Communication and collaboration between departments and teams are essential for efficiency and success. While each team member has an individual job and departments carry out different functions, they can’t work in a vacuum.
Software Solutions Your B2B Company Needs
Client-based applications may have been sufficient in the past. But with the need for instantaneous, anytime, anywhere data sharing, cloud-based solutions can streamline your operations.
Cloud services fall under various categories. Software as a service, or SaaS, is the best known. However, other models such as integration platform as a service, or IPaaS, are providing new capabilities. An IPaaS lets you integrate local and cloud applications. You can create and implement ways to seamlessly transfer data back and forth between the two.
The following 6 software solutions can optimize everything from app integration and secure document sharing to task automation and security training.
Read on to discover the cloud-based services your business needs in its tech stack.
Workato is a business automation platform that connects the multiple applications your company uses. Your B2B organization can develop customized workflows and automate them. Unlike with a traditional IPaaS, you don’t need the IT folks to create these processes.
The platform doesn’t require knowledge of complicated coding in order to automate and optimize workflows.
That means employees that work in non-technical roles like marketing and finance can use Workato, too. There are AI chatbots for easy and constant access to data across departments. Gartner has recognized Workato as a market leader in the enterprise IPaaS arena for three consecutive years.
Businesses can securely upload, share, and collaborate on deal-related documents with CapLinked. What makes this tool so versatile is that you can create and manage different virtual workspaces. Set up one space with documents that pertain to supplier contracts, then create another space for internal strategic marketing plans.
CapLinked has built-in communication features, including editing and deadline alerts, email updates, FAQ notifications, and instant messaging. You can also set and change access at the file or workspace level as employees and contacts change. To make this process simpler, you can create and manage groups from contact lists.
Implement extra layers of security by requiring logins to open downloaded files. These permissions can be taken away as needed, along with viewing and printing abilities. You can also enable watermarking if desired. And rest assured that CapLinked’s servers are SSAE 18 and ISO 27001 certified; the platform is also HIPAA and SOC 2 compliant.
Stampli is an accounts payable automation solution. This platform connects to the accounting system your company already uses. Stampli can read invoices as they come in and learn how to code and send them through for approval. With built-in AI, this tool automatically detects duplicates, makes calculations, and provides purchase order support.
Communication about invoices happens right in the application. If there are questions about whether a department received products or services, they can be easily answered. This can help make the approval process more efficient and accurate.
Security, auditing, and payments are controllable from within the dashboard. You can set permissions for employee access to invoices and information. Payments can go out through your existing process, or you can use Stampli Direct Pay. All direct-pay transactions are done via the Automated Clearing House, or ACH, making reconciliation time, less of a headache.
Paycom is a SaaS human resources solution that can manage workflows related to attracting new employees, developing existing ones, running payroll, and delivering benefits. The talent acquisition piece automates online job postings, candidate tracking, and onboarding for new hires. Your HR team won’t have to re-enter successful candidate data for background checks, tax credits, or I-9 verifications.
Performance reviews, goals, and expectations for current team members fall under Paycom’s talent management dashboard. Supervisors can work with HR to determine skills and requirements for positions, in addition to salaries. If desired, employees can complete 360-degree reviews for peers and self-evaluations.
The payroll function integrates regular paychecks, expense report reimbursements, and garnishments. Any changes to federal and local state payroll tax laws will be reflected in the software. Accounting reports for general ledger purposes can be customized and automated.
Paycom lets your team members see their elected benefits and how making changes to insurance plans would impact their deductions. They can change their insurance coverage from the application and ask any questions they might have.
Salesforce is a cloud-based customer relationship management platform. It has individualized solutions for industries that deal with B2B clients, such as telecom, financial services, and manufacturing. Up-and-coming businesses can choose Salesforce’s small business solutions to help manage growth. Sales, marketing, service, tech, and e-commerce teams can work together to nurture leads and clients.
Each function’s team is able to see the same data about your company’s customers. When customer service reports repeat problems with a client’s experience, account executives will know not to push more products for now. Salesforce has various apps to coincide with the buyer’s journey, from initial interest to repeat business. All departments can analyze identical trends to identify strengths and opportunities to retain and increase market share.
