Pratiti Technologies

Tag: technology

  • How to Choose a Technology Stack to Empower Your Software Product Development

    How to Choose a Technology Stack to Empower Your Software Product Development

    A tech stack is a combination of programming language, framework, developer tools, and the deployment strategy.

    Deciding on a tech stack is critical for the development of the application. However, choosing the right tech stack is a tedious task; evaluation of the right language – Java, PHP or Python, deciding the appropriate database and front-end applications, and picking a robust and scalable framework requires checking trade-offs benefits and limitations in detail.

    Why choosing the right tech stack is important?

    Using a technology stack is essential to expedite product development. Understanding how to choose the right mix of backend and front-end technologies can not only ensure faster development but also robust, scalable and separable product,

    Here are a few pointers that can help you choose the right tech stack to empower your software product development.

    1. Choose tech stack based on business needs

    choice of tech stack depends on the business context, sector and criticality of the product, For eg, if you are just starting, you may want to have a quicker time-to-market; Java, will be the first consideration as the learning time is less, there are multiple readily available modules that you can plug and play with. If you are building a product for the compliance industry, then your preference should be a tech stack that has a robust architecture to adhere to compliance and rules and if the product is mission critical, a failsafe / failover mechanism will be required.

    1. Keep the future in mind

    The product roadmap and future evolutions need to be kept in mind. The tech stack that you choose should need to be able to cater to your business’ future needs like – new feature and module additions, integration with external solutions, the capability to store and manage increasing data, and the possibilities of maintaining archived data for years, additions.

    1. Start simple before getting Techy

    It is ideal to test your idea first. Before you get into a thorough search of the right tech stack, build a prototype to know what your development limitations or what additional checks are you need to list down when looking for the right tech stack. For instance, if you know that most of your end users will be using a low-end phone, your tech stack should include tech and framework that caters to low-end phones, and this can be known via a prototype to test the market. Also, refer to this guide on Guide to successful tech product development – What you need to know. We list out a unique tech development process that delivers consistent results.

    1. Pick Robust

    New technologies keep coming and some may sustain, some may not. Hence it is important that you pick a tech stack that has been there in the market for a while and has steadily grown and is robust and mature.

    1. Scalable and Separable

    With technologies getting better and changing so quickly, what is preferred today, may not be tomorrow. Your front end, backend, tech pieces should be scalable if required and easy to separate as well, to allow integration with a new technology that may come in the next few years.

    1. Define Budget for the tech stack and developers too

    Availability of developers is an essential point to be factored in. You choose the right tech stack based on other factors, but your recruitment team has a challenge finding the right candidates and in your budget. It is not only about paying for the tech stack, but you also should be able to afford the developers.

    We hope the above thoughts help you in your journey of tech development and you are now more aware of the choices involved in choosing a tech stack.

    In a nutshell – the choice of a technology stack is largely driven by the business requirement and complexity of the application, industry the application will cater to, budget, users of the product/application, and the future evolution plan of the product. Consider all these points before finalizing a tech stack.

    Feel free to reach out to us for a free consultation at Pratiti You can email us on contact@pratititech.com

    Our Services

    IoT App Development | Digital Twin Software Platforms | Industrial IoT Solutions | Digital Product Development

    Nitin

    Nitin Tappe

    After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.

  • Redefining “Responsive” Through Real-Time Engagement Tracking

    Redefining “Responsive” Through Real-Time Engagement Tracking

    We are very excited about how advancements in technology is responsive to customer experience to the next level. Here is our take on what can – and will – be done in the next couple of years. Businesses are constantly thinking of ways to provide a better experience to their customers. The broader goal, of course, is to engage customers – and keep them engaged. In a macro sense, engagement means stickiness, loyalty and advocacy – which translate into repeat business and even referrals. In a micro sense, engagement is about starting a conversation with the customer, listening deeply to the verbal as well as non-verbal responses, and drawing the right insights into what the real needs and wants are. Chinese gem traders were known to be sensitive even to buyers’ pupil dilation!

