Machine Learning Application in Finance

Machine_Learning_Application
Machine learning (ML) is a facet of data science that uses experience instead of programming to learn patterns and improve performance. There is no doubt that it offers an exciting opportunity for the financial industry, where data rules the roost.

Machine learning, like artificial intelligence, is designed with automation as the end goal. Ideally, machine learning will enable computer systems to access data and improve experiences based on them. All of this happens in the background. As such, there is no room for human intervention and, thus, no human errors or bias. Subsequently, this brings precision and accuracy in data insights, even when the volume of data is tremendous.

With the inexplicable power that machine learning brings to finance, many fintech and financial institutions are implementing it in a multitude of ways.

From an economic point of view, it is very premature to predict what we have for the next months and years, but within all the effects that this pandemic brought, it is notable that people have increased the desire to have their own companies and go digital.”

Oscar Jofre Jr., Co-Founder, President/CEO at KoreConX

Here are some of the applications that are currently in use.


1 Trading based on Algorithms

Traditionally, traders rely on mathematical models that are based on constant monitoring of trade news and real-time market activity. These models use some predetermined criteria like timing, quantity, pricing, and other such factors to make automated trades.

Algorithmic trading involves the use of trained algorithms to make informed and precise trading decisions. However, it takes the analysis and monitoring aspects to the next level. It is able to process enormous amounts of data and make near-instantaneous decisions, which gives traders an edge over the market. It also eliminates emotion-based decisions, making the process truly revolutionary.


2 Detecting and Preventing Fraud

A fortified digital infrastructure is a must for banking and financial institutions to operate in the modern world. However, fraud and cybersecurity threats continue to grow in significance. Traditional fraud systems are susceptible to modern fraudsters. However, with machine learning at the helm, organizations can sift through a massive amount of data in less time to identify anomalies or unusual activities. This way, security teams can be instantly alerted to act.


3 Computed Portfolio Management

Machine learning is taking portfolio management by storm with the introduction of robo-advisors. Robo-advisors are online applications that use machine learning to deliver financial insights to investors. They use algorithms that assess the investor’s goals and risks and provide a financial custom financial portfolio tailored to their risk tolerance. Not only are robo-advisors cheaper, but they also require low account minimums.


4 What’s the Writing on the Wall for Financial Services?

AI, machine learning, and deep learning are the heart of the technology-driven innovation in finance and banking. Fintech applications like Signifyd, that uses ML to spot fraud transactions during checkout stages on eCommerce sites are paving the way for multi-industry digital security. Another ML startup called Zest is empowering lenders with credit scoring solutions that help in risk management. These examples only illustrate the many innovations that are driving the exponential growth and use of machine learning in trading, investments, and finance.

Spotlight

Meezan Bank Limited

Meezan Bank, Pakistan's first and largest Islamic bank, is one of the fastest growing financial institutions in the banking sector of the country. With its Vision of establishing ‘Islamic banking as banking of first choice’ – the Bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking license by the State Bank of Pakistan. Meezan Bank has an impressive growth rate, excellent credit rating and a strong Shariah Advisory board including reputed scholars from around the world...

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Financial Management, Payments

