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Tag: Industry Trends

New Study Shows U.S. Businesses Are Slowly Implementing AI — and Colorado is Leading the Charge

The rate of businesses in the U.S. using AI is still relatively small but growing rapidly.

A new paper by U.S. Census Bureau researchers says overall use of AI by businesses in the U.S. rose from 3.7% last fall to 5.4% in February. Leading the way were firms in information technology and professional services, and in locations like Colorado and the District of Columbia.

The researchers say there have been few reports of workers being laid off because of AI. Instead, firms are expanding to train staff and purchase related services. The rate of AI use among sectors varied, from 1.4% in construction to 18.1% in information technology.

Overall use of AI tools by firms in the production of goods and services rose from 3.7% last fall to 5.4% in February, and it is expected to rise in the U.S. to 6.6% by early fall, according to the bureau’s Business Trends and Outlook Survey released this spring.

READ: 4 Prompts and Tips for ChatGPT — A Comprehensive Guide for Marketers

The use of AI by firms is still rather small because many businesses haven’t yet seen a need for it, Census Bureau researchers said in an accompanying paper.

“Many small businesses, such as barber shops, nail salons or dry cleaners, may not yet see a use for AI, but this can change with growing business applications of AI,” they said. “One potential explanation is the current lack of AI applications to a wide variety of business problems.”

Few firms utilizing AI tools reported laying off workers because of it. Instead, many businesses that use AI were expanding compared to other firms. They also were developing new work flows, training staff on the technology and purchasing related services, the researchers said.

The rate of AI use among business sectors varied widely, from 1.4% in construction and agriculture to 18.1% in information technology. Larger firms were more likely to be using the technology than small and midsize firms, but the smallest firms used it more than midsize businesses, according to the researchers.

READ: AI in Mobile App Development — Top 8 Tools and Strategies

The type of work AI was used for the most included marketing tasks, customer service chatbots, getting computers to understand human languages, text and data analytics and voice recognition.

Erik Paul, the chief operating officer of a software development company in Orlando, has been using AI tools for about a year to generate images for marketing materials, help write compliance paperwork that can be tedious and compare different versions of documentation for products.

“It has become an integral part of our day,” Paul said Thursday. “But the problem is, you can’t trust it. You can never blindly copy and paste. Sometimes the context gets thrown off and it throws in erroneous details that aren’t helpful or change the tone of the topic you are writing about.”

READ: AI Content and Human-Generated Copy — A Winning Combination for Social Media Marketing

The two places with the nation’s highest AI use by firms, Colorado and the District of Columbia, had adoption rates of 7.4% and 7.2%, respectively. Not far behind those states were Florida, Delaware, California and Washington State. Mississippi had the smallest AI use with 1.7% of firms.

The survey showed some ambivalence among firms about whether they will adopt AI to their businesses in the near future or continue using it. Two-thirds of firms not yet using AI reported that they expect to remain non-users, and 14% of firms not yet using the technology were unsure if they would do so down the road.

Around 14% of current users reported that they didn’t expect to continue utilizing AI in the near future, “potentially indicating some degree of ongoing experimentation or temporary use that may result in de-adoption,” the researchers said.

The statistical agency plans to continue tracking AI use by businesses, Ron Jarmin, the Census Bureau’s deputy director, said Thursday.

“For the first time that I know of, we are in a place to measure the diffusion of a general-purpose technology through the economy to learn what impact it has,” Jarmin said.

Navigating the Impact of Tip Inflation: The Rise of Gratuity Expectations in Colorado and Beyond

For all my life, what with all of the various jobs I have had over the decades, for whatever reason I have never had a job where I received tips, or gratuities, as part of my income.

I have been around tipping, of course, as I have had many friends over the years who were food servers, or caddies, or any number of service industry employees where tipping was not only a part of their income but essentially the core of their income. After all, there has always been a second, and lower minimum wage for people employed in classic tipped positions.

For instance, the current minimum wage in Colorado is $14.42 per hour for most positions, with an $11.40 per hour level set for positions considered a “tipped wage” position. In Colorado, a “tipped employee” is anyone who in the normal course of their job receives more than $30 in tips per month.

