Regardless of the geographies in which a retailer operates, peaks in demand are an inevitable yet very welcome fact of life in operations. Where once retailers spent many days in the run-up to a big sale event or promotion readying their physical retail outlets, today most stores also have to make ready their online retail operations: the virtual storefront, warehouses, distribution network, payment platforms, online marketing activities and a dozen more elements besides.

Whether it’s Singles’ Day, Cyber Monday, Christmas, or Eid al-Fitr, surges in demand for retail stores, both online and offline, contribute significantly to many businesses’ revenues. The ability to preserve excellent customer service and fulfil every order seamlessly depends on many of those moving parts functioning as themselves, but more critically, as cogs in the machinery of a larger retail machine.

At the consumer’s end, a late delivery or two may go largely unnoticed, but failing systems that underpin the retail experience at a significant scale can unleash a deluge of bad press that is difficult to recover from. Attempts to repair the damage after the fact and extraordinary measures taken during peak demand periods can be so costly that increased sales revenue is lost in additional costs.

Complex Stack

The potential for problems stems from the complexity of operations rather than an inability to plan and anticipate periods of peak demand. Like fashion, retail preferences and markets change very quickly, and in this vertical, the definition of legacy technology is less forgiving than elsewhere.

For example, a decision to make large investments in online retail made just a few years ago may now be eclipsed by the recent trend in consumers wishing to try before they buy in a physical retail store. Warehouse networks and associated technology platforms like DOMs (distributed order management systems) may be optimised for a channel that’s less favoured this year. And next year…who can say?

While XaaS solutions for retailers offer answers to some of the issues around the speed and cost of IT deployments, in some ways, cloud-based solutions exhibit the same underlying problem that so-called legacy platforms present. The issue of interoperability remains to a significant degree, regardless of whether core systems are in-house, cloud-based, monolithic or container-based and cloud-native.

Given that an agile approach to the software used to run a retail operation is optimal (to handle peaks and to change to reflect changes in the market), it’s the interconnection of operational technology that is critical to get right.

API Answers

In an ideal world, every piece of software in the stack would be built using open standards and an API-first approach. However, with many proprietary systems, that’s not entirely the case, and it often isn’t with bespoke, black box software that forms a basis in some enterprises.

Even with every part of the core infrastructure presenting API layers, there remains the significant overhead of developing the data layer that GETs and POSTs to APIs, parses EDI, negotiates FTP, and maintains robust connections.

Setting a development goal of stringing together a unified system that does all that is a fine concept, but it does not account for the moving target of the retail operator’s IT stack: finish an API-based data layer in 12-18 months, and it’s likely that at least one of the connected platforms will change significantly in that timeframe.

Self-made Solutions

A team dedicated to maintaining multi-system interoperability will always find itself reacting to events out of its control, like an API update or application upgrade. In fact, such a team may only be made aware of changes somewhere in a complex topology when production systems break. It’s Sod’s Law, of course, that breaking changes will occur under the real-life stress tests of Black Friday, Cyber Monday or similar.

The number of moving parts in a modern retailer’s technology includes backbone ERPs, point-of-sale, warehousing and distribution, e-commerce platforms and a host of ancillary systems like CRM and Martech. It’s difficult to simulate peak demand stresses to determine where failures or bottlenecks might occur in such a multi-faceted whole and, therefore, develop coherent plans that ensure high levels of performance throughout a retailer’s sales cycle with its inevitable highs and lows.

However, specialist providers exist whose sole purpose is to provide robust connectivity between all the technology elements in modern retail.

Patching for Perfection

Patchworks is a vendor-agnostic cloud platform that addresses the challenge of integration complexity faced by retailers and partners. It creates the data layer concept discussed above and lets users see information flowing in real time from system to system. Via its intuitive interface, it gives up-to-the-minute metrics on orders, stock, distribution system status, and so on – the details are determined, of course, by the platforms used throughout the chain.

Patchworks deployment can be achieved in-house or via one of their certified partners, with a no-code/low-code interface that helps visualise and simplify connectivity between data sources: e-commerce platforms, WMS, DOM, common ERPs, CRMs, databases and business analytics platforms. Essentially anything with an API. Retailers can synchronise inventory, orders, and customer data across various platforms with no specific vendor lock-in or dependent system. That means IT teams can change the elements of the IT stack in production and still retain the rich source of meta-operational data and know that systems will continue to update one another.

It allows a high degree of flexibility and scale and lets companies test their systems under load to better plan and provision for periods of peak demand. The cohesive operational structure means that as the retailer’s business model evolves, new and changing elements can plug-and-play with the rest of the stack. There are also pre-built connectors and applications designed solely for the retail industry, so many operators will find that their production systems can be integrated quickly and reliably.

You can learn more about one of their customers Triumph Motorcycles here, who needed help integrating John Lewis’ The Edge marketplace, as well as Commercetools, VirtualStock and Torque ahead of last year’s peak trading season.

Jim Herbert, CEO at Patchworks emphasised the importance and value of staying connected in a recent interview where he said, “As retailers prepare for peak season, staying connected and agile is crucial. As a proud member of the MACH Alliance and a leader in composable commerce, Patchworks empowers businesses to seamlessly integrate their systems, ensuring a smooth, efficient operation that can adapt to demand surges. This connectivity not only enhances customer experiences but also drives cost effectiveness and revenue growth by optimising every aspect of the retail process all year round.”

You can learn more about Patchworks and the ways it’s unifying retail platforms online and in-store by heading to its website and speaking to a retail sector advisor.

The post Interoperability the Key to Managing Peak Retail Demands appeared first on TechHQ.

There is a mixture of preconceptions and misinformation around the subject of biodiesel, which is highly unfortunate in the logistics and bus industry, where heavy duty vehicles form the operational backbone of many companies. It’s time to debunk these myths and explore the true potential of biodiesel in driving decarbonisation in the industry.

Part of the general misconception stems from the fact that the technologies of biofuel refining and engine design have changed radically over the last decade. What might have been strongly held opinions based on empirical data from just a couple of years ago are no longer valid, and with the legislative tide turning against fossil fuel-derived diesel, it’s likely time to reexamine ways for companies to address their carbon emissions.

