World Business Outlook - Issue 7 by International Business Magazine

Welcome Managing Director Shankar Shivaprasad Co-founder & CEO Shashank M Chief Editor Ujal Nair Assistant Editor Kevin Thomas Laura Edwards Head of Operation James Head of Production Tom Hanks Head of Research Catherine D’Souza Head of Media Sales John Smith Advertising Contact Info@wboutlook.com Content Managers Sathya Narayana B Madhulika Pandey Business Developers Daisy Cooper, Mark Cooper, Justin Wong, Elena Davis, Eric Thomson Graphic Designer Chandan R Video Editor Nelson Caitan Accounts Manager Steve Smith Office Address 32 Pekin St #05-01 Singapore 048762 Phone: +65 86159608

............. Note From EDITORIAL We, the team at World Business Outlook, provide the perfect online news platform for the audience interested in global banking, finance and technology events with the trending news on mergers & acquisitions, new job profiles, innovations, industry insights and updates on the new products/services in the related domains. In this issue, we have strived to bring to you a diverse range of topics from contributions of Artificial Intelligence in Banking & Finance (even in farming, IT, customer data platforms & marketing), automotive, edtech, healthcare, crowdfunding platforms, and climate change. New technological innovations have always grabbed headlines, and their implementation in the existing operational processes of companies in any industry resulted in challenges and then resulted in success. Digital Profiles, Digital Payments, Digital Access Management have become the norm when it comes to Banking & Finance. In this issue, you will get valuable information about the importance of Identity and Access Management Trends in both sectors. To keep our loyal readers and subscribers engrossed, we have taken care to include titles with topics which attract audiences by the million. So, you are all set to read articles on financial tips, reasons for companies moving from one place to another in America, the culinary industry and the importance of intellectual property for businesses. Our Vision has always been to identify and give recognition to companies that have made a difference in terms of positive outcomes to their target audience. So, we have featured two articles on Himel, the company that won two prestigious Awards from World Business Outlook in 2023. The titles are Most Reliable Final Distribution Products Brand in South East Asia’ and ‘Most Reliable Residential Segment Electrical Products Brand, Middle East’ this year. While the first article features an interview with Lou Feng, the CEO of Himel; the second article gives information on how Himel’s reliable, high-quality products ensure affordable housing facilities for one and all. We highly recommend you to

visit our Prestigious World Business Outlook

Awards 2023 event that is going to be held at Mariott Marquis, Bangkok, Thailand on 25 November 2023. Please do not miss the rare opportunity to connect with the global industry leaders in Banking, Finance, Technology, Insurance, Wealth Management, Retail and other sectors.

Be sure to check out our website at

www.worldbusinessoutlook.com Connect with us on Facebook : www.facebook.com/WBOutlook Twitter : @worldbusinesso3 Instagram : https://instagram.com/wboutlook and Linked In: https://www.linkedin.com/company/world-business-outlook

CONTENT ‘We implement multi-faceted approach to exceed market demands of our products’ Lou Feng, CEO of Himel

AI Tools In Agriculture: How They Can Improve Farming Across The Globe?

10 26

What AI has done to IT?

The Game Changer: How customer data platforms can revolutionize your business

An In-Depth Look at the Global Crowdfunding Platform Landscape

More than 100 Companies Have Relocated to Texas Since 2020

Automotive Brands Channel New Marketing Strategy

Modern Tech, today’s necessity for Mother Earth

Why Every Texas Restaurant Employee Needs a Food Handling Certificate

Finance

Identity and Access Management Trends in Banking and Finance

The world of banking and finance is evolving and it is of paramount importance to stay ahead of the curve. Technological advances have made it difficult to manage identities and access within the sector. Efforts should be made by financial institutions to keep a close watch on the newest Identity and Access Management Trends if they want to guarantee the greatest degree of security and compliance. Here are some of the major IAM trends that are influencing the direction of banking and finance sectors. A brief overview of Identity Management Identity and Access Management (IAM) refers to the structures and processes within any organisation that administer and manage its employees’ access to resources and data. To put it in simpler terms, IAM controls the centralization, linkage, and regulisation of access to your systems, data, and resources. Metaphorically, a brain that manages the IT infrastructure of a company. By consolidating identity information for each person, automated operations may be driven and made easier while maintaining the associated permissions and security. Your organisation’s IAM will be more accurate and manageable once it has been standardised and synchronised, enabling secure, appropriate access for all users. IAM is important in the banking industry since it protects and improves the client experience. Banks store enormous volumes of private information; thus, they must verify each user’s identity and control their access privileges. To meet the rising demand for digital payments, businesses must now provide their clients with streamlined, secure access across a variety of platforms. Along with preventing fraud and upholding regulations, this contributes to increasing customer and bank trust.

Security Compliance Banks are incorporating IAM strategies like multi-factor authentication and biometrics along with the necessary regulatory requirements. It is important because non-compliance will lead to hefty fines and reputational damage. Complying with these standards will give you a competitive edge in the financial market. 1.

Multi-Factor

Authentication

(MFA): With the advancement of technology, cyber threats have become more prominent, and relying merely on passwords for user authentication is insufficient. Multi-factor authentication has emerged as a huge trend of the century. MFA greatly improves security by forcing users to submit several kinds of identification, such as a password, biometrics, or a one-time authentication code. Thus proving to be an effective solution for reducing the risk of data breaches and limiting unauthorised access to resources. 2. Artificial Intelligence (AI) and Machine Learning (ML): Artificial

Intelligence

reigning

the banking industry. Banks are leveraging

AI-powered

chatbots

for customer identity verification, thus improving customer service. Additionally, banks are enhancing their security posture by identifying potential fraud or breaches with the aid of AI’s capacity to detect anomalous patterns. The scope of AI technologies‘ application in IAM is anticipated to increase as they

Finance

develop. Machine Learning (ML), a subset of AI, is being

5. Privacy by Design:

utilised by financial institutions to assess the risk of a

This concept is becoming a core idea in IAM for banking

transaction based on behavioural patterns. Given ML’s

and finance due to the increase in data breaches and

develop further proactive and dynamic security, its role

privacy concerns. By using this strategy, IAM system

in IAM is set to grow exponentially.

development must incorporate privacy considerations at every level. Financial institutions can make sure that

3. Self-Service IAM:

personal data is secure and secret by employing privacy-

Conventional identity and access management systems

enhancing technologies, including data encryption,

usually include cumbersome manual processes for user

anonymization, and pseudonymization. When privacy is

provisioning, access requests, and modifications. With

taken into account at the onset, compliance with privacy

the help of user-friendly interfaces, self-service IAM

laws like GDPR and CCPA also becomes easier.

helps users manage their own login info, passwords, and access rights. This proves to be effective for

6. Zero Trust Architecture:

customers and workers to manage their own account

The idea of a Zero Trust Architecture has drawn interest

information without relying on IT support, while also

in the banking and financial sectors due to the intricacy

reducing administrative duties and enhancing the user

of cybersecurity threats. This strategy is based on the

experience.

idea that no user or device, regardless of their location or network, should be blindly trusted. The danger of

4. Continuous Authentication: Traditional

IAM

systems

unauthorised access and data breaches is decreased primarily

authenticate

users during the initial login. However, continuous

because every access request is carefully vetted and allowed.

authentication is becoming more popular in the constantly changing threat landscape of today. In order

7. Privileged Access Management (PAM):

to identify any suspicious conduct, it entails examining

In the banking and financial sector, safeguarding

user behaviour, biometrics, and contextual signs during

privileged accounts and the rights attached to them is

the course of the user’s experience. Financial institutions

crucial. Organisations can manage and track access

can quickly respond to possible threats and reduce

to vital systems and data using Privileged Access

risks to sensitive data by continuously monitoring user

Management (PAM) technologies. Banks and other

behaviour.

financial institutions can guard against insider risks and unauthorised access to sensitive information by deploying PAM.

