Strategic Thinking: The Foundation of Modern Procurement

“Strategic thinking isn’t just about the next quarter; it’s about anticipating market trends over the next decade,” explains Dr. Linda Zhang, a professor at Wharton School of Business. Procurement leaders need to align their strategies with broader organizational objectives, focusing on sustainability, profitability, and growth. For instance, identifying emerging trends like the shift to eco-friendly materials can position a procurement manager as a visionary leader.

Negotiation Skills: The Art of Win-Win

Negotiation is pivotal, not just for cost savings but for fostering long-term supplier relationships. “The goal is to create partnerships where both parties feel they’ve won,” says Michael Barry, CEO of a leading procurement software firm. Techniques like active listening and role-playing scenarios can hone these skills, preparing managers for complex negotiations where cultural nuances and global supply chains come into play.

Financial Acumen: Navigating the Numbers

Understanding financial metrics is key to making informed decisions. “A procurement manager without financial acumen is like a captain without a compass,” states Sarah Thompson, a CPSM holder and procurement consultant. Courses from CIPS or CPSM can provide the necessary skills to analyze financial statements, understand cost structures, and leverage this knowledge for strategic procurement decisions.

Supplier Relationship Management: Building Bridges

With supply chains becoming more interconnected, managing supplier relationships effectively is crucial. “It’s about performance, but also about innovation and collaboration,” notes Javier Rodriguez from Gartner. Implementing SRM software and participating in industry networking can enhance these relationships, ensuring suppliers are not just vendors but partners in innovation.

Analytical and Problem-Solving Skills: Data-Driven Decisions

In an age of big data, the ability to sift through information to make strategic decisions is invaluable. “Procurement is becoming data science,” says Alex Kim, a data analyst at a Fortune 500 company. Tools like PowerBI or Tableau, coupled with problem-solving workshops, prepare managers to leverage data for better forecasting and process optimization.

Communication: The Glue of Procurement

Effective communication ensures that strategies are understood and implemented across departments. “It’s not just about clarity but also about empathy and understanding,” shares Karen Lee, a communication coach specializing in corporate settings. Regular feedback sessions and communication drills can improve this skill, essential for managing teams and stakeholder expectations.

Market Knowledge: Staying Ahead of the Curve

“To lead, you must know where the market is headed,” advises Richard Gupta, a veteran in procurement strategy. Keeping abreast of industry reports, participating in trade shows, and subscribing to newsletters are all methods to stay informed, allowing procurement leaders to anticipate market shifts and adjust strategies accordingly.

Leadership and Team Management: Steering the Ship

Leadership in procurement involves more than managing people; it’s about aligning them towards common goals. “Leadership here means creating an environment where innovation can thrive,” says Emily Watson, head of procurement at a tech startup. Leadership development programs and hands-on team management experience are crucial.

Technical Proficiency: Embracing Technology

“Technology is reshaping procurement,” notes Sean O’Connor from SAP Ariba. From ERP systems to AI-driven analytics, technical skills are now foundational. Training in tools like SAP or Oracle, and staying updated with new tech like blockchain, can make a procurement professional indispensable.

Risk Management: Safeguarding the Supply Chain

“Risk isn’t just managed; it’s mastered,” says Helena Brown, a risk management consultant. Understanding and mitigating risks through frameworks and tools like risk matrices can prevent supply chain disruptions, securing the company’s operations against various threats.

How to Acquire These Skills

• Education and Certification: Degrees in business, logistics, or supply chain management, supplemented by certifications like CPSM or CIPS, provide a strong foundation.
• On-the-Job Training: Starting in roles like purchasing assistant offers practical experience.
• Networking and Mentorship: Engaging with professional bodies like ISM can provide mentorship and industry insights.
• Continuous Learning: Platforms like Coursera or LinkedIn Learning offer courses to keep skills sharp and relevant.

In 2025, the role of procurement leaders will only grow in complexity and importance. By mastering these skills, aspiring managers can not only navigate but also lead through the challenges and opportunities of the future supply chain landscape.

This deep dive explores the latest innovations in the supply chain industry, highlighting the role of technology, the impact of recent global events, and the visionary companies leading the charge. Through expert insights and real-world examples, we’ll examine how supply chain innovation is reshaping industries and setting the stage for the future of global trade.

The Importance of Supply Chain Innovation

The supply chain has always been critical to business success, but recent global events have underscored just how vital a resilient and adaptable supply chain is to survival. The COVID-19 pandemic, geopolitical tensions, and natural disasters have all exposed vulnerabilities in traditional supply chain models, prompting companies to rethink their strategies.

“Supply chain innovation is no longer a luxury—it’s a necessity,” says Evan Kirstel, a leading B2B tech influencer. “Companies that fail to adapt will find themselves unable to compete in an increasingly complex global market.”

One of the key drivers of supply chain innovation is the growing demand for speed and efficiency. Consumers expect faster delivery times, greater transparency, and a seamless shopping experience, whether they’re ordering groceries online or purchasing electronics from overseas. To meet these expectations, companies are leveraging cutting-edge technologies such as artificial intelligence (AI), automation, and blockchain to optimize their supply chains and enhance customer satisfaction.

