4 Businesses That Experience Major Benefits From Technology

Posted on by Scott Fluent
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Technological advancement can affect every aspect of the business ranging from employee efficiency to faster delivery and better customer service.

Technology has become an integral part of our society and economy. Almost any professional can benefit from software and gadgets, regardless of their industry. Digital tools can be used by someone like a dental marketing consultant or shipyard worker.

So much so that the companies are creating a competitive advantage not by improving their internal processes but instead by introducing new technology.

Having said that, certain industries benefit more from technology than the other fields. By not improving your systems and keeping up with the competition, you can quickly go out of the business. Here is a list of 4 businesses that experience major improvements from continuous technological advancement.

1.   Manufacturing

When we talk about automation and digitalization, the first thing that pops into mind is manufacturing. This field has always benefited from doing things faster and more efficiently. Often, this is the main differentiation between two companies and products.

Although the emphasis is usually on efficiency, technology can improve every part of the process. For example, you can utilize advanced software to create a better product design. Or, it can serve the production and logistics team as they try to quickly deliver an order to end-users.

What people don’t realize is that technology affects other things as well. For example, it can significantly improve workplace safety. As written by Protex AI in a guide on how technology helps improve workplace safety, employees working in high-risk industries such as construction, manufacturing, or pharmaceuticals need to take proper precautions to mitigate the risks posed by hazards in the workplace.

Equipment is made to serve employees and ensure their job is much easier. Furthermore, with advanced technology, you can create perfect units, with each one being the same as the previous.

2.   Healthcare

As one of the most daunting and stressful industries, any small improvement in medical equipment can increase the longevity of the patient but also make lives easier for doctors and nurses. Technology has also allowed like minded individuals to form communities to help each other out, for example dental partnerships organizations help people in the dental field relieve some of the stresses of the day to day and focus on what matters.

Due to its noble purpose, we always perceive technological advancements within medicine as a necessity. One of the reasons why tech and equipment are so important within healthcare is because HIPAA controls the standards regarding machines and IT. So, while healthcare benefits from almost any minor improvement, that doesn’t mean you can use any application or device.

Among others, tech can have a major impact on the satisfaction rates of medical professionals and patients. It can significantly reduce the amount of paperwork while simplifying menial tasks. As a result, doctors are able to treat much more patients during a working day.

Keep in mind that this industry can benefit from various solutions. For example, you can utilize mobile apps to control several devices through one access point. Or you can monitor the patient’s state from a distance. Whatever the case, each one of these solutions has a very practical purpose.

3.   Construction

Using technology within the construction industry is somewhat similar to how manufacturing companies are using it. Simply put, you’re trying to hasten everything and make it as safe as possible. Software and devices make it easier for businesses to deliver timely results. 

The software allows companies to communicate between the office and job site and relay instructions. It is also very important for improving planning and bidding. Nowadays, the majority of administrative processes within the construction industry are done via the cloud.

Lastly, technological advancement can also play a role when it comes to logistics. You can use various apps to find the optimal travel route, or in other words, it makes it much easier to deliver construction material to the yard.

4.   Hotels and Restaurants

No matter which hospitality business we’re talking about, technology can have a major impact on customer experience.

Simply put, when people go on a vacation, they would like everything to be simplified. Efficiency and quickness are imperative, as you’re trying to provide the best experience possible. Small delays in orders can cause major dissatisfaction and, given that it’s so easy to leave online reviews, mistakes such as this can shut down your establishment.

So, how does technology affect restaurants and hotels? First off, it allows you to connect everything in one centralized system. Mobile ordering has become a big thing as it allows people to order on the fly. Similar goes for check-ins. In both cases, you want to be as quick as possible and to avoid making errors. Instead of taking orders the traditional way, you can monitor everything from a phone app.

Lastly, we also have to mention payment processing and reservation status. In other words, technology can have a major impact on customer experience even before they arrive at your establishment.

The Power of Perseverance: Key Takeaways From Eyal Edry, Moshe Edree, and Refael Edry’s Social Endeavors

Posted on by Nikki Gabriel
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The life of a typical 17-year-old is filled with dreams of building a successful life. Standing at the cusp of adulthood, their eyes are set on the horizon of new possibilities awaiting them. They can’t wait to explore what the next chapter of their life has in store.

Unfortunately, that isn’t the case for thousands of youngsters in the Israeli periphery. Living in extreme poverty, these children have to struggle for basic necessities, such as food and shelter. Going to college and earning a respectable degree isn’t among their top priorities.

Even if they want to pursue higher education, the lack of proper resources, such as internet connectivity, smartphones, and computers, forces them to curb their dreams. 

But the Israeli youth continue to suffer because of unfair social disparities that have existed for ages?

Should children be denied the hope for a better future simply because they weren’t born in the country’s bustling socioeconomic center?

If an entire generation of youngsters grows up in extreme deprivation, what does that mean for the country’s future?

These are the questions that drive Eyal Edry and his brothers, Moshe Edree and Refael aka Rafi Edry to work for the upliftment of the youth in Israel’s periphery.

Reclaiming a Lost Childhood

Born and raised in Safed, Eyal Edry, Moshe Edree, and Refael Edry are the founders of the Ahinoam Association for the Promotion of Equal Opportunities.

Their father was a building contractor who worked day and night to sustain the family. But with so many mouths to feed, the family faced intense financial struggles in the 1970s.

Eyal Edry decided to put his dreams of a college degree and a prestigious job on hold. Instead, he started working to support his family. He was only 17-years-old at the time.

Having experienced the pain of deprivation first-hand, Eyal Edry, Moshe Edree, and Refael Edry know what it’s like to live on the fringes of Israeli society. Today, the three brothers run several successful businesses in Africa. Eyal Edry even served as a paratrooper and earned a degree in psychology.

But all these achievements seem futile to the Edry brothers when they realize that thousands of children are still facing those same struggles five decades later.

That’s what prompted them to establish the Ahinoam Association. Their goal is to provide children and adolescents with a robust support system they never had in their childhood.

Mentoring the Youth

The Ahinoam Association supports at-risk youth in the Israeli periphery to help them find their footing in society. The organization identifies and locates these youngsters, and works with them to create a customized career plan. They also assist the youth in acquiring suitable skills for their integration into the job market.

Providing Financial Support

With more than 1.8 million Israelis living in poverty, a lack of funds often forces children to drop out of school. Instead, they work under hazardous conditions in factories to support their families.

That’s why the Ahinoam Association has launched various scholarship programs to provide financial support to children from low-income households.

Developing the Periphery

Eyal Edry, Moshe Edree, and Refael Edry understand the importance of peripheral development in Israel. They’ve invested various resources to improve the infrastructure of welfare organizations across the country’s periphery. The idea is to provide students with access to educational resources wherever they are.

