It's tough to succeed in the logistics and transportation industry, especially with long-distance routes.
A highly competitive market and low profit margins push companies to be proactive and quickly make decisions to stay ahead.
Considering that there's little room for error in such an environment, fraud can pose a significant, or even existential, threat. For example, in 2016, a logistician was arrested for embezzling nearly $2 million over a three-year period.
Smaller and midsize companies are under threat as well. On average, midsize companies lose around $150k a year to fraud.
It is impossible to separate an individual business from its larger industry or the world economy as a whole. Businesses must understand their role within this global framework to reach strategic goals.
It is especially important for companies to have a clear strategy during times of crisis to ensure productivity and core operations.
Experts claim that up to 10% of revenue related to human resources may be lost due to operational abuse. In many senses, ordinary employees present the biggest risk of fraud to business owners and leaders.
Without a doubt, many of us understand that this fraudulence can happen to any company, but not everyone can visualize to what extent. Every business must have policies in place and a strategic roadmap to protect its core assets.
Private business can maximize their revenue by becoming as efficient as possible and eliminating wasted time, effort, and resources. Businesses that use automation to optimize their processes are more likely to adapt to changing conditions and anticipate future needs.
According to economists, manufacturing businesses are ranked fourth in the number of reported fraud cases and second in total money lost out of all industries. The most common types of fraud are related to corruption, fraudulent payoffs, and doctored financial records.
Battling fraud is complicated by the fact that fraud in manufacturing usually continues for two years before it is detected. Occupational fraud is more likely to be detected by accident than by internal or external audit and controls.
The most common reason that companies are vulnerable to fraud is a lack of sufficient controls and analysis to detect suspicious behavior. The most sensitive areas are accounting, financial operations, materials, and supply chain.
These are several methods that businesses can use to develop a strong policy on preventing fraud
Every business, big or small, must re-evaluate its strategy and conduct an effective audit to monitor ongoing changes. Otherwise, these businesses risk remaining in unstable, costly positions that leave them vulnerable to market volatility.
Are you stressed that your company is spending too much money on office supplies and wasting finances on useless materials?
In a turbulent period of global crisis and uncertain financial markets, optimization is even more important than it was during times of abundance.
Many companies think of shifting to less expensive offices. While that may reduce rent expenditures, it's likely to have little effect on consumables like water, paper, and office supplies.
In a time of market turbulence and external influences like coronavirus shocking the world economy, business leaders have to consider innovative ways of improving business performance.
For years, fraudsters hunted for numbers from credit cards and printed them on blank ones to use at brick-and-mortar stores. According to researchers, it takes a long time, sometimes more than a month, to detect fraud that occurs at brick-and-mortar establishments.
Most companies have access to volumes of data, but have no idea about how to organize it, what to do with it, or how to leverage it across functional departments. This lack of direction can contribute to disjointed customer experiences and a lack of customer retention.
Many different kinds of customer data platforms have been created throughout the years to satisfy the needs of various businesses. These platforms are especially popular with commerce-based companies. However, all sectors and departments can benefit from analytics, including companies that provide Human Resources services and corporations with large HR departments.
In order to promote significant growth, companies need a robust strategy to reshape their operating processes through customer data management. That magic force is already here — it's called machine learning. You'll see in this article how machine learning algorithms can increase the effectiveness of CRMs to maximize efficiency within your daily operations.
In modern times, e-commerce fraud prevention is crucial to protect the stability of your business and the privacy of your customers.
We believe that technology can change our lives for better. In a highly competitive world, we look for effective tools to help us make money, achieve personal wellness, and save time.
Evinent Analytics is a Customer Data Platform with powerful analytical tools that can be universally applied to any industry.
Best of all, our platform integrates with various CRMs, ERPs, call centers, accounting systems, and online shops.