Source: Argent Energy

All over the world, governments are pressuring organisations they see as big polluters by means of fuel taxes and legislation with various mandates and targets in place to reduce carbon emissions. Regardless of the fact that HGV traffic is a vital element of the UK economy, it’s nevertheless incumbent on transport companies to lower vehicle  CO₂ output. Electric and hydrogen-powered engines are alternative paths the industry can take, but they are not yet fully viable technologically or economically. Therefore we need to displace as much fossil diesel as we can with suitable biofuels in the interim. HVO and other fuels may be available, but there could be constraints due to supply and cost.

So, in an environment of tight margins and few apparent alternatives other than passing costs along the supply chain, now is the time to dispel some of the myths and misconceptions about biofuels in 2024.

Untruth #1: It’s not a suitable choice to use during cold weather

A mix of biofuel and fossil fuel diesel at 5, 10, 20 or 30% biofuel is entirely viable, except in truly arctic conditions. Scandinavian carriers may wish to err on the side of caution and keep the mix below 15%, but otherwise, biofuel mixes reduce carbon emissions by up to 28% with a B30 fuel (30% biofuel), with no negative effects on engine performance.

Metroline, a member of multi-modal land transport operator ComfortDelGro that runs around 40,000 vehicles worldwide in rail, taxi, bus and coach services across 12 countries, has a huge presence in London and is a big user of diesel/biofuel mixes. Its Director of Engineering Strategy, Ian Foster, told us: “B20 could actually be the average, reached using B10 or B30 depending on the weather conditions, so the fuel supplier is using the weather forecast, and they’re weakening or strengthening the mixture according to local conditions.”

Fact: all road diesel in the UK is already running on a B7 (up to 7% biodiesel), so you’re likely driving on some form of biofuel right now .

Untruth #2: Biofuel is expensive and environmentally damaging

Using a waste-based biofuel mix in a vehicle is barely more costly than a tank of fossil fuel diesel. In fact, they are around the same price, yet the biofuel creates around 90% less CO₂ when burnt. Even with low-ratio mixes, carbon emissions are cut dramatically. The refining processes that turn waste oils and fats into biofuel are relatively cost-effective, so there’s actually very little extra cost to be passed on to the end customer.

As for price, Mr Foster acknowledges that fuel plays a part in overall profitability. “Anyone you speak to in transport will tell you the margins are paper thin,” he said. “I think that the work that biofuels supplier, Argent Fuels did with us in terms of containing the price has helped us both. We can retain a competitive price on the fuel and they can make a decent living. But there’s a balance!”

Fact: switching to biofuel won’t leave your wallet gasping for air; it’s like getting a carbon-conscious upgrade, all at little to no extra cost!

Untruth #3: Biofuel production has an impact on food supply and security

Despite certain tales suggesting the use of unconventional feedstocks, the reality of biodiesel production is that it revolves around the utilisation of a diverse range of raw materials. With a host of biodiesel producers out there, top manufacturers, including the likes of Argent, stand out by exclusively using certified waste oils and fats, ensuring no effects on the food or feed supply chain. These materials are classified as certified wastes by EU and UK standards which are laid out in the Renewable Energy Directive and the Renewable Transport Fuel Obligation respectively. That means they are not used for biofuels if they have other ‘higher’ uses  such as oleochemicals.

If this is a concern, operators can prioritize sustainability by choosing a producer that states in only uses certified waste materials.

Fact: Using certified waste materials exclusively for biodiesel production not only helps the environment, but gives new life to something that’s considered truly end-of-life.

Untruth #4: Our vehicles’ warranties don’t cover the use of biofuels

Many vehicle manufacturers in the UK and the EU now warranty their engines for the use of biodiesel-fossil fuel diesel up to B20 grade fuel (20% biofuel). Older vehicles and those not covered by manufacturers’ warranties can be covered with third-party warranties, which, over the course of a mixed fuel vehicle’s lifetime, add only negligible cost.

Metroline’s Ian Foster told us that the vast majority of fuel problems affecting engines come not from the nature of the diesel or its mix, but from operators not cleaning their facilities’ fuel tanks and systems:

“When I joined the business, there were lots of things that we changed around, certainly in terms of fuel tank cleaning […] where pollution can occur. When people don’t take care of their fuel storage system, you end up with all kinds of problems.”

Fact: fuel mixes with 10 or 20% biodiesel are covered by most vehicle manufacturers’ warranties. Any small increase on overheads will be covered by GHG savings and the reduction of carbon tax.

Conclusions

Decreasing a company’s reliance on fossil fuels, even by a small amount, significantly reduces the overall carbon emissions across the fleet. A B30 mix, for example, can reduce CO₂ by around 28%, with negligible extra cost to the transport operator. With restrictions on emissions gradually being ramped up by governments and lobby groups, deploying greener fuel policies now is an investment in the long-term survival of a transport business.

Renewable fuel waste oils and fats in the form of biodiesel bring all the benefits of next-generation fuels like HVO but with none of the associated costs. And unlike hydrogen or electric alternatives (themselves many years distant), operators do not need to rely on new infrastructure or leases on new vehicles with adapted engines.

Source: Argent Energy

Argent Fuels offers bulk deliveries of a range of high blend fuels and biodiesel mixes across the UK, from grade B10 (10% biodiesel), to B15 and B30. That means HGV operators can begin to make a difference to the oft-quoted statement that the sector produces 80% of road traffic’s carbon emissions despite comprising only 20% of vehicles on the road.

Logistics and supply chain businesses can take the opportunity to offer in-demand greener delivery options, creating market differentiation and developing fuelling policies that will insulate them from the inevitable changes that await the industry.

To learn more about Argent Fuels (part of European conglomerate Argent Energy), head over to the company’s website or contact a representative from the company to learn more. The company was the first supplier of high blend biodiesel beginning in 2008 and today, it serves hundreds of fleets and thousands of vehicles across the UK with carbon-saving fuel.

