October 11, 2022 07:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, Oct. 11, 2022 (GLOBE NEWSWIRE) — According to Market Research Future (MRFR),”Global Pharma Knowledge Management Software Market, By Software, By Deployment Type, By End-Users  – Forecast 2030”, the global market is poised to touch USD 5.15 billion by 2030, registering an 18.2% CAGR throughout the assessment period (2020 -2030).
Pharma Knowledge Management Software Market Overview
Using pharma knowledge management software helps optimize manufacturing processes in real time. With the growing competition among pharma companies, knowledge management software is becoming increasingly critical to efficient and compliant product development. Rapid digitization and the use of advanced technologies & processes across pharmaceutical companies impact market growth positively.
Top Key Players leading the global pharma knowledge management software market are,
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Pharma knowledge management software features document management solutions for effective & collaborative workspaces connected through the internet and networked systems. It allows sharing of ideas, experience, and knowledge among team members, contractors, and associates. Over recent years, knowledge management solutions have become crucial for pharma companies to share scientific data and other R&D information securely. Pharma companies are boosting investments to deploy sophisticated knowledge management tools to enhance, retain, and transfer knowledge extracted from their R&D.
The global pharma knowledge management software market is expected to gain significant traction in the next few years. The growing demand for robust knowledge management platforms from pharma companies worldwide is a critical driving force. Besides, the spurring rise in healthcare and pharmaceutical industries boosts the market size. Pharmaceutical firms worldwide are increasingly embracing automation.
Today, most pharmaceutical companies and research institutes use these systems to protect the knowledge extracted from their R&D activities and manufacturing professionals during information sharing among various departments across the organization and partnering companies. With the rising demand for these solutions to increase productivity and improve the engagement & performance of employees, the market is projected to perceive significant growth over the past few years.
business continuity, eliminating commute times, expanding the talent pool, and encouraging diversity.
Pharma Knowledge Management Software Market Report Scope:
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Pharmaceutical and biotech companies need to handle large amounts of complex data extracted from their R&D processes and specialized researchers. The knowledge management system also helps salespersons with accurate information when pitching a specific drug and collects & stores the feedback and data accessed from physicians. AI-powered pharma knowledge management solutions are trending.
The pharma industry is vulnerable to cyber-attacks due to the involvement of vast innovations, massive R&D investments, and intellectual property on patient health data. The risk of intellectual data theft is significantly higher in pharma and biotech companies. Resultantly, the pharma industry is rapidly turning to knowledge management software to securely manage and share their critical data within the organization and with partnering companies during mergers & acquisitions and licensing deals. 
Pharma research and drug development processes are extensively complex and require multiple clinical trials. Therefore, drug development companies need a robust system that can help them recognize unusual patterns in vast clinical trial data and ensure no critical information is overlooked. Pharma companies are increasingly adopting AI-powered knowledge management solutions to enhance their research processes. 
Pharma Knowledge Management Software Market Segments
The pharma knowledge management software market report is segmented into software/solutions, deployment types, end-users, and regions. The software segment is sub-segmented into iOS, Android, Windows, and many others. The deployment type segment is sub-segmented into hybrid, cloud, and on-premise.
The end-user segment is sub-segmented into environmental biotechnology, animal biotechnology, medical biotechnology, forensics biotechnology, agricultural biotechnology, academics, and others. The region segment is sub-segmented into the APAC, Americas, MEA, Europe, and rest-of-the-world.
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Pharma Knowledge Management Software Market Regional Analysis
North America dominates the global pharma knowledge management software market. The growing adoption of pharma knowledge management software across pharma enterprises drives the pharma knowledge management software market growth. Besides, the early uptake of knowledge management systems in pharma companies of all sizes boosts the market size, supporting interaction & information sharing among scientists and pharma researchers.
The rapidly growing competition and vast demand for multi-disciplined processes among pharma firms in this region escalate the market demand. The growing need for integrating and delivering external & internal scientific data for decision-making and attaining organizational goals influences the market size. Additionally, increasing R&D investments in developing other related technologies, cloud solutions, and economic growth accelerates pharma knowledge management software market revenues. 
Pharma Knowledge Management Software Market Competitive Advantage
The global pharma knowledge management software market appears highly competitive due to several notable players forming a competitive landscape. Industry players initiate strategic approaches such as mergers & acquisitions, collaborations, expansions, and technology/product launches to gain a larger competitive share.
Also, they make significant investments to drive research & development activities and expansion plans. Technology providers employ continuous improvement strategies to analyze product updates, implement improvements, and launch new technologies to meet the changing consumer needs. 
Software developers are increasingly collaborating with biopharma manufacturing to develop automation technologies. Such deals strengthen their position as crucial software & solutions providers. Pharma companies developing biologics, small molecule, and new drug modalities create significant market demand for well-developed knowledge management software to optimize biopharma manufacturing processes in real-time. 
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For instance, on Sept. 29, 2022, TetraScience, a leading scientific data cloud company, announced a partnership with Scilligence, an industry leader in unified informatics solutions for small molecules and biologics, to enable its customers to access the Tetra Scientific Data Cloud to accelerate productivity and scientific outcomes. Scilligence is committed to helping customers use their scientific data more effectively. 
Its proprietary technologies address three main areas of Life Science informatics needs, including knowledge management and collaboration. TetraScience primarily transforms the way scientific data is used, making it actionable and available for advanced analytics. The partnership will enable TetraScience to help customers gain operational efficiencies, more powerful insights, and better outcomes across the pharma value chain, leveraging the value of all their scientific data. 
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Knowledge Management Software Market Research Report: Information By Type, By Deployment Type, By Organization size By End User and Region—Forecast Till 2030
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Remote work has become increasingly common in the past few years, but with it comes the challenge of keeping remote teams connected and ensuring everyone is on the same page. Fortunately, various tech tools are now available to ensure that online collaboration is engaging and interactive. Let’s take a look at some of the best ones out there.
Messaging platforms like Slack and Microsoft Teams are great for sending quick, real-time messages to your team. Both allow users to create various channels, making organizing conversations and staying on top of any project updates easier. These tools also offer video conferencing and file-sharing capabilities, making it easier to keep everyone in the loop. These platforms also offer integration with other software, such as Google Drive and Asana.
Teams that need more powerful collaboration capabilities should look into Zoom. This platform offers features like private chat rooms and virtual whiteboards, making it easier for multiple people to work together on the same project. They also provide breakout rooms for smaller group discussions and screen-sharing capabilities.
Sometimes, the best way to collaborate is with a hands-on approach. Remote access software can make this possible even when team members work from different locations. TeamViewer and AnyDesk are two of the most popular tools out there, offering secure remote connection capabilities that allow users to collaborate on projects easily. Their remote desktop apps allow users to share files, chat and even view each other’s screens while they work.
Collaborators can use these desktop-sharing tools to access software and resources only available on specific computers, making it easier to get the job done. Some of these platforms offer additional services, such as online meetings and remote printing. They’re great for teams with members located in different parts of the world.
Many project management tools offer collaboration features that make it easier to stay organized and keep everyone on the same page. Asana is one of the most popular platforms out there, offering features like task lists and to-do’s that can help teams stay on top of their goals. It also offers file-sharing capabilities and a communication center where team members can discuss their progress.
Trello is another popular platform, offering project boards that make it easy to visualize progress and assign tasks. There’s also a commenting system so team members can provide real-time feedback and updates. And its integration with Slack is perfect for teams that use both platforms. Users can send messages and project updates via Slack without switching between different tools.
Document collaboration tools are essential for teams that need to work on documents together. Google Docs and Microsoft Word Online offer easy-to-use features that allow multiple people to work on documents simultaneously. They also include real-time commenting and messaging capabilities, so that team members can provide feedback without waiting for someone to respond.
These platforms can also be used for document storage, making it easier for teams to access documents from anywhere in the world. This can be especially helpful for virtual teams, as it allows them to access the same files without transferring them between different devices. Even better, these tools offer version control capabilities that help teams keep track of any changes to the document.
Wiki software is a great way for teams to share information in an organized and secure way. It can also be used for collaboration, as users can quickly create and edit wiki pages to keep everyone up-to-date. Compared to document collaboration tools, wiki software often offers more features and functionality by providing version control, user permissions, and the ability to link pages.
MediaWiki is one of the most popular wiki platforms out there. It’s free, open-source, and has a user-friendly interface that makes creating and editing pages easy. Its powerful search engine also lets users quickly find the information they’re looking for. Plenty of third-party extensions add additional features and functionality to the platform, making it even more powerful.
Remote work isn’t always easy, but having the right tools makes all the difference in staying productive and connected with your teammates while working from home. Always make sure to do your research and find the tools that best fit your team’s needs. With the right online collaboration tools, your remote team can be just as productive and efficient as if they were all in the same office. Remember, collaboration starts with communication, and having the right tools can help you stay connected no matter where your team is located.