    In the digital world however, while the “transaction“ part of many processes has been automated, the “relationship“ part is often diluted. A case in point is the common frustration with never-ending IVR menus – while the caller would be so much more comfortable talking to a real person. Similarly, digital strategists must bear in mind that in the consumer space, shopping is not just a commercial process but equally a social experience. Breakthroughs in emotion detection technologies are now letting us correct this irony to an extent. Just like we can read body language, these technologies allow software to now understand whether the customer is happy, confused, interested and so on. Consider how such advances can enhance responsiveness in virtual (online) interactions as well as in real ones —

    Education:  If a student in an online course is confused, the software can step back and spend more time on elementary concepts. If a student is tired, it could announce a break. If bored, it could take a real problem rather than continue with dry theory. Brick-and-mortar schools could also use such technologies to gauge the overall engagement level of a class.

    Corporate: Decades ago, time and motion studies started helping predict and improve productivity in manufacturing industries. More recently, special software products are letting enterprises understand how their employees are spending time in knowledge industries. However, this is of limited use, since a couple of hours of “being in the zone” produce more than 8 hours of disengaged work. So it would be much more useful to use technology that tracks engagement.

    Shopping: It is well known that online advertising hooks into browsing behavior, particularly on e-commerce sites. However, such advertising can be targeted even better, by distinguishing between casual online window shopping, and serious pre-shopping analysis. Going ahead, it might even be possible to adjust promotions accordingly – a la Chinese

    Wellness: Awareness is usually the first and often the most difficult step in stress and anger management. What if our smart-phone becomes a silent observer who gently nudges us when we’re starting to stress. Similarly, it can highlight chronic boredom, which is often a precursor of depression.

    We at Pratiti are excited about these new possibilities to humanize technology, and thus take engagement and experience to the next level. Let us know what you think.

    Our Services

    Digital Twin Platform | Healthcare Software Development | IoT development services | Digital Product Development

    Nitin
    Nitin Tappe After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.
  • A Practical look into Remote Monitoring using IoT!

    A Practical look into Remote Monitoring using IoT!

    When it comes to maintenance, it offers the ability to create a clear and concise program for organizing equipment maintenance data and using remote IoT to make informed decisions that can pay immediate and long-term dividends.

    Automation

    Automation can streamline maintenance and record keeping activities, aiding information gathering and thus making decision-making easier and faster. Automation tools can be used to schedule maintenance alerts, which significantly reduces the effort and time involved in a traditional data collection process and associated cumbersome paperwork that is used to trigger preventive or corrective maintenance.

    Business owners and fleet managers no longer need to make job site visits and phone calls to obtain basic data such as engine hours, fluid levels or operating temperatures. In addition, the information gathered is more accurate based on a steady flow of real-time data and the elimination of handwritten notes and associated paperwork.

    Remote monitoring gives ability to track the health of the equipment and detect problems associated with temperatures, pressures, Vibration before they blossom into unnecessary expenditures and downtime.

    As an example, data could reveal that a machine needs an oil change sooner than recommended by the manufacturer based on the type of work the machine is involved in. Conversely, a machine might not need to be serviced as frequently as another machine based on the work it does.
    Further, automated alerts can reduce the reliance on equipment operators to intervene and alert the maintenance team about items that need attention.

    For instance, the owner of a machine on a demanding project in a hot climate might set up the program to keep tabs on the machine’s operating temperatures. If the temperatures climb outside acceptable limits, the program can alert the maintenance team, or the dealer who services the equipment.

    Connecting device gives IOT ability to mine a rich history of information to improve maintenance practices. Some systems can gather information from as far back as 18 months, or even longer if it’s regularly downloaded and stored. With historical data, users can spot trends that point to potential problems.