The post The truth about waste-derived biofuels for fleet operators appeared first on TechHQ.

More than half – 57 percent of full-time employed U.S. surveyed adults[1] said their finances were the top cause of stress in their lives at the start of 2023. The following 12 months did little to alleviate that stress, with the annual inflation rate sitting at an average of 3.4 percent[2] in the U.S., markedly higher than the 2 percent target. This manifested as the tail end of a cost-of-living crisis that began with COVID-19 and remained due to a series of geopolitical events, including the Russian invasion of Ukraine.

Workers are simultaneously impacted by the direct price hikes of everyday items and how their employers react to the economic challenges. A U.S. survey¹, taken in October and November 2023, found that 52 percent of CEOs said their companies had begun cost-cutting measures to aid recovery, which could include layoffs. For example, about 720,000 job cuts were announced[3] in the U.S. over the year, almost doubling the numbers from 2022.

Souce: Dayforce

The financial reality for workers going into 2024 is not much better. Forecasters[4] expect the U.S. economy to grow by just 1.3 percent, down from a projected 2.4 percent in 2023, and the unemployment rate has risen to 4.2 percent. Workplaces can play a huge role in supporting their employees through turbulent economic conditions through more than just a paycheque. Benefits like comprehensive health coverage, matched retirement fund contributions, and emergency savings programs can demonstrate an organisation’s commitment to its workforce’s overall health and stability.

One U.S. survey[5] found that financial wellness is the most requested employee benefit, and on-demand pay strongly contributes to employee financial well-being. On-demand pay enables employees to access their earned wages at any time between regular pay periods. Traditional pay cycles may not always align with the timing of financial obligations and unexpected expenses that crop up in everyday life. By allowing employees to access their earned wages when needed, on-demand pay means they can manage their cash flow better, avoid late fees, and respond promptly to financial emergencies, ultimately reducing financial stress.

It is not only the employees that benefit from the option of on-demand pay, as there are also significant business advantages to having a contented workforce. In the U.S., financial wellness has proven links to job satisfaction[6], and such a benefit can assist with recruitment and staff retention. A survey by Dayforce found that 54 percent[7] of surveyed U.S. on-demand pay users say they’re less likely to leave their current employer if the benefit is on offer. Indeed, during a national skills shortage[8]in the U.S., offering more than just a healthy salary is essential for an organisation to attract top talent. Access to money earned in real-time can also increase employee productivity, reduce absenteeism, and encourage staff to take on more shifts.

The positive impact of earned wage access on a business is exemplified in the case of Danone, one of America’s largest food and beverage companies, which implemented Dayforce Wallet in March 2020.

Even though the deployment at Danone was achieved remotely due to COVID-19 restrictions, the implementation was simple, quick, and cost nothing. In two years, nearly a third of all Danone employees had started to use Dayforce Wallet to access their pay, providing them stability during the uncertainties of the pandemic. By 2022, the company had funded more than US$13.6 million in pay requests, reducing its pay schedules from six down to two and move employees away from paper pay checks, resulting in substantial time and cost savings.

Source: Dayforce

Dayforce Wallet leverages the Dayforce platform’s unique continuous calculation capabilities for accurate, on-demand payment and real-time data access. As the only native solution on the market in the U.S., Canada, and U.K., it seamlessly integrates with existing payroll processes and eliminates time-consuming reconciliations.

Danone is committed to offering competitive wages and a comprehensive total rewards package to aid recruitment, especially in the competitive consumer-packaged goods sector, and to reflect its B Corp values.

“Dayforce Wallet boosts our reputation as an employer of choice,” said Gavin Flynn, former Director of Technology and Payroll at Danone. “Often, our wages and benefits are similar [to those of our competitors]. We now have this differentiator that allows us to say to a prospective candidate, ‘You can go across the street and get paid every two weeks, or you can come here and get paid every day if you want to.’ Dayforce Wallet really speaks to our employee base and our total value proposition as an employer.”

Dayforce Wallet is an invaluable solution for employers seeking to boost their workforce’s financial well-being and plays a central part in an attractive benefits package for new recruits. It facilitates on-demand access to earned pay, mitigating financial stress, fostering higher employee satisfaction, and reducing staff turnover rates for employers.

Employees can set up direct deposit of their pay checks to their Dayforce Prepaid Mastercard^®, which can be used anywhere Mastercard is accepted, or to withdraw funds from thousands of in-network ATMs with no additional fees.

Download Dayforce’s free buyer’s guide for on-demand pay today to discover how Dayforce Wallet can boost employee financial wellness at your organisation and guide the workforce through turbulent economic times.

UK: The Dayforce Prepaid Mastercard is issued by Prepaid Financial Services Limited (PFS) pursuant to license by Mastercard. PFS is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, firm reference number 900036, for the issuance of electronic money and provision of payment services. Registered Office: 4th Floor, 35 Great St Helen’s, London, EC3A 6AP. Company Registration number: 06337638.

[1] PwC’s 2023 Employee Financial Wellness Survey, www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html

[2] https://www.usinflationcalculator.com/inflation/current-inflation-rates/

[3] Reuters, www.reuters.com/markets/us/us-job-cuts-fall-back-december-nearly-double-all-2023-2024-01-04/

[4] USA Today, eu.usatoday.com/story/money/2024/01/02/2024-economic-outlook-brightens/72055290007/

[5] BenefitsPRO, www.benefitspro.com/2023/05/16/financial-wellness-the-number-1-requested-employee-benefit/

[6] https://www.benefitspro.com/2024/01/18/employees-with-flexible-pay-see-boost-in-financial-health-and-job-satisfaction/?slreturn=20240025050559

[7] https://www.dayforce.com/blog/on-demand-pay-helps-employees-and-organizations

[8] https://www.uschamber.com/workforce/understanding-americas-labor-shortage-the-most-impacted-industries

The post Beyond the pay check: Unlocking the power of employee benefits in 2024’s challenging economy. appeared first on TechHQ.

