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In Financial Services, ERP & Finance

Trustpair Recognized as an SAP Spotlight Partner App

Trustpair, a leading payment fraud prevention platform for large companies worldwide, today announced its recognition as an SAP Spotlight Partner App. Trustpair is now listed among the top 50 apps globally on the SAP Store.

The platform was selected as a Spotlight Partner for its proven ability to help companies fight the growing risk of vendor payment fraud through automatic international account validations. Spotlight Partner apps are validated by SAP and are selected for providing strong performance and outstanding customer support.

“We’re thrilled to be selected by SAP as a top partner. Our recognition as a Spotlight Partner is a testament to the business criticality of vendor payment fraud prevention. Fraudsters are increasingly becoming more sophisticated in their ability to usurp suppliers’ identities and intercept their payments. Companies can fight back by strengthening their account validation processes and data reliability across the procure-to-pay chain, which are two areas in which our native integration with SAP helps solve,” said Baptiste Collot, co-founder and CEO of Trustpair.

Trustpair helps more than 250 large global companies prevent vendor payment fraud across the entire procurement process with access to the most reliable third-party data worldwide. Trustpair’s platform monitors millions of data points from internal and external data sources and provides real-time international account validation at various points in the supplier lifecycle. Companies can continuously monitor and enrich their vendor data with Trustpair and get a complete view of their fraud risk.

In Financial Services, ERP & Finance, Awards

BigID Lands on Deloitte Technology Fast 500™ for the Third Consecutive Year

BigID, the leading platform for data security, privacy, compliance, and governance, today announced it ranked number 333 on the Deloitte Technology Fast 500™, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 29th year.

This marked the third year that BigID has been ranked within Deloitte’s Technology Fast 500 Program.

“Landing on Deloitte Technology Fast 500 for the third year in a row speaks to the growing need to elevate data security, privacy, and compliance,” said Dimitri Sirota, CEO and Co-Founder of BigID. “This recognition of our growth reflects the fact that data is the digital oil of the information age and ensuring its integrity and safety will just get more important for organizations.”

 

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In Awards, ERP & Finance

BigID Named Winner of the Coveted Top InfoSec Innovator Awards for 2023

BigID, an industry-leading platform for data security, privacy, compliance, and governance, announced they have been named the “Most Innovative in Data Security Platform” winner in Cyber Defense Magazine (CDM)’s Top InfoSec Innovators awards.

“We’re thrilled to be named as the ‘Most Innovative in Data Security Platforms’ in this year’s Cyber Defense Awards,” said Dimitri Sirota, CEO of BigID. “We knew the competition would be tough and with top judges who are leading infosec experts from around the globe, we couldn’t be more pleased to be recognized for our innovation in data security and for how we help other companies derive more value from their data.”

“BigID embodies three major features we judges look for with the potential to become winners: understanding tomorrow’s threats, today, providing a cost-effective solution, and innovating in unexpected ways that can help mitigate cyber risk and get one step ahead of the next breach,” said Gary S. Miliefsky, Publisher of Cyber Defense Magazine.

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In Financial Services, ERP & Finance

B2B payment fraudsters exploit security holes: Trustpair

Trustpair’s survey found that payment fraud is a growing concern for corporate financial professionals, with 56% of U.S. companies saying they were victims of a fraud attempt in 2022. About one in three respondents said the number of incidents has increased year over year.

Nearly a quarter of fraud victims said they lost more than $100,000, and 5% reported losing more than $1 million.

To combat the problem, companies have put a wide variety of measures in place, including manual reviews for payment change requests, according to Trustpair’s report. “These manual processes do not seem sufficient to fight fraud, especially considering the evolving nature of fraud,” it said, adding that technology can help finance teams “focus on where the risk really is and reduce low-value tasks.”

Last year, the FBI’s Internet Crime Complaint Center received 21,832 complaints involving fraud attempts via “business email compromise” scams, with adjusted losses totaling over $2.7 billion, according to a report released in March.