Fundraising During the Pandemic

When Israeli schools closed their gates due to the pandemic, nearly 400,000 students didn’t have the resources to join online classes. The digital divide between Israel’s periphery and the center became even more apparent when these students struggled to continue their education.

Eyal Edry and his brothers stepped in with a fundraising campaign that urged businesses and ordinary citizens to donate. The initiative helped provide computers to more than 30,000 students in Israel.

Important Lessons from the Ahinoam Association’s Initiatives

Eyal Edry, Moshe Edree, and Refael Edry’s efforts are a testament to the power of ordinary people. Instead of waiting for government authorities to take action, the Edry brothers have been working at the grassroots level to uplift the youth.

It goes to show that even ordinary citizens can make a difference in society with their resilience and perseverance.

And above all, it highlights the importance of focusing on a country’s youth. Otherwise, as Eyal Edry believes, a lack of equal opportunities could threaten to disintegrate Israel’s social fabric.

How to Earn Passive Income with NFTs

Posted on by Hamza Razzaq
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It’s 2022 and digital apes have taken over the internet. Who knew that 2D monkeys smoking cigars would carry the kind of thumb-stopping power that content creators and brands dream of? Or that pixelated punks in cool kid’s hats would break Twitter because their creator turned down a multi-million-dollar sale offer?

Unique art pieces and their equally unique creators are getting their moment and we couldn’t be more excited. You’ve probably guessed what we’re talking about: Non-Fungible Tokens, otherwise known as NFTs. These blockchain-based tokens are attached to tangible or intangible works and are non-fungible, meaning unique. They cannot be copied, replaced, or reproduced and are therefore used to price digital assets.

NFTs do sound interesting, but most of us have no clue how to use NFTs to start earning a passive income. Don’t let the thoughts deter you. NFTs sound a lot more complicated than they really are, and once you sink your hooks into the ecosystem, you can set up a passive cash flow pretty quickly. Before we get into the various methods of how to earn your passive income, let’s take a deeper look at NFTs and the current state of the market.

NFTs – A Brief Overview

We’ve already defined NFTs as unique tokens that are used to buy and sell digital assets, but what exactly are these assets? Essentially, anything can be made into an NFT. We’re talking digital art, 2D and 3D animations, sports highlights, Tweets, Instagram Reels, and a lot more. One of the rarest and best-selling NFTs last year was Pantone colors. Imagine paying over $100,000 to purchase a solid color block. And yet, people do.

Can NFTs Be Copied?

One of the major questions people have when talking about NFTs is about duplication. If you think about it, a digital art piece that’s online can easily be copied and downloaded for free. For example, when Nyan Cat was sold as an NFT for about $590,000, a lot of eyebrows were raised because the asset had already been saved and passed around for years. How did a viral video go from being available everywhere for free to become one of the highest valued NFTs in history?

The answer isn’t simple but it is intuitive. Consider this: if you went to the Louvre and took a picture of the Mona Lisa, would the picture be as valuable as the real thing? You already know the answer to that question. Owning the Mona Lisa and owning a picture of it are vastly different because, in the former, you’d be recognized as the legal owner versus the latter, where you’d be known for having a cheap imitation.

It’s pretty similar with NFTs. Owning a copy of Nyan Cat isn’t the same as owning the real thing simply because the owner has the NFT. And since the token is encrypted into the blockchain for the NFT, there can only be one owner. NFTs don’t currently have concrete laws that back them up, but this is also in the works.

How Can You Earn Passive Income with NFTs?

Here are a few passive income ideas through NFTs:

Royalty Fees

This is one of the best ways to keep earning through NFTs. Since NFTs are unique codes, they allow creators to set their own terms depending on their earning requirements. This means that once a creator sells his NFT, he can continue to receive royalties from it. For example, if a creator sets his royalty percentage to 15, he will receive 15% of the sale price whenever the NFT is sold onwards.

The best part about this process is that it’s regulated by machines. This means creators don’t need to worry about getting their royalty payments because the whole system is governed by smart contracts. So, all you have to do is get to work on creating and minting your first NFT!

Staking

Think of NFTs as ownable entities and the people who own them as stakeholders. Staking is the process that allows you to lock or seal your NFT into a DeFi (Decentralized Finance) smart contract to ensure it keeps generating money.

Staking allows buyers to keep interests in their NFTs and generate a substantial yield every so often. Owning a staking token means you also get to reinvest in different protocols, much like in a corporation. You can earn staking tokens through different platforms, although some of them may require you to purchase NFTs from them first.

Put Your NFTs on Rent

Another great way to earn passive income from your NFTs is to rent them out. This is another process that’s regulated through smart contracts and is therefore safe to participate in. All you have to do is lease your NFT on terms that suit you. You have full freedom to set the duration and rate of the agreement.

This is particularly lucrative for assets like digital trading cards or NFTs that allow you to attend high-profile and exclusive events. As a renter, you can get access to privileges you wouldn’t normally have without shelling out millions of dollars.

Are NFTs Worth It?

Collins Dictionary called ‘NFT’ the word of the year for 2021. All in all, it’s a good time to invest in or create NFTs for passive and active income. The market is open for early adopters because, despite their virality, NFTs hold endless untapped potential. They are currently minted using Ethereum and gas fees are relatively low. These may go up once more people start investing. In a nutshell, considering the popularity of NFTs, it seems a wise choice to mint or invest in NFTs as soon as possible so you can set up a reliable stream of passive income right away!

Is Metaverse Going to Replace the Internet?

Posted on by Hamza Razzaq
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Ever since Mark Zuckerberg announced the Facebook rebranding to “Meta” and the company’s plan to enter into the metaverse era, the internet is going crazy around metaverse. We see debates around how metaverse is going to change the internet, the competition among tech giants around metaverse, and similar other elements.

But is it just a misconception that metaverse will replace the internet or is it a reality? Many things we do are getting replaced by automation or bots, such as automated cryptocurrency trading. Let’s clear it out in this blog.

Metaverse – A Quick Overview

You can call metaverse a life within a virtual world driven by ultrafast internet and multiple digital technologies, such as virtual reality (VR), augmented reality (AR), live streaming, cryptocurrency, and many more. It is being assumed that metaverse technology will let users use digital personalized avatars to remotely interact with family and friends in real-time, do virtual meetings, go to concerts, do shopping, play games, and be part of similar other activities.

The Hollywood movie “Ready Player One” is one excellent example to imagine what metaverse might look like, but don’t consider it the ultimate target of the metaverse. It is true that metaverse can completely change our gaming experience, but one of the main objectives of the metaverse is to shift people’s interaction via 2D video calls to virtual real-time 3D meetups.

Where Metaverse Technology Stands Currently?

Metaverse is just a fancy concept currently and it will take years if not decades to develop a realistic version of it. As per Mark Zuckerberg, there are still 5-10 years for metaverse to become a mainstream technology. However, no one can project the release date currently. It is because metaverse depends on an interconnected network of services/technologies, so it is challenging for any single company to achieve all that in a short timeframe.