Upcoming Insurance Software Events in 2024 for InsurTech Leaders

Article | June 20, 2023

Mark your calendar for the top 10 insurance software events in 2024. These global insurance technology events help in expanding networks, acquiring new insights, and forging strong relationships. Contents 1.Introduction 2.Top 10 Insurance Tech Meetups of 2024 2.1 Insurance Tech Innovation Conference 2.2 Digital Insurance Summit 2.3 InsureTech Connect Asia 2024 2.4 36th Annual Insurance Industry Conference 2.5 ITC Vegas 2.6 Captive Insurance Forum of CT 2.7 Insurance Tech & Innovation Conference 2.8 2024 Life Insurance & Annuity Conference 2.9 9th Annual Digital Transformation in Insurance Conference 2024 2.10 The Future of Insurance USA 2024 3.Summing Up 1. Introduction Attending in-person industry events is crucial for insurance professionals eager to stay ahead in the newest insurtech trends, such as AI, machine learning, and blockchain. These insurance software events in 2024 surpass digital learning by fostering deep connections and engaging discussions on ethics, diversity, and innovation. They expand professional networks, offer fresh insights, and solidify relationships through shared experiences. Furthermore, they serve as a vital component of professional development by providing education credits. They ensure keeping attendees current with industry trends and boost their expertise through participation and content creation. As the industry continues to transform, these upcoming insurance software events 2024 remain pivotal for those committed to leading in technological and regulatory advancements. 2. Top 10 Insurance Tech Meetups of 2024 Innovation within the insurance sector is a firmly established practice, with remarkable and pioneering solutions continually emerging to support businesses and individuals. Despite this history of innovation, the sector appears to trail behind others in adopting advancements in technology, customer engagement, telematics, data capture, and analysis. The following list of top insurance software conferences 2024 presents a unique opportunity for innovators, entrepreneurs and investors. Professionals from across the industry can connect with peers who share a commitment to maximizing the full potential of technological possibilities. 2.1 Insurance Tech Innovation Conference Date: June 5-6, 2024 Venue: Hilton London Heathrow Airport – UK The rise of InsurTech has sparked a revolution in business models, strategies, and technologies, marking a critical step forward in the digital transformation of the insurance industry. Accelerated by the global pandemic, this trend has prompted leading insurance firms to fundamentally rethink their operations to better serve their customers' changing needs. In response to the urgent need for swift adaptation, this insurance tech innovation conference 2024 offers a platform for industry professionals. They can share and learn about new strategies presented by over 30 experts in insurance technology. The event will host over 200 leaders in technology, innovation, data, and analytics, all focused on driving change and staying ahead in today’s competitive market. Key Highlights of the Session Emphasis on enhancing customer experiences and engagement models Adoption of analytics, blockchain, and cloud technology for innovation in insurance Utilization of AI, ML, IoT, and big data to optimize insurance operations Implementation of RPA, legacy modernization, and automated compliance procedures Roadmap for handling virtual claims to enhance efficiency and customer satisfaction Who Should Attend? This insurance tech meetup 2024 is tailored for leaders in the insurance sector seeking valuable insights and aiming to maintain a competitive edge in their digital transformation endeavors. Attendees include CIOs, CTOs, CEOs, VPs, directors, and managers representing various roles within the insurance domain, including brokers/agents, retail agents, claim adjusters, underwriters, actuaries, and others. 2.2 Digital Insurance Summit Date: April 29-30, 2024 Venue: Hyatt Regency Austin, TX Digital Insurance Summit represents a significant convergence of forward-thinking minds within the risk-averse insurance sector. This global insurtech summit serves as a pivotal platform wherein insurers, insurtech companies, brokers, and agencies converge to catalyze transformative shifts in their operations. The focus is on enhancing customer satisfaction and operational efficiency. Engaging with the foremost leaders in digital insurance, attendees will address critical challenges, foster collaboration, and position themselves as influential thought leaders within the industry. Participants at the Digital Insurance Summit will have the opportunity to discover the solutions they are seeking through interactive roundtable discussions, case study presentations, panels, or one-on-one Q&A sessions. Key Benefits of Attending This Summit The Digital Insurance Summit offers a unique opportunity to engage with industry leaders, access exceptional content, and enhance professional networks. Participants attending this insurance tech conference can: Expand professional networks through interactive sessions with industry peers Access meticulously curated content bolstered by six months of research and industry insights Benefit from personalized assistance and support from knowledgeable onsite staff Maximize ROI with tailored content addressing specific business needs 2.3 InsureTech Connect Asia 2024 Date: June 4-6, 2024 Venue: Sands Expo & Convention Centre, Singapore InsureTech Connect (ITC) Asia stands as the premier insurance event, boasting unparalleled access to a diverse array of industry incumbents, tech entrepreneurs, and investors on a global scale. Spanning three days, this gathering serves as a pivotal platform for industry stakeholders to disseminate insights and analyze emerging trends within the insurance market. Participants will explore strategies aimed at enhancing productivity and mitigating costs through innovative approaches and digital transformation. The culmination of this assembly promises to augment industry acumen, streamline operational efficacy, and ultimately enhance the welfare of policyholders. Notably, the hallmark of this insurance software events in 2024 lies in its exceptional networking opportunities, facilitating tens of thousands of meetings and fostering invaluable connections amongst attendees. Who's in the Spotlight? Insurers can leverage unparalleled networking opportunities and insights by attending this event, as it offers a platform to forge strategic partnerships, stay abreast of industry advancements, and engage with high-level peers. InsurTechs can make the most of this event as they will have the opportunity to connect with investors and industry pioneers. Additionally, they can explore collaborative ventures, understand global investment trends, and gain invaluable market insights to drive innovation. Investors can seize this opportunity to anticipate industry trends and forge connections with influential thought leaders. The event aims to provide investors with comprehensive visibility into companies across diverse stages and strategies. 2.4 36th Annual Insurance Industry Conference Date: September 24-25, 2024 Venue: KPMG Lakehouse, Orlando, Florida The insurance industry grapples with significant changes driven by technological advancements, regulatory shifts, economic challenges, and customer expectations, necessitating industry leaders to unite and shape the future. In context to this, the conference offers a platform for engaging exchanges, panel discussions, and keynote speeches. These discussions enable leaders to embrace change, drive sustainable growth, and influence the trajectory of the insurance industry across life & retirement, property & casualty, and insurance distribution & services sectors. Whether attending in person or virtually, participants can anticipate: A comprehensive agenda offering varied viewpoints on pressing matters confronting insurers today Innovative ideas and insightful content to provoke strategic thought Resourceful strategies to address challenges and achieve intended outcomes Networking opportunities enabling connections with fellow insurance professionals, fostering professional network expansion 2.5 ITC Vegas Date: October 15-17, 2024 Venue: Las Vegas The premier gathering of insurance innovation globally, ITC Vegas combines unparalleled networking opportunities with the latest advancements. It ensures attendees spend time connecting with peers, exploring innovative solutions, and cultivating valuable partnerships. Attendees can expect to discover solutions to pressing challenges, access unique educational resources, and engage with top professionals in the insurance industry. ITC Vegas serves as a catalyst for progress within the insurtech sector and beyond. Who Should Attend? Industry executives can connect with entrepreneurs, explore commercial relationships, and engage with fellow leaders across all insurance categories. Entrepreneurs can network with investors, fellow innovators, and industry leaders. They can also learn about global investment trends, the industry mindset, and market directions. Investors can gain insight into companies of all stages and strategies, and they can meet the thought leaders shaping the industry. 2.6 Captive Insurance Forum of CT Date: April 16, 2024 Venue: Mohegan Sun Resort, Uncasville, CT This insurance forum offers an insightful exploration of captive insurance. It invites participants to explore its potential benefits, including lower insurance costs, tax advantages, underwriting profits, and enhanced control over coverage. Attendees can engage with industry experts and thought leaders to discover innovative strategies and developments that are reshaping the future of risk management. From addressing coverage gaps in healthcare to harnessing technological advancements, this event guarantees valuable insights tailored to businesses of all sizes. Key Highlights of the Event: Collaborative approaches between captive insurers and commercial carriers Strategies for improving risk management and reducing costs Adaptation to changing regulatory frameworks Facilitating market access for startups and managing general agents Mitigating risks and addressing deficiencies for providers Legislative updates and advancements in captive laws Addressing cyber threats, ESG factors, and climate change impacts in risk management 2.7 Insurance Tech & Innovation Conference Date: June 12-13, 2024 Venue: Chicago, USA This insurtech event for corporates aims to explore innovative solutions for changing customer requirements, including enhanced experiences and engagement models such as chatbots/conversational bots and omnichannel support. Participants will have the opportunity to discover digital insurance disruption, leveraging analytics, blockchain, and cloud technologies. Additionally, the event will shed light on the transformative potential of AI/ML, IoT, and Big Data in insurance. Key Highlights: Attendees can learn about transformation through RPA, legacy modernization, automated compliance, and beyond. They will also gain insight into charting their claims transformation roadmap by exploring virtual claims handling strategies. Who Should Attend: This event is tailored for leaders in the insurance sector seeking insights to propel their digital transformation journey forward. Attendees will include CIOs, CTOs, CEOs, VPs, directors, and managers across various roles within the insurance domain, such as brokers/agents, retail agents, claim adjusters, underwriters, actuaries, and more. 2.8 2024 Life Insurance & Annuity Conference Date: April 15-17, 2024 Venue: San Antonio, TX The 2024 Life Insurance & Annuity Conference will bring together industry executives to discuss leadership strategies and opportunities for growth in today's uncertain environment. The conference will explore ways to promote industry growth and expand insurance coverage. This event is hosted by conference partners LIMRA and LOMA, SOA, and the ACLI. Attendees include professionals engaged in the development, operations, marketing, distribution, technology, or administration of life insurance products and annuities. Distinguished Speakers Brandon Carter, CLU, ChFC, CFP Chairman and President, USAA Life Insurance Company Jason O. Harris Best-selling author, expert thought leader, and professional pilot Event Highlights Cross-functional learning opportunity Comprehensive coverage of industry issues and future strategies Expanded content, including financial crimes and compliance tracking Strategic leadership discussions on handling uncertainty and identifying growth opportunities Addressing challenges in creating value for shareholders and consumers Meeting consumer demands and delivering personalized experiences Focus on powering industry growth and extending insurance coverage 2.9 9th Annual Digital Transformation in Insurance Conference 2024 Date: May 22-23, 2024 Venue: London, UK The Digital Transformation in Insurance Conference offers participants the chance to explore the newest advancements. They can obtain essential insights on utilizing digital tools to enhance client outreach, boost customer satisfaction, and achieve business success. Attendees from leading insurance companies across the UK and Europe, including esteemed executives such as CIOs, CTOs, CEOs, and founders, alongside innovative insurtech firms, will convene at this event. The agenda includes a diverse range of session formats, including panels, presentations, case studies, and interactive Q&A sessions, addressing pertinent industry trends and issues. Key Sessions ‘Putting the customer at the centre: Charting the trajectory of the insurance industry and strategies for achieving customer-centricity’ by Philippe Duban, Chief Operating Officer, AXA UK. ‘Fostering an engineering-led culture to foster innovation within your organization’ by Pankaj Kane, Chief Engineer, Admiral Group Plc. ‘Navigating the Digital Age: Cultivating a culture of continuous learning for organizational resilience’ by Ambros Scope, Head of Leadership and Future of Work, Zurich Insurance. 2.10 The Future of Insurance USA 2024 Date: May 15-16, 2024 Venue: Marriott Marquis Chicago, USA This year, the Future of Insurance (FOI) USA conference will merge with Insurance AI & Innovative Tech USA, combining efforts to address both the strategic and practical aspects of overcoming critical challenges faced by businesses in the insurance sector. Keynote Speakers Pawan Verma, Global Chief Information Officer at MetLife Sabine VanderLinden, Co-Founder & CEO, Alchemy Crew Laura Olson, Chief Insurance Officer, Obie Matteo Carbone, Founder & Director, IoT Insurance Observatory Eric Marler, Head of Claims, Counterpart Event Highlights FOI USA will present a comprehensive playbook for achieving success with AI and transforming operational processes from inception to claim, thereby addressing costs and augmenting efficiency. It will explore dynamic customer expectations, focusing on cohesive journeys, tailored products, and multi-channel distribution to foster trust and bolster loyalty. The event will address disruptions by embracing a flexible business strategy, forging innovative partnerships, and nurturing a growth-oriented culture, ultimately enhancing resilience throughout the organization. 3. Summing Up The year 2024 is set to be a pivotal time for professionals in the insurance software industry, with a series of significant events offering innovation, insights, and networking opportunities. These insurance software events in 2024 stand out as must-attend gatherings as they provide platforms for learning about emerging technologies, connecting with industry thought leaders, and exploring new strategies to address challenges in the insurance sector. Participating in these events is essential for anyone aiming to stay at the forefront of insurance technology. Additionally, professionals can also explore the top procurement events of 2024 to ensure they don't miss out on key opportunities to engage with fellow professionals in the financial sector.

