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EDITOR Positive vibes galore even as crisis float and disasters rove

The month of March 2022 saw many countries witnessing sudden spurge of COVID-19 cases and subsequently led to new precautionary restrictions. The ongoing war in Europe has been constantly disturbing trade relations across the globe. The commodities market has been severely disturbed across many of the developing nations, leading to higher inflations and lower purchasing power of the general public, thus affecting the GDP of the country. International Business Magazine highlighted several news stories on the financial strategical steps to overcome any unanticipated backlash that could occur in the near future. We have an article from a seasoned expert who talks about the benefits of hiring a contract CFO. We hope that our expert analyst’s market analysis would guide you in the coming months as well. The inflation and the now emerging health consciousness among the masses have led to the demand for more research and development into food technology. Food that could be produced in a healthy process and in a large bulk. The finance sector has also seen quite a few surprises with mergers, collaborations and some new developments towards digitalization. Find the latest news on Finastra, Finscore, Kolleno and more in this issue. On the cover page is Dr Shai Rosenberg, an expert neuro-oncologist, who made a breakthrough in the field of cancer gene detection that would aid in the inhibition of the disease. He gave us an exclusive insight into the importance of this breakthrough from Hadassah Medical Centre. Although the ongoing war in Europe and resurgence of new Covid cases in certain parts of the world is impeding the global economic recovery, new product launches, new service announcements and new business activities is promoting a positive vibe among the investors and entrepreneurs across the globe.

Ujal Nair Chief Editor Be sure to check out our website at

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Connect with us on Twitter: @interna11168480 and Facebook:@intlbm Instagram: @intlbm.

COVER STORY

Dr. Shai Rosenberg

ARTICLE

The UK’s late payment crisis – how SMEs can survive the coming year?

‘AI Algorithms to lead the fight against Cancer’

Finscore accomplish 100 percent mobile subscriber base in the Philippines

Content

14 Marching Markets into Unchartered Territory

30 CPaaS Vs UCaaS: Which One Is Right for Your Business?

20 28 Dubai based Eikonikos a Metaverse start-up raises US$2Mn

The Benefits of Hiring a Contract CFO in a

Modern Business

Ways Virtual Events Can Boost Donations to your Non Profit

22 London Fintech Kolleno raises USD 5.4M in seed funding

36 Frost and Sullivan: Technology Innovation to Address Global Food Safety Concerns

Bank

Bank Late payments have haunted the

What’s the impact of late pay-

small business sector for years.

ments on SMEs?

informed business decisions. In fact, when it comes to data,

With strict deadlines on outgoing payments, from wages to suppli-

Our research found that over

our study revealed that over half

er bills, small businesses often

half (54%) of SMEs said late pay-

(52%) of European business-

face long waits to be paid them-

ments critically impact their busi-

es don’t think they will survive

selves – throwing the viability of

ness, and 51% reported that late

without relevant, up-to-date, and

their business into question.

payments affect the productivity

compliant business data, show-

of their business.

ing how important it is to have an eye on the metrics. So, for busi-

Action to strengthen the Prompt Payment Code was declared by

Astonishingly, over a fifth (22%)

nesses, it’s easy to see why this

the government in January 2021.

has needed to use personal sav-

can be the first stumbling block

But, just a year on from this an-

ings or assets to cover the short-

to understanding what’s critical

nouncement, 440,000 small firms

fall of late payments – a per-

information and what’s not.

could be forced out of business

centage that has increased from

by the UK’s late payment “crisis”,

2019, when only 13% of SMEs

The ability to navigate an over-

according to the Federation of

needed to use their savings.

whelming amount of data in order to make decisions is fundamen-

Small Businesses (FSB). In short, late payments can have

tal to the success of businesses

Following yet another year of

significant

for

today. Deploying technology that

lockdowns

restrictions,

SMEs. And the situation contin-

can process and leverage data,

many small and medium-sized

ues to plague the sector, with a

and then generate precise and

enterprises (SMEs) are relying on

third of small businesses (30%)

perceptive analysis is essential to

a surge in consumer demand in

reporting an increase in late in-

take advantage of opportunities

the New Year to bump up their

voice payments in the last three

and mitigate risk.

bottom line. As margins contin-

months, according to the FSB.

and

repercussions

Not only does predictive analy-

ue to tighten, it’s more important than ever that small businesses

When 51% of SMEs say their sol-

sis of data enable businesses to

have a comprehensive view of

vency is reliant on suppliers mak-

gain a detailed understanding of

any potential risks in advance.

ing payments on time, it’s clear

any previous payment behavior, it

the issue of late payments has

can also anticipate future perfor-

Leveraging data and using predic-

become a “crisis” that threatens

mance to circumvent the poten-

tive analytics are small steps that

the jobs of more than 13 million

tial impact of late payments on

can have a considerable impact

people in the UK.

cash flow.

while navigating a turbulent mar-

There are a few ways SMEs can

SMEs don’t have to go it alone,

ket. In this article, I will discuss

stay protected financially, and one

technology can help

how SMEs can weather the com-

of the most impactful is to lever-

ing years with the help of technol-

age existing data and use predic-

One of the biggest barriers to

ogy to reduce late payments.

tive analytics to make confident

accessing data and using it to

on helping SMEs mitigate risk

Bank

Bank support predictive business analysis is the use of

When data is segmented, differentiated, and prior-

manual payment processes. Whilst processing pay-

itized – essentially, harnessed to its full potential – it

ments is essential to understanding cash flow, man-

enables those in charge of finance to establish ex-

ual operations can be resource-heavy and labor-in-

actly how much is owed and how a situation should

tensive, as well as potentially vulnerable to human

be addressed.

error. So, when dealing with collections, data is key to But there are ways to enhance manual processes.

quickly uncover the ‘receivables trinity’: the size of

Intelligent receivables management, for example,

the debt, the age of the debt, and how risky it has

uses data to analyze and predict, transforming ac-

become.

counts receivable processes with automated workflows, AI-driven analytics, and powerful risk-based

This knowledge, powered by automating data pro-

strategies.

cesses, will ensure business efforts can be focused on making the most of any financial situation and

Intelligent receivables management enables curat-

the time available – a key priority for SMEs in the

ed data to pinpoint when payments are expected –

battle against late payments.

and most importantly when they are at risk of being unpaid.

Visibility, analytics, and automation are key to beating late payments

With this analysis, those in charge of finance at SMEs are well equipped to tackle the situation by

In essence, a data-first approach supported by pre-

tracking the “time to cash” (from shipping the goods

dictive analysis is the only true way to bridge the gap

to receiving the money in the bank). Tools that en-

from credit to cash, reducing – and hopefully elimi-

able predictive analytics to enhance the business’

nating – debt created by late payments. Ultimately,

understanding of the financial health of customers

for SMEs to get on the front foot, a full view of all

– for example, whether they’re financially capable of

existing customer and supplier relationships is nec-

making the payment quickly.

essary to assess any potential impact and identify new opportunities – ensuring continuity as the UK

But it’s not just about harnessing data for payment

economy continues its road to recovery.

visibility, predictive analysis can also assist the col-

By Tim Vine, Head of International Finance & Risk

lections process through automation.