Currently, we can see some early adopters of the metaverse in games like Fortnite and Roblox or other VR products, but gradually we will see more enhancements or early versions of the metaverse. In short, with every passing year, we are going close to witnessing a new era of the internet-driven by immersive technologies in particular, build a metaverse app and their distribution in business and in the market as a whole, – says Slava Vaniukov, expert and CEO of Softermii.

Metaverse Enhances the Internet not Replaces It

Now that we know what metaverse is and where it stands today, let’s clear out our confusion around metaverse and the internet. If you think metaverse as shown in Ready Player One movie, then you might assume that it is a replacement of the internet. However, the metaverse is meant to “enhance/expand” the internet capabilities not replace the internet. In fact, the metaverse is only achievable with the ultrafast internet. Metaverse development services can help build and establish social media, games, and even real estate on metaverse.

The below table will further clarify how metaverse enhances the internet:

InternetMetaverse
Computers / Tablets / SmartphonesVirtual Reality (VR) / Extended Reality (XR)
2D Screens using Touch or MouseNatural UI/UX
Profile Pic / User IDPersonalized Digital Avatar / Universal ID
Software Applications / WebsitesVirtual Experiences
Text, Audios, Videos, or ImagesEverything oriented in 3D
Live StreamingLife Streaming
In-App PurchasesCrypto / NFT

In simple words, you will still be able to do normal things on the internet the way you can do today. However, when you will use VR headsets or glasses, you will be able to elevate your internet usage experience.

Technologies Needed to Access the Metaverse

Metaverse will be an interconnected system of immersive technologies and services that will make a virtual world feature-rich. Think of it with the smartphone example. You are able to do a lot of things via your smartphone because different technologies and services are interconnected with that single device. The same is applied to the metaverse and that’s also the main reason why metaverse is not achieved till now.

The main technologies or devices required to access the metaverse are as follow:

  • Immersive devices that support virtual reality (VR), augmented reality (AR), extended reality (XR), and similar other environments.
  • Ultrafast internet to stream and access content and other services in real-time.
  • Digital wallets (cryptocurrency wallets) to perform transactions across digital services in the metaverse.

There might be some other technologies required, but the above ones will be the crucial ones.

Current Competition in the Metaverse

There is massive competition going on among the tech giants to be the first ones to offer metaverse services. Its market size as of 2020 was $47.69 billion, and it is projected to expand up to $814.2 billion by 2028. Meta alone is spending $10 billion in metaverse research and development in 2021.

Metaverse is believed to be the next big thing after “smartphones”, which is justifiable too considering the growing interest of people in avatar-based gaming apps, such as Fortnite and Roblox. In fact, Fortnite managed to generate a revenue of $9 billion just in the first two years. Owing to that, every tech giant, such as Meta, Microsoft, Sony, Google, Apple, and others, wants to succeed in this race and grab the early attention of consumers and investors.

Some consider that Meta will lead this race, but nothing can be said currently. Meta is good at marketing metaverse, but Apple is also silently working on its AR wearable which is believed to be available in the market by the end of next year. Similarly, Nvidia is leading the race in AI chips crucial for immersive technologies, while Microsoft is also investing aggressively in research around metaverse. So, the global heat around metaverse is warming up gradually, and it’s worth watching who will win the race.

Wrapping Up

Metaverse is indeed a game-changer, offering a virtual world experience we could just imagine currently. Although it is not going to replace the internet, just the way we use and interact with the internet will change or enhance. So, hold tight for the next few more years till we start seeing some realistic versions of the metaverse.

The Importance of Data and Analytics During the COVID-19 Pandemic

Posted on by Ivan Serrano
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It’s difficult to determine the toll caused by the COVID-19 pandemic. The scope is alarming. There are millions of individuals affected in the United States alone. The government spent $3.5 million for relief, and several segments of the economy took a drastic hit.


The pandemic impacted all businesses across different sectors. Even with the vaccines in place, many countries are still reeling. New variants like Omicron are on the rise. No one knows when this battle against COVID-19 will end. But data and analytics are effective tools helping to accelerate the response against this pandemic.

Analytics can provide new and significant insights. These can help raise awareness, assess the impact of the virus, and assist in preventive efforts. In this post, we look at the significance of data and analytics during these times and how they can make a difference.

Analytics Can Help Improve Medical Resource Plans

The surge in COVID-19 cases has stressed hospitals and affected health care. Given the rise of cases, how can hospitals expand their capabilities? Since there are medical device shortages, what crucial supplies are needed? 

Health officials can reduce mortality rates through dispensing available bed space and resources with analytical methods. Here are some specific examples of analytical procedures:

  • Refining and applying epidemiological measures to oversee COVID-19 affected individuals within a specific area
  • Predicting the probable numbers of infected people that need medical intervention
  • The level of care that infected patients need. Additionally, indicating the number of required caregivers based on these results

With these insights based on analytics, healthcare systems can take the following actions:

  • Using outpatient and day surgery centers as new bed space
  • Probing the possibility of reopening closed facilities
  • Reallocating doctors, equipment, and supplies to areas that need it the most 

Data Helps Contact Tracing Investigations

Contact lists grow fast. We have all seen how quickly viruses spread in close-contact environments. The more social interactions occur, the more work is needed to identify everyone.

One disadvantage of contact tracing is that it relies on memory. Interviewees must remember where they have been and the people they were in contact with. However, not all individuals can accurately retrace their whereabouts, especially during a two to three-day period.

With analytics, contract tracing for public health becomes more manageable. With the correct data, epidemiologists can build networks of contacts. The more data within reach, the easier it will be to identify the points of vulnerability.

Health officials can identify common points of contact using data visualization methods. It will build a better picture of people’s social interactions. Data also offers a better understanding of the flow of individuals.

Leveraging Data Insights to Assist in Decisions About Returning to the Workplace

Aside from the medical and health industry, data and analytics are also useful among businesses who want to review their work-from-home setup. Are your employees comfortable going back to the office at full capacity? Are all employees vaccinated? Using data can help you make decisions about transitioning your company to the new normal.

For example, you can set up employee feedback systems that help your employees stagger hours. Having access to employee data can also help you decide if you should test employees for COVID-19.

Thus, it can help you figure out how often you should conduct testing.

With an employee feedback system in place, your employees can just key in their symptoms. This will help once your establishment returns to an office setup.

We all know that we should avoid working when we’re sick. However, there’s a significant difference between simply feeling the symptoms and recording the said symptoms. This will make the decision process of staying at home or going to work more precise.

Businesses have stepped up during the pandemic. According to Mckinsey and Company, organizational responses affect employees. Those that experience excellent corporate responses are more likely to be engaged at work.

The COVID-19 crisis reminds businesses that they cannot ignore emerging issues. They must meet them head-on. With this approach, they will increase their chances of improving employee experience during uncertainty.

