Category: Brandpoint Business & Finance

2023-04-25T08:01:00

(BPT) – Tighten the purse strings. Balance the budget. Cut back. There are many ways to say it, but the current economy has millions of Americans doing the same thing: struggling to make ends meet. Wouldn’t it be nice to alleviate the financial pressure?

For some people, this means asking for help. Four in 10 people have asked their loved ones for money over the past year to deal with the rising cost of living, according to an Herbalife survey of 8,500 respondents across 10 countries, including 2,000 Americans. Results show respondents are relying on others for help with essentials, including groceries (40%) and their rent or mortgage (29%).

Asking for help is hard to do, but it’s certainly not reflective of people’s lack of effort. In fact, 56% of respondents currently have a side hustle or other form of supplemental income. Of those people with side hustles, 55% shared they started it solely to make ends meet, 40% to deal with the rising cost of living, 38% to be less reliant on a single source of income and 36% wanting to have a disposable income.

“In addition to providing an extra source of income, many side hustles are flexible, allowing people to work at their own schedule,” explained Ibi Montesino, Herbalife’s executive vice president of distributor and customer experience. “Our research shows that on average, most people say that they’d need to earn about $404 more per month to live comfortably.”

The research also shows that those with a side hustle commit an average of about eight and a half hours per week to that side hustle. But that time can vary: 28% dedicate 3–5 hours a week to their side hustle, while 24% devote 6–10 hours per week.

If you think a side hustle might be helpful for you, there are many options based on your interests, resources and availability. Some people care for kids or pets, while others may do house cleaning, landscaping or other handy work. These types of side hustles can help you save money, but it can be challenging when you’re solo and don’t have a support system.

Another option that some people find is a better fit is direct selling. This is when you are an authorized representative that sells products for a company, and the big benefit is that there is often training and a support system to help you succeed.

“The increased cost of living is causing people to search for supplemental income streams. Direct selling provides flexibility and a support system that positions you to reach your goals,” said Humbi Calleja, Herbalife’s vice president and general manager, North America.

If you’re interested in direct selling, it’s important to find an opportunity that works best for you. Montesino and Calleja recommend these simple tips to help people find the right network marketing company:

Pinpoint the ideal product or service: Finding a consumable product that sells consistently and needs replacement is a great option. Choose something you’re passionate about because you’re more likely to dedicate time and effort to it.

Learn about the company: Before deciding what company to move forward with, researching their background is a must. Typically, the longer the company has been in business, the more experience it has.

Determine start-up costs: Once you identify the right company for you, determine the cost of the start-up kit. It will contain everything you need to get started and run your business.

Study the compensation plan: This shows you how the company plans to incentivize and reward your hard work. It will also give you an idea of income expectations, income frequency and how long it will take to reach your goals.

Confirm marketing support: Aside from your start-up kit, having access to marketing support helps grow your business. For example, the company should help you identify the target market to understand your customers better and provide online marketing resources to help you launch effective promotions.

Research training opportunities: Ongoing training and opportunities to connect with people going through the same experience will help inspire you and enable you to run your business better.

Opportunity for growth: Ensure that the company has demonstrated continuous growth opportunities and is committed to helping you with resources and support as you strive to reach your goals.

No one can predict what the economy will do in the future, but you can take control of your finances by adding an extra income stream. Start by researching opportunities and choose the right one for you.

2023-04-20T23:45:00

(BPT) – For companies, it has become important to have a clear, distinctive brand identity that make it stand out among competitors and position the brand as iconic in the mind of consumers. Thanks to social media platforms, consumers — especially the younger generations — are constantly exposed to brands who have been struggling to make a positive impression and stay impactful, working to build a brand identity that will enable it to be loved by consumers from all walks of life.

So, how can brands do this? A great example of this is LG Electronics and its newly updated brand identity. This month, the company unveiled a new brand direction and outlined its visual identity, shedding light on its corporate value with a more dynamic and youthful look across all physical and digital customer touch points. For LG, the aim is to raise brand awareness, enabling the brand to be loved by customers across countries and generations and, ultimately, establish itself as an iconic brand.

