What is Product Liability Insurance? 4 Things You Need To Know

Large business manufacturers produce goods at a massive scale every day, and there are always products that will have defects that cause malfunctions and a decrease in quality. Because of this, production lines always include a quality testing stage in the whole process to ensure that all products are tested and Inspected for any type of defects. After a product passes quality control, it can now be packaged and shipped to outlet stores and distributors. Still, some products get damaged during transport, and these can still make it to the store shelves and the consumers. When consumers purchase a defective product while being unaware of its condition, it may cause serious harm to the user if an accident occurs due to the malfunction of the product. These situations usually lead to lawsuits being filed against the company, and the consumers may sue them for the damages caused by their products. Lawsuits regarding defective products and damages to customers usually lead to million-dollar lawsuits that can greatly affect the company’s sales and reputation, leading them towards bankruptcy. To avoid such situations, manufacturing companies can avail product liability insurance that can protect them from lawsuits and damages to their company’s name and sales. The next part of this article will cover the basic knowledge that one must know regarding product liability insurance.

Several phone manufacturers also avail of product liability insurance packages.

1. What is product liability insurance?

Product liability insurance is a type of insurance package that companies and manufacturers can avail to protect their companies from lawsuits and claims of personal injury or property damages from their customers. Companies take time to set up product liability insurance since this can help them cover the legal costs brought by lawsuits. The insurance package can also cover costs of medical damages and property damage. Insurance companies offer different insurance packages depending on their client’s business scale, which ranges from small business owners to large conglomerates.

2. How does product liability insurance work?

Whenever a malfunction occurs on a product purchased by a customer, the product liability insurance package of the company will help pay for the damages done by the malfunction of the product. An example of this occurrence can be observed on a Samsung Note 7 lawsuit that happened on a flight of Jet Airways.

In October 2017, a female passager was boarded on a flight to India on Jet Airways when suddenly, her phone burst in flames while stored in her handbag. The passenger observed smoke coming out of her handbag approximately 15 minutes after boarding the flight. A flight attendant immediately responded to the situation and tried to use a fire extinguisher on the device, but the fire extinguisher failed to operate. The attendant then submerged the device in a tray full of water to prevent any possibility of fire or explosion. Fortunately, the device stopped smoking, and nobody was harmed during the incident. In the aftermath, the female passenger was furious over the lack of preparation of the airline’s safety precautions and was planning on filing a complaint against the company as well as the phone’s manufacturer.

In this incident, the phone company was expected to pay for the damages caused by their product. This was not the first time that Samsung has encountered smartphone problems as they had to recall some of their products in the past year. The company did not have product liability insurance, and they also had to recall the note 7 series products in the previous year due to other claims of malfunction and exploding batteries, so they were expecting a loss of over $17 billion in total revenue.

Had they availed a product liability insurance for this product, they could have lessened their losses significantly. They could have avoided a product liability lawsuit that could affect their resources and brand reputation.

3. How much is product liability insurance needed?

To decide how much a product liability insurance package will cover, the scale of the business must be considered. A large-scale business will typically produce a thousand units of products in a single day, which means there is a larger possibility of occurrence of defective products. A larger yield will mean more defective products, so the insurance must cover the majority of the price of production to avoid major losses in case of a recall or a lawsuit. Smaller business owners will only need to avail a basic package for product liability insurance since their production rate is less than that of large-scale companies.

Insurance can help secure a business against liabilities.

4. What is the difference between general liability insurance and product liability insurance?

General liability insurance is a type of insurance purchased by businesses to protect their companies from all types of claims and lawsuits that may affect their sales and profits in any way. This type of insurance covers all types of services provided by a company. The difference between general liability and product liability is the range of the compensation that the insurance will provide. General liability insurance can cover all the services provided by a company, which includes consulting, estimates, and customer service. In contrast, product liability insurance only covers the products sold by the company to its customers.

3 Steps Landlords Can Take to Protect Themselves from Lawsuits

Landlords need to protect themselves against lawsuits to a high degree, perhaps more than any other business owner. Unlike other industries, courts tend to favor tenants, especially in difficult situations. Now that the world is experiencing the COVID-19 pandemic, courts are especially sympathetic toward tenants facing eviction, even when it’s clearly the tenant’s fault.