READ: Colorado Cities Soar in Milken Institute’s Best Performing Cities Report 2023

The “tipped employee” definition is key these days as the marketplace is undergoing an enormous shift in tipping behaviors, and is, at least in my estimation, heading into untenable territory.

I have had a lifetime of gladly offering gratuities in service situations, and I have never really given it a second thought. They live on tips, so tip them. But in the last several years the tipping environment has changed immensely, where we now routinely see tip jars and tip lines on credit card statements and iPad payment screens at establishments of every stripe. I call this the Starbucks Phenomenon, as the coffee house explosion brought about the first example of counter staff expecting tips that I recall.

Now it’s everywhere. Bakeries. Fast-food sandwich shops. Markets. Donut counters. Delivery services. Tradespeople.

The real explosion in tipping came along with the coronavirus pandemic where we all relied upon a myriad of service workers — “essential workers” — just to get our hands on the necessities of life.

It was a big Thank You for the risks they were taking on our behalf.

The pandemic is over, thank the Lord, but the ubiquity of the in-your-face guilt screens of tipping shame have only expanded. 15%. 20%. 25%. Custom Amount. Clerks at counters and workers nearly everywhere — places and people that never were included in the tipping atmosphere — are happily turning that screen around to you with their smiling face silently exhorting, or extorting, you to hit one of the buttons and pay more.

READ: In Fort Collins, Small-Box Mercantile is the Latest in One-Stop Shopping

I’ve even heard of food delivery services that ask for a tip in advance and clearly indicate that the tip will factor in the speed of the delivery. There are all kinds of news stories addressing the new “guilt tipping” and “tip-flation” instances, and there are plenty of reasons to explore.

The most interesting of these is the idea that the rise in tip screens on those check-out iPads is really a way for the establishments themselves to avoid or diminish raising the pay of the counter personnel. So in that regard we are not only tipping the worker behind the counter but also the company running the business as well.

I guess I would rather see the worker get the extra money directly right there and then, but it’s a little disingenuous. Rather, they could raise the worker pay, and increase the price of a sandwich by two bucks and attain the same outcome, but either way the net effect is that all kinds of things now cost 15% to 25% more than they did before and some people — no tippers — aren’t paying their share.

Many of these businesses are also raising prices and adding service fees and credit-card fee premiums on top of tips anyway.

I don’t really begrudge anyone in the service industry getting a tip; I just object to the method by which a broader gratuity economy has come into being. Tip creep, if you will.

In the end, however, it isn’t really the whole tip-flation thing that is the essential question.

A tip — and the amount of a tip — has traditionally been a reward, or a penalty, for the level of service received. So, with all of the added areas of tipping sprouting up all over the place ad nauseam, are we being served?

That’s debatable.

 

Jeff Rundles is a former editor of ColoradoBiz and a regular columnist. Read this and Rundles’ blog, Executive Wheels, at cobizmag.com or email him at [email protected].

Cyberattacks Are on the Rise, and That Includes Small Businesses. Here’s What You Need to Know

—NEW YORK (AP) — Cyberattacks on businesses are rising, including small businesses. It’s a troubling trend because a breach can be very costly and time-consuming if owners don’t have a plan to deal with one.

According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack — which features a type of malicious software designed to block access to a computer system until a sum of money is paid — more than doubled over the past two years to $26,000.

That’s partly because there has been a dramatic increase in ransomware attacks, which represent 24% of all breaches.

READ: How to Protect Your Business Against a Data Breach in 2024

Small businesses should first have a plan in place to prevent cyberattacks. The human element is the cause of 74% of breaches, so owners should make sure all of their employees use safeguards such as two-factor identification to make it harder to be hacked. Requiring employees to regularly change their passwords can also help.

If your business has been breached, it’s best to work with a cybersecurity executive within your company or a trusted third party to assess what happened and the damage done. Trying to contain it without having the right technical knowledge can just make things worse.

It’s also important to let the authorities know what happened. Attacks must be reported to federal authorities within 72 hours after a company is reasonably sure one has occurred.

 

5 Essential Strategies to Enhance Digital Customer Experience for eCommerce Success

If you run an online store, you don’t have the face-to-face opportunity to engage your customers and sell products. Instead, you need to make transactions easy and frictionless. These five digital customer experience strategies will show you how.

READ: Unlocking Brand Loyalty — Enhancing Customer Experience in the Digital Age

What is digital customer experience?