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Document management software is an important tool for any business. Depending on the service, it can help save time, increase data security, ensure regulatory compliance and improve collaboration. To help you find the best document management software for your business, we assessed various document management services on the market. We considered features like security, mobile functionality, usability, document sharing and collaboration and version control. We also analyzed different prices and payment options and compared cloud-based to on-premise software to determine which is best for your business.
Rubex by eFileCabinet Online is a cloud-based solution that allows remote employees to log in from any computer with internet access and have the same functionality as they would have when working from the office. We previously selected Rubex by eFileCabinet as the best document management system for businesses with a remote workforce.
Editor’s Score: 97/100
We liked that Rubex offers a sophisticated mobile app that provides access to every stored file, unlike some of the other document management software we reviewed. The system uses a traditional cabinet-folder filing structure and provides several ways to search for documents. Rubex by eFileCabinet Online is available in three pricing plans, which vary in features and storage.
M-Files is a comprehensive document management system with an intuitive and easy-to-learn interface. M-Files contains numerous tools that we found helpful for organizing documents seamlessly, digitizing large volumes of physical papers and automating workflow processes. For example, we loved the automatic metadata suggestions DocuWare offers as well as its version control features, which simplify the storage and retrieval process.
Editor’s Score: 94/100
M-Files can also integrate with Parashift, a deep-tech company that specializes in ML document retrieval, so you can accelerate and simplify your document management processes further. Instead of classifying documents and reading data manually, you can process a wide variety of structured, semi-structured and unstructured documents automatically. It’s also a versatile system that can serve a variety of industries, such as accounting, business consulting, construction, engineering, energy, financial services, manufacturing, professional services and real estate.
For businesses that use many different types of software, DocuWare may be the best choice for a document management solution. Integration helps support consistency and organization and offers real-time updated data. This kind of automation ensures that the team’s valuable time is spent on projects that matter rather than day-to-day tasks.
Editor’s Score: 96/100
DocuWare can integrate with over 500 different applications, ensuring that no matter the industry, you can keep track of your documents automatically while maintaining work output. We found DocuWare’s support for different methodologies of integration especially useful, from deep API-based integrations to simple point-and-click integrations. We also liked that DocuWare offers dedicated connectors for SAP, Outlook and other leading software platforms.
Those looking for scalable document management software should consider FileHold. With several pricing tiers and room to add or subtract users, we found FileHold flexible enough to support the needs of businesses of any size. Those looking to add specific features to their document management systems can do so with FileHold, choosing between standard, optional or custom features. Interested customers can sign up for a 30-day free trial to test its various features before making a final decision.
Editor’s Score: 94/100
FileHold also offers FileHold Cloud, allowing teams to upload documents remotely and work from anywhere in the world where there’s an internet connection. This service supports remote teams and collaboration, ultimately saving time and money. We especially liked this feature given the remote or hybrid nature of many teams in the modern business environment.
DocuPhase offers teams a document management solution that supports productivity and helps team members stay on-task. We found this cloud-based system to be very customizable — your team will be invited to try a curated demo before purchasing the software and pricing is based on factors specific to your team. We liked the level of attention DocuPhase pays to your unique needs since every business is different.
Editor’s Score: 92/100
DocuPhase has a lot of standout tools and features that help teams stay organized and productive. Auto-indexing technology allows team members to preset tags and sort incoming files automatically using artificial intelligence, a feature we found particularly useful and uncommon among other document management software. Advanced search functions help teams quickly find information, facilitating simple document retrieval. Automatic file routing shares information with the appropriate people and ensures that documents don’t get lost in the shuffle. We found these tools to be helpful in boosting productivity and reducing the time it takes for a user to accomplish tasks within the system.
isoTracker provides the best customer support out of all the document management software providers we reviewed. Interested customers are connected with a live agent via chat once they access the website. Then, under the “contact” page, customers have the option to either call a customer service representative or fill in a contact form where there is room to describe either a question or a problem. We liked how quickly this process connects you with a representative and found each interaction with an isoTracker team member to be helpful and supportive.
Editor’s Score: 85/100
Another very customer-friendly feature we liked can be found on the pricing page. While prices aren’t explicitly listed, customers are able to fill in key information about their document management needs to get an estimated price, even before connecting with an agent. This allows prospective customers to compare prices per user, storage and other features outlined on the website. Using this tool, you can know ahead of time whether isoTracker will suit your needs and budget.
The most secure solution on the list belongs to Canon USA, a company that may be more well-known for its cameras. However, Canon provides a top-tier document management system as well, ensuring that documents remain protected. We liked its robust array of security features, many of which are customizable and can be designed to fit the needs of your team.
Editor’s Score: 83/100
Our favorite feature that Canon provides is its Cloud Remote Monitoring, which can help track devices in real time and ensure they’re being used by authorized personnel. Additionally, there are many built-in security solutions that help protect your documents. Using the imageRUNNER ADVANCE DX platform guarantees your data’s confidentiality, accessibility and availability. There are also many optional authentication features that can be used as an added level of security, which we found increasingly important in the age of remote work.
The Kyocera Cloud Information Manager offers unique features that help your team stay on-task and save time wasted on tedious tasks. We believe it’s best for automation because of all the simple and advanced features the software has to offer. One of our favorites is its ability to analyze documents using OCR and extract keywords to help label documents with one click. This tool streamlines the process of uploading and organizing documents, reducing the work needed by the user.
Editor’s Score: 82/100
We also liked that the Kyocera Cloud Information Manager offers one-click indexing too, saving time when searching for requested documents. Documents can stay organized easily using the “drag and drop” function to immediately get scanned documents onto the web. These automation tools help save time and boost productivity in a way few other solutions we reviewed could.
Dropbox offers great solutions for those looking for document management software, whether you’re a solopreneur or a large team. It may be one of the more common document management solutions because of its free plan option, but it is also well-known for its mobility, allowing remote team members to work seamlessly in the system. We liked that Dropbox offers these capabilities with its free version as well, giving small teams and bootstrapped startups an accessible document management solution.
Editor’s Score: 87/100
Dropbox makes moving documents around simple and saves time when doing so. Users are able to complete an eSignature with the click of a button or request an email signature from someone else. We especially liked that Dropbox can also be used anywhere, so teams that work remotely can connect and search for documents as if they were working in the office. When working remotely, Dropbox offers mobile offline folders. We also liked that it comes with the option of a remote account wipe, which can help you remove sensitive data from a lost or stolen device before it falls into the wrong hands. Whether your team is often on-the-move or the documents you work with are, Dropbox’s mobility features will help your team stay on-task.
Document management software can vary widely in pricing and cost structure. The first and perhaps most important factor in the cost of your document management system is whether you select a cloud-based or on-premises version.
Cloud-based software takes the infrastructure maintenance and burden of security off your business and places it with a third-party company. While this reduces the expense and challenge of managing it in-house, you’ll just have to trust that the company is handling your data properly. Cloud-based software is typically paid for on a subscription basis. For most document management software, this could range from $15 to $200 per month per user, depending on the complexity of the solution you choose.
On-premises versions of document management software require your own servers and, generally, a dedicated information technology staff for maintenance. Your business is wholly responsible for the security of your data, but this also means you have full control over your own data. With on-premises solutions, you generally have to purchase a license for each user. Each license can cost $1,000 or more, but it is a one-time fee. However, on-premises solutions typically charge an additional fee for technical support and software updates after the first year, which is usually about 20 percent of the initial licensing cost.
For small businesses looking for software that is easy to manage and not a large overhead expense, we recommend a cloud-based solution. However, make sure your provider adheres to the best cybersecurity practices to protect your data.
The actual price for document management software varies by company. Systems with more complex features tend to cost more while costs for basic document management software without extra features (such as task management tools and workflow automation functions) can be pretty low. Also, the more users you add to a cloud-based system, the higher the monthly subscription price will be.
Key takeaway: Cloud-based document management software typically costs between $15 and $200 per user, per month. The price varies on how many features and tools you want access to.
While all document management systems digitize and organize documents, making them easy to retrieve and revise for users with permission, many other features might be built into your document management software. Here’s a look at some of the tools and aspects you might want to consider when choosing a document management system.
One of the most important elements of any software is usability. It could offer all the features in the world, but they won’t do you any good if the system isn’t user-friendly. Many document management systems offer free trials that allow you to test them before buying. If possible, allow your team to try out the software during the free trial period and offer their feedback on what they like and dislike about it. Since everyone has to use the system, be sure all stakeholders get the opportunity to test it out and provide insight about their experience before buying.
While the primary function of a document management system is to digitize and organize files, most modern software also allows users to share files and collaborate on editing them. Some document management software allows users to edit a document simultaneously while others rely on a check-in/checkout feature that guarantees only one user can work on a document at a time. Others offer both options. Determine which is best for your team’s workflow and the types of documents you collaborate on together.
Version control, sometimes referred to as “versioning,” is a critical feature of document management software that lets you keep track of changes to a document. The best document management software even maintains an archive of old versions, letting you see how documents have changed over time and revert to an old version if needed. This is especially important when collaborating to edit documents as human error could result in important information being altered or deleted. With version control, you can revert to an old version of the document and recover any lost information easily.
Image scanning and OCR are useful features for businesses that have a lot of paper records they would like to digitize. Scanning is the first step in turning a paper record into a digital file that can be imported into the software. OCR is a more advanced feature, but it’s a necessity for streamlining large digitization projects. OCR reads the text of an image and makes the content of the image searchable. The best document management systems use OCR to fill out metadata automatically and make it even easier to search for the document later.
Document management software is often home to files that require a manager’s signature, such as purchase orders (POs). Many document management systems integrate with an e-signature tool, such as DocuSign, to allow electronic signatures. You can often send a document to a recipient with a request for their signature through the software. This can improve efficiency when it comes to getting clients to sign important documents or when onboarding new employees to the company, helping you to sign and store files in one central location.
Workflow automation features move tasks along automatically. Take a PO workflow as an example: You could set up workflow automation so that once a PO is generated, it goes to the appropriate manager automatically for their signature. The manager will receive a notification, and when the task is complete, the next relevant team member, such as someone in the accounting department or the manager’s supervisor, will be notified. If more action is necessary, you might be able to build that into the automated workflow as well. The best document management systems allow you to customize workflows to suit the way your teams work together.
Tip: Automated workflows can help streamline your business processes and maintain legal compliance.
An essential element of document management software is the ability for administrators to set individual user permissions. Permissions allow certain users to view or edit files while others can be prevented from even seeing those documents in the system. Not only is this useful for efficiency purposes, but it is also an important security measure. The best document management software allows administrators to set permissions by specific groups, as well as to change permissions on the fly if you need to make an exception while keeping the default permissions settings the same.
Many document management systems have a dedicated mobile app. Others rely on web browsers or online portals. Make sure the mobile version of any document management software you are considering is truly mobile-friendly. Even if you personally don’t use it on mobile devices, it is likely other members of your team will.
Not every document management system checks all these boxes while others offer all of them and more. When choosing your document management software, consider which tools and features would be most useful to your business. It is important to strike a balance between comprehensiveness and usability. Some systems can do it all but are a challenge to navigate (not to mention more expensive than simpler software).
Data security is a vital part of any document management system. As an increasing number of businesses go digital, more customers are entrusting sensitive personal information to the companies they do business with. Your organization is responsible for ensuring sensitive information is safe and protected from a data breach.
Did you know?: Look for document management services that offer encryption and compliance tools, auto-updates, data redundancy and backups.
Researching the document management market will help you understand the most common and important features of document management software. Understand the most basic document management software elements like centralized document storage, built-in collaboration and task management, mobile functionality and data security. Identify market leaders and vet your options before selecting the right software for your organization.
Understand your unique document management needs as a business. For instance, maybe you’re seeking a digital archive that can be updated periodically, or perhaps you’d prefer software that enables the daily creation and editing of new documents. Weigh the benefits of a locally hosted, on-premises solution in relation to a cloud-based solution managed by your vendor partner or a third party. Get specific with what you require in a system before searching.
A good document management system is also easy to implement and scale. The complexity of the software should be based on your team’s technical know-how, allowing them to store and locate documents easily as needed. Your team should be able to share documents and collaborate within the platform, even when they are using mobile devices.
Although every document management system should have security protocols, access controls and file versioning, these features are especially important for those operating within heavily regulated industries. Other features that lend to a document management system’s usability are metadata and tagging options, keyword searching, document editing history and restoration, automatic document retention and deletion, image scanning, optical character recognition and customizable workflows. The best software can also integrate with your other business platforms.
Once you understand what you need from document management software, ask the following questions to software providers:
Additionally, read through customer reviews to get a more grounded understanding of each service’s pros and cons. This is where you’ll get the most authentic and holistic view of a particular software and its offerings.
Once you choose document management software and are ready to sign a contract, closely read any legal documents and ensure everything you’ve discussed is in writing, including which features you are getting for your money. Additionally, ensure there is a fair exit strategy included in your contract that does not threaten you with outrageous fees.
Once you start using your document management software, regularly test your performance with it to optimize your workflow. Do this by inputting and storing documents, granting access to your team to make edits or updates to documents and testing document security to ensure your data is safe. Should you run into any issues, address your concerns with the software provider. If they are unable or unwilling to resolve these issues, consider terminating your contract.
Key takeaway: Assess your options and consider your unique needs as a business before deciding which document management software is best for you.
A document management system can improve efficiency for you and your staff by organizing all of your files and making them easy for anyone in the organization to find. A good document management software is more than just a file cabinet, but an interactive depository for all the files your organization needs.
If you are currently using a manual system, you are costing yourself hours that could otherwise be spent on other, more pressing business matters. A document management system automates many aspects of document management, taking that responsibility off your hands.
A document management system is more flexible than a traditional paper filing system. It accommodates your business’s growth easily, and your indexing system can be adjusted with a few clicks. For growing businesses, most document management software providers offer multiple pricing tiers, so you can increase your storage capacity as the size of your organization increases.
Ensuring that your information is secure is critical, from customer payment information to company trade secrets. Document management systems come with built-in security and access controls so you determine who can access certain documents. In addition, you can see all activity on any given document. In the event of a disaster, like a fire or flood, your files are stored safely in the cloud, away from physical harm.
Searching for the right document can be difficult and time-consuming; it can even cost you money. With the right indexing system, finding a document can take mere seconds, and employees can access the documents they need remotely. The best systems apply appropriate metadata and tagging automatically to make finding documents even easier, without much need to classify them on the front end.
Did you know?: Organizations can lose thousands of hours of productivity each year due to poor document management. Discover some other benefits of a paperless office.
Compliance requirements for many business documents can be complex and demanding, but a document management system can help you avoid fines, revoked licenses or even criminal liability by automating key documents within the requirements. For example, HIPAA and the Sarbanes-Oxley anti-fraud law have strict security and policy regulations regarding documents and records. The best document management systems automatically follow those guidelines, so you can rest easy knowing your business is compliant and has an auditable trail of required documents.
A document management system makes sharing information and collaboration easy, allowing documents from different sources to be accessed from multiple locations. Users can also share documents, monitor workflows, grant or deny access to certain documents and see what
Document management systems are used for several things, including securely storing important documents, tracking changes made to documents and sharing documents easily between members of an organization.
A document management system also makes it easy to find certain files by assigning keywords and tags to each document. These systems can also help companies ensure compliance for sensitive documents, such as the Health Insurance Portability and Accountability Act, by providing required security and permission restrictions on certain key documents.
A document management system captures the document, which is done by scanning the physical document or downloading a digital version via email or using other applications. Next, the document is indexed, meaning it is classified with tags, keywords and metadata that make it so it can be searchable. Finally, the document is organized and placed in a folder, where it can be accessed by the appropriate employees.
Most document management systems are cloud-based, so once a file is appropriately secured into the system, it can be accessed from anywhere with an internet connection.
Did you know?: Some document management software providers offer mobile apps, which give users even more flexibility and convenience in accessing documents.
The best document management system should be easy to use; it should allow for document sharing; and it should have collaboration tools, mobile functionality and version control. The first two features allow your team to work together on critical documents without needing to be in the same office. Version control maintains a log of every change (and who made it) to your company’s documents.
You’ll also want to make sure the software you choose offers airtight security protocols to ensure that only those with the right permissions can access files.