Solutions at Dun & Bradstreet

Blog

Blog As always, at the end of last

The computer will be invisible

invisible, by hiding it in someone else’s data centers, there are still

year, companies and individuals got their crystal ball out to make

It was predicted that by 2019,

physical locations powering such

predictions for the coming 12

computers will be invisible. Not in

technology. We will always need

months. Thought leaders across

the sense that they simply won’t

some sort of hardware, the size

the technology industry clam-

exist but that they will be embed-

of which is mainly driven by mi-

bered to guess everything from

ded everywhere – from walls and

crochip and battery tech. This

the biggest tech trend through to

tables to clothes and jewellry. It

might seem like the less exciting

the next big ransomware attack.

was even believed that three-di-

side of technology, but it is fun-

But how often are they kept in

mensional displays will be built

damental. And most technology

check?

into contact lenses and glasses

predictions are in fact dependent

that project images directly into

on it. So, the practicality of invis-

If the last few years have taught

retinas. While this might not be

ible computers depends on the

us anything, it’s that nothing is

mainstream just yet, we do live in

use case.

certain. So, now that we are well

a world where computers are em-

into the year 2022, which will un-

bedded almost everywhere, from

For example, many computerized

doubtedly be full of its own twists

our cars, washing machines,

devices need to be connected to

and turns, I am taking a look back

toasters and even to desk chairs.

Wi-Fi, or other network access technologies, and many of these

at some of the biggest tech predictions over the last 30 years

Will computers ever be totally in-

are extremely battery intensive,

and seeing what made it – and

visible? While cloud technology

especially where high data rates

what didn’t.

makes compute power appear

are needed. We haven’t yet been

Blog able to produce batteries for these sorts of devices that are powerful enough to get devices down to tiny enough sizes to make them appear invisible. But while we have seen phones and computers get smaller over the years, more recently there appears to have been a reversal in consumer demand for smaller tech. In fact, with the likes of the iPhone offering a larger version of each model, it would suggest that for practical reasons, in many use cases there might not actually be consumer demand for smaller, more ‘invisible’ devices. However, away from the consumer market, the ever-accelerating advancement in nanotech continues to drive down the size of microchips, which in turn has allowed the use cases for the Internet of Things to bring what once felt like crazy predictions to reality. As nanotech progresses into the future it will ultimately make nanobots a practical reality, finally making the prediction of invisible computers a reality. This will have huge and positive implications on industries like healthcare. We’ve seen predictions that this nanobot tech will allow us to wirelessly transmit information stored in the brain to the cloud and even that it could allow us to live forever in a digital state when our bodies fail us. I find that last one a bit of a stretch and shudder to think of the moral and ethical implications, but who knows… The telephone and TV won’t take off This dates back beyond 30 years, but it was once believed that people would get bored of sitting in front of a box and watching TV – how wrong were they? When an industry is being disrupted, we will always have naysayers. The vast majority of those will be people who will be massively impacted by the said disruption. For example, Blockbuster was certain Netflix wouldn’t take off and Blackberry was adamant that consumers preferred buttons over touch screens. If you’re the industry leader and you’re making a lot of money, it’s hard to convince the board to totally change the business model. Therefore, we see most disruption from start-ups but currently, companies 12

of all sizes need to welcome disruption or will follow the same fate as Blockbuster. While not all predictions may come true, we should use them as a guide as often, some element of it becomes reality. Apple is a bad investment Apple is a great example of a large company that answers to a board but still innovates and disrupts itself at an industry-leading pace. The foundations of this are largely why people believed that Apple was a bad investment in the early days. Apple has always continued to invest heavily in research and development. Despite being the market leader and being the first company to reach a $1 trillion market cap, Apple still takes the same approach to disruption and innovation. By sticking to its guns, investors have learned to stay with them on the journey, rather than punish them for it. Those who believed Apple was a bad investment are almost certainly kicking themselves now! Hype vs Reality As with all trends, there’s a huge amount of hype and artistic license. Technology predictions will rarely blossom into exactly what is predicted. Each piece of technology has hundreds of roads it can go down at any point, but the essence of most predictions does come true in some way. The technology for flying cars does, for example, theoretically exist – but other complications, safety, and practical reasons impact it coming to fruition any time soon. Thinking of this year’s predictions, the Metaverse will feature heavily and while no one knows exactly what it will look like, there is little doubt that we will eventually experience some form of a persistent online 3-D virtual environment that is integrated with the physical world. We just don’t know exactly what it will look like. The one thing we can be sure of is that technology will continue to develop and shape our future at an exponential pace. By Dan Davies, CTO Maintel

Bank

announced

tions, DataGear clients will bene-

We’re pleased to collaborate with

its partnership with DataGear,

fit from a trade services platform

DataGear and look forward to our

a leading service provider for

that evolves with compliance,

mutual success.”

banking and financial services in

customer, and competitive de-

Egypt, to enable corporate banks

mands, as well as next-genera-

Ahmed Elsonbaty, Chief Execu-

to rationalize core operations, au-

tion portal technology to unify

tive Officer at DataGear said, “The

tomate compliance and reduce

trade, supply chain finance, cash,

demands of our large customer

costs.

lending, and transaction banking.

base are constantly changing.

Finastra

recently

We recognized a need to expand DataGear will be offering its cli-

Ahmed Khalifa, Director, Part-

our portfolio, to help corporate

ents Finastra’s solutions; Fusion

ners & Ecosystem MEA at Finas-

banks upgrade their offering with

Corporate Channels and Fusion

tra said, “With deep expertise in

a suite of digital services.”

Trade Innovation, to aid the banks

banking and financial services,

to strengthen their services and

DataGear has a strong presence

Ahmed further adds that “Finas-

grow their business.

and a large customer base in

tra’s strong partnership and ena-

Egypt. At Finastra, we understand

blement program, as well as its

According to the Finastra reports,

the importance of partnerships

industry-leading solutions, give

there is a situation of an increas-

and collaborative ecosystems for

us the tools to support our cus-

ingly competitive marketplace,

facilitating growth.”

tomers on this journey. With the partnership, we can also contin-

which means it’s important that corporate banks can adapt quick-

He further adds to his statement:

ue our own growth and develop-

ly and are not held back by reg-

“Our partnership will help the

ment in the market.”

ulation, legacy technology, or

company further strengthen its

working capital limitations.

market position while giving its customers access to our flagship

Finastra claims that with its solu-

solutions through a local vendor.