Tenants don’t just sue their landlords over evictions. The truth is, you never know what will drive a tenant to file a suit. Sometimes tenants file lawsuits that don’t make sense, but you still have to take time out of your day to show up in court.

Lawsuits are costly and time-consuming, so you need to protect yourself if you want to avoid the inconvenience of litigation. Here’s a good starting point:

1. Require Your Renters To Carry Renters Insurance

 To get your mortgage, you probably had to show proof of homeowners insurance, if not additional types of insurance. Renters have their own type of insurance designed to cover losses and damage to their personal property. It’s called renters insurance and if you want to protect yourself from lawsuits, you need to require tenants to hold a policy.

Renters insurance protects tenants’ personal property when it’s damaged by things like natural disasters, burglaries, and random accidents. For example, if the sewer backs up into the house and the flood destroys a tenant’s musical instruments, they can file a claim to recover the cash value of their instruments.

Renters insurance will cover relocation expenses

Relocation is another expense renters insurance covers. If your property becomes unlivable, a tenant with renters insurance can get a hotel covered until you fix the problem. If the problem can’t be fixed, renters insurance will pay for the tenant’s moving expenses. Some policies will even pay the additional cost of increased living expenses if their new rent is higher.

In some states, landlords are required to pay for a tenant’s accommodations if their main rental becomes uninhabitable. Tenants can sue if their landlord refuses to provide alternative housing.

If you don’t want to risk having to pay for your tenants’ hotel stay while you fix a serious plumbing issue, require your tenants to carry renters insurance.

2. Create a Strong Lease With an Attorney

Your lease is only as strong as your weakest clause. If you forget to include a legally required clause, your lease could end up being no better than swiss cheese in court.

The only way to create an iron-clad lease is to consult with an attorney. While you can find lease templates online allegedly created by lawyers, templates are too generic to rely on for the basis of a tenancy agreement.

For example, unlawfully withholding a security deposit is one of the top reasons tenants sue their landlords. You might think you’re fine if you aren’t withholding your tenant’s deposit. However, a lease containing illegal security deposit terms can also justify a lawsuit.

Lease mistakes often have far-reaching consequences. Creating your own lease makes you susceptible to losing lawsuits that you would otherwise win if your lease were designed by an attorney.

3. Be Clear and Direct to a Fault

Some people feel threatened by direct communication, but you can’t be vague or ambiguous with your tenants. For example, if your tenant misunderstands something you’ve said, they might act on that misunderstanding in a way that violates the lease. If you try to evict them, they might sue you – and win.

Once you get to court, it will be your word against theirs. Did you really give your tenant permission to install a zipline in the ceiling? If the judge thinks you did, you won’t easily change their mind. Verbal agreements are considered legally binding agreements.

Make every effort to be clear and concise with your tenants in all of your communications. Try to avoid text messaging and only use email for electronic correspondence. Make sure every phone call is accompanied by a follow-up email to provide a permanent record of the points discussed. Leave no room for unnecessary confusion.

Being a Landlord Is Risky

Being a landlord is a risky business. Although, owning rental property is appealing because it’s one of the best ways to amass wealth over a long period of time.

Tenants have rights, as they should, but often those rights are abused and taken advantage of in the legal system. No matter how great your tenants are, most are just one upset away from filing a lawsuit. While you can’t prevent all lawsuits, you can mitigate the potential for lawsuits arising from common misunderstandings.

What is Mobile DSP and Why Do You Need It for Your Programmatic Advertising?

If you work in the marketing industry, you’ve probably heard about mobile demand-side platforms or DSPs. However, if you don’t have a deep understanding of how this tool works and why you may need it for advertising, keep reading the article!

A DSP is used by marketing agencies and brands to manage ad and data exchange accounts as well as different supply-side platforms through one interface. This software is a great solution to quickly buy mobile and tablet impressions at auctions. You can do it in real time through private marketplaces or direct deals. Purchasing mobile advertising space becomes much easier for media buyers since they can make bids in bulk at lower prices. But this is not the only benefit of a DSP! Check the list of demand-side platform advantages and features below.