Finance 8. Identity Analytics and Machine Learning:

10. Centralised Identity and Access Management:

Identity analytics and machine learning algorithms can

It can be difficult to manage several user accounts across

work together to quickly spot and stop any identity-

different platforms, which can cause administrative

based threats and fraud. These technologies can

difficulties and security vulnerabilities. The provisioning,

identify suspicious activity or access attempts by

authentication, and access control of users can all be

analysing trends, behaviours, and anomalies, enabling

streamlined by implementing a centralised Identity and

organisations to take preventative action to reduce risks

Access Management (IAM) system. This raises security

before they worsen.

precautions while simultaneously increasing operational effectiveness.

9. Blockchain-based Identity Management: Several industries have been disrupted by blockchain

11. Enhanced Data Privacy Compliance:

technology,

next.

The GDPR and CCPA, among other severe data privacy

Blockchain enables more secure identity verification and

laws, apply to the banking and finance sectors. To

authentication procedures by providing decentralised

prevent costly fines and reputational harm, staying

and tamper-proof data storage. Banks and other

in compliance with these standards is essential. IAM

financial organisations can improve data privacy and

solutions that offer strong data privacy protections,

reduce the risk of fraud by implementing blockchain-

like encryption, data access restrictions, and auditing

based identity management systems.

capabilities, help organisations effectively comply with

and

identity

management

legal obligations.

Conclusion To safeguard consumer information and uphold confidence in an increasingly digital environment, the banking and finance sectors must prioritise Identity and Access Management. Banks and financial institutions can improve security, simplify access restrictions, and offer a seamless user experience by keeping up with trends and adopting these IAM advancements. Utilising the most recent IAM trends is essential to protecting sensitive financial information and ensuring the industry’s future security as cyber attacks become more sophisticated.

- Blog by Tamanna Shaikh 08

Branding

‘We implement multi-faceted approach to exceed market demands of our products’ Lou Feng, CEO of Himel

Branding

“

Lou Feng, the Chief Executive Officer of Himel, in an interview with World Business Outlook magazine, takes

us through Himel’s manufacturing excellence, robust supply chain and strong distribution network. Here is

an excerpt of his interview as part of our series on Himel

that won the awards of ‘Most Reliable Final Distribution

“

Products Brand in South East Asia’ and ‘Most Reliable Residential Segment Electrical Products Brand, Middle East’ this year.

Here are the excerpts of the interview –

As CEO of Himel, can you introduce the brand from your perspective and how the company’s portfolio has evolved over the years?

Himel is a purpose-driven brand. As a globally operating

in their industry, business, or home. We understand our

manufacturer and supplier of electrical products, we

customers and how our products can meet their needs.

have been a part of industries, businesses, and homes that people rely on every day, in 57 countries across

Over the years, Himel has been at the forefront to cater

continents.

to the consumer demand of high-quality yet affordable electrical products. Our brand evolution has been

Himel products come with confidence and assurance.

centered around consumer demand, you can say. Be it

This means that you will receive high-quality products

smart devices for simple home automation or aesthetic

without a trade-off with price. This is what sets us

wiring devices, we have exceedingly met market

apart. We not only see our products from a commercial

requirements. Himel’s portfolio of value-engineered

perspective; we strive to satisfy our consumers with the

electrical products is continually evolving to improve

quality they deserve.

operations

applications,

metering,

customer-facing

applications, and control systems. With products in our Power Distribution & Management, Motor Control and Protection, Industrial Components,

With smart manufacturing at the core of our success, we

and Home Electric portfolios—our breadth of offerings

have demonstrated a strong track record of innovation,

is a key differentiator. We do not just provide products.

and are committed to providing our customers with the

highest-quality products and services.

also

provide

expert

guidance

and

techno-

commercial assistance to help our customers succeed

Branding

As a leader heading affordable electrical brand, how important you feel is to bring quality, accessibility, and affordability at the same platform? Accessibility and affordability are two sides of the same

can find reliable products easily and within their budget,

aspect. When products are difficult to access, either

they are more likely to do business with you. This is the

because of supply chain issues or manufacturing delays,

assurance that we aim to provide to our customers.

the cost of production increases, which leads to higher prices.

We believe that high-quality products do not have to come at a higher cost. Our goal is to maximize the value

Easy accessibility and affordability are important for

of investment by providing easier accessibility, superior

customer confidence. When customers know that they

quality, and affordable prices.

Can you elaborate on the relevance and need of value engineered electrical products for emerging markets in Asia and Africa?

Asian and African countries are experiencing rapid

term investments in urbanization, the development

economic growth, and safe electrical infrastructure

of industrial parks, hospitals, housing, and other key

is essential for this growth to be sustainable. Value-

facilities.

engineered electrical products can help to bridge the gap between high-quality electrical products and cost

Himel’s portfolio is perfectly suited to meet the demads

optimization.

of the fast-paced markets. To put in perspective, we can manufacture up to 2 million MCB poles in a day! Our robust

These countries have responsive and forward-looking

supply chain, local network, retail representation, and full

markets. Industries such as textiles and manufacturing,

spectrum of power distribution, industrial automation,

which have been the pillars of these economies, can

and home electric products are perfectly aligned with

become major drivers of growth if they have reliable

the opportunities offered by Asian and African residential,

electrical components that reduce downtime and

commercial, and industrial sectors. Himel gives people

minimize unexpected maintenance costs. Safe electrical

the choice, makes it easy to find quality products within

infrastructure can also maximize the value of long-

budget, and enables business success regardless of size.

How you plan to expand Himel’s reach in developed markets like Central Eastern Europe and Middle East?

We are expanding our network aggressively. Our supply

demands. Whether it is faster order fulfillment, sound

chain and logistics are becoming more resilient and

channel capability, or supporting e-retail through

stronger. We are constantly assessing local needs and

aggregators, we are committed to meeting the needs of

evolving a multifaceted approach to exceed market

our partners and customers.