Business

US stocks and oil prices leaped as investors held breaths for updates from Ukraine and parsed testimony on the Fed’s plans to raise interest rates. The S&P 500 rose 1.9% on 2nd March, a day after the benchmark index fell 1.6%. The Dow gained 596 points or 1.8%, and the technology-focused Nasdaq Composite Index added 1.6%. The advances were broad-based, with most of the S&P 500’s 11 sectors rising 1% or more. Despite the continuing war in Ukraine and spiraling oil prices, investors were focused on interest rates. Fed Chair J Pow, appeared before the House Committee on Financial Services saying he would propose a quarter-percentage point rate increase at the central bank’s meeting in two weeks. That alleviated concerns on Wall Street that the central

bank would raise rates by half a percentage point. Yields on benchmark 10-year Treasury notes rose to 1.862%, from 1.708% on 1st March. Yields and bond prices move in opposite directions. Stocks have been volatile, to say the least of late as investors tracked escalations in the war waged by Russia in Ukraine as well as domestic news about the economy and inflation. Investors are reacting to fast-moving developments on the war news, Western sanctions on Moscow, and major companies cutting ties with Russia. By boosting energy prices, the conflict has added to uncertainty regarding the likely path of US interest rates this year. 2nd March gains marked the SPX’s sixth move of more than

1% in either direction in the past seven sessions and the whipsaw moves reflect a skittish and fragile market. There haven’t been any big moves like this in two years in the context of the early pandemic days. Since the Russian invasion, major US indices have been relatively resilient, with both the SPX and Nasdaq up about 1.9%. However, soaring oil prices threaten to unleash more volatility across markets and equities are still in an overall downswing dating back to last year. Oil driving other assets or rising interest rates haven’t been seen in years or decades and very few investors have lived through a rising rates environment. Rising oil prices pose a migraine for central banks already dealing with the fastest inflation rates in decades.

Business Energy markets rallied with crude prices surging well over $110 a barrel for the first time since 2014 as refiners refused to buy Russian oil taking a bite out of global energy supplies. US crude traded as high as $112.10 and more recently was up 7% to $110.60. The knock-on effects across markets are hugely reliant on how high oil prices get and if prices start to head to $120, we’re going to see plenty of economic consequences globally of these sanctions. Energy companies stand to benefit from higher energy prices, even as they work to disentangle themselves from Russia. Exxon said this week it would halt operations at a multibillion-dollar oil and gas project in Russia and would make no further investments in the country. BP said Sunday it would exit its nearly 20% stake in Russian government-controlled oil producer Rosneft. Financials were the second-best sector on the day, up about 2.6% and erasing about half of their losses from earlier in the week. Berkshire Hathaway was up 2.2%, JPMorgan gained 2.1%, Bank of America was up 1.6% and Wells Fargo rose 3.9%. Among other corporate names, shares of Nordstrom jumped 38% after the retailer projected stronger-than-expected earnings this year. Hewlett Packard Enter prise raised its earnings forecast 16

for the year, lifting shares 10%. Prices leaped in other pockets of the energy market tied to Russia. European natural-gas prices jumped 37%. There has so far been minimal disruption to t h e pipeline system in Ukraine, through which about a third of Russian gas exports to Europe flow, according to analysts. OPEC and its Russia-led allies agreed to raise their collective production by another 400,000 barrels a day in April in line with what was agreed to last year. This came after the US and other major oil-consuming nations said they would release 60 million barrels of oil from their emergency stockpiles. IEA said it wanted to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine. In the cryptocurrency market, bitcoin traded at around $43,662 according to CoinDesk down 0.3%. Russia’s invasion of Ukraine has driven demand for cryptocurrencies in both countries, helping drive up the price of bitcoin.

Russ i a’s incursion into Ukraine is sad and it undoubtedly marks a historic moment in geopolitical balance with undetermined total effects on global security, humanitarian needs, political alliances, and economies. Last week’s invasion touched off a de-risking episode in global financial markets, with stocks selling off and commodity prices surging in reaction to the news. Though markets rebounded on Friday, volatility will likely remain elevated, and both the political and economic situations are in flux. At the same time, US bond markets are pricing the potential for stagflation, a scenario of higher inflation and lower economic growth. And the Fed which recently has grown more hawkish in its plans to raise interest rates and unwind its balance sheet will have to weigh the trade-off between inflation and growth amid escalated global tensions. No one knows if the conflict in Ukraine will create lasting or just momentary effects on the market. But I don’t believe now is the time for impatient buyers to enter what might look like an oversold

Business market. In fact the below three additional challenges that could be with us for a while and may not be fully appreciated by investors:

catered to the stay-at-home trends of the past couple of years benefited from an extraordinary pull-forward in demand. Investors will need to consider the likely give-back for such companies, including secular growers.

Complexity and Uncertainty of the Fed’s policy tightening path–Near term inflation expectations have risen recently as energy prices could remain higher given Russia’s role as a major producer. Meanwhile, the overall US economic outlook appears downbeat with nominal yield curves at their flattest since the early days of the pandemic. Though some market participants assume the Fed will not tighten as aggressively because of the Ukraine conflict and I expect the Fed to stay the course though it will likely prioritize supporting growth over fighting inflation. All this suggests that Fed policy execution has become only more complex.

The pressure of Inflation on corporate profit margins-Most companies have asserted that they are sheltered from inflationary drags by strong pricing power. But this pricing power is likely unsustainable and if it is somehow maintained would only contribute to further inflation. I see mounting pressure on earnings forecasts with negative first-quarter guidance rolling in from many companies and tech firms feature prominently among those muting expectations.

Weakening of demand for goods consumption–I expects an eventual shift in consumer spending from goods to services which should fuel a recovery in sectors such as travel, leisure, live entertainment, and dining. But gains for services businesses may come at the expense of durable producers which may face falling demand. Many companies that

Given all these factors I advise investors against jumping back into the market, even though recent declines have made valuations look more attractive. Investors should watch earnings-revision trends and bond-market dynamics to gain conviction around a buyable bottom. Consider recalibrating expectations and sticking with quality names with strong cash flow and earnings achievability that aren’t fully priced. Sectors including financials, energy, materials, consumer services, and healthcare look ripe for stock-picking ideas, while the U.S. small-cap category and emerging markets appear to

have strong longerterm valuation support. Closer to home, Abu Dhabi’s FTSE ADX index was the second-best performing market in the GCC during February with over 7 percent gain to close at 9,319.4 points. The exchange’s market cap rose 8.9 percent to reach 1.7 trillion dirhams mainly due to the listing of Abu Dhabi Ports on the exchange. The Financials index recorded an increase of 10.2 percent, the largest monthly gain among the indices. The total volume of shares traded rose to fell to 4.5 billion shares compared to 4.2 billion shares in the previous month. The total value rose slightly to reach 28 billion dirhams. Dubai Financial Market (DFM) General Index was the third-best performing market in February. The benchmark closed at 3,354.64 points, up 4.7 percent. Gains in six out of nine sectoral indices including large-cap sectors such as Banks, Telecom, and Real Estate supported. The Banking Sector index rose 8.2 percent. The total volume of shares traded fell over 23 percent to reach 2.6 billion shares in February. Total value also fell over 11 percent to reach 5.8 billion dirhams. Blog received on Mail 17

Business

ahri, a global leader in logistics and trans-

conversations around the future of these business-

portation, recently concluded its successful

es. Bahri Desalination’s participation and support

participation in the 3rd MENA Desalination

for the MENA Desalination Projects Forum are an

Projects Forum, the largest of its kind in the region.

extension of this commitment. The event provided us with a strategic platform to showcase our inno-

In the presence of Eng. Abdullah Aldubaikhi, CEO of

vative solutions, strengthen our partnerships, and

Bahri, the firm’s latest business line, Bahri Desalina-

connect with our customers. We also gained valua-

tion, displayed its state-of-the-art leading solutions

ble insights into the new and emerging trends in the

consisting of innovative floating desalination plat-

desalination sector, which will inform our product

forms and sponsored networking lunch during the

innovation and business strategy.”

two-day event held from 15-16 March in Abu Dhabi, UAE.

