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  • Whisper Report: What are the best practices for enhancing cybersecurity in healthcare?

    Whisper Report: What are the best practices for enhancing cybersecurity in healthcare?

    Whisper Report: What are the best practices for enhancing cybersecurity in healthcare?

    Published to clients: June 18, 2025                                                ID: TBW2063

    Published to Readers: June 19, 2025

    Email Whispers: July 22, 2025

    Public & Video Edition: July 23, 2025

    Analyst(s): Dr. Doreen Galli

    Photojournalist(s): Dr. Doreen Galli

    Abstract:

    Cybersecurity in healthcare is responsible for protecting the data that represents the life’s story of patients and infrastructure to enable proper care. Managing and securing the plethora of edge devices and the interoperability of all the technologies is an increasing challenge. There are four steps to take to enhance your healthcare cybersecurity: select a framework, leverage depth in defense, automate where possible, and test your environment.

    Target Audience Titles:

    • Chief Information Security Officer, Chief Information Officer, Chief Security Officer, Chief Technology Officer, Chief Compliance Officer, Chief Data Officer, Chief Privacy Officer
    • VP of Cybersecurity, Director of Information Security
    • Security Architect, Information Security Architect, Network Security Engineer, Systems Security Engineer, SOC Analysts, IAM Specialists, Director of Privacy

    Key Takeaways

    • Device maintenance and interoperability continue to challenge healthcare environments cybersecurity.
    • Four steps to enhance cybersecurity in healthcare environments. Select a framework, leverage depth in defense, automate where possible, and test your solution.

    Tags

    cybersecurity, privacy, healthcare, healthcare technology, health tech, HIMSS, HIPPA, medical devices, edge devices, IoT, depth in defense, automate, integration, cybersecurity frameworks, Evidently, Hal Wolf, Kai Romero, Brennen Reynolds, Absolute Security, Alexander Group, Trey Chamberlin, Aisera, Daniel Carvajal Marin

    What are the best practices for enhancing cybersecurity in healthcare?

    We took the most frequently asked and most urgent technology questions straight to the health systems technology experts gathering at the Healthcare Information and Management Systems Society (HIMSS) 2025 Global Health Conference and Exhibition or HIMSS 25 for short. This Whisper Report addresses the question regarding the best practices for enhancing cybersecurity in healthcare. Given that data breaches in 2024 affected 1 in 2 American’s health records, cybersecurity is top of mind in healthcare1. But healthcare data is not your shopping data, it represents much more. As Evidently’s Kai Romero shared, “the narrative Arc of who they are how they’ve suffered, how they’ve overcome the illnesses that they’ve experienced, you can’t treat that lightly … this is their life.” But there is a reason for concern in healthcare. For those unfamiliar, Russia has been found the source of ransomware attacks on the healthcare industry2. As HIMSS Hal Wolf shared, “security is a major issue our own the federal government the United States just announced that they were bringing down cyber security blockage or fundamentals against another foreign country recently that was yesterday.” There is no indication that the cyberattacks on healthcare will stop, just an announcement that the government is no longer stopping such attacks.

    Where are the vulnerabilities?

    Understanding that healthcare data represents the whole person and their life, where are the vulnerabilities coming from in the healthcare environment? Examining the source of the security vulnerabilities can offer insights to the efforts to defend and protect this valuable healthcare data. Turns out there are two large sources of vulnerabilities.

    Device Maintenance

    First, devices in the healthcare environment itself are an issue. As we discussed in Whisper Report: How can AI be effectively integrated into healthcare systems?, many devices on site are old. They may not have over the air (OTA) updates, may require human in the loop to update. As Absolute Security’s Brennen Reynolds stated, “any given organization that man that has our technology about 15% of the devices that are being manually managed have some missing critical security control which increases their risk to either an operational outage or a cyber event like Ransomware.” It may sound like simple advice you have heard a million times, but keeping your equipment up to date with the latest software and security patches is simply critical.

    Interoperability

    Healthcare creates complicated environments full of an array of diverse vendors. Somehow these vendors and their technology – or more specifically – the diverse array of data about the patient derived must interoperate. Not just interoperate, the data must come together to provide a picture of the patient for the practitioner. Unfortunately, as Alexander Group’s Tray Chamberlin pointed out, “a lot of interoperability issues and leaks.” Getting the technology to work together is so difficult in and of itself, the process created that ‘works’ may not be a secure solution. It is critical that during any interoperability project that protection of the data in the processes is the first a priority. Furthermore, the integration architecture and solution must      be examined at a detailed level to understand and identify any potential leakages created in the process.

    Solutions

    Organizations concern about security in healthcare technology is not going to go away. Per HIMSS’s Hal Wolf, “this is going to be the coinage of which we really improve Healthcare is information (and) information comes from data the data will be unprotected so .. it is why it (cybersecurity) is one of our (HIMSS) four focus points.. at HIMSS (25) digital Health transformation, AI, cyber security, and Workforce Development.” Information is how we improve care, thus information is the goldmine of healthcare. Figure 4 depicts Four Steps to Enhance your Healthcare Cybersecurity.

    4 steps to enhance healthcare cybersecurity 1. Select Framework 2. Leverage Depth of Defense 3. Deploy Automation 4. Test!

    Select Framework

    Through the various conversations while conducting this research, it became very clear that each organization has their own framework to guide their cybersecurity program. When selecting amongst the frameworks, ensure these common characteristics are present.

    • It should be 100% restricting while enabling productivity.
    • Needs guardrails and controls
    • It should be deliberate and intentional with how it handles your assets.

    Leverage Defense in Depth

    Regardless of where the technology is used within healthcare, certain security practices should be consistent. As Evidently’s Kai Romera shared, “some of the same things that we use in the clinical setting to protect patient data whether that’s logging out of a screen pretty quickly after it’s not active or you know taking away the protected patient information so that anyone who’s looking at the screen would not know who that patient was you want to know that they’re employing those things because this (is) patient data.” Understanding no single method covers all scenarios, it is good to use every method available when possible. For example, clinical data masking technology and standards can easily be applied to the terminals used at the front desk and billing as well.

    But data masking is not just useful at the terminal level. As Aisera’s pointed out, regarding you agentic AI solutions, we can do everything from masking PII for mask any personal data “architecture that’s going to keep your data private data privacy is probably the most important thing especially when it comes to healthcare right .. but also how it is stored right even in our cloud approach” our customers get the unique architecture so when you’re training the LLM you’re not trained in our models.”

    Deploy Automation

    Many shy away from automation, but as we pointed out in Conference Whispers: Black Hat USA 2019, a ransom ware attack can take down an organization in 30 minutes. What human on call can get notified, get online and stop an attack that fast? Furthermore, as Absolute Security’s Brennan Reynolds shared, “topic of automation there’s just too many things to be done in a day to allow and require humans to be doing all of the maintenance and management task so if the it devices across their organizations whether you have a th000 devices 10,000 or a million devices you’re never going to have enough staff to manually execute tasks to keep those devices safe and secure.” Thus it is physically impossible to stop many attacks or even simply update all the devices on site without automation.

    Test!

    Regardless of the care taken, it important to review the architecture and test the system. As Alexander Group’s Tray Chamberlin explained, “make sure that it’s not just we want this system we want to stand it up and we want the functionality but also going through the paces and testing and making sure that is playing nice but also doesn’t open up a new vulnerability within your system going forward.” A system that simply works is not the goal. Rather, a system must work and be secure, resilient, and hardened against attacks including its integration points is the minimum standard.

    We will close with remarks by HIMSS’s Hal Wolf, “ I think cyber security is going to continue to be at the Forefront of our thoughts whenever you’re dealing with data and information they are going to be bad actors… HIMSS is focused on cyber security we have cyber security forums (and) there are cyber security events taking place.”

    *When vendors’ names or quotes are shared as examples in this document, it is to provide a concrete example of what was on display at the conference or what we heard doing our research, not an evaluation or recommendation. Evaluation and recommendation of these vendors are beyond the scope of this specific research document.

    Related playlists

    1. Whisper Report: HIMSS: Question 1: How can AI be effectively integrated into healthcare systems??
    2. Conference Whispers: HIMSS 25

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    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Whisper Report: How can AI and machine learning transform media and entertainment?

    Whisper Report: How can AI and machine learning transform media and entertainment?

