Scientists desire secure access to extensive data to enhance medical knowledge and continue to make new discoveries to improve health protection. Consumers, in turn, seek user-friendly mobile solutions and telemedicine services. The answer to this need is an alliance between cloud computing and AI, which has the potential to transform the way medical data is managed. 

Cloud Solutions, AI, and Machine Learning in Healthcare  

As opposed to traditional on-site data centers or storing data on private computers, the cloud creates a solid, accessible, and collaborative environment for patients and professionals offering on-demand resources for data collection, processing, protection, and storage. 

In the article “Cloud’s trillion-dollar prize is up for grabs” McKinsey analysts indicate that cloud solutions have the potential to bring value of up to $170 billion to healthcare companies by 2030. 

AI, in turn, offers the healthcare industry a number of possibilities, revolutionizing the way we approach patient care, diagnostics, disease management, and medical research via machine and Deep Learning solutions.   
 
AI has huge potential in terms of the automation of repeatable tasks. The WHO projects that by 2030, demand for medical assistants will exceed 18 million across Europe. That means that the existing supply of 8 million medical assistants will not be sufficient to fulfill the forecasted needs in the future.   

The fusion of ML, AI and cloud computing creates a healthcare ecosystem where data-driven algorithms are combined with the limitless capabilities of the cloud, all with the goal of improving individual health and the advancement of medical science. In this article, we will present the most important advantages of cloud computing for healthcare organizations and key AI applications that can change the future of healthcare.  

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The Key Benefits of Cloud Computing for Healthcare Organizations:  

• Security/patient safety: Data security in healthcare is a principal priority. According to IBM’s Cost of a Data Breach Report 2023, in the healthcare sector, the average cost of a data breach is estimated at almost $11 million (compared to nearly $6 million in the financial sector). But let’s remember that the stakes are much higher. The irreversible loss of medical data could not only cause serious legal and medical problems for healthcare facilities, but also affect the lives of patients. By using cloud-based tools, organizations avoid the high risks inherent in using local data storage methods. Cloud resource providers such as Azure meet institutional requirements for compliance, security, and reliability, offering privacy standards like HIPAA and GDPR. Cloud systems can further ensure data protection by means of network firewalls, customer-managed encryption, battling against malware, and identifying vulnerabilities open to potential threats. Thanks to backups on servers located in diverse geographic locations, the cloud strategy offers quick and easy data recovery in case of, e.g., natural disaster, human error, or system failure.   
• Reduced costs: Health companies face a complex set of costs associated with data management such as hardware (including servers and storage infrastructure), software (licensing fees, backup and recovery systems, security measures and compliance regulations, insurance, scaling), or space expenses. Keeping and maintaining the whole infrastructure in-house comes with huge costs, which includes hiring dedicated IT staff. Switching to a pay-as-you-go subscription model offered by cloud services allows for cost savings as healthcare institutions pay only for the resources they use. Additionally, systems updates are regularly carried out by software vendors.   
• Data storage with increased scalability and flexibility: The amount of data in the medical sector is constantly growing, and with the introduction of new methods, new data types are often presented. Cloud services provide an unlimited capacity for all types of data and can dynamically scale the storage up or down as needed. What’s more, there are a variety of models, applications, and services of cloud platforms available tailored to the specific requirements of enterprises.  
• Accessibility: Cloud-based applications with storage systems containing EHRs (Electronic Health Records) allow doctors, nurses, and other healthcare workers to gain a smooth insight into detailed patient information and critical data at any time, and from any location or device with Internet access. Authorized specialists can enter the data on medical treatments or appointments which is updated in real time. This creates a mutual benefit for the entire medical organization, and consequently for patients. They obtain insight into up-to-date information on prescriptions and online appointments without having to come to the facility in person. Furthermore, it allows for more precise diagnostics as physicians have insight into all historical medical records.   
• Collaboration: In the vast majority of cases, more than one specialist is responsible for a patient’s health, and providing updated data without an information exchange system is difficult, time-consuming, and laborious. Cloud services enable effective cooperation across departments and between healthcare professionals, which comes with the important benefit of improved diagnostics. It also minimizes the risk of misinterpretation. Cloud systems provide a secure environment for storing sensitive data and help the decision-making process run smoothly by facilitating access to the existing treatment history, previous doctors’ opinions, and medical records without involving the patient. Additionally, the cloud overcomes geographic and logistical barriers, enabling remote conferencing among professionals. All of this helps people work together toward a common goal of ensuring the best possible quality of healthcare and ultimately making people’s lives better.  
• Interoperability: Most medical applications or platforms function separately. The cloud provides an integrated system that consolidates various medical applications, reducing the need to switch between different systems and interfaces. The use of a single environment ensures that data remains consistent across various applications. This decreases the risk of data discrepancies and errors, which can have critical implications for patient safety. Additionally, the interoperability of systems is desirable to healthcare professionals, who do not need to learn so many systems since the data is integrated in the cloud. This leads to shorter training periods, the simplification of everyday work, and quicker onboarding for new staff members. A unified environment can scale more efficiently to adapt to the changing needs of a healthcare organization, whether it’s adding new departments, locations, or services. Finally, integrated systems can leverage the full spectrum of healthcare data for analytics, improving insights into patient test results, treatment outcomes, and resource utilization.   
• Speed: In the world of healthcare, speed is crucial to diagnostics, as any delays can result in disease progression or complications. Cloud-based medical applications can provide real-time updates on patient conditions and test results. Medical imaging, such as MRI and CT scans, can be processed and transmitted swiftly to specialists for timely diagnosis and treatment planning. This ensures that healthcare providers always have the latest information at hand.  Cloud technology also plays a pivotal role in telemedicine, dramatically improving the healthcare level by remotely monitoring vital signs through cloud-connected wearable devices and providing high-speed connections that make remote consultations possible.  