More than half – 57 percent of full-time employed adults[1] said their finances were the top cause of stress in their lives at the start of 2023. The following 12 months did little to alleviate that stress, with the annual inflation rate sitting at an average of 3.4 percent, markedly higher than the 2 percent target. This manifested as the tail end of a cost-of-living crisis that began with COVID-19 and remained due to a series of geopolitical events, including the Russian invasion of Ukraine.

Workers are simultaneously impacted by the direct price hikes of everyday items and how their employers react to the economic challenges. One survey¹, taken in October and November 2023, found that 52 percent of CEOs said their companies had begun cost-cutting measures to aid recovery, which could include layoffs. For example, about 720,000 job cuts were announced[2] in the US over the year, almost doubling the numbers from 2022.

Source: Dayforce

The financial reality for workers going into 2024 is not much better. Forecasters[3] expect the economy to grow by just 1.3 percent, down from a projected 2.4 percent in 2023, and the unemployment rate has risen to 4.2 percent. Workplaces can play a huge role in supporting their employees through turbulent economic conditions through more than just a pay check. Benefits like comprehensive health coverage, matched retirement fund contributions, and emergency savings programs can demonstrate an organization’s commitment to its workforce’s overall health and stability.

One survey[4] found that financial wellness is the most requested employee benefit, and On-demand pay enables employees to access their earned wages at any time between regular pay periods. Traditional pay cycles may not always align with the timing of financial obligations and unexpected expenses that crop up in everyday life. By allowing employees to access their earned wages when needed, on-demand pay means they can manage their cash flow better, avoid late fees, and respond promptly to financial emergencies, ultimately reducing financial stress.

It is not only the employees that benefit from the option of on-demand pay, as there are also significant business advantages to having a contented workforce. Financial wellness has proven links to job satisfaction, and such a benefit can assist with recruitment and staff retention. A survey by Dayforce found that 54 percent of surveyed on-demand pay users say they’re less likely to leave their current employer if the benefit is on offer. Indeed, during a national skills shortage, offering more than just a healthy salary is essential for an organization to attract top talent. Access to every dollar earned in real-time can also increase employee productivity, reduce absenteeism, and encourage staff to take on more shifts.

The positive impact of earned wage access on a business is exemplified in the case of Danone, one of America’s largest food and beverage companies, which implemented Dayforce Wallet in March 2020.

Even though the deployment at Danone was achieved remotely due to COVID-19 restrictions, the implementation was simple, quick, and cost nothing. In two years, nearly a third of all Danone employees had started to use Dayforce Wallet to access their pay, providing them stability during the uncertainties of the pandemic. By 2022, the company had funded more than $13.6 million in pay requests, reducing its pay schedules from six down to two and move employees away from paper pay checks, resulting in substantial time and cost savings.

Source: Dayforce

Dayforce Wallet leverages the Dayforce platform’s unique continuous calculation capabilities for accurate, on-demand payment and real-time data access. As the only native solution on the market in the US, Canada, and UK, it seamlessly integrates with existing payroll processes and eliminates time-consuming reconciliations.

Danone is committed to offering competitive wages and a comprehensive total rewards package to aid recruitment, especially in the competitive consumer-packaged goods sector, and to reflect its B Corp values.

“Dayforce Wallet boosts our reputation as an employer of choice,” said Gavin Flynn, former Director of Technology and Payroll at Danone. “Often, our wages and benefits are similar [to those of our competitors]. We now have this differentiator that allows us to say to a prospective candidate, ‘You can go across the street and get paid every two weeks, or you can come here and get paid every day if you want to.’ Dayforce Wallet really speaks to our employee base and our total value proposition as an employer.”

Dayforce Wallet is an invaluable solution for employers seeking to boost their workforce’s financial well-being and plays a central part in an attractive benefits package for new recruits. It facilitates on-demand access to earned pay, mitigating financial stress, fostering higher employee satisfaction, and reducing staff turnover rates

Employees can set up direct deposit of their pay checks to their Dayforce Wallet Mastercard^®, which can be used anywhere Mastercard ^® is accepted, or to withdraw funds from thousands of ATMs with no additional fees.

Download Dayforce’s free buyer’s guide for on-demand pay today to discover how Dayforce Wallet can boost employee financial wellness at your organization and guide the workforce through turbulent economic times.

Canada: The Dayforce Prepaid Mastercard® is issued by Peoples Trust Company under licence from Mastercard International Incorporated. Funds loaded onto the card are held by the issuer Peoples Trust Company, a member institution of the CDIC, and are eligible for CDIC coverage. Dayforce Canada Ltd. is not a CDIC member institution. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and Fee Schedule. If you have any questions regarding the Card or such fees, terms, and conditions, contact Customer Support at 1-888-999-6824, Monday – Saturday, 8 am EST – 6 pm EST.

[1] PwC’s 2023 Employee Financial Wellness Survey, www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html

[2] Reuters, www.reuters.com/markets/us/us-job-cuts-fall-back-december-nearly-double-all-2023-2024-01-04/

[3] USA Today, eu.usatoday.com/story/money/2024/01/02/2024-economic-outlook-brightens/72055290007/

[4] BenefitsPRO, www.benefitspro.com/2023/05/16/financial-wellness-the-number-1-requested-employee-benefit/

The post Beyond the pay check: Unlocking the power of employee benefits in 2024’s challenging economy appeared first on TechHQ.

More than half – 57 percent of full-time employed adults[1] said their finances were the top cause of stress in their lives at the start of 2023. The following 12 months did little to alleviate that stress, with the annual inflation rate sitting at an average of 3.4 percent, markedly higher than the 2 percent target. This manifested as the tail end of a cost-of-living crisis that began with COVID-19 and remained due to a series of geopolitical events, including the Russian invasion of Ukraine.

Workers are simultaneously impacted by the direct price hikes of everyday items and how their employers react to the economic challenges. One survey¹, taken in October and November 2023, found that 52 percent of CEOs said their companies had begun cost-cutting measures to aid recovery, which could include layoffs. For example, about 720,000 job cuts were announced[2] in the US over the year, almost doubling the numbers from 2022.