There is a big drive towards electrical safety from governments and businesses. How affordable brands like Himel play a role in accelerating the transition to safer infrastructure? Himel is committed to making safer electrical infrastructure more accessible to everyone. As

decision-makers

the

infrastructure. Himel’s products are competitively priced,

importance of electrical safety, there has been an

and our robust local network and deep expertise allow

increasing

us to deliver them quickly and efficiently. We also have

ensure safety. Himel is at the forefront of this effort,

a strong portfolio of switchgear and power distribution

providing

products that can deliver new value to existing and

focus

increasingly upgrading

quality-assured

recognize infrastructure

electrical

products

that

can help businesses and individuals transition to safer

future establishments.

Branding In addition to providing quality products, Himel is also

Our local teams have a deep understanding of regional

committed to educating consumers, developers, and

electrical regulations, which is critical as climate

electrical consultants about electrical safety. We believe

concerns & grid distribution technologies evolve. We

that equity in electrical safety is essential for economic

are constantly working to stay ahead of the curve and

development that benefits everyone, and we are

provide our customers with the products and services

committed to using our products and expertise to make

they need to keep their electrical infrastructure safe and

electrical safety a reality.

reliable.

We believe that safer electrical infrastructure is essential for a more sustainable and equitable future.

Lou Feng has been central to the Himel’s evolution as a leading value engineering brand backed by smart manufacturing excellence. Graduated from the Wharton School of the University of Pennsylvania in the United States, Lou holds a Master of Business Administration from INSEAD and an Executive Master of Business Administration from the School of Economics and Management of Tsinghua University.

Manufacturing

Chinese electric vehicle industry boom: A boost to the Western economy A brief history of the automotive industry and the

is 25% higher than the electric cars sold in Q1 2022. The

advent of electric vehicles

IEA has estimated that electric car sales could reach 14 million by the end of 2023, which represents a 35% hike in

Undoubtedly, exports bolster a country’s economy, and

year-on-year sales. New electric car sales are most likely

automobiles are the most beloved among the export

to get a boost in the second half of 2023. This means that

categories. For perspective, it was through automobile

electric cars could account for 18% of the total cars sold

exports that Germany and Japan gained advanced

in the entire 2023 calendar year.

industrial economy status. The first gasoline-powered commercial car in the world was launched in 1886. The

– Another report has valued the global electric vehicle

automobile industry suffered due to the global economic

market at USD 388.1 billion in 2023. It is estimated to

crisis from 1980-2008. It went through a transitional phase

reach USD 951.9 billion by 2030, at a CAGR of 13.7% from

with increased competition for domestic sales, rising oil

2023 to 2030.

and fuel prices, and oil shortages during the 1980s. The 1973 oil crisis and growing climate concerns forced the

A paradigm shift in the global automotive industry

world to shift to environment-friendly solutions in every

The growing consumer acceptance of electric vehicles

sector. Very soon, transport followed suit, which further

is reshaping the automotive industry. Other factors that

propelled the development of electric cars.

have led to this tremendous growth in EV sales are the rising pressure on economies to reduce their carbon

Status of the Electric vehicle market today

footprint and subsequent legislation and policy changes

Electric cars became popular in the 1990s and 2000s.

in the transport sector. Many European and American

The first mass-produced, purpose-built, modern electric

global automobile brands that had dominated the

car was introduced in 1996 by General Motors. However,

sector for decades have lost their market shares and

it was only in 2010 that the first mass-market EV was

leadership positions in the electric vehicle space. New

launched. Let us look at the data and insights from some

EV brands have emerged and overtaken these leading

of the world’s leading authorities on market research

brands. The technology race to the EV car segment

and industry experts on the electric vehicle industry.

leadership position has witnessed a considerable shift in global market trends.

– According to a global EV outlook report by the International Energy Agency (IEA), the sales of electric

The rise of the Asian giant in the automotive sector

cars exceeded 10 million in 2022. Electric car sales were a mere 5% of the total new cars sold in 2020, which slowly

China, a manufacturing, and export hub for EVs

rose to 9% in 2021 and a remarkable 14% in 2022. This

Today, China has become the world’s leading exporter

momentum in electric car sales is believed to continue

of electric cars, with 35% of all exported electric cars

throughout 2023.

coming from China in 2022, compared to 25% in 2021, which is a 10% increase. China’s share of electric cars

– Over 2.3 million electric cars were sold in 2023 Q1, which

sold in Europe rose from 11% in 2021 to 16% in 2022, making

Manufacturing Europe China’s largest trade partner. Most Western

available in the United States, they have gained significant

brands exported to Europe are either owned or produced

market share in other countries such as Australia (11%),

by Chinese companies, many of which were acquired

South Africa (8%), and Spain (7%). The global popularity

years ago.

of Chinese vehicles is increasing, while sales of American and German cars are declining in China, the biggest car

China exported over 2.5 million cars in 2023, a 42.4%

market in the world. In contrast, Chinese vehicles are

increase from 2022. Almost 40% of these exports are

gaining popularity within China itself, and are expected

electric vehicles, according to Chinese customs data.

to make up the majority of cars on the road for the first

China has surpassed Japan as the world’s leading car

time later this year.

exporter this year. Although Chinese car brands are not

How the Western economy is gaining from China’s rise China has become a manufacturing export hub for

by 2035. Chinese cars have become extremely popular in

global brands, and Chinese companies are becoming

Ecuador, with their market share rising from 10% in 2018 to

increasingly competitive and exporting more to new

over 30% presently. According to a top Ecuadorian daily,

markets. Tesla was the top EV exporter from China

out of the 107 car brands available in Ecuador, 47 are of

between January and April 2023, accounting for 40.25%

Chinese origin. Ecuador is also a growing destination for

of exports. Other companies like BMW, Renault, and

Chinese vehicle assembly. In 2013, GWM established a

Volkswagen are also expanding their presence in China

plant for assembly and began exporting to Colombia and

and have either already started exporting or are planning

Costa Rica in 2019. In 2017, the Ecuadorian government

to export to other markets. Some Chinese companies are

and BYD established a factory that produces 300 electric

pursuing manufacturing outside the country to better

buses annually. BYD also constructed an electric vehicle

access those new markets as well. For instance, BYD, a

charging station, “la electrolinera,” in Guayaquil in 2019.

Chinese brand, is rapidly expanding internationally and

This station can charge a car in 90 minutes and a bus in

aims to surpass Tesla in global EV sales this year.

3.5 hours. In 2020, BYD delivered the first 20 electric buses to Guayaquil. BYD provided Bogotá with 379 electric

China’s increase in EV production leads to growth in

buses, making it the second-largest South American

auto exports to the Americas. Latin America has shown

city with an electric bus fleet after Santiago, Chile. BYD

potential for EV market growth, with many countries

has provided 60 percent of the city’s electric buses, the

transitioning their public bus fleets to EVs and reducing

highest percentage among all the cities in the world

taxes on them. Brazil has a 35% import tariff on

except China. Besides Bogotá, BYD’s electric buses are

combustion cars but zero percent on EVs. Chile plans to

also present in Argentina, Brazil, and Uruguay.

prohibit the sale of vehicles without zero carbon emissions

The world’s largest market for EVs China accounted for 60% of the new vehicle registrations in 2022 and owns 40% of the world’s electric vehicle stock. Most electric cars sold here are manufactured locally, and the quantity of exported vehicles is on the rise. Today, about one-third of cars running on Chinese roads are electric. Thanks to substantial government incentives, China now produces more than half of the world’s electric vehicles (EVs). The models range in price from $11,000 to $160,000.