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Microsoft subsidiary, GitHub, rolled out its secret scanning service to all users on Dec. 15. This service was previously available only to GitHub Enterprise Cloud users with a GitHub Advanced Security license. GitHub’s secret scanning looks through public repositories for over 200 token formats. In 2022, GitHub alerted its partners to over 1.7 million security exploits. 
“Secret scanning alerts notify you directly about leaked secrets in your code. We’ll still notify our partners for your fastest protection, but now you can own the holistic security of your repositories,” read the GitHub blog.
Users will also get two-factor authentication (2FA) security feature in March 2023. GitHub had previously announced that it’d implement 2FA for high-impact package maintainers in Nov. 2022. However, it recently outlined 2FA’s wide-scale implementation across its 94-million user base. 
The rationale behind GitHub’s free scanning tool is to prevent secrets and credentials compromises. A “secret” is a token or an authentication tool. Developers rely on them for communication with external services. Secret scanning takes place in Git history and all its branches. 
As per the GitHub document, the secret scanning tool looks for known security vulnerabilities. This is something to keep in mind as a caveat, given that vulnerabilities can also be unknown (found only months after they occur). 
That said, users can implement secret scanning alerts through “Code security and analysis” settings. Already exposed secrets are present under the “Vulnerability alerts” section. When you select any of the exposed secrets, you can view the exposure type and the remedial action you need to take. 
Users and partners get different forms of secret scanning on GitHub. Users constitute:
On the other hand, partners get an alert when the same file has two keys. GitHub works with a number of partners to find exposed secrets. GitHub automatically alerts its partners when secret scanning detects a secret in a GitHub commit. The platform currently works with over 100 partners, including Adobe, Azure, Atlassian, Dropbox, Discord, Hubspot, Meta, Shopify, Stripe, etc. 
According to IBM, leaked credentials are the most common type of data breach. These data breaches cost more than $150,000 than the average data breach and take 327 days to identify. The IBM report, cited by GitHub, highlighted that 83% of companies could suffer from one or more of these data breaches. The report further recommends using automation tools, which can cut threat identification times by 74 days. 
Leaked secrets are especially worrying in the context of the software supply chain. Google recently released a report concerning the software supply chain and open-source dependencies. With open-source software in wide circulation, a compromised commit can affect all developer dependencies. Moreover, the line between commercial and public software is growing thinner as commercial entities begin relying on open-source code. 
Companies using open-source code allow cybercriminals an increasing number of attack vectors. Sadly, organizations cannot reduce these dependencies without also reducing operational efficiencies. Enforcing 2FA can be the best bet for companies in such a situation. And that’s what GitHub is working on implementing in the next phase to reduce the damage from attacks that target related software systems. 
In addition to free secret scanning, GitHub is also rolling out 2FA from March 2023 to all code contributors. 2FA increases network security by asking users for an additional passcode before logging them into an application. This stops cybercriminals from compromising a network unless they gain access to either the physical device or application. 
The following user classes will be able to use 2FA:
By the end of 2023, 2FA will be mandatory for all users, including people who publish code on the platform — everyone will have to fulfill a 2FA login. Users who fail to enable 2FA will have 45 days before they’re blocked from using GitHub features. Overall, 2FA will make the software ecosystem safer for all parties. As a bonus to this, GitHub, like Google, is also adding passkey support, which is an alternative to passwords. 
Alex Weinert, Microsoft’s Director of Identity Security, said that an account using 2FA is 99.99% less likely to be compromised, whereas cybercriminals always compromise passwords. Microsoft research further stated that using powerful passwords doesn’t prevent compromises, but it’s still better than weaker passwords.
Google research also indicated that “adding a recovery phone number to your Google Account can block up to 100% of automated bots, 99% of bulk phishing attacks, and 66% of targeted attacks that occurred during our investigation.”
Identity management is a significant issue. The debate around it will get even more heated as we increase the adoption of online authentication. GitHub has committed itself to protect its users’ and partners’ identities by rolling out 2FA and secret scanning, laying down an example for us all to follow. 
The CEO of Zurich Insurance, one of Europe’s largest insurance companies, has said that cybercrime could soon become uninsurable, warning that the risks surpassed climate…
Read More »
Facebook owner, Meta, has agreed to a $725 million settlement in relation to the longstanding Cambridge Analytica scandal that first emerged in 2018. Facebook allowed…
Read More »
Ireland’s Data Protection Commission (DPC) has launched a Twitter inquiry after a breach affected over 5.4 million users through an API vulnerability. DPC launched the…
Read More »
A recent report from Prodaft has unveiled FIN7 as one of the deadliest cybercrime groups on the planet, with a particular emphasis on breaching corporate…
Read More »
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Construction management software includes many different types of platforms, from all-encompassing solutions to tools that focus on one aspect of construction. This guide will help you find some of the best construction software platforms out there and provide everything you need to know about which solution may be best suited for your business.
Ranking construction management software isn’t easy because in this industry, everyone needs something different.
Construction management software is a broad category. Some platforms — like Procore and RedTeam — are all-encompassing solutions that cover every aspect of construction management, from bidding to the last coat of paint.
Others, like Raken and BIM 360, focus on one aspect of construction such as daily reporting, document management, or building design. While they handle these tasks well, you might be disappointed if you were hoping for a construction project management solution that can handle all aspects of your job — or, at the very least, you’ll have to pay extra to get other software that can supplement it.
And still others, like CoConstruct, are focused on only certain types of construction. As a result, a solution may include some construction management tools you don’t need yet and be lacking in some you do.
All of that is to say that, while we can rank these software solutions by how well they do as general construction management platforms, it’s important for you to dive into the reviews to determine which solution best fits your business.
CoConstruct is currently our top-rated construction software option thanks to the fact that it’s very easy to use, covers all aspects of construction management, and offers good customer support. CoConstruct is packed with features, and most companies should be able to afford its price tag.
CoConstruct is aimed at homebuilders and remodelers, so those in commercial construction may not get as much out of the software.
However, many of its features are based on what every construction manager needs, such as bids, change orders, project scheduling, communication with clients and subcontractors, documentation, and more.