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Financial Management

Top Procurement Events of 2024 That One Must Attend for Success

Article | January 30, 2024

Stay informed about industry trends at these procurement events in 2024. Seize invaluable opportunities at supply chain conferences and cultivate strategic connections for professional growth. Contents 1. Introduction 1.1 World Procurement Congress 2024 1.2 ISM WORLD 2024 1.3 Gartner Supply Chain Symposium 1.4 3rd Annual 100 CPO Summit 2024 1.5 DPW Amsterdam 1.6 ProcureCon 2024 1.7 ProcureCon Indirect West 2024 1.8 Procurement Strategies & Innovation 1.9 4th World Digital Procurement Summit 1.10 Annual Smart Procurement World Indaba 2. Conclusion 1. Introduction B2B procurement facilitates developing influential connections and utilizing advanced technologies, which are paramount for professionals seeking excellence. These procurement conferences in 2024 provide invaluable opportunities to stay well-informed about industry trends. They offer a unique procurement software platform where individuals can engage in meaningful discourse, exchange valuable experiences, and forge connections that may lead to strategic partnerships. Additionally, these procurement events offer the chance to enhance one's skill set, draw inspiration from real-world case studies, and explore innovative solutions. This holistic approach empowers attendees to drive operational efficiency and maintain competitiveness. Eventually, the process contributes to the ongoing success of their organizations. 1.1 World Procurement Congress 2024 Date: May 14-16, 2024 Venue: Intercontinental London - The O2 World Procurement Congress, currently in its 18th year, has adeptly hosted more than 1100 Chief Procurement Officers and over 12,000 delegates. It remains an essential gathering for business leaders with a profound dedication to advancing the procurement function, cultivating future leaders, and promoting sustainable growth. Key Objectives: Creating procurement-enabled networks for innovation Mapping global supply chains for resilience Understanding AI-based procuretech Assessing geopolitical changes in supply chains Agenda: This procurement event in 2024 spotlights the current status, forthcoming challenges, and promising opportunities. It also addresses ESG concerns by building transparent, socially responsible, and circular supply chains with a clear path to achieving net-zero emissions. Who Should Attend: Chief procurement officers Excellence leaders Digital leaders Sustainability leaders Solution providers Category leaders 1.2 ISM WORLD 2024 Date: April 29 - May 1, 2024 Venue: MGM Grand Conference Center, Las Vegas Over 2,000 procurement and supply chain professionals visiting the ISM World Annual Conference get a unique opportunity to connect with industry thought leaders and peers. Additionally, they engage with advanced learning and explore innovative products & solutions. The event encourages a mindset that challenges norms and embraces innovation. It offers an interactive design conducive to natural networking, practical education, and team building. Featured Sessions: April 29: Women's Supply Management Community: Voice of the Emerging Leader April 30: The Future of Procurement: Leveraging GenAI for Competitive Advantage 6 Negotiation Strategies to Mitigate Procurement Challenges and Risks Guest Speakers: Matt Bromberg, CVP, Global Operations at Northrop Grumman Kee Chang, SVP and Chief Procurement Officer at Qualcomm Michael DeWitt, Vice President of Strategic Sourcing and Center of Excellence at Walmart International Sheetal Gattani, Vice President, eProcurement Solutions and Analytics at Charter Communications What Attendees Can Expect to Achieve: This event offers executives a unique opportunity to expand their professional horizons. They can gain valuable insights into economic trends, geopolitical shifts, and effective growth strategies. Additionally, they learn about enhancing leadership capabilities and team cohesion. Managers and Directors, meanwhile, will uncover research-driven trends and refine team dynamics. They can embrace procurement excellence principles and advance their leadership journeys through interaction with industry peers and professionals. Budding professionals can maximize their potential by immersing themselves in profound learning experiences. They have the opportunity to establish valuable connections with suppliers, peers, and decision-makers, significantly advancing their careers. 1.3 Gartner Supply Chain Symposium Date: May 6-8, 2024 Venue: Orlando, FL Gartner Supply Chain Symposium/Xpo is imperative for Chief Supply Chain Officers and supply chain leaders. It offers them a chance to become a part of the community of experts, engage in interactive sessions, and share experiences. They can access the latest research to mitigate risks and strategize for long-term success effectively. This global procurement conference has been designed to provide pragmatic advice and future-focused insights for empowering supply chains. Primary Goals: Empower leaders to drive sustainable supply chain growth Facilitate the pursuit of cost-saving opportunities Aid in the alignment of supply chain strategies with broader business goals Enhance supply chain resilience and agility Support the implementation of global talent strategies Enable the development of multiyear digital transformation roadmaps with an emphasis on ROI assessment Speakers at a Glance: Ian Bremmer, President and Founder at Eurasia Group Haben Girma, Disability Rights Lawyer and Author Shankar Vedantam, Journalist and Author at Hidden Brain Media Tom Enright, VP Analyst at Gartner 1.4 3rd Annual 100 CPO Summit 2024 Date: November 7, 2024 Venue: Dubai, United Arab Emirates The 3rd Annual 100 CPO Summit 2024, organized by 3novex Global, is a renowned B2B conference organizer with a strong presence in the United Arab Emirates and Malaysia. Industry leaders and executives worldwide are expected to attend this remarkable event. Why Attend? Tailored for Leaders: This event is designed for C-suite professionals in procurement, finance, supply chain management, purchasing, and sourcing. It aims to meet the specific needs of senior executives. Comprehensive Experience: The summit offers a diverse range of services, including procurement events, interactive workshops, thought-provoking roundtable discussions, and engaging micro-events. Stay Informed: 3novex Global's CPO Series ensures that professionals can remain up-to-date with the latest industry developments and alterations in the field of procurement through regular newsletters. This allows them to maintain a competitive edge and stay ahead. Networking Opportunities: The event presents an excellent opportunity to connect with like-minded professionals, industry experts, and procurement technology providers. It is a great occasion to foster new partnerships and collaborations. Growth and Success: Attendees can gain actionable strategies and best practices to facilitate the growth and success of their organizations' procurement departments. 1.5 DPW Amsterdam Date: October 9-10, 2024 Venue: Beurs van Berlage DPW Amsterdam Innovation Summit, hosted by the Dutch capital's Department of Public Works (DPW), is pivotal in accelerating innovation by fostering connections with dynamic startups. This global procurement summit brings together forward-thinking startups, industry disruptors, and corporate leaders. The event facilitates collaboration, ideation, and innovation in the heart of Amsterdam. DPW Amsterdam, the most influential procurement technology event, accelerates innovation by facilitating connections. It unites startups, technology leaders, prominent corporations, and investors to address the most pressing challenges. Highlights of the Session: DPW Amsterdam is a globally renowned annual hybrid technology event focusing on technology in procurement and supply chain management. It serves as the launchpad for digital procurement transformation and provides fresh insights to attendees at any stage of their journey. DPW Amsterdam is a central hub for end-to-end digital transformation, fostering inspiration and insights within its diverse community. This event unites diverse perspectives from founders, corporate leaders, investors, political figures, academic thought leaders, and emerging talent, catalyzing meaningful change. 