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Machine Learning and Artificial Intelligence in Healthcare  

For the above-mentioned reasons, cloud computing is commonly used for Big Data and AI applications. This kind of software development project often requires significant computational power and storage capacity. Cloud providers offer scalable resources, allowing organizations to expand their infrastructure quickly and easily as data and AI workloads grow. Many cloud providers offer high-performance computing (HPC) options, including GPU and TPU instances, which are essential for AI tasks such as Deep Learning and for processing Big Data sets. In cloud resources, there are AI services, such as pre-trained Machine Learning models and development tools, which accelerate AI development and deployment.  

AI and ML healthcare use cases 

Within the healthcare sector, Artificial Intelligence has a significant impact on patient treatment, diagnostics, operational effectiveness, and the advancement of medical science. However, there are also several potential challenges associated with its implementation including data protection and quality, ethical concerns, or risk management. Apart from that, AI-powered diagnostic tools can analyze medical images and patient data with exceptional accuracy and speed; therefore, this technology can be used in the healthcare industry in numerous ways, such as:  

• Medical Imaging Analysis: AI algorithms can analyze medical images, such as X-rays, MRIs, and CT scans, to assist radiologists and other healthcare professionals in identifying diseases and abnormalities. For instance, Google’s DeepMind developed an AI system based on optical coherence tomography (OCT) images to detect eye diseases. The research, conducted in 2022, uses Deep Learning models trained with MRI images to make an accurate classification of brain tumors.  
• Virtual Health Assistance: AI-driven medical chatbots and virtual health assistants provide personalized symptom analysis, medical advice, and recommendations (Healthily, Ada Health).  
  The GYANT chatbot can direct the patient to a suitable specialist or connect patients and medical professionals, gathering symptom-related information and passing it on to healthcare professionals, who can then use it to suggest treatment plans and write a prescription. Youper and Woebot are AI-powered digital mental health applications which aim to fight anxiety and depression through conversation and support. 
• Decision Support Systems: AI-powered decision support systems are integrated into EHRs and assist healthcare providers in making informed decisions when prescribing medications. These systems analyze patient data, including medical history, current medications, allergies, and lab results, to provide recommendations on appropriate drug choices, dosages, and potential drug interactions. For instance, MedAware’s AI model continuously analyzes EHRs and patient data in real time. It identifies potential prescription errors, such as incorrect dosages, drug interactions, or medications that may not be suitable for a patient’s medical condition.   
• Predictive Genomic Analysis: AI algorithms are used to analyze vast amounts of genomic data generated through techniques such as whole-genome sequencing. These algorithms can efficiently align and map sequenced DNA reads to a reference genome, identifying variations and mutations. AI accelerates drug discovery by analyzing vast datasets to predict potential drug compounds and explore the toxicity of new drug candidates. For example, the startup Atomwise identifies new drug candidates by forecasting the interaction between small molecules and target proteins. AI can also recognize biomarkers and genetic mutations to detect diseases and guide the development of targeted therapies, which maximizes treatment efficacy and minimizes side effects (Deep Genomics). 
• Natural Language Processing (NLP): NLP techniques are used to extract valuable insights from unstructured clinical notes, research papers, and patient communications. Companies like BlueDot use Natural Language Processing systems and Machine Learning Algorithms, working in over 60 languages to create an international early detection system for infectious diseases. The algorithm monitors news outlets and official healthcare reports around the world, noting whether they mention high-priority diseases like COVID-19 or others such as HIV/AIDS or tuberculosis. Linguamatics is an NLP-based text-mining platform with solutions for pharma, biotechnology, healthcare specialists, and governments. Their drug-label exploration solution captures and extracts relevant information from regulatory and compliance documents, which brings dynamically updated data for labeling teams.   
• Personalized treatment plans: AI algorithms can analyze patient data, including genetic predispositions, lifestyle choices, medical histories, and treatment responses, to create personalized treatment plans. AI assesses a patient’s risk factors for various diseases based on their unique health data – for instance, the risk of heart disease, diabetes, or certain cancers. K Health is one example of a healthcare technology company that uses AI to provide personalized healthcare insights and treatment recommendations to patients.   

Cloud computing and AI in healthcare – summary  

In conclusion, the fusion of  Cloud Computing, Artificial Intelligence, Machine Learning, and Deep Learning has massive potential to reshape the future of patient care and medicine. The power of AI to personalize treatment plans, improve diagnostic accuracy, improve patient care, and enhance decision-making means it is well-positioned to revolutionize healthcare service delivery. Together with the advantages of cloud computing such as data security, cost reduction, speed, scalability, and accessibility, these technologies empower healthcare providers to deliver more precise, efficient, and patient-centered care, offering the potential for improved therapies and a more agile healthcare ecosystem. 