Providing Demand Planning Resilience

Before the pandemic, most companies relied on internal historical data for their forecasts. However, COVID-19 changed the business landscape. Demands are fluctuating for products and services. Knowing this, many industries are looking for better ways to indicate demand.

You can adapt your strategies for a more resilient business with specific data on hand. Connect and combine your feedback from online reviews, surveys, ads, and more. Look for anomalies that positively and negatively affect your company. You can create an adaptive and proactive strategy with this information. Furthermore, tracking the data of the progress of your operations will help you benchmark recovery.

The Bottom Line

Our future with COVID-19 is uncertain. But data can help mitigate a lot of its aspects. Having insights can help the government and enterprises reduce apprehension and complexity. It can drive answers and create workable and tangible solutions.

What is the Metaverse – Is It for Business or Just Gaming?

Posted on by Hamza Razzaq
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The idea of metaverse has been circulating around for many decades, but thanks to the tech giants that it has become a topic of discussion and a massive field of research. Meta (formerly Facebook), Microsoft, Sony, Google, and other tech giants are spending billions in achieving the so-called virtual world. So, what is the metaverse, and is it just for enhancing the gaming experience? Let’s look into all of that in this blog.

What is Metaverse?

Metaverse is an amalgam of “meta” and “verse”. Meta is a prefix that implies “beyond”, while verse implies “universe”. So, metaverse means a combination of multiple 3D worlds where a digital version (avatar) of a person can move and interact with others. Metaverse is also dubbed as the future of the internet, as it acts as a gateway to a virtual world where people can have virtual meetings, watch concerts, work on projects, play games, etc.

The easiest way to understand how metaverse intends to work is by watching some related movies, such as The Matrix, Ready Player One, or Minority Report. The virtual world that metaverse has to offer will be accessible by high-tech gadgets, such as VR headsets or glasses. So, the key to achieving metaverse technology is to succeed in developing interconnected immersive technologies, which we will see happening in the next few years.

Is Metaverse For Business or Gaming?

This is the misconception that is circulating around ever since Meta started marketing metaverse. Gamers are promoting metaverse as the new era of gaming experience, while businesses or tech people are promoting metaverse as a way for people to interact with each other more conveniently.

Horizon Workrooms concept by Oculus (a Meta-owned VR headsets manufacturer) shows a virtual meeting experience where participants located at different locations are able to join the same virtual room for a meeting using VR headsets. Not just that, they could even use virtual whiteboards or their own keyboard or computer to have a better team discussion. In fact, its beta version is even available for free for Oculus Quest users.

So, one thing we can clear from Horizon Workrooms is that metaverse is not just confined to gaming. It acts as a gateway for people to experience real-world activities in a virtual way. Some of the capabilities of Metaverse are as follow:

1. Virtual Interaction

One of the main goals of the metaverse is to turn our 2D video or live streaming into 3D virtual lifestreaming. It will let us communicate and interact with our family, friends, and colleagues in a way that we feel being physically present there (using personalized avatars). We could attend or host events, celebrate birthdays or other parties, all while being thousands of miles away.

2. Business

Another revolutionary change metaverse intends to bring is in the business sector. Currently, Zoom, Teams, or similar other apps empowers teams to collaborate effectively. But metaverse will make them have those meetings in a virtual room, just like we discussed above in Horizon Workrooms. Moreover, metaverse will elevate other business processes, such as project design stimulations, etc. Other than smoothening business operations, metaverse will also give more business opportunities to software firms to develop products for the digital world and reach out to millions of users.

3. Shopping

Metaverse will give a whole new shopping experience to the users. From one place, they will be able to do shopping both for the virtual world (like avatar costumes) and the physical world. They will even be able to try out clothes or test out accessories before placing the order.

4. Entertainment

Metaverse will be full of entertainment madness. It will provide a more immersive gaming experience where gamers can feel like they are in the game. Moreover, movie premieres, music festivals, sporting events, and many other similar entertainment activities can have the presence of an unlimited number of users. Similarly, people who cannot afford to travel or have busy work life will be able to go to the places they want virtually.

To sum up, the metaverse is like an all-in-one package that is meant both for business and gaming.

Features of Metaverse

Some of the main features of metaverse we will experience include:

  • Seamless Movement: Metaverse will make it seamless to move between different components virtually, such as concerts, games, shops. In short, you can move around the whole virtual world and do all kinds of activities virtually in your personalized digital avatar.
  • Always Live: Metaverse itself and the objects in it will always remain live and accessible in real-time. Just like the real world, nothing will stop or pause even when the user logs out.
  • Globe Presence: Metaverse will connect the whole world together. Millions of users no matter from where they are logged in will be able to join events, concerts, etc.
  • Customization: A user identity will be its personalized costume, which could be customized. For example, you can change your outfit to a formal dress code like a double-breasted formal suit for attending a business meeting, or change it into a cool dude for a concert or party.

In short, metaverse combines the physical and the virtual world. So, we can just imagine how feature-rich it is going to be.

How to Try Metaverse Today?

Unfortunately, the metaverse we are imagining or what the internet is making us imagine still requires years of research and development. However, there are some early adaptors of metaverse (mostly in the gaming industry) that can give you a glimpse of it. For example, you can try out a digital avatar-based gaming experience in Fortnite, Roblox, Minecraft, Trove, and similar others.

If you want to experience it from the corporate angle, then the free beta version of Horizon Workrooms with Oculus Quest is one possible choice. Overall, whatever experience you can have with metaverse today is just a small portion of what you will experience once the tech giants manage to build the actual metaverse they have made us imagine.

Final Thoughts

Tech enthusiasts cannot wait to see metaverse in real action. It is a life within the internet that is going to change the way we interact with the digital world. Massive developments are underway and it is expected that soon we will be able to experience some early versions of the metaverse.

Are Cryptos a Good Alternative to Penny Stocks?

Posted on by Hamza Razzaq
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The global interest in cryptocurrencies, the whooping profits, and the expected rewarding future have made crypto a trending topic everywhere. Today, investors are investing millions of dollars into the crypto market and the investment scale is just getting bigger and bigger.

However, there are investors too that are concerned with the future of crypto considering the China crackdown, unpredictable prices, regulations, and similar other factors. As a new investor, if you are confused about whether to invest in the crypto market or penny stocks, then follow up this blog to have a detailed comparison of both.

The comparison will try to assess which asset class can provide a better return on investment, keeping in mind the risk-to-reward ratio involved in both. Bitiq app is the perfect platform for anyone looking to trade bitcoins in a safe and secure environment. With its user-friendly interface and variety of features, Bitiq app makes it easy for traders of all experience levels to get started.

