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DIGITAL BLIND SPOTS SUBJECT YOUR BUSINESS TO MAJOR COSTS AND RISKS

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Emily Riley

By Emily Riley, COO of Ghostery, Inc.

Imagine you are on a business trip at a busy conference with many competitors. One morning from the hotel you join a conference call to discuss highly confidential information. To be safe, you put a “please do not disturb” sign on your door. But here’s the rub – you left the door wide open. This sounds preposterous, but it’s what companies do every day online.

A typical commercial website in the UK has more than 25 technology vendors on it. Ghostery calls these vendors your Marketing Cloud. Vendors such as analytics tools, social media widgets, and advertising tags each provide marketing benefits to the company, but they also cause real risks to businesses. Inviting third parties onto your website and applications is like leaving the front door to your customers and your data wide open. It can cause problems that can cost companies millions, such as breaks in security, poor customer experiences, slow sites, and lost data.

Anonymous data that Ghostery aggregates from more than 26 million websites reveals:

  • Only 20% of the vendors seen on a financial service’s site is directly placed by the site’s owner, creating major blind spots
  • The average financial service’s site shares 42% of the same digital vendors with its direct competitors, risking data leakage
  • Website performance decreases by 5% with each tag added to its page

In many cases, a complex marketing cloud develops over time, across many departments and for several reasons:

  • Media agencies might employ an ad network that introduces several data retargeting companies
  • The social media manager adds three or four widgets to each page and they in turn call additional social monitoring services
  • The marketing department adds email and content targeting technologies
  • The analytics team adds tags to measure site performance
  • The site operations team decides to use a tag manager to handle many of the tags, further decreasing visibility

For many companies across industries ranging from retail, travel to financial services, the costs of a complex marketing cloud are difficult to assess. Some companies are beginning to realise that, while digital marketing and advertising technology offers benefits, the costs are often outweighed. Without proper management, customer experience suffers, website performance lags, data is compromised, costing the company customers and millions of dollars.

Maximising the ROI from your Marketing Cloud

Emily Riley

Emily Riley

Marketing cloud management is a new strategic discipline that brings vendor management practices from IT over to the digital marketing organisation. A strong MCM process benefits your company’s bottom line by taking into consideration both the benefits and the costs of working with digital marketing vendors. Ultimately, your website’s performance is only as good as that of the vendors on your site. Several ways to maximise ROI with better management include:

  • Preventing security breaches – Having non-secure tags on secure or mixed-content pages exposes a company’s data to hackers, as evidenced by the Reuters hack through Taboola this past June
  • Protecting against data leakage – The average retailer shares 72 percent of the same digital vendors with its competitor
  • Reducing site latency – Research shows that adding a single marketing tag to a site increases the page latency by 5 percent
  • Ensuring data governance – Own the contract relationship, set guidelines for vendor removal, and ensure SLAs are being met in terms of latency, data resell, and third party vendors permitted

Three Essential Steps to Managing the Marketing Cloud:

If you have a large website with a lot of digital marketing partners, the time for better marketing cloud management is now. Follow these steps to creating a strategic initiative that will benefit your online business in the short and long term:

Perform a vendor audit

To start, see which vendors have access to your website, as well as any other companies they bring with them through redirect chains. Determine the benefits and risks of working with each partner, and bring the appropriate stakeholders together to decide which relationships need to be terminated or changed. You might be surprised to see that some companies on your site don’t have a relationship with anyone else working with your business.

Implement vendor management processes

Decide which department will be in charge of vendor management and selection moving forward. A VP in digital or a leader in an IT department who supports marketing is usually best suited to manage the marketing cloud. Select someone who is capable of objectively understanding and communicating both the costs and benefits of any given marketing vendor and who can effectively enforce process.

Encourage CMO-CIO collaboration

Good marketing cloud management requires better communication across marketing and IT over the long term, yet the CMO-CIO relationship is considered one of the weakest in the C-Suite. Building cross-department communication and alignment between marketing and tech in areas like performance goals and vendor management leads to limitless potential to grow a business.

Your online business is a critical part of your company’s success. Don’t let blind spots get in the way. With good marketing cloud management, you can further secure your site, increase performance and ensure customers have an optimal experience.

Business

Sunak to raise business tax to pay for COVID-19 support – The Sunday Times

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Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 1

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension to COVID-19 support schemes in the budget next month, The Sunday Times reported https://bit.ly/3ujaBcU.

Sunak, in his speech on March 3, will announce he is increasing corporation tax from 19 pence in the pound and will outline a pathway where it rises to 23 pence in the pound by the time of the next general election, the report said. The move will raise an expected 12 billion pounds ($16.8 billion) a year, the report added.

According to the report, at least 1 pence is set to be added to the bill for business from this autumn, at a cost to business of 3 billion pounds, with further rises in subsequent years.

Allies of Sunak clarified he would not increase corporation tax higher than 23%.