Read also: Top 9 technology trends for 2022-2025 and beyond

How digital transformation is transforming business in 2022 and beyond

In its 2022 annual report, Gartner revealed the key technology trends that businesses should keep an eye on. After the outbreak of the COVID-19 pandemic, business leaders probably have no doubt that emerging technologies such as the cloud, advanced data analytics, and Machine Learning are must-haves for organizations of the future. Investments in digital transformation are rising by about 16.5% a year.

As we explore these cutting-edge technology trends, understanding the financial management of cloud resources becomes crucial. This is where ‘FinOps’ comes into play, providing a strategic approach to cost management in cloud environments. To delve deeper into how FinOps principles can effectively guide your financial operations in the cloud, be sure to check out our detailed article on Understanding Cloud FinOps Principles.

Top 9 technology trends that transform our lives

Technology is changing our lives in countless ways and at an ever-increasing pace. The 9 major technology trends include:

1. Cloud Computing / Edge Computing
2. Artificial Intelligence and Machine Learning
3. Virtual Reality and Augmented Reality
4. Internet of Things and 5G
5. Blockchain technology
6. 3D printing
7. RPA – Robotics Process Automation
8. Big Data and data analysis
9. Cybersecurity

1. Cloud Computing / Edge Computing

According to Gartner predictions, by 2025 over 95% of new digital workloads will be implemented on cloud-native platforms. Multicloud is the leading trend – according to Flexera’s 2022 “State of the cloud report”, 89% of enterprises take advantage of multiple cloud providers. The cloud takes data storage to a new level and offers tremendous opportunities for companies looking for scalable data analytics solutions. As with all novelties, some people wonder if edge technology is better than the ‘traditional’ cloud. Edge computing is a distributed information technology that utilizes data centers located nearer to end-users (hence less network latency).

The cloud is revolutionizing data storage and offers scalable solutions for data analytics. As cloud computing becomes integral to business operations, understanding and optimizing cloud expenses becomes crucial. Enhance your cloud strategy by exploring our comprehensive guide on Azure Cost Management, which provides valuable strategies for efficient cost management in Azure environments, ensuring your cloud investments are both powerful and cost-effective.

Use cases

Edge computing is one of the technological innovations that can revolutionize the healthcare industry. EC enables the real-time analysis of medical data collected by wearables or medical devices. The cloud also makes it possible to analyze such data, but with some limitations (e.g., we need to consider the cost and time needed to transfer large images of several GB). In an emergency, delays counted in seconds could greatly impact the health and life of patients.

IDC predicts that healthcare organization expenditure on edge computing in 2025 will exceed $10 billion. What’s stopping them? The medical industry has a number of priorities, e.g., investing in medical devices that save patients’ lives. What is more, for edge computing to deliver real benefits, investments in other technologies (AI, IoT devices) need to be made to create a technology-based environment first.

Read also: Cloud services and trends for 2022

2. Artificial Intelligence (AI) and Machine Learning

The pace of AI expansion is not slowing down. As per the 2022 AI Index Report by Stanford University, in 2021, global private investment in AI reached $93.5 billion.

Use cases

Fully self-driving (autonomous) vehicles are an example of the future tech trends that everyone is keeping an eye on. They make use of Artificial Intelligence, neural networks, and image recognition technologies, among other things, to navigate and drive without engaging human drivers. Google in California has conducted some of the biggest tests – autonomous vehicles have covered almost 140,000 miles in Toyota and Audi vehicles. Similar software tests, also in California, have been carried out by Apple using Lexus vehicles.

But why such a huge urge to create self-driving cars? The most common argument for this is safety. According to National Highway Transportation Safety Administration (NHTSA) data, about 95% of accidents are due to human error. Other arguments for using autonomous cars are the need to lower fuel consumption, optimize driving, and make such cars accessible to people who are unable to drive for various reasons. Nevertheless, this technology gives rise to intense emotions.

The challenge still lies in the multitude of possible scenarios on the road that AI would have to comprehend. Driverless machines are therefore used on suburban routes on a pilot basis at off-peak times. The feeling of taking a ride inside a fully autonomous vehicle was described by NY Times journalists who took part in an experimental ride in October 2022 as ‘spooky, impressive, perplexing and a little stressful.’

3. Virtual Reality & extended reality

What does the future hold for VR? In PWC’s ‘Seeing is believing’ report it was predicted that by 2030 VR and AR could add $1.5 trillion to the global economy. VR has huge potential in gaming, to name but one area. In healthcare, VR could be used to train doctors and improve decision-making under pressure. VR-based systems could also support the therapeutic process, e.g., helping people who struggle with anxiety.

Use cases

When we think of VR, often the first thing that comes to mind is gaming. VR or mixed reality games allow people to become whoever they want and experience reality in a new way. It’s not without reason that tech companies are developing devices like PSVR, Meta Quest, and Oculus. Apple’s VR solution is believed to be waiting in the wings.