For your staff, Salesforce offers Einstein AI. This is a built-in tool that takes care of repetitive tasks so your team can concentrate on the meaningful parts of their jobs. Whether employees are in the office or working remotely, they can communicate and collaborate effectively with each other. Customer records, reports, plans, and discussions can all be found in one location.
CompTIA reports that phishing scams contribute to 80% of security incidents in organizations. As hackers develop more sophisticated emails and texts, employees can be tricked into giving away confidential information.
KnowBe4 trains your staff to recognize phishing, domain spoofs, and social engineering exploits. The application can identify weak passwords, twin domains, and whether your current network security measures can block ransomware attacks.
These capabilities can pinpoint weaknesses in your company’s security and employees’ knowledge. KnowBe4 can scale according to how many employees you have. Or if your company handles network security for others, you can use the channel partnership package.
As an automated training solution, KnowBe4 increases your team’s awareness of attackers’ methods. Employees learn through simulated attacks, and you get to see the results so you can track the training’s effectiveness. Over time, your organization becomes more secure by teaching staff what to do with suspicious emails or links.
Your B2B company needs these software solutions in its tech stack
Hosting application after application on local servers is no longer practical. It’s too easy to run out of space and go over budget.
While your staff can access the same data using old-school methods, why risk miscommunication?
Cloud-based software solutions solve both problems while ensuring your company has the tools it needs to compete.
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RUSSIA’S DEFAULT IS A REALITY AS GRACE MONTH IS OVER
Russia’s default has finally arrived on its sovereign debt in foreign currency for the first time in more than a century. Moscow has been unable to pay the interest on two bonds in dollars despite having enough foreign exchange reserves to do so. Investors assure that they have not received payment after the grace month.
Russia is showing the consequences of the sanctions the West has massively imposed on it after the war against Ukraine.
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For months, the country has managed to find ways and shortcuts to wade through the measures that tried to isolate the government of Vladimir Putin and make the country fall into technical default. In the end, the West has achieved its goal, albeit somewhat later than expected.
Although Russia had the capacity to meet this payment, leading economic indicators —the composite PMI sank in March and remain below 50, indicating that the economy is contracting— reveal that the country is facing one of the major economic crises of recent decades.
With double-digit inflation and several leading companies on the way out, Russia will face a deep recession and perhaps years of economic stagnation.
The one-month grace period expired on Sunday on around $100 million of trapped interest payments due May 27, a deadline that is considered an event of default if not paid in the correct currency, according to Bloomberg.
Russia’s default is also backed by other data. The International Monetary Fund (IMF) reveals that the Russian Government had a debt of around $40 billion in hard currency at the end of 2021 —a relatively small amount.
Although the total foreign debt exceeds $470 billion, only part of that amount is in foreign currency and a smaller part is still a liability to the Russian Government.
This is a clear symptom of the rapid transformation that the country is facing, both financially and economically. Russia will have to go on without the foreign capital flows that have historically helped finance investments in emerging countries.
The nation’s Eurobonds have been trading on the secondary market at very low levels since early March, while the central bank’s foreign exchange reserves remain frozen. Russia’s largest banks are cut off from the global financial system, leaving the country in isolation.
Published First on ValueWalk. Read Here.
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Take Inspiration From Trending and Successful eCommerce Businesses
Believe it or not, online shopping has become a massive trend nowadays, and its popularity is increasing daily. Of course, we were already in the era of digitalization, but this entire pandemic situation has made eCommerce industries flourish more than expected in the last few years.
Nowadays, everything is digitized as people buy food, groceries, cosmetics, clothes, and even electronic gadgets online. This digital revolution has made it easier for creative founders to convert their dreams and ideas into a waking reality.
Old ways and patterns of handling businesses are changing every day, and business owners need to adapt to the fluctuating market trends. And in this, some trending eCommerce businesses have taken this eCommerce industry to a whole new level. They are ruling and conquering like a boss.
Here in this blog, we will be discussing such inspiring eCommerce businesses. So, keep reading to find out more and cope for the better.
What are The Types of eCommerce Businesses?
E-commerce businesses are not limited to one particular business model. Instead, there are various sorts of eCommerce business models as per their business offerings. So have a look at some of the highly prevalent eCommerce models.