Souce: Dayforce

The financial reality for workers going into 2024 is not much better. Forecasters[3] expect the economy to grow by just 1.3 percent, down from a projected 2.4 percent in 2023, and the unemployment rate has risen to 4.2 percent. Workplaces can play a huge role in supporting their employees through turbulent economic conditions through more than just a pay check. Benefits like comprehensive health coverage, matched retirement fund contributions, and emergency savings programs can demonstrate an organization’s commitment to its workforce’s overall health and stability.

One survey[4] found that financial wellness is the most requested employee benefit, and On-demand pay enables employees to access their earned wages at any time between regular pay periods. Traditional pay cycles may not always align with the timing of financial obligations and unexpected expenses that crop up in everyday life. By allowing employees to access their earned wages when needed, on-demand pay means they can manage their cash flow better, avoid late fees, and respond promptly to financial emergencies, ultimately reducing financial stress.

It is not only the employees that benefit from the option of on-demand pay, as there are also significant business advantages to having a contented workforce. Financial wellness has proven links to job satisfaction, and such a benefit can assist with recruitment and staff retention. A survey by Dayforce found that 54 percent of surveyed on-demand pay users say they’re less likely to leave their current employer if the benefit is on offer. Indeed, during a national skills shortage, offering more than just a healthy salary is essential for an organization to attract top talent. Access to every dollar earned in real-time can also increase employee productivity, reduce absenteeism, and encourage staff to take on more shifts.

The positive impact of earned wage access on a business is exemplified in the case of Danone, one of America’s largest food and beverage companies, which implemented Dayforce Wallet in March 2020.

Even though the deployment at Danone was achieved remotely due to COVID-19 restrictions, the implementation was simple, quick, and cost nothing. In two years, nearly a third of all Danone employees had started to use Dayforce Wallet to access their pay, providing them stability during the uncertainties of the pandemic. By 2022, the company had funded more than $13.6 million in pay requests, reducing its pay schedules from six down to two and move employees away from paper pay checks, resulting in substantial time and cost savings.

Souce: Dayforce

Dayforce Wallet leverages the Dayforce platform’s unique continuous calculation capabilities for accurate, on-demand payment and real-time data access. As the only native solution on the market in the US, Canada, and UK, it seamlessly integrates with existing payroll processes and eliminates time-consuming reconciliations.

Danone is committed to offering competitive wages and a comprehensive total rewards package to aid recruitment, especially in the competitive consumer-packaged goods sector, and to reflect its B Corp values.

“Dayforce Wallet boosts our reputation as an employer of choice,” said Gavin Flynn, former Director of Technology and Payroll at Danone. “Often, our wages and benefits are similar [to those of our competitors]. We now have this differentiator that allows us to say to a prospective candidate, ‘You can go across the street and get paid every two weeks, or you can come here and get paid every day if you want to.’ Dayforce Wallet really speaks to our employee base and our total value proposition as an employer.”

Dayforce Wallet is an invaluable solution for employers seeking to boost their workforce’s financial well-being and plays a central part in an attractive benefits package for new recruits. It facilitates on-demand access to earned pay, mitigating financial stress, fostering higher employee satisfaction, and reducing staff turnover rates

Employees can set up direct deposit of their pay checks to their Dayforce Wallet Mastercard^®, which can be used anywhere Mastercard ^® is accepted, or to withdraw funds from thousands of in-network ATMs with no additional fees.

Download Dayforce’s free buyer’s guide for on-demand pay today to discover how Dayforce Wallet can boost employee financial wellness at your organization and guide the workforce through turbulent economic times.

USA: Banking services provided by and the Dayforce Wallet Mastercard issued by Green Dot Bank d/b/a/ GO2bank, Member FDIC, pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.

©2024 Green Dot Corporation. GO2bank is a trademark of Green Dot Corporation. All rights reserved. Green Dot Corporation NMLS #914924; Green Dot Bank NMLS #908739.

[1] PwC’s 2023 Employee Financial Wellness Survey, www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html

[2] Reuters, www.reuters.com/markets/us/us-job-cuts-fall-back-december-nearly-double-all-2023-2024-01-04/

[3] USA Today, eu.usatoday.com/story/money/2024/01/02/2024-economic-outlook-brightens/72055290007/

[4] BenefitsPRO, www.benefitspro.com/2023/05/16/financial-wellness-the-number-1-requested-employee-benefit/

The post Beyond the pay check: Unlocking the power of employee benefits in 2024’s challenging economy appeared first on TechHQ.

In just the first quarter of last year, Americans spent an astonishing $252 billion online, and by the end of the year, e-commerce comprised 16.7% of total retail revenue across the country.1

Figures like these continue to progress inexorably upwards, showcasing a situation that’s unlikely to change any time soon, especially given that large Chinese retailers – Temu the latest to join the crowded market – look set to expand into the US.2

Yet, there is a darker side to the ease and convenience of online shopping that’s becoming more apparent to many consumers. In 2022, around 260 million packages were stolen at the point of delivery, so-called porch piracy.3

For retailers, that value of losses totaled around $20 billion of lost products. Whether they’re responsible for it or not, porch piracy is a problem that reflects on the retailer, as many customers don’t distinguish between the seller and the delivery service. This can significantly impact the brand’s overall customer experience, leading to a series of adverse effects on retailers’ operating costs: customer service, inventory, logistics, and marketing.

Source: Route

Millions of shoppers affected directly or indirectly by the problem are increasingly opting for shipping insurance at checkout to cover their packages, and many pay extra for what they hope will cover them in the event of theft or damage.

What consumers and retailers need to realize, however, is that many of the  ‘package protection’ solutions offered can be from fraudulent operators drawn to what they see as a lucrative opportunity. Under false assurances, when things go missing, both merchants and shoppers are left on the hook for issues that come up, with little hope of compensation. 

Oklahoma and Utah have issued written guidance confirming that legitimate package protection offerings must include the involvement of a licensed insurance producer. The need to include a licensed insurance producer is not unique to Oklahoma and Utah. All state DOIs provide access to state databases identifying such licensed producers.