Technology: The Engine of Supply Chain Transformation

Technology is at the heart of supply chain innovation, enabling companies to streamline operations, reduce costs, and improve visibility across the entire supply chain. AI and machine learning, for example, are being used to predict demand, optimize inventory levels, and even automate decision-making processes.

One of the standout examples of technology-driven supply chain innovation is Gatik, a company that specializes in autonomous delivery vehicles. “Gatik is helping major retailers meet the evolving demands of consumers in today’s supply chain,” says Sam Dundee, VP of Finance at Gatik. “Our autonomous solution is creating more efficient and sustainable delivery networks, reducing the need for human intervention and cutting down on delivery times.”

Similarly, blockchain technology is being adopted to increase transparency and security in the supply chain. By providing a decentralized and immutable ledger, blockchain allows all parties involved in the supply chain to track the movement of goods in real time, ensuring that products are authentic and have not been tampered with. This is particularly important in industries such as healthcare, where the integrity of the supply chain can directly impact patient safety.

“Blockchain is a game-changer for supply chain management,” says Chris Anderson, Director of Technical Program Management at Vuemed. “It not only improves traceability but also helps companies comply with regulatory requirements and reduce the risk of fraud.”

Resilience and Sustainability: The New Pillars of Supply Chain Strategy

In addition to efficiency and transparency, resilience and sustainability have become key priorities for supply chain leaders. The disruptions caused by the pandemic highlighted the importance of having a supply chain that can withstand unexpected shocks and quickly adapt to changing circumstances.

Companies are now focusing on building more resilient supply chains by diversifying their supplier base, increasing inventory buffers, and investing in advanced analytics to predict and mitigate risks. For example, UPS’s Supply Chain Solutions team played a crucial role in helping a young Boy Scout named Sebastian by quickly clearing a specialized battery-powered ATV through customs. This case demonstrates how supply chain resilience can have a direct and meaningful impact on people’s lives.

“Supply chain resilience is about more than just avoiding disruptions—it’s about being able to respond quickly and effectively when they do occur,” says a UPS representative. “Our goal is to ensure that our customers’ goods reach their destination, no matter what challenges arise.”

Sustainability is another critical focus area, as companies seek to minimize their environmental impact and meet the growing demand for eco-friendly practices. From reducing carbon emissions to minimizing waste, sustainability initiatives are becoming integral to supply chain strategies. Gatik’s autonomous delivery vehicles, for instance, are designed to be energy-efficient, reducing the carbon footprint of last-mile deliveries.

“Sustainability and efficiency go hand in hand,” Dundee explains. “By optimizing delivery routes and using energy-efficient vehicles, we’re able to reduce our environmental impact while also cutting costs for our customers.”

Real-World Applications: Innovations in Action

Supply chain innovation is not just a theoretical concept—it’s being implemented in real-world scenarios, with impressive results. Companies across various industries are leveraging the latest technologies to overcome challenges and improve their supply chain operations.

In the healthcare sector, PwC’s SAP S/4HANA and Industry Edge for Life Sciences are helping companies deliver tangible benefits through enhanced supply chain management. “Our clients are seeing real-world results from these innovations,” says Ayman El Dah, a representative from PwC. “From improving patient outcomes to reducing operational costs, the impact of supply chain innovation is significant.”

The logistics industry is also witnessing a transformation, with companies like Fr8topia offering innovative solutions to protect freight from damage during transit. By ensuring that loads are not transloaded to other trucks, Fr8topia is helping customers maintain the integrity of their shipments and reduce the risk of loss.

“Protecting freight is a top priority for us,” says a Fr8topia representative. “Our approach ensures that goods arrive at their destination in the same condition they were shipped, which is crucial for maintaining customer trust.”

The Future of Supply Chain Innovation

As we look to the future, it’s clear that supply chain innovation will continue to play a critical role in shaping global commerce. The ongoing adoption of AI, automation, and blockchain will further enhance the efficiency, transparency, and resilience of supply chains, while new technologies such as the Internet of Things (IoT) and 5G connectivity will open up even more possibilities.

“We’re just scratching the surface of what’s possible with supply chain innovation,” says Kirstel. “The next few years will see even more advancements, as companies continue to push the boundaries of what’s achievable.”

One area to watch is the development of “smart” supply chains, where IoT devices provide real-time data on the location, condition, and status of goods. This information can be used to make more informed decisions, reduce waste, and improve overall supply chain performance.

Moreover, the integration of 5G technology will enable faster and more reliable communication between supply chain partners, leading to greater collaboration and more efficient operations. “5G will be a game-changer for the supply chain industry,” says Anderson. “It will enable real-time visibility and control, allowing companies to respond to changes in demand and supply conditions with unprecedented speed and accuracy.”

Embracing the Supply Chain Revolution

The supply chain is the backbone of global commerce, and its importance cannot be overstated. As the world becomes more interconnected and consumer expectations continue to rise, the need for innovation in supply chain management has never been greater.

Companies that embrace supply chain innovation will be well-positioned to thrive in this new era of commerce, while those that fail to adapt risk being left behind. Whether it’s through the adoption of cutting-edge technologies, the implementation of sustainable practices, or the development of more resilient supply chains, the opportunities for growth and success are immense.