- Business to Consumer (B2C): The process of selling from business to customer comes under B2C type E-commerce.
- Business to Business (B2B): The buying and selling process between businesses comes under the B2B type of E-commerce.
- Direct to Consumer(D2C): This new idea of selling directly to end customers without the involvement of any retailer comes under D2C type E-commerce.
- Consumer to Consumer (C2C): Consumer-to-consumer sales on platforms like eBay, Etsy, Fiver, and many more come under C2C type E-commerce.
- Consumer to Business (C2B): An individual selling their services to different businesses comes C2B type E-commerce.
Examples of Successful E-commerce Businesses
1. Warby Parker
Warby Parker is popularly known for producing designer, reliable and inexpensive frames for eyeglasses. An MBA student, Neil Blumenthal, and 3 of his friends launched this eCommerce company in 2010. They proposed the idea in 2008, and took nearly two years to implement.
Their idea of business was something very essential at that period because Luxottica (Another eyewear brand) was one of the few companies that used to sell designer and reliable frames, but they were costly as compared to Warby Parker.
Warby has a free try-on policy with free shipping and numerous return offers, and this is what the brand has adopted to stand out from the crowd and appeal to its customers.
An online Mattress retailer is helping people sleep better and comforting their sleep cycle. The whole idea behind this business model was to help people realize the importance of sleep and how an adequate amount of sleep can increase their productivity and quality of life.
Their first-ever mattress was “Universal Adaptive feel.” It was so flexible that it could easily adjust to all body types.
The 100-night free trial policy worked well for their customers and made the business model a huge success. Leesa had traditional showrooms at first, but with time they also opened online stores.
ModCloth is an eCommerce company launched in 2002, selling women’s clothing worldwide. They sell fun and quirky clothes that are not so exclusive but are comfortable and budget-friendly.
Everything about their store is creative and exciting – which customers nowadays love. The copies describing their clothes are also fun to read because every product has a name and story behind it – now, this is something very catchy.
ModCloth became a brand within a few years of its launch because of its targeted marketing strategy. They know who their target audience is and what requirements they have. Knowing this has made their business reach exceptional heights within a short period of time.
Mostly we know Amazon was launched in 1995 as an online bookstore and has been flourishing since then. Now amazon is not limited to books anymore because now it sells almost everything you can think of. From groceries to clothes and even jewelry, Amazon has it all.
Right now, Amazon is one of the largest eCommerce stores by revenue worldwide. Though amazon started with no competitors, now it has Walmart as one of its biggest competitors. Last year Amazon made a revenue of $470 billion.
Amazon has adopted a stellar marketing strategy, which is targeting the right customer and offering products at comparatively lower rates.
Shopify is a SaaS (Software-as-a-service) company that provides all the tools needed by a business to run its eCommerce business smoothly. It helps them with website building, marketing, payment processing, financial tracking, and everything in between.
It is a tech infrastructure that supports more than 2 million merchants and various operations ranging from mom-and-pop businesses to global brands. Shopify made $389 million in revenue in 2016 to $4.6 billion in revenue in 2021.
The profitability of Spotify has been improving with time because, just like every SaaS business, it has also scaled up.
LARQ is a business model that makes self-cleaning water bottles that are reusable, rechargeable, and also have some advanced features. For example, it has UVC technology used to eliminate viruses & bacteria from water bottles.
LARQ has the initiative to provide clean water to everyone. They also raised $1.7 million for the same. In addition, LARQ donates 1% of its earnings to help maintain clean water worldwide.
The product was so unique and exciting that it attracted numerous customers. As a result, many environmentalists and aware citizens switched to these LARQ bottles and saved their money from buying single-use water bottles.
7. Beer Cartel
Beer Cartel, as the name suggests, is Australia’s number one beer subscription service. It is said that some ideas sell themselves; the same was the case with this one.
Beer Cartel sells beers from all around the world to their subscribers at their doorstep. This online store gives people the freedom to select their unique beer bottles at a price better than traditional stores.
One of the significant reasons for Beer Cartel’s success is that they offer exclusive taste under budget. In addition, they have a wide range of varieties that keeps their customers interested and coming back.