Let’s look at key points that brands need to focus on to become a brand loved by all.

Being Unique, but Showing up with Unified Visuals and Messages

Consumers of today empathize with and respond well to authentic brands, especially those with values they agree with. This is why it is vital for a brand to be consistent and well-aligned, delivering a great consumer experience that makes good on its brand promise. LG prioritized brand alignment, outlining changes to its branding under new brand guidelines shared with all employees around the world. The new guidelines even reiterate the company’s core values of ‘Uncompromising Customer Experience,’ ‘Human-centered Innovation’ and ‘Warmth to Power a Smile,’ ensuring that the brand’s values are reflected in all its communications.

Creating a Memorable Brand Slogan

As much as a name and logo, a memorable slogan has the power to attract attention and differentiate a brand. This year, LG repackaged its brand slogan of Life’s Good — encompassing the message of how the company enables its customers to enjoy a quality life and indulge in precious moments via LG products, services and communication — in a new design inspired by the lines and shapes of the company’s products. This new brand asset will be widely distributed across all customer contact points, including product packaging.

Giving it a Spin by Adding Vitality in the Digital Space

With more and more customers engaging with a brand through online and mobile platforms, digital assets are a great opportunity for companies to win customers’ hearts. In the case of LG, the company brought its symbol to life to engage customers with a new level of expressiveness. Creating a face with the letters ‘L’ and ‘G’, LG’s brand symbol can perform eight unique motions, such as nodding, spinning and winking, enabling the company to greet customers with a friendly smile across digital platforms.

Establishing Brand Personality through Colors

Color isn’t just an aesthetic element but a great tool when it comes to branding. Associating a color with a brand can significantly build brand awareness. For LG, its main color has always been the unique and bold LG Red, representing the friendliness of the brand and emanating the strong impression of the company’s commitment to deliver the best. This year, the company has introduced the new Active Red, rejuvenating the brand with a young, energetic and modern image.

Not limited to this, the company also introduced a warm palette of grayscale colors to bring a touch of warmth to its communications. Utilizing these colors, LG also has developed various new gradients that utilize the company’s key colors to deliver depth, warmth and richness. The gradients also offer variety as they can be applied according to the unique characteristic of each product or service.

With a revamped brand strategy, LG can better communicate its value proposition and unique identity, which harmonically blends innovation and warmth.

To learn more about LG and its updated brand strategy, visit LGnewsroom.com.

2023-04-12T08:01:00

(BPT) – Farmers: there’s no doubt that you are the backbone of our nation. Hardworking, industrious and passionate, you’re the small business owners that put food on America’s tables. But that doesn’t mean you’ve got it easy — far from it. So, let’s talk about an often-neglected tool that can give you a major leg up — credit card rewards. That’s right, choosing the right rewards program can help you save money and improve your bottom line, like a bumper crop all year round.

So, how exactly can cashback rewards help you? Here’s how:

Lowering Operational Costs

For starters, you can use the cashback you earn from your credit card purchases to offset future expenses. That means you can save money on everyday things like fuel and equipment repairs and even on those big-ticket items like farm equipment upgrades.

Farmers can also use cashback rewards to purchase farm supplies such as fertilizers, seeds and other agricultural products. These expenses can quickly add up, but by using cashback programs, farmers can better adapt to year-over-year price changes of bulk-purchased goods. And if you’re frequently traveling for business (like to farmers’ markets), you can utilize cashback rewards to pay for your travel expenses, and some cards even offer fuel bonuses and vehicle insurance protection.

Making Upgrades

Speaking of upgrades, we all know that the latest and greatest equipment can make a huge difference in crop yield and client acquisition. But we also know that they can cost an arm and a leg. That’s where cashback rewards come in — they can help offset those costs and even allow you to purchase equipment entirely with reward points. Some cards even allow entire equipment purchases to be made with reward points, saving hundreds of thousands of dollars.

Farmers can even use cashback rewards to invest in sustainability initiatives, such as renewable energy sources, water conservation or soil conservation projects. These initiatives can help reduce the environmental impact of farming while also providing long-term cost savings. And if you live in a state where environmental regulatory pressure is increasing, cashback could very well play a part in affording compliance.