“Supply chain innovation is not just about keeping up with the competition—it’s about leading the way,” Kirstel concludes. “The companies that invest in their supply chains today will be the ones shaping the future of global trade tomorrow.”

As we move forward, the supply chain will continue to evolve, driven by technological advancements, changing consumer behaviors, and the need for greater efficiency and sustainability. By staying ahead of these trends and embracing innovation, companies can ensure that their supply chains remain strong, agile, and ready to meet the challenges of the future.

Phil Ye, a strategic sourcing leader and AI advocate, emphasizes this shift, saying, “AI-first procurement isn’t about automating tasks. It’s about unlocking new levels of efficiency and scaling procurement into a strategic powerhouse that directly drives business growth.” With AI tools, companies are now able to elevate procurement from a back-office function to a core strategic role within the organization, unlocking value and innovation like never before.

The AI-First Procurement Revolution

Traditionally, procurement has been seen as a slow-moving, transactional process where manual work and operational silos create inefficiencies. In the current environment, businesses cannot afford these delays, especially when agility and responsiveness are critical for success. AI-first procurement changes this dynamic, transforming procurement into an on-demand service that is fast, scalable, and data-driven.

“AI-first procurement allows procurement to be as seamless as flipping a switch,” says Ye. “It enables businesses to execute complex procurement tasks with unprecedented speed and precision, without increasing headcount or operational costs.”

By leveraging AI, companies can automate supplier selection, contract management, and invoice processing, while maintaining compliance and quality standards. This allows procurement professionals to focus on strategic initiatives, supplier relationship management, and innovation, rather than getting bogged down by repetitive, time-consuming tasks.

“With AI managing the day-to-day, procurement teams can redirect their energy towards high-value activities like building long-term supplier partnerships and negotiating better deals,” Ye explains. “That’s where the real competitive advantage lies.”

How AI is Reshaping Procurement Operations

AI is revolutionizing procurement by fundamentally altering the way businesses manage purchasing, vendor relations, and supply chain management. According to a report from McKinsey, early adopters of AI in procurement have already seen a reduction in procurement costs by as much as 10% and a 30% increase in efficiency.

Key areas where AI is having the most profound impact include:

1. Supplier Selection and Evaluation: AI allows procurement teams to conduct real-time market analyses, evaluate vendor performance based on various metrics, and make data-driven decisions when selecting suppliers. This ensures that businesses choose the best suppliers in terms of cost, quality, and compliance. “AI can process thousands of data points in seconds, something that would take humans weeks,” says Ye. “This speed enables faster decision-making without sacrificing quality.”
2. Contract Management: AI tools can automatically generate contracts based on pre-approved templates, review terms for compliance, and flag any risks or discrepancies. “Contracts are one of the most time-consuming aspects of procurement,” explains Ye. “AI ensures that they are executed quickly, accurately, and in full compliance with legal and policy standards.”
3. Invoice Processing and Payment Cycles: AI can automate the three-way matching process between purchase orders, receipts, and invoices, significantly reducing errors and manual intervention. According to a study by Gartner, organizations that have implemented AI in their invoice processing have reduced payment errors by up to 90%. Ye notes, “AI-driven invoice processing ensures that companies maintain strong financial controls while speeding up payment cycles, benefiting both the business and suppliers.”
4. Supplier Performance Monitoring: AI continuously monitors supplier performance against key metrics, providing insights into risks and opportunities in real time. This helps businesses maintain high-quality supplier relationships and quickly address any issues that may arise. “AI gives procurement teams the ability to not only react to problems but to anticipate and mitigate them before they become critical,” says Ye.

Enhancing User Experience in Procurement

The integration of AI into procurement is not just about internal efficiencies—it also dramatically improves the user experience for internal stakeholders. In traditional procurement models, departments often face frustrating delays, lack of transparency, and a cumbersome approval process. This can lead to rogue spending or unauthorized purchases that derail budgets and business strategies.

“AI-first procurement transforms the user experience by making procurement processes virtually invisible to the user,” explains Ye. “Departments can initiate requests quickly and easily, knowing that AI is handling the heavy lifting behind the scenes.”

Through AI-driven interfaces, such as chatbots and self-service portals, users can submit procurement requests, track the status of their orders in real time, and receive automated updates. This seamless integration allows teams to focus on their core business objectives, while AI takes care of the routine procurement tasks. “The AI-first model makes it possible to turn procurement into a service that operates in real-time, offering a level of convenience and efficiency that wasn’t possible before,” Ye says.

Cross-Departmental Collaboration: The Key to AI Success

AI-first procurement requires integration with key departments such as finance, legal, IT, and data privacy to ensure smooth operations, compliance, and security. This collaboration is essential to maximizing the effectiveness of AI systems.

1. Finance: AI provides real-time spending data, enabling finance teams to maintain tight budget control and identify opportunities for cost optimization. “Finance needs real-time data to make informed decisions, and AI provides that visibility without delay,” says Ye.
2. Legal: AI ensures that contracts meet legal and policy standards by flagging non-standard clauses for review. This reduces the time spent on contract approvals and helps accelerate procurement cycles. “By involving AI, legal teams can focus on complex issues rather than being bogged down by routine contract reviews,” explains Ye.
3. IT and Data Privacy: AI systems are integral in ensuring compliance with data security and privacy regulations, particularly in vendor vetting and the procurement of technology solutions. “AI checks vendors for compliance with security standards before approving purchases, reducing risk and ensuring the company’s data is protected,” Ye adds.