    Fuel usage Monitoring is a good example, if the data reveals a spike in fuel consumption for a given machine it could be symptomatic of an issue that demands further investigation.

    Investing in the business

    Having a keen understanding of operation characteristics of machines and operators over time allows users to flag issues that appear out of the ordinary, and in the process, minimize potential maintenance headaches before they strike.
    The ability of IoT to deliver tangible efficiencies and costs savings when deployed for Remote monitoring is well proven and provides an excellent return on investment. But like any investment, the decision whether to adopt Remote Monitoring using IOT demands a hard look at the technology from every angle to ensure it benefits the business.

    Nitin

    Nitin Tappe

    After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.

  • 5 Questions You Need To Ask Before Choosing An IoT Partner

    5 Questions You Need To Ask Before Choosing An IoT Partner

    The journey from conceptualizing to implementing any Internet of Things (IoT) project is an arduous one. Even though many companies start out thinking that developing an IoT solution is a onetime affair, it is rarely so. As the technology landscape evolves, existing solutions continually call for the need to evolve and upgrade with the changing times.

    Hence, choosing the right development partner in this continuous journey right from the beginning is critical in terms of ensuring agility of processes, the efficiency of resources and ending up with successful project outcomes.

    Given this reality, it’s pertinent to ask the right questions to choose the most appropriate IoT partner for your project. On that note, here are 5 questions to help you make a good decision –

    Do they have the requisite knowledge and experience to do “your” job?

    When investing in building an IoT solution, you’ll ideally want to trust someone only with the desired experience and expertise, specifically related to your own specific requirements.

    While assessing any service provider, you should find out if they have a portfolio that reflects a history of creating capable solutions at the enterprise level. If they have worked in your industry segment it can be a big plus for you. Even if they haven’t, as a single company may not have experience in all industry verticals, you can examine their approach, for that might mean a lot in terms of demonstrating their capabilities.

    It’s also relevant for you to check how proficient they are in terms of both hardware engineering and software development, as any IoT solution essentially covers both these aspects. Knowledge of software development is important, but the ability to tackle the hardware engineering aspect cannot be ignored. Good knowledge and experience in both are critical in terms of influencing outcomes positively.

    Ideally, it’s best if you choose a provider that is experienced and provides a one-stop solution, across all your needs. Such a choice would imply efficiency, both in terms of execution and costs over the long term.

    How flexible are they?

    In addition to the technology fit, it’s very important to look out for flexibility in your IoT partner. You must attempt to find out how much the provider is willing to align their solution with your legacy architecture and whether they’re agile at implementing.

    Ideally, you should try to look out for one that is willing to use the technology you already have, and the devices and tools you prefer. It also makes sense to check if they agree to provide a customized or personalized solution in sync with the other aspects of your company’s infrastructure.

    Another filter you can apply here is to check whether they lock you in with proprietary technology. It’s only intuitive to avoid such providers from a future point of view.

    Do they have the ability to scale up as your needs evolve?

    As your solution propagates in the market, which is under constant evolution, your solution will naturally need to upgrade over time.

    The right IoT partner will be the one that demonstrates the ability to scale up and help you manage changes seamlessly. You might need to add new features or devices, and this must not imply reorganizing your entire solution.  Completely discarding your existing solution or turning to multiple third parties at a later point will only throw in unnecessary inefficiencies, delays, and unexpected cost escalations. Hence, it’s necessary to engage with an IoT partner that is capable of scaling up as your solution evolves.

    Moreover, you also need to be sure of their ability to work and manage your projects remotely.

    Are they trustworthy in terms of ensuring data security?

    Given the dynamic nature of the IoT environment, robust data security can be easily regarded as a non-negotiable requirement. The environment must be controlled, protected and have robust security mechanisms.

    Hence, you need to ensure that you only shortlist the provider who knows how to address and incorporate encryption of data, protection of your device and security mechanisms for device and cloud storage.