Manufacturing

How China became the EV industry leader The reason why China has rapidly risen as an EV and EV

necessary for EV production. As a result, despite the

component manufacturing hub is that way back in 1999,

growing EV supply chain, the manufacturing of batteries

the Chinese government encouraged local companies

and EV components is highly concentrated in certain

to invest in foreign territories once the domestic market

regions, with China dominating the trade. Currently,

got saturated. This move was backed by Chinese

China supplies over 50% of the raw materials required

development banks, which funded Chinese projects

for producing electric motors, as per EU estimates.

worldwide, giving China access to vital resources

The changing consumer perception of Chinese electric cars

Vehicles made in China are affordable and of increasing

cars is changing fast, particularly in the case of Chinese

quality, making them attractive to consumers worldwide.

EVs. The Chinese have established a good service

This is especially true in Latin America, where the

network and built exceptional designs with great quality.

perception of low quality associated with Chinese ICE

Final thoughts As the rest of the world contemplates a slow transition

vehicles is expected to lead to its continued success as

toward EVs, more EVs are sold in China than in the rest

a major exporter. The country’s vast production capacity

of the world combined. This gave China a gigantic

and increasing number of EV models are likely to boost

domestic opportunity to improve EV exports. China’s

their acceptance in the global market.

competitiveness in producing cost-effective electric

- Blog by Amith Raj

Agriculture

has

always

played

a significant role in a country’s economic development. The global population increased by leaps and bounds in the past half a decade. So, there is a huge demand for high-quality healthy food. The fastgrowing

real

estate

sector

has

converted many of the farming lands into real estate projects. In many countries, traditional methods have failed to give the farmers good yields.

Now,

scientists/agriculture

experts have formed an uncanny pact to combine AI with farming methods

improve

agriculture

yields. The combination has brought about excellent results from every corner of the globe. For example, improvement in crop yields; better quality fruits and vegetables. In this article, we will discuss in detail the impact of AI tools in agriculture. AI Tools towards Future Farming Agriculture

experts

challenges

when

face it

many

comes

harvesting crops. Gone were the days, when water resources were aplenty. Mother Nature used to favour the farmers with rainfall/ favourable climate. There used to be large areas of land for farming. In recent times, they have to act as per the climate conditions with less land for farming. However, with the usage of AI tools in agriculture, according to report and surveys, there has been an improvement in profits as

AI Tools In Agriculture: How They Can Improve Farming Across The Globe?

from the soil, it can give accurate predictions on harvesting time and climate conditions. 2. AI Tools transforming Agriculture by improving Crops Health To get a good price, farmers need to get high quality crops and yield. However, with growing deforestation, micronutrients/macronutrients in the soil have reduced to a far lower extent. A new innovation aids the farmers to

compared to two decades ago.

take an image of the soil, crop in the

It is quite heartening, that start-ups

app and get information on the soil

and

are

deficiency, pest problems and crop

investing in AI tools that can make a

diseases. They can then take suitable

positive impact on agriculture.

measures to improve the quality

established

businesses

of soil as well as give treatment. Now, let us look at the practical

Some apps with AI programs can

applications of Artificial Intelligence

also suggest a suitable fertilizer to

tools in Agriculture.

improve soil health.

1. AI Tools for Reaping the Benefits –

3. AI tools for Pests Detection &

Sowing of Seeds

Removal

Recently, farmers across the globe

Weeds & pests are another problem

are finding it difficult to know the right

that farmers face in farms. With

time for sowing seeds. This is due to

proper consultation, the farmers

dramatic climate changes. However,

can remove weeds with the best

with AI forecasting tools, farmers

pest control measures. When you

can get the right information on the

have large hectares of land, weed

weather. Accordingly, they can sow

problem does not come in a single

seeds that can suit the climate and

night. It starts in a small patch and

get good yields.

then spreads to the entire land. Sometimes, farmers may find it

An Israeli Startup has invented a

difficult to identify these weeds.

device that has a cloud solution.

However, drones with AI sensors can

When it is fed with images and data

easily detect these weeds and alert

Agriculture

farmers. The same goes for pests which destroy fruits and vegetables. The AI sensor drones can also be used to spray herbicides to save crops, fruits and vegetables. There are Robots (with AI software) that have the capability to identify weeds by means of images. They drive a bolt in the field mud and uproot them from the soil. By means of sensors and images, these robots can identify the farm plants and help the farmers in eradicating the weeds.

How are AI tools helping agriculture? International

corporations

and

companies

have

understood that human population is depending on

Then there is the CNC precision farming machine that is

agriculture. So it is not only start-ups but also established

open source and has a software package. It is making

companies that have designed tools with AI software

many heads turn because of its multi-task nature. This

which can transform agriculture.

machine can help a farmer plant seed and also identify weeds with a software and physical bot. With the help of

For example, in a field, there will be plants that need

web apps, it can be made active from a smart phone or

more nutrients or need spraying of pesticides than other

any computer device to do the needful.

plants. With the See & Spray technology, the vehicles

can detect these kinds of plants. Then, they can spray

Then there is an app, it makes use of machine learning

the required amounts of micronutrients/macronutrients

as well as computer vision to monitor the crops. It also

and pesticides on only individual plants. By this act,

checks on their health by calculating the nutrient fertility

the farmer can save money that has to be invested in

in the soil (rate of phosphorus, potassium as well as

pesticides and other factors.

nitrogen).