As the volume and value of online retail continue to grow, so will the demand for package and delivery protection. Illegal package protection services create risks for individual retailers and the e-commerce industry as a whole. Fraudsters’ illegal offerings can ruin businesses’ reputations and eat into already tight profit margins, lowering repeat business revenues and creating public relations nightmares for retailers. 

Companies have a responsibility to select an insurance service with due diligence. A genuine package and delivery insurer complies with the intricate rules and regulations of multiple states’ insurance markets, acting as the face of the retailer if an order goes missing. 

A legitimate option like that offered by Route is the key to solving the growing issue of bogus package insurance. It gives retailers and customers peace of mind that missing items will be replaced easily as part of an overall service that creates a class-leading post-sale customer experience.

Customers shopping at retailers using Route benefit from real-time delivery tracking and delivery options that enhance purchasing experiences–allowing smaller companies to compete with the customer service expectations consumers now have from behemoths like Amazon. 

To put the impact of using Route into perspective, Solo Stove – a popular fire pit company – was running into major customer service issues trying to ship large, easily damaged metal fire pits. Since implementing the Route platform, it has saved thousands of dollars in out-of-pocket insurance premiums, reduced claim-related customer service tasks by 92%, and increased buyer satisfaction metrics by 10%.

Route ensures deliveries, and its tracking capabilities also allow customers to minimize the time packages are left unattended, lowering the risk of theft. Route-tracked and insured deliveries can also be carbon offset, a feature we covered in more detail in this article[ed. please link to previous article]. Using Route, companies can ensure their brand is synonymous with reliability, safety, and sustainability.

Book a demo of Route to eliminate the risk of fake package insurance, improve brand identity and customer experience, and lower costs in multiple areas of your retail business.

1 https://capitaloneshopping.com/research/online-shopping-statistics

2 https://www.businessinsider.com/temu-opens-its-marketplace-to-us-based-sellers-2024-3

3 https://www.cnbc.com/2022/12/18/porch-pirates-stole-an-estimated-260-million-packages-in-2021.html

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With close to $1.6tn changing hands in 2023 in B2B payments, managing invoices, payments and fund transfers are clearly at the core of any successful organization.

Yet, in B2B payments, the experience of receiving or making payments is often sub-optimal. CFOs and their Finance Department personnel still have to manually chase payments, enter transaction details by hand into multiple systems, instigate surcharge and split policies on a case-by-case basis, and take on a dozen more low-level tasks each working day. That’s a costly overhead for critical processes that hits any company hard, especially given that qualified staff are (rightly) well-paid professionals who often have to sideline themselves to pore over minutiae.

Part of the problem of today’s payment processes stems from the fact that many organizations have adopted several different technologies and internal processes over time aimed at making workflows more efficient. But as the business grows and changes, embedded workflows and systems have gradually become less suitable both in terms of scale, and the evolution of the expectations of what we now call user experience.

The experience issue

One of the side effects of the digitization that’s taken place over the last three decades is the ease and simplicity that we’ve all come to expect from everyday financial transactions. Money transfers from personal accounts and cards to retailers, instant banking, and access to the broadest possible range of financial services – all from the simple tap of a screen or mouse click.

Source: Unsplash

In business settings, users bring their assumptions from everyday financial transactions they undertake away from work and find that the B2B processes encountered are second-best. Instead of a simple, one-stop method of payment, payers and payees have to navigate several platforms and interfaces to achieve what should be a relatively simple task.

Paying the price

The cost overheads of inefficiencies result in high DSO figures (days sales outstanding), wasted time spent on re-entering details on multiple systems, and overpayment of processing fees on qualified B2B/B2G transactions, for example.

Many organizations find themselves at the wrong end of unfavorable surcharges and levies due to the perceived cost of change. But as the business scales, costs of managing processes like large split invoices, recurring payments and reconciliation can easily grow. It’s in this environment that there’s a greater risk of fraud and regulatory mis-step as businesses prioritize growth over consideration of the small print.

Choosing what fits

Large ERP vendors and many automated payment system vendors offer an approach that, if not a complete ‘burn down and start again’ solution, will require a significant systems overhaul to implement. But it’s not necessary in most cases to take such a drastic course of action.

Choosing not to take any action at all isn’t an option in any competitive landscape. Even in 2020, around 60% of respondents in an NCR poll chose digital payments as the most crucial development in the B2B Payments Market.

By focusing on where costs are being accrued and ensuring the following aspects of a B2B payment platform are observed, organizations can do better. To achieve better efficiency in the finance department, automate many manual processes, reduce payment costs, and offer users consumer-grade experiences, consider the following:

– Integration: existing systems in the Finance Department and across the wider enterprise represent significant investment. Plug-and-play with other technologies means that core systems can be updated with real-time financial data without the need for double- or triple-entry of information.

– Right-sizing: larger transactions come with inherent complexity that makes manual errors potentially disastrous. Small business accounting and payment systems can be made to emulate the capabilities of platforms specifically designed for mid to large enterprises but are not designed to scale. Choosing a right-sized solution allows for future growth as well as making for savings and efficiency today.

– Error correction: manual processes lead to increased numbers of mistakes (at least some of which can be put down to staff boredom!). Identifying individuals’ pain points at the front line in finance teams will help prioritize areas where automation will be most effective.

– Full disclosure:  a single source of payments and oversight of transactions all through the payment process means there is no need for cross-referencing competing records on multiple platforms. The same single source of information can also provide accurate data when collating financial information for reports and planning.

– Seek specialists: a platform like PayTrace focuses uniquely on B2B payment automation and the specific challenges faced by mid- to large-sized organizations. Its experience and capabilities are dedicated to helping companies reduce payment processing costs and eliminating the manual processes that consume valuable resources.

Conclusion

In technology, 20 years is a lifetime, but it’s how long PayTrace has been specializing in B2B payments. It currently processes around $48 billion in payments annually and is the de facto choice for handling high complexity payment processes for thousands of organizations. In a tough economy where every dollar matters, driving efficiency in this core business function is critical.