But VR is not just about the fantasy world of games. It also represents an opportunity for education, which the Polish Ministry of Education has taken advantage of, planning to use 25,000 Meta Quest 2 VR headsets to teach history in schools as part of cooperation with Meta. While the students watch VR-based story productions, they can travel back in time right into the middle of the action.

4. Internet of Things, 5G & wearables

According to the Ericsson Mobility Report released in June 2022, 5G scales the fastest of all previous mobile tech generations. Currently, approximately a quarter of the world’s population has 5G network coverage. To show the scale, in Q1 2022 alone, there were an impressive 70 million 5G subscribers added. The IoT is closely linked to 5G, as the development of this technology enables the invention of new opportunities for Internet of Things devices.

5G offers capabilities greater than 4G, with lower latency. 5G can improve experiences with augmented reality or VR. 5G development has many practical applications in areas such as industrial automation, utilities like weather monitoring, or healthcare – for example, remote surgeries. The first 5G surgery took place in 2019 in China, when a surgeon located almost 2000 miles away operated on the patient’s brain. With 4G technology, the lag time between medical devices was about 2 seconds. With 5G, it’s been shortened to 2 milliseconds, making remote surgeries a thing of today, not tomorrow.

5. Blockchain technology

From the very beginning, blockchains have been associated mostly with cryptocurrencies and Bitcoin. One of the emerging tech trends utilizing this technology is a non-fungible token (NFT), which is a unique identifier that makes it possible to cryptographically assign and prove ownership of digital goods. NFTs don’t have a specific value, which makes them unique.

Use cases

The popularity of NFT exploded in 2021, and many people are convinced that this tech trend will be with us for a long time. With NFT, buyers are guaranteed that their purchase is non-fungible, meaning there is no other identical item. The purchase is confirmed by a certificate of authenticity that uses blockchain technology. NFT is mainly associated with selling digital art such as the popular Nyan Cat or the JPG collage by digital artist Beeple, which was sold at Christie’s auction house for $69 million. Other applications of NFT include the sale of tickets and access to elite member clubs.

Operations which use the cryptocurrency Ethereum for selling NFT, like anything new, trigger contrary feelings. Opponents point out that it has a negative impact on the environment. NFT operations require complicated calculations, and thereby impact power consumption. There is a great deal of discussion about speculation associated with non-fungible tokens. Will artworks worth millions of dollars have the same value in the future? Time will tell. It is an important trend and already many renowned companies are carrying out NFT-related projects, profiting handsomely thanks to this technology (Meta, Nike, Adidas, Tiffany, Dolce & Gabbana and Gucci, just to mention a few).

Read also: How Blockchain Revolutionizes the Way of Payment Transactions

6. 3d Printing

3D printing (AKA additive manufacturing) is one of the most intriguing technological innovations available to almost everyone. This trend in technology also has a practical application in many sectors, not only the wonderful world of plastic! You can find 3D printers which create houses, as well as devices which produce crafts from chocolate.

Use cases

You can print practically anything. But one way that technology and robotics can work together is shown at the Ford plant, which successfully uses autonomous 3D printers in the automotive industry. Ford uses 3D printing for mass component manufacturing. 3D printers producing auto parts (e.g., brake brackets for Mustang) communicate with robots via an interface, allowing continuous work – for example, taking over tasks that people can’t perform at night.

7. Solutions to automate business processes (Robotic Process Automation)

In 2020, hyper-automation was noted in Gartner’s annual predictions for 2020 as one of the most significant technological trends. From then on, it has made tremendous strides. RPA makes use of software robots to automate business processes; contrary to the common misconception, in the future the automation of business processes may create many new jobs for programmers. Why the hype around RPA? It allows for the automation of repeatable tasks and unburdening human workers in every industry, from administration to logistics to banking.

Use cases

The COVID-19 pandemic has illuminated issues within healthcare systems in many countries. Labor costs are increasing, and at the same time, startups offer innovative digital solutions created with the healthcare industry in mind. To remain competitive, decision-makers will need to take advantage of automation and digital potential as well. According to Gartner’s predictions, by 2023, about half of all healthcare organizations in the US will invest in RPA solutions. In the healthcare industry, many repetitive processes rely on data, and RPA could help increase their efficiency, minimizing costs and improving patients’ experiences.

Some of the use cases include administrative data management. RPA solutions based on NLP, speech recognition or image recognition can be employed to input administrative data into a healthcare system. It is a task that does not require advanced skills, yet can be quite repetitive. The RPA-based solutions can gather data from multiple sources and supply the database without engaging humans.

8. Big Data & Analytics

The future is data-driven! Companies see the potential of Big Data sets; hence, the role of the data analyst is in extremely high demand. According to Statista, global revenue from data and analytics in the period 2015-2022 amounts to $274.3 billion.

Use cases

Big Data analysis can contribute to the development of neuroscience. In the past, obtaining information from several neurons was out of reach. Today, scientists can employ technology that makes it possible to compare the activity of 300,000 neurons – as in an experiment conducted a couple of years ago at the Allen Institute founded by Microsoft co-founder Paul Allen. Collecting data is not everything – researchers admit that only analyzing the data with the help of Machine Learning tools can help to find a pattern and highlight the right structures.