    Published to clients: May 29, 2025                                                    ID: 2076

    Published to Readers: May 30, 2025

    Published to Email Whispers: July 7, 2025

    Video edition: July 7, 2025

    Analyst(s): Dr. Doreen Galli

    Abstract

    AI is transforming media and entertainment, reshaping workflows and automating the tedious. This shift isn’t new—it’s an evolution already well underway. While concerns about disruption persist, AI is proving to be a powerful tool that enhances efficiency, making content more accessible and refining quality. From metadata enrichment to streamlined production, AI empowers professionals by eliminating the mundane and allowing more focus on creativity. Rather than replacing jobs, it shifts how work gets done, seamlessly integrating with existing processes to unlock new possibilities in storytelling, production, and distribution. The industry is adapting, and AI is at the heart of that transformation.

    high strategy rating, low technical rating

    Target Audience Titles:

    Chief Technology Officer, Chief Supply Chain Officer, Chief Digital Officer

    Chief Data Officer, Chief Marketing Officer, Chief Content Officer

    Head of AI and Machine Learning, Data Scientists

    Product Managers, Content Managers, Sound Engineers, Distribution Engineers

    Production Technologists, Streaming Platform Developers

    Chief Technology Officer, Chief Supply Chain Officer, Chief Digital Officer

    Key Takeaways

    • AI is transforming workflows, automating the tedious, and reshaping media and entertainment.
    • Efficiency gains let creators focus on storytelling while AI enhances accessibility and searchability.
    • AI isn’t replacing jobs—it’s evolving how work gets done, integrating seamlessly into production processes.

    How can AI and machine learning transform media and entertainment?

    We took the most frequently asked and most urgent technology questions straight to the Technology experts gathering at NAB Show 2025. This Whisper Report addresses the question regarding how can AI and machine learning transform media and entertainment?

    Setting the Stage

    As DeepDub’s Oz Krakowski stated, “We see is a lot of the work that was done before is now done in different.” These changes have already hit the headlines for as Dell Technologies’ Tom Burns pointed out, “Everybody’s all concerned with Gen AI but of course the writers and actors strikes were all about that.” Thus this AI transformation is not new but rather is currently underway. Latakoo’s Jade Kurian offered this perspective. “The question now is how do we do this thoughtfully? How do we do it in a way that we don’t compromise ethics – where we don’t compromise people’s jobs? How do we make it flow back and forth where we take advantage of AI and machine learning to make our lives easier, make our lives better, and make entertainment and media better.” Cinnafilm’s Dom Jackson suggests we take another step back to gain a larger perspective, “There’s a lot of fear around AI and those technologies and in that sense, I see those as part of a continuum of ongoing automation processes that have been going on since the industrial revolution. Everyone’s always scared when something new comes along and then very quickly it becomes normal and it empowers us to work in new and different and usually more efficient ways.” See Figure 1 for the Cornucopia of AI use cases suggested. Let’s explore some of those new, and different, more efficient ways.

    AI Use Cases in Media

    One thing is for certain, there is no shortage of opportunity for AI to positively impact the media and entertainment sector. The favorite use case among all users, as Strada’s Michael Cioni put it, “AI is best for our industry as a utility form to do the mundane tasks .. we need AI that automates mundane tasks like color correcting sound noise reduction, video audio noise reduction, face tagging, locations, objects, emotions – those are all the things that no one wants to sit and log footage. AI can log it for us.” Or per Ross’s David Green, “AI is going to make us more efficient and more effective and let us focus on what we love doing which is creating amazing content.” No matter which perspective you prefer – the elimination of the mundane or the freeing up to do the fun parts – AI is here to stay in media workflows. As Dell’s Tom Burns observed, “Machine learning has already transformed media and entertainment in so many invisible ways from security to fixing single pixel defects to all kinds of low-level network functions and automated provisioning.”

    When it comes to all that stored media, there are plenty of suggestions of how AI can assist as well. Per SNS’s Alex Hlavaty, “It actually can be an incredibly helpful buddy to sort through the stuff we don’t want to do parse through petabytes worth of information. Help us find assets more quickly and just interact with our data in a much more meaningful way while reducing man hours doing things that are laborious.” . Eon Media’s Greg Morrow observed, “our customers have large libraries of video files that only have a file name or have just a a small title. We really enriched those assets with information to make those assets more usable by identifying people places things emotional sentiment um ethnicity as part of those assets.” Dell Technologies’ Tom Burns denoted, “One of the GEN AI things that is proving to be useful is for companies that have large archives or studios that have that have the rights holders to a lot of content,  using AI to extend the metadata and inform them of what they actually have in their archive allows them to make that more searchable and therefore more monetizable on.” Increasing metadata for the purpose of search and the related business cases that come from having truly searchable content is a common theme. As Axle.ai’s Sam Bogoch simply stated, if, “they can’t find it they can’t reuse it.”

    In some of the use cases such as sound editing, it has completely transformed the task at hand. As DeepDub’s Oz Krakowski observed, “just like you cannot imagine a graphics designer not using Photoshop it’s unheard of right however 20 years ago this was extremely questionable nowadays thinking of doing voice design and editing dialogues without using AI.” Ross’s David Green offers additional suggestions, “things like camera tracking so instead of having to every single second manually figure out where things are and do manual keying you know markers and those sort of things we can use AI to automatically be able to do those things .. instead of having to flip through a manual.” Dell’s Tom Burns observed, “when you render your VFX AI upsampling has gotten so good now that you can render at 2K and up to 4K and it looks better than if you rendered at 4K in the first place.” Wow! Upsampling rendering better than if it was 4k in the first place – now that is an improvement – by definition. Localization is another area that has been drastically impacted by AI. Today, with AI tools such as Yella Umbrella are, “making content accessible to users that wouldn’t have access to it normally either because there’s no one to localize that content or just because the content that they want to access is not available in the accessibility form that they prefer.” If the form you prefer isn’t about language but more about duration, Magnify’s Ken Ruck shares today one can, “edit automatically (and) create clips automatically.” Clients may recall our coverage of Conference Whispers: NAB Show 2023 when automated shorts were first highlighted.

    One of the most treasured advancements is that of workflow automation. As Eon Media’s Greg Morrow stated, “workflow automation to improve the efficiency of a media organization in order for the people in the organization to create higher value content and less of the drudgery work.” In other words, AI can transform Media and Entertainment by enabling all to do more with less. But if you are worried about your job, Cinnafilm’s Dom Jackson assured, “strangely ultimately people always end up having jobs they’re different jobs but people always end up with plenty of work.”

    Related playlists

    1. Whisper Report: How can AI and machine learning transform media and entertainment?
    2. Conference Whispers: NAB Show 2025
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    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Whisper Report: How can we enhance our cybersecurity measures to protect against emerging Cyber Physical threats? 

    Whisper Report: How can we enhance our cybersecurity measures to protect against emerging Cyber Physical threats? 

    Published to clients: May 20, 2025                                               ID: 2073

    Published to Readers: May 21, 2025

    Email Whispers: June 13, 2025  

    Video Edition: June 13, 2025

    Analyst(s): Dr. Doreen Galli

    Photojournalist(s): Dr. Doreen Galli

    Abstract:

    As cyber and physical security continue to merge, proactive, multi-layered strategies are essential to safeguard critical assets in interconnected environments. Secure data practices, including encryption for data in transit and at rest, during compute, and ensure compliance with high security standards. Architectural resilience is crucial, integrating cybersecurity from the outset rather than retrofitting outdated systems. Correlating physical and cyber events provides valuable context. Finaly, digitizing workflows streamlines response efficiency, minimizing the window of vulnerability during attacks.

    Target Audience Titles:

    • Chief Technology Officer, Chief Security Officer
    • Chief Information and Security Officer, VP of Cybersecurity
    • Director Cyber Physical Security, Security Analyst
    • Cybersecurity Engineer, Incident Response Analyst

    Key Takeaways

    • Data must be encrypted at rest, in transit, and during execution.
    • Cyber Physical security requires a securely designed architecture from the start.
    • Cyber and physical threats must be correlated.
    • Only a digitized workflow can respond with the required speed to cyber physical threats.

    Secure data

    As with all security, cyber physical security must also be concerned with, “ data security and encryption … that’s data in the device, data in transit, data in rest at the servers, and so all of those things we have the highest level standards and we also meet more advanced requirements, “ Bioconnect’s Edsel Shreve. The solution should be flexible enough to enable any data protection requirements that come into play. Edsel Shreve went on to further explain, “for example you need to do certificate rotation for things like TLS encryption So we can do those things not every customer wants them but those are the things that we’ve actually got in our system for the folks that have those higher level requirements so it really is the combination of how do we make sure that they’re cyber secure sitting on the network and then how do we make sure that they’re  physically and the data is secure on the on the readers and devices themselves.” In addition, TBW Advisors LLC recommends confidential computing architectures for protection and privacy during computations. For additional information see Industry Whispers: Public is Private – Confidential Computing in the Cloud.