To find out more about how PayTrace can work magic on your payment processing, fill out this form to start the conversation

The post Automating and Centralizing B2B Payments for the Growing Business appeared first on TechHQ.

Looking for a way to reinvigorate your tech career? Or perhaps you’re trying to think of ways to insulate your skills against the ever-encroaching capabilities of Generative AI.

Whatever your motivation, a pivot to cybersecurity could be the answer.

According to analysis conducted by Mordor Intelligence, the U.S. cybersecurity market size is expected to grow from $85.79 billion in 2024 to $126.57 billion by 2029, an increase of 8.09% CAGR.

3 high-paying jobs to apply for now

• Cyber Engineer, Blackstone Technology Group, Chantilly
• Senior Cyber Engineer, SAIC, North Charleston
• Cyber Security Lead, The Save Mart Companies, Modesto

In fact, recent data compiled by the IMF has found that the risk of extreme financial losses from cybersecurity are on the rise and have quadrupled since 2017 to $2.5 billion (over the past 20 years, $12 billion has been lost to cybercrime).

Although financial institutions are attempting to insulate themselves and their customers from increasingly sophisticated ransomware attacks, the reality is that the field of cybersecurity is suffering from a talent shortage, despite many organizations across various industries adopting a proactive and strategic approach.

The silver lining? Opportunities abound for those who want to work in the sector.

“Embarking on a career in cybersecurity involves cultivating a strong foundation in computer science and essential technical skills,” says Aileen Allkins, CEO of TeKnowledge, a digital transformation consultancy that offers managed services, digital skilling solutions and cybersecurity strategies.

Source: Unsplash

Allkins also advises that a robust educational background paired with a focus on developing key competencies such as analytical problem-solving and effective communication is critical.

“These skills enable professionals to identify vulnerabilities and articulate security strategies clearly. In the ever-evolving field of cybersecurity, ongoing learning and practical experience are highly valued by organizations.

“The ability to adapt to rapid technological changes and lead security strategies is highly sought after in both government and enterprise sectors.”

Security analyst roles are a good place to start however Allkins shares that for those with leadership aspirations, advancing towards senior positions like security consultant, manager or chief information security officer (CISO) should be considered.

Ready to make the leap? Whether you’re at the start of your tech career or have decades of experience under your belt, the Tech HQ Job Board is the perfect place to focus your search as it features thousands of roles all across the U.S.

Thinking about your next career move? Head to the Tech HQ Job Board today to discover thousands of open roles

The post Want a high paying tech job? Pivot to a career in cybersecurity appeared first on TechHQ.

Not having a holistic view of all IT assets across the entire technology stack used to be a problem only for certain functions of IT departments. But as more business processes depend on more technology, holistic visibility is becoming the foundation for doing anything in IT.  Almost all business operations depend significantly on IT Service Management systems, but in a world where hybrid cloud, edge computing, and XaaS are the veins and arteries of the organization, a new generation of CMDB (configuration management database) systems is required as a basis on which critical business decisions can be made.

Source: Device42

To ensure that IT facilities fully support business-led decisions, a holistic view of technology’s infrastructure today must be extremely comprehensive and accurately represent the actual environment. The complexities and dynamic state of the modern IT stack and its elasticity mean that static databases are insufficient. Additionally, dependencies between applications, systems and services from across different cloud providers to on-premise clusters must be aligned and well represented,. Finally, a relatively simple change can have unexpected results elsewhere in the interconnected chain of inter-operating platforms, impact of change must be visible in near real-time. Having these in place, only then can you make strategic decisions.

Canonical asset records

A CMDB’s records must encompass every aspect of IT assets, from core count, memory, and network address to connections between facilities on- and off-site, cloud provisions, and details of edge installations. Microservices especially require constant oversight, with pods spinning up and being taken down based on automated decisions. There’s a critical need for canonical records, and in 2024, where decisions impact IT, a reliable and intuitive data set is required – one that can be sliced, diced, and parsed according to need.

Without records and a full understanding of the collected data, it’s impossible to accurately gauge the cost of current operations on a per-project basis, and even slower decisions like equipment or service refresh/replacement cadences could easily be based on false information. The implications of change management can only be partly modeled by development teams and manual testers, and the far-reaching effects of any significant change might only be guessed at.

Seeing the picture

Raw data is often less useful than many assume. Base statistics and system specifications are only helpful if they are presented to decision-makers in understandable ways from a business perspective. The organization can easily mis-step its change management processes by missing key information during planning, for example, and it’s difficult to collaborate with line-of-business experts without ingestible information presented appropriately. Multiple dependencies make even small changes a threat to uptime, and without data records that reflect changes in system use over time, it’s easy to make incorrect assumptions about what’s possible and which choices will yield the best outcomes.

CMDB systems need to enable collaboration between all business (and IT) stakeholders. With operational staff and, for instance, cybersecurity professionals working from the same page, the requirements of each stakeholder can be met with surety of performance and outcomes. The collected data on every aspect of infrastructure can be leveraged to model possible outcomes – a method in common use in manufacturing and engineering industries, where digital twins of IIoT and machinery are becoming the norm.

Keeping it legal

With an increased number of legislative rafts affecting data types, their storage and distribution, it’s easy to fall foul of local and international governance when an enterprise runs on a highly complex topology. Improperly treated or stored information may jeopardize the organization, with PR fallout or costly fines as the outcome.

Today’s configuration management platforms have evolved to encompass knowledge of the different strictures placed by governments and intra-governmental bodies like the EU. Issues can be flagged before they arise, and automated systems can create responses and even file requests for information from governing bodies. Instead of committing dedicated resources to governance details, the existing data of a CMDB can save on resources and significantly lower the costs of staying legal.

With the change of statutory compliance soon to include what could effectively be ‘green taxes’ levied on high-power users of fossil-fuel electricity, the ability to audit and comply in scaling environments becomes deeply challenging without the right tools. Making the right decisions now to put everything in place for tomorrow’s strategic changes allows organizations to remain a step ahead.