Scaling Procurement with AI

Building an AI-first procurement organization means scaling operations without increasing complexity. According to Ye, the goal of AI-first procurement is not only to automate but to create a leaner, more efficient procurement team focused on high-impact decision-making.

“AI is designed to manage the routine while procurement professionals focus on strategy. This allows procurement to scale effectively, handling larger volumes of transactions without additional staff,” explains Ye. “AI is a 24/7 system that continuously improves itself through machine learning, ensuring that as your company grows, procurement operations keep pace.”

This shift reduces the burden of human error and allows procurement professionals to engage in strategic initiatives, such as fostering key supplier relationships, negotiating critical contracts, and driving innovation in procurement strategies. AI-driven procurement reduces overhead costs while increasing operational speed, making it an ideal solution for enterprises looking to scale rapidly and efficiently.

AI as a Catalyst for Innovation

AI-first procurement goes beyond operational efficiency. It has the potential to be a significant driver of innovation within organizations. By integrating AI into procurement processes, businesses can develop and customize technology solutions without reliance on third-party vendors. This self-sufficiency empowers companies to modify procurement systems in real time, ensuring that procurement tools evolve alongside the business’s strategic objectives.

“AI gives businesses control over their procurement technology stack, allowing them to make changes on the fly without waiting for updates from external vendors,” Ye explains. “This flexibility is a game-changer for companies looking to stay agile and competitive in a fast-moving market.”

Moreover, AI allows procurement professionals to engage in more creative, innovative work by handling the repetitive, time-consuming tasks that once consumed their day. This not only increases job satisfaction but positions procurement as a strategic driver of innovation across the organization.

The Future of Procurement Leadership

AI-first procurement is poised to become the norm across industries, and procurement leaders must be ready to embrace this transformation. For enterprise-level executives, adopting AI-first procurement is not just about keeping pace with technological change—it’s about gaining a competitive edge in the market.

“AI in procurement isn’t a nice-to-have anymore. It’s essential for any organization looking to scale, innovate, and compete on a global stage,” Ye stresses. “Leaders who understand the power of AI in procurement will not only drive cost savings and efficiency but will also position their companies as leaders in innovation.”

AI is fundamentally changing how procurement operates. From streamlining processes to driving strategic initiatives, AI-first procurement is revolutionizing the procurement function. As companies continue to adopt AI-driven systems, procurement will become a critical engine of growth, innovation, and competitive advantage. For enterprise procurement leaders, the time to act is now. AI-first procurement is no longer the future—it’s the present.

Cisco says Isovalent’s acquisition will help improve its Cisco Security Cloud and provide customers better protection across their workloads.

“Together with Isovalent, Cisco will build on the open source power of Cilium to create a truly unique multicloud security and networking capability to help customers simplify and accelerate their digital transformation journeys,” said Jeetu Patel, executive vice president and general manager of Security and Collaboration at Cisco. “Imagine in today’s distributed environment – of applications, virtual machines, containers and cloud assets – having security controls with total visibility, without hindering networking and application performance. The combination of Cisco and Isovalent will make this a reality.”

“Cisco is committed to nurturing, investing in, and contributing to the eBPF and Cilium open source communities,” said Stephen Augustus, Head of Open Source at Cisco. “Isovalent’s team will join Cisco’s deep bench of open source governance and technical leadership to solve complex cloud native, security, and networking challenges. Their knowledge will accelerate innovation across the business and help further strengthen the Cisco Security Cloud platform to meet the growing demands of our customers.”

Terms of the deal were no disclosed, but it is expected to close in the third quarter of fiscal 2024.

Senator Wyden is a well-known privacy advocate, routinely putting pressure on companies and lawmakers to do more in the interests of protecting user privacy. In a letter to AG Merrick, Senator Wyden raised concerns about Hemisphere, a program that gives “federal, state, local and Tribal law enforcement agencies” the ability to search trillions of AT&T phone records as far back as 1987.

Under the Hemisphere program, the White House Office of National Drug Control Policy (ONDCP) indirectly pays AT&T to allow any federal, state, local or Tribal law enforcement agency to search AT&T customers’ phone records as far back as 1987, according to public records about the program.

“I have serious concerns about the legality of this surveillance program, and the materials provided by the DOJ contain troubling information that would justifiably outrage many Americans and other members of Congress,” Wyden wrote. “While I have long defended the government’s need to protect classified sources and methods, this surveillance program is not classified and its existence has already been acknowledged by the DOJ in federal court. The public interest in an informed debate about government surveillance far outweighs the need to keep this information secret.”

Although information regarding Hemisphere is not classified, it is marked as “Law Enforcement Sensitive,” which is enough to keep it the information out of the public. What’s more, Senator Wyden’s office says the program has not been subject to a federal Privacy Impact Assessment.

Rather than directly funding the surveillance program, the ONDCP provides a grant to the Houston High Intensity Drug Trafficking Area, a partnership between federal, state and local law enforcement agencies, which in turn pays AT&T to operate this surveillance program. Law enforcement agencies nationwide are able to request Hemisphere searches, including for investigations that are not drug related, Houston HIDTA officials told Wyden’s office.

