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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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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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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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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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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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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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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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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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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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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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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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World Food Day 2022: Agritech Serves Up Farm To Fork Revolution

World Food Day on October 16 this year presents an urgent roll-up-your-sleeves challenge as we face a global food crisis as never before. The United Nations estimates there will be 9.8 billion people on this planet by 2050. Meantime crop yields have plummeted to record lows and food prices are hitting record highs, while fallout from the pandemic, extreme weather, and geopolitical conflicts continue disrupting supply chains worldwide. Nevertheless, a committed nucleus of agribusiness startups and established leaders are innovating to feed the planet’s growing population in a healthy, sustainable manner.

Data intelligence is rock against food insecurity

Companies across the value chain in the agricultural industry are turning to data in their quest for predictability. Some food processing companies are working closely with farmers to improve operations that meet regulatory emission targets and corporate sustainability KPIs, while gaining efficiencies and increasing crop yields. Climate change imperatives are only increasing the urgency to take action.

“Traditional, experienced-based farming is not viable in today’s highly dynamic world,” said Andreas Heckmann, executive vice president and head of customer solution support and innovation at SAP. “Food processing organizations need intelligence from integrated data to increase farming efficiencies. One example is SAP Intelligent Agriculture, where agribusiness organizations including farmers and other partners, share and interpret real-time data from sensors, weather stations, and satellite imagery to better understand when to plant, irrigate, grow, and harvest crops for higher yields, cost-savings, and sustainability.”

Climate intelligence boost crop yields

Real and near real-time intelligence is fast becoming a bulwark against climate change threats. One SAP partner, a Chilean-based startup called Agranimo, collects and analyzes data from climate and soil sensors and satellite images. This intelligence is designed to help growers better forecast and increase farm yields, reduce water and fertilizer consumption, and assess climate risks. With consolidated climate and soil information, growers can improve crop management strategies, including pest and disease management, for more accurate yield forecasts, as well as environmental sustainability. For example, commercial farmers can adapt irrigation to plant needs and use less water, or act quickly to protect plants from extreme weather. Agranimo participated in the Industry 4.0 cohort of SAP.iO Foundry Berlin, the company’s global B2B accelerator.

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Specright Helps Product Specs Go Green: SAP.iO Foundries Sustainability Spotlight

Disruptive crackers. It might not sound like the next revolution in industry but, in fact, it could be. Aiming to be the world’s first carbon negative food company, Bright Future LLC is on a mission to reverse climate change through nutrients. Financed by Post—the business behind Raisin Bran and Chips Ahoy! cookies, among many other products—it’s been given the freedom to operate with the agility and ingenuity of a disrupter. Airly, as its new brand is called, produces a snack described as “oat clouds” in flavors ranging from cheddar cheese to salted caramel.

And yet: How can Bright Future Foods be certain its products are helping in the fight against climate change and, if they are, how much? Can they be guaranteed down to the last gram of carbon? Enter Specright, one of the startups that went through SAP’s SAP.iO Foundries, a no equity ask global accelerator program. Created by 25 year packaging industry veteran Matthew Wright, Specright provides digitized exact and reliable data on the thousands of specifications that go into even simple-seeming products. Think about all the elements that have to be considered. Everything from a red lipstick’s gold label to its teeny-tiny measurements to its printed foil packaging materials must be accounted for. The same would go for, say, a tractor, down to the last screw. Yet, prior to Specright, such details for products were generally handled with little common language, and circulated within companies using primitive methods like email and spreadsheets, if they were managed at all.

Wright calls this new category of software “Specification Management” and Specrright’s software solution is the first patented, cloud-based Specification Management Platform. Clients ranging from Jack in the Box to Johnson & Johnson to Colgate extol its clean look and ease of use. Wright cites Steve Jobs as his inspiration. “I remember the days when you bought a computer and it was a day project to try to get something operating. Even then you had to read a book to use it. All of a sudden these Apple computers came out, and you took it out of the box and were doing stuff in ten minutes…I’m trying to do the same thing with industrial software.”

SAP.iO, which operates 11 global “foundries” for startups (though the pandemic has led some to operate virtually), is highly selective. Out of a field of company candidates that typically can reach as many as 700, just six to eight startups are chosen per “cohort,” or individual group. SAP works with the companies for three months around a theme; Specright’s group was focused on consumer and retail sustainability solutions. Upon graduation, the companies are integrated into SAP’s cloud software offerings as vetted and safe tools.

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5 companies leveraging startup innovation to improve their customer experience

Providing a top-notch customer experience is critical for competing in today’s market. By better understanding their customers, companies can provide personalized experiences that exceed expectations.  

To date, over 150+ startup solutions in SAP’s partner ecosystem have built integrations to help SAP customers expand the capabilities of solutions in their SAP landscape including SAP Customer Data Platform, SAP Commerce Cloud and more. 

Here are 5 impressive stories highlighting companies that are working with startups to provide world-class customer experiences. 

 


Deli Home & Expivi: Improving customer experience while delivering bespoke products at scale

Deli Home, an international supplier for DIY products, needed a solution to help their customers configure their timber orders online that could be easily integrated with their retail website and ERP system powering their business. Expivi’s 3D Product Configuration solution was the perfect solution to enable customers to order custom-made wood panels directly from their website. 

Expivi works with 3 SAP solutions and is available on the SAP Store. 


Target & SundaySky: Providing interactive video-powered experiences to its new RedCard members 

Target worked with SundaySky to provide interactive and customized video-powered experiences to its new RedCard members at many touchpoints along the customer journey to drive relevancy and deepen their customer engagement. 

SundaySky works with SAP Commerce Cloud and SAP Upscale Commerce and is available on the SAP Store. 


Signet Jewelers & Creatable: Bringing in-store associates into the online store   

Signet Jewelers is working with Creatable to empower their sales teams to sell online through personalized virtual storefronts to drive new revenue, traffic and extended consumer engagement – all integrated with their online stores powered by SAP Commerce Cloud. 

 Creatable works with Industry Cloud, SAP Commerce and is available on the SAP Store. 


Jenny Craig & Jebbit: Using data to provide a better experience for customers 

Jenny Craig is a nutrition and weight loss company that partnered up with Jebbit to create a solution to generate engagement with their customers and allow them to understand potential customers’ intents, motivations, and desires by delivering engaging experiences. 

Jebbit works with SAP Emarsys Customer Engagement and SAP Customer Data Platform and is available on the SAP Store. 


Bose & ParcelLab: Delivering an outstanding end-to-end journey that delights customers 

Bose needed a flexible solution to meet customer demands and deliver a consistent customer experience across multiple touchpoints. They teamed up with parcelLab to design a series of fully customizable post-sales emails that provide customers with access to the latest updates on their order. By embedding the order tracking information solution directly in Bose’s website, they were able to significantly improve their search engine optimization and contribute to repeat sales.  

parcelLab works with SAP Commerce Cloud and SAP Upscale Commerce and is available on the SAP Store. 


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