    The fact is that the end-to-end process of developing any IoT solution is multilayered. It covers the technology stack, devices, data collection, storage, and transmission, connectivity, cloud services, and much more. Any partner you pick needs to demonstrate thoroughness in this entire process and its components to avoid possibilities of data security breaches. You should also review their security audit process and tools.

    What is their cost structure like?

    All said and done, usually budget is the final deal maker or breaker when it comes to arriving at a decision. Taking the last call on the basis of a blended, ballpark cost estimate without a detailed breakup is incomplete information to make a budget based decision.

    It’s only intuitive for you to ask for a detailed quote. This will ensure that you have an apple-to-apple comparison between the different service providers. Also, the budget can never be the only decision point. You should be prepared to pay a premium to get a reliable and robust solution provider. This can save you significant headaches at a later date.

    With these considerations in place, you’re likely to pick a service provider that does justice to your project, time and resources.

    Our Services

    Digital Twin Platform | Healthcare Software Development | Solar Energy Analytics | Digital Product Development

    Nitin
    Nitin Tappe After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.
  • What Will it Take to Realize the Promise of IoT

    What Will it Take to Realize the Promise of IoT

    IoT Why now? What’s new? : Did you know the term “Internet of Things” (IoT) was coined way back in 1999? Some of the key elements of IoT have been around for a pretty long time. Oil fields, for instance, have had 1000s of sensors for quite some time. SCADA systems have been around since the 1960s. What’s new is the ability to connect billions of sensors/devices to the Internet. What’s new, is the ability to analyze petabytes of data streaming in from these devices, and then to drive decisions. Also what’s new, is that devices have become a lot smarter with better processing capability and lower cost. The convergence of these developments has created a powerful mix. So much so, that IoT is expected to drive the next Industrial Revolution – Industry 4.0. The convergence has also created a powerful set of expectations. So much so, that IoT sits right on top of Gartner’s Hype Cycle.

    Is it overhyped?

    Near-term value: Over the next 3-5 years, IoT will definitely transform certain processes across some industries/environments

    Inhibitors: However, significant hurdles will have to be overcome, to quickly cross the “Trough of Disillusionment”, and realize the full potential.

    Monetization: A lot of value will come from integration, and novel business models will be needed to share this value equitably amongst the participants.

    Near-term value

    IoT indeed is for everyone. It is useful to think of a maturity model for IoT. Wherever you may be on this model, chances are there is some implementation / upgrade that will be appropriate for you in the near future.

    The maturity of IoT adoption and the ability to move to the next level will govern the near term value created. E.g. the monitoring phase is mature in the process and manufacturing industry, and the near-term value for them is how quickly they can climb to ‘Predict’ and ‘Optimize’ levels.

    The macro-economic environment also has a direct impact on the value delivered. For instance, in developing economies, implementing a simple monitoring solution (e.g. monitoring water transportation from a reservoir to tap) can give huge benefits and value, as compared to same in developed economies. At the same time, developed economies can harvest value by implementing predict / optimize the solution for their existing monitoring solution.

    Inhibitors

    Hurdles around sensor/device costs, system security, and organizational structures, while non-trivial, will get addressed sooner – driven by the economics of IoT. Hurdles around data ownership, interoperability and infrastructure will be more complicated to overcome, and could hold back IoT from delivering its promise fully.

    Data ownership and privacy: These topics have been debated in the context of social media – does the data belong to the user, or to the platform provider, how much can be shared, with whom etc. Fresh debates will arise in the wider context of IoT, when an enterprise gets connected with its suppliers and customers more seamlessly. These debates may have to be resolved case-by-case and hence may take a while to settle down.

     Interoperability: The current phase of “” will lead to robust and scalable solutions in the long run. In the short run however, the explosion of point solutions and even of platforms, can lead to severe interoperability challenges. While industry consortia like the All Seen Alliance are working on evolving common standards, the challenge is unlikely to get resolved in the short run.