    Secure Architecture

    Taking a 1968 mustang and updating it to 2025 safety standards would be quite the challenge and likely land up with an ugly beast that is neither safe nor resembling of a mustang. Cyber physical security is no different than safety. It must be thought of and integrated from the very beginning. As LVT’s Steve Lindsey explained, “it starts with architecture if we can rethink our architectures and we can start building for cyber security in mind.” The challenge of physical cyber security is that, “for the longest time in the physical security space we’ve been using on premise systems and as we’ve lifted and shifted those into the cloud ..  what complicates that is as we’re deploying these systems it’ not just cloud to end User, it’s Cloud to IoT (Internet of Things) device which is going through usually public cellular or satellite infrastructure itself and there’s other things that need to be done to address that” Steve Lindsey.


    Correlate Physical Cyber Events

    The real power of cyber physical security is the two areas working together to correlate events. Through correlation, context and a greater understanding is realized. An example shared by Advancis’ Paul Shanks demonstrates this best. “Someone loses their badge and falls out of their pocket and they’re logged into the network from home and their badge is used at the building. Those two  events by themselves are benign but we take that together and create a an alert for the operator to look into whether is it a Cyber attack or is it a physical attack.”

    Digitize Workflow

    As early as 2019 TBW Advisors LLC has been advising clients to automate security responses when possible for the simple fact you must. Ransomware attacks were already taking place within a 35-minute window. In 2025 the cyber physical attack vector also calls for automation or a digitized workflow at the very least. As Advancis’ Paul Shanks communicated, “we can take that and make that workflow digitized so that all they have to do is read click and go. Simple as that.”

    Related playlists

    1. Industry Whispers: Public is Private – Confidential Computing in the Cloud | TBW ADVISO RS
    2. Conference Whispers: Black Hat USA 2019
    3. Whisper Report: How can we enhance our cybersecurity measures to protect against emerging Cyber Physical threats? 
    4. Conference Whispers: ISC West 2025
    TBW Advisors LLC logo

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    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Industry Whispers: AMA with Victoria Essner

    Industry Whispers: AMA with Victoria Essner

    Join us for an inspiring Global Accessibility Day Interview, 

    Celebrate Global Accessibility Awareness Day with an empowering Ask Me Anything (AMA) session featuring international best-selling author and accessibility advocate Victoria Essner.

    With over 30 years of professional experience in assistive technology—and more than 50 years of lived experience navigating the world with vision loss—Victoria’s journey has been one of innovation, advocacy, and empowerment.

    From navigating the early challenges of digital accessibility to becoming a trusted expert, she has helped countless individuals find independence through technology.

    In this heartfelt, one-hour session, she’ll share personal experiences, lessons learned, and how her passion for accessibility has shaped her work. Discover the milestones that led her to write From Tech Frustration to Freedom and why she remains committed to making tech inclusive for all!

    Come be inspired—and bring your questions! Whether you’re new to accessibility or a long-time advocate, you’ll walk away with practical insights, renewed hope, and a reminder that inclusive tech is possible for all!

    Research Code TBW2082

    Cannot make it live? Register and submit your question. The answer will be in the video on TBW Advisors’ YouTube Channel.

    NO AI note takers allowed. Event copyrighted by TBW Advisors LLC All Rights Reserved.

    Victoria Essner is a legally blind assistive technology coach, caregiver advocate, speaker, and international best-selling author. With over 50 years of lived experience and 30+ years of professional expertise, she empowers blind and visually impaired individuals — and the caregivers who support them — through personalized training and compassionate support. Victoria has consulted with Fortune 500 companies, nonprofits, and government agencies on accessibility and inclusion. She hosts the Blessed Thru Blindness podcast and founded AT Made Easier, a membership designed to simplify tech and restore confidence. Her signature message: Breaking Barriers. Building Independence. One Breakthrough at a Time.

    Heather Osborn was most recently Engineering Manager at Zapier, leading the Developer Enablement team focused on incident management, observability, and service catalog. With over 25 years in tech, she’s worked across systems engineering and operations, including a long tenure at Ticketmaster where she helped scale their infrastructure from a handful of gaming desktops to a global, hybrid cloud system handling massive traffic spikes.

    More recently, she’s specialized in cloud-native infrastructure, with an emphasis on AWS, Kubernetes, and enabling developer autonomy through secure, maintainable systems. She’s spoken at Southern California Linux Expo three times, most recently on Turning Incidents into Insights, Not Insults.

    Heather is a longtime advocate for diversity in tech—founding and mentoring in women’s groups, and often being the only woman on her team. She believes accessibility is essential to building inclusive, empowering technology for everyone.

    Outside of tech, she’s a distance runner, live music fan, immersive camping nerd, proud mom, and devoted cat herder.

    Dr. Doreen Galli is the Chief of Research at TBW Advisors LLC. She’s led significant and measurable changes as an executive at IBM, DPWN, Dell, ATT, and most recently Microsoft. Dr Galli was Chief Technology and Chief Privacy Officer in Azure’s MCIGET. Gartner recognized Dr. Galli as an expert in data ingestion, quality, governance, integration, management, and all forms and analytics including sensor data.

  • Whisper Report: How can we ensure compliance with evolving regulations?

    Whisper Report: How can we ensure compliance with evolving regulations?

    Published to clients: May 6, 2025                                                                            ID: 2066

    Published to Readers: May 7, 2025  

    Published to Email Whispers: May 19, 2025

    Public with video edition: May 20, 2025

    Analyst(s): Dr. Doreen Galli

    Photojournalist(s): Dr. Doreen Galli

    Abstract:

    To navigate evolving fintech regulations, experts at Fintech Meetup 2025 emphasized three key strategies: staying engaged with the field and regulatory agencies, structuring well architected stable solutions, and leveraging AI or Copilots. Together these proactive approaches help fintech firms stay ahead of regulatory shifts while maintaining security and efficiency.

    Target Audience Titles:

    • Chief Technology Officer, Chief Security Officer, Chief Information and Security Officer, Chief Trust Officer, Chief Compliance Officer, Chief Risk Officer
    • Head of Product, VP of Product, Chief Marking Officer, Data Protection Officer, Director of Data Protection
    • Enterprise Architect, Director of Data Governance, Chief Privacy Officer, Head of IT Audit

    Key Takeaways

    • Today’s security breaches are the source of tomorrow’s regulations.
    • Security cannot be an afterthought; it must be planned from the beginning.
    • Leverage AI and Copilots that are integrated with your processes to aid employees.

    How can we ensure compliance with evolving regulations?

    We took the most frequently asked and most urgent technology questions straight to the Fintech experts gathering at Fintech Meetup 2025. This Whisper Report addresses the question regarding how can we ensure compliance with evolving regulations? As Socure’s Matt Thompson shared, “I don’t think it’s enough in this space to be a passive Observer or responsive or reactionary to regulations, there’s a lot of Evolution right now happening.” Figure 1 shares three actions you can take to conquer evolving regulations.

    Stay Engaged

    One of the best actions an organization can take to stay on top of regulations is to stay engaged and in touch with the real world. First, real world happenings such as hacks define future regulations. As SecurityMetrics Matt Cowart shared, “QSA (Qualified Security Assessor) is really going to help you understand where you’re sitting at and as they are informed with the evolutions of technology and all the advances that are going on having them connected with  real world teams.” Or as Matt Thompson of Socure suggested, “staying engaged with the regulators and the development of the regulations themselves.” If you know what the regulators are working on in draft, you will not be surprised when it becomes law. Keep in mind the reach of the company determines what exact regulators and what specific regulations apply. As OnFido’s Marie Millick shared, “we have a team of subject matter experts that are constantly researching. We also collaborate with the same team that works with interpole around everything around data privacy and identity.”

    Structure Solutions for Stability

    Many suggest the best way to be prepared for evolving scenarios of all types is to start with a robust and secure foundation. As Onbe’s Tony McGee shared, “our company is fully audited, fully solutioned and architected to protect the data.” This architecture doesn’t act alone but is complimented with strong processes. Tony McGee further explained, “ensuring that we build in the processes to make sure that every step of the way is a compliant one.” Together architecture and processes form a robust foundation. This robust foundation enables Onbe to ensure, “that the consumer understands all the fundamentals of the payout.”

    Any clients at this phase should schedule an inquiry to receive guidance. We will set up a plan of inquiries during your journey to give you any guidance we may have or can gather to assist you. The plan should capture milestones including but not limited to strategy reviews, presentation reviews, and even architecture reviews.

