Custom Software Development Firm Forecasts Paradigm Shifts Set to Impact Multiple Industries

The democratization of big data, wider acceptance of open source technologies, and data visualization are the key trends forecasted by practice leads at DataArt, a custom software development company that builds advanced solutions for select industries.

Heads of the Financial Services, Life Sciences & Healthcare, Travel & Hospitality, Clean Tech and Mobile practices shared their predictions of this year’s critical technology developments in enterprise software:

We’ll see democratization of Big Data across industries. Big data technologies have been much talked about in the financial services sector and are set to impact this and other industries in 2014.

• Life sciences and healthcare firms are adopting big data analytics to better predict, diagnose and ultimately prevent disease. 2014 will be about pulling and merging data from different sources, and leveraging it to improve health outcomes and to reduce healthcare costs.
• The travel & hospitality industry is rapidly applying big data technologies to fuel better revenue management, and guest management systems.
• As the energy industry becomes increasingly automated, it will use big data for management of drilling efficiencies and for predictive analysis of new gas fracking locations.

Data Visualization will become interactive. In 2014, data visualization will be adopted on a wider scale, to allow interaction with, and management of, data in a variety of ways, with new mobile technology allowing users to view critical data via applications on multiple devices.

Open Source technology will expand. The increased use of cloud computing will contribute to open source technologies becoming more readily available to users, lending to increased collaboration and improved solutions, at no cost, across industries.

“Data analysis and visualization are set to play an increasingly important role across industries in 2014,” said Eugene Goland, President of DataArt. “From adapting big data for financial services reporting, monitoring and compliance purposes, to deploying it for enhanced healthcare diagnostics, users will benefit from countless opportunities to intelligently leverage data to discover new insights and generate business-impacting analytics. Mobile technology will also continue to flourish in 2014, bolstered by data’s newfound availability across mobile channels and the increased adoption of mobile applications enabled by M2M technology.”

Machine to machine (M2M) technologies will be utilized wider.

• A greater push from the industry to use M2M technologies, such as mobile apps acting as keys, or remotely controlling room temperature and facilitating check-ins, will help enhance customer experiences in the hospitality sector.
• The life sciences sector will see a rise in the usage of sensors that can automatically track health parameters, including pulse, temperature and EKG. Usage of smart medicine bottles to ensure drug adherence and ePRO systems connected to wearable technology to automatically track patient data in clinical trials will become prevalent. M2M will also play a large part in bringing medical device cyber-security in compliance with the latest FDA guidance.

Financial services firms will rapidly adopt reporting technology. In the face of the increased industry regulation, new solutions will emerge to help firms tackle dynamic reporting requirements in 2014, including AIFMD and Form PF reporting. The buy- and sell-side will adopt both off-the-shelf and custom technologies to facilitate automatic aggregation of the appropriate data for reporting purposes, in order to minimize the cost of adhering to the regulations.

Monitoring technology will reach the next stage. Many players in the financial industry keep records of their voice and electronic communications for compliance and other purposes. As more companies are fined and investigated for insider trading, firms will begin to systematically analyze these records to identify suspicious behavior. Technologies that transfer voice to text and then analyze the psychological behaviors of traders will be used more frequently.