With such scams, criminals send an email message with a payment request that appears to come from a known source. This can include an emailed invoice with an updated mailing address from an individual impersonating a vendor.

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In Tel Aviv, ERP & Finance

AI Unlocks Energy Savings And Revenue From Smart Meter Data

Which home appliances consume the most energy? What renewable energy sources would save households serious money? When are the best times for people to cost-efficiently charge their new EVs? These are some of the burning questions that NET2GRID answers for energy-conscious utility providers and consumers.

“Customers want affordable and easy-to-use options to better understand their energy consumption and manage resources in the most beneficial ways,” said Berend Olde Rikkert, commercial director at NET2GRID. “We provide accurate residential energy insights and predictions from energy data, helping utility providers find new revenue streams and guide customers on their journey to renewable energy.”

I talked with Olde Rikkert at the International SAP Conference for Energy and Utilities in Basel about how NET2GRID’s cloud-based data platform provides energy retailers and their customers with sustainable energy strategies in a volatile market. He told me that one energy provider in Germany tripled self-service, reducing service calls by 60% and churn by 40% within customers that adopted services. He said that consumers can save up to 30% in energy costs by following energy-saving recommendations.

Based in The Netherlands, NET2GRID analyzes smart meter readings from residential households, either collecting data directly from the meter or provided by the energy company. The company’s AI-based algorithms calculate energy consumption patterns of household appliances. Energy retailers can turn these insights into services, providing personalized offers to consumers for cost-savings.

“If people are producing solar power or home charging their EV, we can detect from only meter readings how much energy each device used and when the consumer used it,” said Olde Rikkert. “Knowing that a customer began charging their EV at home for the first time, the energy retailer can offer a special tariff. Similarly, they can alert the consumer if data shows the household is spending more on home heating to comparable households. The retailer can offer sustainable energy suggestions, such as installing additional insulation or a heat pump.”

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In ERP & Finance, Awards

BigID Named Market Leader: Data Security Posture Management in the Coveted Global InfoSec Awards during RSA Conference 2023

BigID, the leading platform for data security, privacy, compliance, and governance, announced they have won Market Leader Data Security Posture Management (DSPM) award from Cyber Defense Magazine (CDM), the industry’s leading electronic information security magazine.

“We’re thrilled to receive one of the world’s most prestigious and coveted cybersecurity awards from Cyber Defense Magazine during their 11th anniversary – highlighting our leadership in the emerging category of Data Security Posture Management,” said Dimtri Sirota, CEO of BigID.

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In ERP & Finance, Paris

Leanpath Introduces AI-Powered Food Waste Prevention Coaching

Global food waste prevention leader Leanpath is integrating the AI engine behind ChatGPT into its suite of prevention tools as a beta test starting . Its new AI coach assistant will offer users tips on preventing their specific food waste.

Leanpath will be testing the effectiveness of the new technology to help speed food waste prevention efforts.

“While generative AI is still early in its journey, we’re excited about what it can already offer in the food waste prevention space,” says Leanpath Director of Product Brennan Hogan. “We’ll continue to adapt this innovation based on customer feedback and usage.”

“Leanpath’s food waste tracking solutions help thousands of kitchens around the world understand what they’re wasting and why, but it’s what culinary teams do with that data that actually stops food waste,” says Leanpath CEO Andrew Shakman. “That’s why we have Leanpath executive chefs to help train and coach culinary teams. And that’s why we’re testing AI coach assistant as a way to supplement that human intelligence with cutting-edge technology.”

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In ERP & Finance, Sustainability

Leanpath Introduces AI-Powered Food Waste Prevention Coaching

Global food waste prevention leader Leanpath is integrating the AI engine behind ChatGPT into its suite of prevention tools as a beta test starting today. Its new AI coach assistant will offer users tips on preventing their specific food waste.

Leanpath will be testing the effectiveness of the new technology to help speed food waste prevention efforts.

