Many online shops, including big ecommerce retailers, vary in terms of popularity, market position, and specialization according to their respective industries and target audiences.
But the common factor for all is that every website can be regarded as successful when it increases the number of visits, new customers, customers with repeat visits, and purchases to achieve higher revenue.
Imagine that a customer goes to an online store, does not find the right product, and then moves on to a competitor. Since the product the customer wanted is not found, the store is losing a "hot" customer who is prepared to make a purpose. A bad search is a conversion eater; it takes up to 50% of buyers away from the site. According to statistics, visitors who use the search function on a site are more likely to make purchases. These are exactly the customers that marketers are fighting for.
In order to prevent and manage risks to businesses, careful planning and consideration are needed. No company or individual is beyond the reach of certain risks.
That's why many organizations rely onrisk management solutions and enterprise management software to assist them.
The first step for companies is to research what tools are out there and see which risk enterprise management solution has the components you need to meet your internal goals.
Mortgage fraud can lead to long-term, widespread schemes to illegally obtain money and property.
Fraud in its simplest form is an intentional misrepresentation when one party deceives another by presenting inaccurate information or facts.
Housing or mortgage fraud can be committed by individuals who intend to occupy a property as a primary residence or by groups who commit fraud with the help of rental properties.
Loss prevention is a set of practices used by organizations to preserve profit.
Financial or product loss can be caused by theft, fraud, waste, abuse, or misconduct. Losses negatively affect business processes and procedures. Loss prevention is particularly troublesome within the retail sector, but can also be widespread throughout other industries.
Tax fraud occurs when an individual or a firm deliberately falsifies data on a tax return to reduce the amount of taxes owed or avoid paying taxes altogether.
In the U.S., taxpayers are required to file a tax return and pay the correct amount according to their respective incomes, deductions, etc.
The pharmaceutical industry is among the wealthiest and most influential sectors with annual sales expected to exceed $2 trillion in 2020.
However, it is also one of the most complicated industries in terms of preventing and detecting fraud.
Insurance fraud is any act that intentionally violates an insurance process. This occurs when claimants attempt to obtain some benefit or advantage they are not entitled to or when an insurer deliberately denies some benefit that has to be provided.
Insurance fraud poses a significant problem to society. Governments and businesses have to take action to block or reduce its negative influence.
Insurance fraud is not as visible and readily apparent as other crimes. Investigations reveal that approximately every tenth dollars is wasted because of fraud, resulting in losses of more than $100 billion annually.
Fraudulent activity in healthcare is generally related to insurance, billing, or treatment.
Insurance fraud occurs when a company or a person cheats an insurance company or state healthcare program. The exact methods can vary since scammers are always inventing new tricks to undermine the law.
In this particular article, we will delve deeper into medical fraud, explore real-life cases, and identify protective measures that can be used to fight and prevent against this type of fraudulent activity.
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.