Advantages of advertising with a DSP

In-app tracking dsp mobile app

Since apps collect first-party data, they provide advertisers with lots of important parameters, such as user gender, age and geo-location. This data helps marketing experts identify right user segments and find the best-performing audience  Eventually, ads reach potential customers faster and drive better results.

Precise targeting

In contrast to a web environment that may become entirely anonymous in the near future, mobile IDs are really helpful in tracking user performance in the long run. Device IDs provide marketers with more accurate information on user engagement. Specialists can see the exact number of ad clicks and views in the app. This is extremely beneficial for advertising campaigns. Thanks to accurate targeting, your conversions can significantly grow with a DSP.

Engagement boost

As an advertising expert, you must realize that apps allow for highly engaging  and less disturbing ad formats. Users are less likely to be irritated by advertising because it appears during the pauses in their activity. Since they don’t come across boring banners, they may have a good and long-lasting impression from your creatives. Moreover, they may even like your ad if it provides some in-app bonuses for viewing.

High CTRs

The statistics gathered by popular brands shows that in-app ads drive higher CTRs than web ads. The Marketing Dive reported that the average CTR for apps is 0.58%, while for web it equals only 0.23%. The difference is dramatic, isn’t it? Additionally, Appssavvy reported that a DSP mobile app performs nearly 11 times better than traditional banners. As you see, this type of advertising is simply more effective.

No ad blocking

Unfortunately, in-browser blockers disrupt the effectiveness of web advertisement.  Since the majority of people use blocking software, most Internet users are unreachable for your campaigns.  But luckily, in-app environment doesn’t  enable doing this. Hence, you can benefit from accessing various segments, including previously untapped groups.

Higher revenues

Since recently, there has been a dramatic switch from browsers to mobile apps. The eMarketer states that most people spend 90% of their time on smartphone apps, while the rest is taken by web. So no matter what business you have, you should take into account this behavioral change and make appropriate decisions. Consider the example of Facebook that increased its revenues from zero to over 40% of total earnings with the help of mobile apps.

Choosing a decent DSP

To pick the right demand-side platform, you should have a close look at the features listed below.

Software architecture

A good DSP must work well with different apps, browsers, operating systems and devices. As you might understand, huge amounts of data from numerous sources require a very powerful DSP technology. Therefore, you have to make sure that the platform you are going to use is capable of accommodating massive amounts of data and executing a big number of operations at the same time.  A DSP technology must be advanced enough to reflect actual information in real time.

Targeting algorithms

As mentioned above, reaching the right market segments with your ads is crucial for success. Because of that, you should opt for a DSP that has the following targeting capabilities: geolocation, mobile device type, OS, user behavior, context and demographics. If all of these categories are offered by your vendor, then it can be a great choice.

Ad formats

To ensure high engagement rates, you should test different types of ads. Your DSP must support a wide range of ad formats, including videos, rich media and dynamic apps. By analyzing what works best for your potential customers, you can increase your business revenues. Also, make sure that creatives you are using allow for interaction, such as  swiping, touching and expanding.

Safety

Before purchasing a DSP, ask a vendor about the security measures they take. To avoid troubles, your DSP  brand must be safe. That means that the software must have in-built multi-layered anti-fraud system. There also must be mechanisms that detect fake clicks and track the number of real user impressions.

Performance reports

Successful advertising campaign is impossible with tracking its performance. Reports can provide you with a better understanding of how to get more customers from your ads. So you should opt for a DSP that provides frequent reports on your statistics. Having an updated information gives you knowledge about different aspects of your advertising campaign so you can optimize it and maximize your ROI.

Final thoughts

The main value of DSPs is that they allow advertisers to make multiple bids in real time and manage lots of ads from a wide range of publishers almost effortlessly. It ensures great transparency and makes ad tracking and optimization much easier. Hopefully, this article helped you better understand what a demand-side platform is and whether you need it for your marketing campaign.

8 Tips for Onboarding New Tenants

As a real estate investor, it’s important to get new tenants into your property as soon as possible, so you can start making money. But it’s also important to adequately prepare your tenants for their rental.

The onboarding process is a vital step in improving tenant retention and ensuring the handover of keys goes smoothly – and there are several strategies you can use to make it even smoother.