“While generative AI is still early in its journey, we’re excited about what it can already offer in the food waste prevention space,” says Leanpath Director of Product Brennan Hogan. “We’ll continue to adapt this innovation based on customer feedback and usage.”

“Leanpath’s food waste tracking solutions help thousands of kitchens around the world understand what they’re wasting and why, but it’s what culinary teams do with that data that actually stops food waste,” says Leanpath CEO Andrew Shakman. “That’s why we have Leanpath executive chefs to help train and coach culinary teams. And that’s why we’re testing AI coach assistant as a way to supplement that human intelligence with cutting-edge technology.”

Foodservice kitchens waste 4-10% of the food they purchase before it ever reaches a plate—a massive financial, environmental and social problem. Leanpath helps culinary teams be more profitable and sustainable by cutting that waste in half.

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In Tel Aviv, ERP & Finance

Sustain.Life Proudly Announces B Corp™ Certification

Sustain.Life, the SaaS platform helping companies across industries measure, manage, and report their environmental impact, today announced its certification as a B Corporation™ (B Corp™). The certification reinforces Sustain.Life’s commitment to helping every industry future-proof by decarbonizing and forging a path to net-zero.

The B Corp verification process, administered by the nonprofit, B Lab, measures a company’s social and environmental performance. To become a Certified B Corporation, companies thoroughly review the impact of their operations and business model on their workers, customers, communities, and the environment and must score a minimum of 80 points on the assessment.

“Even before our inception in 2021, I knew that I wanted to build a Certified B-Corporation. It was vital that we aligned with B Corp early on—it provided effective tools and resources to ensure we started on the right path as a company,” said Annalee Bloomfield, chief executive officer at Sustain.Life. “We are very proud of receiving the B-Corp Certification, which cements our strategic vision for the future. It provides confidence for our team and current and future partners that want to make more informed business decisions with the environment in mind.”

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In New York, ERP & Finance, Awards

Specright Named to Fast Company’s List of the World’s Most Innovative Companies for 2023

Specright a leader in Specification Management software, has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023, honored at No. 3 in the Enterprise category. Specright participated in SAP.iO Foundry New York’s Sustainability & Consumer program and SAP.iO’s Rising stars program in 2022.

This year’s list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow. These companies are setting the standard with some of the greatest accomplishments of the modern world. In addition to the World’s 50 Most Innovative Companies, 540 organizations are recognized across 54 sectors and regions.

“At Specright, our vision is to live in a world without waste, and we believe the best opportunity to do so is to empower people and companies across the globe with the data needed to make products and packaging sustainably,” said Matthew Wright, Specright Founder and CEO. “It is such an honor for Specright to be named alongside so many incredible, innovative companies and this award is a testament to all of the great work our team has done in driving the Specright mission forward.”

Specright helps companies digitize product and packaging specification data and share and collaborate on that data with supply chain partners to reduce costs and errors, drive efficiency, and increase speed to market. This past year, the company surpassed two million products on its platform globally, supporting Fortune 500 and challenger brands and boasting a 99 percent customer retention rate. Specright also received a patent for its Specification Data Management™ platform, validating the uniqueness of Specright’s spec-first approach to product and packaging development, quality management, and above all – sustainability tracking and reporting. The patent also covers Specright Network, which enables brands, suppliers, retailers, and manufacturers to share live, digital specifications with one another.

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In Tokyo, ERP & Finance

Sustainable Lab harnesses the power of data science

Yuki Kishi, the chief financial officer of Sustainable Lab, a financial technology startup that gathers companies’ ESG data and provides it to investors and banks, was the guest at The Japan Times Sustainable Roundtable No. 27, hosted by Ross Rowbury. Sustainable Lab participated in SAP.iO’s Foundry Tokyo Data & Analytics Program.

The company wants to become a recognized platform in the quest for worldwide sustainability and contribute in a meaningful way to sustainability-based decision-making. In the coming years, they hope to expand their business operations outside their base of Japan to include Singapore, Europe and the United States. Kishi and Rowbury discussed a range of topics including diversity, Sustainable Lab’s initiatives and issues facing the sustainability transition today.

