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Nshift: People Begin Returning Unwanted Christmas Presents Within Days

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Nshift: People Begin Returning Unwanted Christmas Presents Within Days

Some eager gift-getters even start sending back presents on Christmas Day

Festive gift-getters are wasting little time in returning their unwanted Christmas presents, according to new data from nShift, the global leader in parcel delivery management software.

According to the analysis, 28 December – dubbed “Returns Wednesday” – was the most popular day for people to begin the process of returning unwanted gifts in 2022. However, many consumers were even quicker off the mark. Some even began sending things back on Christmas Day itself.

Philipp Goldberg, Product Director for Returns at nShift said, “This is yet more evidence that when people shop online, they expect to be able to return products quickly and simply. When a retailer does not make their returns policy clear, or the process seems cumbersome, shoppers are more likely to abandon their purchase. This may be especially the case when they are buying a gift for someone else.”

nShift compiled these statistics by analyzing returns data from the last week of December 2022. By looking at which day of the week carrier companies were alerted of the need to collect an item, they were able to determine which days were the most popular for people to get the ball rolling.  Wednesday 28 was the most popular day, with over a quarter of returns requests from the week generated during that day. This was closely followed by Thursday 29 (22.3%) and Tuesday 27 (22%).

Read More: HotelPlanner And ZentrumHub Partner To Expand Inventory & Distribution Channels

The full statistics are:

Date

% of the week’s returns data generated

Sunday 25 December (Christmas Day)

1 %

Monday 26 December

3.4 %

Tuesday 27 December

22 %

Wednesday 28 December

25.6 %

Thursday 29 December

22.3 %

Friday 30 December

19 %

Saturday 31 December

6.7 %

Philipp Goldberg continues: “To ensure they increase conversions and keep customers coming back for more, retailers must offer a compelling returns policy and make it easy for both consumers and warehouses to operate. Digitizing the returns process can help make it accessible for the consumer and cut down on processing time.”

Read More: SalesTechStar Interview with Koko Zarov, CEO at Nymblr

nShift’s returns solution helps ease the administrative burden while ensuring a smooth, friction-free journey for customers looking to return their orders.

It enables customers to:

  •   Avoid handwritten return slips
  •   Re-convert 30% of returns to exchanges
  •   Keep customers up to date on return status
  •   Work in a data-driven way and analyze returns in real-time
  •   Always keep track of how many returns are en route to the warehouse

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TD SYNNEX Releases Global Technology Ecosystem Benchmark Report Highlighting Industry Trends and Opportunities

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TD SYNNEX Releases Global Technology Ecosystem Benchmark Report Highlighting Industry Trends and Opportunities

Tech businesses could leave $400 billion in untapped revenue in the AR/VR market

TD SYNNEX has released its inaugural Global Technology Ecosystem Benchmark Report, highlighting critical industry trends and opportunities for 2023 and beyond. The first global report of its kind, the TD SYNNEX Global Technology Ecosystem Benchmark Report follows regional industry benchmark studies in North America, Europe, Asia Pacific and Japan, and Latin America and the Caribbean.

The report reflects TD SYNNEX’s role at the center of a global ecosystem connecting technology producers, resellers, service providers, systems integrators, industry specialists and end-users.

“As a leading IT ecosystem distributor and solutions aggregator, we have an opportunity and responsibility to help our channel partners identify industry trends as they navigate relentless transformation and plan for strategic growth,” said TD SYNNEX Chief Strategy Officer Sergio Farache. “The Global Ecosystem Benchmark Report is an important milestone in defining and understanding what’s happening in this globally connected IT ecosystem.”

Building on the North American, European, Latin American and Caribbean and Asia Pacific and Japan regional benchmark studies, the Global Insights Report focuses on three fundamental factors for technology ecosystem businesses:

  1. Anticipating and meeting end-user technology expectations.
  2. Effectively managing technology ecosystem business operations.
  3. Technology ecosystem engagement, enrichment and enablement.

The survey covered a range of topics from growth strategies and business challenges to customer needs and strategic investments, revealing five critical insights:

Insight 1: Globally, technology resellers’ strategic growth plans prioritize entering new vertical markets. Additionally, increased ecosystem partnerships are likely to be integral in executing on this growth strategy.