Digital customer experience refers to the range of online interactions your customers have with your brand, from social media to online support chats. 

When it comes to improving your digital customer experience, you have to take everything into account — from minute details of your branding to the requirements for enterprise architecture. After all, your business goals need to be aligned with your technology capabilities. One of the key benefits of an improved digital customer experience is increased transactions. 

Streamline your online transactions with these 5 strategies

1. Optimize for mobile users

How many purchases have you made using your smartphone? Chances are, many of your website visitors are using their mobiles, and you need to cater to them as much as you do to desktop users. 

Some simple steps you can take to keep your mobile users happy and streamline transactions include:

  • Mobile-friendly navigation: That means easy-to-use search bars and menus set up specifically for mobile users.
  • Multiple communication channels: If a mobile user needs customer support, they may prefer to email or even use live chat. Integrating a cloud-based virtual telephone system into your customer support tech can help you do this.
  • Mobile payment options: Apple Pay and Google Pay, as well as guest checkout options, are essential if you want to ensure mobile transactions are completed. 
  • Touch-friendly: Swipeable product carousels and tappable item customization are some simple ways you can make your website fun and engaging for smartphone users.

Ensuring intuitive website design and layout is crucial for mobile users. Incorporating touch-friendly features such as swipeable product carousels and tappable item customization can enhance the overall user experience, making your website more engaging and easier to navigate on smartphones.

READ: 11 Essential Questions to ask eCommerce Web Developers

2. Personalization

If a customer can find what they want or need right away, they’re more inclined to make a purchase.

We quickly get tired of searching for desired products. Personalization can help by allowing you to target products or services at customers based on their past behavior. This is also known as appealing to your target audience.Personalization tools and plugins for your website use data such as past purchases or browsing history to present relevant product recommendations or offers. 

Delivering personalized experiences not only simplifies the shopping process but also cultivates authentic connections with your customers. This personalized approach is at the heart of relationship selling, where understanding and meeting the individual needs of each customer builds trust and loyalty over time.

If you run a larger business, you might leverage customer data stored in your SAP systems or CRM (customer relationship management) software to implement targeted content on your website.  

READ: CRM-Metaverse Integration: What You Need to Know for 2024

3. Simplify the checkout process

We’ve already mentioned how guest check-out options and mobile payment can help streamline online transactions. But you should consider your checkout process as a whole and simplify it at every step. 

Some additional steps you can take to do this include:

  • Minimized forms: Customers don’t want to spend ages filling out forms, so simplify and minimize them as much as possible.
  • Progress indicators: We like to know when a dull task will end, so use an indicator to tell customers where they are in the checkout process (i.e. ‘review’, ‘address details’ and ‘payment’). 
  • One-click checkout: If customers can save their address and card details, give them the option to purchase with a single click. 

Rather than letting your customers abandon carts due to a frustrating checkout process, simplify it to increase online transactions to potentially increase your free cash flow by capturing more sales and minimizing costs associated with failed transactions. 

4. Provide real-time order tracking

Real-time order tracking offers customers visibility into their purchases from checkout to delivery, ensuring a smooth journey from start to finish.

Integrating a robust delivery management system can further enhance this feature, providing accurate updates on order status and delivery timelines.  Accurate updates on order status and delivery timelines can also help you reduce customer inquiries and mitigate potential issues. Consider implementing cloud-based solutions that improve the reliability of your order tracking and reduce IT costs associated with this service.

5. Optimize your online customer support

Optimizing online customer support is paramount for enhancing the overall shopping experience. You should implement live chat, chatbots and self-service options so your customers can resolve queries quickly. 

In addition to ensuring your online customer support is speedy and easy to use, consider leveraging analytics that can provide insights into support performance and improve your customer retention. Analytics can reveal patterns and trends in customer inquiries and help you anticipate common issues. For example, by tracking frequently asked questions or recurring support tickets, you can improve your self-service resources. 

Innovative technologies such as artificial intelligence can revolutionize online customer support by powering chatbots that provide instant assistance, anticipate customer needs and streamline query resolutions.

READ: AI for Customer Service — 5 Easy Ways to Help Your Customers

Make purchases simple

Simplicity is key to successful online transactions. Prioritizing streamlined processes and responsive support, so you can make purchases simple and enjoyable and ultimately improve customer satisfaction and loyalty.

