Collaborative Shopping is Catching a Wave

The idea of collaborative shopping is very much in tune with our current use of the internet as a sharing tool. The popularity of social media of all kinds confirms this trend. But retailers and other vendors need to adapt their own websites to enable meaningful collaborative shopping for their customers. And they are, but too slowly. Check out this article on the subject.

The Emergence of the Data Scientist

Big data has dominated the news in the business world for the past year. If anyone ever doubts the veracity of those claims that big data is important, consider the emergence of the Data Scientist. This is a new job type that didn't exist only a couple of years ago. But now companies are scrambling to fill their new Data Scientist positions. And they are lucrative. Starting salaries run in the $110,000 to $120,000 range. Universities are adding new courses and even majors. Stanford is planning a new masters track in the field.

The Data Scientist is a new role, but one that will be around for the long term. The internet is making, and will continue to make, more data available to companies and they are learning that a judicious use of those data can increase their opportunities and decrease their risk. Check out this article on the subject.

Bring Your Own Cloud

The phenomenon of "Bring Your Own Device", where companies allow their people to connect their own personal devices to the company networks, is getting to be old hat. More and more companies are making the leap and finding ways to adopt their security policies appropriately.

Now some are touting a "new" trend, although one could argue it just goes along with the BYOD trend. That's the idea of Bringing Your Own Cloud.

BYOC comes from the fact that many people use their personal devices in the cloud. Two examples are iPhones and iPads being used with iCloud. In fact that's the default storage area for them. Ams there are also services like Dropbox, which is very popular for storage as well as backup.

The issue of course is security. There's a widespread assumption, not without merit, that it is more difficult to establish an adequate measure of security over the cloud than over internal servers. Certainly it raises additional issues, which in turn raises the cost of security.

Here's an article on the subject.

Home Tweet Home

The internet is entering the home in so many ways these days. One major app is security systems, which have been connecting web cams for years now. But security companies are now getting into it big time. In this article, there is an excellent summary of many of the other apps out there. Linking to your thermostats, house locks, lights, heating, washing machines, refrigerator, dishwashers, motion sensors etc. And using Twitter to communicate. Adds a whole new dimension to home management. Here's the article.

An Important Advancement in Mobile Payments.

Square is a company that has introduced important innovations for mobile payments in the past. One has been their dongle that attaches to an iPhone and enables the reading of credit cards. Most recently, the company has introduced the Square Stand, a small unit that attaches to a counter and holds an iPad which can be used to process sales. It can handle sales in cash, debit card and credit card and also provides a POS system as well as customer data for analytics. It costs $299.

In other words, for a small business, it provides an option for small business to implement a POS and CRM system and replace their cash register all for a very affordable amount.

It's an important innovation and another one of many that are starting to utilize the utility and adaptability of the ubiquitous iPad. Another spreading use involves hotel receptions, where an iPad is provided to guests (for the duration of their stay) containing useful information about the hotel and the community. Checkout and other financial apps are just around the corner for these iPads.

For a more on the Square Stand, check out this review.

Data Monetization

Data is being monetized and commodified with increasing frequency, thus providing an economic framework for the collection and use of big data. Here's an article I recently published on this topic.

Selling on eBay the Business Way

eBay was one of the major early eBusiness success stories. It still is a success story and offers up a retail outlet for a variety of business that wish to grow their online activity. eBay provides the facility to list a business and have it's own website within the greater eBay environment. In addition, it offers many practical aids to help you present your business to the world. It isn't for everyone, but it can be an effective way to get into or expand your online selling. Here's an article with a few useful suggestions on how to make best use of eBay.

Data Sharing - Is Anything Private Anymore?

The attitudes of people using the internet, particularly younger people, about data on the net are well known. Generally there is the point of view that all data should be free. And while numerous businesses, such as the conventional newspapers have been trying to fight this view, they have not succeeded very well.

A second aspect of the new attitudes is that all data is available to be shared. In other words, if it is free, then there is no problem with sharing it with anyone who is interested in it.

Multiply there attitudes with the use of social media and you have a situation in which it becomes increasingly difficult for any company to shield its information from public dissemination. It's very difficult to keep information confidential.

This is a major social upheaval, since data confidentiality has been one of the cornerposts of corporate strategy since time began. Essentially it is a cornerpost of any strategy. Determining when and how to release information is always a fundamental part of a strategy.

