A chatbot, short for chatterbot, refers to computer programs that automate text- and voice-based communication. Chatbots are conversational applications that support market engagement, customer service, and technical support. Read on to learn more about what a chatbot is, how it works, its common uses, and the key benefits of using this technology to grow your…
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What Is Shrinkflation? Definition, Reasons & Examples
Shrinkflation is the process of companies shrinking the size or quantity of products while maintaining the same product prices. This results in financial savings for the company producing the goods, but it can also make consumers feel frustrated or cheated. Shrinkflation is caused by rising production costs that lead retailers to find ways to save…
Workers’ Compensation Insurance Cost, Coverage & How It Works
Workers’ compensation insurance is a helpful policy for employers because it covers medical bills, rehabilitation costs, and lost wages for employees who are injured on the job or experience a work-related illness. In most states that require coverage, workers’ comp also protects the employer from employee lawsuits related to workplace injuries or illnesses. The price…
Encryption At-rest & In-transit Explained: Benefits & Examples
There are two types of data encryption: data at-rest and data in-transit, also known as data in motion. Data at-rest refers to inactive data not moving between devices or networks and tends to be stored in data archives. Data in-transit is data moving between devices or two network points. Data in-transit tends to be more…
What Is a Blanket Purchase Order?
A blanket purchase order (BPO) is a type of purchasing agreement between a buyer and supplier that establishes terms and conditions for multiple transactions over a specified period—typically a year. It provides flexibility to the buyer to order varying quantities of goods or services within the agreed-upon terms without the need to renegotiate for each…
What Is a Credit Invoice & When To Use One
A credit invoice, sometimes called a credit note or credit memo, is a document issued by a business to a customer when a refund or credit needs to be applied to an already-issued invoice. For example, if your customer returned a defective product or you’ve overcharged them, you may need to issue them a credit…
What Is the Commercial Clean Vehicle Credit & Who Qualifies?
The Commercial Clean Vehicle credit, also known as the IRC §45W credit, is a reduction in tax of up to $40,000 for qualified vehicles placed in service before Jan. 1, 2033. A clean vehicle is more energy efficient than vehicles without the “clean vehicle” classification. The specific criteria for clean vehicles are established by the…
What Is Call Center Fraud and How to Prevent It
Call center fraud is the deliberate act of faking an identity in a phone call to access confidential information or take control of user accounts. It manifests in various forms, including phishing, account takeover, and card not present (CNP). To prevent bad actors from infiltrating your system, understand the common types of deceitful practices, invest…