These measures will be helpful in paying for an extension to the furlough scheme, VAT cuts and business support loans until at least August.

Unlike the 2010 Conservative-led government, which pursued spending cuts to rebalance the economy after the global financial crisis, Sunak is expected to defer most of the toughest decisions about how to pay for that support in his budget speech.

“The corporation tax hike will be higher than expected and the extension of the support schemes will be longer than most people expect,” the newspaper quoted a source as saying.

Insiders indicated the stamp duty holiday on property purchases would also be extended in line with the other coronavirus support measures, the report said.

Britain’s economy had its biggest slump in 300 years in 2020, when it contracted by 10%, and will shrink by 4% in the first three months of 2021, the Bank of England predicts.

($1 = 0.7136 pounds)

 

(Reporting by Vishal Vivek in Bengaluru; Editing by Lincoln Feast.)

 

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Foxconn chairman says expects “limited impact” from chip shortage on clients

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Foxconn chairman says expects "limited impact" from chip shortage on clients 2

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients will face only “limited impact” from a chip shortage that has rattled the global automotive and semiconductor industries.

“Since most of the customers we serve are large customers, they all have proper precautionary planning,” said Liu Young-way, chairman of the manufacturing conglomerate formally known as Hon Hai Precision Industry Co Ltd

“Therefore, the impact on these large customers is there, but limited,” he told reporters.

Liu said he expected the company to do well in the first half of 2021, “especially as the pandemic is easing and demand is still being sustained.”

The global spread of COVID-19 has increased demand for laptops, gaming consoles, and other electronics. This caused chip manufacturers to reallocate capacity away from the automotive sector, which was expecting a steep downturn.

Now, car manufacturers such as Volkswagen AG, General Motors Co and Ford Motor Co have cut output as chip capacity has shrunk.

Counterpoint Research says the shortage has extended to the smartphone sector, with application processors, display driver chips, and power management chips all facing a crunch.

However, the research firm predicts Apple will face a minimal impact, due to its large size and its suppliers’ tendency to prioritise it. Apple is Foxconn’s largest customer.

Foxconn is looking at other areas for growth, including in electric vehicles (EVs), and Liu said their EV development platform MIH now had 736 partner companies participating.

He expected it would have two or three models to show by the fourth quarter, though did not expect EVs to make an obvious contribution to company earnings until 2023.

Liu also said the company was still looking for semiconductor fab purchase opportunities in Southeast Asia after not winning a bid to take over a stake in Malaysia-based 8-inch foundry house Silterra.

(Reporting by Ben Blanchard and Jeanny Kao; Writing by Josh Horwitz; Editing by William Mallard and Ana Nicolaci da Costa)

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EU seeks alliance with U.S. on climate change, tech rules

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EU seeks alliance with U.S. on climate change, tech rules 3

By Sabine Siebold and Kate Abnett

BERLIN (Reuters) – Europe and the United States should join forces in the fight against climate change and agree on a new framework for the digital market, limiting the power of big tech companies, European Union chief executive Ursula von der Leyen said.

“I am sure: A shared transatlantic commitment to a net-zero emissions pathway by 2050 would make climate neutrality a new global benchmark,” the president of the European Commission said in a speech at the virtual Munich Security Conference on Friday.

“Together, we could create a digital economy rulebook that is valid worldwide: a set of rules based on our values, human rights and pluralism, inclusion and the protection of privacy.”

The EU has pledged to cut its net greenhouse gas emissions to zero by 2050, while President Joe Biden has committed the United States to become a “net zero economy” by 2050.

Scientists say the world must reach net zero emissions by 2050 to limit global temperature increases to 1.5 degrees above pre-industrial times and avert the most catastrophic impacts of climate change.

The hope is that a transatlantic alliance could help persuade large emitters who have yet to commit to this timeline – including China, which is aiming for carbon neutrality by 2060, and India.

“The United States is our natural partner for global leadership on climate change,” von der Leyen said.

She called the Jan. 6 storming of the U.S. Capitol a turning point for the discussion on the impact social media has on democracies.

“Of course, imposing democratic limits on the uncontrolled power of big tech companies alone will not stop political violence,” von der Leyen said. “But it is an important step.”

She was referring to a draft set of rules unveiled in December which aims to rein in tech companies that control troves of data and online platforms relied on by thousands of companies and millions of Europeans for work and social interactions.

They show the European Commission’s frustration with its antitrust cases against the tech giants, notably Alphabet Inc’s Google, which critics say have not addressed the problem.

But they also risk inflaming tensions with Washington, already irked by Brussels’ attempts to tax U.S. tech firms more.

Von der Leyen said Facebook’s decision on a news blackout on Thursday in response to a forthcoming Australian law requiring it and Google to share revenue from news underscored the importance of a global approach to dealing with tech giants.

(Additional reporting by Foo Yun Chee; editing by Robin Emmott and Nick Macfie; editing by Jonathan Oatis)

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