Regulated verticals like financial services, government, education, healthcare and ESG are all expected to increase in importance over three years. Gaining the experience in these categories and delivering the technology solutions requires expertise that’s hard to scale, which means partnerships can close functional gaps to deliver desired outcomes.

Insight 2: Resellers are putting their investments in people to drive the outcomes customers want most.

The largest categories of reseller business investments are directly linked to acquiring skills, certification, and expertise. More than three-quarters of resellers globally are prioritizing budgets to increase knowledge in technical and business solutions areas customers frequently request, including Managed Services, Security Networking, Professional Services, Servers + Storage, and Hybrid Cloud, among others.

Insight 3: Resellers are shifting resources to expand their cloud portfolios.

When viewed as a single category, cloud solutions (cloud deployment, cloud integration, multi-cloud management, and others) eclipse all other technology solutions resellers conveyed that they plan to offer in the next 24 months, according to the Global Benchmark Report. Other top responses have a clear tie to cloud priorities (device as a service, digital transformation, IoT, security) making cloud solutions fundamental to global resellers’ portfolio of offering.

Read More: Robocorp Announces Enhanced Partner Program To Bring Benefits Of Automation To More Businesses

Insight 4: Global resellers are consumed by As-a-Service.

The near total adoption of As-a-Service consumption models resellers plan over the next two years is a short leap in logic from reseller’s responsiveness to customers’ technology solutions needs and the intended expansion of cloud offerings. Customers have always indicated they want flexibility when it comes to payment terms. The trend toward OpEx and consumption-based IT means a larger portion of resellers’ business is likely to come from recurring revenue.

Insight 5: ESG (Environmental, Social and Governance) and the AR/VR market are potential missed opportunities for resellers.

In contrast to the emphasis on skills acquisition, portfolio expansion and efforts to enter new vertical markets, sustainability and emerging technology are low on the priority list for solution development and business investment.

Read More: SalesTechStar Interview with Jeannine Shao Collins, Chief Client Officer at Kargo

In different capacities, ESG and AR/VR solutions are both opportunities for global resellers.

Effective ESG programs allow organizations to respond to partner and customer questions about sustainable practices and diversity, as well as comply with supplier codes of conduct, while some analysts forecast an AR/VR market opportunity of $800 billion by 2024, where 50% of that revenue is associated to technology platforms and hardware.

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SingleStore Adds Seasoned Industry Leader Madhukar Kumar as Chief Marketing Officer and Names Sanjay Aurora as Senior Vice President of Sales

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SingleStore Adds Seasoned Industry Leader Madhukar Kumar as Chief Marketing Officer and Names Sanjay Aurora as Senior Vice President of Sales

SingleStore - Revision #8 - Database of Databases

Expanded leadership team will further SingleStore’s growth trajectory

SingleStore, the cloud-native database built for speed and scale to power real-time applications, today announced that Madhukar Kumar will join the company as its chief marketing officer and Sanjay Aurora has been promoted to senior vice president, head of sales and will oversee the U.S., EMEA and APAC sales teams.

“With product-led growth taking center stage I couldn’t be more excited to have Madhukar as a partner as we reshape the data universe.”

Kumar joins SingleStore from DevRev where he served as head of growth and marketing and led the development and scaling of its product-led growth (PLG) engine.

Having built his career at a range of tech companies, Kumar has developed full stack experience as a product builder and a marketer. Prior to DevRev, Kumar held leadership positions at Nutanix, Redis Labs, and Oracle. Kumar’s insight and expertise frequently appears in technology journals and industry convenings on topics tied to databases, PLG, and customer experience. Kumar has spent years teaching a class on new product development and PLG at Duke’s Fuqua School of Business.

Read More: Robocorp Announces Enhanced Partner Program To Bring Benefits Of Automation To More Businesses

“The database industry is seeing unprecedented innovation and challenges to the incumbency. The unification of transactions and analytics to drive real time applications is the way forward and SingleStore presents an unprecedented value proposition in this area,” said SingleStore CEO, Raj Verma. “With product-led growth taking center stage I couldn’t be more excited to have Madhukar as a partner as we reshape the data universe.”

