As an example of the readiness for companies to adopt metaverse, consider Nike. The brand has already taken steps into the metaverse by filing for trademark applications, indicating its intention to make and sell virtual branded sneakers and apparel.
Businesses will benefit differently from the metaverse. For instance, companies manufacturing computer chips and servers stand a good chance for a significant gain to their businesses. So will cloud service providers that will be vital for the metaverse virtual worlds.
Manufacturers also will use the metaverse to create digital models of their products using digital twins technology (a virtual representation of a physical object or process). This will help adjust manufacturing processes, carry out quality control, product demos, and simulate the supply chain.
Remote work that was highly adopted due to the recent pandemic will be enhanced by the metaverse. It will be possible to have co-working spaces and carry out virtual trainings and simulations.
It also will help promote physical businesses. By interacting with objects in 3D form, shoppers can try on clothes online, check out houses, cars, etc. The ability to shop virtually means that businesses can design brands to suit different customer needs and increase retail sales.
Such possibilities mean that marketers will need to research customer behavior and preferences in the virtual space. This will require businesses to set up metaverse teams if they want to remain competitive. This is especially necessary to reach customers where they spend their time.
On the downside, there are concerns about privacy issues and data harvesting – like any other technology. The decentralized characteristic of a true metaverse also means it will be challenging to regulate. Such cases introduce risks to businesses. Nevertheless, such risks have never stopped businesses from adopting new technologies.
Conclusion
Customer experience is vital in any business. For businesses to continue maintaining long-term relationships with customers, they may have to adapt and use virtual avatars to serve as customer service agents. Thus, businesses need to be more innovative to tie existing communication channels to the metaverse channel. They can do this by formulating an entry plan to the metaverse while ensuring a balance between opportunities and risks.
What Does the Metaverse Mean for Businesses
March 1, 2022 · Blog, What's New in Technology
⏱ 4 min read
Metaverse has become a buzzword with much debate on its potential implications once it is fully realized. As far as businesses are concerned, the metaverse presents new opportunities and challenges, especially for marketing, branding and communication professionals.
Understanding Metaverse
Metaverse became a hot topic thanks to Facebook announcing its rebrand to Meta in October 2021. However, the metaverse is not new and can be traced back to 1992 in the fiction novel “Snow Crash” by Neal Stephenson. Stephenson used the term to refer to a virtual world where people can do different activities.
As the internet moves to a new iteration as Web 3.0, different players are working toward creating their metaverse – or rather, a unified virtual space. This virtual environment is intended to be used to carry out activities such as playing games, attending meetings, buying digital goods and services, tourism, education and even for work.
Although metaverse might seem like a futuristic notion that will require massively advanced technologies, its foundational elements are already in place. This is because it’s enabled by virtual reality (VR) and augmented reality (AR). Some users, especially gamers, have had experiences with virtual reality and augmented technologies. Some online retailers already use augmented reality on their e-commerce platforms to help shoppers experience a product before ordering it.
However, metaverse technology seeks to connect all of these separate apps and platforms to create a continuous experience that will integrate audiences and elements from different platforms into one. The metaverse will be characterized by a boundless and decentralized virtual economy and immersive social experiences.
It is not possible yet to gauge how disruptive the metaverse will be, but one sure thing is that it will introduce new ways of doing things. As has already been witnessed, to keep up with trends, businesses had to adapt to technologies such as social media platforms even when they were initially created for social interaction. Hence, businesses need to be prepared.
Metaverse in Business
As any new technology helps early adopters gain a significant advantage over competitors, metaverse will be no different. However, it may initially favor large businesses that can afford to take risks and have budgets to invest in enabling requirements. Despite this, different-sized businesses should get ready to adjust their marketing strategies to the virtual economy.
There are predictions that the metaverse could generate vast revenue to the tune of $1 trillion. Hence, the metaverse has a massive business opportunity, including advertising, demand for new hardware, virtual events, e-commerce, etc.
As an example of the readiness for companies to adopt metaverse, consider Nike. The brand has already taken steps into the metaverse by filing for trademark applications, indicating its intention to make and sell virtual branded sneakers and apparel.