Bahri claimed that it has bought in together over 400 regional and global stakeholders from the gov-

Eng. Abdullah Aldubaikhi, CEO of Bahri, commented:

ernment, consulting, contracting, and technology

“Across the industries in which we operate, Bahri has

sectors, the MENA Desalination Projects Forum dis-

always remained at the forefront of efforts to accel-

cussed the future of the desalination industry, key

erate growth and development by driving meaningful

upcoming mega projects, and national sustainability

Business

visions driving the region’s 2030 water agendas.

The company claim that its relocatable floating desalination barges ensure consistently high avail-

Bahri also added that the firm is delving deep into

ability levels and comply with the best local and

the core challenges facing water scarcity, the Fo-

international standards. Located three kilometers

rum explored the latest solutions that can enable

from the shore, the barges feature cutting-edge

sustainable and environment-friendly water desal-

water treatment processes involving seawater in-

ination and ensure sufficient water supply for the

take screens, integrated self-cleaning strainer with

region’s growing population.

ultra-filtration, and reverse osmosis treatment and remineralization.

Bahri also reported that it has forayed into the desalination sector in 2019 when it signed a 20-year

The platforms, which are fitted on specially adapted

agreement with Saudi Arabia’s Saline Water Con-

barges that are over 123.3 m long and 36.6 m wide,

version Corporation (SWCC). The contract involves

have a modular design and therefore, can be quickly

establishing three floating stations to desalinate

and easily deployed to other locations when need-

seawater and transfer it to the stations’ desalination

ed. Notably, they are designed to minimize potential

tanks, producing 150,000 cubic meters of water a

environmental impact on the coastal area and pre-

day.

serve diversification of the shallow sea ecosystem. Press Release received on Mail 19

Finance

The Benefits of Hiring a Contract CFO in a

Modern Business

Finance Introduces an External Perspective

When running a business, it’s es-

essential tools a business has at

sential to have all the right peo-

its disposal, but they can be con-

ple in place to make sure things

fusing and difficult to interpret if

An experienced CFO is not only

are running smoothly. One of the

you don’t have a financial back-

knowledgeable

most critical positions in a com-

ground. A contract CFO will help

matters. They’ll bring new ide-

pany is the chief financial officer

you understand your financial

as across industries, which can

(CFO). You may not have the fi-

reports and give you the informa-

help you see your business from

nancial capabilities to hire a full-

tion you need to make informed

different perspectives. This is es-

time CFO, and you may choose to

decisions about your business.

sential for making well-rounded

settle for contract CFOs. Below,

This is an invaluable service that

decisions that take all aspects of

we’ll discuss some of the bene-

can save you a lot of time and

your business into account.

fits of hiring a contract CFO and

money in the long run.

financial

Eases the Burden on the CEO

how they can help your business Only Hire When You Need One

run more efficiently.

Hiring a contract CFO is also an Another benefit of hiring a con-

easier way to ease the burden

tract CFO is that you only pay

on the CEO. The CEO is respon-

Cash flow is one of the most

for their services when you need

sible for managing day-to-day

important aspects of running a

them. If your business is doing

operations, developing long-term

business and can lead to some

well and doesn’t require any ad-

strategies, and ensuring the com-

serious financial problems if

ditional financial assistance, then

pany’s financial well-being. A con-

not managed correctly. A con-

you don’t have to worry about

tract CFO can be useful when the

tract CFO will be able to help you

paying for services you’re not

company is handling a surge in

manage your cash flow more

using. This can be a great way

growth or during a difficult finan-

efficiently, ensuring that you al-

to save money on unnecessary

cial period.

ways have the cash you need to

expenses.

Excellent Cash Flow Management

There are many benefits to hiring

run your business. They can also help you make more informed

A Better Business Forecast

a contract CFO. If you’re looking for someone to help manage

decisions about when and how to spend your money, which will

Established

experienced

your finances and ease the bur-

lead to a more successful com-

CFOs can help you forecast your

den on the CEO, then a contract

pany in the long run. Picking an

business’s financial future and

CFO is a great option. Do your

excellent contract CFO means

help with practical steps towards

research and find someone you

enjoying a good return on invest-

a flourishing business. This is an

can trust to help you navigate

ment, as they’ll offer friendly con-

essential service for any size of

these waters.

tract CFO rates.

business, but it’s especially vital

and

for small businesses. Without a A

Better

Understanding

Financial Reports

clear understanding of your financial future, it can be difficult to make informed decisions about

Financial reports are one of the

your business’s growth.

The blog received on Mail from Austin Dease

Finance

London Fintech Kolleno raises USD 5.4M in seed funding

Kolleno, a London-based fintech start-up specializing in Accounts Receivable (AR) management for SMEs, has attracted £4M ($5.4M) in seed funding led by Eurazeo and Stride.VC, with participation from Euler Hermes, HubSpot and several angel investors including Michael Pennington, Mark Ransford, and Will Neale.

platform. The idea to form Kolleno was born from their experience observing the impact that manual processes and poor cash flow management were having on SMEs. In less than 18 months of operation, the start-up has already acquired customers across several markets in Europe, the UK, the US, Canada, and South Africa.

Founded in 2020 by Dimitri Raziev, CEO (ex-Goldman Sachs, Fasanara Capital) and Ron Danenberg, CTO (ex-Expedia Group, Vatglobal), Kolleno simplify B2B credit control and collections for SMEs by automating the management of receivables on one single

The platform does cash reconciliation, prioritises the workflow and provides tailored collection strategies by advising the most effective communication channels using AI and machine-learning technology. The customers are approached via omnichannel, in-

Finance app communication methods (including email, SMS, and call.) Moreover, the platform has a Payment Portal, which is accessible straight from the email or text received by the customer. The user-friendly dashboard provides data insights and credit analysis helping to mitigate risks and reduce the number of bad debts. As a result businesses get paid faster and reduce manual work and processes by 100%. Kolleno has already processed over 170,000 invoices across the USA, Canada, South Africa, UK, and Europe since it launched. “Previously, businesses had to hire credit control specialists or give extra tasks to existing members of their team to manually monitor the payment dynamics of customers. An employee had to identify late payers, then prioritize, contact and follow up with individual clients to ensure late payments were received. This was not only time-consuming but also stressful for business owners and often prone to errors,” remarks Kolleno CEO and co-founder Dimitri Raziev. “Kolleno has been designed to alleviate these challenges by automating manual legacy processes to eliminate errors, ensure that businesses get paid faster and improve cash flows for our clients, some of whom have reported greater than 90% recovery using our platform.” In addition to automating and

streamlining processes, Kolleno’s software offers added convenience by partnering and offering an Open API integration with leading ERP and software solutions, including Xero, QuickBooks, and Clio to better meet the needs of its clients. The software is also equipped with machine-learning technology capable of automating and optimizing the timing, method and delivery of client communications, and offers a variety of efficiency-improving features, such as an actions board and payments portal to simplify follow-up and receipt of payments. “The technology has reached a level where it is able to remove repetitive tasks from employees and perform them faster and more accurately, freeing up time for staff to focus on higher value-added activities and speeding up the sales-to-cash timeframe. We are excited to build something that saves time and money for businesses” says Ron Danenberg, CTO and co-founder of Kolleno. “The B2B payments market is far bigger than the B2C. However, the level of digitalization in the B2B sector is lagging behind. That is why we are excited to invest in Kolleno – I firmly believe that the biggest opportunities in the B2B payments sector are yet to come”, says Chloé Giard, investment director at Eurazeo, the lead investor in the round.