A Starter’s Guide to the Crypto-Market

Investing in the crypto market comes with its fair share of technicalities that must be understood before making an investment. Often while researching any cryptocurrency, the fundamentals that you will be looking at won’t probably be easily comprehensible at the start. Words like “second-layer solution”, “side-chain”, “Proof-of-stake”, and similar others will be the selling point for most coins, confusing the average retail investor. However, it is important to develop a solid understanding of the underlying technology, as it is easy to lose money on a cryptocurrency that might have a good marketing team that promotes how they will “revolutionize finance”, but the underlying fundamentals are weak.

Taking Note of Market Capitalization

For a new retail investor coming into the cryptocurrency market, it is also important to stay in projects that have a relatively high market cap. This is because while a newcomer might gain a high reward by investing in a low market cap coin at the start, he/she can also lose all of the principal investment on a low market cap project. This is why it’s better to earn a decent amount of profit on your principal investment on a high market-cap cryptocurrency and then use those profits to diversify into low cap coins. This approach might take some time to reward you, but it is also a safer way to make money in the cryptocurrency market. Using platforms like the Eralmonum App and other trading sites can give you an advantage when venturing into the crypto market.

Pros and Cons of Investing in the Crypto Market

Below, we have listed the pros and cons of the cryptocurrency market and how your investment can be affected positively and negatively as a result.

Pros of the Crypto Market

  • High Reward: The primary factor that draws investors towards the crypto market are the high rewards involved. To compare, Bitcoin has remained the best performing asset of the last decade when compared with other asset classes, such as stocks, gold, silver, etc. Investors have enjoyed gains ten times more than the NASDAQ 100 over the long term.
  • Security: Another core philosophy upon which the crypto market was built is security. If your funds are invested in crypto, it is very next to impossible for the technology to get hacked or for any government to seize your funds due to the encryption involved with blockchain technology.
  • Utility: Many major cryptocurrencies hold a promise of utility that can create major value for the world once it’s fully achieved. Compared that with penny stocks, the likelihood of long-term value creation is higher in crypto. Thus utility is another major factor why investors can achieve lucrative profits in the crypto market.

Cons of the Crypto Market

  • Volatility: For some, the volatility might present an opportunity. But for most who wish to invest in the cryptocurrency market, volatility has always remained a major issue. This is because it is not uncommon to make an investment in crypto and lose 50% of its value within a month, thus causing the investment to get stuck until it reaches breakeven again.
  • Altcoins follow BTC: Almost all altcoins gain or lose their value according to Bitcoin. This makes it an issue for investors putting money in altcoins, as Bitcoin has a major influence on them. Thus, all investments in crypto have to be made while considering how Bitcoin might perform in the future.
  • No Government Oversight: While zero government intervention was a core philosophy upon which the cryptocurrency market was established, it does have major drawbacks as well. Major rug pulls, pump and dumps, and other forms of market manipulation are very common in crypto. Due to the lack of government oversight, the investor has no one to turn to in case of becoming the victim of any such events.

A Starter’s Guide to Penny Stocks

Commonly in the larger stock market, any stock that has a price less than $1 is typically referred to as a “penny stock”. While some even consider $3 or $4 stocks to be penny stocks. A good way to categorize any share as a penny stock is by classifying any company with a market cap of less than $250 million.

For a new investor looking towards penny stocks, it is important to know that this is a market of its own where investors with a very specific mindset come to trade. The market is typically known to be volatile, as many companies fail that are listed in the “pink sheets”. This is why any investor looking to invest here needs to perform thorough due diligence into the company’s financials.

Pros and Cons of Investing in Penny Stocks

More can be understood by considering the pros and cons attached to penny stocks as listed below.

Pros of Penny Stocks

  • High Reward: The primary reason anyone invests in penny stocks is due to the high rewards involved. Typically, getting a 50-100% return on investment in a very short period of time is possible with penny stocks. It is very common for share prices to move to $2 from $1.
  • Low Capital Required: As the share price is small, the investor requires less capital to pick up more stocks of the company. Since with less capital, investors can get a high return on investment, penny stocks have historically attracted a lot of retail investors.

Cons of Penny Stocks

  • Risk of Default: Since the companies listed as penny stocks are usually very small, it is fairly common for many to default and shut down completely. In such a case, investors have to bear the significant financial loss.
  • Low Volume/Lack of liquidity: Because most individual penny stocks do not have a lot of buyers and sellers, the investor can possibly get trapped with shares that no one else wants to purchase in the future.
  • Market Manipulation/Frauds: Many market movers are aware of major retail activity happening in the penny stock market. This is why investors can become victims of fraud or market manipulation, as the share price can be more easily manipulated to low volume/small market cap.

Final Verdict: Crypto or Penny Stocks?

Both the crypto market and penny stocks promise a common outcome: high rewards for the right investments. However, both come with their own forms of risks/worst-case scenarios. According to our opinion, cryptos hold a fundamental advantage over penny stocks, i.e., cryptocurrencies are still building towards a final product that has not been widely adopted. In comparison, most businesses that are penny stocks are unlikely to rate highly in the value-creation department.

Investors who invest in the crypto market have a higher likelihood of getting high rewards if the project adds major value to the world. This is why large institutions are more likely to invest in cryptocurrencies in the future than penny stocks. Thus, given the risk profile for both options, the crypto market holds a more promising long-term future for investors, despite the volatile price action.

7 Mistakes Every Web Designer Should Avoid to Create a High-Quality Website

Posted on by Evelina Brown
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[1] When pursuing the goal of creating a high-quality web resource or smartphone application, one cannot do without web design in the first place. Sometimes, due to inexperience, design specialists can make some mistakes. Such errors can prove to be critical and can affect the first impression users will have when visiting a website.

In this article, we will talk about the mistakes that most affect the positive perception of users.

Hard to read text

By placing various information on the pages of a website, designers forget that any text should be readable. They may pay more attention to putting all the necessary information on the page and forget about how the text looks to other users.

The problem lies in the unsuccessful selection of the background or font. In an attempt to achieve uniqueness, experts can choose a background that does not contrast with the color of the text, as well as a font that looks beautiful, but it is impossible to see the letters.

A huge number of elements

Many experts think that if you add as many elements as possible, you can increase the expertise of a web resource. However, in most cases, many elements can cause users to defocus their attention. If you use a lot of elements that do not make any sense and are only used to create a general picture, then you risk preventing visitors from absorbing information and content.

To prevent this, you can experiment with text separators, reduce the number of blocks, and if you use images or illustrations that have a lot of elements, then you have the opportunity to remove unnecessary objects using the background remover by Retoucher.

Also, to solve this problem, specialists can add more white spaces and elements to visually free up space. It is also worth remembering that the free space around the main elements can focus users’ attention on them[2] 

Placement of accents

Inexperienced designers may not portray the essence of the content that should be placed on the website when drafting the design. In this regard, they may not understand where the main accents should be. With the help of the correct arrangement, you can effectively and quickly convey the necessary information to the reader. However, if you highlight the wrong places, then the headings will not fulfill their function.

As a result, we see that the site looks beautiful, but the information that was supposed to perform an attractive function does not work at all.