US government agencies have increasingly turned to purchasing information from companies instead of going through the trouble to getting a warrant. The Hemisphere program may be one of the biggest such examples, which would explain Senator Wyden’s concern.

On the other hand, Florida has also seen a boom in new businesses. The state ranks 3^rd  highest rate of new businesses applications per capita and has the highest percentage of small businesses in the U.S. And, in terms of living situations, Florida boasts a lower cost of living than major states with no income tax, with a temperate climate to top it all off. While these benefits remain enticing to many, picking up and moving to Florida  into the newly constructed Florida homes is not quite so simple. When purchasing a home, many compounding factors such as fluctuating daily interest rates or the multitude of loan types serve to impede a smooth transition to the Sunshine State and to obfuscate the process of homebuying. 

For instance, someone who qualifies may benefit more from a DPA governmental loan that has down payment assistance, compared to a conventional loan from private lenders. But with this inauspicious collection of factors to account for, many prospective homebuyers may suffer ‘paralysis by analysis’. Fortunately, many Florida companies have arisen to help those looking to move become Florida residents. Next Wage Mortgage, for instance, enables customers to get 1% credit on buying or selling of a property, while educating clients about down payment assistance and potential rebates. By providing both education and expertise, people who go with mortgage companies can maximize their cost-effectiveness and streamline the process of finding a new Florida home. 

Ultimately, the state of Florida has a plethora of benefits that appeal to many. Whether the reasons are rooted in economic viability or personal preferences, Florida can accommodate just about anyone. But in order to be in a position to enjoy the Sunshine State, you need to make the move as easy as possible. The easiest way to do this is through a mortgage company like Next Wage Mortgage. With resources to educate and the ability to more easily afford properties, mortgage companies are the best way to find your new home as soon as possible.

Meta has been under fire over privacy and data regulations in the EU, for both Facebook and Instagram. The company is making its ad-free subscription service available in an effort to address those issues.

The company announced the plan on its site:

To comply with evolving European regulations, we are introducing a new subscription option in the EU, EEA and Switzerland. In November, we will be offering people who use Facebook or Instagram and reside in these regions the choice to continue using these personalised services for free with ads, or subscribe to stop seeing ads. While people are subscribed, their information will not be used for ads.

People in these countries will be able to subscribe for a fee to use our products without ads. Depending on where you purchase it will cost €9.99/month on the web or €12.99/month on iOS and Android. Regardless of where you purchase, the subscription will apply to all linked Facebook and Instagram accounts in a user’s Accounts Center. As is the case for many online subscriptions, the iOS and Android pricing take into account the fees that Apple and Google charge through respective purchasing policies. Until March 1, 2024, the initial subscription covers all linked accounts in a user’s Accounts Center. However, beginning March 1, 2024, an additional fee of €6/month on the web and €8/month on iOS and Android will apply for each additional account listed in a user’s Account Center.

Unfortunately, there is no such option available for US users.

What should you do if your IT spending starts to exceed your capacity? How can you keep these costs down without making major functionality or security sacrifices?

The Universal Solutions to High IT Costs

Because there are so many different types of businesses and so many philosophies for running an IT department, it’s hard to form truly universal strategies that work for all contexts. 

However, there are a few universal approaches that can be used to address almost any application of high IT spending.

·       Utilize managed IT services. Arguably the best solution is to utilize managed IT services. In this arrangement, you’ll work with a third party for most or all of your IT team needs. This addresses many issues simultaneously, reducing your personnel costs, improving overall efficiency, and potentially connecting you to cheaper and more efficient IT strategies without forcing you to sacrifice any functionality or security. The trick is to find the right IT service provider; you need to find a competent team of experts with genuine experience working with businesses like yours, and you need to find a set of services that works for your needs and budget. This isn’t always easy, but if you can find a good fit, most of your IT spending problems can be resolved.

·       Diagnose the root causes. If you choose not to work with managed IT service providers, it’s going to be on you to diagnose the root causes of your high IT spending. There are hundreds of little factors that can force your IT spending unnecessarily higher, and it’s your job to figure out what those are so you can address them.

·       Address the root causes. Making things even more complicated, each root cause of high IT spending can typically be addressed with a wide variety of potential solutions. The best solution is going to depend on your specific circumstances, and it’s not always clear.

Why Your IT Costs Are So High

These are some of the most common root causes of high IT costs, which can typically be addressed in many different ways.

·       Generally rising prices. Costs are rising across the board, thanks to a combination of economic issues. Unfortunately, there isn’t much you can do about this, but it’s still important to acknowledge. Check to see if your IT costs are rising disproportionately to your other business costs.

·       Core personnel costs. Many businesses strive to maintain an internal IT team. There’s nothing inherently wrong with this, and it does bring some advantages, but it also increases your personnel costs – which can be prohibitively expensive. If you feel like your department is hemorrhaging money, it might be time to reduce personnel costs by reducing staffing and working with a third party instead.

·       Employee turnover. Employee turnover can be ridiculously expensive, especially for technical positions. If your IT department is a revolving door, it’s important to take a look at why people are leaving so you can figure out a way to address it. Is morale low? Are people leaving your business for better-paying or more exciting positions? What can you do to retain your best talent?

