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Businesses Surge Ahead Despite Rising Delta Variant Concerns, According to Coupa Business Spend Index
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Afternoon Coffee: Onit-Bodhala deal among M&A activity; Economic indicators show expansion; Northeast slammed by remains of Hurricane Ida
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Probrand, a technology services provider, released a study that revealed margins being paid to IT suppliers soared to 50.84% during the Covid pandemic.
Analysis on $6.6 million of tech spend across 14 sectors before the first wave of Covid lockdowns showed that IT buyers paid a 9.4% margin on products on average. As supply and demand for work from home equipment rose, the average margin rose to 50.84%, the company said in a press release announcing its study.
The Society of IT Managers recommends 3% as a best practice margin for IT purchases. Margins varied for different sectors. The most extreme cases were very high, such as a government organization paying a 1,456% margin on HDI cables, the Probrand study said.
Financial services
. Although below trend for the last four quarters, the sector is improving thanks to refinancing activity, stimulative fiscal policy and continued accommodative monetary policy by the Federal Reserve.
Health and life sciences
. Spend sentiment for health and life sciences declined sharply from the previous quarter, and has been hard hit by the resurgence of COVID-19 cases.
Manufacturing. Spend sentiment for manufacturing rebounded, but is still well below the trend line.
Retail.
The retail sector continues to improve, but is still below trend, as uncertainty caused by layoffs and business shutdowns persist. However, stimulus checks and low interest rates are expected to mitigate the impact of the pandemic in the months to come.
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Cryptocurrencies are having a moment this week after Tesla and China each announced new investments in digital currencies, according to CNBC.
Tesla s SEC filing on Monday showed that it bought $1.5 billion worth of bitcoin, for “more flexibility to further diversify and maximize returns on our cash,” CNBC said. It also said it will start accepting payments in bitcoin for its products, making Tesla the first automaker to do so.
Tesla CEO Elon Musk was credited for raising the price of cryptocurrencies like bitcoin after tweeting about them on social media. Two weeks ago, Musk added the hashtag #bitcoin to his Twitter bio, a move that increased the price of cryptocurrencies by as much as 20%, the article said.
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