9. Cybersecurity

Protecting sensitive data is one of the biggest challenges in the upcoming years. The ‘zero-trust’ security model assumes that there are no users or devices that can be trusted. By 2026, the zero-trust security market is forecasted to grow to $52 billion. It is the leading trend in the field of mobile device protection too. According to Verizon’s Mobile Security Index 2021, 60% of respondents believe that mobile device security poses the biggest safety risk to their organization, and in fact, researchers warn that mobile devices are a new target for hackers (nowadays mobile phone users spend 80% of their time outside of the protected corporate network). With protection of just one device compromised, they can have access to sensitive and valuable corporate data.

Use cases

Data theft, stealing credentials, access to corporate resources, installing malware, or spying are some of the most common types of cyber-attacks. This makes the cybersecurity of mobile devices one of the leading trends you should pay attention to in 2023. If you use a corporate iPhone (or your private one as part of the bring-your-own-device model); you might be interested in solutions like Jamf Threat Defence, an Apple-dedicated tool created to protect endpoints from being compromised and prevent phishing attempts. JTD uses advanced Machine Learning to identify and prevent zero-day attacks.

New technological trends – summary

Tech trends are undoubtedly proving to be useful in day-to-day life in 2022. Every year we breathlessly observe how Artificial Intelligence and robots help businesses to spread their wings. Powered by the potential of the cloud, supercomputers offer a whole new way of computing and analyzing enterprise data, while VR technology and intelligent wearables help monitor health and train medics. Technology is closer to us than we think.

The above are some of the main technological trends in 2022-2025 and beyond. Technological innovations such as the Internet of Things, VR, AI, and the cloud are no longer the technologies of the future – the AI vaccine design programs and the impact of technology on drug design are just two such examples. The challenge for companies is to find ways that will allow them to get the most out of these solutions. We expect that 2023 and the next few years will lead to even faster growth of the abovementioned technologies and increasing demand for software development specialists, which is expected to continue until 2030 according to the available data.

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In 2020, following the outbreak of the COVID-19 pandemic, the biotechnology revolution took place before our very eyes. According to the MDI report, 45% of global health issues can be addressed by means of scientific solutions. These solutions have a huge impact on the economy, which we were able to observe during vaccine-related studies carried out in 2020.

Main trends in BioTech  

A boost for Research & Development 

The AI market in biopharma is developing at a rapid pace and is expected to grow to $3.88 billion by 2025. A number of new startups are taking advantage of technologies such as automation, Machine Learning and AI to conduct advanced analytics in drug discovery and drug development. ML can be used to extract useful insights from unstructured clinical data (as in the case of the startup Flatiron Health, which used this approach to expedite cancer research. In 2018, the startup was acquired by Roche for $1.9 billion).

Digital supply chains (DSNs) 

Digitized supply chains use the potential of Industry 4.0, like IIoT, IoT, cloud and analytics, which accelerates agility and leads to improved planning and better order management. 

Data-driven production

As the saying goes: “Data is the new oil”. We can observe a shift towards Agile manufacturing and the adoption of data-driven models. Using new technologies, such as real time AI-based analytics, allows companies to make better decisions in changing circumstances.

Cloud computing 

Medical companies around the world can use cloud computing to extend cooperation with other organizations, laboratories, Research & Development centers and academic institutions. The cloud facilitates data storage and management. The potential of the cloud combined with Machine Learning and Artificial Intelligence is also used in the digital diagnostic process.

Development of telemedicine 

Due to the adoption of social distancing practices, the importance of e-medicine has risen significantly. In Q1 of 2020, the number of telehealth visits rose by 50%, compared to Q1 of 2019. Certainly, telepractice, online health assessment and diagnosis are developing trends.

Gene therapy 

Gene therapy – the technique of using genes to cure and prevent diseases – is becoming increasingly important. Advances in BioTech will allow for increased use of genetic information in the diagnostic and treatment process.

Mindset change and new business models

Disruptive technologies have momentum behind them. But there is one more thing worth paying attention to: a revision of strategies and a shift to models focused on flexibility and agility that enable real change.

Agile vaccine 

So far the Agile mindset has mostly been associated with project management in software houses and huge corporations. In 2020, however, we could observe an interesting usage of Agile methodologies in biopharma and the HealthTech industry working on vaccine and COVID-19 treatment. As per Agile principles, the biotech companies responded to changes, rather than following a plan. In changing, ambiguous conditions, a quick response was crucial. Due to the adoption of the Agile model, it was possible to equalize some phases of work on vaccines using mRNA solutions and thereby expedite the entire delivery process to the market.

A test of agility 

For countries around the world, the distribution of vaccines is now a matter of urgency. It is a large-scale, complex logistical challenge, that calls for flawless coordination between several parties. In the article “10 Vaccine Distribution Questions for Supply Chain Leaders”, Gartner points out that, in addition to logistics-related aspects, individuals coordinating vaccine distribution must take local regulations, security, trade demands and even conditions related to the temperature and weather into consideration. Due to the changing circumstances and a wide variety of possible scenarios, the vaccine distribution model has to address all possible issues which may arise, making it a real test of agility.