·       In-house resources. Similarly, your IT department might face higher costs because it’s relying too extensively on in-house resources. For example, managing your own servers comes with several advantages, including total accessibility and transparency, but it’s also much more expensive than utilizing cloud services. Even if you’re not willing to abandon your in-house infrastructure entirely, you can benefit from hybridization or virtualization.

·       Hardware and software bloat. Some businesses spend too much on IT because of hardware or software bloat. In other words, they spend money on equipment and services that they don’t really need. Effective trimming can assist you here.

·       Inefficient resource allocation. Inefficient IT planning and resource allocation can cripple your budget, minimizing your capabilities while consistently increasing your spending. Visualizing your network and achieving greater transparency can help you diagnose these specific issues so you can effectively address them.

·       Lack of a coherent purchasing strategy. You might also be spending too much money upfront. If you’re willing to pursue alternative options, like purchasing used hardware or using open-source software, and you’re willing to negotiate with your suppliers, you can save a lot of money.

·       Scaling issues. Scaling your business is always expensive, but it’s even more expensive if you don’t have an efficient scaling strategy in place. In an ideal situation, a business would proactively plan for scaling, creating IT infrastructure that’s easy to expand over time – but unfortunately, many young businesses rely on improvisation, so by the time they achieve a bigger size, they have inordinately complex IT problems to solve. It’s tough to correct this after the problem has already set in, but a “back to basics” approach could help you strip down your architecture and achieve the scalability you always should have had.

High IT costs can bog your business down, especially if you don’t address them proactively. But with the help of a managed IT service provider, and a willingness to pin down and address specific root causes, you’ll be in a much better position to keep these expenses under control.

According to an apology letter the company posted online, hackers breached the “development environment for ‘ClassPad.net,’ a web application managed and operated by Casio.” The issue stemmed from network security settings being disabled due to “operational error.”

The company listed the personal information that was accessed:

(1) customer name; (2) customer email address; (3) country/region of residence; (4) purchasing information (order details, payment method, license code, etc.); (5) service usage information (log data, nicknames, etc.)

All told, data from customers in 149 countries was accessed:

Customers in Japan

91,921 items belonging to customers, including individuals and 1,108 educational institution customers

Customers outside Japan

35,049 items belonging to customers from 148 countries and regions

Casio says it will contact impacted customers and apologized for the issue

Casio will strengthen technical safety management by implementing security enhancement measures for network routes and databases. In terms of operational management, Casio will implement thorough safety management measures, including reviewing security operational rules and continuing employee training on security measures.

Once again, Casio deeply apologizes for the great inconvenience and concern this incident causes our customers and everyone involved.

According to TechCrunch, Amazon made the announcement at its Delivering the Future event. Amazon is a Rivian investor and has committed to purchasing 100,000 Rivian vehicles over the course of the decade.

The news comes at a time when Amazon is under fire for backtracking on key climate promises the company made, despite assurances it was committed to such pledges despite the challenges involved. As a result of Amazon reneging on its promise, the Science Based Targets initiative (SBTi) pulled its endorsement of the company.

Scott Tousley, Senior Team Lead of User Acquisition for all products at HubSpot, was recently interviewed on the B2B Growth Podcast by David Kelly, General Manager at Sumo Dojo. Tousley discusses how HubSpot is using Surround Sound Marketing Strategy to drive leads and sales:

Surround Sound Marketing Strategy Starting to Take Off

There is a very smart individual at HubSpot named Alex Birkett based out of Austin, Texas. He is working on this concept that is really starting to take off called Surround Sound Strategy. Essentially what that means is that it runs with the notion that marketers are selfish. All we care about is how do we drive more traffic to our website. I don’t care where it comes from. Whether it comes from search or social or referral traffic or email, it doesn’t matter. You’re always looking at how do I get more traffic to my website? The reality is that when we are trying to buy something you don’t go to one website. You go to multiple different websites when you are trying to make a purchasing decision.

For example, I’m in South Lake Tahoe right now. One search I just did recently was “best bars in South Lake Tahoe.” I wanted to see a list and I wanted to see some reviews from a couple of different websites. I also like to surf, so let’s say I’m in the market for a new shortboard. So I search for “best shortboards 2019.” First, I’ll read a listicle, then I will go back to Google and I will click on the next list. Then I will go back again and click on the next list. Then I will start to narrow my decision based on seeing the same thing over and over. Once I narrow it down I will do a versus search such as “lost puddle jumper” vs. “channel islands average joe.” I’ve narrowed my decision at that point.

We Want To Be At All Stages of the Purchasing Decision

What we are trying to do at HubSpot right now is figure out how to be everywhere. We want to be at all stages of that purchasing decision when people are searching for “what is the best blank that exists today.” Well, there are a ton of lists that are out there and a ton of review sites and HubSpot’s B2B software (has to be there). There are a lot of review sites just dominating search engines right now like Capterra, G2 Crowd, and Software Advice. A lot of those are pay to play. You have got to pay to get listed on what appears when you land via search. Most of them are.