    Leverage AI and Copilots

    Today, we are no longer left with antiquated tools. As Thetaray’s Adam Stuart pointed out, “the traditional rule-based systems you have to know what you’re looking for to build that rule but if you don’t know what you’re looking for and you’re looking for these new patterns and behaviors that people are using you can’t do that with the simple rule base which is why cognitive AI is such an important feature to include.” In other words, in addition to keeping up to date and starting with a solid foundation, the tool itself contributes to identification of potentially troubling patterns. Interface.ai’s Connor Tullilus draws us a picture of what this is like in the real world. “To be able in real time have a co-pilot AI assistant sitting behind the scenes to assist them in the day-to-day operations. One in real time being able to update your policies procedures while (two) being able to (use) the AI assistant hooking up with your current knowledge bases your share.”

    *When vendors’ names or quotes are shared as examples in this document, it is to provide a concrete example of what was on display at the conference or what we heard doing our research, not an evaluation or recommendation. Evaluation and recommendation of these vendors are beyond the scope of this specific research document.

    Related playlists

    1. Conference Whispers: Fintech Meetup 2025
    2. Conference Whispers: Money 20/20 2024
    3. Conference Whispers: Identiverse 2024
    4. Q1: Fintech Meetup Playlist – How can we ensure Compliance with evolving regulations?

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    Henderson, NV 89052

    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Whisper Report: What are the biggest challenges of using generative AI in logistics?

    Whisper Report: What are the biggest challenges of using generative AI in logistics?

    Published to clients: April 28, 2025                                                            ID: 2058

    Published to Readers: April 29, 2025

    Published to Email Whispers: May 8, 2025

    Public: May 9, 2025

    Analyst(s): Dr. Doreen Galli

    Photojournalist(s): Dr. Doreen Galli

    Abstract:

    The logistics and supply chain sector faces significant challenges with data. Issues include non-existent data, inconsistent formats, manual errors, and lack of historical context. These problems stem from complex processes and resistance to change. Human-machine interaction adds another layer of complexity. Generic AI models struggle due to the unique demands of logistics. Despite these hurdles, there are opportunities for generative AI to enhance efficiency and provide valuable insights. Successful implementation requires accurate, context-rich data and a willingness to transform processes. Embracing AI can lead to improved operations and better decision-making in the logistics industry.

    Target Audience Titles:

    • Chief Supply Chain, Logistics Officer, Procurement, Technology, and Data Officers
    • Supply Chain, Logistics, Procurement, Technology, BI

    and Data Science Directors

    • ERP Specialist, Supply Chain IT, Data Scientists, BI and related managers

    Key Takeaways

    • Inconsistent, incomplete, and manually entered data hinder AI’s effectiveness.
    • Poorly structured processes and a reluctance to adopt AI-driven solutions slow innovation.
    • Onboarding new suppliers and standardizing systems remains difficult.
    • Generic AI models don’t understand logistics-specific challenges.
    Strategy rating 3 Tech depth 1

    Biggest challenge using Generative AI in Logistics??

    We took the most frequently asked and most urgent questions straight to the logistics and supply chain experts in the industry. This Whisper Report addresses the question regarding the biggest challenges using generative AI in supply chain and logistics. The first challenge, however, is not unique to that industry nor is it unique to generative AI. This challenge applies to a all analysis and analytics including all forms of AI – generative or not regardless the size of the models. Put simply, no matter how many ways you state it, when you put garbage data in you will get garbage results.

    Tom Larson with ITS Logistics “bad inputs in = bad outputs.”

    Balaji Gunter with Hoptek, “case of garbage in garbage out.”

    Blake Donaldson with Nutrabolt, “quality of information.”

    Obrie Scarborough with Wolley Digital Innovations, “good in good out.”

    Jacob Hobbs with Cubiscan, “you are only as good as your data.”

    Additional research on technology available to help with getting and cleaning data in supply chain and logistics is available in Conference Whispers: Manifest 2025 and Conference Whispers: Smart Retail Tech Expo.

    Challenges Unique to Logistics and Supply chain?

    Given the dominance of a common answer, this raises the question, is the sector of logistics and supply chain in worse shape versus other industries? More specifically, is the data itself within logistics and supply chain the problem and if so, why? Put simply and as depicted in Figure 1, the challenges go far beyond the data. As Don Addington of Cloud 9 Perception put it, “in logistics space there is a level of complexity that is more complex than others.” These complexities come in for the following reasons.

    Figure 1. Challenges using Generative AI in logistics

    Data doesn’t exist

    There is an ideal digital world which is very different from the physical world. As Owen Nicholson from Slamcore pointed out, “If you are not seeing real world deployments with all the gnarly things that go wrong you are only creating idealized models that don’t work in the real world.” Distribution centers are full of human and robot workers as well as machines from multiple manufacturers. Unlike construction, many of these machines are in the same building they entered at the start of their usefulness as brand new machines long before generative AI term existed. Logistics is not the neat and tidy world of fintech transactions.

    Data is inconsistent

    As Ben Tracy of Vizion pointed out, “(many) skipped a few fundament steps, being useful and being reliable…  They don’t monitor data quality, they don’t have consistency amongst data formats, and their systems are not exportable for the data that is inside of them.” Or what data professionals call it- ‘good old fashioned data quality’. To put it in the simplest terms possible, we all learned early in elementary school you need data in the same units to perform any math over the data. You do not add inches and feet together. You cannot add meters and feet together. You don’t speak globally about time without time zones. But perhaps most important, you cannot create data quality nor can you analyze data you haven’t or cannot export.

    Data is manual and miss-keyed

    If you are wondering how bad that data can be, Dawn Favier of Green Screens provided some hard facts, “its not uncommon to flag 35% of their (customers) data as dirty. Dirty meaning miss-keyed data, something tagged as full truck load when its partial.” Obviously, if one looked at data for a half truck and leveraged for a full truck, the resulting analytics are useless. With 35% of one’s data being dirty, there is work involved before you can even hope for insights.

    Data lacks historical context
    For any AI to be successful, you need massive amounts of data over a very small problem so the mathematics behind the AI can provide useful information. As Atit Shah of Chetu explained, “

    Even if you have the right collection of data, you can generate incorrect forecasting. A lot of people do not have a huge history or the history of the records so they go into the gen AI because everyone is doing it but it doesn’t meet their expectation.“ No matter how powerful the technology, all forms of AI need good data. Furthermore, the data must have context to be useful for any advance form of AI including generative AI.

    Bad Processes
    One obvious reason for messy data is the messy, manual, and imprecise or undefined processes it represents. The biggest challenge as Bill Driegert of Flexport shared, is simply, “not slapping it (generative AI) on bad processes. There needs to be a lot of process engineering required to leverage AI.”  If process re-engineering and establishing a clean data fabric is your organizations Mt. Everest, TBW Advisors LLC offers a lot of first-hand experience and expertise to teams and executive via inquiry. Any clients at this phase should schedule an inquiry to receive guidance. We will set up a plan of inquiries during your journey to give you any guidance we may have or can gather to assist you. The plan will cover milestones including but not limited to strategy reviews, presentation reviews, and architecture reviews. It is not an area to go through without a guide on your side even if the work is outsourced.

    Resistant to change

    It is always important to consider the culture of any organization when executing or desire to execute change management. As Erica Frank of Optimal Dynamics put it, “need to take a healthy assessment, how resistant are we to change, how are we going to challenge this from the top down.”  As with any change management, executive buy-in with a business objective are critical to success. AI for the sake of AI is always a bad idea.

    Perhaps the reason many in this space are resistant to change is the change is constant. As Jason Augustine of WNS put it, “Environment keeps changing every 3-6 months”. Thus discovering opportunities to align and integrate the transformational changes into these already occurring network constant changes is a less tumultuous approach.

    Human Machine Interaction

    Logistics, like manufacturing and construction, has a lot of machines in the loop. Those machines may or may not be intelligent machines. Thus as Dr. Mario Bjelonic of Rivr.ai shared, “the challenge will come up in terms of how the humans and robots will act as a team together.” Optimizing the total solution over this shared space is the true goal. But as one organization is optimized, what about working between each organization?

    As Justin Liu from Alibaba.com stated, “biggest challenge what it can do and what it cannot do

    is the on boarding suppliers cannot be done by AI”. That’s correct. Bringing each and every machine into the system, or each and every supplier and the complex of array of data that that suppliers managed to coalesce together IS ITSELF NOT standardized thus cannot be automated.

    Can’t use Generic Gen AI

    As Balaji Guntur of Hoptek pointed out, “Most of the models are very generalized.” “AI is data hungry, and you need to train it on real data. The biggest challenge Generative AI in logistics is that the generative models don’t know what logistics is doing. This is the main challenge,” Aviv Castro, Sensos. In summary, as best put by Nykaj Nair of Sugere, “you need data highly accurate data that is relative to the companies supply chain.”