SingleStore’s team and executive leadership are building on their latest round of innovations through the company’s 8.0 release, which features even faster analytics, improved developer experience and greater ease of use for real-time applications.

Read More: SalesTechStar Interview with Jeannine Shao Collins, Chief Client Officer at Kargo

Kumar added, “I began my career as a journalist turned database developer, and I recognized early on the uniqueness of SingleStore’s story and just how valuable its products are for enterprises across the globe. SingleStore is paving the way forward for the real-time analytics marketplace, and I look forward to helping us meet the growing demand that SingleStore will see in the months and years ahead. The fact that SingleStore has been recognized as one of the top 50 places to work in the SMB category by Glassdoor is icing on the cake in terms of timing.”

SingleStore also announced today Sanjay Aurora’s promotion to senior vice president, head of sales. In this role, Aurora will work closely with Kumar, scaling collaboration between SingleStore’s sales and marketing efforts and building on his most recent role leading marketing at SingleStore.

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Bamboo Rose Powers Over $1.2T in Global Retail Revenue in 2022 as the Platform Supports Clients Managing Industry Complexity

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Bamboo Rose Powers Over $1.2T in Global Retail Revenue in 2022 as the Platform Supports Clients Managing Industry Complexity

Bamboo Rose B2B Marketplace Now Available on Microsoft AppSource

The industry software leader works with the world’s largest retail and brand organizations to drive agility and visibility across their product development, sourcing, and supply chain operations

Bamboo Rose, the leading multi-enterprise supply chain and product lifecycle management platform for retailers, brands, and suppliers, has surpassed $1T in annual client revenue in 2022. This milestone comes as Bamboo Rose has added a record number of new global retail clients such as Hunkemöller and The Vitamin Shoppe and strengthened strategic relationships with existing enterprise clients including GAP and Urban Outfitters.

This momentum for Bamboo Rose comes as shifting consumer demand, supply chain disruption, macro-economic headwinds, and emerging Environmental, Social, and Governance (ESG) regulations have all placed pressure on retailers to drive agility and efficiency across their product and supply chain organizations. Bamboo Rose’s two-decade presence as an innovator and thought leader in the retail industry positions them well to help clients digitize collaboration and transaction to help manage compounding business complexity.

Bamboo Rose’s growth, coupled with strategic alignment to some of the retail industry’s core business challenges and technology requirements in 2023, have generated major strategic moves for the B2B software company. In June, Bamboo Rose announced a strategic investment from Rubicon Technology Partners, a leading private equity firm based in Boulder, Colorado that is focused exclusively on investing in and growing enterprise software companies.

Read More: SalesTechStar Interview with Joe Dillon, Executive Vice President of Sales at Baffle

Additionally, Bamboo Rose announced a new Chief Executive Officer (CEO), Matt Stevens, and Chief Revenue Officer (CRO), Mike Mattei, in December 2022. Stevens and Mattei are technology industry veterans with extensive experience growing software organizations into market leaders via extensive operations and go to market experience.

“The results speak for themselves. Bamboo Rose is a strategic, foundational platform for some of the retail industry’s largest players. I’m excited and humbled at the opportunity to partner with both Bamboo Rose’s current and future clients on delivering highly differentiated and transformative solutions that are core to their retail business success,” said Stevens.

Read More: Open, but Back to Normal? Insights from Location Intelligence Reveal How Consumer Behavior Has Changed Across Industries

January 15-17, the Bamboo Rose team will be in attendance at NRF 2023, Retail’s Big Show, meeting with clients on platform strategy, demonstrating industry leading software to members of the retail community, and discussing the trajectory of the retail industry in 2023 and beyond. To meet with Bamboo Rose at NRF, schedule a meeting to visit us at Booth #3966.

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Fluent Commerce Solves Oversell Problem With Intelligent Data Tool ‘Fluent Big Inventory’

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Fluent Commerce Solves Oversell Problem With Intelligent Data Tool ‘Fluent Big Inventory’

Fluent Big Inventory was designed to ingest disparate inventory data at scale, from file-based through to live event streaming, and to continually learn how to optimize the processing and distribution of the resulting data sets.

Global software company Fluent Commerce announces general availability of their powerful data tool – ‘Fluent Big Inventory’.