Businesses will benefit differently from the metaverse. For instance, companies manufacturing computer chips and servers stand a good chance for a significant gain to their businesses. So will cloud service providers that will be vital for the metaverse virtual worlds.
Manufacturers also will use the metaverse to create digital models of their products using digital twins technology (a virtual representation of a physical object or process). This will help adjust manufacturing processes, carry out quality control, product demos, and simulate the supply chain.
Remote work that was highly adopted due to the recent pandemic will be enhanced by the metaverse. It will be possible to have co-working spaces and carry out virtual trainings and simulations.
It also will help promote physical businesses. By interacting with objects in 3D form, shoppers can try on clothes online, check out houses, cars, etc. The ability to shop virtually means that businesses can design brands to suit different customer needs and increase retail sales.
Such possibilities mean that marketers will need to research customer behavior and preferences in the virtual space. This will require businesses to set up metaverse teams if they want to remain competitive. This is especially necessary to reach customers where they spend their time.
On the downside, there are concerns about privacy issues and data harvesting – like any other technology. The decentralized characteristic of a true metaverse also means it will be challenging to regulate. Such cases introduce risks to businesses. Nevertheless, such risks have never stopped businesses from adopting new technologies.
Conclusion
Customer experience is vital in any business. For businesses to continue maintaining long-term relationships with customers, they may have to adapt and use virtual avatars to serve as customer service agents. Thus, businesses need to be more innovative to tie existing communication channels to the metaverse channel. They can do this by formulating an entry plan to the metaverse while ensuring a balance between opportunities and risks.
Disclaimer
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
Watch for the signs. If you don’t see your parents often, and even if you do, the signs of when you need to step in might be a bit hard to detect. That said, there are some things to look for that will indicate that their needs are changing.
Unusual purchases. If you find out that your folks are buying things that don’t match their lifestyle, or entering lots of contests and sweepstakes, then it’s time to speak up. Behavior like this might get out of hand – or worse, they might be getting scammed. Older people are most vulnerable to the vultures out there.
Stacks of unopened mail. Watch for this, as the letters might be unpaid bills and/or solicitations for sweepstakes. Both are problematic.
Complaining about money. If your folks seem to be always low on cash, or say “no” to activities that they usually enjoy, talk to them. They might need your help for a number of reasons, whether it’s reconciling accounts or remembering how to pay bills, or if they even paid them.
Physical setbacks. Fading vision can impede driving to the bank and arthritis can be painful while writing checks or typing on the keyboard. Whatever ailment your parents might suffer from, this could be a cue that they need your assistance.
Memory problems. This is somewhat self-explanatory, but specific things to look for are not knowing what day or year it is, or just forgetting things that your parents once always remembered.
Start slowly. Instead of charging in and announcing that you’re taking control, take baby steps. Maybe offer to write checks for them. Or offer to pay a bill or two. Gradual, gentle steps make them feel more at ease and comfortable with the new way of doing things.
Gather important documents. Things to collect are account numbers, credit card info, birth certificates, insurance policies, deeds and wills. Make sure they’re all current and up-to-date. Put them in a secure location so you’ll have easy access when you need them.
Consider power of attorney. This is key. Even if your parents don’t need your help at the moment, there will come a time when they will. There are several types of POA to consider: financial, medical or general decisions. Unlike written consent, this gives you legal authority to act on their behalf when they’re unable to.
Communicate what’s going on. Once you’ve started to manage your parents’ finances, keep your siblings, as well as theirs, in the loop. This way, if you’re unable to handle something, you can ask for backup support.
Keep your finances separate. It might be the easiest thing to do – mix your parents’ finances with yours – but in the long run, it’s not such a good idea. It can become a slippery slope. Granted, there may be times when your parents need a loan, but for the sake of clarity and personal record-keeping, it’s best not to jeopardize your own retirement and savings goals.
If you need more help, reach out to the National Alliance for Caregiving. As we all know, the circle of life is inevitable. But caring for your parents might be one of the most important things you’ll ever do – and chances are, you’ll want to get it right.
Taking over your aging parents’ finances is not easy. But it’s something that can be handled in an organized, compassionate way. Here’s a roadmap that shows how to embrace it and do the right things for everyone involved.
