data management, reporting, and workflow automation needs, before beginning the selection process. This will help ensure that the LIMS actually covers everything your laboratory needs to thrive. Every lab will be different in its priorities, but as long as you’re clear on what yours are, you’ll be set up for success.

2. Failing to involve those the LIMS will affect the most

Failing to involve all relevant stakeholders in the selection process happens more often than you’d think. This problem can lead to a system that doesn’t meet the needs of all users, resulting in poor adoption and a lack of buy-in from staff.

To avoid this mistake, it’s essential to involve all relevant stakeholders, such as laboratory managers, technicians, and IT staff in the selection process to ensure that the chosen system meets the needs of all users from the get-to.

3. Not considering your options

Not thoroughly evaluating and comparing different LIMS solutions is another mistake that can be made during the selection process. This can land you with a system that isn’t the best fit for the laboratory, leading to wasted time and resources.

To avoid this mistake, make a priority of thoroughly evaluating and comparing different solutions, taking into account factors such as functionality, cost, and vendor support. It’s better to have all the information you need up-front rather than waiting until figuring out an essential part of the package isn’t actually included. Be proactive and consider all your options before settling on a solution. This might be a good time to brush up on the different kinds of LIMS at your lab’s disposal.

4. Failing to foresee future costs

Neglecting to consider the total cost of ownership is another common mistake made in the selection of a LIMS. This includes not only the initial cost of the system, but also ongoing costs such as maintenance, upgrades, and training. Teams suffer when they fail to realize they don’t have the budget to continue maintaining their new LIMS once their initial investment has been made.

To avoid this mistake, be sure to consider the total cost of ownership when evaluating different solutions. Leaving it up to chance is a sure way to implement a LIMS that will become obsolete through lack of upkeep. Almost all software needs to be maintained to help solve bugs, regularly improve performance, and keep it up to date.

5. Failing to foresee future needs

Not considering scalability and flexibility for future needs is another mistake that can be made when deciding on a LIMS. This can lead to a system that isn’t able to meet the growing needs of the laboratory, resulting in the need for a replacement system in the future.

To avoid this mistake, spend a considerable amount of time planning the scalability and flexibility your lab might need when evaluating different solutions, ensuring that the chosen system can meet the laboratory's needs now and far in the future. A LIMS that isn’t capable of growing with you is only good if you don’t plan on growing at all. It’s possible to create a LIMS that stays sharp when it has only 2 users or 200+ users. Keep this flexibility in mind if there’s the possibility for rapid growth down the road.

6. Failing to check the legitimacy of your provider

Failing to properly assess vendor credibility and track record is another mistake we see often. As a software development company that has fixed the issues created by another company’s software, we’re familiar with the loss of time and money that goes into fixing a system that isn’t useful for a laboratory thanks to the poor service provider they went with. This can lead to a system that isn’t supported or maintained properly, or one that doesn’t actually fulfill all of your laboratories needs.

To avoid this mistake, make sure there is someone in charge pf properly assessing the credibility and track record of vendors, taking into account factors such as customer satisfaction and the number of successful implementations. Something to look out for is positive client testimonials, information that supports their expertise, and long history of succeeding in the laboratory technology field. Don’t settle for the cheapest outsourcing services to save money, as that can wind up costing you more than you were prepared for. The best option to go with a professional software company that specializes in custom LIMS development.

7. Not building a system that is up to code

Not checking for regulatory compliance is another mistake to consider when selecting a LIMS. This can lead to a system that does not meet the necessary regulatory requirements, resulting in penalties and fines.

To avoid this mistake, it’s important to check for regulatory compliance when evaluating different solutions, ensuring that the chosen system meets all necessary regulatory requirements.

8. Not prioritizing user-friendliness

Another common mistake made in the selection of a Laboratory Information Management System is neglecting to consider the level of user adoption and training required. This can lead to a system that is not well-received by staff, resulting in poor adoption and a lack of buy-in.