Why Onboarding Is So Important

Onboarding is important for several reasons:

• First impressions

It’s hard to overstate the importance of first impressions. A first impression often dictates how a person feels about another individual or a situation for months, or even years to come. If you start things on the right foot, your tenant will see you – and your property – in a much more favorable light.

• Relationship building

This is also your first opportunity to build the landlord-tenant relationship. You can talk about the property, get to know each other, and set the tone for all your interactions to come.

• Setting expectations

During your initial interactions, you’ll get a chance to set expectations with your tenants. What are the rules and standards for living here? You can look your tenants in the eyes and make sure they fully understand.

Collectively, these effects have a strong influence on your tenant’s disposition, their friendliness, their potential to accommodate your requests, and even their retention.

In other words, a good onboarding process will keep your tenants around longer and minimize stress and headaches for you down the road.

Tips for Onboarding New Tenants

So what can you do to make onboarding new tenants go smoother?

1. Prioritize healthy communication

Good communication is vital when onboarding new tenants. It’s important to articulate your thoughts as clearly and directly as possible and to allow your tenants the chance to speak their mind as well. Remain as polite as you can, be transparent when answering questions, and provide extra details upon request. Any bad communication experience during the onboarding phase is going to set a bad tone for the future of the relationship.

2. Create and keep a checklist

Before going through the onboarding steps, take the time to create a full checklist. Write down everything you want to cover during onboarding and in the days that follow; this will make sure you don’t forget anything. Then, keep this checklist on hand for all your future onboarding sessions to ensure consistency.

3. Explain all your rules and expectations

Take your time explaining all the rules and expectations you have for living at this property, even if they’re spelled out in the lease agreement. Having a conversation will ensure they truly understand.

4. Get all paperwork signed (and make copies)

Obviously, you’ll need to spend some time going over the paperwork and signing it. Make sure you make multiple copies of all these important documents and give your tenants copies they can keep.

5. Get questions, comments, and concerns from your tenant

Onboarding shouldn’t be a one-directional exchange. Instead, it should be a two-way dialogue. Make sure your tenant feels comfortable opening up and ask them if they have any questions, comments, or concerns. If they do, try to address them as best you can.

6. Exchange contact information

Next, exchange contact information. You probably already have your tenant’s primary contact information on file, but this is your chance to get multiple backup forms of communication. In-kind, you should also provide your tenant with multiple ways to contact you – which may be especially important in an emergency situation.

7. Store information properly

Create a file for this tenant and store all your paperwork there. It’s important to stay organized as a landlord for multiple reasons – and onboarding is your chance to get things started on the right foot.

8. Follow up

Finally, make it a point to follow up with your tenant after a few days. Ask if they’re settling in okay and if they’ve had any issues with the property. Verify their understanding of the rules and expectations and ask if they have any follow-up questions. It shows you care about their wellbeing and gives you an opportunity for follow-up discussion if necessary.

Do note that every tenant will be different, so you may need to vary your approach slightly. For example, some tenants are mostly solitary and desire privacy, so you’ll want to respect their preferences. But others are more chatty and outgoing – and they might like to have more conversation before you part ways.

In any case, if you do your best to set expectations, communicate well, and make your tenants feel comfortable, you’re going to be rewarded. Just make sure you continue treating your tenants well consistently throughout their stay at your property.

How to Start Your Own Social Media Marketing Agency

Thinking about starting your own social media marketing agency but don’t know where to start? 

You’ve come to the right place. 

While social media marketing is certainly a lucrative industry to work in, the competition is also tight. It’s crucial to plan your business carefully and have the right strategy so you can win more clients and grow your business. 

In this guide, we will discuss all the necessary steps to starting a successful social media marketing agency, and let us begin right away. 

1. Choose a Specialty as a Social Media Marketing Agency

A social media marketing agency is actually a pretty broad term, and you can actually offer many different services to different types of clients. 

In general, you can choose to be either a specialist or generalist agency.

A specialist agency offers specialty services in one industry or sector. For example, you can choose only to offer services to fashion businesses or sports businesses. Or, you can choose to specialize in B2B operations. 