As confirmed by the recent study by Incisiv, retailers still named getting accurate inventory visibility as the biggest challenge to managing their commerce operations. Overselling, in particular, remains one of the biggest resulting problems. This key requirement for most retailers and brands remains unresolved, while the negative impact of not having accurate inventory in real-time has significantly increased.

Existing systems prevent many from getting accurate real-time inventory across all channels. ERPs were not built to be inventory hubs. Out-of-date, unreliable data is the result. The alternative of building a custom application is expensive, time-consuming and requires ongoing maintenance and enhancement as new uses of inventory data emerge. Modern omnichannel retail requirements severely challenge this approach. Providing inaccurate stock information to staff and customers results in overselling and canceling orders, or underselling and losing revenue. Both of these experiences leave unsatisfied customers, and 64% of customers say they’ll jump ship to a competitor after a poor experience.

Read More: SalesTechStar Interview with Koko Zarov, CEO at Nymblr

Fluent Big Inventory solves these problems. Using machine learning technology to intelligently process multi-source inventory data at unparalleled scale creates the ability to act as an inventory hub, providing real-time inventory feeds to enhance other operational systems (e.g. order management, commerce, search/merchandising, personalization, recommendations, display ads, demand forecasting). Results from early adopting Fluent Commerce customers show an over 50% reduction in oversell whilst reducing operational costs.

CEO Graham Jackson says “Fluent Big Inventory makes all dependent systems more efficient by providing access to accurate, real-time inventory data showing what’s available to sell across all inventory locations at a speed and scale never seen before. Where retailers used to be able to make tens of millions of inventory updates a day, they can now make hundreds of millions – hitting the oversell/undersell problem squarely on the nose.”

Read More: Automation Tools for the Sales Teams of Tomorrow

“In the world of inventory, overnight batch jobs don’t work. The issue is that not all systems were designed to share data at the speed required by modern commerce,“ says Agnes Schliebitz-Ponthus, Senior Vice President, Product, Fluent Commerce. “Unlike traditional data transformation tools that merely convert data from one structure to another, Fluent Big Inventory was designed to ingest disparate inventory data at scale, from file-based through to live event streaming, and to continually learn how to optimize the processing and distribution of the resulting data sets.

Fluent Commerce’s Order Management System, ‘Fluent Order Management’ is used by leading global retailers around the world including JD Sports, L’Oréal, Aldo Group, Prada, LVMH and Dulux.

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Vertical IQ Begins 2023 with Product Enhancements to Boost Customization, Sales Engagement

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Vertical IQ Begins 2023 with Product Enhancements to Boost Customization, Sales Engagement

Industry Intelligence firm adds key partnerships as well as an array of capabilities to improve personalization, shareability of its content.

Industry Intelligence leader Vertical IQ is poised for continued momentum and revenue growth in 2023, propelled by strong sales, customer retention and innovative product enhancements. Current and new strategic partnerships continue to create opportunities and expand usage of their Industry Intelligence platform.

Read More: SalesTechStar Interview with Jeannine Shao Collins, Chief Client Officer at Kargo

Improved actionability, customization of Industry Intelligence

Throughout 2022, Vertical IQ rolled out a number of product enhancements — many based on direct feedback from their users.

  • Co-branding: Subscriber organizations’ logos can be added to the top of Vertical IQ’s content to create a value-added touchpoint.
  • Sector Profiles: Continuing to build out its macroeconomic analysis capabilities, Vertical IQ added 11 new Sector Profiles including: U.S. Accommodation and Food Services; U.S. Agriculture, Forestry, and Fishing; U.S. Educational Services; U.S. Information Sector; U.S. Real Estate Sector; and U.S. Transportation and Warehousing.
  • Shareable Industry “Snippets”: With just a click, share portions of Vertical IQ’s Industry Intelligence in an email or social media post.
  • Role-Based Prep Sheets: One of Vertical IQ’s most popular features, these are customized based on a user’s specific job function, such as commercial banker, treasury management, sales or business consultant.
  • Enhanced Industry News: Incorporates data from Nexis Newsdesk™, a top provider of news and media content, to increase Vertical IQ subscribers’ access to industry news articles.
  • General Sales Platform: An even more streamlined, timesaving version of Vertical IQ’s traditional platform geared towards sales and marketing professionals.