1.6 ProcureCon 2024 Date: September 17-19, 2024 Venue: Hyatt Regency Barcelona Tower ProcureCon Europe, organized by Worldwide Business Research, is a must-attend procurement gathering for procurement professionals, industry leaders, and solution providers throughout Europe. Key Highlights: This annual procurement event offers invaluable insights through thought leadership sessions, strategic networking opportunities, and innovative solution presentations. Participants can engage in interactive workshops, gain knowledge from real-world case studies, and explore specialized tracks covering various topics such as digital transformation and sustainability. With an exclusive procurement technology hub and executive roundtables, ProcureCon Europe is a dynamic platform for professionals to explore procurement and supply chain management, driving innovation and fostering strategic collaborations. Why ProcureCon Stands out in the World of Procurement Events: ProcureCon facilitates valuable benchmarking opportunities by gathering numerous CPOs and procurement leaders in one place. This event transforms Barcelona into a prime networking hub for procurement professionals. Its exclusive three-day procurement agenda is designed to confront and overcome purchasing challenges. Featuring over 80 procurement leaders, ProcureCon delivers practical insights from industry pioneers. 1.7 ProcureCon Indirect West 2024 Date: March 11-13, 2024 Venue: JW Marriott Las Vegas Resort & Spa ProcureCon has been pivotal in empowering companies to develop world-class sourcing programs for over two decades. It offers a dynamic blend of hands-on workshops, keynote presentations, and engaging networking sessions. The event serves as a valuable resource for achieving long-term sourcing success. Distinguished Keynote Speakers for the Event Include: Linda Chuan, Vice President and Chief Procurement Officer at Box Mark Zafra, Head of Source to Pay (Chief of Procurement) at LiveRamp Kathy Hess, Director of Indirect Procurement at The Estee Lauder Companies Chuck Shehadi, Head of Procurement & Sourcing at Zoom Video Communications Chuck Hatsis, Chief Procurement Officer at CME Group Anna Hammons, Senior Procurement Director at Sam’s Club, among other notable presenters Benefits for Attendees: Participants can learn actionable strategies to conquer digital disruption and surpass savings goals. Attendees can seize the opportunity to participate in an in-depth, strategic exploration of methods to enhance proficiency in indirect procurement. Access substantive content while eliminating superficial elements. Professionals can acquire valuable insights to strengthen supplier relationships, engage stakeholders, and satisfy senior leadership. 1.8 Procurement Strategies & Innovation Date: March 5, 2024 Venue: De Vere Grand Connaught Rooms, Central London Procurement Strategies & Innovation (PSI) is the latest iteration of the UK's long-standing technology showcase for procurement professionals, formerly known as eWorld Procurement & Supply. The event features a multi-stream, curated conference program emphasizing strategy, leadership, innovation, and real-world solutions. It aims to bridge the gap between current possibilities and a future vision with emerging developments in artificial intelligence, cryptocurrencies, and the metaverse. Keynote Speakers: Rachel Repper, Principal Consultant at Amazon Business Fraser Woodhouse, Director at Deloitte Consulting UK Lani Adebanjo, Global Head of Program Management, S2P at Meta Suraj Naik, Chief Procurement Officer at Capita The panel will offer unparalleled insights into the diverse technological strategies employed by their innovative organizations. Their guidance and inspiration will assist professionals in capitalizing on the growing prominence of procurement and delivering significant long-term value. 1.9 4th World Digital Procurement Summit Date: March 14-15, 2024 Venue: Eurostars Berlin Hotel, Germany This top procurement conference will center its discussions around advanced developments in cognitive technologies, implementing effective procurement strategies, the digital procurement ecosystem, and enhancing talent skillsets. Additionally, it will encompass supplier-centric approaches, advanced risk assessment methodologies, sustainable sourcing tools, procurement tools, and resilience planning. Twin Goals for Enhanced Operations: The event aims to achieve cost reduction and efficiency enhancement, to foster operational excellence and ensure uninterrupted business continuity. Strategic Procurement Exchange at the Event Will: Connect experts to exchange knowledge and insights, elevating procurement from tactical to strategic Enhance business by sharing invaluable experiences and facilitating discussions on the latest procurement digitalization trends among experts from top global enterprises Within The Framework of This Event, Participants Can: Forge connections with industry leaders while discussing cost-effective procurement optimization techniques Work collectively to devise solutions for advancing their businesses Cultivate digital procurement skills during the event Tackle immediate procurement challenges head-on Embrace modernization in procurement through technology and strategic approaches, all while prioritizing sustainability and designing a comprehensive transformation plan The Event's Guest List: Who Fits the Bill? The upcoming B2B procurement event will address professionals from diverse industries, including Directors, VPs, Heads, Managers, and a range of Specialists who are involved in: Procurement Strategic Sourcing/Source to Contract Transactional Procurement/Procure to Pay Supplier Relationship Management Contract Management 1.10 Annual Smart Procurement World Indaba Date: September 9-12, 2024 Venue: Gallagher Convention Centre, Midrand Annual Smart Procurement World Indaba is South Africa's biggest procurement event this year. It is an inbound supply chain management event that endeavors to redefine the procurement sphere by unpacking the critical balance between risk mitigation and innovation. It also provides a comprehensive roadmap for enhancing resilience. This top annual procurement gathering is relevant to both the private and public sectors. It serves as a pivotal platform for industry leaders, professionals, and experts to engage with the latest trends, innovations, and strategies shaping procurement and supply chain practices in the region. Key Procurement Event Highlights: Renowned for ranking among the top 100 in the logistics and transportation sector in South Africa Acknowledged for the exceptional quality of participants in attendance Distinguished by the diverse range of products showcased at the event Anticipated turnout of approximately 500 delegates and the participation of 20 exhibitors, making it a substantial gathering within the industry Who Should Attend: Directors Managing Directors Procurement Managers Managers Chief Executive Officers Some products and services to be presented at the Annual Smart Procurement World Indaba include Pandemic Recovery Strategies, among others. Meanwhile, the event will host around 121 speakers. 2. Conclusion These B2B procurement events facilitate the establishment of influential networks and the adoption of innovative technologies, which are essential for professionals dedicated to achieving excellence. These must-attend procurement summits in 2024 serve as invaluable platforms for staying abreast of industry trends. These forums facilitate meaningful dialogues, sharing valuable experiences, and forming connections that have the potential to evolve into strategic partnerships. Furthermore, these procurement events offer opportunities for skill enhancement, drawing inspiration from real-world case studies, and exploring innovative solutions. This comprehensive approach empowers attendees to drive operational efficiency, sustain competitiveness, and make significant contributions to the continued success of their organizations.