However, you can also be a generalist aiming to serve all kinds of clients. 

Both types have their own pros and cons, but if you are just starting out, it’s typically best to start out as a specialist and focus on specific types of clients first. This can help in hiring, so you can hire people that specialize in the services you’d like to provide. 

However, being a specialist might mean it’s going to be harder to attract your first few clients, so you’ll need to focus more on marketing your business. 

2. Developing a Pricing Strategy

How should you price your social media marketing service? There are many different factors that might affect the answer. You should generally consider who your target audience is, your skill/experience level, your unique value proposition (UVP), and your overhead costs when defining your price. 

Some overhead costs to consider: 

  • Labor costs
  • Taxes
  • Business licenses/permits
  • Office expenses
  • Software investments
  • Professional/legal services

A good approach is to perform a competitive analysis and check how much your competitors are charging their services. You can always opt to charge cheaper than them in order to attract more clients, but if you are confident about delivering more value, it’s okay to charge more. 

3. Establish Your Business

Establish your business as a legal entity. 

This is often the most frustrating part of starting a business but is necessary. 

You should: 

  • Register your business. If you are going to start the business on your own, you can establish a sole proprietorship. However, we’d recommend establishing your business as an LLC or corporation so you’ll be more protected in the event of legal disputes, debts, and other issues
  • Set up a business bank account(s) to keep a separate fund for your agency and to start receiving payments
  • Find a legal help to help you in the legal aspects of the business
  • Depending on your location, you might need to get specific licenses, certifications, and insurance policies before you can start the business. Check with your local trade associations for your local regulations. 

If necessary, you can get help from a business consultant or a lawyer to make sure your business is compliant with the legal requirements in your area. 

4. Branding and Marketing: Winning Your Clients

The toughest challenge of starting a social media marketing business is landing your first client, but there are effective ways you can try to establish your credibility and attract more clients: 

  • Have a professional website: build a credible, functional website that showcases your credibility and professionalism. Publish relevant, high-quality content on your social media, and add relevant client testimonials to your website. 
  • Social media presence: as a social media marketing agency, it would only make sense that you have at least a decent social media presence. You don’t need to have millions of followers, but make sure you are using social media best practices in all your profiles. Demonstrate that you know what you are doing in the social media space. 
  • Build relationships: build relationships with other brands and relevant influencers. Network at relevant events, and make guest appearances on other blogs, podcasts, webinars, and other opportunities. Actively engage brands and influencers you’d love to work with. 

5. Improving Your Productivity

The more productive and efficient your social media marketing agency is, the more clients you can work with, and the more revenue you’ll generate. 

A crucial aspect of growing your social media marketing agency is finding the right balance between executing existing clients’ projects and pitch your agency to new clients. As you can see, this can be very challenging in the long run. 

Here are a few tips on how: 

  • Create a workflow that works best for you. This is very important and might need trials and errors before you’ll get it right. 
  • Invest in the right technology. You’ll need, at the very least, social media analytics and management tools (like Buffer, Hootsuite), SEO tools like SEMRush and Ahrefs, Content analytics tools like Buzzsumo, and agency management software and tools like Function Point to maximize your productivity. You’ll also need a complete office suite (Microsoft 365 or Google Suite) and a digital asset management solution like Dropbox. 
  • Content planning. It’s crucial to plan your content in advance so you can batch and schedule your tasks to maximize efficiency. This also allows us to delegate the right tasks to the right people. 
  • Automation: implement automation whenever possible. Tools like Hootsuite, for example, allows us to schedule the posts to minimize manual labor. 
  • Outsource: If possible, outsource some of the more repetitive and redundant tasks to third-party vendors, provided it’s a cost-effective choice. 

Closing Thoughts

Starting a social media marketing agency is certainly not an easy task, but in the end, your hard work will be worth it once you’ll get a steady stream of clients. 

The key here is to really understand your client’s needs and problems and be a viable solution for them. Keep a mindset that you’ll grow by helping your clients grow in social media marketing results. 

How to Set Up an Efficient Business Office

To have an efficient business office is the key to being productive. There are probably many things that may come to your mind when setting up a business office – the location, the equipment needed, and how comfortable you will be in the workplace. Equipping your office will require you to buy different items.