8. Berlin Packaging
Berlin Packaging is well known for sourcing, designing, and even distributing containers and closures for companies like fortune and various family-owned startups.
They have always provided products at a lower cost to their customers to increase the overall efficiency of their enterprise. One interesting fact about it is that it is not a new startup; it is 80 years old, in fact. But Berlin Packaging has somehow still managed to bring their customers the latest and top-quality beer.
They started this eCommerce business model to keep up with the times, which worked out well for them.
With the introduction of eBay, Bonobos knew that the eCommerce business was getting more competitive with each passing day. So, they introduced a unique business model targeting only a super-specific audience.
This strategy of narrowing down to a particular audience helped them make loyal customers who also flourished their business in the long run. Bonobo’s success made everyone realize that focusing on the competition is not good for your business’s health.
They should focus on the value they provide to their customers, and they will reach greater heights of success.
The name of the company seems fascinating, right? Well, so is their initiative. TOMS is an eCommerce company that sells its customers quality shoes that are reliable, comfortable, designer, and inexpensive.
What separates TOMS from other similar eCommerce is that with every transaction, they will help one in need. Yes! Not only this, but they also run various social media campaigns with hashtags like #withoutshoes and many more to stand out from the crowd.
Everything about their business model is catchy and interesting, making it easier for them to drive more traffic to their online shop.
What are the Biggest Benefits of eCommerce?
Shopping in the comfort of home: eCommerce has made shopping easier and more convenient for our customers. Buying and selling things is a child’s play nowadays. As a result, our purchases are simpler, faster, less time-consuming, and not so hectic.
Markets are globalized: Now, you can shop from anywhere around the world at the convenience of your home. The impact of eCommerce on the planet can easily be visible. There are no limitations or barriers to buying from a different state or country.
Building startups is not so expensive anymore! Yes, in this era of digitalization, anyone can set up their online store at a meager cost. In addition, the operating cost is minimal because both buyers and sellers are now digital.
Technologies are evolving rapidly because of this, eCommerce businesses have to see a lot of changes frequently.
If you have an eCommerce business that is not growing as expected, you must adapt to new business models that add value to your customer’s life and your e-commerce services (my business: krishaweb dot com).
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What Does the G7 Russian Gold Ban Mean for Gold Stocks?
The G7 plans to announce a ban on Russian gold imports. But does that really matter for investors? While there hadn’t been an official Russian gold ban until now, this news isn’t exactly a surprise to the industry. Today, we’re seeing that lack of reaction in gold prices.
Typically, a ban on imports for a particular commodity sends prices soaring higher. Just look at what happened to oil after Russia invaded Ukraine. As it pertains to gold, prices also initially ticked higher this morning, with the futures opening up by under 1%.
However, it has now turned lower on the day, as have the VanEck Gold Miners ETF (NYSEARCA:GDX) and the VanEck Gold Miners ETF (NYSEARCA:GDXJ).
Does the Russian Gold Ban Matter?
This latest decision does matter. However, it will have a limited impact on the global gold market and gold-mining stocks. Warren Patterson, Head of Commodities Strategy at ING Groep NV (NYSE:ING), had the following to say:
“The impact from a ban on Russian gold imports by G-7 nations is likely to be fairly limited, given that the industry already took steps to restrict Russian gold […]It looks as though its largely symbolic.”
Russia has the world’s fifth-largest gold stash according to the World Gold Council. However, it only exported roughly 5% of the world’s gold supply in 2020. A bulk of those exports — over 90% — went to the United Kingdom, a G7 member. Still, Russia will likely find buyers in China and India.
In actuality, the buying pool may shift, but it will not completely evaporate.
How Does This Affect Gold Stocks?
At this point, the ban does not seem to have much of an impact on gold stocks. There’s multiple reasons why this is the case.
- The industry seems to have largely prepped for such a ban.
- Russia is not that large of an exporter of gold.
- The efforts from central banks to raise interest rates and strengthen currencies is likely playing a more important role in regards to precious metal prices.
Ultimately, a Russian gold ban certainly doesn’t hurt gold prices — if anything, less supply is a bullish catalyst — but right now that catalyst is not reverberating through the market. However, removing Russian supply from the market will be a modest positive for gold miners.
Published First: InvestorPlace. Read Here.
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