CoConstruct’s change orders page. Image source: Author
Key feature: Change orders can be a pain, so one of the welcome aspects of CoConstruct is the fact that it’s easy to create change orders. Also, you can get sign-offs from clients virtually, preventing unnecessary hold-ups.
While PlanGrid isn’t a comprehensive construction management platform — instead focusing more on the document management aspect of things — it’s a strong software option for those looking to more easily store, share, and edit blueprints and drawings.
The software is easy to use and boasts solid customer support. If you need a platform that can manage a mess of paperwork, you can’t do much better than PlanGrid. Just be prepared to pay for additional software that can handle other aspects of construction management to supplement it.

PlanGrid’s blueprint editing tool. Image source: Author
Key feature: The ability to mark up plans and drawings is definitely a standout feature. The software eliminates the need to pass around PDFs via email and helps manage the clutter every construction manager has to deal with.
Raken is primarily focused on tracking a project and daily reporting, so it may not handle all aspects of construction management, but it will help any manager stay on top of an ongoing project. It also scores well in terms of ease of use, and it will help with time cards and safety training as well.
You can sign up for a free trial, and it’s relatively inexpensive, so it’s a good option for those with a limited budget who want to make sure they’re making the right choice before fully committing. The software integrates well with other construction platforms such as Procore or Oracle’s Aconex.
It also has one of the best construction project management apps out there if you prefer to operate off your mobile device.

Raken’s main activity feed. Image source: Author
Key feature: Daily reports are the bread and butter of Raken. You’ll be able to track time and products, upload photos of the job site, and make notes, all while operating from the cloud.
RedTeam is another all-encompassing construction management solution that can help you with everything from managing your bids to actually running the project.
Its price tag makes this option more suitable for large enterprises, but if you can afford it, it offers the features you’ll need to run a construction project end to end.
RedTeam is primarily geared toward those in commercial construction and offers features ranging from financials and design to scheduling and field reporting.

RedTeam’s manage opportunities tool Image source: Author
Key feature: Unlike a lot of construction software solutions, RedTeam offers sales and construction marketing tools, including an “Opportunities” section that allow you to manage customers.
Buildertrend handles all aspects of a construction business and has an intuitive dashboard that you’ll pick up quickly. Its customer support is a big selling point, as you’ll get assigned a coach who will help with onboarding and technical issues.
For mid-sized firms to large enterprises, the pricing is attractive — but for very small contractors, it’s a bit on the high end. This software is ideal for juggling multiple jobs at once, with a dashboard that makes it easy to manage a team of workers.
Buildertrend also has a sales module, which is not something offered by all software platforms.

BuilderTrend’s project dashboard. Image source: Author
Key feature: Builderetrend’s jobs menu does a great job of putting everything you need to know about a project in front of you. It’s easy to navigate between jobs, and you can always dive into more detail if you want to.
When it comes to features, Procore can’t be beat. This giant in the construction software industry offers powerful software that will help any construction manager handle complex projects. It’s expensive, but there are few options out there that do a better job of managing all aspects of a construction project.
Procore may actually offer too much if you’re just a small construction company with just a couple of people, so it’s best to get a demo first to determine if it suits your needs.

Procore’s custom reports tool. Image source: Author
Key feature: Procore’s custom reports are impressive. You can create reports by dragging and dropping specific data points, which means there are nearly unlimited ways to break down data and spot opportunities for improving your business.
Sage 300 Construction is packed with powerful features, although it does come with a steep price tag.
It’s a Windows-based platform rather than cloud-based, which may be a dealbreaker for some construction managers, but it will offer just about every functionality you might need as a construction manager, whether that be change orders or human resources or even inventory management.

Sage 300’s main dashboard. Image source: Author
https://www.youtube.com/watch?v=kOLcLTgqVqk
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Key feature: Sage’s financial tools make life a lot easier for construction managers. You can get an overview of your financial performance, and the software will send you an alert if, for example, the project drops below a profitability threshold.
BIM 360 is narrowly focused on the architectural and engineering side of construction, so it won’t meet all the needs of a construction manager.
However, it handles its core function really well, allowing you to do extensive modeling of your project and ensuring everything is designed properly at the outset so you don’t run into problems in the middle of the project. There’s a bit of a learning curve, but fortunately, it has strong customer support to help you.

BIM 360’s project management page. Image source: Author
Key feature: BIM 360’s publishing and viewing functions are top notch. The software can handle any file type, and you can share these files with anyone who has the proper permissions. The software also enables you to track updates and view previous versions.

Construction management software tends to vary greatly — some focus on being an all-encompassing solution for construction managers, while others aim at excelling in one particular area, such as document management or job monitoring.
As a result, comparing them can be tough. However, we’ve settled on these three aspects in particular when it comes to our reviews.
The job responsibilities of construction managers can vary significantly, but almost all of them deal with project management. As a result, we look for software that handles important aspects of project management such as scheduling and job site monitoring.
Software that doesn’t deal with project management because it focuses more narrowly in other areas won’t score as highly in our “features” category, even though those solutions may have plenty of customers who are perfectly happy with the product.
More than many other software categories, construction software varies widely in terms of pricing — not just in terms of how expensive it ultimately is, but also in the pricing structure.
Some sell monthly subscription fees, others make you pay an annual fee based on how many users you have, and still others will let you just purchase the software and price it based on how many “modules” you buy.
We’ll break down the pricing for each option so you can figure out how much you’ll probably end up paying.
No matter the industry, ease of use is of the utmost importance when it comes to software. It doesn’t matter how powerful it is — if you can’t figure out how to use it (or if it will take months to get your crew to figure it out), the software will be a net negative for your business.
A total of 40% of the score for each of the software options is based solely on how easy and intuitive we found that platform to be.
Why spring for construction management software? Why not just keep using a spreadsheet? There are a number of tremendous benefits you might not know about.
The ability of construction software to handle document management alone will save a huge amount of time. Many software options will manage your blueprints and permits in one place, and make it easy to share them so you’re not passing around PDFs or PNGs via email.
When a project runs into a problem, such as necessary materials being unavailable or not enough workers for a project on a specific day, you end up with delays, and that means money wasted.
If you want to increase your bottom line, the best way to do it is to implement a software solution that will make you more organized and efficient.
Have you ever made a huge mistake with payroll, or misplaced a permit you need in order to proceed with a project? That can cause major problems for your business. Software keeps all of this organized and ensures you’re not missing anything.
DP Taylor has a passion for good business software and wants to help software users find the solution that best fits them. He likes to understand people’s personal and business needs and figure out how software can solve problems. When he’s not studying the world of business, he can be found hiking.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 – 2022 The Ascent. All rights reserved.

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Canopy Workflow introduces new industry-leading automation to streamline and simplify workflow processes for accounting firms
DRAPER, Utah–(BUSINESS WIRE)–Canopy, the leading cloud-based practice management platform for accounting professionals, today announced the availability of new automation enhancements to its Workflow software. Canopy’s Workflow automation helps firms streamline the delivery of accounting services by reducing manual, repetitive processes leading to increased efficiency and accuracy.

By incorporating automation across accounting firms’ workflows, professionals have better visibility of their processes, optimize their time to get more done, and are able to use the time saved to focus on higher-value and more profitable efforts. The robust capabilities of Workflow automation are also extremely effective as a holistic practice management solution, working across the firm to ensure information is retained and the user experience is simplified.
“As accounting firms grow, they experience more complex workflows due to more clients, more internal staff, more projects, and ever-changing regulations. Managing these complexities can be time-consuming, but these new features make that experience significantly easier for firms,” said Larry Furr, Chief Product Officer, Canopy. “These updates are part of our continuous endeavor to make accounting processes as easy as possible for professionals in the industry. Workflow automation will drastically reduce time spent on a myriad of tasks and is built directly within the Canopy Practice Management suite.”
Automation
These new enhancements improve the experience of Canopy’s Workflow by allowing professionals to set automated rules for tasks based on conditions and the desired action. For example, workflow users can choose to assign a team member a specific task directly after a previous subtask has been marked as complete, helping ensure staff only see tasks they are able to work on.
Additionally, these updates will:
About Canopy
Canopy is an award-winning, cloud-based accounting practice management software suite designed to increase efficiency and boost revenue for accounting firms. It offers tools for client management, document management, workflow, and time & billing, as well as specialty compliance solutions that help accountants obtain IRS transcripts and resolve notices quickly. Canopy was ranked by Capterra as the #1 Top Performing Accounting Practice Management Software in 2022 and included in The Women’s Tech Council’s 2022 Shatter list, highlighting Canopy’s inclusive and diverse culture of innovation and well-being. Canopy’s solutions are SOC2 certified and data encrypted to ensure personal information is secure. Connect with us @CanopyTax and https://www.getcanopy.com/.
Jenny Olson
mPR, Inc. for Canopy
310-773-2568
jenny@mpublicrelations.com
Jenny Olson
mPR, Inc. for Canopy
310-773-2568
jenny@mpublicrelations.com

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Editor’s Note: The following article is the unedited verion of “Realizing the full potential of supply chain resilience surveys,” a feature from the November 2022 issue of Supply Chain Management Review. The original version contains more of the authors’ research.
Abstract
At a time when massive shocks such as the COVID pandemic and semiconductor chip shortages continue to disrupt supply chains around the world, multiple market research and consulting surveys have been conducted to identify supply chain resilience strategies. However, it is difficult for managers to develop actionable strategies based on findings from such surveys, because of a lack of context of the reported decisions and because the results are aggregated over multiple levels. In this article, we analyze how such surveys can be adjusted to reveal more differentiated findings. Two recommendations have been identified: Using the supply chain as the unit of observation and adding questions to understand the operational context of the supply chain. We then illustrate the recommended methodology with three company examples.