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Financial Management, Payments

Shaping Modern Businesses: How Procurement Software Leads the Way

Article | July 10, 2023

Discover next-generation procurement technologies by streamlining processes, automating tasks with precision, and exploring how procurement software empowers executives to redefine business strategy. Contents 1. Introduction 2. Choosing Procurement Software: Types and Tips 3. Key Advantages of Procurement Software 4. Transformative Technologies Reshaping Procurement Practices 5. Procurement Software: Companies at the Forefront 6. Future Scope 1. Introduction Innovative organizations are spearheading the revolution of procurement processes, leveraging advanced software solutions to drive this change. This shift is particularly significant in the digital era, highlighting the critical synergy between technology and procurement and drawing the attention of visionary leaders. These pioneers understand that using sophisticated procurement software is not merely a necessity, but a transformative step that significantly enhances operational efficiency and strategic agility. Central to this paradigm shift is the adoption of comprehensive procurement software. These software applications empower executives to manage the procure-to-pay cycle with remarkable precision, redefining procurement's influence on overall business strategy. They streamline various processes, from purchasing materials and managing inventory to generating purchase orders and overseeing bills and payments. Crucially, procurement software identifies inventory shortages before they impact profitability, collects essential data to boost profits, and automates tasks related to purchase orders or cancellations, further cementing its pivotal role in reshaping the strategic corporate strategy. 2. Choosing Procurement Software: Types and Tips Procurement encompasses a range of software options, with five prominent types dedicated to streamlining and improving different aspects of the process Payable software automates bill tracking and payment schedules to ensure timely financial obligations. Procure-to-Pay (P2P) software manages the procurement and payment cycle, focusing on efficiency and compliance. Source-to-Pay (S2P) software aids in sourcing, negotiating, and contracting goods and services to drive business value and savings. Purchasing software automates the procurement process, facilitating smarter, efficiency-driven purchasing decisions. Request for Proposal (RFP) software streamlines proposal management, from template creation to tracking and signature collection. Meanwhile, when evaluating procurement software, essential elements come into play Begin by prioritizing a user-friendly interface for seamless adaptation and swift tool utilization, realizing its value sooner. Next, delve into the importance of communication and collaboration features, facilitating procurement discussions and granting access to essential information. Keep a watchful eye on the budget, which is made effortless by software offering financial insights, effectively mitigating overspending risks. Additionally, adopt automation tools to enhance productivity and precision in procurement processes. Ensure the cohesive integration of the selected software, including advanced procurement tools, with other indispensable resources within the organization. Furthermore, underscore the significance of a well-planned implementation and adoption strategy, a pivotal factor in aligning with user needs and ensuring a successful digital procurement adoption that fully realizes the promised benefits. 3. Key Advantages of Procurement Software Procurement software delivers many advantages, offering companies a significant strategic edge over those that rely on manual methods such as paper forms and Excel spreadsheets. Some of the primary benefits include the following Increased efficiency Automation of time-consuming procurement procedures The ability for users to redirect their efforts toward more value-added tasks Enhanced spend visibility through real-time data access Cost savings achieved by reducing labor requirements Promotion of wiser spending practices Streamlining of the entire procurement process Improvement of supplier relationships Facilitation of early payment discounts Minimization of errors associated with manual invoice reconciliation Contribution to overall cost reduction Enhancement of operational excellence The adoption of procurement software proves to be instrumental in modernizing and optimizing procurement operations, translating into tangible benefits for organizations seeking to remain competitive and efficient. 4. Transformative Technologies Reshaping Procurement Practices Procurement technologies are causing a profound disruption in established norms, ushering in transformative approaches to traditional practices. The current era witnesses a dynamic convergence of the most advanced and innovative technologies within the procurement domain. These technologies are not just revolutionizing, but fundamentally redefining the essence of procurement. The top procurement technologies leading this transformation include eProcurement platforms that act as comprehensive facilitators of purchasing processes, offering unparalleled efficiency and savings. Spend analysis tools that illuminate spending patterns and identify cost-saving opportunities, while supplier management software streamlines supplier relations, cost management, and risk mitigation. Strategic sourcing software that empowers businesses to make informed sourcing decisions, and electronic auction platforms that foster competitive pricing. Contract Management Software (CMS) that simplifies and automates contract-related processes, enhancing supplier relationships and incorporating ESG and D&I provisions. Supply Chain Management (SCM) software that provides an overarching view of supply chain operations, optimizing efficiency and informed decision-making. Procure-to-pay software that streamlines procurement and accounts payable. Procurement performance analytics that guide informed decisions, along with integrated e-sourcing and e-contracting tools that offer an efficient and data-driven approach to procurement management. 5. Procurement Software: Companies at the Forefront These strategic software applications are paving the way in modernizing procurement software, offering innovative solutions that streamline purchasing processes, enhance supplier relationships, and drive cost savings through automation, analytics, and digital transformation. 5.1 Soldo Soldo is a pioneering financial services and software company specializing in expense management and procurement software. Its objective is to revolutionize corporate spending by eliminating personal outlays. By combining Soldo company cards with its expense management platform, users can avoid using their funds, eliminating the complications associated with missing receipts, and granting finance teams complete control over company expenditures. Soldo's primary objective is to alleviate teams' financial administrative burdens, empowering them with the necessary tools, time, and clarity to focus on their core objectives. 5.2 Payhawk Payhawk, a leading provider of spend management solutions, combines a company card system with automated expense tracking, procurement software, and identification of potential overspending on subscription renewals. By gathering and analyzing receipts, invoices, card transactions, and procurement data, the company empowers businesses to maintain budget control without burdening their staff with paperwork. This user-friendly mobile app eliminates the need for manual expense reports, streamlining financial processes for employees and finance teams, fostering rapid scaling and enhanced operational efficiency. 5.3 Corpay One Corpay, a global leader in business payments, provides a comprehensive suite of online payment solutions, encompassing bill payment, AP automation, cross-border payments, currency risk management, commercial card programs, and procurement software. It is a premier spend management solution for growing businesses, offering an efficient platform for managing business expenses, and a selection of credit cards. With versatile bookkeeping, streamlined vendor payments, and intelligent spend management, this all-in-one solution optimizes expenditure, accelerates earnings, and maximizes savings. 5.4 PayEm PayEm enhances accountability, optimizes spending, and improves efficiency and cost reduction oversight. The platform automates tasks, reduces friction, and enhances the finance team's focus on strategic initiatives while offering real-time visibility for reporting and automation. It effectively replaces outdated systems by integrating a state-of-the-art payment platform with intelligent credit card solutions. This empowers finance teams in authorizing, monitoring, and overseeing vendors, subscriptions, and funding requests with real-time spending data synchronization with their ERP systems. 5.5 QorusDocs QorusDocs is a distinguished AI-powered proposal management and procurement software provider catering to enterprise proposal and sales teams from renowned companies. Specializing in automating the creation of personalized, error-free RFP responses, winning bids, and efficient procurement processes, the company empowers revenue teams to accelerate production, increase win rates, and enhance deal velocity. With QorusDocs, organizations can create high-quality proposals, streamline procurement operations, and track engagement for more informed follow-ups. 5.6 Coupa Coupa Software is a leading cloud-based platform for business spend and procurement management, offering organizations worldwide the essential visibility and control needed for informed and secure spending decisions. The Coupa platform consolidates spending and procurement, positioning enterprises for resilience and growth. Users can centralize and oversee requests, streamline accounts payable operations, integrate vendor management, and manage payments efficiently. Its seamless integration with ERP systems accelerates financial processes, ensures compliance, and enhances spending control, delivering quantifiable value beyond what an ERP system alone can provide. 5.7 BirchStreet Systems BirchStreet Systems, a pioneering leader in the procure-to-pay SaaS sector, is entrusted by global enterprises as their preferred partner for advancing their growth trajectory, owing to its unrivaled insights, profound industry expertise, and comprehensive expenditure management tools. Collaborating with the largest players in the hospitality sector, BirchStreet equips procurement and finance divisions with the capability to translate technology into tangible, positive bottom-line outcomes. Its solutions are developed through extensive partnerships and intimate engagement with esteemed clientele, delivering actionable transparency and authoritative oversight of direct material expenditures, risk mitigation, and the optimization of workflow efficiencies. 5.8 Basware Basware, a global enterprise specializing in automated finance and procurement solutions, empowers finance leaders within multinational corporations to streamline intricate invoice processes, boost operational efficiency, and reduce errors and risks. Renowned for its cutting-edge AP automation and invoicing platform, Basware caters to an array of industries, with a notable clientele who rely on its expertise to manage over 170 million invoices annually, resulting in up to a 60% reduction in AP process duration. 5.9 Airbase Airbase, the preeminent procure-to-pay solution, integrates enterprise-grade capabilities with a user-friendly interface, simplifying purchasing processes, streamlining complex workflows, and ensuring widespread company-wide adoption. Offering intuitive and flexible intake, accounts payable automation, expense management, and corporate card solutions, Airbase empowers businesses to efficiently control spending, accelerate financial closings, and mitigate financial risks. At the same time, its guided procurement approach facilitates easy collaboration among employees and stakeholders, supporting spending compliance and fostering financial control and efficiency. 5.10 Procure Procurify's Intelligent Spend Management platform, complemented by its advanced procurement software, empowers organizations worldwide with an easily operated tool for real-time monitoring and command of their business expenditures. It elevates the precision of spending data to curtail unauthorized spending and rework proactively. This procure-to-pay solution orchestrates the shift from reactive cost management to a proactive, profit-maximizing operation, stimulating strategic dialogues that directly impact organizational growth and financial health. 6. Future Scope Visionary corporate executives are at the forefront of a profound transformation, strategically adopting software solutions that integrate machine learning while leveraging AI in procurement software. This integration enhances analytical capabilities, enables predictive insights, and automates routine tasks. The future of innovative software strategies in procurement envisions a scenario where advanced analytics drive strategic decision-making, cultivating unparalleled agility and resilience within supply chain operations. Emerging procurement software trends emphasize sustainability and ethical considerations, leveraging software to validate supplier sustainability credentials and align procurement with broader corporate responsibility objectives. These pioneering efforts offer increased interoperability, data-driven decision-making, and a redefined role for procurement within overall business strategy.