Rewarding Employees

But cashback isn’t just for equipment and sustainability — you can even use your rewards to reward your hardworking farmhands! Imagine using your points to purchase gift cards or bonuses for your staff, boosting morale and showing them how much you appreciate their efforts. Well-earned credit card rewards can allow you to make a difference in the lives of your employees.

Building a Rainy-Day Fund

And let’s not forget about the importance of having a rainy-day fund in the agriculture business. With so much uncertainty, extra financial security can make all the difference. Cashback rewards can help you build up that rainy-day fund and prepare for anything that comes your way.

Ultimately, credit card rewards are a farmer’s fierce ally. They can help you save on operational costs, upgrade your equipment, invest in sustainability, reward your employees, and build a rainy-day fund. So, what are you waiting for? Start raking in those cashback rewards and watch your bottom line improve!

2023-04-12T08:01:00

(BPT) – For small manufacturers, every penny counts. From buying raw materials to paying for equipment and utilities, expenses can add up quickly. That’s why finding ways to save money wherever possible is crucial. One often overlooked method is taking advantage of credit card rewards programs. Using credit cards strategically can allow small manufacturers to earn rewards and cash back on their everyday business expenses, reducing overall costs, increasing emergency savings, and allowing low-income earners to benefit from rewards.

Check out how you can save big when using a cashback rewards card for your small manufacturing business, below.

Reducing costs

Credit card rewards, like cash back, can provide valuable cost savings for small business owners in the manufacturing industry. Small manufacturing stores often struggle to purchase large quantities of products or expensive machinery. These costs can add up quickly, leaving little room for other necessary expenses in the budget. With credit card rewards, small businesses can save money on their purchases and increase their budget. The funds can then offset other expenses, such as rent or payroll, providing additional cost savings.

Increasing emergency savings

Unexpected events in the U.S. economy and recent inflation increases have significantly impacted small manufacturing businesses’ financial stability. Having a robust emergency fund can make all the difference in ensuring the long-term sustainability of a business. Credit card rewards that offer cash back can be particularly useful, especially for small businesses with high costs. Many credit card companies offer credit cards with cashback rewards for purchases made on necessary business expenses, which can help manufacturing businesses accumulate a significant amount of cash back over time.

Invigorating the local economy

Using credit card rewards with cashback benefits can positively impact on the local economy and help support small manufacturing businesses in many ways. Having both consumers and small businesses earn cashback rewards on their purchases allows them to have a larger amount of disposable income to spend. This increased spending, in turn, can help small manufacturing businesses by creating more demand for their products and services. In addition, many payment networks partner with small businesses to offer exclusive deals and discounts for those using credit cards, driving more consumers to local establishments. Credit card rewards programs with cashback benefits contribute to the growth and sustainability of the local economy by supporting small manufacturing businesses.

Ultimately, utilizing cashback rewards from credit cards ensures small manufacturers reinvest in their businesses and expand their operations. Main Street shops should take advantage of the valuable cost savings. Credit card companies empower individuals of all socioeconomic backgrounds to benefit from credit card rewards and support local businesses by offering rewards.

2023-04-12T08:01:00

(BPT) – Whether it’s your local ice cream shop, neighborhood dry cleaners or go-to family-owned grocery store, mom-and-pop shops bring communities together. These businesses foster connections between residents and merchants, provide a more personalized shopping experience and support the local economy.

So how can these local businesses provide the benefits we know and love? The answer might surprise you: credit card rewards programs.

Credit card rewards allow consumers to earn points for their purchases. One example is through cash back, where consumers can earn cash based on their credit card spending. But if cash back isn’t for you, there are other rewards you can earn, like points toward travel, hotels, groceries or gas. With credit card rewards, the possibilities are endless.

The best part about credit card rewards is that they don’t cater to one specific consumer group. In fact, consumers of all income levels use and benefit from credit card rewards every day. According to a 2021 survey from Phoenix Marketing International, 98% of credit cardholders owned a rewards card, including 82% of cardholders earning less than $20,000 annually. And luckily, credit card rewards are a win-win for both consumers and local businesses.