“Kolleno has demonstrated a relentless focus on helping business owners manage their cash and receivables simply and swiftly using software, in stark contrast to the current status quo: working with clunky and expensive agencies who are misaligned with their clients”, explains Pietro Invernizzi on the decision of Stride.VC to back Kolleno. As the company continues to build towards the future, initial seed funding will be used to scale up Kolleno’s capabilities and offerings. To assist with these efforts, the company has recruited Djibrane Larrabure (ex-Deloitte consulting) as Chief of Staff and onboarded a team of nearly ten professionals to expand its product, marketing, sales and partnership offerings across regions. “This achievement is the result of the team’s tireless efforts to build a leading platform to help businesses thrive. As a team, we look forward to continuing to support the long-term success of our clients and are grateful for the faith that our investors have put in us to deliver on this promise. Stay tuned – because we are excited for what is to come!” say the company’s founders.

Press Release Received on Mail 23

Healthcare

University in Paris.

As per reports from the Union

was made by Hadassah Cancer

for International Cancer Control

Research Institute at the Hadas-

(UICC), an estimate of 10 million

sah University Medical Center in

International

deaths has been reported due to

Jerusalem. Using artificial intel-

zine, in support from MedCura-

cancer across the world in 2020.

ligence (AI), the researchers at

tor, the UAE-based representative

In comparison, as per the Johns

the institute have developed an

of Health Plus international and

Hopkins data analysis by Wall

algorithm to identify all possible

marketing arm of Hadassah Uni-

Street Journal, there have been

harmful mutations of the TP53

versity Hospital, had an exclusive

approximately 1 million deaths

gene, which are commonly found

interaction with Dr Shai Rosen-

due to COVID-19 pandemic in the

in 50 percent of tumors. The insti-

berg,

same year. It is evident as to who

tute has reported an accuracy lev-

searcher and a senior Neuro-On-

is the bigger villain for humanity.

el of 96.5 percent. The TP53 gene

cologist at Hadassah Medical

Our fight against cancer is even

provides instructions for making

Center.

deadlier than our fight against the

a protein called tumor protein

COVID-19 pandemic. Internation-

p53 (or p53 or guardian of the

AI-based Classification Model

al Agency for Research on Can-

genome). This protein acts as a

to spot cancerous mutations

cer (IARC) reveals that 1 in 5 peo-

tumor suppressor, which means

ple develop cancer during their

that it regulates cell division by

Mutations in TP53 occur in rough-

lifetime, and 1 in 8 men and 1 in

keeping cells from growing and

ly 42% of tumors. A germline mu-

11 women die from the disease.

dividing (proliferating) too fast or

tation in TP53 causes the Li-Frau-

These new estimates suggest

in an uncontrolled way. The most

meni syndrome (LFS) with severe

that more than 50 million people

frequent

associated

genetic predisposition to cancer.

are living within five years of a

with TP53 mutations are breast

Classification of TP53 variants

past cancer diagnosis.

cancer, bone and soft tissue sar-

from human cancer is highly

comas, brain tumors and adren-

challenging. Although, the coding

Keeping all these intimidating

ocortical carcinomas (ADC). The

sequence of TP53 is small (1800

and anxiety-triggering statistics

research is being led by Dr Shai

nucleotides for a 393 amino

in mind, any breakthroughs that

Rosenberg of Hadassah Medical

acid protein), distinguishing true

happen in this fight against can-

Center Cancer Research Institute

driver variants from sequencing

cer is worth commemorating.

and Prof Thierry Soussi, a fore-

artifacts, passenger mutations

One such recent breakthrough

most scientist of the Sorbonne

and benign polymorphisms is

cancers

Business

MD-PhD,

Maga-

physician-re-

Healthcare

Dr. Shai Rosenberg I anticipate more applications of immunotherapy, more drugs to enhance the immune system’s ability to fight cancer, more CAR T cells

MD-PhD, Physician-Researcher and Senior Neuro-Oncologist at Hadassah Medical Center

Healthcare particularly difficult as missense variants have been found at nearly every TP53 codons albeit at various frequencies with a high concentration in the 200 residues of the DNA binding domain of the protein. Multiple studies have addressed the loss of function (LOF) of p53 variants using various predictive tools, but results are heterogeneous. In addition, although LOF prediction for hot spot variants and their strong association with a pathogenic score is quite good, it

research. The mutation groups were carefully de-

is more heterogenous for infrequent variants. As the

fined using biological considerations and the com-

clinical relevance of TP53 diagnostic is increasing

bined computational and experimental information

for both somatic and germline mutations, there is a

were considered for training. As part of the test set,

dire need for an accurate evaluation of p53 variants

we tested our model on the mutation group that

LOF.

we were confident about and compared the model’s predictions to the information given for the 190 mutations in the leading genetic database used for clinical application – ClinVar. We analyzed the survival data of 10,000 patients, which showed that cancer patients with mutations that the model predicts to cause cancer have shorter overall survival compared to patients with mutations considered to be neutral. The latter group had overall survival comparable to patients without TP53 mutation. We performed experimental validation on 41 mutations.”

Dr Shai Rosenberg and Prof Thierry Soussi understood that there are many patients and family members carrying VUS (Variants of Unknown Significance) genes but are either not aware of it or not sure of developing cancer later in their life. Thus, the researchers noted a group of mutations based on four different independent cancer database and set up a classification between the mutations that definitely cause cancer and the ones that definitely do not. Using a computer-generated model, Dr Rosen-

This gene-specific, AI approach can be general-

berg and Prof Soussi are now applying it to the kind

ized to other cancer genes and thus, contribute to

of mutations that may or may not cause cancer.

more accurate genetic screening and consultation. Additionally, it can lead to more effective precision

So how did this model achieve 96.5 percent accu-

medicine for oncological patients by the creation of

racy? Dr Rosenberg explains, “We trained the com-

customized cancer treatment decision support sys-

puter model specifically for the TP53 and not for all

tems that are able to identify and discern the impor-

the genome, as is the norm in most of the ongoing

tant mutations that require treatment from the total

Healthcare number of somatic mutations of the tumor. The

many groups in the US, France, Sweden, Italy and

model produces a table with predictions for all pos-

Israel. Dr Rosenberg is heading a program with col-

sible mutations. Hadassah is already performing

laborators in the Faculty of Medicine in the Hebrew

genomic testing for many cancer patients and they

University for a dual degree in medicine and com-

plan to apply this new model along with other con-

puter science. This program aims to promote future

temporary models to add to the data for research

physicians and researchers for medical research

and clinical validation.

and development.