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Financial Management

Utilizing Procurement Tools for Businesses in the Modern Era

Article | January 30, 2024

Elevate decision-making capabilities and streamline procurement processes with modern procurement software. Explore evolution in supplier management and advanced procurement tools for businesses. Contents 1. Significance of Procurement Tools for Businesses 2. Top 15 Procurement Tools for Modern Businesses 2.1 RFP360 2.2 Rippling 2.3 Navan 2.4 Ramp 2.5 Rydoo 2.6 BILL Spend & Expense 2.7 Brex 2.8 Spendesk 2.9 Mesh Payments 2.10 Pipefy 2.11 Precoro 2.12 Center 2.13 Pleo 2.14 Tradeshift 2.15 Teampay 3. Future Prospects 1. Significance of Procurement Tools for Businesses The field of procurement has undergone a remarkable transformation, primarily catalyzed by the integration of modern sourcing tools, reshaping sourcing, supplier management, and overall procurement strategies. Before the advent of e-procurement software, companies managed their procurement on paper, which could have been more efficient and time-consuming. However, with the rise of the internet and e-commerce, procurement functions transitioned to email and websites. As technological advancements spread globally, companies began adopting advanced purchasing software and procurement technologies to automate processes, enhance profit margins, and improve reliability, transaction visibility, transparency, and cost savings across the entire supply chain. Organizations and professionals are embracing advanced technologies such as artificial intelligence and machine learning, coupled with an increasing focus on sustainability and ethical sourcing, to drive operational efficiency, flexibility, and strategic impact. These advanced tools streamline workflows, automate purchasing procedures, and facilitate online management of procurement-related tasks, including purchase order generation, product selection, order and invoice reconciliation, and payment processing. 2. Top 15 Procurement Tools for Modern Businesses Here are the top 15 procurement tools for businesses that facilitate user-friendly operations, providing ease of use, integration capabilities, scalability, process automation features, security, compliance, and multi-channel accessibility: 2.1 RFP360 RFP360 centralizes RFx issuing for sourcing and procurement teams. It allows teams to collect insights, evaluate proposals, and collaborate with colleagues and vendors in one digital workspace. The solution introduces digital transformation and automation into sourcing routines. Its key features include a template library, workflow management, scoring, and messaging. It supports seamless collaboration throughout the purchasing lifecycle. 2.2 Rippling Rippling provides a unified platform for managing global human resources, IT, and financial operations. It consolidates disparate workforce systems, such as payroll, expense management, employee benefits, and computer provisioning. Rippling allows for comprehensive management and automation of all aspects of the employee lifecycle using a single system. 2.3 Navan Navan's 'Expense Management' tool streamlines and automates business expense management. It offers real-time visibility and expenditure control while reducing administrative burdens. Integration with Navan's travel management platform ensures a unified experience. Its key features include expense reporting, automated reimbursement, and policy compliance checks. The system is adaptable for organizations of various sizes, catering to both small and large businesses. 2.4 Ramp Ramp is a platform designed for modern finance teams. It provides services such as corporate credit cards, expense management software, bill settlements, and advanced vendor management solutions. Ramp aims to simplify financial operations and support the growth of businesses. More than 15,000 companies have adopted Ramp, leading to an average of 5% cost savings and eight-fold faster financial reporting. 2.5 Rydoo Rydoo is a modern expense management solution. It improves convenience, oversight, and regulatory compliance in expense reporting. It offers a user-friendly mobile and web app for quick expense claim generation and submission. The tool provides financial departments with better control over expenses. It allows customization of policies to suit specific needs. Integration with HR, finance, and ERP tools is also supported. 2.6 BILL Spend & Expense BILL is a prominent financial automation software provider for SMBs. It specializes in automating financial processes to support business growth. Its solutions cover payables, receivables, spending, and expense management. The tool also connects businesses to a wide network for quicker payments. BILL's goal is to simplify and enable better control of SMBs' finances. Its software aids in assured business management and success. 2.7 Brex Brex is a unified spending platform designed for global businesses. It combines various financial services, including corporate cards, expense management, reimbursements, travel management, bill payments, and business accounts. Many renowned companies opt for Brex due to its adaptable workflows capable of managing intricate spending needs. The platform emphasizes compliance and minimizes disruptions for employees. It enhances proactive controls, leading to significant time and cost savings for businesses. 2.8 Spendesk Spendesk is a spend management platform. It offers transparency into a company's expenditure. Its key features include corporate cards, invoice payments, expense reimbursements, budgeting, approval workflows, reporting, compliance adherence, and pre-accounting. These features are integrated into one adaptable system. Spendesk is trusted by a range of enterprises, from startups to well-established brands. It aims to enhance efficiency and cost-effectiveness throughout the spending lifecycle. The platform provides unparalleled visibility, automation capabilities, and a streamlined approval process. 2.9 Mesh Payments Mesh Payments is designed to provide businesses with exceptional control and visibility over transactions by automating manual tasks, thereby streamlining the entire payments workflow. The tool offers solutions for various spending needs, including travel expenses, office supplies, and vendor payments, catering to the entire team's requirements. Users can assign virtual and physical cards with pre-approved budgets, making it easier to manage and control spending. It automatically categorizes spending, simplifying expense tracking and management. Mesh simplifies payment workflows, reducing the complexity and time associated with traditional expense reporting processes. The platform provides intelligent insights, helping users make informed financial decisions. It offers a one-click reconciliation feature that instantly syncs transactions with the ERP system, saving valuable time and effort for teams. 2.10 Pipefy Pipefy's Procure-to-Pay software powered by AI empowers procurement teams to become strategic partners. The software automates workflows, improving efficiency and cost savings. Customizable workflows cover purchase requisitions to supplier management. Integration with existing ERPs and accounting systems optimizes cross-functional processes. Impressive performance metrics include a 75% SLA reduction in the supply request processing, a 295% productivity gain in the supply team, a 50% reduction in payment processing time, and a remarkable 223% ROI. 2.11 Precoro Precoro, a comprehensive procurement technology, simplifies purchasing processes and offers visibility into expenditures. It expedites goods requests and enables customizable approval workflows. The tool makes collaboration with suppliers easier. This approach automates manual tasks and consolidates procurement-related data. It provides insights into spending for informed decision-making. Organizations can save up to 4% on annual expenditures. It allows monitoring of budget compliance, inventory management, and document tracking. Spending patterns and key performance indicators can be analyzed through customizable reporting and visual dashboards. 2.12 Center Center offers integrated corporate card, expense management, and travel solutions. These solutions provide real-time access to spending data for all employees. The goal is to streamline expense reporting through automation. Finance teams can gain control and insights for better decision-making. Its corporate card focus ensures adherence to corporate policies in real time. This expedites month-end financial closeouts and eliminates manual reconciliation. All employee expenses are managed within a unified platform. The tool simplifies the management of corporate cards, business travel, and other expenses. 2.13 Pleo Pleo simplifies expense management for all organization members. It offers intelligent corporate cards, eliminating the need to track down lost receipts. Pleo provides real-time expense visibility and control. It automates expense management, invoice handling, and reimbursement. The platform aids in prioritizing essential tasks and responsibilities. 2.14 Tradeshift Tradeshift provides a digital solution for businesses to manage invoices, early payments, and supply chains. It expands beyond traditional procurement functions, addressing global economic uncertainties, rapid innovation, and emerging competition. Tradeshift's platform empowers procurement to enhance operational efficiency, compliance, cost management, and relationship nurturing. The tool fosters innovation and agility, contributing to sustainable growth for organizations. 2.15 Teampay Teampay offers comprehensive spend management features. It includes integrated controls for enforcing company policies and centralized expenditure management. Finance teams maintain control, while managers and employees gain real-time visibility into spending. It simplifies the purchasing process with automated workflows and reconciliation. The tool allows oversight of diverse purchase types from start to finish. It ensures a streamlined experience and handles pre-coded and pre-approved expenditures. 3. Future Prospects Adopting innovative procurement tools and techniques drives organizations toward heightened efficiency and strategic excellence by enabling businesses to gain deeper insights, predict trends, and automate routine tasks, thus enhancing their decision-making capabilities. The prospects of innovative procurement tools depend on their potential to evolve into even more intelligent, adaptable solutions that not only streamline traditional processes but also revolutionize how businesses approach strategic sourcing, supplier negotiations, and sustainability within their procurement practices. Emerging procurement trends also emphasize sustainability and ethical sourcing as companies align with global environmental and social responsibilities. Additionally, collaborative features within these tools are on the rise, fostering seamless interactions within the supply chain ecosystem, and the convergence of blockchain technology and procurement is gaining prominence for enhanced security, transparency, and traceability. In the coming years, the trajectory of procurement tools for businesses will be shaped by their ability to adapt to technological developments. This will enable businesses to explore present complexities and anticipate, as well as address, future procurement software challenges.