Credit card rewards programs are essential to the success of mom-and-pop shops. They keep community institutions afloat and allow these stores to adopt the latest technological advancements. These programs’ amazing benefits incentivize consumer spending and generate additional revenue. It’s called the ticket lift phenomenon — the availability of credit and rewards actually increases consumers’ spending ability, benefiting local businesses by increasing cash flow. This, in turn, allows companies to invest in themselves, providing shoppers with innovative technology, efficient transactions and an overall better customer experience.

But the benefits don’t stop there. Credit card rewards programs also fuel payment innovation for small businesses. Mom-and-pop shops are able to integrate new technologies like contactless payments, mobile wallets and tap-to-pay systems, making the shopping experience smoother than ever before. And with these advanced payment systems, small businesses can more easily compete technologically with their larger, wealthier corporate competitors. Small business owners can draw customers with the same convenient tools offered by the likes of Amazon and Walmart — all while resting assured that their customers’ credit transactions are safeguarded by top-tier fraud protection.

And believe it or not, credit card rewards make this all possible. By bolstering consumer credit spending, rewards programs help fund the very mechanisms that allow the industry to offer its myriad benefits. Data security, consumer privacy protections and seamless transactions all result from a healthy and vibrant credit card economy. And with credit card rewards, everyone wins. Consumers earn the points and cash back they love, while small businesses receive the latest payments and security technology needed to compete in the modern marketplace.

Indeed, credit card rewards benefit not only consumers but also small businesses and the communities they serve. These programs help keep economies humming, shops thriving and locales blossoming. They’re truly a victory for the little guy. So, what are you waiting for? When you’re ready to make a purchase, get rewarded for shopping small.

2023-04-06T12:01:00

(BPT) – It’s that time of year again. Time to renew the commercial insurance policy for your business. When it comes to commercial coverage, liability and property coverages are common but sometimes they’re not sufficient to protect your business from common risks.

“We’re seeing several claims from business owners who incorrectly assumed that their traditional policies covered them for things like cyber breaches or employee theft,” says Brittney Passini, commercial lines product director with Acuity Insurance. “Unfortunately, that’s not always the case.”

With 2022 Acuity data showing commercial claims at a five-year high — up about $3,000 per claim from 2021 and record inflation squeezing businesses tighter — it might be beneficial to put more thought into your commercial coverage this year.

As you think about renewing your insurance policy, consider these four commonly overlooked coverages:

1. Cybersecurity

With larger businesses investing in cybersecurity tools, hackers are increasingly targeting small and medium-sized businesses. In 2021, the FBI’s Internet Crime Complaint Center received 847,376 complaints about cyberattacks and malicious cyber activity with nearly $7 billion (about $22 per person in the United States) in losses, most of which targeted small businesses.

Cybersecurity insurance typically packages cyber liability and data breach coverage. Cyber liability coverage pays if you’re liable for unintentionally spreading malware, and data breach provides coverage to respond to accidental loss or release of customers’ personal and identifying information.

2. Business income and extra expense

After a fire, windstorm or other property loss, a business owner’s immediate focus is usually on repairing buildings and replacing lost inventory. Until those repairs are made and customers start coming back in the door, retailers also may suffer loss of income. This loss of income is not normally covered by a basic business property policy. Business income coverage helps bridge the gap, and extra expense coverage pays for added costs needed to resume operations. Without these additional coverages, businesses that endure a property loss may not have enough capital to keep their business running. While property insurance covers the physical damage, business income and extra expense coverage helps bridge the gap by providing funds to replace the income that is lost while the physical property damage is being restored as well as cover additional expenses, such as rent.

3. Employee dishonesty

A recent study from Zippia shows that 75% of all employees steal at least once, including cash, merchandise and business property. The same study shows that an average of 5% of an organization’s revenue is lost each year due to employee theft, which isn’t covered in typical business property policies. Employee dishonesty coverage protects you against employee theft of money, securities or property.

4. Peak season

While these busy seasons can vary depending on your industry, most businesses experience a few months each year that are busier than most. While some businesses carry extra inventory or have extra staff on hand during these busy months, many business owners overlook these times when setting limits on their property policies. Peak season coverage increases the limit of your business personal property during these times, without needing to carry a higher limit all year.

