By using Frame’s solutions, client ventures can draw up business themes for customers, apart from being able to identify patterns for retention and acquisition of customers, and turning qualitative feedback into quantitative data for key leadership decisions.

Frame & Its CX Solutions
Before we delve into Frame’s industry expertise, let’s talk about Organic Customer Feedback, a process which sees a consumer actively giving his/her product and service feedback on their own accord to a company. The process can occur in person, by email, or on social media.

“Organic customer feedback is the key. It explains and predicts the behaviours that you want to encourage and avoid, from survey ratings to churn and expansion, and reveals what moves the needle on customer sentiment, customer effort, and cost of service,” Frame stated on its website.

Frame AI’s organic Customer Experience (CX) scores are simple, high-frequency leading indicators that tell the client businesses everything the latter needs to know about their customer feedback, without wasting their precious time and efforts on conducting surveys back and forth.

‘Organic Promoter Score’, ‘Organic Customer Effort Score’ and ‘Organic Team Effort Score’ are the three analytical methodologies used by the Frame to lets its clients know about the products and services that are working with the customers of the latter, along with generating real-time data on the business challenges being faced by these ventures.

Frame’s data mining is all about helping its client companies to make informed business decisions and narrowing down immediate concern areas.

How Do These CX Solutions Work?
Frame’s AI solutions bring structure to the otherwise unstructured organic customer feedback processes of its clients. The venture takes over the steps like scoring customer sentiment, apart from rating the interaction efforts of both customers and the client business’ field teams across the communication channels.

“We take the heavy-lifting out of analysing customer feedback, and the mystery out of CX measurement to power intelligent actions to save today, and data-driven insights to win tomorrow,” Frame commented on its data mining processes, which eliminate the need of conducting repeated ground surveys.

Frame’s premier solutions are ‘Unified Customer Feedback Hub’ and ‘Organic CX Scores’.

‘Spot unhappy customers and act fast’ has become the tagline of Frame’s ‘Unified Customer Feedback Hub’.

Here automatic and AI-based sentiment monitoring captures customer sentiments the client companies want to hear.

Whether it’s arriving at a decision on how a new product launch will shake the market up and what should be its pricing model, or identifying and acting upon the customer pain points, ‘Unified Customer Feedback Hub’ has become the one-stop solution for businesses.

“Bring quantitative data to meetings with your counterparts backed by an endless supply of curated verbatim they’ll ask for. Rapidly identify areas of improvement, from your triage process to your product roadmap and your billing department,” these are Frame’s words for its potential clients.

‘Unified Customer Feedback Hub’ takes a balanced approach, when it comes to measuring the client business’ customer effort. The approach combines variables like natural language, operational factors, and time, to reconcile what customers find hard with what costs them the most time. Also, the customers don’t need to fill out survey forms as the whole process gets taken care of by Frame’s Natural Language AI, as it collects data on customer sentiment on a continuous basis.

Coming to the Frame’s ‘Organic CX Scores’, the approach helps Frame’s clients to be armed with data-driven insights, when it comes to taking business decisions as per the customers’ experiences and requirements.

‘Organic CX Scores’ helps businesses to spot weak links early, especially when it comes to capturing the market mood before a high-stake product release. Any new product launch always brings new challenges along with it and Frame’s ‘Organic CX Scores’ helps the companies to identify those potential roadblocks way before and make proactive decisions as per that.

Once the product is launched, what are its game-changing features that are winning over the consumers and disrupting the markets? How the product can be upgraded and enriched further? What is the general consumer mood? ‘Organic CX Scores’ AI-based case analysis brings out all these real-time data-driven feedback, thus helping the businesses to refine the products further and make them aligned with consumers’ preferred choices.

Also, let’s talk about Frame’s Intelligent Key Performance Indicators (KPIs), which is basically a data analytics-based reporting tool, which comes in handy for client businesses, in terms of analyzing product feedback and identifying the population bases among which the product will be most popular.

Customer churn signifies a phenomenon of a certain percentage of customers stopping purchasing a company’s products or services during a certain period of time. Frame.ai has a solution for this as well, through its ‘Automated Routing & Predicted Escalation’ method.

Here, AI helps businesses to find answers to questions like ‘Why do your customers leave you?’ and ‘What do they find painful?’