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Spotlight

Meezan Bank Limited

Meezan Bank, Pakistan's first and largest Islamic bank, is one of the fastest growing financial institutions in the banking sector of the country. With its Vision of establishing ‘Islamic banking as banking of first choice’ – the Bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking license by the State Bank of Pakistan. Meezan Bank has an impressive growth rate, excellent credit rating and a strong Shariah Advisory board including reputed scholars from around the world...

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ServiceNow announces five-year strategic alliance with Visa to transform payment services

ServiceNow | January 25, 2024

ServiceNow the leading digital workflow company making the world work better for everyone, announced a five-year strategic alliance with Visa, a world leader in digital payments, to transform payment services. The initial phase includes the launch of ServiceNow Disputes Management, Built with Visa—a single, connected disputes resolution solution for issuers. Managing disputes currently involves multiple systems and teams, and many financial institutions often use siloed solutions that are not fully integrated with one another. This disconnected approach creates complexity, delays crediting and resolving disputes, can create potential losses, and ultimately, impacts the customer experience. ServiceNow Disputes Management, Built with Visa is a streamlined solution that blends the best of ServiceNow’s AI-first platform and the company’s Financial Services Operations solution with Visa’s deep technology investments. Each year, Visa helps prevent $30 billion in fraud for consumers and small businesses using cutting edge technology, including tokenization and AI, deployed throughout the entire payments ecosystem, including disputes management. “At the heart of our alliance is a commitment to build industry-leading products that help financial institutions boost employee productivity, create great customer experiences, and drive business growth,” said John Ball, senior vice president and general manager, customer and industry workflows, ServiceNow. “By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry.” “Solving customer pain points is core to our business at Visa, and collaborating with an industry leader like ServiceNow will allow us to help issuer partners resolve disputes more efficiently,” said Vanessa Colella, global head of innovation and digital partnerships, Visa. “ServiceNow and Visa look forward to offering clients the latest technology solutions, so they can focus on delivering an excellent experience for their customers.” ServiceNow Disputes Management, Built with Visa will unite the entire dispute management process – from the first indication that a charge is questionable to early resolution, investigation, and final resolution. It includes a single experience for solving disputes so that employees can have high quality engagements with cardholders, as well as dashboards, automation, alerts, and the ability to audit all transactions. Two standout features enhance its efficiency: a modern, user-friendly low code platform that allows financial institutions to make swift updates to their disputes management process, and generative AI-powered experiences that improve customer intake and agent investigation. The solution also incorporates ongoing changes to disputes rules and applies industry best practices for processes, workflows, and staying ahead of fraud. “Banks should prioritize their CX efforts around the drivers that most influence customer loyalty. For example, resolving problems and issues quickly remains one of the most important drivers of CX and retention for many banks,” wrote Alyson Clarke, principal analyst at Forrester Research. “Banks that adopt modern and flexible digital banking processing platforms will find it easier and faster to deliver innovative (and profitable) customer solutions.”1 ServiceNow is committed to revolutionizing financial services with new products and services. This initial integration marks the beginning of a more extensive, multi-phased relationship between Visa and ServiceNow. The companies will continue to build new solutions and will distribute Visa products and services to joint customers. Together, ServiceNow and Visa will help clients improve dispute management. 1Forrester, Consumer Banking Trends, 2024: Trends Shaping Retail Consumer Banking In The Current Economic Climate, Jan 17, 2024 About ServiceNow ServiceNow makes the world work better for everyone. Our cloud‑based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNowTM.

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Financial Management

H.I.G. Capital Completes Acquisition of CHA Consulting

H.I.G | January 23, 2024

H.I.G. Capital (“H.I.G.”), a global alternative investment firm with $60 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition of CHA Consulting, Inc. (“CHA” or the “Company”), a leading full-service engineering, design, consulting, and program management firm providing a range of technology-enabled services to public, private, and institutional clients. CHA’s existing management team, led by President Jim Stephenson, will continue to lead the Company and remain shareholders in the business. Terms of the transaction were not disclosed. Founded in 1952 and headquartered in Albany, New York, CHA operates under three main sectors: infrastructure, power & manufacturing, and commercial & institutional. The Company serves clients across diversified end-markets including government, manufacturing, transportation, utility, water resources, commercial, and education. Through a combination of experienced and high-quality engineers, end-market expertise, and diverse capabilities, CHA provides industry-leading service to its blue-chip customer base. Jim Stephenson, President & CEO of CHA Consulting and Holdings, Inc., commented, “H.I.G. brings tremendous financial and operational resources with a great track record supporting companies and delivering value. We are confident this partnership will further position CHA for continued growth and will provide opportunities to better support our clients and the markets we serve.” “We are excited to partner with Jim and his exceptional management team. CHA provides critical engineering services through its talented team and is well-positioned for continued growth, capitalizing on accelerating investments in the end markets they serve across the United States and Canada. We look forward to supporting the team’s growth strategy and strategically broadening its operational scope across North America, both organically and through additional add-on acquisitions,” added Matt Hankins, Managing Director at H.I.G. Capital. Houlihan Lokey, Inc. served as lead financial advisor with support from AEC Advisors, and Simpson Thatcher & Bartlett LLP served as legal counsel for CHA. Harris Williams LLC served as financial advisor, and Ropes & Gray LLP served as legal counsel to H.I.G. About CHA Consulting CHA Consulting, Inc. is an innovative, full-service engineering, design, consulting, and program management firm providing a wide range of technology-enhanced services to public, private, and institutional clients. They are focused on delivering sustainable, integrated solutions to the world's most challenging infrastructure projects across utilities, transportation, water, and other critical commercial and industrial end-markets. CHA was ranked 69th largest engineering firm in the U.S. in 2023 by ENR, with approximately 1,800 employees and 50 offices throughout the U.S. and Canada. About H.I.G. Capital H.I.G. Capital is a leading global alternative investment firm with $60 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/ value-added approach H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses. H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion.

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Financial Management

Synechron Launches 'Synechron Nexus' AI Solutions Suite in Fulfilling the Promise of AI With Ready-to-use Solutions

Synechron | February 02, 2024

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Payments

ServiceNow announces five-year strategic alliance with Visa to transform payment services