 

Diana Nechita is the Director of Product Marketing at Ardoq. Her passion lies in fostering a deep understanding of Ardoq’s value in delivering tangible results for organizations navigating the complexities of digital transformation. Find her on LinkedIn.

Metro State Unveils ‘Cannabis Hospitality’ Program

A new certificate program at Metropolitan State University of Denver aims to serve as a catalyst in reviving the state’s reputation as the “Silicon Valley of Cannabis.”

READ: Weathering the Storm — How the Colorado Cannabis Industry Can Thrive Amidst Market Disruption

MSU Denver will be the first higher-education institution in the nation to offer students a comprehensive view of cannabis hospitality, with an emphasis on the supply chain, said Shannon Donnelly, an affiliate professor in the University’s School of Hospitality and a former cannabis regulator for the City of Denver.

Students in the program will study a wide range of topics that will focus on the responsible sale and consumption of cannabis in dispensaries and in food preparation, she said.

“This represents a significant leap forward in formalized cannabis education,” said Donnelly, who developed MSU Denver’s cannabis curriculum. “We’re defining cannabis in hospitality.”

The University will offer an entry-level Cannabis Hospitality Specialist certificate and a more advanced Cannabis Hospitality Manager certificate. Both certificates will be offered to degree-seeking and non-degree-seeking students, with classes to begin this fall.

“We want to equip those working in the industry with the knowledge and skills to create an elevated experience, centered on high-quality, responsible customer service that can only truly be perfected through the hospitality lens,” said Donnelly. “If we’re going to create spaces that are safe enough for users of all levels to consume, we need to understand the entire supply chain.”

Along with the certificates, MSU Denver is forming state and international advisory boards that will provide recommendations to the University and collaborate on joint initiatives. The state board will aim to enhance student opportunities, develop curricula, promote social equity in the industry, foster research collaboration and identify financial resources.

READ: Cannabis Cares Program Aims to Provide Relief to Coloradans with Physical Disabilities

The international board, meanwhile, will aim to contribute to the global standardization of cannabis education, explore international job-placement opportunities, promote student-exchange programs and provide insights on global drug-law reforms.

“It’s encouraging to see MSU Denver hoping to optimize new methods of consumption that allow people to interact with each other in hospitality settings, while keeping safety and responsibility in mind,” said MSU Denver graduate Albert Gutierrez, owner and president of the cannabis company Bud & Mary’s and a member of the state advisory board.

Gutierrez emphasized the importance of the leadership and management courses that will meet a significant need in the industry. “We need people who know how to navigate relationships, since so many regulatory departments have to visit facilities to ensure compliance,” he said. “Sometimes, that professionalism is missing in this industry.”

Elevate Your Online Brand: How Social Media Marketing Can Boost eCommerce Sales

For eCommerce business owners, mounting competition in the virtual retail space makes it increasingly challenging to boost their online sales. Do you struggle when it comes to winning a new customer and retaining your existing ones? If so, you’re not alone.

Forward-thinking entrepreneurs and digital marketers are already leveraging the power of social media marketing in the eCommerce space. With 5.17 billion users on social media, why not capitalize on the immense potential and build your online clientele?

Social media has emerged as a powerful tool for brands to connect with their target audience, driving engagement to boost sales. With raging competition in the online retail space, social media marketing is no longer an add-on for digital entrepreneurs.

Rather, it’s a strategic tool to gain an edge over your competitors. 

On average, individuals spend 143 minutes on social media per day, which comes to roughly 2.5 hours. So, why not streamline your social media marketing strategy to present your offerings at their fingertips?

READ: eCommerce SEO – 6 Easy Tips to Drive Organic Sales

How does social media marketing strengthen eCommerce?

One of the best perks of using social media for marketing eCommerce products is the ability to track your customers’ online journey. Successful marketers are leveraging the power of social media platforms like Facebook, Instagram, Pinterest and Snapchat to understand their customers better. 

A recent study revealed that global eCommerce sales through social media marketing are projected to rise to $8.5 trillion in 2030 from just $992 billion in 2022. These numbers clearly define the tremendous potential of social media marketing for virtual retailers.