Key words: supply chain resilience, consulting surveys, supply chain archetypes, operational characteristics
Business resilience in the context of supply chain management has become a top priority for most companies in response to the massive disruptions caused by the COVID pandemic and subsequent developments such as the chip shortage and bottlenecks in global logistics systems. Many supply chain executives are looking to develop a long-term strategy to increase their supply chain resilience since new uncertainties and major disruptions, such as the Russian invasion of the Ukraine, continue to arise.
This has led many market research and consulting companies to investigate the impact of such disruptions and to explore potential strategies to cope with them. Over the last two years multiple supply chain management surveys have been launched to discover supply chain resilience strategies. However, it has been difficult to develop actionable strategies based on insights from such surveys. This suggests that there is a need to deepen our understanding of how to interpret survey results as well as how to re-design them in order to explore supply chain resiliency.
Surveys on supply chain resilience typically use the totality of all companies in their sample as their unit of analysis, i.e., a typical result would be “x% of all companies regionalize their supply chain”. In some survey reports industry specific differences are analyzed. This can lead to interesting insights for managers and scholars. However, companies operate within idiosyncratic environments and thus there is a need for more differentiated guidance. Executives need to define strategy decisions to achieve resilience at the individual supply chain level, taking the specific challenges and constraints of their company environments into account. Thus, there is a gap between the level of analysis that is needed for decision making to support resiliency and the level of analysis that is typically provided. We call it the “unit of analysis gap”.
In this article, we want to show how this unit of analysis gap can be bridged with two steps, so that executives can benefit most effectively from survey-based insights. The first step does not require any change to the current format of the surveys since it is based on breaking down existing survey insights to the industry level. The second step requires asking additional questions in order to uncover insights at the supply chain level.
Figure 1 illustrates the concept of the “unit of analysis gap”.

Figure 1.
We were given the opportunity to collaborate with Gartner, one of the leading supply chain research and consulting companies, on the development of their 2020 global supply chain agility1 and resilience survey. Their report, “Future of Supply Chain: Crisis Shapes the Profession”2, is based on the results of that survey. We used the published report and additional access to some of the survey data3 to illustrate how survey results can be enhanced through the two steps noted above, leading to more differentiated and relevant insights.

We have grouped our findings into three parts. The first part documents the advantages of this type of survey and why researchers and managers should see them as an important source of valuable information that is relevant to mitigating the risks present in the current supply chain environment. In this section, we outline the conclusions drawn from reviewing the survey data and comparing the results to other survey-based reports.
The second part shows how survey data can be broken down and further analyzed at the industry level. We used additional data, based on the survey responses, that we received from Gartner, to show how further analysis can lead to additional industry-specific insights.
In the third section, we explain our recommendations for how to conduct future supply chain resilience surveys in order to generate supply-chain specific insights. We provide three company examples, whom we interviewed, that illustrate our methodology and our conclusions. The Henkel supply chain example illustrates the value of having a supply chain as the unit of analysis. The two Nike supply chains show that two different supply chain archetypes can exist within one company. Finally, the Infineon supply chain example shows that the operational context of the supply chain in certain industries can limit the option space to such an extent that only one feasible supply chain configuration remains.
Advantages of supply chain surveys
In this section, we discuss how surveys on resilience can support both supply chain practice and research. In particular, we discuss what can be learned from them with regards to resiliency. Consulting surveys and reports are a valuable means for discovering the perspective of practitioners concerning timely topics. Their value is based on the ability of consulting companies to reach a wide pool of respondents and their resources to conduct such surveys in a timely manner. This allows them to quickly generate large data sets that make drawing general conclusions derived from current practice feasible.

We have compared the results of 12 consulting surveys on supply chain resilience from May 2020 to July 2021 (see Appendix A for a summary of survey details) and found that there are some recurring messages in the survey reports. In Figure 2 we have summarized ten insights related to supply chain resilience that we found in multiple independent surveys. For example, all reports mention that a digital transformation through investments in IT infrastructure is a key enabler for becoming resilient. A Deloitte survey4 found that 78% of respondents view enhancing IT infrastructure to be a top operating model priority. In another survey5, 91% of the 715 managers responding strongly agree or agreed to “Effective investments in digital technologies and analytics will help companies recover faster from the impacts of COVID-19”. Moreover, a survey from Allianz6 showed that highly digitized companies took significantly more actions to mitigate disruptions compared to less digitized ones.

We note that 11 out of 12 survey reports conclude that changes to the current supply chain setup are needed for most companies. According to Gartner2, 40% of executives believe that their current supply chain is not able to cope effectively with short- to medium term challenges. Other surveys from our sample found that 65% of respondents7 said that they actively invest in regionalizing and localizing their manufacturing base or that 82% agree with the statement “Our supply chain footprint has shifted notably because of COVID-19”.
Thus, these consulting reports document similar developments when it comes to beliefs and actions of global supply chain managers8. The findings are interesting and relevant as they give an overview and cross-check of how managers think. Moreover, due to the large sample size, the survey results support making general statements about current management thinking. The insights also can be used as a starting point for scholars to examine resiliency in more detail and to develop analytical resilience models.
Generate industry insights through further analysis
In this section, we show how breaking down results to the industry level reveals interesting insights. Being resilient indeed does mean something different for each supply chain, as each company needs to balance different types of risks while minimizing overall costs. The “right” trade-off depends on individual circumstances such as regulatory requirements, geographic supply constraints, partner ecosystems, or risk appetite.

However, this is the first of two steps to bridge the gap between the general conclusions which are oftentimes found in consulting reports and supply chain-specific insights that managers require. Through this first step some questions can be answered. For example, are most companies in my industry implementing the same set of strategies? Do other executives in my industry share my beliefs regarding resilience? Why are some companies not investing in resilience?
Generating industry level insights can be done without any changes to the current format of most surveys, as usually the respondents are asked to specify the industry their company is competing in. We use the Gartner report as an example of how to conduct further analysis that can lead to additional industry-specific insights.

Example: Gartner survey
The annual Gartner survey, which is the survey we analyzed in this paper, is one of the leading and most relevant supply chain surveys, because of its global reach, large sample size, and the quality of its respondents. We observed that 1049 from a total of 1346 respondents work in operations and are a board member, director, vice president, or manager. Moreover, the respondents came from 18 different industries, which represents a good cross-section of all companies, while excluding industries such as Services, Software, and Finance. Thus, the survey is well suited for examining supply chain related topics at a general level.
To identify additional insights, we conducted further analysis through three cross-tabulations of the reported survey questions responses that Gartner provided for us, and which were not included in the survey findings report. All three cross-tabulations can be found in Appendix B9.

Resilience strategy deployment by industry
The first cross-tabulation analyzes industry-specific differences in investment decisions that have already been implemented and are not just intended. The table shows the total number of respondents per industry and how many of them indicated that they were currently investing in one of the sixteen agility and resilience strategies identified in the survey. Respondents that only intend to invest in the next two years were excluded, as intension does not necessarily translate into real action, which is what we want to focus on.

The results of this cross tabulation show that there are significant differences in supply chain resilience strategies that were implemented across industries. For example, only 30% of managers from automotive companies reported that they shifted manufacturing from one region to another, while 61% of high-tech executives reported that they have done so. Moreover, the results show that chemical companies and automotive companies have implemented significantly less in resilience strategies than the other industries.
Chemical companies reported that they have diversified their supply base (-20%points compared to average), increased inventory (-22%pts.), or outsourced (-17%pts.) far less than all other industries to become more resilient. These results can be explained by the particular setup of many chemical supply chains being asset-intensive and continuously flowing. Automotive companies seem to shift manufacturing capacities (-18%pts.), deepen collaborations with key suppliers (-16%pts.), and use demand sensing technology (-18%pts.) far less than other companies.
Their asset intensive production explains the lacking flexibility of production capacities. Having more purely transactional relationships with suppliers might explain why it is especially challenging for the automotive industry to secure enough of the supply-constrained semiconductor chips. We only mentioned some examples as this is not the focus of this article, however, more interesting insights can be found in the data.
Supply chain beliefs by industry
The second cross-tabulation looks at how managers’ beliefs or perspectives concerning factors or trends that can impact supply chain agility and resilience strategies vary by industry. The table is based on fourteen different belief statements and asks managers to agree, disagree or be neutral with respect to each statement.
Over 90% of the High-tech, Logistics & Distribution, CPG, Retail, and Industrial companies have indicated that they will invest in resilience and agility. These are industries where management generally understands and accepts the investments required to be more resilient and agile (see 2.5).
For CPG companies, one reason for investing more might be that they lag behind other industries in terms of agility, as their supply chains have been designed primarily for cost efficiency rather than resiliency or agility in the past (see 2.3). The industries that are doing less to make their supply chains resilient include Aerospace & Defense because national interests and regulation hamper supply chain restructuring (see 2.8, 2.7) or Food and Beverage because customers want local sourcing (see 2.9). However, further automation is needed to facilitate onshore manufacturing to make supply more agile and resilient (see 2.14). Moreover, investments in agility and resilience are simply too costly for Automotive companies and their leadership did not see the need for action at the time of the survey (see 2.4, 2.5).
For Medical Equipment & Devices companies the industry’s current low-cost outsourcing strategy is still largely sustainable and does not require them to act quickly (see 2.9, 2.10, 2.11, 2.13). Chemical companies already are very lean, based on continuous flow operations, and do not see the need to change their supply chain setup (see 2.6).