Agriculture

Challenges of adopting AI tools in agriculture

Millions of years ago, it was man’s quest for higher

such as cloud and machine learning. However, there is

productivity which set the pace for improvement in

still hope. Companies that design AI tools for farming

agriculture. Right from the invention of the plough for

should get into contact with villagers at the grassroots

sowing seeds to using bullocks for toiling the soil, farming

level. They need to provide training to make them

has come a long way. However, now it has shifted from

familiar with the AI tools. This act will impart confidence

animals to using tractors to using recent technologies

to farmers to use the tools in their farming methods.

such as AI, and Machine Language (ML). Farmers are incorporating some of the latest AI tools to reap millions

So, at the present moment, start-ups and investor

of profits.

companies have stepped forward to make investments for AI tools in farming. Also, we have to understand,

However, the analytics points towards some distressing

that improvement for greater yields as well as usage of

figures. Statistics convey the same for developing

technologies may take at least a decade to happen. Let

countries. Do you know farming contributes a major scale

us, being a human race, and living in this planet, called

of the nation’s economy? Yet, the agriculture industry

as Mother Earth, keep our fingers crossed and pray that

is underserved. There are many villagers who are not

AI tools that are being used in agriculture get used to the

familiar with the usage of new technologies. Be it AI-

fullest to fulfill the needs of the global population.

enabled equipment and solutions or other technologies

- Blog By B Sathya Narayana

Technology

The Better Bet: Edtech or Cybersecurity Several market reports suggest that the global edtech

Ever since the mass exodus to digital platforms during

market will grow from USD 133 billion in 2023 to USD 433.17

the COVID-19 pandemic, the immensity and the intensity

billion by 2030. The edtech market is currently plagued by

of digital attacks have increased manyfold. The attacks

a combination of factors including plunging valuations,

range from accessing, changing or destroying sensitive

concerns about profit and revenue among the investors,

information to ransomware and business interferences.

lack of funding, reopening of the schools and colleges

In 2022, the global cybersecurity market was estimated

in the post-Covid period, and increased focus on offline

to be worth USD 173.5 billion. It is estimated to grow at

play and digitisation of the existing school system.

a CAGR of 8.9 percent and is forecast to reach USD

While edtech garnered attention during the COVID-19

266.2 billion by 2027. So the real conundrum is: Is the

pandemic, there is another industry that benefitted on

cybersecurity market just another bubble or unlike the

a large scale because of the mass online migration of

edtech market, does it have a distinct future?

almost anything and everything, Cybersecurity.

Technology

Bigger the Bubble, Bigger the Spectacle In 2018, while the global edtech industry was valued at

acquisition

costs

and

failure

meet

customer

around USD 8.2 billion, the global cybersecurity market

expectations. Students are increasingly preferring the

was reportedly valued at USD 37 billion. This gradually

social interactive environment of offline classes. The

increased in the year 2019 with the edtech industry

quality of the content further hindered the growth of the

skyrocketing to USD 76.4 billion while cybersecurity

industry.

zipping past the USD 120 billion mark. In the latest reports, in 2022, the global edtech market stands at around USD

The Cybersecurity industry, on the other hand, has

120 billion while the cybersecurity market is estimated at

garnered prominence in the same time period with

around USD 170 billion.

advancements in digital threats that have become more frequent and complex. The popularity of cybersecurity

The edtech industry has been largely driven by the

essentials is hinted to grow manyfold considering a

fascination towards gamification, VR/AR and the market

report that over 65,000 vulnerabilities were reported in

demand for online and hybrid learning, AI personalization

2022 by a small group of experts. Reports also suggest

and coding education. In the same period, the rising

that the cost of cybercrime could reach USD 10 trillion by

vulnerabilities of mobile platforms and cloud technology

2025 from USD 8 trillion today. The FBI reports that the

have further driven innovations in the cybersecurity

total volume of complaints in 2021 was at an all-time

industry.

high at more than 840k, amounting to a total loss of over USD 6 billion. This shows that, unlike the edtech bubble,

In this post-pandemic era, there has been a sudden

the Cybersecurity pitch is going to remain bigger across

downfall for the edtech industry across the globe.

the globe and will remain a top concern for organizations

The industry has been struggling with high customer

and individuals.

Keeping up with the tides It has been established that the global edtech industry

As per a recent study, edtech sector needs to harbour

is currently going through some rough waters. 2023

innovations

is the year when many new unicorns and established

incorporate AI and VR for online and offline platforms,

names will have to rethink their business models. We

develop the curriculum around micro-learning and

have already seen mass layoffs and cutbacks in the

nano-learning and embrace hybrid learning. As per

education sector. Many of the smaller startups have

recent reports, many venture capitalist are exploring

either shut shop or have been gulped by the big fishes

these aspects in their existing assets. Government across

in the market. Some of the ‘premiere’ edtech startup

the globe have started giving incentives to promote

companies are partnering with corporate firms and

tech-based learning and updated curriculum. This, in

developing licensing agreements with new customized

itself, is quite promising for the edtech industry. The next

content for the clients. Investor funding has been limited

big trend in the education sector involves democratizing

to new unique and effective learning solutions that cater

the entire ‘unique learning experience’ for all students

to the niche learning streams in the most innovative

across the globe. Investments will reflow at 2021-22 levels

ways. The hockey stick graph of student enrollment will

into the edtech industry when companies leverage the

no longer entice the edtech ventures.

accessibility of the metaverse along with the concept-

such

hyper-personalized

learning,

wise hands-on learning experience.

Technology

Catching up with Inventive Cyberpunks Unlike the edtech industry where the whole purpose is to

Innovation is the key for both, cybersecurity and edtech.

cater to the dynamic needs of the education sector, the

While the former is suffering from insufficient innovations,

cybersecurity industry is trying its best to catch up to the

skill and lack of budget, the latter is suffering from a

whole union of cyber criminals across the globe. Recent

new heightened conscience among the investors with

evolutions in ransomware, IoT and Cloud attacks have

regard to inflated valuations for sub-par performances.

only exposed the vulnerabilities of the remote workplace

COVID-19 gave birth to both the market bubbles. It could

and the downsides of the 5G network. Obvious solutions

take another 5 years for both sectors to meet their true

such as the incorporation of an infrastructure that is

potential and meet all requisites of their respective

based upon blockchain technology infused with AI and

investors. While analysts expect 2022 to be the peak

ML have been doing the rounds for more than half a

bubble for edtech, cybersecurity is into a stream of its

decade. However, the main concern for the cybersecurity

own that is governed by the ingenuity of felonies across

industry is the lack of skilled professionals, inadequate

the globe. Cybersecurity today enjoys the premature

planning, software vulnerabilities, mobile malware, API

hype that Pharma once enjoyed in the 19th century, when

attacks and lack of proper budgeting.

it transformed from a reactive industry to a disruptive one.

- Article by Ujal Nair

Information Technology

What AI has done to IT? Since the launch of ChatGPT or GPT-3 late last November by OpenAI, AI (Artificial Intelligence) has been a buzzword that almost anyone who uses the internet is aware of and given the dose of Sci-Fi movies based on AI, there has been a bit of cynicism related to AI as well. But let’s look at this topic, especially the generative branch of AI, objectively, and see what generative AI is, the use cases, challenges or concerns that it presents and the opportunities, mainly investment opportunities in the field. Now let us take a look at generative AI. It is a set of algorithms (collection of steps) which can generate new sets of content like text, audio, video, images & more. It uses neural networks to identify patterns and structures in the data that is input and generates the new content as output.

Information Technology

Generative AI in Software Development AI can be utilized in different aspects of software development. It can be used in repetitive tasks like auto-completion, automating the documentation of the code functionality and more. Thus freeing the developers to focus on more important tasks from the business standpoint. It can also help the developer kickstart the coding process by giving certain prompts to the developers so that they can start the tasks without much starting trouble. It can fasten the process of updating the existing codebase to newer standards and conventions without much intervention from the developers.