Each of these product updates was strategically scoped and implemented to make Industry Intelligence more actionable and better meet the unique needs of Vertical IQ users, explains Vertical IQ president David Buffaloe.

“We at Vertical IQ pride ourselves on being customer-centric, and these recent product enhancements further prove it,” says Buffaloe. “The General Sales Platform and Role-Based Prep Sheets make it simple for sales professionals to prepare quickly and effectively for calls/meetings, while enhancements like Shareable Snippets and Co-branding make it even easier to customize and share Industry Intelligence with your clients and prospects. These can be timesaving game-changers for users looking to boost sales engagement and win more deals.”

Read More: Carving is for Turkeys, Not Territories

New collaborations to boost content, save time

In addition to product enhancements, Vertical IQ also formed partnerships with several organizations in 2022 with the goal of further improving the service it provides to users and enhancing its content. These new synergistic collaborations are in addition to successful ongoing relationships between Vertical IQ and partners such as S&P Global Market Intelligence and RelPro, as well as The Risk Management Association (RMA), which incorporates Vertical IQ’s Industry Intelligence into its eMentor platform.

In April of 2022, Vertical IQ announced a product integration partnership  with Groove, the leading sales engagement platform for enterprises using Salesforce. The collaboration allows relationship managers and other financial services professionals to easily access Vertical IQ’s Industry Intelligence within the Groove platform.

“This partnership and integration with Groove is a prime example of the type of strategic relationships Vertical IQ has formed over the years, enabling us to provide an even better product to our customers,” notes Vertical IQ CEO and cofounder Bobby Martin. “Incorporating Industry Intelligence into Groove streamlines access to the insights financial services pros need in order to have more relevant, impactful sales conversations at every stage of the customer journey. It’s a huge timesaver for sales professionals and a differentiating value-add from the client or prospect’s perspective.”

Then, in July, Vertical IQ released a new in-depth U.S. Sector Profile on Nonprofits, thanks in part to content collaboration with Candid, the trusted source for unbiased nonprofit financial data.

“Nonprofit financial data is different from other industries due to nonprofit entities’ use of fund accounting to capture grants, donations and other accounts,” Martin explains. “By adding data from Candid into our U.S. Nonprofits Sector Profile, Vertical IQ users now have this critical insight right at their fingertips to compare nonprofit clients with similar entities.”

In addition to the collaboration with Groove and Candid, Vertical IQ formed several other strategic partnerships in 2022, including with Accrue, Bigtincan, Highspot and 6sense, which continue to increase product integration and access to Industry Intelligence for research, sales enablement and risk management.

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

Mendix, CLEVR and Magnus Black Will Demonstrate the Transformational Power of Modern Enterprise Software Development in the Retail Sector at NRF

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Mendix, CLEVR and Magnus Black Will Demonstrate the Transformational Power of Modern Enterprise Software Development in the Retail Sector at NRF

Mendix, a Siemens business and global leader in modern enterprise application development, today announced that it will be demonstrating a new way to fast-track enterprise transformation using power of modern application development in retail with the help of application solution and services company CLEVR and retail solution provider Magnus Black.

NRF 2023 Retail’s Big Show attracts executives and IT leaders from retail organizations. This year, the conference will feature more than 150 sessions by retailers and vendors highlighting innovations and learnings from the past year.

Mendix and CLEVR will demonstrate the Mendix Digital Lifecycle Management for Fashion and Retail solution in booth #4151 which enables retailers to accelerate their development process from concept to commerce, transform towards a demand-led model and improve collaboration between internal teams and suppliers. It reduces time to market and enables sustainable business practices. The Mendix DLM for Fashion and Retail allows stakeholders to collaborate on products and drastically reduces physical sampling.

Read More: SalesTechStar Interview with Koko Zarov, CEO at Nymblr

Mendix DLM is a cloud native PLM solution that utilizes low-code technology to connect traditionally siloed software and processes, which reduces digital waste, redundancy, migration hassles and extensive training.

“Mendix DLM enables one-click deployments, multi-experience capabilities and the ability to integrate with any data source, making it the ideal way to collaborate across suppliers, manufacturers, brands and retailers,” said Maarten de Vries, SAP program management at Mendix.