Here are some of the things you need if you wish to set up an efficient business office.

The computer

It’s impossible to complete the work without a computer. If you wish to have an efficient office, make sure that you invest in high-performing computers that have a longer lifespan. Do some research and choose the computers that would fit your specific needs. If some of your employees are doing fieldwork or their task would require them to be out of the office from time to time, consider buying a laptop for them. Remember, always go for quality over price when purchasing computers.

A projector

A projector is also an important thing that you should have in your office. It can help you discuss and present things clearly during business meetings. In addition, having a projector on ceiling is an excellent idea because this can help you get the best brightness possible from the unit. Another advantage of this is that it keeps the projector out of the way, and everyone can freely walk without blocking the light from the projector.

Fast and reliable internet access

A reliable and high-speed internet connection is now essential in every office. There will be a possibility to decrease productivity inside your office if your internet is slow and unreliable. A fast internet connection can make your employees work efficiently and help them finish their tasks on time. The faster the speed of your connection, the more productive your team will be.

A multipurpose printer

Another piece of equipment that you should have in your office is a printer. Whether you choose to go paperless or not, you must have a printer installed in your office. Good thing, there are now printers that offer other features like a scanner and a photocopy machine at the same time. So you can easily print or get a copy of an important file if you have a multipurpose machine inside the office.

Filing cabinets

The best way to make your business office efficient is to keep it clean and clutter-free. So be sure to have enough, or should we say plenty, of filing cabinets in your office to keep everything intact. It’s where you can keep your essential documents without making the workplace look messy.

Creating an efficient workplace can be a daunting task, but it’s the best thing to do if you wish to increase employee efficiency. When your team members have everything they need, they can finish whatever task you give them faster. However, an efficient office does not only rely on how good the equipment your employees use. It’s about how happy they are at what they’re doing and how well you treat them. Always prioritize work-life balance if you want them to stay efficient and productive.

5 Benefits of Using Bitcoin for Your Small Business Operations

The modern business sector is increasingly adopting cryptocurrencies in recent years though they have been around for a while. Industry giants including Dell and Microsoft have accepted it, why not your small business? There is so much to gain from bitcoin, and it will keep your business ahead of your competitors. Here’s what you need to know about the benefits of using digital currency for your small business operations.

Establishes new revenue streams

Cryptocurrencies provide a great way to supplement your cash flow over the long term. There are numerous ways you can integrate cryptos into your business and benefit from what it has to offer. Growing your business with a crypto business account will boost innovation, expand its scope and give your business a new direction.

Improves brand awareness and visibility

Most business sectors are is overly saturated. To stand out from the rest you need to improve visibility and brand awareness. Consumers have a thing for businesses that take their marketing to a whole new level. Being able to advertise that you support cryptocurrency transactions can attract new attention to your business. It gives you a cutting edge over your competitors. By adopting bitcoin, you will improve your business innovation which will attract more traffic to your business resulting in more profits. Adapting to new solutions is one of the best ways to be innovative for your business.

Cheaper and faster transactions

Merchant transaction fees account for 2 or 3% of your cash flow income which is draining your small business cash. This new form of payment has zero fees and thus you will benefit from more revenue. There are no verifications for each transaction which might take days, and this tends to hold income, thus cryptos are way much faster than you could ever imagine. Blockchain is the technology that checks every regulation, and it ensures quick processing of transactions which might take a matter of few seconds.

Facilitate your customers’ safety. Customer safety is a service that the majority of customers highly seek since it has their best interest. When you ensure anonymity for your customers in a world where they are highly scrutinized you are sure that they will be loyal to your business. Digital consumers are tired of governments and companies tracking their moves and this explains why they are increasingly using buy cryptocurrencies to conduct their transactions.

No borders

Cryptos attracts a booming customer demographic of investors, innovators, miners, and traders who are rooting for cryptos to be adopted by businesses. They are a global currency that is not restricted by a company or government, and they ignore border restrictions. Businesses that adopt cryptos experience an increase in profits due to customer retention and acquisition. By accepting cryptos in your payment processes you will be able to materialize on a new demographic and build a long-term stream of revenue.