    Opportunities for Generative AI in Logistics

    With all the challenges discussed, it may seem discouraging. It is important to realize the significant opportunity awaits thus easily providing business justification for the work to transform – carefully. As Justin Liu of Alibaba.com put it, “we are continuously adopting AI into our workflow into our latest and greatest features and functionalities to do their business more efficiently.” Rye Akervik of Shipsi believes the value is, “in adding it as a first layer to understand the (customer) issue.” Mick Oliver of Dexory shared, “We don’t see it as a challenge we see it as an opportunity and provide insights based on that data.” Rich Krul of Hoplite observed that the intelligent systems are, “way more efficient, people get their answers a little faster and thinks that is a good thing for the industry.” Most importantly as Georgy Melkonyan of Arnata pointed out, “Shouldn’t fear it (AI) is going to take your job, ai will not replace your job. The people that use ai are going to replace your job.”

    *When vendors’ names or quotes are shared as examples in this document, it is to provide a concrete example of what was on display at the conference or what we heard doing our research, not an evaluation or recommendation. Evaluation and recommendation of these vendors are beyond the scope of this specific research document.

    Related Research and Playlist

    1. Whisper Report: How can we manage tariff costs in our supply chain?
    2. Whisper Report: What are the biggest challenges of using generative AI in logistics?
    3. Conference Whispers: Smart Retail Logistics Expo
    4. Conference Whispers: Manifest 2025

    Corporate Headquarters

    2884 Grand Helios Way

    Henderson, NV 89052

    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Conference Whispers: ISC West 2025

    Conference Whispers: ISC West 2025

    Las Vegas, NV March 31-April 4

    Published to clients: April 7, 2025         ID: TBW2069  

    Published to readers: April 8, 2025           

    Published to Email Whispers: July 28, 2025 12pm.

    Publicly Published with video edition: July 28. 2025 2pm.   

    Analyst(s): Dr. Doreen Galli

    Photojournalist(s): Dr. Doreen Galli

    Abstract:

    After capturing almost 50 videos, over 150 minutes of content and countless shorts forthcoming, our coverage of ISC West 2025 closes. Attendees gathered for ISC West 2025 held in Las Vegas March 31-April 4. The event featured innovations in video surveillance, driver-assisted systems, palm vein identity solutions, edge AI, and gunshot detection. Exhibits included AI vision, camera intelligence, and layered security solutions. TBW Advisors was able to capture exclusive content from the live sessions as well as full details on top products at exclusive Press Briefings.

    Cautions

    • ISC West offers the option to print your badge at home. It is important to note that you not only need your badge holder and lanyard on site, but you still must wait in the registration line. Specifically, you must present and verify your ID to get a sticker on your badge for it to be useful. IF you only snag the badge holder, you will land up back at the long registration lines.

    Conference Vibe

    Our coverage of ISC West 2025 includes over 38 videos and over 150 minutes of video content spanning session summaries, product overviews, and answers to three urgent questions. There will be countless shorts forthcoming so save the entire Conference Whispers: ISC West 2025 playlists by clicking on the book mark symbol. Registration was quite interesting for the x attendees as one could print the badge at home but still required face to face registration to get the validation sticker. Held at Venetian, the customary Venetian Café Presse was open as well as the Venetian Food Marketplaces within expo hall if you got hungry. The event seemed to exceptionally crowded as you can feel as all waited for expo* hall to open and was loud enough to trigger a 100db warning on my watch. Upon clearing security, endless exhibits featuring massive amounts of vision AI,  AI video analysis, IoT sensor data, and complex security identity solutions bridging the physical and cyber worlds.

    While at ISC West, we conducted research for three forthcoming Whisper Reports for our clients. The playlists are unlisted but available and will eventually fill in with the video version of the report so you may wish to bookmark these playlists.

    1. Whisper Report: How can we enhance our cybersecurity measures to protect against emerging threats?  
    2. Whisper Report: What are the best practices for integrating AI and machine learning into our security systems?
    3. Whisper Report: How can we ensure compliance with new and evolving security regulations?

    Sessions and Press Event

    We are excited to share that we have two exclusive pieces of content where the presenters gave a special overview just for TBW Advisors LLC, our clients, and subscribers. First, we have the session by Intel RealSense. This session focused on the combination the long history in vision and the long history of AI together to successfully create the current generation of facial recognition for the purpose of useful Identity and Access Management via the biometric field of one’s face. Keep in mind, data representing one’s face is PII or personally identifiable information. While not healthcare, the protection of PII requires the same care as all PII data as discussed during our coverage of Conference Whispers: HIMSS 25.

    The second session summary we were also treated to includes a look at when cyber and physical security combine. Operations and IT coordinating to achieve a business function is quite common. As anyone who has been a corporate CIO in an organization with physical buildings knows, security is security. Physical security must interface with IT systems to understand who is permitted to do what. Historically, if physical security fails, IT systems are always at a higher risk due to information being left around or the increased attack surfaces made available via the ability to physically access a network terminal or a server itself depending on the organization. In 2025, the rush to get data from everything connected to survive the pandemic or to rush ahead with AI solutions has increased possible attack surfaces. The confluence of these scenarios together has made the Cyber Physical Security practice space blossom so expect to hear and see a lot more in this space for the foreseeable future.

    Whenever given the chance, we try to bring unique content and details about the companies at the conferences to you. At ISC West we were able to attend a special, press only event held by Taiwan Excellence better known as Taitra. Taitra’s mission is to help spread the word around the world about innovations coming out of Taiwan by featuring some of their companies. The editor in Chief for Security Today Magazine, Ralph Jensen also spoke at this event to kick it off. We were able to capture the full 10-minute presentations for each of the 6 technologies featured!

    The first technology featured is Cyberlink. Cyberlink provides extensive video surveillance capabilities including the ability to successfully track people. In the event of a violent attack or a lost child, finding the desired human being from all the surveillance video available can be quite timely without the right technology. Cyberlink’s people tracking works even if the face is not visible on the video through posture, clothing, or body movement signature.

    Advanced driver-assisted systems (ADAS) are popular in automobiles but for larger vehicles it is still newer due to the complexity and size of semi-trucks. EverFocus gave the press an in-depth overview of their current solution including the company’s success in obtaining many Taiwan and global certifications enabling deployment.

    The third technology presented at the event was Himax with their palm vein identity solution. As this contactless solution works even if a surgeon has scrubbed for surgery and put on their two pairs of surgical gloves, this technology could have easily been featured at HIMSS25 or Identiverse. Himax is not only known for their palm vein identity solution but also for their ultralow power AI processor that runs their solution and is available on the market as WiseEye.

    The fourth and fifth companies presenting both featured edge solutions. Kneron featured a general-purpose secure full stack edge AI solution that support AI services at the edge for a large variety of use cases. One example is combing standard RGB video with thermal camera information for a cohesive image to properly identity living beings or animals in the camera’s view. Likewise, Vivotek specializes in IP Surveillance solutions including network cameras, network video recorders (NVRs) and related software solutions and accessories.

    Exhibits

    The product mix set at ISC West is interesting as it spans AI vision, Camera Intelligence, surveillance, and identity. Let’s start with the best in show new product two-time award winner, Vaidio. Vaidio provides an AI vision platform leveraging their deep AI expertise. Their belief is you should be able to point a camera at anything and make it safer. Safr is a vision AI solution focuses on facial recognition and liveness verification for live video including watchlist alarms. We also had an extensive booth tour by Intel RealSense. As you can see, their solution is quite easy to integrate for developers. Enrolment is quite simple. Their chip/software solution is integrated into many of the products on the floor. They also provided a live demonstration of their solution in action. If you are famous or a high NetWorth  individual and you are not comfortable with your personal identity or other information floating around the web, 360 Privacy was there with their solution.

    Advancis is 30-year-old company that provides a one-stop identity solution that focuses on integrating as many hardware devises as possible. It currently can integrate with over 550 hardware devices on which it can capture and verify credentials. They add support for approximately 30 devices each year. Also playing in the Physical Identity and Access Management (PIAM) space is RightCrowd. RightCrowd specializes in complex scenarios for organizations with many employees, many visitors across many locations. For those seeking a PIAM solution leveraging facial recognition or fingerprints, Bioconnect might be on your radar. Bioconnect integrates with the top 8 IAM platforms in the market. For a layered security approach, dormakaba provided TBW Advisors LLC with an exclusive booth tour walking through their offering and various layers. If any of the biometric or other identity information needs to be put on a secure card with any of the contact and contactless embedded technology, Dascom was on site. Their printer can securely hold up to 200 finished product cards until a batch is completed and retrieved.