We haven't seen the full impact of this trend yet, because there has not been enough time for it to develop and, in addition, the younger people who hold most strongly to the free information concept have not yet reached the levels of corporate hierarchies where they are privy to a lot of sensitive strategic information.

One likely outcome is an increased emphasis by corporate management on "controlling the message". by implementing tighter controls over release of information, speaking with one voice and establishing much more severe sanctions over the people who breach these rules. We already see some governments moving in this direction.

We can expect considerable movement of companies into this space over the next few years. For a take on part of this issue, check out this article.

Selling on Mobiles Now a Necessity

The incredible growth of mobile unit usage has been well documented, with smartphones and tablets now dominating aspects of the market. It's a clear sign that retailers need to make sure their websites render on mobile devices not only well, but in a compelling way.

Tablets like the iPad are very good at showing websites. However, they do not run flash, which is used on many websites, which can kill the user experience. There is a need to make sure that the technologies being used on your retail websites are compatible with mobile devices.

With smartphones the problem is even deeper. Not only is there the same issue with technologies, there is the issue of extreme small screen sizes, which call for a complete rethink of the site design. With so many people now using smartphones for their browsing and purchasing, this can be a killer.

For more on this important issue, check out this article.

Why Canada is a Player but not a Leader in e-Commerce

Canada has been said to be a player but not a leader n e-Commerce. A recent survey by ePath Consulting looked into this paradox and came up with some interesting conclusions. For my article on their survey and the findings, click this link.

Crowdfunding Moves On

The idea of raising money over the internet for new business startups and charities has gained considerable prominence over the past two years. A leading website - Kickstart.com - has continued to flourish and is now accompanied by numerous others.

There has been controversy in the regulatory field, with initial resistance from the major securities regulators. However, the SEC blazed a path with new legislation - the JOBS Act - that has been followed by similar proposals from the Ontario Securities Commission.

The National Crowdfunding Association has a very informative website where it is pointed out that the industry was expected to grow 2.6 billion for 2012. Over 800 million was raised in North America.

Crowdfunding is now a legitimate means of fund raising, and one that is proving useful for countless business startups and charities. while it does require the involvement of legal advice for business startups in particular, nevertheless the potential for raising capital is tremendous.

Identity Management

Identify theft has been a major and growing problem in the cyber age. Identity management is a new and comprehensive answer. But is it enough? Read on at this entry in my Money.ca Blog.

Cloud Security is an Ongoing concern

A recent survey shows that companies have moved more than 25% of their processes to the cloud. But another survey shows that almost 40% of the companies feel their existing security is not adequate to meet the security risks of the cloud. Most of them retain the responsibility for security over the cloud rather than their provider. This indicates that companies can outsource most processes, they cannot outsource responsibility for security. This has been the case to date, but a better solution needs to be found, if they are to make best use of the cloud. One good approach would be to ramp up the role played by systems assurance. The major accounting bodies, such as CPA Canada and the AICPA have had Trust Services standards in place for years that could be used for this purpose. These services could be used much more effectively in the Cloud. For a summary of the surveys, follow this link.

SEC Supports Social Media for Corporate Disclosure

In a ground-breaking move, the SEC has released a report in which it allows companies the use of Social Media, like Facebook and Twitter, for corporate disclosures. The move came after an investigation was launched into a disclosure by Reed Hastings, CEO of Netflix, on his personal Facebook page, that Netflix had exceeded 1 billion hours in streaming time during the month for the first time. That announcement precipitated a rise in Netflix's shares the next day. As a result, the SEC launched an investigation into whether that disclosure was in conformity with Reg FD, the groundwork rule that seeks to ensure all investors have equal access to information being disclosed.

Over the past several years, it's been a struggle for the SEC to keep up with rapid changes in the use of technology for corporate reporting - first the web, then blogs, now social media, among other things.

In this case, the investigation concluded that the use of social media would conform with Reg FD provided that companies alert investors that announcements will be coming over a particular source.