Start the conversation early. Right now, your parents might not need any help. They might be handling everything just fine. But there will come a day when they can’t – and they’ll need your help. The National Institute on Aging recommends that parents give advance written consent to designated family members so they can discuss personal matters with doctors, financial representatives and Medicare officials. If you don’t have this, you’ll be faced with some road blocks. If you open the dialogue now, you’ll circumvent obstacles, as well as get a better feel for what their future needs might be.
Watch for the signs. If you don’t see your parents often, and even if you do, the signs of when you need to step in might be a bit hard to detect. That said, there are some things to look for that will indicate that their needs are changing.
Unusual purchases. If you find out that your folks are buying things that don’t match their lifestyle, or entering lots of contests and sweepstakes, then it’s time to speak up. Behavior like this might get out of hand – or worse, they might be getting scammed. Older people are most vulnerable to the vultures out there.
Stacks of unopened mail. Watch for this, as the letters might be unpaid bills and/or solicitations for sweepstakes. Both are problematic.
Complaining about money. If your folks seem to be always low on cash, or say “no” to activities that they usually enjoy, talk to them. They might need your help for a number of reasons, whether it’s reconciling accounts or remembering how to pay bills, or if they even paid them.
Physical setbacks. Fading vision can impede driving to the bank and arthritis can be painful while writing checks or typing on the keyboard. Whatever ailment your parents might suffer from, this could be a cue that they need your assistance.
Memory problems. This is somewhat self-explanatory, but specific things to look for are not knowing what day or year it is, or just forgetting things that your parents once always remembered.
Start slowly. Instead of charging in and announcing that you’re taking control, take baby steps. Maybe offer to write checks for them. Or offer to pay a bill or two. Gradual, gentle steps make them feel more at ease and comfortable with the new way of doing things.
Gather important documents. Things to collect are account numbers, credit card info, birth certificates, insurance policies, deeds and wills. Make sure they’re all current and up-to-date. Put them in a secure location so you’ll have easy access when you need them.
Consider power of attorney. This is key. Even if your parents don’t need your help at the moment, there will come a time when they will. There are several types of POA to consider: financial, medical or general decisions. Unlike written consent, this gives you legal authority to act on their behalf when they’re unable to.
Communicate what’s going on. Once you’ve started to manage your parents’ finances, keep your siblings, as well as theirs, in the loop. This way, if you’re unable to handle something, you can ask for backup support.
Keep your finances separate. It might be the easiest thing to do – mix your parents’ finances with yours – but in the long run, it’s not such a good idea. It can become a slippery slope. Granted, there may be times when your parents need a loan, but for the sake of clarity and personal record-keeping, it’s best not to jeopardize your own retirement and savings goals.
If you need more help, reach out to the National Alliance for Caregiving. As we all know, the circle of life is inevitable. But caring for your parents might be one of the most important things you’ll ever do – and chances are, you’ll want to get it right.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
How Businesses Can Stay Current with the Digital Economy
March 1, 2022 · Blog, General Business News
⏱ 5 min read
According to the U.S. Chamber of Commerce, the level of usage and data swirling around the internet is expanding at an accelerating pace. The amount of data on the internet globally during 2020 amounted to 3 trillion gigabytes; and 2022’s traffic is expected to increase to 4.5 trillion gigabytes. As a result, the U.S. Chamber of Commerce is concerned about the challenges American companies will have when it comes to business competitiveness.
According to a survey from Statista titled “Challenges encountered as a result of digital transformations in global organizations as of 2020,” there are common challenges that businesses are facing, such as:
51 percent of respondents said that “skill gaps have opened up on traditional teams as top talent moves to digital teams or products”
48 percent said that “cultural differences or conflicts have arisen between traditional and digital teams”
41 percent also mentioned that “traditional teams have struggled to keep up with the pace of how digital teams work”
With so many issues businesses face as technology races ahead, it’s important for organizations to recognize and adapt to the dynamics of digital commerce. According to Harvard Business Review (HBR), it’s important to align the business and its goals correctly, especially when it comes to getting the most out of software development. For example, when companies buy software, they generally use third-party software for all their needs. While accounting and human resources functions may be fine for standardized uses, there are often situations when a personalized approach is needed to provide customers with a memorable experience.