    Infrastructure: Many use cases require a level of infrastructure that does not yet exist in developing economies. The “digital divide” has reduced but is far from gone. There are regions that still don’t have electricity. Internet penetration rates in Asia and Africa are still less than 40%. Where access exists, speed and reliability is often lacking. It is no wonder then, that as per OECD’s 2015 report, variation in the number of online devices per capita is not a few percentage points, but is in the range of 3x – 5x!

    Our Services

    Digital Twin Platform | Healthcare Software Development | IoT development services | Digital Product Development

    Nitin

    Nitin Tappe

    After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.

  • Key Areas to Focus on In Your Digital Transformation Journey

    Key Areas to Focus on In Your Digital Transformation Journey

    Digital transformation is making several headways across industries and geographies.

    With the potential to impact organizational outcomes in profound ways, today, almost every company is on the road to digital transformation – or they risk becoming obsolete.

    According to IDC, 85% of enterprise decision-makers say they have a time frame of two years to make significant inroads into digital transformation, or they will fall behind their competitors and suffer financially.

    If you too are looking to adopt and integrate disruptive technologies and fundamentally change how your business operates (and how value is delivered to customers), now is the time to transform digitally.

    Here are key areas to focus on in your digital transformation journey:
    Adopt new tech: The stepping-stone of any digital transformation strategy is the adoption of new technology. Leveraging the myriad benefits modern technologies offer is the best way to improve operational efficiency, enhance customer experience, and fuel innovation. This means getting rid of rigid legacy systems that hamper growth, upgrading/migrating systems to drive more value, making the most of emerging programming languages, and implementing new tools, systems and applications that fuel collaboration and boost efficiency. And just adopting new tech is not enough; you need to constantly train your teams to ensure they are using the technology in the most optimum manner and drive far higher value from your tech investments.

    Innovate through data: Another very critical component of successful digital transformation initiatives is the ability to unearth insight from data. With organizations getting crushed under the weight of data about employees, machines, processes, customers, competition, markets, and regulatory frameworks, innovating through data is a great way to drive enterprise-wide transformation. This includes using technologies like Artificial Intelligence, Machine Learning, and Internet of Things to glean insight from data, and make intelligent, evidence-based decisions. From customer segmentation to predictive maintenance, enrichment of customer touch-points to better inventory management – AI and IoT will pave the way for data-informed cognitive analytics, and be the reason for competitive advantage. It is no surprise then that the IoT market is expected to grow to 5.8 billion endpoints in 2020.

    Break down silos and embrace Agile: Digital transformation also requires you to continuously work in an iterative manner so you can explore new technologies and develop functionalities more rapidly. This means you have to break down silos that hamper efficiency, growth and innovation, so the entire organization is ready for transformation – not just individual business units. It also makes sense to embrace an Agile mindset, so teams can set priorities and design solutions – while constantly focusing on value creation. Driving efforts in building capabilities that empower your teams to develop prototypes and engage with customers is essential to achieve faster to market and be in alignment with the voice of your customers.

    Embrace cloud: For many organizations, success (or failure) is directly proportional to the effectiveness of their IT service delivery environment. Cloud is a key driver of digital transformation and can enable you to reach your digital goals faster. By allocating more IT resources (and staff) to the development and continuous improvement of products, you can drive the transformation that improves the overall customer experience. Cloud offers the scale and speed needed to support changing business priorities – with ease. It allows you to consistently manage your existing applications and achieve higher levels of availability, reliability, and security – while helping you develop, deploy, and deliver software faster.

    Focus on skill transformation: No digital transformation can be successful if you do not have people with the right tech skillset. With typical technology capabilities quickly transforming into specialized skill sets, you need to focus on skill transformation to accelerate time to value. Keep track of trending skills and see how your organization can benefit from those skill sets. Assess the skills of your existing employees, train them, so they can improve upon their skills. Alternatively, hire candidates with skills across data science, automation, DevOps, and more from the market. You can also cater to this emerging need for specialized skill sets by forging strategic partnerships, driving mergers and acquisitions, and setting up Global Centers of Excellence.