Remediation

The flagging of issues, in itself, may not be of practical use in many instances. CMDB solutions have to be able to pinpoint the root cause of problems and predict, often using AIs trained on existing data, where bottlenecks or consequences to change may appear. By using intelligent algorithms, organizations can pinpoint the root causes of an issue (or potential issue), either to address a problem or allocate resources to systems proactively as part of the change management processes.

That means fewer large meetings where different stakeholders and IT functions argue about possible causes of emerging issues. Instead of investigating a problem, pinpointed sources of problems can be quickly addressed, saving skilled staff time and enabling IT professionals to concentrate on bringing value to the company.

Source: Device42

Less downtime and better performance overall mean the company and its customers benefit. In a time where CX can negatively affect a business’s bottom line, ensuring five-nines performance is a key differentiator, especially in competitive markets.

The choice platform

Of the newer generations of configuration management systems seen over the years, products have evolved and adapted. As cloud and hybrid became commonplace, for example, pure-play agent-based solutions became less effective. As companies grew to enterprise scale and transitioned from Windows Servers on bare metal to cloud-hosted Linux clusters, they outgrew simple audit tools.

Indeed, Device42 has one of the fastest time-to-value metrics on the market. It has the broadest coverage of asset types, from obscure legacy Android instances in IoT, to Kubernetes containers and multi-cloud API management systems. Device42 is the mature product with a forward-looking approach to emerging technology, ideal for any company committed to scaling and changing according to market conditions.

To learn more about Device42 and the solutions that make business sense, contact a representative today.

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There has been a world of difference between the emerging technology of AI and its attainment of the status of being usable every day by ‘normal people’. As a discipline, AI has been around for many years but was consigned to rarefied academic institutions where researchers in computer science, linguistics, and statistical modelling brought the concept from idea to reality. Now, thanks to OpenAI and its ChatGPT model, machine learning has become an everyday, usable system that has a significant impact on people’s lives across multiple areas, particularly in the area of expense management.

Artificial intelligence is finding more uses in many areas, but when models are built from scratch, significant work is needed to tune them to different areas of the business.

AI has been used in finance offices for a while now, for example, in optical character recognition, which is already common practice. Further up the scale of business size, large financial institutions use machine learning to spot fraudulent activity in the multiple transactions that flow through their systems daily.

Now, the same type of algorithms can flag potentially fraudulent expense claims submitted to every Finance department. In small companies, every misspend can have an impact on cashflow that is, in relative terms, worse than in a large corporation.

Source: Rydoo

The usability issue

The big hurdle to adopting any technology, AI included, is usability by the people in the workplace who aren’t necessarily Computing Science graduates. In fact, any technology implementation lives or dies by its uptake by employees.

To implement a finance tool, the software must be intuitive and straightforward for everyone who uses it daily, whether end-users, managers or finance teams. Elements like user interface (UI) design and simple task completion steps make a big difference for all the parties involved. Everything has to be done intuitively and easily, from daily expense claim submission right up to detailed strategic report formulation.

AI can drive wide adoption among a workforce by simplifying individual software choices, automating everyday tasks, and cutting out the mundane, repetitive steps such as submitting an expense claim.

Finance teams also benefit from usable, directed AI-powered software with specialised tools on the same platform as end-users. For example, complex financial compliance regulations can affect many aspects of spending and expense management. Policies might be local to certain jurisdictions, so what’s acceptable to spend in the UK by employees working out of the Zurich office may not be the same as those that apply to UK workers at a conference in the US.

Teams applying those policies to expense claims must be able to upload rules and apply them easily, with clear oversight of their effects. This ability is just as important as the need for a simple-to-use expense submission app or webpage.

How AI tools help save costs

In addition to their usability, expense management software are worth the investment because they can streamline processes and thereby reduce business costs.

If the process of an expense submission is easier and helps prevent fraudulent claims (a way to save costs in itself), then the cost of creating expense reports also falls.

A 2022 report from the Association of Associated Fraud Examiners claims that about 20% of expense reports can contain errors that need to be manually corrected. These errors often start as a mistake when the end-user submits the expense. The same report also states that, on average, it costs £58 to create such a report and a further £50 to correct it. That’s a significant cost burden due in part to the business paying a highly qualified Finance team to sift through line items one by one.

Source: Rydoo

Therefore, it’s simple to see that if an employee’s expense claim process stops misspending as its details are entered, the savings are twofold: less money spent on fraudulent claims and fewer hours spent tracking down potential fraud.

Even a modestly sized business’s Finance team can find itself doing a disproportionate amount of manual work, which is the type of work that AI algorithms can automate away. Among many, it’s just one area where having the right back-end system behind a user-facing expense app is vital for an efficient Finance function.

The necessity of fine-tuning

The AI algorithms in today’s most advanced expense management software have to be adaptable, as no two companies have the same policies. While AI can make decisions and help enforce policies, it’s important for administrators to upload them into the platform so the software can understand the rules and automatically flag or approve expenses, depending on the context. Submitting an expense for a team dinner where alcohol is shown in the receipt might go against policy, while a Board member taking a potential client to dinner and ordering a bottle of wine might be acceptable as an exception, given the context, for example.

AI-driven software allows complex rules and exceptions to cover every eventuality in businesses of any size because there’s no added work burden for Finance teams – it’s the type of work better done by algorithms that work quickly, 24/7 and with virtually no mistakes.

Rydoo understands and targets the pain points teams often experience when controlling expenses. It’s developed a specialised and highly personalised platform with usability at its heart. Rather than an implemention of technology for its own sake, the Rydoo platform addresses the key needs for cost control, smoother processes, compliance with laws and policies, and lowering costs while also providing accurate data and reports.

In later articles, we’ll be looking at some of Rydoo’s capabilities in the sector and focus on specific functionality. But with the right approach and offering the right tools available now, we recommend you find out more for yourself.

⁽¹⁾ Association of Associated Fraud Examiners, 2022, Global Business Travel Association, 2022.

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