Information Technology

All of the above things can help developers spend more time on important things like bug-fixing, integration with other applications, ensuring whether the applications meet the security standards of the organization and more.

Generative AI in Software Testing There are many use cases of Generative AI in Software Testing otherwise known as Quality Assurance. Test generation could be automated to save time, effort, and resources The code coverage i.e., the number of test scenarios that could be covered could be increased to a very large extent thus enabling the organization to increase its security and other aspects One of the most important aspects is that the consistency of the tests could be maintained. The more scenarios that the generative AI systems are presented with, the better they can get in generating tests that are accurate. This also helps speed up the DevOps practices in the software development lifecycle.

Generative AI in Cloud Computing and DevOps It can be used in creating infrastructure code templates such as Terraform and CloudFormation scripts enabling the provisioning of cloud resources. It could be used in automating and reviewing the performance of the overall DevOps pipeline. It could help in better root cause analysis of the IT issues that already took place. It could help gather better data on the overall IT environment which helps in making business decisions regarding the environment. It can be used in IT capacity planning. It can be used for performance monitoring and utilization of IT resources helping to reduce unplanned service outages and downtimes, helping to avoid SLA breaches. It can be used in dashboard generation It can be used in the utilization of different services in Cloud computing like SASS, PAAS and more.

Information Technology

Generative AI in Data Science and Data Analytics There are many uses of AI in the above-mentioned fields. Let’s look at each of them. Generative AI can help to analyze large amounts of data easily and with precision. Helps analysts and scientists to identify trends from larger datasets and also helps to make decisions faster. It can take care of the repetitive functions and tasks thus freeing up a lot of time to work on advanced and complex stuff. They are generally more accurate than traditional methods.

Generative AI in Cyber Security Generative AI in Cyber Security

It helps to continuously improve the threat detection capacity of organizations. Also, as they can process large sets of such data, they could learn the different patterns of threat detection over a certain period. They can be used for vulnerability assessment which helps to find the weaknesses of an organization in terms of cybersecurity. It uses predictive analysis for the same. Another area where generative AI can be used is to monitor for cyber-attacks, quickly identify their characteristics, initiate appropriate responses and send them to the relevant stakeholders. It could help in log analysis It can also be used to create a correlation between cyber alerts They can be also used to analyze the network traffic and send messages to the stakeholders to take necessary steps based on the analysis.

Taking everything mentioned above into consideration, we could safely say that just like any other technological advancement, AI has both its risks and opportunities, and it is in the hands of the companies which are contributing to the new wave of Generative AI. The consumers of these technologies and the policymakers should check how well they are able to maximize the opportunities presented and minimize the impact of the downsides of this new technology.

- Article by Jaison

Business

The Game Changer: How customer data platforms can revolutionize your business

In recent years, Customer Data Platforms (CDP)

where the customer data platforms come into question.

have gained significant traction, and more and more

They organize, analyze, and utilize customer data for a

organizations and industries are looking for measures

seamless marketing experience for companies from

to gain customers on their platforms. With the recent

various industries, such as automotive, healthcare,

technological revolution, accessing data has become a

financial services, insurance, pharmaceutical, sports

very easy method, wherein the incorporation of AI has

and entertainment, travel and hospitality, retail, and

made the job easier than before as a huge set of data

e-commerce.

can be collected, segregated, and put to great use. This is Features of a Customer Data Platform:

A customer data platform collects, integrates, and

multiple sources, including websites, mobile apps,

utilizes the data, consolidating it into one single database

email marketing platforms, CRM systems, and offline

that can be used by marketers to run campaigns and

data interchange. Then on, they store, assemble, and

other promotional ventures. They render a range of

structure huge amounts of customer data easily while

elements that make them a must-have investment

making it available for analysis and activation. After

in today’s modern world. CDPs gather data from

organizing, they combine data from multiple sources,

Business eliminating data silos and providing businesses with a

CDPs offer high-quality reporting and analytics, allowing

360-degree view of every customer. Furthermore, the

businesses to assess the efficiency of their marketing

CDPs helps businesses capture and process data in

efforts, discover trends, and optimize plans.

real time, empowering timely customer exchanges. The Advantages of using a customer data platform: Enhanced customer personalization and segmentation: Have you ever got a product recommendation that felt

helps the businesses create a personalized experience

tailor-made for you? That is the power of a customer data

for their customers. By understanding their preferences,

platform in action. It gathers and organizes customer

browsing history, and purchase trends, businesses can

data via numerous sources, such as CRM (customer

provide relevant products and services, which can

relationship

ensure customer loyalty and a sure purchase.

management)

systems,

transaction

records, social media, and other website visits. This Deeper customer insights for effective marketing strategies To develop effective marketing strategies, getting an

360-degree view of their customers by analysing and

in-depth insight into customers’ needs and preferences

segregating data to recognise trends and opportunities

is very important. A sturdy CDP gives businesses a

that can help drive marketing success.

Streamlined cross-channel marketing campaigns Today’s customer journey involves multiple touch points,

different sources and systems. This unified view comes

channels, and devices, so in order to effectively engage

as a great help to businesses as they target their

with customers, businesses must employ their marketing

niche audience and create cross-channel marketing

capabilities across these channels. A CDP can serve as

campaigns.

a hub, combining and consolidating all the data from Enhanced customer experience and satisfaction As the competition grows with each passing day, a

a deeper level. By working on improving customer

superior customer experience would be a competitive

satisfaction, businesses can drive repeat purchases,

advantage. A CDP can aid a business model achieve

positive word-of-mouth, and proper growth, enabling

greater goals by understanding its customers on

them to flourish further.

Success stories and statistics: According to the reports, published by some reputed

CDPs are coming up with innovative features to attract

customer data platform resources, the CDP industry

more and more enterprises. For example: A California-

showed tremendous growth in the recent fiscal year

based CDP provides a free plan to businesses that have

21–22. The market size of the CDP industry was valued

10,000 visitors monthly and other advanced features

at $1282.61 million in 2022. It is expected to reach

such as roles and permissions. These offerings provide

$6005.38 million by 2028. This strong growth in numbers

a more comprehensive way of managing data for small

is suggestive that more companies are opting these

as well as big enterprises. Some of the top players in the

platforms to help them scale their businesses. Most of

CDP industry are serving both B2B and B2C platforms

the vendors are willing to capture the market to become

and cater to a huge array of industries.

the leaders, but only a few can achieve the feat. Various

Business

In this hyper-competitive market where businesses are doing their best to reach the pinnacle, the customer data platforms holds immense promise. The CDPs are all set to incorporate advanced artificial intelligence and machine learning capabilities. These capabilities

will

enable

businesses

automate data analysis, taking customercentric marketing to new heights. As IoT devices become more prevalent, CDPs will use these devices to integrate and process the data they’ve collected. This particular integration will not only help businesses curate Future trends and advancements in CDPs

personalized

experience

for

their customers but also nurture lifelong relationships. The future of CDPs will be shaped by growing concerns about data privacy and consent. Vendors will prioritise transparency,

data

governance,

and

regulatory compliance. In order to sustain consumer trust and loyalty, businesses must prioritise ethical and responsible data usage.