Magnus Black will showcase its OIL Order Magic order management solution which the company built using the Mendix platform. This omnichannel integration layer delivers a seamless customer experience across selling and fulfillment channels by managing orders, customers and inventory in one place. The solution has been recognized by Gartner in the latest Market Guide for Retail Distributed Order Management Systems.

Siemens Digital Industry Software (DI SW) representatives will be on-site to answer questions.

“NRF is the leading event for retailers, industry analysts and retail vendors and the theme this year is ‘Breakthrough,” said Erika Arena, global retail industry principal at Mendix. “One of the biggest breakthroughs in retail in 2023 will be the broader replacement of traditional software development practices with modern enterprise application development. Retailers need low-code, reusability, and composability because it allows them to create digital solutions faster than the speed of business and customer expectations, which is imperative in today’s volatile economic climate. Our job is to help retail organizations prepare for the future, whatever it may bring.”

Read More: Automation Tools for the Sales Teams of Tomorrow

Three ways to connect with Mendix at NRF

  • Visit Mendix booth #4151, January 15 – 17: Mendix, and its partners CLEVR and Magnus Black, will show attendees how they can fast-track enterprise transformation and integrations. Enter to win a Sonos Roam and see:
    • Mendix Digital Lifecycle Management
    • OIL Order Magic
    • Ready-to-use retail templates on the Mendix platform
      • Scan & Go native-mobile app
      • Vendor Onboarding
      • Smart Warehousing
      • AWS IoT Logistics
      • Shift Management
    • Mendix platform demo: Lato Bicycle eCommerce
  • Join us for a Mendix-sponsored happy hour, January 16th, 4:00 pm – 5:00 pm EST: Join us for happy hour and grab a Mendix koozie on the NRF Expo floor
  • Join us for an executive networking event, January 16, 6:00 pm until 8:00 pm EST at Dear Irving on Hudson Rooftop at the Aliz Hotel, 40th floor.,

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

Cognizant Appoints Ravi Kumar S as Chief Executive Officer

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Cognizant Appoints Ravi Kumar S as Chief Executive Officer

  • Former Infosys President brings 20+ years of experience in the consulting, process, and technology transformation space to CEO role

  • Stephen J. Rohleder appointed Chair of the Board

  • Leadership transition supports initiative to accelerate growth

  • Company updates fourth quarter and full-year 2022 guidance

Cognizant announced that its Board of Directors (the “Board”) has named Ravi Kumar S as CEO and a member of the Board, effective immediately. Kumar succeeds Brian Humphries in both roles. To facilitate a smooth transition, Humphries will remain with the Company as a special advisor until March 15, 2023.

Kumar joins Cognizant after a 20-year career at Infosys, where he held various leadership roles, most recently serving as President from January 2016 through October 2022. In this role, he led the Infosys Global Services Organization across all global industry segments, driving digital transformation services, consulting services, technology services, engineering services, data & analytics, cloud and infrastructure, and enterprise package applications service lines.

The Company also announced that Stephen J. Rohleder, a member of Cognizant’s Board since March 2022, has been elected Chair of the Board. Former Chair Michael Patsalos-Fox will remain on the Board as an independent director. Rohleder joined the Board in March 2022 as part of the Board’s ongoing Board refreshment process; during the last three years, the Board has added three new independent directors.

Rohleder brings decades of experience overseeing operations, developing strategy, counseling clients, and growing teams in the technology space, gained from his 35-year tenure in senior roles with Accenture, where he served as Group Chief Executive, North America, Group Chief Executive, Health and Public Service and Chief Operating Officer, as well as his roles as Chairman and CEO of GTY Technology Holdings.

Cognizant had previously announced that Kumar would join the Company as President, Cognizant Americas. In connection with the CEO transition, Cognizant also announced that Surya Gummadi has been named President, Cognizant Americas. Gummadi, a 24-year veteran of Cognizant, had held the role on an interim basis since July 2022 and previously served as SVP of Cognizant’s Health Sciences business segment.