An investment opportunity

Similar to other currencies digital currencies fluctuate in value though they are less stable than gold or cash. This fluctuation can be a large upside by looking at digital currency as an investment. When your business accepts digital currency, you can wait and cash them in which is investing in their value increase. Digital currency possesses so much potential and it is a matter of time for the world to experience its growth.

Final thoughts

The future of modern businesses is in blockchain technology and digital currencies, and early investors will benefit from their competitors. What are you waiting for? Buy Bitcoin with Credit Card to join the future and enjoy the numerous benefits that online businesses have to offer.

Useful Asset Management Tools and Software for The Energy Sector

In this digital era, there is a high need for businesses to manage and track their assets. With everything technology has brought about, tracking and managing assets have become a bit complicated. Furthermore, there is high insecurity of data with the employee turnover. There is a lot that a company can cost from mismanaged and misplaced assets. Companies tend to spend more than they need without proper tracking of their assets. They need to have an accurate picture of their assets and where they are located. This is very crucial for the energy sector that provides utilities such as water, electricity, and gas to businesses and households. This sector faces a lot of challenges in asset management and areas like equipment maintenance.

Resolving Challenges in Energy Sector with Asset Management

The energy sector relies on heavy usage of assets and asset management tools have become important. Companies like Neara provide asset management software for a power line. You can also get the best power line design for pole compliance and efficiency. Assets management tools such as CMMS and AMS provide many benefits to organizations. Some of the benefits reaped from these tools include;

  • Creation of an active preventive maintenance program
  • Real-time tracking of assets and their performance
  • Generating RIO for individual assets
  • Managing inventories accurately
  • Tracking the life cycle of assets
  • GPS Tracking the location of assets
  • Scheduling and prioritizing work orders

The main benefit of using asset management tools in the energy sector is to collect data in real-time with a centralized system. When this data is accessible to managers, technicians, and workers, it speeds up operations and provides an overall overview of all assets that still hold value. IoT tools are best for collecting real-time performance details of an asset. IoT devices can be used to:

  • Assess the condition of an asset
  • Assess the usage history of an asset
  • Check for the latest compliance and permit history
  • Check the repair and maintenance history

CMM, AMS, and IoT devices are the best for asset management. With the data collected from these, it is easy to work on important assets like towers and transmitters. The utility sector has technicians employed specifically for repairing and maintaining aging infrastructure to minimize the chances of outage or failure. That means that these experts must have accurate data for active response. Accurate data provides more visibility and a connection between the technicians in the field and the workers in the office.

Real-time collection of data using assent management software helps in the proper calculation of asset RIO. A company in the energy sector can get a rough idea of the value of its assets. Calculating asset RIO is done by calculating the cost of maintenance and operation. Through this calculation, it becomes easy to decide if the equipment or asset will be worth replacing or throwing away at the end of its life cycle.

IoT devices can be used to minimize the costs of maintenance and avoid failure. IoT makes it easy for companies to collect accurate data on the performance of assets. Devices like trackers, sensors, and barcodes interact and pass the information to the central management system where the data is stored. Asset management tools can help companies in the energy sector in different ways as follows.

  • Reducing risks and safety issues of their assets
  • Approaching maintenance proactively
  • Reducing impact on the environment
  • Improving the use of renewable sources of energy such as solar systems, and wind and hydronic turbines

Conclusion

These are important asset management tools and software suitable for the energy sector. When finding one, you need to identify the gaps in your assent management and maintenance. You can also compare software based on the company’s needs for asset tracking and management.

World Economic Forum

The World Economic Forum (WFE) is the International Organization for Public-Private Cooperation. The Forum referred to the foremost political, business, social, and different leaders of society to shape global, local, and industry plans. It was set up in 1971 as a not-for-profit foundation and is settled in Geneva, Switzerland. It is autonomous, unbiased, and not associated with any external interests. The forum aspires to display entrepreneurship in the global public interest while maintaining the best governance expectations. Having such an assembly encourages communications, clarity, and trust, which is the core of all businesses. If you aim to start a new business in the Netherlands, the World economic forum will become your support.