    Find the right blend

    The digital transformation fever has taken the entire world under its embrace. With spending expected to reach $2 trillion by 2022, organizations need to do everything they can to drive transformation: adopt new tech, innovate through data, break down silos, embrace the cloud, and focus on skill transformation, among others.

    As you set towards the journey, remember that digital transformation is neither about a pure technology or a pure business transformation; it is about establishing an organizational structure (and culture) that is a perfect amalgamation of business, technology, and people.

    Our Services

    IoT App Development | Digital Twin Software Platforms | Industrial IoT Solutions | Digital Product Development

    Nitin
    Nitin Tappe
    After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.
  • What Has to Happen for Cloud Adoption to Increase In Fintech

    What Has to Happen for Cloud Adoption to Increase In Fintech

    Mounting data volumes, the ever-evolving regulatory landscape, crippling legacy infrastructure, and intense competition is putting a lot of pressure on financial organizations.

    Most industries have taken the cloud route – 83% of enterprise workloads are expected to be in the cloud by 2020. But FinTech has rather been slow in cloud adoption. Concerns over cloud security, along with strict regulations, has made it tough for FinTech companies to embrace the cloud.
    But that doesn’t mean the industry cannot benefit from the cloud. The use cases of cloud in FinTech are immense: from increased speed of payment processing to reduced network latency, a dependable backend infrastructure, and more. Using an infrastructure that is global, scalable, and delivers the lowest possible latency has a significant impact on the quality of the service being provided.

    However, for the industry to witness widespread adoption, a lot needs to be done. Here’s what has to happen for cloud adoption to increase in FinTech:

    One size doesn’t fit all

    With the day-to-day challenges faced by financial institutions sky-rocketing, moving to the cloud is probably the best business strategy. In other industries, irrespective of the size, type, or scale of the organization, a one size fits all approach usually works. The same approach just doesn’t work for in FinTech. For the cloud to really witness massive adoption in FinTech, it is important for cloud providers to standardize services to exceptionally high standards, so it can cater to the unique needs of the industry. Providers who offer specialized service offerings and customize offerings to suit to individual use cases and specific mission-critical workloads will clearly have an edge.

    Not all things cloud can be done alone

    For FinTech to maximize value from their tech investments, moving to the cloud is a plausible option. However, given the scalability and latency benefits that the cloud provides, it is important to ensure that financial institutions are making a move to the cloud correctly. Organizations need to start by choosing the right cloud service partner that is ideal for their needs. The decision will largely depend on the specific needs of the organization, the overall strategy, and the regulatory requirements that the organization is required to meet. Assessing what data is appropriate and necessary to migrate to the cloud is also vital – and it doesn’t necessarily have to be an all or nothing approach. At the same time, partners need to have a firm understanding of the relevant compliance landscape and devise strategies that can drive higher levels of compliance.

    FinTech teams have to move beyond their comfort zone

    Due to the regulatory nature of the industry, FinTech teams have long been accustomed to using legacy technology, on-premises data centers, and LOB systems to carry out day-to-day tasks. However, for teams to improve visibility, and remain competitive, adoption of digital technologies such as cloud and mobile and IoT is needed to really drive value. Since only the businesses that can deliver value and convenience through digital channels are the ones that are going to succeed in the future, FinTech roles have to undergo a significant transformation. Team roles have to convert into support and consultation for various aspects of cloud adoption, including service selection, provider selection, engagement, and management. Teams also have to allow for a new operating model, so they can quickly implement new ideas and tap into new revenue streams and acquire new customers.

