As the rise of smartphones has reshaped the ways in which consumers browse, shop, and interact with brands, it has paved the way for a new branch of e-commerce: social commerce. As the next step in the evolution of e-commerce, social commerce ostensibly makes sense: social media apps such as Instagram and TikTok draw in significant portions of the online population on a daily basis , particularly millennials and Gen Z-ers, the two generations encompassing the first digital natives. For these consumers, social media is an integral part of their daily lives, surpassing its original purpose of sharing content with friends and family to connect people to products and services they may not have found in the real world. In 2022, over 50% of millennials and Gen Z-ers listed social media channels above traditional e-commerce platforms for discovering international brands and consumers within this demographic are forecast to account for 62% of global social commerce spend by 2025. Regional differences Despite the opportunities social commerce presents, however, its success has been patchy to say the least. So far, the APAC market has proven most lucrative for the medium: retail giant Alibaba’s livestream app Taoboa, for example, experienced exponential growth […]

Click here to view original web page at www.exchangewire.com

There is a demographic transition towards aged populations underway in the world. Adaptation strategies will require governments, businesses and common people to make key adjustments. This may usher in a great opportunity for India The search for young talent may give way to reskilling experienced employees. Company cultures will need to foster a lifelong learning mindset as working lives expand to 50 years. (Reuters) With a calming budget behind us, I want to shift focus to a megatrend that got no attention in Davos this year. CEOs at the World Economic Forum repeatedly highlighted three trends – the unfolding geopolitics; the inescapable challenge of global warming and the need for companies to strengthen their net-zero commitments; and the accelerating Artificial Intelligence (AI) revolution and its pervasive presence across businesses. The shiny new object was the potential of ChatGPT, both good and bad. All companies need to evaluate the concentration risk in the feedstock they import, test the resilience of their supply chains, analyse the investments needed for their net-zero commitments, and check the adoption of digital and data in every aspect of their business. There’s no quarrel with that. However, what was ignored was the massive demographic transition underway […]

Click here to view original web page at www.hindustantimes.com

Opportunity cost refers to the potential benefits that an individual, investor or business gives up when choosing one option over another. Opportunity cost refers to the potential benefits that an individual, investor or business gives up when choosing one option over another. For example, if you invest in your future career prospects by going back to college, you may not be able to work while studying, so your lost earnings over this period would be part of your opportunity cost. This must be balanced against the longer-term benefits of the decision. Understanding the value of opportunity costs can guide you in making better investing and savings decisions. Saving money now affords you new opportunities in the future It’s never too late to put some money aside in a High-Yield Savings Account. Click on your state and find out more. Open an Account Today! Understanding opportunity cost Opportunity cost applies to almost any business or personal decision, but it can be an elusive concept to grasp because it is so broad. In general, opportunity cost is the amount of money (or another resource) that you will miss out on by taking a particular course of action. However, defining that cost […]

Click here to view original web page at money.com

We welcome your thoughts and questions about this article. Please email the editors or submit a letter for publication. Christopher Hammett is a board member of Falconworks Theater Company. The Chronicle’ s Opinion section is designed to spark robust debate about all aspects of the nonprofit world. We welcome submissions that provide new insights and promote innovative thinking about leadership, fundraising, grant-making policy, and more. See details about how to submit an opinion piece or letter to the editor . Recommended Webinars for You Make It Easy for DAF Donors to Give DAFs are popular among wealthy donors, and their appeal is unlikely to wear off any time soon. On March 9, we'll explore how nonprofits make it seamless for supporters to give through these accounts.

Click here to view original web page at www.philanthropy.com

Banking in the Year Ahead: Industry Standards and Digital Transformation Become Business Practice 3 Banking in the Year Ahead: Industry Standards and Digital Transformation Become Business Practice 4 The future of banking is the history of banking flipped on its head. The industry which used to compete based on back-office efficiencies, will increasingly compete based on front-office customer experiences going forward. Banks Face Competing Priorities In our IBM Institute for Business Value’s latest expert insight, 2023 Global Outlook for Banks and Financial Markets, we stress the significance of collaboration across business and technology teams as a means of navigating the uncertainty ahead. This style of collaboration manifests as a virtuous cycle, generating new revenue opportunities, containing costs and mitigating risks. Most importantly, these efforts must be underpinned by exponential technologies, such as AI and hybrid cloud, which are reducing operational costs, facilitating enterprise-wide agile innovation and enabling platform-based business models. This said, the financial services industry is facing significant hurdles that may hinder the realization of these benefits – most notably, the pervasive use of legacy technology. The key to overcoming these obstacles is the adoption of industry standards, a strategy which enables banks to achieve the competing goals […]