Overall, it can be observed that there are significant differences in answer patterns depending on the industry. For example, affirmative answers regarding a previous focus on cost efficiency (see 2.3) vary by up to 32%-points, depending on the industry. The same is true for customer preferences for local sourcing (up to 43%pt. difference; see 2.9) or whether the leadership accepts the need for investments in resilience (up to 36%pts.; see 2.5). Thus, it can be concluded that even though basically every respondent (90%) indicated that they will invest in agility and resilience, the underlying motivations and reasons for doing so vary significantly.
Beliefs versus decisions
The third cross-tabulation analyzes how the companies’ supply chain investment decisions are linked to their beliefs or perspectives on supply chain factors and trends. The table combines the answers from the investment decisions and the beliefs to show the split of agreeing and disagreeing to the fourteen statements by investment decision instead of by industry. Our hypothesis was that the actual decisions (i.e., the strategies implemented) tells us something about the underlying beliefs. For example, we expected companies that increased their safety stock levels or reduced their capacity utilization would agree to a greater extent that “our supply chains in the past have been designed primarily for cost efficiency rather than resiliency or agility”.
Surprisingly, the results (see cross-tabulation 3 in Appendix B) do not show that the beliefs are linked to the ultimate investment decisions/actions. For all beliefs, the percentage of respondents agreeing and disagreeing is basically constant across all resilience strategies (standard deviation of 1.5% across all responses). Thus, companies implement different supply chain resilience strategies, but on average have similar beliefs regarding the resilience vs. cost-efficiency trade-off, regionalization, and customer preferences.
This observation indicates that the implementation of a particular resilience investment can have multiple different reasons. For example, regionalization of the supply chain might implicate for a supply chain that previously operated a very lean global setup, the possibility to have more redundancies and diversified location risk. However, another company might want to regionalize its supply chain to reduce the time-to-market or relocate decision making to jurisdictions that are able to better serve the local customers. This suggests that further analysis is needed to understand how beliefs impact supply chain decision making.
The additional insights generated through the three cross-tabulations revealed that more can be learned, even without having full access to the raw data. However, it also showed that some patterns can only be explained through a more granular analysis. Staying at an industry level is not sufficient to understand how decision making for resilience is conducted in practice.
How surveys can provide differentiated answers to managers
In this section, the second step for bridging the unit of analysis gap is described. Based on our collaboration with Gartner, our analysis of the survey data, and our review of current supply chain resilience research literature, we have developed two recommendations for future surveys that can lead to supply chain-specific results. To illustrate our reasoning, we give three real-life company examples based on in-depth interviews with senior supply chain executives.
1. Use supply chain as the unit of observation (instead of company)
We believe that future supply chain surveys will benefit most from using a more detailed unit of observation which allows for a more differentiated analysis of the results (i.e., the unit of analysis is the organization entity that you wish to say something about). However, consulting surveys usually ask respondents to answer the survey questions from the perspective of their company (see Appendix A).
Thus, managers are forced to decide whether they are answering based on an average across all supply chains that are used by their company, which can be very misleading for conglomerates or companies with a wide product portfolio, or whether they are answering from the perspective of one specific supply chain without being able to document which one they are answering for. Both options can distort the results and complicate our understanding of the underlying drivers of resilience (see further details in Cohen et al.10).

Changing the unit of observation to be the supply chain will require clarification at the beginning of the survey, so that respondents do not answer from the perspective of the entire company, but rather do so for a particular, specified supply chain. Ideally, the survey asks the respondents to name the product (group) they are referring to at the beginning of the survey. This will lead to a respondent’s commitment to only one supply chain, for that product (group), and enable more detailed understanding of the results.

Company example: Henkel
Henkel is a global manufacturer of consumer-packaged goods with 20 billion revenue and 179 production facilities in 79 countries. The company is divided into three different business units, each with its own supply chain setup. Due to different setups, each supply chain has its own “point of differentiation” along the value chain (see Figure 3).
The laundry and home care products share the same footprint in terms of sourcing and production locations for scale efficiency reasons and use the same distribution network as all products are sold via retailers and distributors. However, the supply chains are differentiated based on a customer segmentation, resulting in different lead times and service levels.
The beauty care products also share the same production footprint due to similar technology and the resulting economies of scale, but the supply chains are differentiated by distribution channel into retail and direct-to-consumer (DTC) businesses, because personalized products which are directly shipped to the consumer require a different setup. And lastly, the adhesives business unit differentiates its supply chains based on production technology, ranging from local production facilities for construction business customers to a global center of production excellence structure for electronics customers.
This company example shows that a company might have very different supply chain setups across and even within a business unit. As these different setups need different approaches to becoming more resilient it is crucial to use a specific supply chain as the unit of analysis. Otherwise, a manager from this company could have answered the survey in many ways. Only with a survey based on a supply chain, can it be ensured that these overlapping factors are not aggregated into one response.
2. Understand the context
Choosing a more detailed unit of observation can remove some of the “noise” from the data since answers will be specific to one supply chain structure. Moreover, more can be gained by understanding the context associated with the responding managers answer.

There is a general belief that companies in the same industry tend to share the same supply chain resilience strategies. But that is not necessarily true. To understand why that is the case, it is important to realize that in general, industries are mainly defined by the primary product produced or sold. Other characteristics such as the production process or supply-side characteristics typically play a lesser role. Current research, however, suggests that grouping supply chains with regards to supply chain resilience requires similar operational product, process, and market characteristics11. Companies within the same industry can have different supply chain attributes due to factors such as company location, size, age, or number of product groups being offered.
One way to extract this information in a survey would be to ask detailed questions that reveal the operating characteristics of the product (group) with regards to the supply chain setup, market conditions, and product attributes. This approach will lead to more insights. However, this requires the addition of several “setup” questions, which already take up a significant portion of the total response time.

Instead of asking respondents to answer a lot of detailed questions about the operational attributes of their company, we recommend letting managers self-assess and classify their supply chain based on a resilience framework that associates a supply chain into a supply chain archetype which is defined by operational features of the company supply chain. Such self-classification captures the type of supply chain and the corresponding supply chain context for analyzing factors and attributes that influence current supply chain resiliency. This will put the managers’ answers into perspective and enable derivation of more detailed insights, which help companies to understand how to actually achieve resilience. This way, only one or two questions need to be added at the beginning of a survey.
The framework should be simple and easy to understand, so that it allows all respondents to select an appropriate archetype. We suggest using the “Triple-P” supply chain resilience framework12 which matches resilience strategies to supply chain archetypes. This framework requires responding to two questions13:
(1) about how the company’s supply chain(s) are organized and coordinate decision making, (homogeneity of internal supply-chain processes) with answer options “multiple independent supply chains”, “shared services”, “central guidance”; and “one-size-fits-all” and

(2) about how the company’s supply chain(s) coordinate decision making and information exchange with external partners and stakeholders (inter-company integration with other supply-chain actors), with answer options “less dependency/ engagement”, “coordination with key partners”, integrated systems”, collaboration”, and “vertical integration”.
Based on this classification into these two dimensions, three supply chain archetypes can be identified to group supply chains across industries based on their common barriers to achieving resilience and other operational features. Figure 4 summarizes the main results of the framework, adopted from Cohen et al.11. We note that other possible frameworks could be used to classify a supply chain.
Company example: Nike
Nike is a global apparel company focusing on sports and lifestyle clothes that sells $37 billion worth of products, which are produced in more than 600 factories in 54 different countries. The company is operating with essentially two different supply chain structures: a footwear and equipment supply chain and an apparel supply chain. Based on the “Triple-P” framework, the two supply chains belong to different archetypes (type 2 and 3) even though they are both within the same company. We illustrate the importance of understanding the supply chain context by considering how answers would be analyzed in typical consulting surveys versus how they can be interpreted when using the “Triple-P” framework instead.
Consolidated footwear supply chain
The footwear supply chain belongs to archetype 2, partner complexity. It is structured around a consolidated supply base with only a few contract manufacturers that can produce almost the full product portfolio with a limited number of large-scale factories in low-wage countries. Moreover, demand is rather predictable, and the technology is simple. This makes it easy to move production around in case of local disruptions or tariffs. Thus, the focal company collaborates with a dozen key partners after multiple decades of investing heavily in these key relationships to geographically diversify their manufacturing footprint.
Nike decided that further geographical diversification out of South-East Asia would make the footwear supply chain more resilient. Ultimately, the company wants to have production close to all demand hubs, in high-wage countries such as the US or central Europe.

Diversified apparel supply chain
The apparel supply chain belongs to archetype 3, process complexity. It differs with regards to technology, process, supplier relations and market dynamics. Nike is faced with a fragmented supplier market consisting of many specialized plants due to the great variety of materials and the complexity of material processing. Moreover, quickly changing customer preferences (fashion trends, seasonality) hamper long-term partnerships with suppliers.

To make the apparel supply chain more resilient, the company decided to focus on a smaller number of strategic partners with which they try to establish long-term relationships by helping them in the short term with preferred orders and financial aid and in the long run to diversify their product offerings. Geographical diversification is less of a concern as the fragmented market allows the company to easily do business with new production partners in new countries.

Analysis with and without context
Even though the supply chains are set up in different ways, managers from both business units could have selected, for example, the response to invest in “Shifting manufacturing from one country/region to another (including reshoring or nearshoring)” in the Gartner survey, for different reasons.

With the context given above for the two supply chains, it is understandable that a footwear manager would choose this strategy as the business unit tried to geographically diversify their manufacturing base to be in close proximity to final demand. In contrast, a manager from the apparel business unit has the streamlining of supply base activities in mind when indicating, that he/she is investing in shifting manufacturing. Bundling manufacturing capacities at a smaller number of contract manufacturer sites also involves shifting manufacturing capacities across countries.

However, usually the context is missing and therefore the underlying reasons for selecting a strategy remain unknown, as shown in Figure 5. If the respondents would have self-classified their supply chain beforehand, some of that context could have been understood (see Figure 6). In contrast to Partnership complexity, supply chains belonging to the Process complexity archetype usually have regional or even local setups.
Shifting manufacturing for them therefore does not involve re-shoring or diversification reasons. Thus, both business units could have chosen the same investment strategy for different reasons and this example shows that prior classification of the supply chain context could help to learn more about the reasoning behind the selected supply chain strategy.

Thus, using a framework, such as the suggested one, will enable surveys to mitigate the lack of crucial information to understand the underlying reasons for resilience strategy decision making and to compare supply chain setups based on similar operational attributes instead of using industry classifications.
Company example: Infineon
Infineon’s automotive supply chain is an example of the third archetype (type 1, product complexity). Infineon is a large player with $10 billion in revenues and 21 manufacturing sites distributed around the world. The company has basically one supply chain for its roughly 15,000 stock keeping units even though the product and demand characteristics differ.
The existing structure of Infineon due to its high-tech environment, volatile demand, and capital-intensive production, has built-in mechanisms to mitigate risk and resolve supply and demand disruptions as unexpected events occur on a regular basis. One example would be the investments in creating inhouse redundancies for the center of excellence production structure. These limiting factors are faced by all companies in the semiconductor industry which results in having basically one supply chain setup for this industry.
In contrast to the Nike footwear supply chain, Infineon is not about partnering with your core suppliers and contract manufacturers to get closer to the main demand hubs. Instead, strategies for becoming more resilient focus on logistics and distribution rather than production location or capacity. Thus, the company expanded the reach of its regional distribution centers to be able to supply not only their respective region but also the entire world. Moreover, actions such as preparation of master data were taken to enable fast stock transfers between distribution centers.
The Infineon supply chain example shows that the operational context of the supply chain in certain industries can limit the option space to such an extent that only one feasible supply chain configuration remains. For these cases, an analysis on industry level would be sufficient.