    Providers need to assure higher security

    As the regulatory landscape intensifies, security is becoming a major challenge for those looking to embrace the cloud. 66% of professionals say security is their biggest concern in adopting an enterprise cloud computing strategy. For cloud adoption to experience a surge in FinTech, vendors should drive efforts to guarantee higher security. It is important for the cloud hosting environment to comply with the highest standards of information security management. At the same time, they need to look at more secure technologies like Blockchain to strengthen their security posture. Maintaining the confidentiality of financial information of customers and internal company data is crucial in Fintech. Blockchain can ensure the required levels of encryption and enable secure storage of confidential information to minimize chances of risk.

    Regulatory transparency has to improve

    Given the nature of the FinTech industry, the risks involved in outsourcing data to the cloud carry far greater potential consequences. For the cloud to become an integral part of FinTech, it is essential that regulatory bodies respond to changes in the use of cloud, while continuing to place strict compliance requirements on financial institutions and their associated cloud partners. Transparency across the regulatory environment also has to increase, so providers and financial institutions can work in tandem to provide a robust and agile compliance framework – that is able to meet the ever-growing needs of the industry – and carefully plan for, and monitor compliance.

    Are you ready?

    To enjoy scalability and resilience benefits offered by cloud solutions, financial institutions, cloud providers, and regulatory bodies need to take steps in the right direction and work towards bringing the barriers to cloud adoption down. Is your organization ready for the cloud transformation?

    Our Services

    Digital Twin Platform | Healthcare App Development | IoT development services | Digital Product Development

    Nitin

    Nitin Tappe

    After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.

  • How Digital Twin Technology Is Changing the Solar Power Generation?

    How Digital Twin Technology Is Changing the Solar Power Generation?

    The growth in the solar energy sector has been quite impressive and is the need of the hour. As per 2018, International Renewable Energy Agency report, the global capacity of renewable energy output has reached 2,179 GW, With the marked increase in solar capacity, solar energy witnessed an impressive growth rate of 32 percent! In short, the future of solar power plants looks as bright as the Sun.

    Nevertheless, it is also a fact that there are still a number of challenges associated with solar power plants in terms of the output, operations, and efficiency of the plants. Some of them are:

    • Unmonitored inefficiency

    Lack of monitoring often leads to wastage of solar energy getting wasted affecting the output of solar power plants. It’s physically impossible to monitor solar plants, also a visual check is not the most effective measure most of the time.

    • Lack of information on energy generation and forecast

    Solar power generation depends on the location of the plant, season, weather conditions, solar panels, and overall plant efficiency. The ability to Reliably forecast electricity generation can help a solar plant in multiple ways mainly, Improved predictability can help better plan the energy consumption, this can in turn help, better policy formation, improved contracts, and more efficient operations.

    Evolution of IoT has made tons of data available, Digital Twin technology enables an analysis of this data to give meaningful insights. So let’s dig deeper.

    What is Digital Twin technology?

    In simple words, it is a virtual system that replicates the model of a process, service, or product. This technology is based on the pairing of the physical worlds with the virtual one, which allows the analysis of huge chunks of data and close monitoring of systems.

    So, How Does Digital Twin help?

    Data gathering and its in-depth analysis prove to be useful in predictive and preventive analysis and actions. It helps us prevent downtime and create increase output. Most importantly, this digital twin allows us to plan for the future, which is made possible with the help of simulations.

    At Pratiti Technologies, we have gained a ton of expertise in this field, which has resulted in the development of Helios, our digital twin-based analytics engine.

    What Results You Can Expect from this Technology?

    The implementation of Helios, the digital twin-based analytics engine developed by Pratiti Technologies can have significant effects on the performance, ROI, and output of the solar power plants. This is how it works:

    • Close monitoring helps improve the predictability of all the solar panels in the system. With the use of real-time simulation, it becomes easier to assess the present condition of each part of the grid. This way, the operators can do predictive maintain ace in the grid.
    • The Digital Twin technology developed by Pratiti Technologies is quite effective in closely analyzing how the solar PV cells perform during various conditions. The virtual plant also allows administrators to replicate different scenarios and figure out how the upgraded panels would respond to them. This way, the production of more efficient solar PV panels becomes easier.
    • Forecasting is one of the key aspects of today’s Digital Twin technology, which ensures optimum solar plant performance. Helios enables the mapping of the solar grid to a virtual program ensuring better utilization of the whole system.
    • Improved ROI is ensured through operation insights. Auto-generated alarms and performance benchmarks help minimize the losses and improve output at the same time.