    Diving more into the physical security aspects, LVT provides a mobile security unit that is rapidly deployable. LVT’s low power solution leverages cellular connectivity and high scalability for future proofing its deployment. Underneath the surface, LVT leverage the latest in agentic AI capabilities within its solution to provide these advanced capabilities. Another agentic AI solution that

    stops threats without human intervention based on video surveillance, Spot.ai might be on your radar. As an Agentic AI solution, Spot.ai not only detects an issue but can automatically handle the threat in 90% of the cases. Specifically, the solution will automatically be able to execute things like intimidating announcements, spotlights on, and following the potential threat as well as turn on sirens. The solution notifies a humans if the automation determents fail.

    Finally, if safety and security means identification of a gun shot and its source, Databuoy was on hand. With technology funded by DARPA, their solution is just as effective in your closest metropolitan area as it is in a urban combat.

    Next Year’s Conference  

    ISC West 2026 conference will once again be held at the Venetian in Las Vegas, Nevada. The dates are yet to be announced for 2026.

    *When vendors’ names are shared as examples in this document, it is to provide a concrete example of what was on display at the conference, not an evaluation or recommendation. Evaluation and recommendation of these vendors are beyond the scope of this specific research document. Other examples products in the same category may have also been on display.

    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Whisper Report: How can AI be effectively integrated into healthcare systems?

    Whisper Report: How can AI be effectively integrated into healthcare systems?

    Published to clients: April 28, 2025                                                            ID: 2062

    Published to Readers: April 29, 2025

    Published to Email Whispers: May 8, 2025

    Public: May 9, 2025

    Analyst(s): Dr. Doreen Galli

    Photojournalist(s): Dr. Doreen Galli

    Abstract:

    To effectively integrate AI into healthcare, focus on three key areas: risk, impact, and value. Achieving a Patient 360 view requires orchestrating various tools. AI is embedded in many healthcare solutions including those for asset location, employee safety, and security. Always have a strategy to integrate AI into workflows. Successful integration depends on strong partnerships and clear communication about AI capabilities and limitations.

    Target Audience Titles:

    • Chief Supply Chain, Logistics Officer, Procurement, Technology, and Data Officers
    • Supply Chain, Logistics, Procurement, Technology, BI and Data Science Directors
    • ERP Specialist, Supply Chain IT, Data Scientists, BI and related managers

    Key Takeaways

    Generic AI models don’t understand logistics-specific challenges.

    Inconsistent, incomplete, and manually entered data hinder AI’s effectiveness.

    Poorly structured processes and a reluctance to adopt AI-driven solutions slow innovation.

    Onboarding new suppliers and standardizing systems remains difficult.

    Biggest challenge using Generative AI in Logistics??

    We took the most frequently asked and most urgent questions straight to the logistics and supply chain experts in the industry. This Whisper Report addresses the question regarding the biggest challenges using generative AI in supply chain and logistics. The first challenge, however, is not unique to that industry nor is it unique to generative AI. This challenge applies to a all analysis and analytics including all forms of AI – generative or not regardless the size of the models. Put simply, no matter how many ways you state it, when you put garbage data in you will get garbage results.

    Tom Larson with ITS Logistics “bad inputs in = bad outputs.”

    Balaji Gunter with Hoptek, “case of garbage in garbage out.”

    Blake Donaldson with Nutrabolt, “quality of information.”

    Obrie Scarborough with Wolley Digital Innovations, “good in good out.”

    Jacob Hobbs with Cubiscan, “you are only as good as your data.”

    Additional research on technology available to help with getting and cleaning data in supply chain and logistics is available in Conference Whispers: Manifest 2025 and Conference Whispers: Smart Retail Tech Expo.

    Challenges Unique to Logistics and Supply chain?

    Given the dominance of a common answer, this raises the question, is the sector of logistics and supply chain in worse shape versus other industries? More specifically, is the data itself within logistics and supply chain the problem and if so, why? Put simply and as depicted in Figure 1, the challenges go far beyond the data. As Don Addington of Cloud 9 Perception put it, “in logistics space there is a level of complexity that is more complex than others.” These complexities come in for the following reasons.

    Data doesn’t exist

    There is an ideal digital world which is very different from the physical world. As Owen Nicholson from Slamcore pointed out, “If you are not seeing real world deployments with all the gnarly things that go wrong you are only creating idealized models that don’t work in the real world.” Distribution centers are full of human and robot workers as well as machines from multiple manufacturers. Unlike construction, many of these machines are in the same building they entered at the start of their usefulness as brand new machines long before generative AI term existed. Logistics is not the neat and tidy world of fintech transactions.

    Data is inconsistent

    As Ben Tracy of Vizion pointed out, “(many) skipped a few fundament steps, being useful and being reliable…  They don’t monitor data quality, they don’t have consistency amongst data formats, and their systems are not exportable for the data that is inside of them.” Or what data professionals call it- ‘good old fashioned data quality’. To put it in the simplest terms possible, we all learned early in elementary school you need data in the same units to perform any math over the data. You do not add inches and feet together. You cannot add meters and feet together. You don’t speak globally about time without time zones. But perhaps most important, you cannot create data quality nor can you analyze data you haven’t or cannot export.

    Data is manual and miss-keyed

    If you are wondering how bad that data can be, Dawn Favier of Green Screens provided some hard facts, “its not uncommon to flag 35% of their (customers) data as dirty. Dirty meaning miss-keyed data, something tagged as full truck load when its partial.” Obviously, if one looked at data for a half truck and leveraged for a full truck, the resulting analytics are useless. With 35% of one’s data being dirty, there is work involved before you can even hope for insights.

    Data lacks historical context
    For any AI to be successful, you need massive amounts of data over a very small problem so the mathematics behind the AI can provide useful information. As Atit Shah of Chetu explained, “

    Even if you have the right collection of data, you can generate incorrect forecasting. A lot of people do not have a huge history or the history of the records so they go into the gen AI because everyone is doing it but it doesn’t meet their expectation.“ No matter how powerful the technology, all forms of AI need good data. Furthermore, the data must have context to be useful for any advance form of AI including generative AI.

    Bad Processes
    One obvious reason for messy data is the messy, manual, and imprecise or undefined processes it represents. The biggest challenge as Bill Driegert of Flexport shared, is simply, “not slapping it (generative AI) on bad processes. There needs to be a lot of process engineering required to leverage AI.”  If process re-engineering and establishing a clean data fabric is your organizations Mt. Everest, TBW Advisors LLC offers a lot of first-hand experience and expertise to teams and executive via inquiry. Any clients at this phase should schedule an inquiry to receive guidance. We will set up a plan of inquiries during your journey to give you any guidance we may have or can gather to assist you. The plan will cover milestones including but not limited to strategy reviews, presentation reviews, and architecture reviews. It is not an area to go through without a guide on your side even if the work is outsourced.

    Resistant to change

    It is always important to consider the culture of any organization when executing or desire to execute change management. As Erica Frank of Optimal Dynamics put it, “need to take a healthy assessment, how resistant are we to change, how are we going to challenge this from the top down.”  As with any change management, executive buy-in with a business objective are critical to success. AI for the sake of AI is always a bad idea.

    Perhaps the reason many in this space are resistant to change is the change is constant. As Jason Augustine of WNS put it, “Environment keeps changing every 3-6 months”. Thus discovering opportunities to align and integrate the transformational changes into these already occurring network constant changes is a less tumultuous approach.

    Human Machine Interaction

    Logistics, like manufacturing and construction, has a lot of machines in the loop. Those machines may or may not be intelligent machines. Thus as Dr. Mario Bjelonic of Rivr.ai shared, “the challenge will come up in terms of how the humans and robots will act as a team together.” Optimizing the total solution over this shared space is the true goal. But as one organization is optimized, what about working between each organization?

    As Justin Liu from Alibaba.com stated, “biggest challenge what it can do and what it cannot do

    is the on boarding suppliers cannot be done by AI”. That’s correct. Bringing each and every machine into the system, or each and every supplier and the complex of array of data that that suppliers managed to coalesce together IS ITSELF NOT standardized thus cannot be automated.

    Can’t use Generic Gen AI

    As Balaji Guntur of Hoptek pointed out, “Most of the models are very generalized.” “AI is data hungry, and you need to train it on real data. The biggest challenge Generative AI in logistics is that the generative models don’t know what logistics is doing. This is the main challenge,” Aviv Castro, Sensos. In summary, as best put by Nykaj Nair of Sugere, “you need data highly accurate data that is relative to the companies supply chain.”