Conclusion
We identified some clear messages regarding the treatment of supply chain resilience in consulting survey-based reports and explained why such supply chain surveys are valuable for gaining an understanding about context and common approaches for new and upcoming topics such as the achievement of resiliency.
However, this article also showed that there is a mismatch between what can be inferred from these consulting surveys and what supply chain executives need to know to steer their supply chains effectively. We propose that this “unit of analysis gap” can be closed with two steps. The first step does not require any change to the current format of the surveys, as it breaks down the insights to the industry level based on further analysis of the raw data. An example is given in form of three cross tabulations drawn from a recent Gartner survey on supply chain resilience.
We noted that an industry level analysis alone, will not lead to supply chain-specific insights, which are required to develop a strategy such as resilience. We therefore introduce a second step that requires changing the unit of observation to the supply chain instead of the company. Asking additional questions to understand the context in which supply chain setup decisions are made supports overall understanding and enables differentiated statements to be made at the supply chain level. We propose letting respondents self-classify their supply chain according to the “Triple-P” framework.
This classification provides the necessary context and allows for a more nuanced understanding of why companies have implemented their current supply chain structure and strategy and provides concrete guidance for how to adopt a strategy that promotes resilience.

Three company examples are given to illustrate the three different archetypes. The company examples show how contextual factors, i.e., operational characteristics, determine the supply chain archetype and impact the implemented supply chain resilience strategy. Based on what is known about the barriers for each archetype, this context gives guidance for managers on what to do14. The Nike example illustrates the methodology by contrasting the information with and without using the Triple-P framework.
Thus, the results of this article suggest that the company-based format which is good for general management surveys is not a good fit for generating the insights necessary for a company to develop an effective resiliency strategy. Such surveys would benefit from more granular data. Questionnaire-based surveys that require the respondent to speak for a monolithic company-wide supply chain cannot effectively link operational characteristics to a supply chain-specific strategy. When applying these strategies in practice, managers necessarily run into company or supply chain setup-specific challenges and therefore they need more customized insights in order to develop resiliency strategies that will be successful.
Acknowledgement
The authors want to deeply thank Gartner and especially Geraint John and Kamala Raman for the collaboration on the survey questions of the “Future of Supply Chain: Crisis Shapes the Profession” report from December 2020. Moreover, we appreciate their help and the sharing of results and the aggregated data.
 
Appendix A – Overview Consulting reports
ID Title Company Date Number of responses Scope Unit of observation Unit of analysis
1 Global Supply Chain Survey – In Search Of Post-covid-19 Resilience Allianz Research / Euler Hermes December-20 1181 US, UK, FR, GER, IT Company Country/area & Industry/sector level
2 Supply Chain Resilience Report 2021 Business Continuity Institute (BCI) March-21 173 Global Company Cross-industry level
3 Fast foreward – Rethinking supply chain resilience for a post-COVID-19 world Capgemini Research Institute October-20 1000 Global Company Country/area & Industry/sector level
4 Save-to-thrive Deloitte August-20 1089 Global Company Country/area & Industry/sector level
5 Future of Supply Chain: Crisis Shapes the Profession Gartner December-20 1346 Global Company Cross-industry level
6 Weathering the storm Gartner May-20 236 Global Company Cross-industry level
7 Supply chain resilience report Hubs July-20 1281 Global Company Cross-industry level
8 Supply Chain Resilience In A Post-pandemic World Jabil September-20 715 Mainly US Company Industry level
9 The Resiliency Compass: Navigating Global Value Chain Disruption in an Age of Uncertainty Kearney July-21 360 Global Company Cross-industry level
10 Risk, resilience, and rebalancing in global value chains McKinsey & Company (McK) May-20 605 Global Company Industry level, some company specific
11 Navigating the Supply Chain through the Pandemic Supply Chain Insights (SCI) February-21 118 Global Company Cross-industry level
12 The Resilient Supply Chain Benchmark: Ready for anything? The Economist Intelligence Unit (EIU) May-21 308 US Company Industry / sector level
 
Appendix B
Cross tab 1

Cross tab 2

Cross tab 2 (continued)
 
Cross tab 3

 
Cross tab 3 (continued)

 
Cross tab 3 (continued)

 
Cross tab 3 (continued)

 
Notes
1. In the survey Gartner distinguishes between agility as “the ability to respond rapidly and cost-effectively to short-term changes in demand or supply disruptions” and resilience, “the ability to adapt to structural changes by modifying supply chain, products and technologies strategies”.
2. G. John, P. Manenti, S. Watt, and K. Raman: ‘Future of Supply Chain: Crisis Shapes the Profession: Supply Chain Executive Report’, Gartner,12/2020; available at https://www.gartner.com/en/documents/3994949/supply-chain-executive-report-future-of-supply-chain-cri.
3. The dataset includes the first five questions of the survey regarding supply chain resilience and agility (figure 20-24 in Gartner report). From the 1346 responses, only operations related job functions with a board level, VP/director, or manager/head role were included which resulted in 1049 responses.
4. Omar Arguilar, ‘Save-to-thrive – Enterprise transformation and performance improvement strategies during the COVID-19 pandemic’, Deloitte, 08/2020, available at https://www2.deloitte.com/content/dam/Deloitte/us/Documents/process-and-operations/us-save-to-thrive.pdf
5. Dimensional research, ‘Supply Chain Resilience In A Post-Pandemic World: A survey of supply chain decision makers’, 09/2020; available at https://www.jabil.com/dam/jcr:fef09432-3d00-45f8-9bc3-4da2cee764b1/special-report-supply-chain-resilience-in-a-post-pandemic-world.pdf.
6. Georges Dib, ‘Global supply chain survey – in search of post-covid-19 resilience’, Allianz research and Euler Hermes, 10.12.2020, available at https://www.allianz-trade.com/content/dam/onemarketing/aztrade/allianz-trade_com/en_gl/erd/publications/pdf/2020_10_12_SupplyChainSurvey.pdf
7. R. Gya, C. Lago, M. Becker, and J. Junghanns: ‘Fast Forward – Rethinking supply chain resilience for a post-COVID-19 world’, 24.11.2020; available at https://www.capgemini.com/wp-content/uploads/2020/11/Fast-forward_Report.pdf.
8. This is why Cohen et al. (2021) concluded that the basic roadmap to resilience is understood by managers, see M. A. Cohen, S. Cui, S. Doetsch, R. Ernst, A. Huchzermeier, P. Kouvelis, H. Lee, H. Matsuo, and A. A. Tsay: ‚Putting Supply-chain resilience Theory into Practice’, 2021, Forthcoming in Management and Business Review. https://ssrn.com/abstract=3742616
9. It is worth noting that we were not given access to the raw data that generated them.
10. M. A. Cohen, S. Cui, S. Doetsch, R. Ernst, A. Huchzermeier, P. Kouvelis, H. L. Lee, H. Matsuo, and A. A. Tsay: ‘Understanding Global Supply Chain & Resilience: Theory and Practice’, in ‘Creating Value with Operations Analytics’, (ed. H. L. Lee et al.); 2022, Springer.
11. M. Christopher, H. Peck, and D. Towill: ‘A taxonomy for selecting global supply chain strategies’, The International Journal of Logistics Management, 2006, 17(2), 277–287.
12. M. A. Cohen, S. Cui, S. Doetsch, R. Ernst, A. Huchzermeier, P. Kouvelis, H. Lee, H. Matsuo, and A. A. Tsay: ‘Bespoke Supply Chain Resilience: The Gap between Theory and Practice’, forthcoming in Journal of Operations Management, 2022.
13. More information on the derivation of the framework and regarding the answer options can be found in Cohen et al. 2022
14. Further details on the archetypes, the barriers and the strategies implemented can be found in Cohen et al. 2022
About the authors:
Morris A. Cohen is the Panasonic Professor of Manufacturing and Logistics in the Operations, Information and Decisions Department of the Wharton School at the University of Pennsylvania, in Philadelphia, USA. Email: .(JavaScript must be enabled to view this email address)/*’,’a’,’/’,”,'”‘,’ 117′,’ 100′,’ 101′,’ 46′,’ 110′,’ 110′,’ 101′,’ 112′,’ 117′,’ 46′,’ 110′,’ 111′,’ 116′,’ 114′,’ 97′,’ 104′,’ 119′,’ 64′,’ 110′,’ 101′,’ 104′,’ 111′,’ 99′,’:’,’o’,’t’,’l’,’i’,’a’,’m’,'”‘,’=’,’f’,’e’,’r’,’h’,’a ‘,’= 0)out += unescape(l[i].replace(/^ss*/, ‘&#’));while (–j >= 0)if (el[j].getAttribute(‘data-eeEncEmail_sXWVpuUKdZ’))el[j].innerHTML = out;/*]]>*/.