Gearing up for the uphill battle against Cancer

Revolutionizing

technology

for

ever-evolving

medicine By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million. Generally, cancer rates are highest in countries whose populations have the highest life expectancy, education level, and standard of living. But for some cancer types, such as cervical cancer, the reverse is true, and the incidence rate is highest in countries in which the population ranks low on these measures. Hadassah’s Sharett Institute of Oncology has more

An alumnus of the Israel Institute of Technology

than 160 advanced clinical trials for eligible patients.

and an expert in the subject of Neuro-Oncology,

Hadassah Cancer Research Institute (HCRI) has

after a residency program from Hadassah – Hebrew

many cancer research laboratories. Hadassah has

University Medical Center in 2012, the mul-

its own Molecular Tumor Board – a multidisciplinary

ti-award-winning Dr Shai Rosenberg shared his

team that discusses patients’ tumor genomic pro-

insights on the upcoming fight against Cancer. “

files to prescribe personalized treatment. Along with

I expect that there will be more gene targeting drugs.

the most advanced radiotherapy equipment and

This in turn will lead to optimized combination thera-

protocols, Hadassah designs some of the modern

py – to provide patients drugs that target several of

electronic medical records. Its Precision Medicine

the mutations identified in his/her tumor. I anticipate

and Immunotherapy approaches have showcased

more applications of immunotherapy, more drugs to

significant improvements in patient survival and

enhance the immune system’s ability to fight cancer,

quality of life. Hadassah has even reported cures

more CAR T cells (Chimeric Antigen Receptor T cells

for specific groups such as subsets of patients with

are T cells that have been genetically engineered to

metastatic Melanoma.

produce an artificial T cell receptor for use in immunotherapy. Mostly used to treat certain blood can-

At his research lab, Dr Rosenberg and his eight elite

cers). I think that sophisticated AI algorithms will as-

research students develop novel models to quantify

sist us more with therapy decision-making,” predicts

the effect of each mutation in cancer genes using

Dr Shai Reosenberg.

novel deep learning algorithms and original sources of information. This is done in collaboration with

Article by Ujal Nair 27

Technology

designs, intense gameplay.”

open-world

demonstrate that through our

metaverse start-up, has raised $2

execution — the quality of our de-

million in pre-seed funding by an-

sign, experience, platform design,

In addition to introducing Virtual

gel investors. Eikonikos envisions

and so on,” said Mohamed Vasif,

Assets Law, Dubai Government

creating an open metaverse plat-

Founder and CEO of Eikonikos.

also announced the creation of a

Eikonikos

new regulator in charge of digital

form that is owned by Web3 followers, developers, and a grow-

The company added that it is cur-

assets. The newly formed Virtu-

ing community of players. Nearly

rently in the process of issuing

al Assets Regulatory Authority

a dozen investors, that compris-

digital assets for investment. The

(VARA) will oversee the industry

es the blockchain players, took

firm also claimed that it is gear-

in all emirates’ special develop-

part in the round.

ing up for the commercial launch

ment and free zones, except the

in May 2022, when its valuation

Dubai

will jump.

Centre which has its own inde-

The current pre-seed fundraising

International

Financial

pendent regulatory and judicial

round would help the company to extend its ecosystem, bringing

The announcement comes a

system.

more fans into the digital realm.

day after Dubai Government in-

The project’s basic design envi-

troduced new legislation for the

sions Eikonikos as a fully func-

Eikonikos stated that it was

digital asset sector, joining other

tional DAO led by the commu-

founded with the goal of creat-

global hubs in bringing the nas-

nity and focused on providing

ing a joyful and exciting open

cent sector under their regulatory

high-quality experiences.

metaverse. The metaverse does

purview. C.J, a partner at the angel invest-

have real promise. It could be used for training simulations,

“We are very determined to cre-

ment firm, said, “As investors, we

technical assistance, and immer-

ate a platform that directly com-

are primarily concerned with the

sive video chat. It could revolu-

petes and rivals metaverse giants

product and the personnel be-

tionize education, gaming, and

like Decentraland and Sandbox,”

hind it. Eikonikos has a top-tier

business. VR actually amplifies

said Vineeth, CMO and co-found-

metaverse product and is direct-

real-life experiences, all of that re-

er of Eikonikos. “We will be able

ed by a well-balanced crew, that

mains philosophically and tech-

to interact with other Metaverse

promises to become a big global

nologically resolved by Eikonikos.

economies in the future. Build-

player in future.”

ing a dedicated and crypto-na“We believe we are unique,

tive audience that likes our

and we have already begun to

dope Non-Fungible Token (NFT)

Press Release received on Mail

Technology

Thanks to technology, there are many solu-

What Is CPaaS?

tions on the market to support the communication process, which is becoming an integral

CPaaS, short for Communication platform as

part of company operations and customer

a service, is a communication-focused plat-

service. Today, many organizations find them-

form as a service (PaaS). It is a cloud-based

selves in a dilemma regarding which commu-

platform that allows a business’ IT teams to

nication platform to choose between CPaaS

build, customize, and deploy applications with-

and UCaaS. This is because consumers are

out the need to manage the support infrastruc-

increasingly demanding direct and authentic

ture, such as servers, hardware, storage, etc.,

interactions. Yet, CPaaS vs.UCaaS are easily

which PaaS provides. Usually, the IT teams use

confused because they both focus on giving a

their own features in SDK and API integrations

business a modern communication stack but

to build and deploy applications. Examples of

differ in providing essential services to clients.

CPaaS communication capabilities in Real-tel-

Between CPaaS and UCaaS, which one should

ecommunication (RTC) include:

small businesses prefer and why?

Technology

• Video and teleconferencing

PaaS. This is why UCaaS is a popular collaboration

• Short message services (SMS)

service. UCaaS also removes the need for a busi-

• Voice and VoIP

ness to house IT infrastructure since they’ll access

• Multimedia message services (MMS)

everything online.