    Opportunities for Generative AI in Logistics

    With all the challenges discussed, it may seem discouraging. It is important to realize the significant opportunity awaits thus easily providing business justification for the work to transform – carefully. As Justin Liu of Alibaba.com put it, “we are continuously adopting AI into our workflow into our latest and greatest features and functionalities to do their business more efficiently.” Rye Akervik of Shipsi believes the value is, “in adding it as a first layer to understand the (customer) issue.” Mick Oliver of Dexory shared, “We don’t see it as a challenge we see it as an opportunity and provide insights based on that data.” Rich Krul of Hoplite observed that the intelligent systems are, “way more efficient, people get their answers a little faster and thinks that is a good thing for the industry.” Most importantly as Georgy Melkonyan of Arnata pointed out, “Shouldn’t fear it (AI) is going to take your job, ai will not replace your job. The people that use ai are going to replace your job.”

    *When vendors’ names or quotes are shared as examples in this document, it is to provide a concrete example of what was on display at the conference or what we heard doing our research, not an evaluation or recommendation. Evaluation and recommendation of these vendors are beyond the scope of this specific research document.  

    Related playlists

    1. Whisper Report: How can AI be effectively integrated into healthcare systems?
    2. Conference Whispers: HIMSS 2025

    Corporate Headquarters

    2884 Grand Helios Way

    Henderson, NV 89052

    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Whisper Report: How can we manage tariff costs in our supply chain?

    Whisper Report: How can we manage tariff costs in our supply chain?

    Published to clients: February 27, 2025                 ID: 2057

    Published to Readers: February 28, 2025

    Published to Email Whispers: March 1, 2025

    Video Edition: March 2, 2025

    Analyst(s): Dr. Doreen Galli

    Photojournalist(s): Dr. Doreen Galli

    Abstract:

    To manage tariff costs in the supply chain, a two-pronged approach is recommended: cleaning up data for better decision-making and optimizing cost parameters. Digital transformation is crucial for navigating tariff challenges. Additionally, avoiding hidden costs, moving on-shore, reducing cycle costs, and leveraging free trade zones can help. Utilizing tools to understand total landed costs and diversifying suppliers and logistics providers are also key strategies.

    What is the dominant advice?

    We took the most frequently asked and most urgent questions straight to the logistics and supply chain experts in the industry. This Whisper Report addresses the question regarding how to manage tariff costs in one’s supply chain. For any professional* even tangentially involved in anything to do with fulfillment, supply chain, and logistics, it is easy to become panicked at the talk of tariffs. Beyond supply chain and logistics professionals, operations and financial executives are impacted by what is going on as are the technologists and data experts that are required to thrive in such environments. As 4flow’s Adam Poch shared, “You have to have a nimble and agile supply chain to navigate that”. Or as FreightFacts’ Lance Healy put it, “our job is to react, anticipate if we can, but apply technology. “ This suggests a two-pronged approach. Clean up your data so you can optimize costs.

    Cleaning up your Data

    Vizion’s Ben Tracy suggests and offers, “transparent and easy to access data to empower intelligent supply chain decisions. “  Yes, digital transformation is required to successfully navigate this challenge. If you have not done so there is no more time to wait. Many solutions expect the data has been collected for a technology team to clean and provide intelligence over. But logistics data is not transactional data nor does it have a history of being clean and collected like financial data. In fact, logistics and supply chain has some of the messiest data with many suggesting over 30% dirty and useless.  Research regarding a large variety of vendors involved in cleaning and digitizing logistics and supply chain can be found in Conference Whispers: Manifest 2025 and Conference Whispers: Smart Retail Tech Expo 2024. This is a significant area of expertise offered to our clients through inquiry privileges.

    Optimize and Managing Costs Parameters

    For those somewhere on the digital transformation maturity scale, the problem regarding managing tariffs costs now boils down to continuing to find ways to transform and manage supply costs. As summary of the 6 actions to manage tariff costs can be found in Figure 1.

    Avoid Hidden Costs

    Sensos’s CEO shared a story about how they onboarded a customer who was blindsided with hidden costs when products went through Africa without their knowledge. Per TrafficTech’s Hilary Ambro, “work with a customs broker with is vested in and understands your trade lanes as you are moving products so you can minimize those costs.”

    Move on-shore

    An obvious way to reduce costs associated with tariffs is to move on-shore. Hoptek’s Sean Maharai suggests, “working towards on shore, raw materials and ability to manufacture (and assemble) on shore”. Or as Mark Richards at AWI Logistics put it, “People are redesigning their supply chains. Instead of distribution in Canada or Mexico servicing the US, they are bringing the distribution back to the US.”

    Reduce part of cycle costs

    Any and every place one can reduce costs is valuable in such uncertain times. An exciting solution that can impact your cost per pallet offering next day delivery at ground shipping costs is Aeros. Aeros is a EVTOL (electric, vertical take of and landing) vehicle that appear like a blimp and hovers over urban areas with the goods to deliver, drones and related charging stations with line of sight to deliver and drone operators to operate. Rye Akervik shared that their company, Shipsi is an aggregator of last mile and middle mile networks. Shipsi’s solution is to, “rate shop those networks, find the best partner, the best SLA and manage that customer experience. “ Verity’s Taylor Wilson recommends, “utilizing free trade zones to delay the Tariffs and related payments to improve your cashflow.” Finally, if you are traveling between Canada and USA, there is a new solution coming online Fall of 2025. As Manny Paiva of the Gordie Howe International Bridge shared, “You have a Highway to Highway route connection that will allow transport trucks to get their goods across the border within ~11 seconds!”

    Reduce total landed costs                                                                                                                  

    If an organization has reached digitization maturity, they can leverage top tools to understand their total landed costs. As Yikun Shao of Alibaba.com shared, they offer solutions with “tools to provide transparency to all of costs related to cross border movement of goods so they can make more informed decisions.”  But Alibaba.com doesn’t stop there. They also provide tools to directly enable “you diversity of suppliers as well as logistic providers so you have options available. “At the end of the day, managing costs associated with Tariffs is a subset of managing the total landed costs of any goods.

    *When vendors’ names or quotes are shared as examples in this document, it is to provide a concrete example of what was on display at the conference or what we heard doing our research, not an evaluation or recommendation. Evaluation and recommendation of these vendors are beyond the scope of this specific research document.  

    Related playlists

    1. Whisper Report: How can we manage tariff costs in our supply chain?
    2. Conference Whispers: Manifest 2024

    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.

  • Conference Whispers: Manifest 2025

    Conference Whispers: Manifest 2025

    Published to clients: February 19, 2025                                               ID: 2056        

    Published to readers: February 20, 2025              

    Published to Email Whispers: May 28, 2025

    Publicly Published with video edition: May 29, 2025

    Analyst: Dr. Doreen Galli

    Photojournalist: Dr. Doreen Galli

    ABSTRACT

    Manifest 2025 allowed over 6,000 attendees to see more than 1,500+ shippers +1200+ startups and investors + 300 Speakers with over 50 countries represented. Key highlights included a case study on supplier globalization, a new AI tool for supply chain communication, and comprehensive logistics solutions. A new international bridge, opening in Fall 2025, promises to streamline trade between the USA and Canada. Innovations in urban deliveries, last-mile solutions, and digital verification were also presented. Advances in data and inventory management were demonstrated, along with AI-driven solutions aimed at optimizing logistics. The event emphasized the industry’s move towards digitization and automation.

    The Conference

    • Manifest 2025 allowed over 6,000 attendees to see more than 1,500+ shippers, 1200+ startups and investors, and 300 Speakers with over 50 countries represented.

    Cautions

    If you were speaking on stage, the terms and conditions of the conference meant that no one, even members of the press, were able to capture even a minute of any session. It is hoped next year the conference will adopt more standard T&C. In the meantime, we did capture some session summaries from speakers.

    Conference Vibe

    After more than 60 videos, endless shorts forthcoming, and research for 4 different research documents including this one, our coverage of Manifest 2025 closes. Manifest 2025 allowed over 6,000 attendees to see more than 1,500+ shippers, 1200+ startups and investors, and 300 Speakers with over 50 countries represented.  The Expo Hall* was full of suppliers across the supply chain and logistics. The event featured a full breakfast as well as a Waffle Station. One could also purchase their breakfast or coffee at the Venetian Bistro. If you were still hungry, it wasn’t long before the extensive lunch was also available. Admittedly, the dedicated pasta station was also a huge hit with the attendees. However, of all the conference food available at the Venetian, it is their desserts that are always the biggest of hit – yes they taste as good as they look! If logistics and supply chain are in your interest area, enjoy and save the entire Manifest playlist so you will be notified when related shorts are posted as well. If you are not a client, it is even more critical you like your favorite videos, so we understand what technology you are most interested in seeing us capture.

