(This column originally appeared in Forbes)
Here are five things in technology that happened this past week and how they affect your business. Did you miss them?
1 — Bank of America, JPMorgan, and other banks are reportedly teaming up on a digital wallet to rival Apple Pay.
According to recent reports, Bank of America, JPMorgan Chase, and Wells Fargo are among some of the big banks reportedly developing a digital wallet to link with credit and debit cards in an effort to rival PayPal and Apple Pay. The digital wallet would first launch with Mastercard and Visa, which have already agreed to the partnership. It has been confirmed that the wallet product will launch sometime this year. (Source: CNBC).
Why this is important for your business:
Quietly but increasingly, mobile payments are becoming more common, particularly amongst younger shoppers. It took a while, but it’s happen. Clearly the banks are noticing this and are jumping on board. As business owners, we need to make sure our customers can easily pay for our products and services with their smartphone. Period. If we’re not giving that option then we’re going to miss out on revenues.
2 — Boston Dynamics’ Atlas robot has grown a set of hands and is attempting construction work.
Atlas — the most advanced humanoid robot in the world from Boston Dynamics — now has new capabilities. Boston Dynamics recently designed a set of hands and — in a recent YouTube video — showed off Atlas doing physical work. Up to this point, the robot’s primary abilities included locomotive tasks such as walking. The recent version of Atlas has hands with grips to allow it to pick things up and perform tasks. (Source: ARS Technica)
Why this is important for your business:
Between AI-powered platforms like ChatGPT and robotics like Atlas, the workplace is going to be significantly changing in the near future. This is how the marketplace is responding to a lack of lower skilled workers — and workers that demand or cost too much.
3 — The demand for AI skills is on the rise as Fiverr searches spike for freelancers.
Recent reports indicate an increase in the demand for artificial intelligence (AI) skills. Over the last six months Fiverr — a freelance marketplace — experienced a 1,400 percent increase for freelancers with skills related to AI. More companies and organizations are seeking professionals who can assist them in leveraging all that AI has to offer. (Source: Venture Beat)
Why this is important for your business:
You would think that AI would eliminate workers and it does — lower skilled ones. But ones with development and other technology skills will always be in high demand in this world of software automation. What’s important to understand here is who is doing the hiring though. It’s not the end user. It’s the software company developing products to sell. You should stick to your business and buy those products when it makes sense for your business.
4 — Mercado has announced Mercado Lite — the world’s first important management system specifically for small and medium-sized importers.
Import Order Management system (iOMS) Mercado recently announced it will be rolling out the first iOMS geared toward requirements for small and medium-sized businesses. The new platform — known as Mercado Lite — aims to help small and medium-sized businesses speed up the digitization of their import supply chains. (Source: Mercado Labs)
Why this is important for your business:
“We’re already realizing great results,” said Harlan Beverly, VP of Engineering and the technical lead behind Mercado’s latest launch. “Small-to-medium importers who have been using the platform are already seeing errors on orders reduced by 75% thanks to our built-in change controls, with 55% more shipments arriving on-time.”
The key here is getting both you and your supplier on the platform to realize the benefits. But if that can be arranged, it looks like Mercado can provide a very affordable way to manage your inventory and supply chains.
5- Mailchimp says it was hacked — again.
Newsletter and email marketing company Mailchimp shared that it was hacked, exposing data from dozens of customers. This recent breach seems to be nearly identical to a hack the company already experienced within the last six months. Mailchimp’s security team confirmed that it spotted a hacker using one of its customer support and account administration internal tools. (Source: Tech Crunch)
Why this is important for your business:
If you’re a Mailchimp customer, like many small business owners, it’s a good idea to change your password now.