- Blog by Madhulika Pandey

Healthcare

Top Reasons for Boom of Personalised Wellness Programs in 2023 “Health is Wealth.”

This proverb has been repeated

(yoga institutes, gyms, dance classes, martial arts)

again and again for millions of years. The reason this

have

introduced

personalised

wellness

programs.

has attained eternal status is because it emphasizes the

These programs contribute to the overall health of

importance of health in human life. Our elders, physicians

the participants. In the last two years, even corporate

and wise men did not stress only physical health. They

companies have asked their HR departments to design

also specified three important parts of health. They are

personalised wellness programs for employees. In this

– mental health, spiritual health & emotional health. If

article, we will discuss the reason behind the boom of

any one of these four gets imbalanced, then the other

personalised wellness programs and their impact on our

three also get disturbed. The result – illness, depression

society.

and other ailments. In recent times, health institutes The Wellness Program Industry Humans, since the good old times have always gone

The wellness industry includes wearable technology,

out of their way to find the best health programs/

health program apps & fitness classes. Reports indicate

beauty products/high-quality food. The reason was

that the spendings on wellness services (martial

to improve the physical appearance and to stay in

arts, dance classes, fitness gyms) as well as wellness

the best of their health. Have you ever come across

products (protein bars, fitness meal apps and gadgets)

articles about the health and wellness industry? There

has crossed more than 450 billion in 2022.

are numerous health institutes that offer diverse fitness programs.

Also, there are companies which produce

Consumers, health institutes, wellness gadget designing

wellness electronic gadgets. However, a health institute

companies

select/design

personalised

wellness

which designs wellness programs can stand the test of

programs based on six dimensions. They are fitness,

time only when it can introduce new services tailored to

appearance, mindfulness, sleep, nutrition and health.

meet the expectations of customers. The same applies to a company which designs wellness health gadgets/ products. Let us discuss them in detail: Fitness: Gyms/clubs, fitness equipment (including at-home devices), and fitness wearables Appearance: Salon services (styling of facial hair, beard), skin care, dermo-cosmetics Mindfulness: Personalised therapy (yoga sessions, Reiki healing, chanting), meditation programs, and music apps for reducing moving stress

Healthcare

Sleep: Supplements that induce sleep (pills, capsules)/treat or cure sleeplessness (insomnia); sleep tracker apps, and other sleep-enhancing products Nutrition: Subscription meal/food services (for breakfast, lunch, dinner), nutrition diet programs/apps, and juice cleanses Health: Personalised supplements (fatty acids, vitamins, minerals, amino acids in the form of pills, capsules), over-the-counter medicine (health juice), and personal hygiene.

Healthcare

The wellness industry has seen many start-ups entering the market. In fact, the market has become overcrowded in the last five years. Most of the recent startups have introduced beauty products and personalised nutrition supplements. However, there is still dissatisfaction in the minds of consumers regarding many products. When it comes to satisfying consumers, companies need to take care of the millennial population. This category has the potential to spend on personalised wellness programs & health gadgets.

Although it is true that there are six dimensions, the

an improvement in not only fitness, but also appearance,

boundaries between them have blurred in recent times.

stress-relief and better sleep. Then, if you check the

Consumers now seek wellness products/services that

social media campaigns of some health products, the

can fulfill their needs across two to three dimensions. The

content specifies nutrients that not only improves health

best example could be a yoga class, that advertises for

but also elevates moods and appearance.

Boom of Personalised Wellness Programs in Companies/Corporations Many

companies

have

incorporated

personalised

has been an increase in stress, burnout & reduction in

wellness programs into their HR policy. Between the

mental health. Employees who have participated in

backdrop of Covid-19, the working atmosphere has

these wellness programs have shown more productivity,

changed in many parts of the globe. Many companies

greater job satisfaction & initiative to take greater

have shifted to hybrid work schedules, remote work

responsibilities.

distribution and work-from-home options. So, there

Healthcare Benefits of Personalised Wellness Programs As an individual, you will have different needs. You may have mental, spiritual, physical or emotional issues. By offering personalised wellness programs, and health institutes, company HRs can make a positive impact on the lives of their employees. Let us look at some examples: A yoga institute may offer different wellness programs. But before joining the session it is better to have a one-to-one interaction with the counsellor or yoga instructor. Are you interested in being part of a weight-loss program? Then, they can listen to your needs, and help you join a specific session where weight loss is the main objective. In the case of martial arts programs, there are many who attend only to stay fit. Then there are others who want to make martial arts as their career. For example – a martial art or any type of fitness program contributes to the entire development of an individual but it is wiser to join a class where your needs are looked into, and your desires fulfilled. An employee may have to work remotely and he/she has to report to multiple team leads. If he/she works for long hours, they may face burnouts, which may result in a reduction in performance. Regular counselling sessions may help the employee realise the value of their work. This will help improve productivity, physical and mental health.

Conclusion Technological innovations have contributed to the

can give rise to diseases (for example, opting for a diet

improvement of health in various ways. When it comes to

with low sugar, fat and calories content can prevent the

personalised wellness programs, participants need not

onset of diseases such as diabetes mellitus). Another

attend the sessions physically. They can also participate

example can be given of asthma patients, where

from the comfort of their homes or offices. The sessions

counselling is given to avoid places that can trigger the

can be attended via webinars, Google Whatsapp calls,

disease symptoms (places where there are plants such

Facebook Live, Instagram Live, YouTube Live, Udemy

as parthenium). In conclusion, personalised wellness

(recorded courses), UScreen, Crowdcast, Marvelous,

programs can help an individual stay in the best of

Teachable, Zoom, Thinkific, and other platforms.

health. By implementing these wellness programs in HR department, a company can help their workforce stay

With regular counselling and fitness exercises, it has

happy, focused and, as a result, improve its business

been possible to prevent health-related behaviours that

outcomes.

Marketing

Automotive Brands Channel New Marketing Strategy

Do you know which is the top-selling car in the world?

three-wheeled vehicle with gas engine operation. Ads

Which is the top-selling two-wheeler in the world? Only a

back then focussed on the benefits of replacing the horse

few might get the right answer. However, many will have

with a more easy-to-maintain and easy-to-operate

an obvious common answer to the following questions –

machine. Coming to some of the modern marketing

Which is the fastest production car in the world? Which

campaigns, they seem to be following a template with

is the costliest car in the world? Even though the answer

a few drone shots of the exterior and quick jump cuts

may not be accurate, one brand could stand out. This is

of the interior features. They all seem to be focussing

the true power of marketing.

more on their brand image rather than what the product delivers. Most of the two-wheeler products are forced

The first automotive ad dates back to 1895, almost 10

with a ‘sporty’ aspect in their product, even if it is a low-

years after Karl Benz built his first horseless wagon, a

powered urban scooter.