Machine Learning and AI impact on clinical trials

Clinical trials are studies in which volunteers come forward to help in finding answers to specific health questions. When carefully conducted, these studies are the safest and fastest way to find new treatments and ways to improve health.
The reasons why clinical trials are conducted are as follows:

• to discover whether a new medicine or device is safe and effective for human use.
• to test different ways of using standard treatments or current approved treatments to make them easier to use or to reduce certain side effects.
• to learn how to safely use a treatment in a population for which it has not been tested before, such as children.

Typically, clinical trials are difficult and expensive, and the failure rate is also high – up to 90% of them fail. Artificial Intelligence and Machine Learning have a significant impact on how researchers and health care professionals implement clinical tests. New, effective and less costly ways to develop drugs are urgently needed, so it is no surprise that drug development programs are using new tools based on Artificial Intelligence. It is a trend that will continue to grow and bring positive results for the foreseeable future.

Non-medical trends in biotechnology

Modern biotechnology essentially focuses on medicine. Other areas of biotechnology are renewable energy, agricultural science and environmental science. In this field, small companies, multinational pharmaceutical companies and federal governments are investigating new options. One extremely important area in which we can expect innovation in 2022 is biofuels. New processes for producing clean energy from agricultural, industrial waste, and even algae, are emerging thanks to advanced biotechnology.

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Biotechnology in 2022 – summary

In 2020 and 2021 interest in the life sciences rose, including in biology, biotechnology, genetics and pharmacology. 2021 was a landmark year for BioTech startups. For many, the pandemic was a real eye-opener in terms of the possible applications of technology in pharmaceutical companies and BioTech companies. We all rediscovered the importance of sectors working on solutions that have an impact on our lives, such as e-medicine, diagnostics, drug discovery, gene therapy, wearable medical devices, and many others. According to Forbes, the value of the global BioTech market is forecasted to exceed $100 billion in 2022.

Companies were forced to innovate, acting quicker, more efficiently and flexibly. At JCommerce, we support Digital Transformation using Agile methodologies. We know the power of agility and this is why we keenly observe how other industries apply Agile strategies and what the benefits of doing so are. We also believe that Agile combined with Digital Transformation can bring fascinating results.

Of course, the reason for technological changes is not cause for celebration. The pandemic changed our reality, forcing a different perspective upon many business models and even entire sectors of the economy. Nothing is obvious any more, and many companies have to find new ideas, new formulas for reaching and communicating with customers.  In many industries, technology has come to the rescue.

The situation requires courage. Contrary to the cautious attitude which might well be expected, many companies are deciding to make strategic investments in technological solutions, previously considered in the context of plans for the upcoming years. Which trends will be worth observing carefully?

Financial reorganization of the market

Organizations that once opted for digital customer service channels are now gaining a competitive advantage. They have always reacted actively to rearrangements on the market: they have recognized the prevailing mood on the market and the preferences of their target group and quickly applied changes. Their natural advantage over their competitors has become noticeable in recent months. We have been observing the dynamic growth of FinTechs for a long time and the strong position they are gaining in their confrontation with traditional banks.

Flexibility combined with a focus on Customer Experience means that modern companies from the financial services sector can expect double-digit growth in 2021, according to Forrester.

Read more: FinTech Trends for 2021

Head in the cloud(s)

Forrester estimates that in 2021 more than a third of office workers will work remotely on a permanent basis. Working in a distributed structure calls for special attention to be paid to areas such as secure access to the company’s resources and operational tools. No wonder, then, that heads of IT departments have been supplied with additional funds for implementation budgets in areas such as cloud and mobile solutions, as well as network security and risk management. This trend will also be visible next year. Companies will focus on cloud-based platforms that will allow for fast access to data and provide high levels of adaptability.

Organizational culture and the Employee Experience

When teams work remotely in a distributed model, it is a challenge to maintain identification with the company and corporate values. The role of the Employee Experience (EX) is growing, including all contacts with the company before, during and after establishing cooperation. In 2021, CIOs responsible for technological and infrastructural development will strive to achieve a competitive advantage. According to Forrester’s predictions, companies’ decision makers will be actively interested in implementing the Employee Experience strategy in order to attract the best IT specialists in times of crisis and to convince them to make their plans for the future in terms of cooperation with the company.

Machine Learning in the service of prevention

Shifting the focus to online customer service results in an increased amount of bank fraud taking place online. In 2020, we began to look even more closely at possible threats, such as blackmail and bank fraud. Banks are expecting a wave of credit fraud – the scale of this phenomenon is rising, and therefore requires appropriate measures in the area of preventing and combating financial fraud. Can technology support these activities?  Machine Learning tools working in real time already support the fight against fraud in the financial area, and as this technology develops, the possibilities for usage will increase.

Artificial Intelligence in the sales department

Based on its research, Forrester predicts that in 2021 up to 60% of B2B sales companies will use automation and Artificial Intelligence-based tools and mechanisms. Tools that facilitate information grouping and integration with CRM systems already help employees to carry out repetitive tasks, thanks to which they can use their time to analyze the market and build relationships with customers.

Summary

In 2021, we can expect that the importance of technology will increase to an extent which goes beyond the natural trend that has been observed for years now – from infrastructure, to products and services, to building consumer and employee experiences in the organization. We can expect new solutions and the dynamic development of well-known technologies. The new order forces changes to companies’ development strategies. It moves some plans to the shadows, simultaneously focusing attention on and moving resources to those that better fit the new circumstances on the market. Regardless of whether the goal is to maintain market position or to gain a competitive advantage, in the coming years technology will make it possible to achieve the intended results.