Ultimately, Passini recommends a collaborative approach to ensure your business is adequately covered.

“Don’t fall into the trap of making assumptions about coverage,” Passini says. “Work with an independent insurance agent who’s dedicated to understanding your business and can provide the right coverages, limits and discounts to fit your business’s needs.”

2023-03-22T08:01:00

(BPT) – With spring comes the desire for a fresh start — whether it’s for yourself, your wardrobe or your home. It’s the perfect time to sport a new look, clear out clutter and swap out tired, old decor for fresh, seasonal colors and textures. Unfortunately, revamping for spring can easily become an overwhelming task or bring a hefty price tag.

But don’t despair — here are some tips to help you prepare for the new season without the added stress:

Set a budget

A spring refresh should be just that — a refresh! But with your excitement about a new start can come a seemingly endless to-do list that prompts you to spend more time and money than you’d like. At the onset, decide how much time you want to devote to cleaning, and set timers or listen to a favorite podcast to help you stick to your time limit. Make sure you also consider how much you want to spend on anything new so you don’t go overboard.

Out with the old

Whether you’re looking to update your closet or your home, make room first by removing old clothing or decor. Consider donating what you’re ready to part with, or selling the items with a second-hand retailer like Poshmark or The RealReal to pocket some extra cash.

Remember small changes can make a big difference

You don’t need to overhaul your entire wardrobe or home to feel refreshed. Choose a handful of new items — like vibrant, flared pants or statement earrings — and pair them with your timeless pieces, mixing and matching to create new outfits. When it comes to your home, consider a couple of simple changes or additions to give your favorite spaces a whole new look — like replacing artwork with a large mirror to bring in more natural light or adding new throw pillows.

Shop with a flexible, transparent payment option

Another way to enjoy a spring refresh without losing control of your budget is by paying over time with Affirm. Whether you’re shopping for a fresh floral dress or a new, bold patterned sofa, Affirm gives eligible shoppers the ability to pay biweekly or monthly. Just enter a few pieces of information to check if you’re eligible, and then approved shoppers can spread purchases out in a way that works best for their budget. Don’t worry — you’ll never pay a penny more than you agree to at checkout because Affirm never charges late or hidden fees.

Ready to start your spring refresh? Select Affirm at checkout or download the Affirm app and request a virtual card to use online or in-store pretty much anywhere.

Payment options through Affirm are subject to eligibility and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to California Finance Lender license 60DBO-111681.

2023-03-21T07:01:00

(BPT) – Shopping today is a vastly different experience than it has been historically. Now, you can go to the store or shop online from the comfort of wherever. You can get free delivery, same-day delivery and even at some retailers, 15-minute delivery. Choice, speed, convenience and payment options are plentiful.

For some generations these have been game-changers, but for a massive group of shoppers with growing purchasing power, this is the expectation. Consider a third of the U.S. population is younger than Amazon, which started in 1994. For the teens and adults in this group, one-click ordering, and fast, free shipping are the default.

These expectations are shaping the future of consumerism and smart retailers are taking note. Offering shoppers a seamless experience is essential, no matter where or how they are shopping. In fact, you probably have a few favorite retailers because you know they have what you want, when you want it, and it’s a simple process to get it wherever you are located.

To embrace the future of shopping, many retailers are taking a unified commerce approach. This means they use interconnected systems and data to provide the best customer experience, including inventory, sales, e-commerce, fulfillment, returns, customer relationship management and more.

Manhattan Associates Inc., in partnership with Google Cloud and Zebra Technologies, recently announced the industry’s first real-world analysis of unified commerce. The Unified Commerce Benchmark for Specialty Retail, conducted by Incisiv, assessed 124 retailers across 11 specialty retail segments on the implementation of 286 key attributes of unified commerce.

Based on insight from real purchases, returns, and customer journeys across digital and physical channels, the study reveals the common attributes of successful retailers and the opportunities for others to improve their customer value and modernize operations.