Read More: SalesTechStar Interview with Joe Dillon, Executive Vice President of Sales at Baffle

Leadership Commentary

“The Board is focused on positioning Cognizant to reaccelerate growth and drive shareholder value,” said Chair of the Board Stephen J. Rohleder. “As a proven leader with deep experience developing global talent and building a culture of success, we believe Ravi is the right person to take Cognizant into its next phase of growth. He brings world-class expertise in consulting, process, and technology transformation as well as demonstrated success building businesses. We are highly confident he can build on Cognizant’s portfolio of in-demand solutions, strong brand, and significant international expansion opportunity to unlock enhanced performance and growth.”

Rohleder continued, “Brian was a resilient leader, providing a steady hand as he steered the company through various challenges, including a global pandemic. We thank Brian for his many contributions to Cognizant, which have helped to position the company to capture a large, growing market and fuel profitable revenue growth. We believe now is the right time for new leadership to fully capitalize on these opportunities.”

“The Board also wants to thank Michael for his leadership during his time as Board Chair. Michael’s dedication to Cognizant, including his unwavering commitment to our mission and our shareholders and other stakeholders, has set a strong example for me and the rest of the Board,” Rohleder concluded.

Humphries said, “I am proud of our team’s achievements during my tenure as CEO. Our brand is more visible, our portfolio is stronger, our client relationships are more consultative and we are better aligned to high growth digital segments within our market. The company is in a great position for success. It was an honor to lead our talented associates and I wish Ravi and the leadership team all the best for the future.”

“I am honored to join Cognizant, a company I have long admired for its dedicated client focus and its track record of innovation,” said Kumar. “I look forward to working with Steve, the rest of the Board, and the leadership team to capture the many opportunities ahead. I have watched Cognizant fundamentally transform its business, expanding its digital portfolio and capabilities, strengthening client relationships and partnerships, and meaningfully enhancing operational discipline. Cognizant is well-positioned for growth, and I’m excited to unlock the Company’s significant potential for our employees, clients, investors, and other stakeholders.”

Read More: Open, but Back to Normal? Insights from Location Intelligence Reveal How Consumer Behavior Has Changed Across Industries

Additional Biographical Details about Ravi Kumar

Kumar has over 20 years of experience in the technology consulting space, incubating new practice lines, driving large transformational programs, and developing new business models across industry segments. Based in New York City, Kumar served as President at Infosys until October 2022. In this role, he led the Infosys Global Services Organization across all global industry segments, driving digital transformation services, consulting services, technology services, engineering services, data & analytics, cloud and infrastructure, enterprise package applications service lines. In addition, he led the Business Process Management (BPM) Unit and was Chair of the Board of Infosys BPM Ltd. He has overseen Infosys business operations in India, Latin America, Japan and China. He has also overseen the Infosys Public Services and Infosys Consulting Services Subsidiaries. In addition, Kumar championed and pioneered Infosys’ localization initiatives and built technology and digital talent pools in US, Europe & Australia to drive the creation of new Innovation and Digital Technology Hubs through collaboration with clients, the local state governments and academic ecosystems. Previously, Kumar was the Group Head for the Insurance, Healthcare, and Cards and Payments unit at Infosys, where he drove client services, demand generation, next-generation service offerings, innovation, and a world-class delivery organization to support clients. Kumar also led the Global Delivery organization in the manufacturing industry group. Spanning a global clientele and other new incubating engines, he built the global Oracle and CRM practices for Infosys as well as played diverse roles across organizations within the CRM space for Oracle Corporation, building a next-generation customer relationship management practice at Cambridge Technology Partners.

Kumar currently serves on the boards of directors of TransUnion, where he is a member of the Mergers, Acquisitions and Integration Committee and the Compensation Committee, and Digimarc Corporation, where he serves on the Compensation and Talent Management Committee and the Market Development Committee. Kumar also serves on the Board of Governors of the New York Academy of Sciences and the Board of Directors of the U.S. Chamber of Commerce.

Kumar earned his bachelor’s degree in engineering from Shivaji University and his M.B.A. from Xavier Institute of Management, India.

Cognizant Provides 2022 Guidance Update and Schedules Fourth Quarter 2022 Earnings Call

For 2022, the Company expects fourth quarter and full-year revenue of approximately $4.8 billion and $19.4 billion, respectively, compared to prior expectations of $4.72–$4.77 billion for the fourth quarter and $19.3 billion for the full year. This reflects a year-over-year increase of approximately 1.3% (or 4.1% in constant currency1) for the fourth quarter and growth of approximately 5.0% (or 7.5% in constant currency) for full-year 2022.