Read further: Starting a business in The Netherlands

Their activities are molded by a fascinating institutional culture established on the partnership system, which attests that an organization is responsible for all the layers of society. This establishment carefully mixes and balances the best of many organizations, from the public and private sectors, international organizations, and educational foundations.

The forum members believe that progress occurs by blending people from different backgrounds who desire improvements. . Read more…

Understanding the World Economic Forum (WEF) 

The World Economic Forum’s (WEF) group includes a cross-segment of the global economy-experts from the private and public sectors. It involves the most prominent CEOs, negotiators, business tycoons, media influencers, government authorities, engineers, and association representatives worldwide.

Established in 1971 in Geneva, the WEF is dependent on stakeholder theory. The stakeholder theory implies that while a private area substance’s job is to build profits for its investors, it is firm owners upon the organization to see the rest of society as having an ‘opinion’ in its activities. Business partners, clients that the organization serves, and the nearby and global-local area are considered deciding factors while establishing new businesses.

Conference

Resided in Switzerland, the WEF foundation is even active in New York, Beijing, Tokyo, San Francisco, and India (Mumbai). The latest yearly gathering in Davos was held virtually, global community in January 2021, with an annual in-person conference anticipated August 2021 in Singapore under “The Great Reset.” The significant issues of this meet were how big data and data science would influence supply chains? To know more, click here on Intercompany Solutions Company Blog.

World Economic Forum (WEF) Activities 

The WEF is supported by its participation, which unites newcomers from different organizations with approximately $5 billion in yearly turnover, just as people from varying backgrounds, including VIPs, engineers, producers, researchers, and interested people willing to provide annual commitments and meeting charges to attend. 5 Regional gatherings are held in farming-oriented countries like Africa, East Asia, and Latin America, yet the yearly gathering in Davos, Switzerland, is the central gathering occasion for all participants.

Conclusion

WEF conferences effectively introduce new issues, patterns, and companies, individuals, and the public for conversation. And also, they are trusted to assist with developing corporate and public area strategies for future dynamics. The WEF’s purpose is to improve the position of the world economy by engaging business, political, and industry agendas with the help of other leaders of society.

5 Ways to Create a Patient-Friendly Healthcare Website

Having a website is one thing, but making sure that it is efficient is different. Anyone can make a website these days with the help of website builder software and programs but what does it take to make a good website that actually helps those who are targeted to use it? In this article, we will talk about making a website patient-friendly. Most parts of healthcare web design are actually really similar in building other websites. Here is a guide that will help you make sure that you are utilizing your website to its maximum potential. The guide is a good way to step up good web design. So if you want to improve your optometry website design by making it efficient you came to the right place.

1. Intuitive and Easy to use.

It shouldn’t feel confusing to use your website. You want patients who view your website to navigate through the pages easily. This is so that they can find the information they need with no hassle. Having a simple layout and functionality also promotes accessibility and inclusivity. You want anyone and everyone to be able to use your website. You can do that here with a website builder like Boxmode.

2. Clear and Complete Information

This is one of the main reasons why businesses and companies have websites, to put out important information publicly. You want your existing patients and/or potential patients to have access to frequently asked questions and information they might want to know. According to a study, patients then go to practices that they know about. So having important info online helps them trust you. Some basic information that you may want on your site are the following:

Contact numbers and email

This is in case they have additional questions about your practice or services.

Location of the clinic

For a lot of people location is an important factor. Of course most people tend to choose clinics that aren’t far from their home so that they can go to it easily.

The services that you offer

This is for customers to know if you can work on the problem that they have.

Your background

This will help establish your credibility by discussing your expertise and specialty in your field.

3. Social Media Icons

Make a way to allow your social media accounts to be seen on your website. Make sure that there are clickable icons so that your patients can easily go to your social media accounts. Having a website is actually part of marketing your practice. So utilize it in that way too. But mainly letting your patients follow your social media accounts is to maintain an online relationship with them. You can communicate with them in that way too.

4. Have a Call to Action

If a person visits your website most of the time it’s because they have interest in your service or practice. So allow them to act on that interest. Allow booking appointments on your website etc.

5. Make sure your website is HIPAA Compliant

Make sure your web designer knows about HIPAA in order to ensure HIPAA compliance.