Lots of words

Words have great power, but too much text can only spoil the overall impression. To attract the attention of the visitor, it is enough to choose the most powerful and effective words. However, sometimes specialists try to fit as much text as possible.

At the same time, information blocks look like pages in books. If books do not need to attract the attention of readers with accents, images, and videos, then on Internet pages it is important to try to get rid of monotonous text.

As a result, users lose vigilance and ceases to understand the essence of the text. All they start thinking about is how to quickly close this web page. If you need to put a lot of information, then use the semantic block division method.

Rejection of the general style

Designers are very creative and out-of-the-box thinkers. However, sometimes this can work not in their favor. When receiving an order to create a website for a company, designers can abandon the overall style and create a new color scheme for the website. This can cause dissatisfaction among the company’s customers who are used to standard colors. Also, in this way, you can cause negative emotions in the customer. In this regard, in order not to encounter such a problem, it is necessary to coordinate all aspects with the customer so that the final design of the site looks the way the customer wants.

Top Online Methods to Try When You Want to Verify Someone’s Identity

Posted on by Allen Brown
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In the modern world, where many people do not know their next-door neighbors, it can be difficult to find out information about a stranger. The Internet has made verifying someone’s identity much easier. In fact, there are various ways to check someone’s online digital footprint and ensure that they have a history of being who you think they should be. So here is how to do just that.

1. Background Check Sites

There are many background check sites that provide information on someone’s past. These sites can help you verify a person’s identity as well as provide information such as marital status, possible aliases, and the last known addresses. You can even use these sites to unearth criminal records or determine if someone has held multiple jobs. Once you have the results of your online search, it is up to you whether to initiate contact with the individual in question. There are also some top sites where you can get the details of any individual.

If you want to verify someone’s identity or simply want a peek into their personal lives, social media is a great place to start checking their background by utilizing People Search tool. If the person in question has a Facebook profile, for example, you can see what they’ve been up to recently and who is important in their life. Google Plus, Twitter, and LinkedIn are other big social media sites that can provide insight into someone’s life. You might not get the full picture right away since people tend to curate their profiles, but you will start to see patterns of behavior which you can use to determine if they are someone worth knowing.

2. Automated Phone Calls

With an automated phone call, you can take information that is available online and use it to verify someone’s identity. It is the easiest way to do so, since you simply need to gather all the information that you have found on them and input it into your phone call. Then, you can just sit back and relax as your phone call does the work for you. The automated phone calls cost less than $1 each, so it is a really inexpensive way to get all of this information. This is an especially great way for people who are interested in online dating to see if the person that they are talking with is telling the truth about their identity. It is beneficial because it can save you a lot of time and stress later on. And it is easy to use, so anyone who wants to know the truth about someone’s identity will love it. Lately, there has been a lot of prank calling everywhere in the world, so using this type of technology to do a background check can help you prevent getting pranked by someone.

3. Public Records Search Sites

Sites that provide public records, such as familysearch.org and ancestry.com, can also help you verify someone’s identity if you input the right information into your search engine. If you are unsure about whom the person is that you are talking with, simply search their name on one of these free people finder sites. You will have access to records such as birth certificates, marriage licenses, and death certificates if they are available. These sites generally have more information than other background check sites, so it can be much easier to find someone’s true identity with them. And because not every site has all records, this makes it even easier to verify someone’s identity since you have access to more information online. Once again, once you have found out the truth about this person that you want to know a bit more about, it is up to you whether you want to continue getting in touch with them online through chat rooms or social media platforms.

4. Credit Reports

A credit report is another way to see someone’s identity if you are trying to verify it. These reports are an easy way to tell if the person in question is trustworthy or not. If you are thinking of doing business with someone, for example, a credit report can be a great way to find out more about them and what they have been up to financially in the past. It will let you know their debts and how much money they have access to at any given time so that you can determine whether it is a good idea for this person to invest money into your project. You will be able to see if they have been paying bills on time and if there are any outstanding court cases against them, which could indicate that they might not be as trustworthy as they claim. Since these reports cost around $10, it won’t break the bank to take a look at someone’s credit report before you invest your money into their business. It is also beneficial for people who are just simply curious about what they can find out through a credit report since it isn’t expensive, and it offers great insight into the person that they are trying to determine if they are involved in some legal troubles.

5. Search Engines

When all else fails, you can always search for information about this person on Google or Bing. Since everyone has access to these types of searches, it will be easy for you to see if the information that you have gathered checks out by looking at their previous results online. If there is no evidence of what you have found on them, then it might be best to continue your search and look for the truth elsewhere. But if everything lines up, then you will know that person’s identity is true and that they are who they say that they are. It will also save you time in figuring out what other ways there are to find this information out, since it is such a simple way to gather evidence about someone’s background check. The internet has become such an easy tool to use when trying to discover the truth about someone’s identity, so why not give it a shot! You never know what kind of information could pop up online while you try searching for it.

6. References

Next,  you can always go with a method that is more straightforward by asking the person for a list of references. While this might not be as easy as running a check on someone’s identity, it will also give you an insight into who they are and what their life has been like up until now. This simple step could lead to some great information about whether this person is telling the truth about themselves, since you will have people from their past that can verify if they really attended college or where they worked for that many years. Employers do this all the time as part of the interview process, and it is such a great way to see if what they are saying about themselves is true. If you have a lot of trouble getting in touch with their references, then you might have some doubts about this person’s identity. But if everyone that they claim to know ends up giving a glowing review about them, then there is a good chance that you can believe what they say about their background checks. If this is just a regular person, however, you can ask for information from their friends. 

7. Classified Ads

Classified ads are a great way to find out about someone’s identity since you will be able to get information about them that you wouldn’t be able to find anywhere else. You can put an ad in the local newspaper or on Craigslist and get some responses from people who know this person. This is sort of like doing a reference check, but not always having to ask for verification themselves by someone they know. It is an easy way to get access to valuable information about their past since it will come right from one of their friends instead of asking them directly. If you are trying to figure out if they have any convictions, then you should search the local paper for evidence of this, since they might not answer questions themselves. It is a great way to narrow down your focus and to get the answers that you need fast, so you don’t have to spend too much time searching for this information.

8. Private Investigators 

Lastly, if none of these methods work, then you can always go with a private investigator to find out what you need to know about this person. You can hire someone who will be able to provide you with the information that you are looking for easily without having to go through all of these methods yourself. They will have access to everything that you need in order to see if someone’s identity is true or not, so it is definitely worth hiring one when looking online. There are some risks involved since they could turn out to be unreliable, but the risk might be worth taking when trying to figure out if somebody is lying about their background checks. If they get caught lying, then there could be legal problems and other repercussions, so make sure that this person really knows what they are doing before paying them any money for it.

So, verifying someone’s identity can be done using several methods, so why not give one of these ideas a shot to see how easy it is? With all the information online today, it makes verification so much easier than before, so  why not see how it works! You never know what kind of evidence that you will find!