But listicles are free. Not only are they free to get added to, but they are free to create. That’s one of the biggest things we are working on right now. How do we change our mindset from being so obsessed at driving traffic to our website? How do we make sure that HubSpot’s brand is everywhere when you are doing your product research and you are on many different websites? We actually sometimes prefer that we drive traffic to multiple different websites where we are listed versus just to our own. It’s good for social grouping.

Listen to the full interview with HubSpot’s Scott Tousley.

According to The Verge, the rebates are part of new regulations unveiled by the Treasury Department. The regulations are part of the Biden administration’s efforts to spur EV adoption.

Unlike in the past, when rebates were bundled with tax filing, the IRS has cleared the way for dealerships to give users the rebates immediately:

A dealer can provide a purchasing taxpayer with a financial benefit in cash or in the form of a partial payment or down payment for the purchase of the vehicle. The taxpayer benefits by receiving an immediate financial benefit at the time of sale, rather than having to wait to file a tax return and claim the credit.

The credits could go a long way toward convincing car buyers to opt for EVs over traditional gasoline-powered options.

Microsoft has been experimenting with foldable phones, most notably its line of Surface Duos. The phones sported two separate screens joined by a hinge.

Unfortunately, the company’s plans were mired with issues. Microsoft announced two models initially — one powered by Windows and another powered by Android — only to drop the Windows model and only move forward with Android. To make matters worse, Microsoft dropped support for the Surface Duo a mere three years after

According to Patently Apple, Microsoft is working with Intel and Samsung to produce a new generation of Microsoft-branded foldables. The project, originally code-named Horseshoe Bend, has already resulted in patents that show a significant departure from the Surface Duo. Rather than two screens joined by a hinge, Microsoft’s next-gen effort will have a single-screen design, much like Samsung and Google’s foldables.

The big question, however, is will anyone trust Microsoft enough to buy the new phone. The company’s indecision and lackluster support may very well make consumers leery of purchasing another Microsoft device, especially when Samsung and Google are far more committed to the space.

According to Bloomberg, Microsoft execs met with Apple’s Eddy Cue in 2020 to discuss selling the company’s Bing search engine to Apple. The Cupertino company was evidently interested in the possibility and the potential it provided to reduce its reliance on Google.

Bloomberg’s sources say the discussions were only preliminary, however, and never progressed to advanced talks.

It’s hard to image how much different the search market would be if Apple had acquired Bing. Rumors have circulated for years that Apple may be interested in creating its own search engine, and purchasing Bing would certainly have jump started the company’s efforts.

At the same time, however, with the rise of generative AI, Microsoft is poised to pose the first real threat that Google has faced in decades. Microsoft may ultimately be quite happy that Apple never pursued the deal.

According to AP News, Hyundai President and Global COO Jose Munoz, said the company is targeting 2024 to begin EV production at its Georgia facility, speeding up construction to meet the goal.

“What we decided is to double down,” Munoz said. “We try to accelerate as much as possible, the project. And we are confident that the original date of January 2025 would be probably pulled ahead maybe three months or so. If we can, even more.”

At stake is the $7,500 tax credit buyers can receive when purchasing an EV, thanks to the Inflation Reduction Act. The catch, however, is that buyers are only eligible if buying EVs made in North America and containing domestic batteries.

“We would like to ensure that the sourcing of the batteries is 100% USA in order to comply with the IRA,” Munoz said.

BMW ignited a firestorm in July 2022 when the company announced it would charge users $18 per month for access to the heated seats functionality in their vehicles. To be clear, the subscription was to use a feature that was already included and the customer had already paid for, but BMW wanted to charge the subscription to actually use it.

After a year of backlash, BMW has decided not to charge a subscription for features that are already built into its vehicles, according to Autocar.

Pieter Nota, the firm’s board member for sales and marketing, told the outlet that the company’s decision has been based on customer response:

We have some experience with that, and testing how the customer responds is part of that process.

We actually are now focusing with those ‘functions on demand’ on software and service-related products, like driving assistance and parking assistance, which you can add later after purchasing the car, or for certain functions that require data transmission that customers are used to paying for in other areas.

What we don’t do any more – and that is a very well-known example – is offer seat heating by this way. It’s either in or out. We offer it by the factory and you either have it or you don’t have it.

We thought that we would provide an extra service to the customer by offering the chance to activate that later, but the user acceptance isn’t that high. People feel that they paid double – which was actually not true, but perception is reality, I always say. So that was the reason we stopped that.”

BMW’s decision is certainly a welcome one for customers and should help the company avoid a showdown with regulators. In response to BMW, as well as other companies with similar plans, some legislators have pushed for bills that would prohibit companies from charging subscriptions to use equipment that is already built-in, as opposed to features like GPS that legitimately require OTA software updates.

Dropbox made news last week when it announced it was ending its unlimited storage option, citing widespread abuse by crypto miners. According to TechRadar Pro, it appears Microsoft quietly made a similar move with its OneDrive storage between July 14 and July 28.

Under Microsoft’s new plans, all accounts are capped at 1 TB per user.

“In response to customer demand, Microsoft has streamlined the purchasing process for customers who use OneDrive for Business standalone plans,” a spokesperson told TechRadar Pro. “Customers currently on these plans will still be able to add seats and renew their license.”