Before the COVID-19 pandemic, consumers tended to opt for financial services that were not “digital-only”. The pandemic forced us to change our habits. We started to pay more attention to risk management and value financial literacy skills (ability to effectively save money, plan financial investments. Also, decision-making in terms of budget planning is important).

The adoption of digital banking technologies rose, even among seniors, who are traditionally more reluctant to change. The boost in the e-commerce industry and the need for faster, more secure and cashless methods resulted in the widespread use of mobile and digital banking. Also, the importance of Customer Experience grew, forcing technology companies to design secure and customer-friendly financial solutions.

Why do customers choose innovative services of financial institutions?

When asked about FinTech companies, most of us can mention at least one. The most recognizable names in FinTech worldwide are TransferWise, Klarna, Revolut, Ant Group, Monese and Abra. As financial services went digital during the COVID-19 pandemic, we are all asking ourselves the question: what will the future of traditional banking be? Will traditional banks and FinTechs become partners or competitors? Regardless of the answer, we know what makes people search for alternatives. According to Capgemini research, customers take advantage of the services of non-traditional banking entities because of:

• 70% – low-cost offerings
• 68% – ease of use  
• 54% – faster service
• 39% – better features
• 39% – personalized products

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Top technological FinTech trends in 2021

• Banking-as-a-Platform – also known as a Banking-as-a-Service, this is a new, increasingly popular business model and important trend. Thanks to platform banking, users can take advantage of functionalities developed by third parties (e.g. neobanks), while financial services providers focus on their core business. It is a beneficial solution for banks as well since they can integrate with other services. According to Deloitte, “It is not the same as open banking; however, the latter enables and amplifies the former”.
  
• Open Banking APIs – the trend of integration with the services of Third-Party Providers was already visible before the pandemic, but the objective of the Second Payments Directive (PSD2) was to ensure that payments are secure and the interests of customers are protected. The goal of the European Commission’s directive is to create a widely integrated payment market with the use of Open API solutions. Traditional banks are still resistant to integrate with external providers though, especially FinTechs. In turn, the FinTech industry has recognized the potential of Open Banking and taken advantage of it, integrating multiple services and thereby providing new standards in the financial industry.
  
• RegTech – some people wonder what the difference between FinTech and RegTech is. Regulatory Technology is a narrower term, defining all innovative banking services including, among others, Anti-Money Laundering and anti-fraud, minimizing risks, improving data compliance and regulation, as well as protecting consumers. RegTech companies provide solutions e.g. that allow for the rapid verification of users and companies in terms of legal regulations.   
  
• Artificial Intelligence and Machine Learning – Artificial Intelligence has been with us for some time now and we are starting to regard it as standard rather than as cutting-edge technology. Nonetheless, AI and Machine Learning are widely used in the FinTech industry, especially in all automation-related processes that make users’ lives easier and empower FinTech providers to design solutions leveraging customer service to the next level. Some of the most fascinating applications of AI in FinTech include Digital Financial Advisors, Virtual Coaches, insurance services, risk assessment or contract analysis (with assistance of OCR technology).
  
• Big Data – Broadly-defined data science is revolutionizing the financial services sector together with FinTech. In the data-driven world, the amount of data is rapidly becoming overwhelming and we are simply unable to process it. All of the data from users’ electronic devices are useless until data scientists extract the most valuable information. Data scientists and Machine Learning engineers design solutions e.g. enabling the creation of personalized offers. Some of the most interesting applications include micro- and nano-finance solutions for mobile use.
  

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Trends in the FinTech industry – summary

In 2020, as a result of the breakout of the pandemic in March, new disruptive FinTech technologies joined the game.

Some of them, like AI, Blockchain, IoT, and Big Data, have been with us for a while, but the pandemic gave them increased momentum. In 2021 we will see Open Banking, cashless payments, online payment methods, and biometrics, as they are used often and eagerly in FinTech services. Are they here to stay? Will they make a significant change in our lives and impact the market in a long term? Will they revolutionize financial institutions? Time will tell. 

Read also: Top FinTech trends in 2020

In financial and insurance industries where your competition is investing mega-budgets in software development to automate processes and create effective and leaner procedures, you have to keep up too. FinTech, with its many elements, offers your company the best chance of achieving that optimum.

CLIENT STORY

Our client from the e-commerce industry needed the support of iOS and Android teams to develop their mobile application.

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What are the Benefits of FinTech

FinTech is a big win for both financial institutions and their clients. For the former, it offers a path to complete customer self-service and reduction or elimination of potential log errors in the back office. The security risk and the potential for fraud and human error are almost reduced if the customer can initiate native transactions on their remote devices coupled with powerful authentication protocols. For insurance, clients can print out an application form, scan it and generate a unique QR code that will then be scanned back by the provider. Or they can fill out an online application using an app on their device, even allowing them to fill out forms offline and upload them later as attachments when they are done.