ServiceNow | January 25, 2024

ServiceNow the leading digital workflow company making the world work better for everyone, announced a five-year strategic alliance with Visa, a world leader in digital payments, to transform payment services. The initial phase includes the launch of ServiceNow Disputes Management, Built with Visa—a single, connected disputes resolution solution for issuers. Managing disputes currently involves multiple systems and teams, and many financial institutions often use siloed solutions that are not fully integrated with one another. This disconnected approach creates complexity, delays crediting and resolving disputes, can create potential losses, and ultimately, impacts the customer experience. ServiceNow Disputes Management, Built with Visa is a streamlined solution that blends the best of ServiceNow’s AI-first platform and the company’s Financial Services Operations solution with Visa’s deep technology investments. Each year, Visa helps prevent $30 billion in fraud for consumers and small businesses using cutting edge technology, including tokenization and AI, deployed throughout the entire payments ecosystem, including disputes management. “At the heart of our alliance is a commitment to build industry-leading products that help financial institutions boost employee productivity, create great customer experiences, and drive business growth,” said John Ball, senior vice president and general manager, customer and industry workflows, ServiceNow. “By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry.” “Solving customer pain points is core to our business at Visa, and collaborating with an industry leader like ServiceNow will allow us to help issuer partners resolve disputes more efficiently,” said Vanessa Colella, global head of innovation and digital partnerships, Visa. “ServiceNow and Visa look forward to offering clients the latest technology solutions, so they can focus on delivering an excellent experience for their customers.” ServiceNow Disputes Management, Built with Visa will unite the entire dispute management process – from the first indication that a charge is questionable to early resolution, investigation, and final resolution. It includes a single experience for solving disputes so that employees can have high quality engagements with cardholders, as well as dashboards, automation, alerts, and the ability to audit all transactions. Two standout features enhance its efficiency: a modern, user-friendly low code platform that allows financial institutions to make swift updates to their disputes management process, and generative AI-powered experiences that improve customer intake and agent investigation. The solution also incorporates ongoing changes to disputes rules and applies industry best practices for processes, workflows, and staying ahead of fraud. “Banks should prioritize their CX efforts around the drivers that most influence customer loyalty. For example, resolving problems and issues quickly remains one of the most important drivers of CX and retention for many banks,” wrote Alyson Clarke, principal analyst at Forrester Research. “Banks that adopt modern and flexible digital banking processing platforms will find it easier and faster to deliver innovative (and profitable) customer solutions.”1 ServiceNow is committed to revolutionizing financial services with new products and services. This initial integration marks the beginning of a more extensive, multi-phased relationship between Visa and ServiceNow. The companies will continue to build new solutions and will distribute Visa products and services to joint customers. Together, ServiceNow and Visa will help clients improve dispute management. 1Forrester, Consumer Banking Trends, 2024: Trends Shaping Retail Consumer Banking In The Current Economic Climate, Jan 17, 2024 About ServiceNow ServiceNow makes the world work better for everyone. Our cloud‑based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNowTM.

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Financial Management

H.I.G. Capital Completes Acquisition of CHA Consulting

H.I.G | January 23, 2024

H.I.G. Capital (“H.I.G.”), a global alternative investment firm with $60 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition of CHA Consulting, Inc. (“CHA” or the “Company”), a leading full-service engineering, design, consulting, and program management firm providing a range of technology-enabled services to public, private, and institutional clients. CHA’s existing management team, led by President Jim Stephenson, will continue to lead the Company and remain shareholders in the business. Terms of the transaction were not disclosed. Founded in 1952 and headquartered in Albany, New York, CHA operates under three main sectors: infrastructure, power & manufacturing, and commercial & institutional. The Company serves clients across diversified end-markets including government, manufacturing, transportation, utility, water resources, commercial, and education. Through a combination of experienced and high-quality engineers, end-market expertise, and diverse capabilities, CHA provides industry-leading service to its blue-chip customer base. Jim Stephenson, President & CEO of CHA Consulting and Holdings, Inc., commented, “H.I.G. brings tremendous financial and operational resources with a great track record supporting companies and delivering value. We are confident this partnership will further position CHA for continued growth and will provide opportunities to better support our clients and the markets we serve.” “We are excited to partner with Jim and his exceptional management team. CHA provides critical engineering services through its talented team and is well-positioned for continued growth, capitalizing on accelerating investments in the end markets they serve across the United States and Canada. We look forward to supporting the team’s growth strategy and strategically broadening its operational scope across North America, both organically and through additional add-on acquisitions,” added Matt Hankins, Managing Director at H.I.G. Capital. Houlihan Lokey, Inc. served as lead financial advisor with support from AEC Advisors, and Simpson Thatcher & Bartlett LLP served as legal counsel for CHA. Harris Williams LLC served as financial advisor, and Ropes & Gray LLP served as legal counsel to H.I.G. About CHA Consulting CHA Consulting, Inc. is an innovative, full-service engineering, design, consulting, and program management firm providing a wide range of technology-enhanced services to public, private, and institutional clients. They are focused on delivering sustainable, integrated solutions to the world's most challenging infrastructure projects across utilities, transportation, water, and other critical commercial and industrial end-markets. CHA was ranked 69th largest engineering firm in the U.S. in 2023 by ENR, with approximately 1,800 employees and 50 offices throughout the U.S. and Canada. About H.I.G. Capital H.I.G. Capital is a leading global alternative investment firm with $60 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/ value-added approach H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses. H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion.

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Synechron Launches 'Synechron Nexus' AI Solutions Suite in Fulfilling the Promise of AI With Ready-to-use Solutions

Synechron | February 02, 2024

Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organizations, announces the launch of its Synechron Nexus suite of nine Artificial Intelligence (AI) solutions that are ready to be deployed within weeks. This array of generative AI-led solutions was designed to span the nexus between human expertise and AI, while enabling users to automate manually intensive tasks, increase project speed, drive operational efficiencies, and reduce costs across various key business tasks. Each solution, divided among three value streams, allows Synechron clients to improve their operations, reduce friction in their processes and boost productivity. Business Growth: Practical, innovative applications that enhance business capabilities Synechron Amplifai is a GenAI-powered market research solution. Its automated research capability saves significant time in a wide range of use-cases, reducing the tedium of gathering, analyzing and reporting market news, trends and strategies. Synechron Clarifai is a tool for summarizing and analyzing call-center transcripts. Conversations are flagged for non-compliance and further human review/actions. Synechron Simplifai centralizes project portfolio data and metrics for streamlined executive decision-making, informing effortless, data-backed decisions for executive and steering committee groups. Operational Efficiency: Advanced solutions to streamline processes and elevate internal operations Synechron Nexus Chat is built on a conversational AI model, understands and engages in a comprehensive range of scenarios and supports plug-ins for real-time data and integration, while delivering human-like conversational responses and text, safely and securely. Synechron Replai is an AI-driven, RFP and proposals tool, streamlining proposal creation with high-quality, insightful responses, with the ability to search the internal knowledge repository for fast access and content re-use. Synechron Unifai is an AI-driven HR solution, designed to simplify interactions between company HR functions and employees, such as policy information and employee-specific payroll details. Synechron Identifai collects comprehensive online market intelligence and provides an in-depth understanding of business, emerging technology trends, or any research topic. Developer Productivity: Toolkit to optimize timelines, minimize costs, and automate practices across the Software Development Lifecycle (SDLC) Synechron Codifai is an SDLC productivity improvement tool, using automation in code generation, unit test case generation, legacy code migration, code optimizations, and automatic code documentation. It works closely with Synechron Verifai which addresses software testing aspects. Synechron Verifai is a GenAI tool for SDLC productivity, using automation in code generation with a focus on QA test case generation, automated test script generation, synthetic test data generation, and bug detection and bug fixing. It works closely with Synechron Codifai which addresses software development efficiency. This new Synechron Nexus AI suite of real-world, practical business solutions, combined with the five formalized RiskTech.AI Accelerators (launched in October 2023), leverages Synechron's AI Practice expertise globally. The creation of AI-led business solutions has been a passion of Synechron's for over a decade, and the firm's commitment to innovative excellence has won the firm eight prestigious AI industry awards to date. Faisal Husain, Synechron's Co-founder and CEO, said of the launch of the Synechron Nexus AI Suite of solutions, "We are proud to be releasing this extensive array of AI-enhanced solutions that go beyond the hype, and provide significant, tangible benefits to business operations. AI and GenAI-rich tools are not just ideas we offer to our clients, but key process accelerators that we ourselves at Synechron are deploying across our company, as we offer ways to integrate the benefits of this technology with human expertise." Ryan Cox, Co-head of Synechron's AI Practice in the UK, added, "Our team has developed, tested, and successfully integrated these advanced AI solutions. Our approach is to strategically guide our clients to integrate AI effectively within their business processes. We identify the key areas where AI can bring the most impact, aligning our solutions to their unique business needs. This targeted approach ensures significant value creation with maximum benefit." Prabhakar Srinivasan, Co-head of Synechron's AI Practice in Bangalore, India, commented, "Artificial Intelligence has proven to be a wonderful force for driving business enhancements by quickly synthesizing extraordinarily large data sets. The Large Language Models used learn over short span of time on how to optimize each firm's proprietary information, thereby boosting productivity and allowing businesses to realize time and cost savings as they optimize tasks." About Synechron At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron's progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been honored with multiple employer awards, recognizing our commitment to our talented teams. With top clients to boast about, Synechron has a global workforce of 15,000+, and has 48 offices in 19 countries within key global markets.

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