Click here to view original web page at www.globalbankingandfinance.com

AI, multi-cloud, quantum computing to drive digital transformation in 2023: HCL Tech New Delhi: Artificial Intelligence, multi-cloud, quantum computing and sustainability applications are expected to be key drivers shaping digital transformation in 2023, according to a latest report by Indian IT services company HCL Technologies. The 2023 edition of HCL Tech’s Tech Trends report has also predicted 5G applications going mainstream. "5G will become the de facto standard in the coming years, with increased collaboration between telecom companies and enterprises leading to innovative 5G applications growing manifold," it said. We’ve put together the top 10 tech trends for enterprises to build resilience in 2023: Kumar "We’ve put together the top 10 technology trends to watch out for in 2023 that will help enterprises be future-ready and build resilience within their organisation to thrive in any new normal," Kalyan Kumar, Chief Technology Officer and Head of Ecosystems of HCL Tech said in a statement. HCL Tech report has identified AI, multi-cloud, quantum computing and sustainability applications as key drivers of digital transformation in 2023. The year 2023 will witness a wide-scale democratisation of AI, right from enabling chatbots to integrating into the chip industry for developing AI-ready hardware. ‘Progression to […]

Click here to view original web page at psuwatch.com

Room to Read is a literacy charity that has impacted 32 million children in about 20 countries worldwide. It has been a Sage Intacct customer for eight years and undergone digital transformation in that time. Grant Gevers, senior solution consultant at Sage Intacct, spoke to Third Sector acting editor Andy Ricketts at the Tech Summit about how the charity has used digital technology over the years to grow and help achieve its mission. There are three pillars to digital transformation: platform, technology and partnership. It’s vital for any organisation embarking on a journey of digital transformation to get these three pillars right. If any one of these pillars isn’t working correctly, it leads to inefficiency and ineffectiveness. How Room to Read was able to respond to the demands of remote working during the Covid-19 pandemic is a great example of the first pillar in practice, which is platform. As Sage Intacct is a cloud solution, there was no disruption to the system and staff were able to access it easily from home. During the pandemic, the charity moved their India office on to Sage Intacct, which led to big cost savings as they eliminated a lot of manual processing […]

Click here to view original web page at www.thirdsector.co.uk

Digital transformation is under way in the Pacific and presents both opportunities and challenges for the region. Improvements in digital connectivity across the region are converging with growing opportunities for e-commerce, digital payments and digital trade. For some businesses, electronic commerce is opening access to new domestic, regional and international markets. This is especially important for the Blue Pacific Continent to overcome the ‘tyranny of distance’ inherent in being isolated from global trade networks. The COVID-19 pandemic magnified the potential of digital technologies to provide solutions to socioeconomic challenges with new ways of working and communicating emerging across the region. In some countries, the pandemic was a catalyst that sped up long- planned digital initiatives. New mobile money and electronic payment systems accelerated financial inclusion across the region and businesses began turning to online platforms to market and sell their products. At the same time, we are reminded of the economic and social divides that may be exacerbated by increased digitalization, entrenching both leaders and followers and generating uneven social and economic progress. The digital economy should reduce, not widen, existing income and wealth disparities. The current wave of technological change is unprecedented in terms of speed, scope and […]

Click here to view original web page at unctad.org

Many healthcare and life sciences companies find it difficult to digitally transform and deliver When critical digital initiatives are not met, healthcare and life science companies will not deliver and lose money. The scenarios complicate further due to disruption that transformed how healthcare organizations rely on IT as new technologies, such as telehealth and connected devices, became mission-critical. Now, that’s just the beginning. A plethora of healthcare and life science organizations are struggling to keep pace and meet emerging patient needs and expectations. This blog post highlights four main reasons healthcare companies fail to drive digital transformation initiatives and deliver highly-quality patient care. Four reasons healthcare organizations fail to drive their digital transformation initiatives Many healthcare and life sciences companies find it difficult to digitally transform and deliver the value promised to patients. Here are four reasons healthcare organizations find it impossible to embrace digital transformation: 1. Siloed data and poor data integration practices Healthcare and life science companies encompass plenty of applications in any industry. However, only a small percentage of data and applications are integrated and used to drive the business forward. Whether a healthcare company is creating new data connections, formulating a 360-degree patient view, supporting […]

Click here to view original web page at vator.tv

55% of IT decision-makers surveyed by Foundry for the 2022 Data and Analytics Report plan to increase investment in data-focused initiatives in the next 12-18 months, up from 44% in the previous annual report. Organizations across the globe are prioritizing digital transformation to accelerate efficiency in their processes, bouncing productivity back to new heights. According to the 2022 Foundry Data and Analytics study, organizations that were propelled by the pandemic to implement or pilot test data-driven projects in past years, now have them deployed and are beginning to see the benefits as well as the challenges. This includes the lack of a clearly articulated data strategy, executive buy-in, and especially with finding the appropriate skill sets to glean the most value out of data and analytics tools. However, investment in the data and analytic space continues to increase as it has become vital to remaining competitive in the marketplace. Organizations will spend an average of $12.3 million in the coming year on data-driven initiatives (including software, services, training, consulting, and other related costs). “Organizations understand that the network is the foundation for any digital transformation,” said N Jayantha Prabhu, Business Head (India, MEA & SAARC), Black Box, an Elite […]

Click here to view original web page at sg.channelasia.tech