WASHINGTON DC – MAY 15: Federal Trade Commission (FTC) Chair Lina Khan… [+] House Appropriations Subcommittee meeting May 15, 2024, at the Rayburn House Office Building in Washington, DC. Mr. Khan testified about the FY2025 budget request to the Federal Trade Commission. (Photo by Kevin Dietsch/Getty Images)
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Here are five things that happened in the tech industry this week and how they impact your business. Were you lonely?
1 – The FTC finalized rules that will make it easier for consumers to cancel their subscriptions.
The Federal Trade Commission (FTC) has finalized new rules called “Click to Cancel” to make it easier for consumers to cancel their subscriptions. This provision requires companies to simplify cancellation procedures. Important aspects of this rule include consumer consent to subscriptions, automatic renewals, and free trials. Transparency requires companies to clearly disclose contract terms while prohibiting misleading information about products and services. FTC Chair Linda Kahn said the rule is intended to save consumers time and money by eliminating “tricks and traps” that companies often use. (Source: Fox Business)
Why this is important for your business:
If your business sells online subscriptions, you must comply, regardless of the size of your company. Reconsider your procedures for allowing consumers to cancel and renew. As a consumer, I like this rule. I’m sure our customers expect the same thing.
2 – Microsoft introduces 10 AI agents for sales, finance, and supply chain in Dynamics 365.
Microsoft has introduced 10 new AI agents within the Dynamics 365 suite to power business processes in sales, finance, supply chain, and customer service. Sales Qualification Agent can prioritize and investigate leads and create personalized sales emails. The Supplier Communication Agent manages collaboration with suppliers. Financial Reconciliation Agent prepares and cleanses data sets to simplify financial reporting. The agent is expected to be available for public preview later this year or early 2025. For more information, please visit the Microsoft blog. (Source: ZDNet)
Why this is important for your business:
This is the start of something big. Dynamics agents are just the beginning. All software applications, from CRM to accounting to human resources, will be deploying these types of agents in the coming months. There will be countless agents available to businesses that leverage AI to automate many internal processes. Smart managers recognize this reality and begin to learn. I plan to do the same within my business.
3 – AI video call scams are on the rise – this is how they work.
Deepfake technology is accelerating the use of AI video call fraud, where fraudsters impersonate trusted individuals to obtain sensitive information, usually financial information. This type of scam is often used in online dating, but there are also deepfakes that use celebrities and politicians. (Source: MakeUseOf)
Why this is important for your business:
This type of scam targets small and medium-sized businesses. Red flags to look out for – strange facial expressions or backgrounds. Discrepancies in voices that seem unnatural. Pressure tactics used by imposters. Caller identity verification and other security measures are most effective. It is important to avoid disclosing financial information or conducting financial transactions without multiple layers of review and approval.
4 – Rollstack raises $11 million in Series A to automate presentations with AI.
Rollstack, a company specializing in data-driven slide deck and document automation, has raised $11 million in Series A funding. Rollstack’s AI technology allows users to embed data and visualizations from BI and analytics tools like Tableau, Looker, and Excel directly into slide decks and documents like PowerPoint and Google Slides. The funding will be used to further strengthen the company’s AI capabilities, with the aim of automating more mundane tasks. (Source: Martech Series)
Why this is important for your business:
Introducing AI apps that directly improve your productivity. Instead of wasting time searching for data in slide decks or copying it to screenshots, Rollstack is set up to integrate with your company’s internal data and automatically updates slides as data changes. I will. The key with all these AI tools is to focus on small tasks that can save you a lot of time.
5 – AI helps small businesses prepare for Saturday.
The U.S. Chamber of Commerce posted an article explaining how artificial intelligence can be a highly effective tool for business owners preparing for Small Business Saturday on November 30th of this year. (Source: U.S. Chamber of Commerce)
Why this is important for your business:
This is a fun article. Examples include creating effective marketing campaigns, using AI to explore customer insights by pinpointing preferences and behaviors, and AI-generated discount options to find measures of salability. This includes exploring. Not everything will apply to your business, but it’s worth a read.
