Industry news

Last month’s relatively docile CPI numbers look set to finally allow the Fed to enjoy some holiday cheer. Annualized US inflation dropped to 7.1% amid somewhat lower energy costs. The war in Ukraine is still on, and yet, prices at the pump are down, and house prices are falling under the weight of higher mortgage rates. So, are we all good?

Maybe not so fast. The Employment Cost Index is now at 5% annualized and the Atlanta Fed’s wages tracker shows a 6.5% hourly labor cost increase. Press surrounding workforce dropouts, unionization drives, and stubbornly low unemployment suggest rising wage-demands are still a problem.

Read more on Forbes here.

Genpact, a global professional services firm focused on delivering digital transformation, today announced that it has earned the rank of Leader in Everest Group's Procurement Outsourcing (PO) Services PEAK Matrix Assessment 2022 for the second consecutive year. The report examines 21 PO service providers on market and industry deliverables and client interactions.

The report cites Genpact's operational consulting capabilities, deep domain expertise, and advanced technologies that provide end-to-end procurement services and enable digital transformation of client operations. Beyond its strategic sourcing and category management expertise, the company is also noted for its ability to successfully leverage a flexible operating model to support clients with end-to-end integrated risk management and analytics solutions.

Read more on PRNewswire here.

Sitel Group, providers of customer experience (CX) products and solutions, is partnering with Genesys, a cloud customer experience solutions provider, to help companies build and deploy omnichannel contact center solutions in the cloud and harness the power of digital and artificial intelligence (AI) technologies.

"This is a landmark partnership for the customer experience industry and one that will empower brands to deliver seamless CX and develop deeper relationships with customers," said Olivier Camino, global chief operating officer and co-founder of Sitel Group, in a statement. "Working alongside Genesys helps brands offer fluid, effortless interactions that are faster, smarte,r and more personalized, all via an easy-to-use proven cloud product."

"Growth in digital engagement, employee experience expectations and work-from-anywhere models are transforming contact centers globally," said M.L. Maco, executive vice president of global sales and field operations at Genesys, in a statement. "The continuous deployment of new features and functionality on Genesys gives Sitel Group ongoing access to the latest innovations to remain competitive and deliver experiences where customers are remembered, heard, and understood.

Technologies such as artificial intelligence/machine learning, edge computing, virtual cloud desktops, serverless computing, automation, hybrid cloud, SASE and cloud disaster recovery are shaping the future of cloud computing.

Cloud technology is the lifeline of the latest technological progress and a new-generation trendsetter in the modern tech industry. During the early days of the COVID-19 pandemic, companies worldwide began applying the work-from-home model to their global workforce and implementing various digital technologies into their businesses.

Read more on Techopedia here.

In early 2022, Eversheds Sutherland commissioned a global study of 1,200 business leaders to assess attitudes and approaches to M&A. Looking back on the events that have shaped the past year, it is clear that the uncertainty which pervaded the market resulted in what many would describe as a cautious end to the year. Notwithstanding this, there remains a sense of optimism for 2023, with many predicting that M&A activity will begin to increase as we move through the first half of the year. Whilst there are many factors driving this view, a rise in ESG regulation and increasing demand for ethical investments from stakeholders are two primary factors that cannot be ignored by business leaders as they innovate and adapt their existing practices to build more equitable and sustainable business models.

These views are supported by the results of our global study and demonstrate that ESG is high on the list of priorities of business leaders across all sectors, with 67% of leaders stating that ESG is important to their business strategy. In addition, 71% of business leaders operating in the TMT sector reported an increase in the value attributed to target companies with a particular focus on DEI strategies and new technologies achieving net zero.

Read more on Lexology here.

Are we living in an era in which world events trigger unavoidable cascades of crises?

Crises have always rippled out into the world around them, creating far-off and sometimes unanticipated effects. However, the early years of the 2020s have demonstrated the interconnectedness of global risks with a fresh force.

Few decades have had a less auspicious beginning. In 2020, COVID-19 swept across the globe, spreading to over half of the world’s countries in just three months and causing knock-on economic, political and social shocks. At the same time, the frequency and the cost of natural disasters have continued to increase: in 2020 alone, 389 major climate change affected almost 100 million people and caused USD 171 billion in damages. The pandemic was beginning to abate when Russia’s invasion of Ukraine triggered food and energy crises which fueled a rise in inflation and left us on the brink of a global recession.

Read more on Zurich here.

Digital transformation and cyber security follow in top three priority list – concerns about remote working decline

Talent – recruiting, retaining and upskilling staff – is the number one issue facing Australian companies heading into 2023, KPMG Australia’s annual survey of business leaders shows.  

In the fifth edition of ‘Keeping us up at night’, 473 senior executives detailed the key challenges facing their organisations and the nation both in the next 12 months, and over the next 3-5 years. 

Read more on KPMG here.

No one quite agrees on how to precisely define the metaverse, but there is no denying that we are already seeing glimpses of it and what it might become. In this episode of the At the Edge podcast, Cathy Hackl—foremost futurist, metaverse expert, and author—joins McKinsey’s Mina Alaghband to share her informed take on what the metaverse is, how it’s currently manifesting, and what it might evolve into in the future. She also discusses the potential opportunities—and responsibilities—for businesses as the metaverse develops.

Listen to the full podcast or read the transcript here.

As supply chain leaders continue to tack against the winds of change in the workplace, issues relating to ethics and compliance (E&C) abound.

It can be challenging to engage employees amid such dizzying change. A recent Gallup report found that employee engagement rates in manufacturing are the lowest of any industry in the U.S., with only 25% of the workforce considered to be “engaged.” Reinforcing company values through E&C training programs can help in many ways.

In fact, an industry-specific segment of data from the LRN Benchmark of Ethical Culture reveals an opportunity to improve the state of ethical culture in the manufacturing sector by strategically and proactively reinforcing company values, especially within production teams.

Looking ahead to 2023, following are some of the top trends that will affect supply chain leaders in the E&C space.

Read more on SupplyChainBrain here.

Environmental, social, and governance (ESG) practices are the cornerstones of sustainable businesses. The widespread adoption of technologies for ecosystem preservation and environmental problem management highlights the crucial role technology plays in catalyzing ESG ambitions.

The Malaysian government has not wavered in its commitment to prioritize any ESG-focused development initiatives and technological innovation. Bank Negara Malaysia (BNM), for instance, has issued the 2022-2026 Financial Sector Blueprint that emphasizes their goals for sustainable growth, which concurrently promotes the 12th Malaysia Plan’s goal to make Malaysia ‘prosperous, inclusive, and sustainable’.

According to the KPMG 2022 CEO Outlook survey, 71 percent of CEOs in Asia Pacific agree that their organization’s digital and ESG investments are inextricably linked. Having reliable information and appropriate technological solutions are crucial to push the organization’s ESG agenda forward.

Read more on Business Today here.