But FinTech isn’t just about replacing the physical way of doing things, for example, meeting in a bank to withdraw from a group account. Think about productivity gained by freeing up your staff from all the extra paperwork, and savings on monthly budgets by not having to do physical filing. You could reroute that part of the budget into a better purpose such as the development of a mobile application.

The ROI from FinTech also includes operational fees. For example, transaction fees for which customers would rather pay extra in exchange for the convenience of not having to go to a bank physically. With a great FinTech experience, there will be increased brand awareness and loyalty, both of which have ripple effects on your company revenue.

Artificial Intelligence, Blockchain and IoT as FinTech innovations

Artificial Intelligence

AI is one of the main technological trends for 2020. It goes beyond merely automating tasks. With the deployment of AI, there is potential for massive savings and improved customer experience. Banks with vast numbers of clients could, for instance, employ secure chatbots that can answer customer queries 24/7 through voice or text. Such an intelligent system can also monitor a customer’s transactional behavior, notifying the bank or customer about possible fraudulent transactions. It could also create automatic statements and disburse them to the email of the account holder. For insurance companies, an actuarial AI model can be built for calculating risk or projecting payouts.

Blockchain

Blockchain as a ledger-based technology can help banks keep cleaner, more accurate records, right from the customer onboarding process at account opening stage, to assigning a unique key to each transaction which would make errors such as duplication and double debits/credits more easily detectable. Blockchain also provides the potential for a global network of banks or accounts which allow customers to access real-time financial services regardless of location.

IoT

The Internet of Things has been gaining in importance for several years now. IoT is one of the major 2020 trends in digital transformation and in 2020 during the pandemic, the contactless payments became a new standard. It is presumed that the situation will boost the adoption of cashless and IoT-based payments (e.g. using a smartphone or smartwatch) and IoT will continue to have a huge impact on the FinTech industry.

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Get Your Company an IT Solutions Provider

You may now be wondering, “So, how do I actually implement this?” – By hiring a FinTech professional services company with expertise and experience in creating custom software solutions in this area. You don’t even need to hire your own IT team. You can outsource or use a nearshore development company, choose the model of cooperation, and work hand in hand with certified programmers. For example, the hired team can develop a financial application or API, implement it and maintain it for you. That way, your FinTech software or product will be regularly updated, secure, working properly, and all the detected bugs will be fixed immediately.

Read our client stories: Fintech Software Development

The Main Trends in Software Development in 2020

Even without examining the world of software development in depth, one can take note of the significant, disrupting tech trends in the field. However, these trends have not appeared all of a sudden. Thus, developers need to settle on the set of technologies that will result in the greatest growth in the company. Below, you can read about some notable trends in the software development industry.

IoT

IoT entails wide categories of devices that are connected through the web. This technology is particularly in demand in the safety and CX fields. Other promising trends include Progressive Web Apps, cloud computing, and 5G data networks. The Internet of Things has a big impact on the HealthCare industry wherein innovative mobile technologies are used for remote health monitoring. Today, such devices like brain sensors, fitness wearables and sleep monitoring devices are in common use.

AI-as-a-Service

Deploying AI-based solutions in the organizational processes is quite expensive. As such, many businesses continue to access AI through providers of as-a-service platforms. This way, firms can input data and pay for corresponding algorithms or compute resources as they utilize them. Amazon, Google, and Microsoft are among the pioneers of delivering AI-as-a-service solutions. 

Hyper-Automation

It is the utilization of innovating techs, mostly but not limited to AI and ML, to automate operations and support human resources. This approach leads to the development of a digital twin of the organization (DTO), enabling businesses to visualize how the strategy and operational processes correlate, what the major performance targets are, and how it is possible to manage the value even better.

Multi-Experience

Multi-experience has replaced technology-literate approaches with people-literate ones. The standard methods progress from one-point interactions to multi-sensory and multi-touchpoint device operations, with the smart electronic devices and advanced sensors.

What Outsourcing Software Development Companies Can Offer?

By working with outsourcing software development companies, i.e. in the nearshoring model, businesses can access the latest technology solutions that can assist in the growth of revenue and the optimization of the operations.

Moreover, outsourcing firms offer software development organizations access to in-demand talents, as well as unique and otherwise inaccessible competences if businesses were to rely on local expertise. The latter is particularly true since, according to Statista, several IT fractions suffer from significant skills shortages. 

Read also: Get to know Agile nearshore software development

The Main Benefits of Outsourcing Software Development 

Why should a company outsource software development to an external company?

Here are some advantages to this approach:

• Time savings because an organization does not have to go through lengthy recruitment and employee training processes before embarking on a project.
• Flexibility since one has the freedom to choose, retain, or replace an outsourcing partner.
• A more focused approach to a project since a team works on a single responsibility at a time. An in-house team might be forced to tackle several office duties at any one time.
• A shorter time to market since a company can launch a product way faster.
• Cost savings since companies cut on hiring expenses.

Verdict: Why Companies Need to Invest in Outsourcing to Grow

This outsourcing approach allows for low-cost software development and offers access to seasoned professionals. The latter is especially useful if there is no qualified talent locally. Therefore, the top-rated expertise, allow an organization to grow its operations, staying ahead of today’s competitive IT environment.

Read also: Outsourcing in Agile model