Benefits of social media marketing for online brands

Here’s how brand leaders leverage social media to boost online exposure and sales.

1. Enhancing brand awareness

As an active tool, social media engages millions of global users to enhance your brand awareness. As you interact with your target audience and discuss the launch of new products, the word spreads through likes, shares and comments. Social media marketers also create visually appealing graphics to narrate the story behind your brand.

Digital marketers also create content following popular social media trends that your followers find relatable. With increased brand awareness and recognition, traffic on your site gains traction, eventually leading to higher sales volumes.

2. Engaging your customers

Thanks to engagement metrics and data analytics tools, digital marketers can track social interactions and improve the overall virtual buying journey for their clients. 

Social media is one of the broadest platforms that connects eCommerce brands directly to potential buyers. Users can also raise queries about their grievances through social media channels for instant resolution.

Established virtual retailers like Ubuy also respond to customer inquiries on social media, review feedbac, and build brand loyalty. Eventually, this leads to better customer retention, as satisfied buyers tend to make repeat purchases from eCommerce websites.

A short response time on social media handles also creates a positive impression on your audience, reflecting agile customer service.

READ: How Brands Can Grow Customer Loyalty and Build a Positive Reputation

3. Targeted advertising

A wide range of advertising options is available on social media that help marketers target specific groups based on interests, online purchase behavior and demographics. Ecommerce brands, can, therefore, reach the right customers through advertisement for higher conversions and sales.

While potential customers use social media during their leisure hours, experienced marketers seize the opportunity to pitch their offerings informally through social media marketing.  That’s the reason users come across personalized recommendations of relevant products on their News Feed on Facebook.

This personalizes the user journey since these recommendations are based on their preferences and previous purchase history.

4. Social commerce

In the eCommerce domain, social commerce has turned out to be a popular trend.

Businesses sell their products directly on social media platforms. For instance, Facebook and Instagram allow virtual brands to create a shoppable feed of their merchandise. Followers can seamlessly access these products, leading to better sales and conversions. This innovative approach ensures that users need not leave social media platforms while making the purchase.

5. Online reputation management

As you try to gain traction in a competitive market, managing your online reputation is critical. Successful online brands showcase their reputation through social media marketing to build trust and instill confidence as they explore new shores.

Why not leverage positive feedback and testimonials of your existing customers on social media as you pitch your products to new ones? Words spread quickly through social media channels when your customers love your products!

The bottom line

Social media has evolved over the years, transforming from a mere platform for interacting with friends to a powerful tool to market your brand.

With new social media marketing strategies like influencer marketing, real-time streaming to sell products and personalization based on UGC (user-generated content) dominating recent trends, digital marketers have been proactive to spruce up sales. 

No wonder why established eCommerce brands and start-ups partner with professional social media marketing agencies to consolidate their position amidst raging competition. 

 

Fahad Khan is a Product Manager and digital marketing enthusiast at Ubuy Technologies.

What Do Stakeholders Really Want From Colorado Businesses? True Corporate Sustainability.

Coloradans care about the natural world and will support efforts to preserve the environment. This is exemplified by the recently passed state bill 23-016, which aims to cut economy-wide emissions by 65% by 2030 and 90% by 2045.

However, Coloradan firms that want to embrace corporate sustainability will need to go beyond greenwashing tactics to appease state-wide stakeholders. This means that many companies will need to embrace socially conscious business models while taking steps to reduce waste, minimize carbon emissions, and increase recycling rates. 

Companies that take these steps will appease demanding stakeholders and prove that they are authentically committed to combating climate change. 

READ: How to Embrace Socially Conscious Business Models (and Increase Your Profit Margin)

Carbon emissions

Capping carbon emissions should be a chief priority for firms that want to brand themselves as sustainable.

However, recent data published by the Environmental Defence Fund (EDF) shows that Colorado is behind on its carbon targets. Today, EDF projections show that the state is set to exceed its emissions target by 153 million tons of carbon pollution.

Corporations can take their responsibility for climate change seriously by looking for alternatives to popular carbon credits. Carbon credits have gained a poor reputation recently due to fears about their ineffectiveness and rumors that some credits are overestimated, poorly tracked and double-counted. Rather than putting all their resources into carbon credits, firms can use tactics like: 

  • Improving supply chain sustainability by sourcing locally produced goods and sustainably sourced water or energy.
  • Purchasing more renewable energy systems, like solar panels, to power offices and mitigate energy waste.
  • Reducing the footprint of corporate buildings by using smart tools like automated temperature controls.
  • Embracing circular economy models to cut down on the carbon costs associated with production.