Frame’s ‘Predict Escalations’ aids its client businesses to proactively help customers navigate high-urgency issues, when it comes to choosing and buying products.

Final Words
Frame in November 2022 raised USD 7.6 million to accelerate its business growth. The campaign was led by G20 Ventures with participation from FirstMark and Greycroft, and attracted participation from Velvet Sea Ventures, ValueStream Ventures, Twilio and LiveRamp.

This funding will be reportedly used to expand sales, and to deepen the start-up’s capabilities in combining natural language, AI tools and event data to understand customer journeys in a better manner.

Frame is aggressively specialising itself in generating customer-specific insight for its client businesses.

“We’ve designed our products and data pipelines to strictly segment by customer, supporting on-premise deployments if needed. Customer-facing teams are subject-matter experts in their conversations, but are also operationally taxed teams that must prioritize conducting conversations over research. Frame’s job is to make the most of their expertise without disrupting existing processes or demanding too much time — at any point in our adoption process,” the company stated further.

Prioritising customer interactions based on business impact and preventing issues from becoming big problems, proactively strengthening customer relationship health and helping its client companies to stay ahead of changing customer expectations, have been the operational principles of Frame.AI.

And using the right pinch of AI’s disruptive capabilities, the start-up is changing the customer intelligence game in a grand manner.

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Tom Bené, Sysco’s president and chief executive officer, said: “As the global leader in foodservice distribution, it is our responsibility to operate in a manner that meets the needs of our customers today, while producing positive, lasting change.”

“Our 2025 goals are a solid foundation that further demonstrate our global sustainability commitment. We are leading our industry with our CSR initiatives and by including specific long-term goals that align with our strategic business priorities, we are living our vision of becoming our customers’ most valued and trusted business partner.” He added.

Themed Delivering A Better Tomorrow , Sysco’s 2025 Responsibility Goals are aligned to focus on three key areas: People, Products and Planet.

In the People area, Sysco will take initiative to giving back, doing good and change lives in the communities. The goals include: Donating a total of 200 mn meals and contributing a total of $50 mn to local communities. Increasing ethnic and gender diversity to 62% and spend to 25% with women and minority owned suppliers. Expanded products will also include health and well being products and programs.

In the Products area, Sysco will supply products responsibly by improving animal welfare in the foodservice industry– and minimizing negative environmental, social or ethical impacts when sourcing products. The goals the company has set include: Publishing Sysco’s Animal Welfare Policy and ensuring compliance by all Sysco Brand Suppliers. Identifying and developing responsible sourcing commitments for five key commodities. Ensuring all high-risk suppliers abide by Sysco’s Global Supplier Code of Conduct.

For the Planets area, Sysco will initiate measure to protect the planet by advancing sustainable agriculture practices, reducing the company’s carbon footprint and diverting waste from landfills, in order to protect and preserve the environment for future generations. The company has set the following goals: Doubling the availability of Sysco Brand organic produce. Extending our Sustainable Agriculture program into five fresh crops. Reducing the carbon footprint of our fleet and operations by sourcing 20 % of electricity from renewable sources and powering 20 percent of fleet vehicles with alternative fuels. Diverting 90 % of operations and food waste from landfills.

Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments etc. It has more than 67,000 associates, and operates approximately 330 distribution facilities worldwide, serving more than 600,000 customer locations. For fiscal 2018 that ended on June 30 2018, the company generated sales of more than $58 bn.

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In addition to running various entrepreneurial activities in the restaurant and digital infrastructure service businesses, Robert Bouchard joined the Econocom Board of Directors in 2009. He became Vice Chairman in 2015 and was appointed Chairman of the Group’s Audit Committee the same year, where he served for two years. In 2016 he took on an operational role and was appointed COO of Econocom in 2017. As head of all the Group’s operations, he successfully completed the ‘Mutation 2013-2017’ strategic plan.

“Having worked closely with Robert for over 20 years, I am confident that he has all the requisite qualities to take on these new responsibilities and lead the Group successfully into a new phase of growth and value creation. I would also like to stress that he shares and upholds the Group’s values and entrepreneurial spirit. Like me, he firmly believes in the value and effectiveness of our original development model,”  Jean-Louis Bouchard added.