    The event opened on Monday with a lot of energy and select sessions. The registration lines moved quickly. Unfortunately, we were not able to record any sessions due to the terms and conditions of the conference. Many sponsors seemed quite upset and are hoping this is fixed for future years. We were able to conduct research for three forthcoming Whisper Reports for our clients. The playlists are unlisted but available and will eventually fill in with the video version of the report so you may wish to bookmark these playlists.

    1. Whisper Report: How can we manage tariff costs in our supply chain?
    2. Whisper Report: What are the biggest challenges of using generative AI in logistics?
    3. Whisper Report: Can generative AI prevent supply chain disruptions?

    Moving Products

    One persistent truth at any conference on supply chain and logistics, there is a knowledge set shared strictly about getting things from point A to point B. While the T&C of the conference meant no one could capture the sessions, we were able to get an exclusive overview of the Super Shipper Case Study by Alibaba straight from the executive at Alibaba.com. Titled, “Shipper Case Study, Globalization of Suppliers” announced several solutions for finding sources. The selections are customizable, extensive, b2b, and are meant to enable optimized scale for even the most sophisticated, and dynamic shipping environments of 2025. A new AI support communication tool, AXCIO, was announced that enables a conversational interface for your supply chain and logistics needs. Alibaba.com marketplace has also received significant update for its fulfilment capabilities particularly for cross border fulfilment. Capabilities include direct access to the logistics marketplace with the ability to get real-time live quotes.

    With explicit and extensive hubs in Reno, Dallas, and Atlanta, ITS shared their end-to-end logistics capabilities and solutions. If you happen to be a freight carriers and your questions is how best to move freight from A to B  – Optimal Dynamics has software designed to help you answer that question if you should use your assets or those of others. Nothing saves time going from point A to point B like a direct route! The Gordie Howe International Bridge announced it is opening Fall of 225. Connecting I-75 in the USA directly to Highway 401 in Canada minus 7 traffic lights!  This new direct route will save time and money through the busiest commercial land border crossing between the USA and Canada.

    Urban deliveries can be difficult and are frequently burdened with the congestion of the population. An exciting solution by Aeroscraft was on exhibit. Aeroscraft is an EVTOL – electric, vertical take-off and landing – like INVO EVTOL we saw at CES. In contrast to INVO, the Aeroscraft is a not a flying saucer for personal transport but rather a Blimp with the smallest model capable of a 9-ton payload – yes 9 tons.

    Furthermore, it launches with a fleet of drones, their chargers, their operators, and massive payload. Once above the urban area, the drone operators get busy with line-of-sight capability delivery packages to the urban area below without adding to traffic! For additional research on drones, see Conference Whispers: Commercial UAV Expo.

    Another challenging space involves delivering small products and the last mile. Hailify is a tech company that focuses on last mile of packages smaller than 2 shoe boxes and under 20 pounds. They focused heavily on the integration for small regional delivery. Likewise, TUSK provides an integrated network of the 9 top tier carriers into a single API, unified pick-up, contracts, everything creating a simple process to leverage multiple logistic solutions. Once you accomplish that last mile, the challenge for many solutions involves the last 10 feet. In theory, the network can be fully automated but how do you get the package from the vehicle to the person expecting the delivery? River.ai demonstrated their fully autonomous solution that can climb any stairs in any weather to take a package from a truck and hand it to a human expecting the delivery or accept a package from the human. That leaves one critical step left – verifying that the recipient and the related supply chain documents are accurate. Fortunately, the expo hall featured Trustd,  a digital verification and identity platform designed for supply chain and logistics.. This solution enables not only verification of humans but document identity as well. Trustd provided an exclusive overview of their talk to TBW Advisors. In their session, “Platform Security in the age of Fraud”, Trustd explained why it is not only critical to verify the carrier, but all of the ‘paperwork’ must be authenticated. Was there supposed to be 3 crates or 6? How many crates did they pick up? Getting that information wrong can be expensive and crime rings have targeted this space. Additional research on Identity and Access Management is available in Conference Whispers: Identiverse 2024.

    Clean Data and Digitization

    During our coverage of Conference Whispers: ConExpo in 2023, we observed the fundamental advantages of construction over manufacturing for digital transformation. Thus, we were very interested to understand the progress being made in supply chain and logistics towards cleaning up the data and digitization. As a first step, one can add intelligence to your existing forklifts with Slamcore. Their solution doesn’t require new forklifts but adds a camera, related sensors, and intelligent platform to suddenly provide forklift visibility to your facility. Barcode scanning and related manual data entry is frequently another troubled data spot – unless you have the right technology. The complex array of barcode layouts can make it extremely difficult to efficiently capture the alphanumeric text. This information represents the inventory and must be digitized accurately. Cloud 9 provided TBW Advisors LLC with an exclusive demonstration how their solution can efficiently handle this complex array of barcodes in the logistics space. Data regarding the size and weight accuracy of inventory is one of the critical pieces of data required in the logistics space. Cubiscan was one of the solutions exhibited that shared their approach involving sensors, cameras, and some intelligent algorithms to provide you what you need.

    Not sure if the address is accurate and want to ensure the recipient didn’t move? Woolpert Digital Innovations is a Google location partner and can help you integrate with anything and everything Google offers in this space. Want to go more granular? Sensos shared their exciting innovations that help one track not only package’s location, but the condition of the package in transport with the convenience of a tiny label that has embedded cellular! As a former AT&T strategist, this capability used to come in something analogous to in size and agility matched only by the original brick cellular phones!

    Inventory is a critical data space in supply chain and logistics. Fortunately 2025 includes autonomous inventory solutions such as the exciting solution from Dane Technologies. Such solutions leverage cameras for each shelf and autonomous technology to navigate the warehouse. Understanding the limits and how they match to your inventory is critical to select the right solution for your warehouse. We were also able to catch the demonstration of Dexory robot in action on the exhibit floor. Of course if you do not want to do inventory but rather pick the inventory for a customer order, then Brightpick is someone to evaluate. Leveraging drones for inventory management vs a moving robot, the Swiss Tech solution by Verity is something to also consider if you are seeking to get efficient clean inventory data.

    If one prefers to just bring someone in to assist in cleaning up the data space, plenty of integrators were also on hand. WMS specializes in business process management for the supply chain space. WMS capabilities include digitizing everything to prepare and leverage the new generation of logistic intelligent solutions. 4flow is another example of someone that was available to enable digital transformation in this sector.

    AI, Robotics, and Automation

    If an organization is fortunate enough to have their end-to-end data clean enough for AI, there are solutions ready to help you become optimal! Want predictive capabilities for freight costs and visibility to your buying power? Greenscreens.ai is a truly predictive solution with an impressive accuracy rate. Vizion provides container intelligence, tracking, and monitoring through its comprehensive consolidated APIs for most freight carriers. The goals are accuracy in arrival time. For those with clean data and seeking to move all the way to agentic AI in logistics, Arnata shared their solution. If you have a factory full of robots and you simply want to know where they all are on a single pane of glass? InOrbit.ai is all about simplifying robot orchestration and giving you that exact unified view. We have exclusive interview with Dexory to understand how their inventory visibility robot works. TBW Advisors LLC was also able to capture an exclusive description regarding the capabilities of Rivr.ai that isn’t stumped by the stairs leading up to your front door! Admittedly, of all the autonomous solutions, the most jaw dropping was the loading of a semi-truck trailer in 5 minutes flat. From the financial reduction of risk to the lessoning of burden on hard-to-find workers, a case study on Slip Robotics in a distribution center would be quite an interesting read.

    Next Year’s Conference  

    The Manifest 2026 conference will be held in Las Vegas, Nevada. The announced dates are February 9-11, 2026.

    ©2019-2025 TBW Advisors LLC. All rights reserved. TBW, Technical Business Whispers, Fact-based research and Advisory, Conference Whispers, Industry Whispers, Email Whispers, The Answer is always in the Whispers, Whisper Reports, Whisper Studies, Whisper Ranking, The Answer is always in the Whispers, and One Change a Month, are trademarks or registered trademarks of TBW Advisors LLC. This publication may not be reproduced or distributed in any form without TBW’s prior written permission. It consists of the opinions of TBW’s research organization which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, TBW disclaims all warranties as to the accuracy, completeness or adequacy of such information. TBW does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by the TBW Usage Policy. TBW research is produced independently by its research organization without influence or input from a third party. For further information, see Fact-based research publications on our website for more details.