These steps authentically cut down on carbon emissions and help firms become more energy-efficient. Businesses that embrace these policy changes may benefit from cost reductions, too, as solar panels and recycled goods tend to cut down on operating overheads. 

READ: 4 Strategies for Corporate Social Responsibility in the Workplace

Improved reporting

Accurate reporting is essential for Colorado businesses that want to impress stakeholders with their sustainable policies.

Without accurate, reliable reporting measures folks will not be able to accurately assess whether or not a business is truly sustainable or simply greenwashing. Companies can improve their reporting by embracing corporate sustainability technology like: 

  • AI-driven ESG reporting that is capable of crunching huge data sets related to carbon emissions, water waste, recycling and environmental impact.
  • Impact Measurement and Management (IMM) software to track the progress of sustainability initiatives and measure the impact of ongoing initiatives.
  • Integrated data analysis programs that can collect data from external sources to improve impact monitoring and identify trends.
  • IoT sensors are capable of gathering data related to water mismanagement, temperature controls and machinery to better track key data points like energy consumption and waste production. 

These tech-driven tools are capable of analyzing huge data sets and can make sense of information that would otherwise be lost. This is key for firms that truly care about the wider impact of their business and want to stay accountable for their wider impact.

Utilizing these programs and devices can help companies make ESG a priority and may lead to enhanced operational efficiency. 

The bottom line

Stakeholders across the state are demanding that businesses take their commitments to climate change seriously. However, many firms do not know how to authentically reduce their impact or report the progress.

ESG technology can help by tracking key data points like carbon emissions and water waste. This can help companies make progressive decisions, like installing solar panels and recycling more waste materials, that improve operational efficiency and cut down emissions. This can be transformational for companies that have previously relied on carbon credits to offset their impact. 

 

Indiana Lee headshotIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

Future-Proof Your Company: 5 Key Strategies for Business Success in 2024

The world and the economy never stop evolving, and in 2024, customers expect more than just great products.

Recent studies show that over 70% of consumers want to buy from companies that align with their values, especially in health, sustainability and digital innovation. This shows us the importance of understanding what people demand from the brands they support.

Business plans that fail to address the specifics of the post-pandemic world are likely to have a hard time convincing investors.

READ: Adapting to the New Norm — Post-Pandemic Work Culture and the Future of Remote Work

Prioritize health and wellness in your business model

Adding health and wellness into what you’re selling is more important today than it’s ever been.

People everywhere want to live healthier lives, and if your products or services can help them do that, you’re on the right track. This makes your brand more attractive and shows you’re serious about helping people live better. 

A health-focused workplace can boost productivity while seeing people as more than just workers. It creates a place where people feel valued and happy to come to work. Plus, it makes your company stand out to anyone looking for a job, attracting people who want to work in a place that cares about them.

It’s all about making your company not just a place to work, but a place where everyone feels they belong and are supported.

Leverage the gig economy for operational flexibility

Using gig workers lets your business adjust quickly when you need more hands on deck or when things slow down.

This approach is great for handling busy times or special projects without having to hire more full-time staff. It keeps your business flexible and able to react fast to whatever comes your way, making sure you can always meet demand without overextending.

Mixing permanent employees with gig workers gives your company the best of both worlds. You have the steady presence of your full-time team for the day-to-day operations, while gig workers can jump in for short-term needs or special tasks. This setup helps your business grow and adapt quickly, making it easier to take on new challenges or scale up without missing a beat.

It shows that your company is smart about how it operates, ready to change and grow in today’s market.

READ: Harnessing the Power of the Gig Economy — How Skilled Freelancers Can Boost Your Business Growth

Innovate for the remote-first world

Give your team the latest in cloud technology and project management tools. These are key for a smooth operation, making sure everyone, no matter where they are, can work together like they’re in the same room.

To keep the team spirit alive and everyone feeling connected, think creatively. Team-building in virtual reality (VR) offers an exciting way to bring everyone together, making it more engaging than traditional video calls. Create spaces on Slack or Discord for casual chats and celebrating small wins, which helps everyone feel like part of the team.