Since 1986, the European-based Econocom Group has been listed on Euronext Brussels. The Group is a B2B service provider founded in 1974. With more than 10,700 employees in 19 countries and revenue of €3bn, the company operates in three segments: Technology Management & Financing, Products & Solutions, and Services.

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IFM Correspondent

November 10, 2016: Gold demand fell 10% in Q3 to 992.8 tonnes (t). Exchange-Traded Products were the only area of growth, with inflows of 145.6 tonnes. Bars, coins and jewellery remained very weak: year-to-date consumer demand was down 16%, according to the World Gold Council’s latest Gold Demand Trends report.

Total investment demand rose 44% to 336 tonnes, with ETP inflows accounting for 146 tonnes, as investors continued to build up their strategic allocations to gold. The third successive quarter of inflows into ETPs – which were dominated by European funds – were predominantly driven by on-going economic and geopolitical uncertainty, ahead of the US election and also in Europe post the Brexit referendum decision.

The key findings included in the Gold Demand Trends Q3 2016 report are as follows:

• Overall demand for Q3 2016 was 993t, a fall of 10% compared to 1,105t in the same period last year
• Total consumer demand for Q3 2016 fell 26% to 683t from 917t in the same quarter last year
• Total investment demand grew 44% to 336t this quarter compared to 232t last year
• Global jewellery demand was down 21% at 493t, compared with 622t in the same period last year
• Central bank demand reached 82t this quarter, compared with 168t in the same period last year
• Demand in the technology sector was virtually flat year-on-year, down just 1% to 82t
• Total supply grew by 4% to 1,173t this quarter from 1,127t in the third quarter of last year. This was largely driven by recycling, which increased 30% to 341t, from 262t in the same period last year.

China and India, the two biggest consumers of gold saw a drop in demand in the third quarter. Both markets suffered high gold prices and limited incomes. China’s demand dipped due to economic and India’s demand dipped due to change in government policies.

Significantly, in November, the Indian government demonetised select currency (Rs 500 & Rs 1000 denomination) to ensure transparency and accountability, which sent demand for gold sky high. India being one of the biggest consumers of gold, the impact is likely to be felt in the Q4 report.

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October 27, 2016: By 2020, companies will have shifted the majority of their R&D spending away from product-based offerings to software and service offerings, according to the 2016 Global Innovation 1000 Study from Strategy&, PwC’s strategy consulting business. The need to stay competitive is the top reason why companies cited a shift in their R&D budgets towards software and services, and for good reason – according to the study, companies who reported faster revenue growth relative to key competitors allocated 25 percent more of their R&D budgets to software offerings than companies who reported slower revenue growth.

• The average allocation of R&D spending for software and services increased from 54% to 59% between 2010 and 2015 and is expected to grow to 63% by 2020.
• Meanwhile, the average allocation of R&D spending dedicated to product-based offerings fell to 41 percent (from 46% in 2010), and is expected to fall to 37% by 2020 (an overall decrease of 19% this decade).
• Average allocation of R&D spending on software offerings alone will increase by 43% by the end of this decade and R&D spending on services will gradually overtake investment in product-based innovation (39% vs. 37% by 2020).
• Global R&D spending on software offerings has increased by 65% between 2010-2015, from US $86 billion to $142 billion.

“Many of the world’s major innovators are in the midst of a transformational journey mostly driven by changing – and rising – customer expectations,” says Barry Jaruzelski, innovation and R&D expert for strategy& and principal with PwC US. “The shift is also being driven by the supercharged pace of improvement in what software can do, including the increasing use of embedded software and sensors in products, the ability to reliably and inexpensively connect products, customers and manufacturers via the Internet of Things (IoT), and the availability of cloud-based data storage.

Companies will recruit less mechanical engineers and more data and software engineers to build their capabilities

To support the development of software and services offerings, fewer companies will focus their R&D spending on the electrical and mechanical field. By 2020, the number of companies reporting that electrical engineers are their top employed engineering specialty will fall by 35 percent and the proportion of companies who expect that data engineers will represent their largest group of employed engineers will double from 8% to 16%.

Jaruzelski says, “An increase in software and services, even in more traditional industries has created a shift towards hiring talent that can develop software and provide platforms to collect and analyse product-related data. The shift is already changing the way business schools think about their course offerings, and will have profound effects both on education and, more generally, on the future of employment.”