Shiliang Cui is an Associate Professor of Operations and Information Management in the McDonough School of Business at Georgetown University in Washington, D.C., USA. Email:[email protected]
Sebastian Doetsch is doctoral student at the Chair of Production Management of WHU’s Otto Beisheim School of Management in Vallendar, Germany. Email: .(JavaScript must be enabled to view this email address)/*’,’a’,’/’,”,'”‘,’ 117′,’ 100′,’ 101′,’ 46′,’ 117′,’ 104′,’ 119′,’ 64′,’ 104′,’ 99′,’ 115′,’ 116′,’ 101′,’ 111′,’ 100′,’ 46′,’ 110′,’ 97′,’ 105′,’ 116′,’ 115′,’ 97′,’ 98′,’ 101′,’ 83′,’:’,’o’,’t’,’l’,’i’,’a’,’m’,'”‘,’=’,’f’,’e’,’r’,’h’,’a ‘,’= 0)out += unescape(l[i].replace(/^ss*/, ‘&#’));while (–j >= 0)if (el[j].getAttribute(‘data-eeEncEmail_ARCWagVasp’))el[j].innerHTML = out;/*]]>*/.
Arnd Huchzermeier is Chaired Professor of Production Management at WHU’s Otto Beisheim School of Management in Vallendar, Germany. Email: .(JavaScript must be enabled to view this email address)/*’,’a’,’/’,”,'”‘,’ 117′,’ 100′,’ 101′,’ 46′,’ 117′,’ 104′,’ 119′,’ 64′,’ 114′,’ 101′,’ 105′,’ 101′,’ 109′,’ 114′,’ 101′,’ 122′,’ 104′,’ 99′,’ 117′,’ 104′,’ 46′,’ 100′,’ 110′,’ 114′,’ 97′,’:’,’o’,’t’,’l’,’i’,’a’,’m’,'”‘,’=’,’f’,’e’,’r’,’h’,’a ‘,’= 0)out += unescape(l[i].replace(/^ss*/, ‘&#’));while (–j >= 0)if (el[j].getAttribute(‘data-eeEncEmail_UzPkwhfbnn’))el[j].innerHTML = out;/*]]>*/.
Ricardo Ernst is the Baratta Chair in Global Business and Professor of Operations and Global Supply Chain Management at the McDonough School of Business, Georgetown University, in Washington, DC, USA. Email: .(JavaScript must be enabled to view this email address)/*’,’a’,’/’,”,'”‘,’ 117′,’ 100′,’ 101′,’ 46′,’ 110′,’ 119′,’ 111′,’ 116′,’ 101′,’ 103′,’ 114′,’ 111′,’ 101′,’ 103′,’ 64′,’ 114′,’ 116′,’ 115′,’ 110′,’ 114′,’ 101′,’:’,’o’,’t’,’l’,’i’,’a’,’m’,'”‘,’=’,’f’,’e’,’r’,’h’,’a ‘,’= 0)out += unescape(l[i].replace(/^ss*/, ‘&#’));while (–j >= 0)if (el[j].getAttribute(‘data-eeEncEmail_VOOrRhlSvk’))el[j].innerHTML = out;/*]]>*/.
Panos Kouvelis is Emerson Distinguished Professor of Operations & Manufacturing Management, and Director, The Boeing Center for Supply Chain Innovation (BCSCI), Olin Business School, Washington University in St. Louis, USA. Email: .(JavaScript must be enabled to view this email address)/*’,’a’,’/’,”,'”‘,’ 117′,’ 100′,’ 101′,’ 46′,’ 108′,’ 116′,’ 115′,’ 117′,’ 119′,’ 64′,’ 115′,’ 105′,’ 108′,’ 101′,’ 118′,’ 117′,’ 111′,’ 107′,’:’,’o’,’t’,’l’,’i’,’a’,’m’,'”‘,’=’,’f’,’e’,’r’,’h’,’a ‘,’= 0)out += unescape(l[i].replace(/^ss*/, ‘&#’));while (–j >= 0)if (el[j].getAttribute(‘data-eeEncEmail_SNeOVIVxgk’))el[j].innerHTML = out;/*]]>*/.
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In this special digital edition from Supply Chain Management Review, we’re bringing together the best of our recent stories…
Thu, January 5, 2023 – 2:00 pm EST 

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You do not always need a lot of money to start a new business, and there are many business ideas you can pursue that do not require a large upfront investment. If you are considering starting a new business venture but do not have a lot of capital, there are still plenty of options available for you. Read on to discover what kinds of businesses you can start without requiring a large investment in 2023.
If you would like to start a new business without incurring large startup costs, there are many types of businesses you can pursue. Here’s how:

1. Identify a business idea: There are plenty of home-based businesses you can start that are low-cost initially. Doing some research on business ideas that can be operated from home will help you figure out what your options are.if(typeof ez_ad_units!=’undefined’){ez_ad_units.push([[728,90],’smallbiztrends_com-medrectangle-3′,’ezslot_1′,320,’0′,’0′])};__ez_fad_position(‘div-gpt-ad-smallbiztrends_com-medrectangle-3-0’);
2. Conduct market research: After identifying potential businesses, you should consider doing market research to understand their demand and what customers are currently doing. Understanding the industry and customer behavior will enable you to put together a business plan that takes the existing customer base into account and potential marketing materials.
3. Create a business plan: Once you have a great business idea, the next step is to create a business plan. What kind of skills or investments are needed? What kind of business structure would be best? What will you name the business, and how do you plan to attract the target market? You may also need to have a financial plan in place to avoid any personal liability issues. Having a plan ensures that you can start your business right from the get-go and can attract angel investors and other types of capital.
4. Research any investments needed: There are some types of businesses you can start pretty quickly with little to no investment required. However, other types of businesses may require a business license or business insurance to get started. You can also investigate any small business loans that could help you quickly start your business for purchasing equipment or other needs.
5. Promote your business: Once you are ready to go with your idea and have made all the investments needed, promoting your business is key! Reach out to local business communities or residents (depending on the business you offer) to let them know what service or product you are providing and market yourself to build your customer base.

Business Ideas You Can Start With No Money

If you are ready to start your own business but not sure what you can operate with low startup costs, there are plenty of online business ideas and other types of ideas you can pursue on a shoestring budget.
A landscaping business can be a great idea if you are looking for a business where you can interact with many people and set your own hours. You’ll need a little bit of upfront capital to get the right equipment and reliable transportation to get to and from job sites. However, landscaping is great if you’re looking for ideas that are not home-based and where there are minimal costs to get started.

2. Consulting Business

Depending on your industry and your skills, having your own consulting business could be your next business idea. You could work with other businesses to offer your expertise and advice on different issues. Consulting businesses require very little money upfront, especially if done online. You only need a solid internet connection and marketing materials to get started.

3. Social Media Marketing

There are many aspects of social media marketing that you can undertake as a small business. For example, you could offer services such as social media management and building a social media presence on social media accounts for small business owners. It’s an easy business with no money required upfront, just social media experience, so it is relatively low cost to start.

4. House-Sitting Business

Another business model to consider is starting a service business such as house sitting. You can take care of homes while people are away, including keeping an eye on utilities, collecting mail, and watering plants. There are minimal startup costs required to start a housesitting business, but it can be lucrative depending on the area you are in.
Service-based businesses tend to be the best option if you are looking for a low-cost way to start a business. However, a freelance business idea you can consider to make extra cash could be to become a freelance writer. This could include copywriting, website writing, informational writing such as brochures, and other marketing communication, depending on what businesses require.

6. Dog Walking

If you are a fan of dogs, why not offer dog walking services in your local neighborhood? You can start dog walking services without needing a lot of capital, and it can be an immensely useful service for your community. You may need some kind of liability insurance for this kind of business, so it’s best to research local and state regulations before starting.

7. Start your own online store

Starting your own online store is easy, but it may require some startup capital or angel investors depending on the type of products you are trying to sell. For example, you could set up your own website and sell products such as clothing, home decor, artwork, and more.
There are many other types of freelance services you can pursue besides writing, such as website design if you are able to take relevant training. In addition, you can offer your services to other business owners needing a web presence, including basic sites on platforms such as Squarespace, Wix, and others. You do not need a business license to operate a website development business, so it is easy to get started.
If you are a native English speaker or speak more than one language, you could start a business to tutor others as a way to make extra money online. You will need to work with students of different ages and teach them language skills, including practicing speaking with them and taking them through the fundamentals of a language. You could become a tutoring business owner or partner with tutoring platforms to provide your services.

10. Sell online courses

Another opportunity for making money online is selling digital products such as online courses. If you have specific skills and experiences, you can start a business centered around developing and selling courses on your own website or on platforms such as Udemy. You may need to invest a small amount of capital into filming equipment, such as a high-quality camera and mic, but once the courses are filmed, you will be able to make passive income as they sell.

11. Pet sitting or babysitting

Another way to make extra cash is to start a pet-sitting or babysitting business. Again, this type of business may require some kind of liability insurance, business insurance, or business license, but it can be a valuable service that many customers may need depending on your area.

12. Virtual assistant services

If you thrive on being organized and efficient, you can offer your services as a personal assistant or virtual assistant. For example, you could work with real estate agents, business owners, and other professionals who need assistance getting organized and keeping their schedules on track. You can balance multiple clients and build your business as a virtual assistant.
If you are still thinking about what kinds of businesses you can start with no money, there are many local business ideas that you could pursue. Here are some of the best business idea examples for you to consider.

13. Delivery services

Many business owners and residents are always looking for reliable delivery options in their area. You can use your own car to make deliveries and be your own boss. You may need to get a business license and liability insurance for this kind of business, but it should be relatively easy to start.

14. Life coach

Life coaching is a service that many are seeking now, and there is a demand for online life coaches. There are certifications available for life coaching that you could take, and you would be able to connect with clients via Zoom or Skype for your sessions, so it would not require much money to start.

15. Accounting and bookkeeping services

If you are skilled at balancing the books and keeping track of financials, consider offering your services to local business owners. You can start without needing money or office space and provide a helpful skill for businesses seeking additional financial help.
If you are interested in an online business that you can start right away, you could become a podcaster. All you need to get started is a high-quality mic and audio editing software. You can create podcasts about subjects you are passionate about or create podcasts about your own experiences to guide and inspire others.

17. Vlogger

Another option to consider for an easy business to start with no money is becoming a vlogger. Many people operate successful businesses on platforms such as Youtube and Twitch by live streaming and creating vlogs. You may need to invest in equipment such as a camera or a mic, but you can get started immediately with vlogging.

18. Data entry provider

Many businesses are looking for reliable, independent contractors for simple and complex data entry tasks for various needs. These can be completed remotely, so there is no need for offices or any other equipment besides an internet connection and a computer.

19. Translator

Another option for those that speak multiple languages is to offer translation services. Translation services can be offered online or in person and can include services such as live translation, simultaneous translation, and document translation. There are many ways to start a translation business, depending on your level of skill and how much time you have with clients around the world.
There are many businesses that you can start with very little money required. The easiest business to start with no money is a service-based venture such as virtual assistant services, freelance writing, or consulting, as no small business loans are required, and these can be offered online.

Can You Start an Online Business With No Money?

Yes, you can start a successful business with no money online. Many businesses that are service-based can be created online and do not require a significant investment upfront or a business license.

What Is the Most Profitable Business Model to Start Without Capital?

The most profitable business venture to start with no capital is a freelance service such as writing or being a virtual assistant.

How Much Does It Cost to Start a Business?

The amount of money needed to start a business will depend on the service or product being offered. Some service businesses such as landscaping, cleaning, or becoming a podcaster or Youtuber will require a small investment to get the necessary equipment. Some businesses may also require other certifications such as business licenses or liability insurance. Other types of businesses, such as writing or consulting, do not require much money to get started.
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