Crypto Bridge Hack Nabs $323 Million from Wormhole

Posted on by Kelly Maryland
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Last week, the fourth-largest cryptocurrency hack ever took $323 million from Wormhole, a blockchain bridge. (A blockchain bridge does exactly what it says: it allows users to transfer cryptocurrency from one blockchain to another.) While Wormhole owner Jump Crypto compensated the victims of the breach within hours, many doubts persisted.

Although the event resulted in exploitation and financial losses for the firm that distributed the software, investor monies have been returned. Why was the hack feasible? Who was the perpetrator? And how did Jump Crypto come up with $323 million in cash to make things right? Let’s get started.

What’s Wormhole?

Wormhole is a decentralized finance (DeFi) platform that allows users to exchange Solana for other cryptocurrencies directly on decentralized apps (dApps) running on the Ethereum blockchain. Solana and other leading decentralized finance (DeFi) networks use Wormhole as a communication bridge. Existing projects, platforms, and communities may use Solana’s fast speed and cheap cost to transport tokenized assets smoothly between blockchains.

Jump Crypto

Many users were perplexed as to how Jump was able to come up with that much cash so quickly. Jump Crypto is a branch of a decades-old trading business that has just made a huge push into cryptocurrency, employing roughly 140 employees in the process. It’s unclear how it generates all of its money, but completing crypto transactions made by Robinhood members appears to be a big contributor, a right it paid Robinhood $247 million for in the first nine months of last year.

What Happened

A software error allowed an anonymous hacker to mint 120,000 wrapped ETH on the Solana network without posting the requisite collateral on Ethereum, resulting in a $323 million loss. Wormhole halted all token transfers on its bridges shortly after discovering the breach to begin repairing the vulnerability, which took roughly 16 hours. Jump has restored the stolen ETH by Thursday AM, assuring that no user money had been harmed.

The attacker falsified a transaction’s signature in Wormhole, then presented the invalid transaction as a legal one to the Solana network, allowing for the fraudulent minting of a significant amount of ETH tokens on the Solana network. They subsequently moved many of the tokens to an Ethereum-based digital wallet.

Could This Happen Again?

The hack brought to light the vulnerability of crypto bridges. It’s challenging enough to create safe and secure smart contracts on a single blockchain. As demonstrated by the exploit, Wormhole, which interacts with six chains (Avalanche, Oasis, Binance Smart Chain, Ethereum, Polygon, and Terra), faces an exponentially more difficult challenge. Because of the complexity of writing for several chains, security experts like Dan Guido, CEO of the security firm Trail of Bits, deem blockchain bridges “among the most challenging programs to develop.”

Wormhole, a cross-chain bridge, with a market cap of more than $20 billion, and Ethereum co-founder Vitalik Buterin has highlighted the security flaws with such applications. Wormhole was, in fact, the second bridge to be exploited in less than two weeks. DeFi is still fairly new to us, and although it has a lot of advantages outside of traditional banking, it also has a lot of drawbacks. Check that a protocol’s smart contracts have been audited and that you’re following best practices to keep your crypto safe before utilizing it.

5 Important Reasons Why Every Business Needs Cyber Security Services

Posted on by Jennifer Clare
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With the world morphing into a digital sphere, using technology for your business is a necessity that will help you keep up with the competition. With access to information and analytical tools, your company can complete business operations faster than ever, boosting its productivity and profits. Unfortunately, digitalization means that your company becomes vulnerable to malicious activity from outside sources.

As industry giants possess more valuable data, they should be the prime targets for hackers; however, it’s usually the smaller companies without sufficient cyber security that suffer the most. When your company is under cyber attack, you’re risking a breach of confidential information that may halt your operations. That’s why, as a successful business owner, you should realize the importance of cyber protection as it’ll keep your data safe, prevent losses, increase productivity, and preserve your reputation.

With the constant threat of penetrating your company’s system, it’d be best to hire professionals that can ensure its protection. Below, you’ll find some of the reasons why you and every other business owner need cyber security services.

Alongside these preparations, understanding the financial implications of cybersecurity investments is crucial. Business owners can effectively measure these benefits by using tools designed to calculate ROI for cyber security, ensuring that resources are allocated wisely and that protective measures yield tangible returns. This approach not only enhances security but also demonstrates fiscal responsibility to stakeholders.

Protect Your Reputation

When you’re dealing with a cyber-attack, you risk your company’s reputation. When your data is breached or stolen, it becomes vulnerable to malicious use by cybercriminals. It means that your clients are in danger as their sensitive data like credit card numbers or addresses is leaked to third parties.

Unable to guarantee your customer’s safety, you might lose their trust. That’s why it’s necessary to have protection when an attack occurs. With a tarnished reputation among clients and the general public, you may suffer a decrease in your profits. What’s more, even one such accident could affect you for a long time if you’re deemed as unreliable.

By hiring professionals who can do a complete audit of your IT infrastructure and keep up with its security needs, you’ll be able to avoid this type of problem altogether. To ensure that your company’s sensitive information and those of your clients are protected at all times, you also need to check the compliance efforts of the software tools you use and what external certifications they obtain. For example, specialists from Rescale have a separate Security & Compliance page on their website.

Offer Protection Against Malicious Activity

The constant threat of an online cyber attack is real, and businesses are the biggest victims. When it comes to safeguarding your company’s information and assets, you can’t afford to take chances.

Every business should know that most cyber criminals come from outside sources, and that’s why it’s necessary to have protection from the moment an attack occurs. It’s why you need to hire cyber security experts who can identify and block any malicious activity that might occur in your network. These professionals are the ones who choose cyber security solutions, assess your company’s risks, and develop a business continuity plan to defend against cyber-attacks.

The moment a device is connected to the internet, it becomes an entry point for hackers; therefore, you should ensure that they’re protected at all times. A good cyber security service will provide continuous protection for all your devices, such as laptops, PCs, mobile phones, tablets, and servers.

Enable Your Business to Operate Faster

Every successful business has a powerful strategic vision; however, it doesn’t mean you can make it a reality without technology on your side. A good solution will boost your productivity and keep your business running smoothly.

With sufficient cyber protection in place, you can use your time more efficiently by focusing on other aspects of your business, such as marketing or sales. You’ll be able to access information quicker, complete tasks faster, and get a competitive edge with superior efficiency.

Help You Cut Costs

You might think that cyber security is expensive; however, the costs of dealing with a data breach are even more substantial. If you let malicious activity go unnoticed, you risk losing valuable data that compromises your company’s reputation and earnings.

If a cyber-attack occurs, your company will experience many operational losses. The lost essential resources might include employee time spent dealing with the breach and money spent on repairing systems; therefore, it’s wise to invest in cybersecurity services as soon as possible.