Use these strategies to enhance team morale and demonstrate that your company embraces innovation and is a place where top talent thrives. 

READ: 3 Trends That Will Shape Business in 2024 — Digital Tools, Labor Markets and Strategic Partnerships

Incorporate AI and machine learning for smarter operations

Start using AI and machine learning to enhance how your business operates.

These technologies can improve customer experiences, streamline operations and even lead to new product innovations. With the new set of tools at your disposal, consider making every part of your business smarter, faster and more intuitive for your team and customers.

For instance, you could use AI to analyze customer data and predict trends, helping you stay ahead of market demands. Or, employ machine learning to automate routine tasks, freeing up your team to focus on more strategic projects.

It shows you’re serious about staying competitive and future-proofing your operations and signals to potential investors and partners that your business is at the forefront of technological advancement, ready to capitalize on the benefits these tools bring.

READ: AI for Customer Service — 5 Easy Ways to Help Your Customers

Build resilience through supply chain innovation

Strengthen your supply chain with innovative strategies to make it more resilient.

Diversifying suppliers and investing in local sourcing are two main directions to follow. These approaches reduce risks, such as delays or disruptions, ensuring your business can always deliver to your customers.

Another key step is introducing real-time tracking and response systems. These systems allow you to monitor your supply chain closely and act quickly if issues arise. By innovating your supply chain, you’re setting your business up for smoother, more reliable operations. This demonstrates to your customers and partners that you’re committed to quality and reliability.

READ: Blockchain Development in Supply Chain Management — How it’s Changing the Game

The bottom line

The strategies we’ve discussed serve as the foundation for creating businesses with lasting impact and relevance.

Considering that only a small fraction of startups make a significant mark, it’s important to bulletproof your business plans and distinguish your idea in the crowded market.

Whether you’re already an experienced veteran or just looking at how to start a business in Colorado, the real challenge isn’t deciding whether to adopt these innovations but recognizing the risk of ignoring them. 

 

Chris Allen is the SVP of Marketing at Heartland, a people-centric fintech company helping over 1 Million entrepreneurs run and grow their businesses. He has 15+ years of executive Marketing leadership in B2B tech and SaaS.

What is Building Information Modeling (BIM)? Discover How BIM is Shaping Modern Commercial Real Estate

Building information modeling, or BIM, is more than just an industry trend in commercial real estate — it is a game-changing technology that is redefining how properties are designed, built, managed and sold.

If you’re involved in commercial real estate, harnessing BIM’s potential can streamline the development of your projects and give you an edge over your competitors.

But what really is BIM, and what are its practical uses in a real estate setting?

READ: Smarter House Hunting — How AI Is Changing The Homebuying Process in Mayberry, Colorado

The basics of BIM

Building information modeling (BIM) is a process used to create and manage digital models of buildings and properties. However, these models are more than simple visual representations — they also reflect a structure’s physical and functional characteristics.

BIM works by processing data and converting it into a virtual building that perfectly reflects how it will look and perform when built.

As design development progresses and data continues to accumulate, a BIM model also takes on the role of an information database that can be referenced by architects, engineers and various other stakeholders to create building documents, compile construction takeoffs and acquire permits.

READ: Maximizing Investments — Harnessing Data-driven Real Estate Strategies

Key benefits of implementing BIM in commercial real estate projects

The transition from traditional 2D building plan sets into dynamic 3D models represents a considerable shift in commercial real estate development. BIM has the potential to streamline both the design process as well as the marketing and management of a facility. Some Key benefits of BIM implementation include: 

1. Better stakeholder communication

One of BIM’s many stand-out advantages is its ability to promote effective communication among all project stakeholders.

By providing a data-rich centralized model, BIM allows architects, engineers, contractors and facility owners to work more cohesively by ensuring everyone is on the same page. This inclusive working environment reduces inconsistencies, eliminates information silos and ensures projects are completed on time and within budget. 

2. Digital-age marketing strategies

From a real estate standpoint, marketing facilities to a modern demographic can be challenging. Buyers and investors are no longer satisfied with building specs and a few photos. They want to be able to envision their company functioning within a facility. 