Blackberry rose to phase as a result of its iconic smartphones, which were famous for their outstanding keyboards and security. Unfortunately, the company was caught flatfooted by the Apple iPhone and subsequent Android phones, and failed to adapt quickly enough.

The company eventually stopped making its smartphones in 2016, although it continued to license the rights to outside companies that wanted to keep the brand alive. Blackberry ended that last year and is instead focusing on its software development business in the cybersecurity and IoT fields.

According to Reuters, the company has been shopping for a buyer, and Veritas has made an offer for the entire company. The private equity firm has a track record of purchasing and investing in companies in the government space, making Blackberry an ideal fit with its focus on cybersecurity.

IBM released its Institute for Business Value Research Insights. The company says that “AI won’t replace people—but people who use AI will replace people who don’t.”

AI and automation are creating a new division of labor between humans and machines. The World Economic Forum (WEF) predicts this evolution will disrupt 85 million jobs globally between 2020 and 2025—and create 97 million new job roles. This radical shift is ushering in a new age. We call it the age of the augmented workforce—an era when human-machine partnerships boost productivity and deliver exponential business value.

IBM says the WEF’s research shows that some 44% of worker skills will be disrupted over the next five years, up 9% from the organization’s last five-year projections.

Executives in our survey estimate that 40% of their workforce will need to reskill due to implementing AI and automation over the next three years. That translates to 1.4 billion of the 3.4 billion people in the global workforce, according to World Bank statistics.

What sort of reskilling? On average, 87% of executives expect job roles to be augmented, rather than replaced, by generative AI. That figure is closer to three-quarters in marketing (73%) and customer service (77%)—and more than 90% in procurement (97%), risk and compliance (93%), and finance (93%). 6 Intriguingly, STEM skills are plummeting in importance, dropping from the top spot in 2016 to 12th place in 2023. As the need for technical acumen has increased more broadly, many leaders may now see these skills as table stakes.

Looking to the future, executives are more focused on developing people skills, with time management and prioritization, collaboration, and communications topping the list.

AI has sparked fears across industries that the technology will take people’s jobs. IBM and WEF’s research is at least encouraging that AI may be poised to co-exist alongside human workers, albeit with some reskilling on the part of humans.

Marketing agencies can help businesses that would like to explore social commerce, with a range of agencies to suit your requirements, like finance, health and well-being, and casino SEO. In this blog, we will explore the concept of social commerce and its potential to transform the way businesses interact with their audience and drive conversions.

Understanding Social Commerce

Social commerce refers to the integration of e-commerce functionalities within social media platforms, enabling users to browse, purchase, and share products seamlessly. Unlike traditional e-commerce websites, social commerce harnesses the power of social networks’ engagement and connectivity to drive sales. With features such as shoppable posts, in-app checkouts, and product tags, businesses can create a more interactive and personalized shopping experience for their followers.

Leveraging the Power of Social Proof

One of the key drivers of social commerce success is social proof. When potential customers see their peers endorsing a product or service, they are more likely to trust the brand and make a purchase. Social media platforms facilitate the easy sharing of product reviews, testimonials, and user-generated content, creating a sense of authenticity around the brand. Businesses can encourage their followers to share their experiences, creating a virtuous cycle of engagement and trust-building.

Building a Community of Brand Advocates

Social commerce allows businesses to foster a community of loyal brand advocates. By engaging with followers on social media, responding to comments, and addressing concerns promptly, companies can create a sense of belonging among their audience. A strong community of brand advocates not only boosts brand loyalty but also increases word-of-mouth marketing, leading to an extended network of potential customers.

Personalized Shopping Experience

Social media platforms collect vast amounts of data about user preferences, interests, and behaviour. Leveraging this data, businesses can deliver highly targeted and personalized shopping experiences to their followers. By displaying relevant products and content based on individual interests, social commerce enhances the chances of converting a follower into a customer.

Influencer Marketing and Collaborations

Influencer marketing has emerged as a powerful strategy in the realm of social commerce. Influencers, with their dedicated followers, can significantly impact purchasing decisions. Collaborating with influencers to promote products or services can extend a business’s reach and credibility. When followers see influencers using and endorsing products, it creates a sense of desirability and fosters trust.

Utilizing Live Commerce

Live commerce is a rapidly growing trend in social commerce, offering real-time interactions with audiences through live video broadcasts. Businesses can showcase their products, answer questions, and receive instant feedback, thereby bridging the gap between online and offline shopping experiences. Live commerce events generate excitement and a sense of urgency, compelling followers to make on-the-spot purchases.

Seamless Checkout Experience

The checkout process is a critical factor in the conversion journey. Social commerce platforms are continually improving their in-app checkout functionalities, making it easier and more convenient for followers to complete their purchases without leaving the social media app. A streamlined and hassle-free checkout experience increases the likelihood of converting casual browsers into paying customers.

Social commerce has transformed the way businesses engage with their followers and has proven to be a game-changer in the e-commerce landscape. By leveraging the power of social media platforms to build trust, create personalized experiences, and foster brand communities, businesses can successfully turn their followers into loyal customers. Social commerce’s ability to harness social proof, influencer marketing, live commerce, and seamless checkout experiences provides a holistic approach to drive conversions and boost sales. As social media continues to evolve, embracing social commerce will become increasingly vital for businesses looking to thrive in the digital age.