HBR suggests businesses take certain steps that can make the journey easier and more effective in the long run. The first thing to do is identify current information technology-focused employees, because they’re the most closely aligned and ready for the transition. Along with looking for outside talent, it’s important to let internal software developers have an active role in the process.
It’s also important to let developers be stakeholders (along with accountability for failure) for solving organizational challenges versus giving them rigid assignments. Don’t focus exclusively on punishing failure; instead, encourage developers to analyze, pick apart reasons why failure happened and how future experiments can incorporate learning from past failures. Include developers in discussions with the people who will be using the software (other employees and customers who will be using it in the future).
Let’s look at Domino’s mobile application development as a case study. They were able stand out by improving their app with a feature that gave customers the ability to track their order from when it was being prepared to delivery. This process included increasing the efficiency of its systems, practices and techniques, along with having employees who performed advertising related functions work closely with software developers. It helped their stock price increase dramatically, performing better than many publicly traded technology companies.
One challenge for businesses going forward is since there are still tens of millions expected to come online with broadband, the amount of data and traffic will only increase. When it comes to broadband service requirements set by the Federal Communications Commission (FCC), they are at least 25 Mbps to download and 3 Mbps to upload. According to the FCC, approximately 14 million Americans lack broadband, with as many as 42 million reporting lack of access, according to Broadband Now Research. New York City’s Mayor’s Office of Technology reports that 18 percent of NYC residents lack broadband, making it problematic to work from home, access government services online, make doctor appointments, etc.
According to a December 2021 Digital Trade and U.S. Trade Policy report from the Congressional Research Service, there’s no stopping the expansion of trade in the digital world. It found statistics from the Department of Commerce for the “digital economy,” where 9.6 percent of GDP was generated from this sector. It also found that 7.7 million workers were employed because of this approach to commerce. However, unless businesses take care to ensure the same level of communication is accessible, formally and informally, there may not be the same level of efficiency for remote workers.
According to MIT Sloan Management Review, remote workers are at a disadvantage when it comes to indirect types of learning employees have compared with in-person settings. Whether it’s before work starts, during break or lunch time, or interacting with or observing a customer or client, employees working virtually have little to zero of these types of passive opportunities to learn on the job. Be it an additional comment after signing off an email, having a few opportunities to chat or talk online during breaks or similar, this type of passive informal communication needs to be addressed to make up for the in-person experiences other employees have.
While the way work will be conducted in the future can’t be predicted, it will certainly include using the internet – and for many employees, it will involve some time away from the office.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
Insurance companies usually offer cost estimates for treatments. Some companies like UnitedHealthcare and Blue Cross Blue Shield even have cost comparison tools. If your insurance provider doesn’t offer this, try third-party sites like Healthcare Bluebook and GoodRx to shop and compare. Remember that though important, cost should never be the top consideration when deciding on a facility for your healthcare.
Understand What Your Insurance Covers
And what it doesn’t. Ask for a Summary of Benefits and Coverage from your provider to find out exactly what’s what when it comes to coinsurance, deductibles and more. Being prepared is always a good idea.
Ask for an Itemized Bill
After your treatment, you’ll receive an Explanation of Benefits (EOB) from your insurance company. This isn’t a bill and might be updated while your claim is being processed. But the first thing to do when you receive these are to check them for errors – humans make them!
Make Sure Services are In-Network
Before your procedure, check to see that all your labs, anesthesiologists and other services are in-network. Some states prohibit out-of-network providers from charging out-of-network prices when performing care at an in-network setting. Learn about your state’s level of protection at The Commonwealth Fund.
Seek Assistance Programs
Ask your healthcare provider – the hospital or lab’s billing department – about financial assistance and/or charity programs. Thankfully, hospitals have a standard procedure for helping those who are unable to pay their bills. Some hospitals even have discounts for people who don’t have access to medical insurance. You might also ask your provider about medical debt forgiveness. If this is an option, you’ll be asked to share tax returns and other relevant documents. Other resources to help you navigate your healthcare expenses are the Patient Advocate Foundation or the PAN Foundation.
