In the wake of COVID, the global marketplace is currently facing a number of supply chain and logistic challenges. Pandemic-related labor disruptions in the manufacturing industry have created shortages of raw materials such as plastics, computer chips and nickel, while a surge in consumer demand has strained the supply chain even further. Retailers are also facing global transportation issues, leading to increased freight costs and long shipping delays.
“This is a stick up. Hand over the money!” is the saying Hollywood has taught us to associate with robbery and theft, but it is the not-so-obvious threats that financial and retail organizations face that carry the most risk. Hidden hazards like internal theft and loss due to transaction error, add to the existing safety challenges businesses like Credit Unions, Payday and Title Lenders face every day in their customer-facing, retail locations.
What happened? When you work in a facility with 50-foot ceilings, inventory stacked up high, and the constant movement of heavy equipment around the loading dock, you want your operations to be easy to monitor. It’s not only the big spaces that need visibility, but the smaller spaces where the more refined work occurs. It may even be on the production line that you rely on for optimal efficiency.
You did it, 2020 is over. While last year had an abundance of challenges, many organizations saw a silver lining by pivoting to new methods of supporting remote work, streamlining manual processes, and implanting automation in areas of business operations that in the past, would not have been possible.
While business travel itself can be both rewarding and challenging, nothing makes an employee’s eyes glaze over more quickly than the thought of the post trip expense processing. Time-consuming, rife with potential for error, it can be a hotbed for both inadvertent and deliberate fraud that can lead to severe consequences for individuals and businesses.
Now more than ever, businesses of every kind, from every industry rely on technology to survive and thrive. To do this, over 77% of companies have strengthened their commitment to digital transformation due to the pandemic. Across voice, data, internet, cloud services and mobility, the technology service landscape is essential to evolve successfully in the new normal.
But what will the increasing reliance on telecom cost? It’s true even before the coronavirus the majority of enterprises overspent by 30% or more on technology expenses, and the reliance on communication service providers (CSPs) — and potential costs — is forecasted to increase.
How we are working now and where we will go in the future will depend on the readiness of companies to re-look at their business and redefine their models for maximum productivity. We have seen three trends that are important to consider in this Digital Transformation / Review for Readiness – as we are not likely to go back to the model that we had pre-pandemic: Remote Work Readiness, Returning to Work Safely, Rethinking Operations.
OMNIA Partners routinely invites industry experts to share insights on achieving manufacturing and business success. In this post, Digital Strategist, Danish Wadhwa, discusses how you can keep your company cyber-safe and secure.
A survey by Nationwide informs that about eight in 10 small business owners do not have a plan to respond to the cyber-attack, even though most of them (63%) have previously suffered from at least one type of cyber-attack.