Regionally, companies in North America are making the strongest shift to software offerings-from 15 percent of total R&D spending in 2010 to 24 percent in 2020. While Asia remains the most product-centric region, with 44 percent of R&D allocated to product offerings in 2010, only falling to 40 percent in 2020. The automotive and industrial sectors are making the most aggressive push towards developing new software offerings.

Among companies that made an acquisition during the past five years, the vast majority – 71% – were made to enhance capabilities in software (33%) or services (38%).

Strategy&’s annual analysis of the world’s 1000 largest R&D spenders also found the following:

• By 2018, the healthcare sector will surpass computing and electronics to become the largest R&D spending industry globally (US$165 billion v. US$159 billion), and the software and internet industry will leap ahead of the automotive sector (US$129 billion v. US$105 billion); Industrials rounds out the Top 5 R&D industries by spend.
• For the first time in the study’s history, the number of Global Innovation 1000 companies headquartered in the US grew, up 9.5% year over year.
• Volkswagen, Samsung, Amazon, Alphabet (Google) and Intel round out the Top 5 R&D Spenders, with Amazon and Google making bold moves up the list (+4 and +2 positions, respectively).
• Global innovation professionals responding to a 2016 survey have ranked Apple, Alphabet (Google), and 3M as the three Most Innovative Companies in the world.
• The 10 Most Innovative Companies continue to outperform the Top 10 R&D Spenders on key performance metrics, as has been the case for each of the past seven years.

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Suparna Goswami Bhattacharya

October 3, 2016: Online merchants are facing a new problem — fraud by customers. Firms are increasingly facing malicious activity in the form of chargeback or friendly fraud. According to Visa, chargeback fraud has been growing at around 41% every year, costing over €10billion in industry losses.

Basically, chargebacks can be used to dispute a transaction and secure the return of funds for an unauthorised purchase. A chargeback voids a card transaction, withdrawing funds that were previously deposited into the merchant’s bank account and applying credit to the consumer’s card statement.

The idea behind chargebacks is to protect interest of customers. It was introduced to keep merchants focussed on providing exceptional customer service and delivering what they promise to customers. It acts as a deterrent to merchants who might be tempted to sell sub-par products or services.

For cardholders who fall victim to fraudsters (either criminals who place unauthorised transactions or unscrupulous merchants who take advantage of the consumer), a chargeback is their fall-back option. Essentially, it reassures them that their money is safe.

“The chargeback mechanism is weighted heavily in favour of the consumer and over the past five years consumers have become more and more aware of how simple and financially rewarding this outdated process can be for them,” says Monica Eaton-Cardone, COO and co-founder of Chargebacks911. “Most customers do not intentionally attempt to get something for free the first time there is a dispute. However, once they profit from a chargeback, as much as 50% people are tempted to fraudulently repeat the process within 90 days. In this sense, chargeback fraud is a learned behaviour.”

And that is precisely the reason it has become an invisible problem of today’s technology-driven online payment ecosystem. Worryingly, it is already transforming consumer behaviour.

According to the World Payments Report 2015 – Payments Cards & Mobile, as many as 86% of all chargeback claims are fraudulent. David Poole, business development director of MYPINPAD, says merchants often have to unnecessarily bear the brunt of all costs. “In most cases, it is reported that goods have vanished. However, merchants would have spent money to deliver the goods. What’s worse is the fact that this is growing. Post EMV roll out in the USA, some reports are claiming increases in fraud of 137% and a great proportion of these will result in a chargeback,” says Poole.

EMV is a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them.

Vendors’ nightmare

In the US and UK, vendors often complaint of a biased behaviour companies like Amazon have towards customers.

Amazon declined to comment on this issue, but in one of the sellers’ forum portal, a seller has complained how companies blindly support customers. “Often, we are in the dark of the reasons the buyer has filed for a chargeback. We just get a notification from Amazon stating there is a dispute. More of often than not, we end up bearing the loss,” writes a seller on Amazon.

“The industry can’t ignore this trend. It is a depressing but a true fact that chargeback fraud is not taken as seriously as it should be. It is simply seen as a cost of doing business. However, new regulations under European Banking Authority should stimulate better authentication techniques for mobile commerce and ecommerce,” says Poole.