Which companies are the best of the best in unified commerce? Fifteen emerged as overall leaders: Academy Sports + Outdoors, American Eagle Outfitters, Belk Inc., Crate & Barrel, Levi’s, Macy’s, MAC Cosmetics, Neiman Marcus, Nordstrom, Pandora, REI Co-op, Saks Fifth Avenue, Sephora, UGG and Zales.

Some other noteworthy discoveries of the research include findings made by expert secret shoppers. Here are some top shopping habits and retail trends:

Ability to change your mind

Ever placed an order only to change your mind? Some retailers offer the flexibility to modify orders post confirmation. Lifestyle apparel retailers lead the way in this capability with 50% allowing customers to modify orders post-confirmation, far outpacing the retail average (18%). Sporting goods retailers come in dead last in this area, with 0% offering this functionality. And only 15% of retailers will let shoppers change their shipping/fulfillment method post order confirmation.

Easy tracking and delivery confirmation

Wondering where your package is? About three-quarters (72%) of retailers offer customers order tracking and notifications, but plenty still lack this important feature. Athleisure retailers are the worst offenders, with just 60% providing tracking and notifications. Meanwhile, cosmetics and skincare retailers are likely to provide regular status updates — 97% will send you notifications if you’d like them.

Flexible payment options

A whopping 93% of leaders allow shoppers to Buy Now, Pay Later (BNPL), but non-leaders aren’t too far behind: 82% offer this option. Additionally, half of leaders let shoppers use mixed payment methods (e.g., pay partially with a gift card, partially with a credit card). However, most retailers — leaders or not — do not offer the ability to check out with Apple Pay or Google Pay, leaving room for improvement.

Sustainability efforts

If the environment is important to you and influences your shopping habits, you’re not alone. The study found only 20% of shoppers are satisfied with their preferred retailer’s sustainability practices and 40% of shoppers are actively looking for, and willing to spend more for, sustainable and ethically sourced products. Companies are appealing to sustainability as a growing consumer priority by publishing detailed content on sustainability practices: 87% of leaders do this, far outpacing the share of non-leaders that do the same (58%).

Consumer needs are always evolving and the most successful retailers are the ones who have the ability to keep up with these changes. By embracing unified commerce, retailers can give today’s connected consumers the information and personalized shopping experience they are increasingly demanding. Read more at RetailBenchmark.Manh.com.

2023-03-21T07:01:00

(BPT) – It seems like every day we hear about a new technology that will improve some part of our lives — from AI at work to smart devices at home to cars that remind us to stay in our lanes. As technology advances, many of these innovations are becoming more mainstream and accessible — helping to improve our lives, our work and our connections to each other.

From new satellite technologies to enhancements in video streaming, here are five tech trends to watch.

AI keeps advancing

Artificial intelligence (AI) may sound like something out of science fiction, but you’ve probably already encountered it. If you’ve asked your phone a question (and it answered) or chatted with a customer service agent on a website, you have actually used AI. Recently, tools like ChatGPT — an AI engine that anyone with a computer can try — have gained popularity for their remarkable accuracy in answering questions and offering up surprisingly natural information. As AI becomes more ubiquitous, it will change the way we work and interact with each other. Moving forward, look for AI to become more integrated into the software you use at work.

Augmented reality gets real

You’ve probably heard about the “metaverse.” Although it sounds like a cartoon universe, the metaverse is real in that it’s a digital world where people communicate using augmented reality (AR) and virtual reality (VR). Some predict the metaverse will evolve to become the next iteration of the internet. While the metaverse is likely years away from showing up in every living room, some of its features, like AR and VR, are growing more common for entertainment, education and training. For example, National 4-H, America’s largest youth development organization, is using augmented reality to help make complex topics like satellite technology more fun and engaging, as in this activity answering the question, “How Does Satellite Internet Work?” presented by HughesNet.

Streaming services go mainstream

People everywhere have become dependent on streaming video services — whether subscription-based or free. In fact, up to 80% of all internet traffic is video! While this appetite shows no sign of slowing in 2023, market dynamics could change how streaming services serve up video content to consumers. With some introducing advertising into their content and others restricting password sharing, consumers should be on the lookout for changes to their subscription services. In 2023, many viewers will likely return to traditional services like cable TV.