BIM models cater to modern buyers by presenting them with hyper-realistic renderings and digital walkthroughs of a facility, both inside and out. Additionally, with revolutionary virtual reality (VR) technology, potential buyers can visualize and even simulate in the first person what working in the space will be like. 

3. A competitive advantage

Adopting BIM gives a competitive edge in the commercial real estate landscape.

Projects designed and built with building information technology are higher quality, more energy efficient and more adaptable to future changes than their traditionally designed counterparts. For modern property developers, taking advantage of BIM’s benefits brings a greater return on investment and a reputation for innovation, both of which are critical parts of staying ahead in a competitive landscape. 

Leveraging BIM for project cost estimation and management in commercial properties

With labor and material prices changing on a daily basis, accurately calculating costs is becoming increasingly difficult for project and facility managers. Fortunately, BIM takes the guesswork out of the estimation process. Here’s how.

1. Budget planning

When working with BIM, estimators and project coordinators can calculate their building takeoffs and cost estimations based on data derived directly from a 3D model, facilitating accuracy and precision.

For example, after a BIM model is complete, the software can automatically generate a list of quantities and square footage for building components like doors, windows, and tiles.

This automated process minimizes the margin for error by eliminating the need for manual calculation, allowing for the creation of balanced budgets and significant savings. According to a case study published by EDP Sciences, implementing BIM into a company’s design and construction process has the potential to cut costs by as much as 52.36%.

2. Facility maintenance

With commercial real estate projects, BIM’s usefulness doesn’t stop when construction comes to a close. Modern facility managers can leverage BIM to transition from a reactive maintenance strategy into a more proactive one.

By integrating real-time data and analytics provided by on-site sensors, facility managers can use BIM to calculate the optimal moment to perform routine maintenance and upgrades to building systems. This preemptive approach promotes better use of allocated resources, improved safety protocols and reduced downtime needed to conduct preventative maintenance.  

BIM, driving commercial real estate into the future

There is no denying that building information modeling is having a revolutionary effect on commercial real estate.

By taking advantage of BIM’s collaboration, estimation and management tools, real estate professionals and business leaders all over the world are discovering new ways of improving efficiency and lowering their project costs. As construction and real estate progress further into this age of technology, BIM will continue to evolve and adapt, further securing its place as a cornerstone in modern architecture.

 

Sofia Jaramillo is an Account Executive at Microsol Resources and supports all architecture, engineering, and construction clients across the U.S. with Rhino, V-Ray, and Enscape software. Sofia is also an Autodesk Account Executive for the West Coast and the Florida market. Born and raised in Colombia, and has found a new passion within the field of design and construction.

Colorado Summit’s Ultimate Frisbee matches to air live on TV

The Colorado Summit of the Ultimate Frisbee Association (UFA) announced live broadcast partnership with MTN TV and MTN Sports to broadcast matches for the 2024 season. Starting Saturday, May 4, viewers across Colorado will have the opportunity to watch all Colorado Summit matches from the comfort of their homes for free.
The Colorado Summit, founded with a mission to promote the sport of ultimate frisbee and foster a community of passionate players and fans, has quickly risen to prominence on the ultimate frisbee scene. In the team’s first two seasons in the UFA, the Summit has made the playoffs both seasons and led the league in attendance while amassing a 77% winning record over that time.

The team plays its home games at Marv Kay Stadium at Colorado School of Mines in Golden. The collaboration between the Colorado Summit and MTN TV stands to bring the sport of ultimate frisbee to a wider audience, fostering greater engagement and support within the community.

MTN TV, which reaches more than 2 million households in Colorado, is the state’s only outdoor and local sports network and committed to delivering top-tier sports content to viewers as part of its MTN Sports programming.

Fans can catch the Summit in action starting May 4 at 4:30 p.m. MT as it hosts the Seattle Cascades. The match will be accessible on MTN TV with an antenna on the Front Range on channel 28.1, on Xfinity in select mountain towns and throughout Colorado on the free MTN TV Roku, AppleTV and FireTV apps. Fans can also stream the Colorado Summit and all the UFA games live via watchUFA.tv.

For more information about the Colorado Summit and to stay up to date on news and events, visit watchufa.com/summit.

Learn more about how to watch MTN TV at mtn-tv.com.The live broadcast schedule can be found at mtn-tv.com/sports.