To avoid this mistake, it’s essential to consider the level of user adoption and training required when evaluating different solutions. This includes factors such as ease of use, user-friendly interface, and the availability of training resources. There’s no point in having a LIMS with endless capabilities of the people using it can’t figure out how it actually works!

9. Not thoroughly testing the lims (out-of-the-box)

Not thoroughly testing the LIMS before making a decision can result in a system that does not meet the needs of the laboratory, leading to frustrated teams, a backup in work progress, and feelings of distrust from those who needed the system the most.

To avoid this mistake, it is important to thoroughly test the chosen system, taking into account factors such as functionality, performance, and scalability, to ensure that it meets the needs of the laboratory. This is less of an issue if you’re using a system customized to your lab’s specific needs.

10. Only focusing on fixing short-term issues

Focusing on short-term needs rather than long-term goals is another mistake that is made day in and day out. This often results in a system that is unable to meet the growing needs of the laboratory in the future, resulting in the need for a replacement system and doubling the cost.

To avoid this mistake, it is important to have a solid idea of your lab’s long-term goals when evaluating different solutions, ensuring that the chosen system can meet the laboratory's needs now and in the future. Like we mentioned before, it should be flexible, and it should be modern to make your investment worth the cost. The latest technologies should be used unless you want a LIMS that becomes outdated within a few years.

11. Failing to ask about the extended services of your provider

Beyond checking for their legitimacy through reviews, it’s also important to consider the level of technical support offered by the company providing you with a LIMS. This can lead to a system that is not supported or maintained properly, resulting in a system that becomes dated rapidly.

To avoid this mistake, when evaluating different solutions, ask every provider you’re in talks with about the extent of their technical support. Take into account factors such as response time, availability, and the level of expertise of the support team.

12. Not considering how your LIMS needs to integrate with other systems

Neglecting to consider the level of integration with existing systems is another pitfall laboratories come across. This can lead to a system that is not able to seamlessly integrate with existing systems, making it obsolete to have implemented a LIMS in the first place.

To avoid this mistake, it is important to consider what level of integration you’ll need with existing systems. When evaluating different solutions, take into account factors such as data compatibility, API integration, and the ability to share data with other systems. A solid LIMS will be capable of seamlessly incorporating all sectors to create one cohesive and accessible system.

13. Failing to prioritize data security

Not considering the level of data security and protection offered by the LIMS is one of the most detrimental mistakes a laboratory can make. The consequence of this is a system that is incapable of protecting sensitive data, resulting in security breaches and data loss.

To avoid this mistake, make it a top priority to ensure a high level of data security and protection is offered by the system when evaluating different solutions, taking into account factors such as encryption, data backup, and disaster recovery capabilities.

14. failing to have a plan for data migration and system implementation

Not having a clear plan for data migration and system implementation is the last common mistake that can be made in the selection of a LIMS. This can lead to a system that is not able to be implemented properly, resulting in the loss or misplacement of important data, and feelings of frustration of confusion among team members. It can also be a costly mistake for budgets that don’t go far enough to undo this mishap.

To avoid this mistake, it’s important to have a clear plan for data migration and system implementation before making a decision, taking into account factors such as data transfer, system configuration, and user training.

The Takeaway

No matter how far along your laboratory may be, there are a whole host of benefits to implementing a LIMS. It could help your team avoid clerical errors, slow progress, speed up data recall, automate organization, and so much more. However, if you are considering the use of a LIMS, it’s recommended to keep this guide in your back pocket.

Management systems that are rushed or not properly vetted can wind up causing a whole new wave of complications and wasted time and money. The most recommended route would be to create a fully customized laboratory information management system that caters to your lab’s specific needs. Once you find a high-performing software development company and confirm the extent to which they can support and maintain your system once the project is complete, your laboratory will be primed to reach new heights.

Written By Natalie Mansilla

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

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

5 Mistakes to Avoid When Building a Mobile App

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

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

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

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

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

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

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

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

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

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

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

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

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

The Takeaway

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

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

Written By Ben Brown

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

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