That sounds good and progressive, and it is, but it is going to create some issues both for the regulator and for investors. It's likely we will see further rules down the road in this area. Facebook, for example, provides users with a tool to post their status, and such announcements would presumably come through the status postings.However, previous status announcements quickly get buried in other postings and to find particular items requires scrolling back through everything on the site. Many investors are not going to monitor the Facebook sites of all their investments on a regular basis - along with the websites, blogs, Twitter, LinkedIn, other social media and traditional news sources. With all this richness of media, it may be that the vehicles available for investors are becoming too diverse and cumbersome. Time will tell.

For the SEC report, check out the SEC site here.

Will it be BYOD or CYOD?

While many businesses are grappling with the idea of adopting a policy of allowing employees to use their own mobile devices for company purposes (BYOD) not all of them taking this approach to the issue. Some are starting to look at the idea of listing some alternatives for employees to choose from, a Choose Your Own Device (CYOD)approach.

CYOD involves screening out devices that cannot meet the security requirements of the company and/or cannot integrate with the corporate systems, but allows the employees some flexibility in the devices they use for corporate purposes.It's a compromise. Here's more on the topic.

Tablets and Smartphones - An Opportunity

Tablets and smartphone driven sales in the e-commerce world are growing rapidly. And this past year saw tablet sales outdistance phone based sales, although this may change again next year. Both are growing faster than PC driven sales. It is clear that one of the key drivers of tablet and phone usage is the existence of good apps. People like to go straight to an app rather than browse the web on their mobile devices, especially on their phones.

That means there is an opportunity for creative app developers in the e-commerce area. It's gearing up for a major growth cycle and largely in the mobile area. More in this article.

Deloitte Trends for 2013

Deloitte has released its report on Tech Trends for 2013. Central to its thesis in this report is that we have entered a post digital era, comparable to the post industrial era, where the forces of the identified era have become the mainstream drivers of the new age. The report heralds a role for the CIO in organizations being raised to new strategic heights. And it emphasizes the ubiquity of mobility as well as a reinvention of ERP. There are ten trends identified and explained on the Deloitte website, complete with supporting videos and case histories exemplifying the various trends. It makes an interesting read.

The Transformation of Payments Systems

Payments in the financial services industry have been undergoing a transformation over recent months/years. PArt of it has involved a significant shift to the east, where the new technologies are centered. KPMG has been tracking these changes and writing about them The results appear on the KPMG website and make a tremendous resource for anyone interested in researching this area.

As the site says: "While many in the financial services industry may have historically viewed payments as being somewhat boring, nothing could be further from the truth. In fact, given the rapid pace of change, innovation and growth now underway in the sector, it seems increasingly clear that payments is actually one of the most exciting – and potentially valuable – parts of our current financial system."

And about the shift to Asia: "Amidst all of this disruptive change, one development in particular – while somewhat slower to play out – will change the very dynamics of the sector: the shift East. The facts are undeniable: in 2010 alone, Asia’s share of global payment transaction volumes on general purchasing cards increased from 26 percent to 31 percent. By 2015, Asia’s purchasing volume is expected to be double that of the United States’."

There is a lot of good material there and worth investigating because the next year will see a huge change in payments methodologies around the world, including and perhaps most strikingly in North America. Check out the KPMG site.

No Metrics for Mobile Advertising?

Metrics are an important driver for advertising. That's because advertising is expensive and advertisers need to know that their money is being spent productively. Good metrics can tell them whether people are responding to the advertising by actually buying the products.

The problem that they are experiencing with mobile advertising is that the means to obtain the data for metrics - cookies - are not effective for mobile units, and in fact mobile phones do not contain the capacity for cookies. In addition, users often switch between different devices, phones, tablets, PC's, to do their transactions. So it's hard for the advertisers to track their activities. In any event, there are growing constraints on tracking mobile users because of privacy laws.

Intuitively, there is a strong feeling that mobile advertising should pay dividends despite some apparent resistance from mobile users, and the advertisers are going to have to come up with ways to measure the results. This will require some innovation, but should be possible. Check out this article for more.

Mobility - A Pathway to Growth

While mobility is an important element of growth, placing more emphasis on it raises some management issues that need to be addressed. Chief among these is the question of whether the company will adopt a BYOD policy. "Bring Your Own Device" has definite advantages, including more choice by employees and greater buy-in, but also raises the need for a formal policy to guide the use of those devices. In particular this policy must address the increased security risk that comes with allowing a variety of mobile devices to carry and transmit corporate data.

Grant Thornton has released a useful white paper on this topic, which can be downloaded at their site.