WASHINGTON, DC – MAY 15: Lina Khan, Chair of the Federal Trade Commission (FTC), testifies before … [+] the House Appropriations Subcommittee at the Rayburn House Office Building on May 15, 2024 in Washington, DC. Khan testified on the fiscal year 2025 budget request for the Federal Trade Commission. (Photo by Kevin Dietsch/Getty Images)
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Here are five things in tech that happened this week and how they affect your business. Did you miss them?
1 – The FTC finalizes rule to make it easier for consumers to cancel their subscriptions.
The Federal Trade Commission (FTC) has finalized a new rule called Click to Cancel to make it easier for consumers to cancel subscriptions. This rule requires companies to make the cancellation process a simple process. Key aspects of the rule include consumer consent for subscriptions, auto-renewals, and free trials; transparency where companies must clearly disclose terms and conditions while prohibiting misleading information about a product or service. FTC Chair Linda Khan stated that this rule aims to save consumers time and money by eliminating “tricks and traps” often used by businesses. (Source: Fox Business)
Why this is important for your business:
If your business sells online subscriptions, you’ll need to comply and the size of your company doesn’t matter. Revisit your procedures for allowing consumers to cancel and update. As a consumer, I like this rule. I’m sure your customers will be expecting the same.
2 – Microsoft introduces 10 AI agents for sales, finance, supply chain in Dynamics 365.
Microsoft has introduced ten new AI agents within its Dynamics 365 suite to enhance business processes in sales, finance, supply chain, and customer service. A Sales Qualification Agent prioritizes and researches leads and can draft personalized sales emails. The Supplier Communications Agent manages collaboration with suppliers. The Financial Reconciliation Agent prepares and cleanses data sets to simplify financial reporting. Agents are expected to be available for public preview later this year and into early 2025. For more details, 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. Every software application – from CRM to accounting to HR – will be rolling out these types of agents in the coming months. There will be countless agents available to businesses that will leverage AI to automate many internal processes. Smart managers will recognize this reality and start learning. I’ll be doing the same within my business.
3 – AI video call scams are on the rise – and this is how they work.
Deepfake tech is accelerating the use of AI video call scams where a defrauder will impersonate a trusted individual to obtain sensitive information – usually financial details. These types of scams are often used in online dating venues but other deepfakes have utilizied celebrities and political figures. (Source: MakeUseOf)
Why this is important for your business:
This type of fraud is targeting small businesses. Red flags to be aware of – oddities in facial expressions or backgrounds; voice inconsistencies that come across as unnatural; pressure tactics used by the impersonator. Verifying the caller’s identity and other security measures are most effective. Making sure you are not releasing any financial information or conducting any financial transactions without multiple layers of review and approval is critical.
4 – Rollstack raises $11M Series A to automate your presentations with AI.
Rollstack – the company that specializes in automating data-driven slide decks and documents – has raised $11 million in Series A funding. Rollstack’s AI technology allows users to embed data and visualizations from BI and analytics tools – such as Tableau, Looker, or Excel – directly into slide decks and documents like PowerPoint or Google Slides. The latest funding will be used to further enhance the company’s AI capabilities, aiming to automate more mundane tasks. (Source: Martech Series)
Why this is important for your business:
Here’s an AI app that directly increases productivity. Instead of wasting time in a slide deck finding data and copying in screenshots, Rollstack gets setup to integrate with your company’s internal data and then automatically updates your slides as this data changes. The key thing about all of these AI tools is to focus on the little things that get done that add up to significant savings on time.
5 – AI prompts to prepare for Small Business Saturday.
The US Chamber of Commerce posted an article that describes how artificial intelligence can be a highly effective tool for business owners as they gear up for Small Business Saturday on November 30th this year. (Source: US Chamber of Commerce)
Why this is important for your business:
This is a fun article. Examples include crafting effective marketing campaigns, examining customer insights by using AI to pinpoint preferences and behaviors, and exploring AI-generating discount options to find the measure salability. Everything won’t apply to your business, but it’s worth a quick read.