Customers processing illegitimate chargebacks may see it as a victimless crime, but this couldn’t be further from the truth. “Chargebacks leave a trail of destruction behind them and it affects everyone. Firstly, the bank suffers the processing costs associated with the filed chargeback, and reimbursing and recovering the funds. The merchant loses the transaction value, the goods or services that were sent out and is fined by the bank, as well as being hit by damage to credit ratings and reputation,” says  Eaton-Cardone, adding that customers also lose out in the long run. “The more fraud is perpetrated by consumers, the more merchants need to raise prices to cover their losses,” she adds.

The pressure on banks to resolve disputes faster is also causing an imbalance in an industry that is almost always favourable to the consumer. This means that issuers and cardholders are essentially being rewarded for initiating illegitimate chargebacks, with processors ultimately penalised along with their merchants.

How does it work

Once the chargeback has been initiated, the merchant will receive a reason code from the issuing bank. Each card network, such as MasterCard or Visa, has its own unique set of chargeback reason codes, informing merchants of a host of reasons why they may have been hit with a chargeback.

Reason codes were first created as a valuable tool to help merchants understand chargeback management and analysis, but with the advent of friendly fraud, they have become less insightful.

For sake of simplicity, Chargebacks911, has categorised chargebacks for merchants by breaking it down to three main causes:

•   Merchant error

•   Criminal fraud

•   Friendly fraud

“We have found that the majority of chargeback volumes (70%) are attributable to friendly fraud, with a 20% share due to merchant error, while 10% is typically attributable to criminal fraud,” says Eaton-Cardone.

Once merchants understand the true reasons behind chargebacks against them, they can put in place the necessary steps to successfully dispute fraudulent claims, and best practice processes to minimise the risk of a repeat.

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Prof. Keyvan Jafari Tehrani

September 12, 2013: The Iran Customs Administration released statistics in connection with the foreign trade during the first four months of the Iranian year 1395 (from March 21^st through July 21^st, 2016). The statistics show that Iran steel industry has performed above expectations and has exported more than two million tonnes (MT), which is more than a 77 % increase in comparison with the same period of the preceding year. By taking into account of different types of steel products, we exported 2.52 MT of steel amounting to $124,276,000. The export of steel products in between June 21^st to July 21^st, 2016 has been 521,400 tonnes, which shows an 86 % growth in comparison to the same month in the past year and is above the average of the first four months of the year.

Mobarakeh Steel Company gained the first rank, followed by Hormozgan Steel Company. The planned export for the current Iranian year 1395 (March 21^st, 2016 – March 20^th, 2017) is 6 million tonnes. We can say that the target will be fully achievable based on statistics announced by Iran Customs Administration.

The production statistics show copper concentrate, iron ore concentrate and molybdenum production have taken the upper ranks. In the other words, Iran is taken steps forward for production and export of concentrate of base metals because they will result in more profit and added value.

According to the statistics, the production of copper concentrate has been more than 371,000 tonnes during the first four months of the current Iranian year, which shows a 22.84 % increase in comparison with the same period of the preceding year.

The iron ore concentrate production amounts to 9.6 MT with a 15.84 % increase in comparison with the same period of the preceding year. The production of iron ore fines & lump during the same period was 2.14 MT with a 16.55 % decrement.

These statistics also shows that we have had a 3.9 % increase in sponge iron production and produced 5.5 MT but the pellets and billet productions have been 7.9 MT and 4.75 MT with 0.37% and 3.33% decrease, respectively in comparison with the same statistics of the preceding year. Since new pelletising plants will be commissioned this year, it will result in an increase in pellets production in the current year.

26 pelletising plants with total production capacity of 54 MT are under construction. This will result in increase of pellets production capacity to more than 70 MT, which is enough for production of 50 MT of steel. As the planned target by the end of the 6^th Development Plan is not more than 40.3 MT, there will be some extra quantities, which can be exported as pellets or used to produce DRI for export. Considering the increase in the price of pellets in comparison to iron ore (pellets price increment was 69% while for iron ore it was only 39%), it’s evident that exporting pellets is more profitable. By opening of Gol-e-Gohar new pelletising plant with 5 MT annual production, Iran can start exporting pellets between October 2016 and March 2017.