• Rich communication services (RCS) • Social channels (WeChat, WhatsApp, Facebook

The Difference Between CPaaS Vs UCaaS

Messenger, etc.) CPaaS is partially similar to UCaaS. Both CPaaS The benefits of CPaaS solutions are:

and UCaaS are delivered over the cloud and support communication capabilities such as cloud phone,

• They give businesses greater flexibility to person-

team messaging and video conferencing, and cloud

alize their communications stack and meet their

phone. But they have different features and func-

unique business and communication security

tionalities.

needs. • They allow companies to develop communica-

UCaaS comes as a ready package and ready for

tion features like voice, video, and instant mes-

use. All a business needs to do is install the UCaaS

saging, which they can then embed into software

PaaS and deploy the system. CPaaS, on the other

and apps.

hand, is an open foundational platform. It allows business and developers to add their own commu-

What Is UCaaS?

nication features. This allows companies to expand and evolve, but without the need to develop a differ-

UCaaS is the acronym for Unified communication as

ent back-end. CPaaS comes out as more of a “build-

a service. Typically, UCaaS integrates multiple com-

your-own” model, as it can combine various applica-

munication tools within a business through cloud-

tions through modules and APIs.

based resources to make access easy with a simple click. For example, a typical UCaaS combines cloud

Endnote

phone, team messaging, and video conferencing into a single enterprise application, allowing users

While CPaaS is designed to help improve collabo-

to switch between these different communication

ration among teams and clients, UCaaS benefits

modes with a single click.

internal communications more. The customizable capability that is in CPaaS makes it more bent to-

UCaaS is almost similar to a traditional on-prem-

wards consumer-focus, which is what many busi-

ise communication platform that gives a unified

nesses want. However, the choice of either platform

communication landscape combining everything

depends on what an established or startup compa-

a business needs into a single environment. But it

ny wants.

delivers these integrated essential communication tools through the cloud, which makes it a modern

Article by Austin Dease

Technology

Ways Virtual Events

Can Boost Donations to your Non Profit

Technology 3.Accessibility and Inclusivity

The impact of the COVID-19

compromising the quality of your

pandemic was felt across near-

events. This saves you a signifi-

ly all industries and sectors, in-

cant amount that you can add

Like in-person events, virtual

cluding the nonprofit sector. The

to the donations. More donors

events can be designed to ac-

pandemic adversely impacted

can also attend your virtual event

commodate

nonprofits of all sizes and types,

without having to spend on a

special needs or difficulties. That

mostly due to their heavy depend-

larger capacity venue, maximiz-

means you can tailor your virtual

ence on in-person fundraisers.

ing your potential donations. Be-

event to make it easier for guests

Many organizations experienced

sides lowering your costs, virtual

with impairments and disabili-

a dramatic drop in donations,

events are also cost-effective for

ties to participate. Firstly, virtu-

forcing them to cut back on their

your donors, as they don’t have

al events eliminate the need for

programs to stay afloat.

to spend money on accommo-

people to travel, so people with

dations and travel to attend your

limited mobility can participate

event.

in your event from the comfort

Despite the many challenges, the

your

supporters’

of their homes. Making your plat-

pandemic also created new opportunities for nonprofit organ-

2.Expand Your Network of

form Web Content Accessibility

izations. Most charities started

Donors

Guidelines compliant also provides visually impaired guests

hosting virtual fundraising events since lockdowns made in-person

Unlike in-person events where at-

with tools needed to change text

events impossible. The shift to

tendees are limited to the venue

character size and color contrast

online events has allowed non-

capacity, virtual events allow as

for improved visibility.

profits to increase donations and

many people as possible to at-

improve revenue streams.

tend. Virtual events also provide

Audio descriptions and real-time

the perfect chance to expand

chat features can also help

Despite the increasing pop u lar-

your network beyond your local,

guests who need assistance eas-

ity of virtual fundraising events,

loyal supporters, as anyone can

ily access and navigate your vir-

most nonprofits still acce p t

join in your online event as long

tual space. This helps ensure a

sizable donations like fu r niture

as they have a laptop computer

global and inclusive community

through a donation center. Here

or smartphone and internet ac-

of supporters can participate in

are a few ways that hosti n g vir-

cess.

your virtual fundraiser, maximizing your donations.

tual events can help boos t your nonprofit’s donations:

As a result, more people can take part in your virtual fundraising

1.Lower Costs

event, widening your network of support. With an effective digi-

Hosting virtual events helps re-

tal marketing strategy, you can

duce your expenses since you

boost brand awareness and at-

don’t spend any cash on a ven-

tract new donors from different

ue, cleaning staff, catering, ven-

parts of the world who are all will-

ue decorations, or refreshments.

ing to donate to your cause. This

This allows you to spend less

enables you to maximize your po-

on running your events without

tential donations.

Article submitted by Austin Dease 37

Technology

Technology terrupted food safety measures.

Technologies and processes that

foodborne diseases and illnesses

are currently available for con-

caused by various contaminants

taminant tracking and detection

Chemical and biochemical detec-

emphasizes the importance of

are time-consuming and require

tion methods used in the pharma,

food safety across the globe. To

specific infrastructure. Most of

biotechnology, and life sciences

identify the need for continuous

them are not globally used due to

industries are also being trialed

monitoring of food safety haz-

cost, availability, or awareness.

for adoption in the F&B indus-

The

continuing

incidence

try, especially for the detection

ards, global and governmental organizations have laid down

WHO, in collaboration with the

of biological pathogens and mi-

guidelines to assess food haz-

UN FAO, as a part of its efforts

crobial contaminants. There is a

ards, promote awareness of

to curtail foodborne illness and

gamut of emerging technologies

food safety across the food val-

ensure food safety, promotes

available that can help overcome

ue chain and promote public ad-

awareness of technologies used

the shortcomings of traditional

vocacy. Authorities are also dili-

in food production and contami-

methods. These technologies,

gently monitoring and updating

nant detection and monitoring for

used alone or integrated with

policies and frameworks as per

better food safety management.

each other, can provide a holistic

the latest requirements.

Stakeholders are also keen to

food safety approach from farm

deploy cost-effective and proven

to fork. Some of the emerging

Despite regular monitoring, food-

technologies that can help with

technologies include:

borne disease outbreaks are

real-time monitoring and early

common and result in product

detection of a potential contam-

recalls. For example, the US FDA

inant. Considering the plethora of

(Food and Drug Administration)

physical, chemical, and biological

Electronic tracking and monitor-

reported 585 food recalls in 2019,

contaminants, there is a need to

ing devices such as RFID and

495 in 2020, and 427 in 2021.

continuously implement technol-

smart sensors are already used

These outbreaks result in huge

ogies to ensure food safety pro-

by the food industry, especial-

losses to the food and beverage

tocols.

ly for chemical and biological

Electronics and Sensors

contaminants. While the ease

(F&B) industry and lead to brand damage, decreased sales, and

Technologies

Enabling

Food

in deploying RFID tags and their

other fixed costs for companies.

Contaminant

Monitoring

and

cost-effectiveness are key drivers

Detection

for adoption, ensuring longer durability of these tags can increase

More importantly, they have a significant impact on human health,

The past three years have wit-

adoption. Rapid sensing smart

result in unnecessary burdens

nessed a continued focus on

sensors provide freedom of de-

on public health services, and

developing and updating mon-

sign and tracking parameters.

affect the socioeconomic sta-

itoring technologies and detec-

tus of countries, especially when

tion methods from stakeholders

Various color-changing and inter-

there are large-scale outbreaks.

across the F&B ecosystem. In-

active real-time sensors are being

This reiterates the need for con-

novations from digital app devel-

introduced along with touchless/

tinuous tracking and detection

opers and sensor manufacturers

touch-sensitive devices integrat-

of food contaminants across the

are also customized for use in

ed with RFID/IoT tracking and

F&B value chain.

the F&B industry to provide unin-

are becoming an integral part 39

Technology

of many supply chains and mid-

prove traceability and real-time

can increase the adoption of IoT

size and large food units. These

tracking and help in early product

sensors in food manufacturing

devices, with digital readouts

recall in case of potential issues.