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In ERP & Finance

Specright Recognized as a Representative Vendor in New Gartner® Market Guide for Packaging and Product Specification Management

Specright, Inc., the pioneer of Specification Management software that helps customers take control of their supply chain data, today shared business momentum milestones from this year that cement its position as category leader, including new recognition from Gartner. The 2022 Gartner Market Guide for Packaging and Product Specification Management names Specright as a Representative Vendor for Packaging and Product Specification Management (PPSM).

“With two million products on our platform globally, Specright is helping companies make the products and packaging that we use every day in an efficient, sustainable way – from Tide Pods, to Carmex chapstick, and even the packaging for COVID-19 vaccines,” said Matthew Wright, CEO and founder at Specright. “It’s rewarding for the entire Specright team to reap the recognition of our industry-leading position in the market.”

Digitized Specification Management is vital for businesses in packaging, product development, supply chain, manufacturing, and more that need to easily create, share, and track product and packaging specifications while working closely with suppliers to bring their product to market while ensuring sustainability. Specifications are constantly changing, and managing this data with Excel spreadsheets, PDFs, and email can result in product recalls, waste, and production delays when outdated specs are used. Specright not only digitizes this data with a patented, spec-first platform but introduces a new way for companies to make amazing, sustainable things by developing them from the ground-up.

Specright’s approach has led to year-over-year doubling of revenue and the number of active platform users since the company’s first funding round. Multiple companies in the Fortune 500 as well as challenger brands choose Specright as the foundation for digitizing their supply chains, including Colgate-Palmolive, Taylor Farms, and Johnson & Johnson, and the platform boasts 99 percent customer retention.

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In New York, ERP & Finance

Queen of Raw, Inc. Raises from Future Planet Capital for Software, Saving Companies $200 Billion in Waste

Queen of Raw, Inc., a New York-based climate fintech company specializing in recouping value from excess inventory, has raised funding from Future Planet Capital (“FPC”), the international venture capital and impact investor with ~$400M of committed capital and a portfolio including 23andMe, Vaccitech, and Tokamak.

$288B of excess inventory annually becomes waste in landfills, burned, or laid to rest in warehouses. Queen of Raw turns it into a revenue source through sustainable solutions. Its flagship SaaS software, Materia MX, was released out of stealth over a year ago in response to growing supply chain inefficiencies, rising prices, and excess inventory that were escalated amidst the pandemic. These market forces are depleting company profits.

Companies using Materia MX can digitally manage, resell, and recycle excess inventory from a centralized location, with end-to-end automation and reporting in the cloud. Business losses are recouped and capital is preserved to be deployed during periods of recession. No CapEx required.

For its customers, including some of the world’s biggest Fortune 500 companies, the amount of wasted materials represents up to 15% or more of their bottom line. “At that volume,” says Stephanie Benedetto, the female founder and CEO of Queen of Raw, “waste isn’t just environmentally irresponsible–it’s a financial risk and a CFO issue.” An example of the impact: In just weeks leveraging the software, one client realized savings on $14M worth of inventory and holding costs, generating revenue from recycling 10 metric tons of excess materials in Asia and diverting 95% from landfills and incineration.

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In Berlin, ERP & Finance, Awards

Top Innovative Artificial Intelligence (AI) Powered Startups Based in Canada (2022)

Artificial intelligence is transforming the innovation landscape around the world. There are numerous instances of startups leveraging AI to address issues of all sizes. In this article, they look at MindBridge Analytics, an SAP.iO startup from the Foundry Berlin program.

MindBridge enables financial professionals to access improved working methods by discovering, surfacing, and assessing risk across large financial datasets. The application integrates audit and finance experience with data science and AI innovation to support professional judgment and meet financial openness needs. MindBridge’s patented platform helps users trust their figures and lessen ambiguity by offering crucial insights into the company’s financials.

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