Additionally, the Company now expects full-year 2022 Adjusted Operating Margin2 of approximately 15.3%, compared to prior guidance of 15.6%, and full-year 2022 Adjusted Diluted EPS2 of approximately $4.38–$4.40, compared to prior guidance of $4.43–$4.46. This updated guidance includes a negative impact on Adjusted Operating Margin of approximately 30 basis points and Adjusted Diluted EPS of approximately $0.08 from the impairment of certain capitalized costs related to a large volume-based contract with a Health Sciences customer. The impairment is principally driven by the Company’s expectation of lower volumes.

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Zuora Launches Purpose-Built Billing and Revenue Recognition Solution for Consumption Business Models, Providing Flexibility and Resiliency to Help Endure Market Uncertainty

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Zuora Launches Purpose-Built Billing and Revenue Recognition Solution for Consumption Business Models, Providing Flexibility and Resiliency to Help Endure Market Uncertainty

Companies now have full visibility into consumption to drive revenue forecasting and maximize customer retention

Zuora, Inc., a leading monetization platform provider for recurring revenue businesses, today announced new purpose-built consumption-based billing and consumption-based revenue recognition solutions. With these new offerings, Zuora’s market-leading solution now provides end-to-end billing and revenue recognition for consumption-based pricing, giving companies a comprehensive solution to quickly iterate across quote-to-cash and revenue accounting. By combining billing and revenue recognition capabilities, Zuora® offers the unique ability for companies to quickly go-to-market with flexible consumption models, all while maintaining revenue recognition that helps companies comply with ASC 606 and IFRS 15 standards.

As uncertain economic conditions continue, it’s critical for companies to tap into flexible monetization strategies to offer services with additional value. Zuora currently powers consumption-based pricing for over 40% of its customers, which have seen up to 22% higher net dollar retention (NDR) and 11% higher subscriber growth year-over-year (YoY) compared to their peers1. With experience powering consumption-based billing for hundreds of companies over the past decade, such as Siemens, Yotpo and Zoom, Zuora offers numerous complex models, while helping companies overcome the operational complexities that can come with consumption-based pricing.

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“Across industries, subscribers continue to demand pricing flexibility to change their subscriptions often and to pay for what they consume,” said Mathangi Ramanathan, Vice President of Product Management and General Manager at Zuora. “Businesses need the agility to experiment quickly and often, track and report on the consumption, and make it work seamlessly with their entire ecosystem. Over the past few years, many companies have adopted consumption models beyond the simple ‘pay-as-you-go,’ such as a prepaid drawdown model or multi-attribute consumption model, which creates added risk and complexity for finance teams.”

Since consumption is unpredictable and can change day to day, or even minute to minute, it can be challenging for finance teams to have full visibility into consumption across the customer base and accurately forecast for future consumption. This lack of predictability creates risk and complexity for revenue recognition. By adding a purpose-built solution for consumption-based revenue recognition, Zuora is now also helping companies better prepare and mitigate risk for the variance that can come with consumption-based pricing.

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With this launch, Zuora adds:

  • Out-of-the-box monetization models, such as prepaid drawdown, minimum and maximum commit, and pooled usage pricing, enabling businesses the ability to quickly react and adapt to their customers’ needs.
  • Consumption analytics, near real-time processing, and threshold notifications, enabling customers to see their consumption in near real-time and limit their spend. The same capabilities enable companies to monitor and forecast expansion opportunities for customers with high consumption.
  • Consumption-based reporting, dashboards and analytics, allowing companies to operationalize and automate consumption revenue recognition policies. This enables revenue accounting teams to better predict, forecast, and mitigate financial risks related to taking on the consumption-based pricing models.

“With Zuora, we’ve implemented consumption in a variety of ways that provide immediate value, increasing flexibility for our customers while making revenue more predictable,” said Moshe Sarusi, Director of Finance Operations and Global Billing at Yotpo. “By powering these models, Zuora is a critical partner that is helping us achieve stronger retention and faster growth.”

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