Rural America gets more options for high-speed internet

For decades, rural America has relied on a host of options to get connected to the internet, including DSL, fixed wireless and satellite internet. Thanks to new innovations, these services are getting better — and one is poised to change how communities beyond the reach of fiber access high-speed internet. New multipath technologies like HughesNet Fusion Plans combine satellite and wireless technologies to deliver a high-speed, reliable internet experience with reduced latency. The plans use the best connection for online activities at any given time to deliver a fast and more responsive internet experience. Equipped with more data than ever, expect multipath offerings like HughesNet Fusion Plans to grow in popularity in 2023.

Consumers get serious about cybersecurity

Nowadays, almost every aspect of our lives can be found online. From banking, to shopping, social media and work, our online footprints are larger than ever. Not surprisingly, so is the threat of cybercrime. Everyone must beware of Internet fraud, identity theft and tactics like “phishing” — where cybercriminals send emails designed to trick us into sharing personal or financial information. But with the help of new tools and technologies, such as password managers and multi-factor authentication, we can better protect ourselves from bad actors online.

From AI to AR, new technologies are improving our lives in ways we never could have imagined. Just as technology evolves, so will the ways we work and interact and collaborate with each other.

2023-03-20T00:01:00

(BPT) – Since the onset of the global pandemic there has been a paradigm shift that work is what you do, not where you do it. As workers increasingly return to traditional offices, the need to transform the space into more dynamic and collaborative business centers grows.

According to Forrester, 70% of U.S. and European companies will pivot to a hybrid work model post-pandemic. What’s more, 75% of CEOs expect their office spaces to shrink, so the space that is retained must be intentionally created with hybrid in mind.

“The problem is that while many American employers have embraced this model for their employees, they have not fully implemented collaborative strategies and the necessary technologies that help workers remain productive, creative and inspired in and out of the office setting,” said Shannon MacKay, general manager of WW Smart Collaboration Business Group, Lenovo.

Adopting the right technologies so employees can seamlessly work in the office, at home or elsewhere is key to the success of hybrid work. When done correctly, it can set an organization up for success: According to a recent Lenovo study, a majority (77%) of employees and IT decision-makers believe that productivity and collaboration tools have made or will make their business more efficient in the long run.

When done poorly it can diminish productivity, culture and ultimately, the workforce: According to the Adobe State of Work Report, 32% of workers (nearly a third) have said goodbye to an employer whose tech was a barrier to their ability to do good work — up from 22% pre-COVID.

Hybrid work will require new ways of collaborating to ensure an inclusive environment that attracts and retains top talent. This is particularly important considering in-person meetings will drop from 60% of total enterprise meetings to just 25% by 2024, according to Gartner’s 2021 Digital Worker Experience Survey.

Unfortunately, the Lenovo study shows large enterprises report an average of three unified communication/collaboration applications in use at their companies. This makes collaboration complex and a daily pain point for workers. Not only does this restrict communication, so many of the important interactions between people that build company culture and teams are lost.

“Hearing the live reactions, or impromptu exchanges going on at the end of the table is the difference between feeling like an equal citizen at a hybrid meeting and feeling like a second class one. What about if those microphones can auto-adjust to the positioning of the participants in the room and upweight the sound of those on the right of the room in the right-hand speaker to make it as realistic as possible for those at home too?” said MacKay.

Purpose-built technology like Lenovo’s new ThinkSmart One, the world’s first Windows-based completely integrated collaboration bar, anticipates the continued growth of hybrid meeting spaces as businesses strive to find innovative ways to work together in a distributed workforce. Designed to easily equip small meeting rooms, the bar offers an exceptional audio-visual through eight microphone arrays with echo and noise cancellation, 15-Watt stereo speakers and an integrated high-resolution camera with wide field of view.

There is no one-size-fits-all solution when adjusting to hybrid work. It is critical for IT leaders to reassess their technologies and best practices to ensure all participants have an equal opportunity to collaborate, share ideas and influence decisions. Companies focused on a successful ‘return to work’ plan must implement customizable technologies to make sure their office setup matches their employees’ needs.