    The implementation of Digital Twin technology like Helios can make a solar power plant commercially more viable. Just for your note, this blog was initially published on energycentral.com

    Nitin
    Nitin Tappe After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.
  • Why Software Product Development Needs to Focus on Journeys Rather Than Solutions?

    Why Software Product Development Needs to Focus on Journeys Rather Than Solutions?

    In the present competitive world, businesses prefer outsourcing their software product development requirements to the dedicated IT and tech companies. After all, the Outsourced Product Development or OPD service providers can provide you with the much-needed competitive edge as they have expertise available to deliver an apt solution. But the reality is that most software/IoT products fail to generate desired results and many a time, require enhancement after the project completion.

    The software development methodology followed by an OPD player plays a vital role in the product’s success.

    We believe that the tech product development focus needs to shift from the existing project-focused to a journey-focused one, bringing true agile methodologies to work.

    Many times, the traditional project-focused model does not offer an in-depth understanding of what the customers actually want. Teams work only in silos and do not understand the project landscape; Lack of this understanding becomes a hindrance in the process of developing the product. Developing products which fail to fulfill market requirements.

    Real Life Example

    A case in point is the recent healthcare start-up we worked with. The Start-up wanted to develop a comprehensive IoT based health care product. The clients envisioned to address the pressing post-acute care issue in the European market with an IoT solution that can ensure complete recovery for patients’ post-treatment.

    The customer wanted to develop a product that would directly capture vital health parameters of the patients like temperature, blood pressure, glucose, etc. from the medical devices. They also wanted an Integration with e-commerce companies helping direct ordering through an app. Further integrations were envisaged with Care providers, Hospitals and even insurance companies.

    Once the customer approached us, we at Pratiti employed our design thinking-based product definition framework to really empathize and understand the problem customer wanted to solve using technology.

    This resulted in an improved understanding of the actual customer needs. The result was we were able to Say “NO” to initial requirements of the customer. We were able to help the customer understand their real requirement. This reduced the initial requirements.

    We were also able to reduce the MVP (Minimum Viable Product) development time, and costs associated with the product development also reduced significantly.

    The customer was able to take this MVP to the market and do trials and understand the usefulness of the solution developed. This helped customer launch the product earlier at a lower cost and prioritize the features needed in the product in a phased manner.

    Thus, we enabled the tech journey for the customer. We continue to engage with this customer and partner together to bring new enhancement and features in the product.

    Innovation Requires Continuous Development

    New emerging business requires continuous enhancement to the product. Let’s take an example of Uber that of ride-hailing start-up Uber. They have perfected the art of changing its dimensions as per the requirements of the present market situation. Uber always focuses on bringing in new features to its business, like they use the taxi for advertisement, uber eats now offers food on the go and much more.

    The company knows that to survive in this competitive world, it has to keep on innovating. In the same way, to produce better quality software tech product, one needs to keep developing the technology, thus we say that tech development is a continuous journey.

    We at Pratiti Technologies have skilfully mastered this art. We partner with our client as their technology partners and ensure we craft a smooth tech journey for them.  We ensure the right product definition and follow a unique tech development process (Download free guide here) to ensure successful tech development for the clients.

    Our Services

    Digital Twin Platform | Healthcare Software Development | IoT development services | Digital Product Development

    Nitin

    Nitin Tappe

    After successful stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is a postgraduate from IIT, Mumbai, India and in his 24 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.

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