Going by the statistics released by World Steel Association, there has been no change in the position of Iran among steel producers so far. The country has retained its 14^th rank behind China, Japan, India, USA, Russia, South Korea, Germany, Turkey, Brazil, Ukraine, Italy, Taiwan and Mexico. During this period, the production of crude steel by Iranian producers has been 10,120,000 tonnes.

Based on statistics released by the association, production of crude steel in Iran has had a 4.9% increment in comparison with the same period of the preceding year and it has reached 9,645,000 tonnes. The steel production of Iran in July was 1,370,000 tonnes, which is a 7.6% increment in comparison to July 2015 but the production in June has been less than the same month in 2015, which had been 1,534,000 tonnes.

Foreign trade

The statistics of foreign trade of Iran from March 21^st through July 21^st, 2016 indicates a 40% increase in export of iron ore with less than 40% iron content. The total figure for export of both iron ore Fines & Lump with Fe content above 40% along with concentrate during this period has touched 5,790,000 tonnes, valued at $227,161,000.

In other commodities, such as cement products, exports were at 4.3 million tonnes, valued at $165,913,000. The total amount of lead exported was 49,000 tonnes, amounting to $65.6mn and 44,600 tonnes of zinc amounting to $53 mn. The value of export of aluminum products has been 39,500 tonnes amounting to $50.2mn.

Statistics released by the Iran Customs Administration show that except for a drop in export of both cement and aluminum, which for cement had been the result of limitations imposed on import to Iraq, we have had an increase in export of all other mining and base metal products, like iron ore, copper, steel, lead and zinc.

FDI in mines and steel

Dr. Mehdi Karbasian, Chairman & Managing Director of IMIDRO, stated that according to the 6^th Development Plan, there are great opportunities for foreign direct investment (FDI) in mine and mining industry development projects, especially in steel, aluminum, copper and zinc sectors. In the mining sector, by taking into account the importance of exploration, Iran mainly desires to attract foreign investment in exploration and completion of the mine chain and value-add projects up to production of the end products, such as copper or steel.

Dr. Karbasian pointed out, “I believe that the Joint Comprehensive Plan of Action (JCPOA) has created the most important opportunity for development of investment in mine and mine industries sector.  Other parameters are decrease of inflation rate and fixed exchange rate, which in turn indicate the economic stability that is prerequisite for investment in any country, including in Iran. The decrease of inflation rate below 10, which had been among the targets of the 11^th government and has been seriously followed up, has drawn much more attention this year and this will help the promotion of the situation as well. On the other hand, the Iranian market is a good marketplace for steel products. In addition to local markets, there are good opportunities for export to the neighboring countries. Also, the abundant iron ore reserves, availability of low cost energy and less expensive raw materials and reasonable labour cost are among other privileges of the Iranian market. The privatisation of public complexes will result in higher productivity as well.”

He continued, “According to several investigations, the total decisive and probable iron ore reserves is 5.1 billion tonnes, including 54% (equal to 2,793,295,000 ton) as decisive reserve and 46% (equal to 2,359,012,000 Ton) as probable reserve. Among this figure, 34% are located in the Gol-e-Gohar (Central South Iran) region, 31% in Central Iran region and 22% in Sangan (North East Iran) region.”

According to the Iranian Vision Plan 2025, the steel production by the end of 2025 will be 55 MT out of which 40 MT will be consumed locally. For the purpose of realisation of this plan and building infrastructures, almost $30 billion of foreign investment is required. In addition, by the end of 2025, copper production will be increased to 450,000 tonnes and aluminum production is expected to touch 1.5 MT.

Iran also has plans for production of metals and commodities with higher value addition, like titanium, petroleum coke, coal, and rare earth elements (REE).

The most important challenge associated with the investment in Iran is the lack of adequate support for the industries and mining sectors by the local banking system due to not availability of enough cash flow. By absorbing as much foreign direct investment as possible, we may achieve our goal.

Prof. Keyvan Jafari Tehrani is head of international affairs at Iron Ore Association of Iran (IROPEX). He will be making a presentation on Iran’s mining sector at the inaugural Focus Iran Summit 2016 on 27^th September

 Disclaimer: The views expressed in this article are solely that of the author

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