If you hire professionals with CISSP certification and other cybersecurity certifications to protect your business from cybercriminals, you’ll save money in the long run by avoiding paying for damages.

Keep You in Compliance with Regulations and Laws

The world is becoming increasingly digitalized, which has led to the establishment of regulations and laws that govern the use of technology by businesses. This is meant to protect users from possible breaches of privacy or security; therefore, every organization has an obligation to meet these standards to comply with local laws.

As a responsible businessman, you should understand the importance of meeting all regulations so that your company doesn’t suffer from legal issues in the future.

Conclusion

Protecting your company from cyber attacks is no longer an option; instead, it’s a necessity for your business to keep up with the competition. With technology developing at a rapid pace and its wide implementation, every company must make sure that it’s protected from cyber-attacks because they can affect your operations as well as profits. As a business owner, it’s your responsibility to do everything in your power to protect your clients, employees, and shareholders.

If you want to be sure that your company is safe and secure, you don’t need to worry because there are numerous solutions available on the market. When you hire experts who are capable of securing your IT infrastructure and incorporating new security measures, you’ll be able to save money in the long run. Your company’s data and reputation are at stake; therefore, don’t let a breach of security happen to you.

8 Common Mistakes To Avoid While Making Construction Estimates

Posted on by Mehedi Sazal
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In a rush to impress the clients, small business owners often forget to rectify unintentional mistakes after generating estimates. And if they hand over the estimate without checking those errors, then it will look unprofessional. Consequently, they are more likely to lose their potential clients.

Estimating and invoicing process could be complicated, especially for young entrepreneurs who want to level up their construction business. Freelancers or those who are associated with small-scale construction businesses may have more difficulty sending the estimates to their new clients. 

But how can one avoid such estimating mistakes? One of the easiest ways is to start using the estimating software where one can get online assistance. Here, we will discuss more common mistakes occurring while creating estimates and their solutions. 

These 8 simple mistakes must be avoided when it comes to preparing estimates for clients.

1. No On-Field Visit

As a business owner, not visiting a job site means that the service provider will not have an idea about the possible damages. Also, there are chances that they may have a wrong calculation of cost and materials. 

Such an on-site meeting is necessary to judge the condition and to measure the working area. On the basis of the measurement, a contractor can then submit their bid via estimating actual cost.

If they refrain from visiting the site, unknown issues may come during the ongoing construction work. These issues need more time and cost which might not have been included in the estimate. Hence, it is suggested to visit the job site.

Solution:  Construction contraction must inspect the working area before beginning the work. If possible, contractors can also take sub-contractors for detailed analysis of the site and structure.

2. Simple Mathematical Errors

Minor errors or wrong calculations in estimates can often take place when contractors want to wrap up the task in hurry. These silly mistakes can have a negative impact on the construction business. And clients might refrain from recommending such services to their friends and family members. 

In terms of calculations, contractors usually make mathematical errors while adding line items, local taxes, and offering discounts. These calculation errors are human errors that are quite possible when contractors generate estimates manually.

Solution: Creating an error-free estimate could only be possible when it is not done by humans. The best remedy for such errors is to generate estimates by using online invoicing and estimate software.

3. Sending Incomplete Estimates

Those who are into the construction business will agree on how incomplete estimates can put a dent in their business reputation. The partial estimate sent to the client could be the result of not itemizing the products and services. Therefore, it is recommended to include every detail of the material cost, overhead expenses, and other necessary instructions.

By doing so, clients will have more clarity on the estimated cost for their construction work. 

Hence, the business owner can expect a quick approval. Whereas, incomplete one will make the customers choose other services.

Some contractors may only itemize the line items, which may not help the clients have a clear picture of service charges. So, before sending the estimates it is crucial to recheck the estimates whether it is completely filled or not.

Another important aspect of making accurate construction estimates is to take into account any potential foundation issues. For example, if you’re working on a project in Toronto, it’s important to consider the unique soil and weather conditions that can cause foundation damage over time. By factoring in the cost of foundation repair in Toronto, you can ensure that your estimate is as comprehensive and accurate as possible.

 Solution: It is safe to use an online estimate generator so that it shows a preview of estimates before a contractor hits the send button.

4. Forgetting to Assess Risks

Little the construction contractors may know that if they don’t pay a visit to the client’s house, they are not aware of the risks. Since the construction work has the potential to damage valuable assets, contractors must complete the risk assessment before they start making estimates. 

It is the necessary step to ensure customers about the possible threats. However, if they skip assessing risk factors, then it will be difficult to manage in the later stages. And as a result, an estimate will have no important notes of possible risks.

Solution: Construction contractors should closely inspect the job site and inform the customers before creating estimates. If there are risks involved in the job, they should be mentioned in the estimate.

5. Making Random Guesses

Local contractors who are connected with the construction industry often prepare estimates by making random guesses. It won’t help them when it comes to clearing the payment. In this case, the asking price may vary at the time of the payment and this may lead to disagreement between the client and contractor. 

Professional contractors usually don’t make guesses when they are unsure about the actual price. Instead, they ask the experienced person to get the correct price. Thus, contractors should refrain from making the guesses, or else it would negatively influence the business profit.

Solution: Contractors should stay updated with the current prices in the construction industry. Before visiting the site, have a brief idea about the construction job and discuss it with the subcontractors too.

6. Insisting for Contract Agreement

Contractors might have no idea why they should not insist the client accept the contract agreement. Though it is not considered an error, contractors must take care while offering contracts to their clients. Some of the clients will not accept the annual contracts if asked frequently. And it would have adverse effects on their business. 

Therefore, contractors should discuss with the clients prior to the work. In case, if the client agrees to the contract, offer them an annual contract with discounted rates. In this process, they should be confident while analyzing the working areas. With the proper analysis and judgment, making an estimate would be easy and the client may accept contracts as well.

Solution: Let the client trust your services and thereafter advise them to choose the annual contract. 

7. Not Highlighting the Payment Terms

Many construction contractors often describe incomplete payment terms which might create differences with the clients. To avoid such last-moment issues, they should clarify the payment policy so that their client will not have any payment-related problems. 

Mainly, contractors should include the various payment modes, accepted currency, and refund process. When they forget to highlight the payment policy, new customers won’t be ready to trust their services. Thus, one must clearly mention the payment instructions and necessary guidelines in the estimates.

Solution: Contractors should make payment policies in one go so that they do not need to change frequently. Else, re-writing the policy every time means there would be errors.

8. Applying Hidden Charges

When the person is connected with professionalism like construction, there is no such place for undisclosed matters. Therefore, contractors should not surprise their clients by asking the prices which were not discussed previously.

If contractors want to add more charges for extra activities or material costs, they must inform their clients. Otherwise, slight hesitation to reach the customers will create communication gaps and customers would not be ready to pay the added costs.

Solution: Create an estimate that is easy to understand by the clients and refrain from applying any hidden costs. If there are extra charges that need to be added, then discuss additional costs with clients.