units for traceability and real-time

and automatic alerts, provide a

Digital and analytical technolo-

tracking with added benefits of

user-friendly approach with high

gies help with accurate data cap-

low cost and easier communica-

durability and can be used for all

ture in food processing units and

tion.

types of contaminants detection.

supply chain and logistics. Electromagnetic Imaging and Distributed

tronics are promising technolo-

such as blockchain, is increas-

gies that are still in their nascent

ingly considered by leading F&B

Increasing consumer awareness

stages of adoption. These can be

companies for improved trace-

and government regulations on

directly printed onto food pack-

ability and tracking. Ease of in-

food quality are key drivers of

aging and are resistant to folding,

teroperability across companies

non-invasive contaminant detec-

enabling cost-effective, real-time

is increasing its attractiveness

tion technologies such as electri-

technologies for sensing pH,

in the food safety ecosystem.

cal, magnetic or Terahertz (THz)

temperature, gas, and biological

However, it’s important to ensure

sensing and hyperspectral imag-

agents. Further validation on sta-

adherence to data transfer reg-

ing for food inspection. The abili-

bility and scalability can facilitate

ulations and compliance, which

ty of these technologies to detect

large-scale commercialization.

are still in their infancy. Standard-

any foreign substances, patho-

ization of policies and regulations

gens, chemical variability, and

and a potential reduction of im-

seal or packaging errors quickly

plementation costs can increase

with greater accuracy than con-

use by SMEs worldwide.

ventional X-ray systems has in-

Digital Digital technologies such as

ledger technology,

creased their attractiveness in

blockchain, the internet of things

Detection Technologies

Smart labels and printed elec-

the food safety ecosystem.

(IoT), and artificial intelligence

Integrating RFID tags and smart

(AI)/machine

(ML)-

sensors with IoT platforms (IoT

based predictive analytics pro-

sensors) and digitally connect-

Many companies are actively

vide efficient data collection and

ing over the internet for continu-

involved in testing the effective-

analytics for planning and pre-

ous data analysis monitoring can

ness of THz sensing and hyper-

vention of potential foodborne

form a complete food contam-

spectral imaging. These systems

illnesses and outbreaks. They

inant traceability management

can also effectively identify mul-

act as a real-time communica-

system. Increasing 5G rollouts

tiple pathogens simultaneously,

tion tool as food products move

and ease in integration with var-

making them a potential one-stop

across the value chain and im-

ious

detection technology. Efforts to

learning

communication

devices

Technology

reduce their cost and bulkiness

in terms of R&D for potential de-

As the F&B industry moves to-

and increase power efficiency

ployment in food safety testing.

ward digitalization and imple-

can boost adoption in the next

They offer high sensitivity and

ments a smarter food safety

three years.

selectivity in shorter response

approach, the adoption of smart

times than the current immuno-

and real-time detection devices

Immunoassays and Molecular

logical detection methods due

that can provide accurate results

Diagnostics

to specific binding and amplifi-

Compared with commonly used culture methods for food pathogen analysis, immunoassays are faster in detection and have better response times. They also have the added advantage of being easily integrated with varied substrates such as microfluidic chips and paper or test strips, which helps test diverse food samples using the best technique. Immunoassays are robust but prone to sampling errors, especially in protein testing, and would need additional purification steps during testing and detection. Research advances related to sensitivity and minimizing the need for additional steps are key focus areas. If proven successful, they can increase their use for biological

cation processes and are highly sample-sensitive. This can help accurately detect pathogens in complex food samples and reduce false positives. However, they can’t always distinguish between dead and live cells, leading to false counts. Overcoming this issue and ensuring ease of use and cost-effectiveness can posi-

quickly while being portable is expected to become mainstream. Additionally,

industry

conver-

gence and the development of miniaturized, real-time detection technologies for enhanced food safety can help address the incidence of potential foodborne illness outbreaks, ensuring food safety and reducing the socioeconomic burden on nations.

tion molecular diagnostics as a biological contaminant detection technology of choice. The Final Word The need to increase global food production to meet the demands of the population has necessitated food safety measures and preventive techniques to reduce

contaminant detection.

food wastage and spoilage. The

Molecular diagnostics, including

creased consumer awareness

PCR assays commonly used in

about health and wellness, under-

the pharma and life sciences in-

lining the need for effective food

dustry, are gaining momentum

safety measures.

COVID-19 pandemic has also inAuthored By:

Aarthi Janakiraman & Ramya Kannan

Technology

Scotland’s trade body for the digital technologies industry, ScotlandIS, has published a White Paper on ‘The Future of eLearning’. Commissioned from, and written by, Wendy Edie, Managing Director of Scotland’s leading digital learning and assessment developer, eCom Scotland, the White Paper advocates deploying technology-delivered learning to bring sustainability and help drive government and corporate agendas regarding upskilling, re-skilling, and performance support. It argues that, while not every organization may be ready and eager to apply such technologies as automation and artificial intelligence to its learning and development activities, every organization needs to consider how digital learning technology can support its teams to deliver continually improving performance. Drawn from sectors including telecoms, software, IT services, infrastructure specialisms, and digital media companies, as well as universities, the public sector, financial services, energy industries, and specialist providers, ScotlandIS members employ some 60,000 people. They also generate some £4.7bn of the digital technologies sector’s total of £7.5bn gross value added (GVA) to Scotland’s economy. Moreover, Scotland’s digital technologies sector contributes at least £3.3bn a year to Scotland’s exports and is currently growing at a rate of one-and-a-half times that of the Scottish economy.

Technology

“Educators – both in the academic sector and in-

intervention must make things easier for the learn-

house corporate learning and development special-

er and the educator while maintaining or improving

ists – are finding it hard to keep up with the latest

learning’s effectiveness.”

trends in the emerging edtech sector, particularly since these trends have been heavily influenced

Discussing the need for interaction in learning – ac-

by the coronavirus pandemic,” commented Wendy

knowledging that the pandemic put paid to face-to-

Edie. “Current digital education trends such as aug-

face training and encouraged the use of video con-

mented reality and virtual reality (AR/VR), along with

ferencing platforms – Wendy’s White Paper explains

gamification, grab learners’ interest but, for educa-

how technology can improve accessibility to learn-

tors, it can seem daunting to embrace these new

ing materials for people of all abilities. The White

learning realities within the constraints of a realistic

Paper adds that developing and delivering learning

budget.

materials via technology can bring efficiencies and cost savings – citing that, typically, the creation and

“Now we’re in the pandemic’s recovery phase, we

administration of traditional paper-based exami-

have an opportunity to take a strategic approach to

nations now costs 40% more than doing the same

education facilitated by technology – and the key-

thing via online delivery.

word is ‘facilitated’,” added Wendy. “Any technology

Technology

Using technologies to facilitate skilled teachers spending less time on administration and repetitive tasks, will enable them to dedicate more of their energies to delivering thoughtful, curated, and effective teaching,” stated Wendy. “Moreover, these technologies will support workers’ performance in their job; reward them with objectively assessed and instantly accessed competency qualifications, and help the organizations for which they work to meet their goals. - Wendy Edie

Managing Director of Scotland’s