Get on a Payment Plan
Generally, healthcare providers offer no-interest payments and are available to anyone who needs it. Better still, you won’t have to meet eligibility requirements like you would with payment assistance programs. But when setting something like this up, make sure you agree to a plan that you can stick with. Otherwise, your bill might be turned over to a collection agency.
As you know, your health is your most precious asset. Make sure you’re fiscally prepared to care for it.
Medical Debt Consolidation: Using a Loan to Pay Medical Bills (lendingtree.com)
State Balance-Billing Protections | Commonwealth Fund
8 Ways to Negotiate Medical Bills
February 1, 2022 · Blog, Tip of the Month
⏱ 4 min read
According to statistics from the Society for Human Resource Management (SHRM), employer-budgeted healthcare costs increased to an average of $12,792 per employee in 2021. Employees can help keep employer healthcare costs – and their premiums – down by planning ahead and negotiating fees for service.
Call Before Your Treatment
When you’re busy, sending an email might expedite your request. However, it’s best to stop, take a little time to pick up the phone and talk to a real person. Ask for the hospital’s billing department and get an estimate of how much your procedure might cost. (Write down the name of the person you speak with, plus the day and time.) Send this to your insurance provider to find out what your plan will cover. Then contact the hospital and let them know how much you can afford. When you’re recovering, you’ll have less worry about how to pay.
Offer to Pay in Full Up-Front
If you have the resources to do this, go for it. Consumer Reports estimate that you could save 20 percent off your bill. Ask to speak to someone who has the authority to grant you this deal and again, jot down the details of your call. However, if the treatment is more than you can afford, you might consider medical debt consolidation.
Shop Around for Less Expensive Providers
Insurance companies usually offer cost estimates for treatments. Some companies like UnitedHealthcare and Blue Cross Blue Shield even have cost comparison tools. If your insurance provider doesn’t offer this, try third-party sites like Healthcare Bluebook and GoodRx to shop and compare. Remember that though important, cost should never be the top consideration when deciding on a facility for your healthcare.
Understand What Your Insurance Covers
And what it doesn’t. Ask for a Summary of Benefits and Coverage from your provider to find out exactly what’s what when it comes to coinsurance, deductibles and more. Being prepared is always a good idea.
Ask for an Itemized Bill
After your treatment, you’ll receive an Explanation of Benefits (EOB) from your insurance company. This isn’t a bill and might be updated while your claim is being processed. But the first thing to do when you receive these are to check them for errors – humans make them!
Make Sure Services are In-Network
Before your procedure, check to see that all your labs, anesthesiologists and other services are in-network. Some states prohibit out-of-network providers from charging out-of-network prices when performing care at an in-network setting. Learn about your state’s level of protection at The Commonwealth Fund.
Seek Assistance Programs
Ask your healthcare provider – the hospital or lab’s billing department – about financial assistance and/or charity programs. Thankfully, hospitals have a standard procedure for helping those who are unable to pay their bills. Some hospitals even have discounts for people who don’t have access to medical insurance. You might also ask your provider about medical debt forgiveness. If this is an option, you’ll be asked to share tax returns and other relevant documents. Other resources to help you navigate your healthcare expenses are the Patient Advocate Foundation or the PAN Foundation.
Get on a Payment Plan
Generally, healthcare providers offer no-interest payments and are available to anyone who needs it. Better still, you won’t have to meet eligibility requirements like you would with payment assistance programs. But when setting something like this up, make sure you agree to a plan that you can stick with. Otherwise, your bill might be turned over to a collection agency.
As you know, your health is your most precious asset. Make sure you’re fiscally prepared to care for it.
Medical Debt Consolidation: Using a Loan to Pay Medical Bills (lendingtree.com)
State Balance-Billing Protections | Commonwealth Fund
Disclaimer
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
Metaverse has become a buzzword with much debate on its potential implications once it is fully realized. As far as businesses are concerned, the metaverse presents new opportunities and challenges, especially for marketing, branding and communication professionals.