Does brand image hamper innovation? The purpose of a marketing campaign has always been

sales dipped from 86.05 million units in 2017 to 80.6

to address a need and deliver the solution through a

million units in 2018 and further to around 74.9 million

product or a service. But, what if there is no ‘need’ or

units in 2019 as per some reports. In 2020, not just the

‘problem’ to be addressed and the solution being offered

auto industry but every other sector had COVID-19 to

is not the most viable one? That is when a campaign

blame for the poor performance.

misfires. This was evident from 2018 to 2021, when car Look at the 2018 to 2019 period, when we did not have

friendly and high-mileage vehicle was rising. Yet,

the pandemic to blame, yet global sales were declining.

manufacturers were spending more on portraying

This was the time when ‘Woke’ culture was prevalent and

themselves as the creators of some of the most thrilling

gaining popularity across the globe. The EV sales were

fuel-guzzling driving machines.

gaining grounds and the need for a more environment-

Marketing Ever since the advent of auto advertorials, speed has been

a race track. From replacing horses to achieving triple-

and will continue to be one of the most important aspects

digit speeds faster, speed is the perennial factor in the

for an OEM brand. That is why even a street motorcycle is

auto industry. However, this is becoming the biggest blot

shown to make stylish moves and remarkable agility, on

for the entire automotive industry.

What brands don’t tell but still sell According to WHO records, approximately 1.35 million

number of deaths globally. This is the country with the

people died in road accidents in 2021. It further observes

largest two-wheeler market in the world but sadly, the

that overspeeding is one of the major causes of most of

lead cause of major road fatalities. Speed is the main

the fatal accidents across the world. As per studies, an

cause of death for people aged 15 to 49 globally, the

increase in average speed increases the probability of a

prime consumers of the automotive industry. In spite of

fatal crash. To be more specific, a 1 percent increase in

all this, we see an increasing number of advertisements

the mean speed could increase the risk of a fatal crash

from Asian OEMs, brandishing themselves as the makers

by 4 percent. As per a recent report by Border Road

of the fastest two-wheelers of their respective industries.

Organisation (BRO) of India, the country has the second-

This is hitting a curb due to government intervention and

highest number of road accidents and the highest

annual sales charts.

Marketing Government’s life-saving speed breakers Australia passed a law to make the Anti-Lock Braking

mandatory in 2004. The US made it mandatory in 2011.

System (ABS) in vehicles mandatory in the year 2003.

China and India made it mandatory in 2019 while Thailand

UK and Indonesia passed similar laws and made it

has made it compulsory for all new vehicles from 2024.

After the government started giving priority to road

marketing campaigns surrounding high-speed street

safety, automotive manufacturers started to pitch the

stunts and outright highway performance. The few who

safety standards of their products more. This is when

do it, demonstrate it on a race track. Automotive OEM

the name NCAP (New Car Assessment Program) started

manufacturers are not chasing speed anymore, be it in

becoming popular. With Bharat NCAP being the 10th and

two-wheelers or four-wheelers. They are investing more

the latest Global NCAP to be added, automobile brands

in assuring safety and the technology related to it. A

have turned their latest Ads into road safety pioneers of

case in particular is of a prominent car brand that is part

the industry.

of a large industrial conglomerate in India. The day it was announced that it had the country’s first 5-star rated

Today, in the automotive industry, brand value is

SUV in the country, its sales jumped multifold, making it

measured by product quality. We no longer see

the top-selling SUV in India for that year.

Medium matters over Message Hiring the best drivers and commercial directors means a

the Indian automotive industry’s advertising budget

lot if the message is reaching the right audience. Reports

at 45 percent followed by television (28%) and digital

suggest that there is around 23 percent decrease in the

ads (20%). According to another report, the Chinese

budget for TV commercials from the Global Auto industry

automotive industry spent over 60 percent of its Adex on

for 2022. Most of them have switched their focus towards

middle-class cars while the high-end automobiles saw

streaming services and several online platforms in image

Adex of just around 13 percent in 2020.

and video formats. In 2021, print continued to dominate

Marketing

The automotive online advertising market is forecasted

advertisements is shifting its expenditure towards search

to grow at a CAGR of 16.2 percent from 2020 to 2025. At

and social. While the investment into video formats still

the same time, another report suggests that the global

accounts for more than 40 percent of the spending, local

automotive giants are reducing their ad spend. The total

radio and online streaming portals are swiftly increasing

share of ad spend by global automotive brands among

their size of the pie.

other sectors globally has reduced from 10 percent in 2013 to 4.8 percent in 2022. Print media has seen one of

In an age where car manufacturers have started buying

the biggest drops from USD 8 billion in 2016 to less than

stakes in online social media companies, history will

USD 2 billion in 2022. In the age of Digitalization, spending

document the biggest market voice and the biggest

on digital channels has increased and Instagram is

market share. Media owners are hopeful that it will turn

predicted to earn the most from automotive investments

out to be the same brand for both to set the strategy for

in 2023. North America, the largest market for automobile

the next marketing game.

- Article by Ujal Nair 43

Finance

An In-Depth Look at the Global Crowdfunding Platform Landscape INTRODUCTION Have you ever found yourself with a brilliant idea for a

that just need a head start and have the potential to thrive

startup or venture, but lacking the necessary funds

if given the right direction. Many successful companies

to bring it to life? This is where crowdfunding comes

owe their existence to crowdfunding. However, limited

in, offering a solution to fuel your passion even when

collateral often hinders promising business ideas,

traditional funding falls short. Crowdfunding platform

leading to disappointment and failure.

have played a significant role in supporting businesses

Finance

Crowdfunding ventures have become commonplace

this blog, we will explore a wide range of topics related

not only in the Western market but also in the European,

to crowdfunding platform, including its fundamentals,

Asia Pacific, and MENA regions. Each of these areas has

operational practices across different regions, market

its own unique set of rules and regulations governing

share, the flow of money, major companies offering

crowdfunding activities. From obtaining the necessary

crowdfunding services, and predictions for the future of

licenses to targeting niche markets, these platforms

this industry.

often face numerous challenges in order to thrive. In FUNDAMENTALS OF CROWDFUNDING: Crowdfunding, in simpler terms, can be described as the

way for individuals and businesses to raise funds from

method in which individuals, groups and other for-profit

the general public using online platforms accessible via

organisation fund their ventures by drawing relatively

the internet. This is done without the use of traditional

small contributions from a relatively large number of

financial intermediaries when compared to financing

people on the internet. By doing so they get the requisite

from traditional institutions such as commercial banks,

funds, and their business ideas get a chance to dwell in

business firms, and venture capital firms.

this startup-saturated economy. It has become a popular

Finance HOW DOES CROWDFUNDING OPERATE? Crowdfunding involves three main members: Funding portals (intermediaries), Contributors (funders/investors), Crowdfunding campaign creators (fund seekers/entrepreneurs). The very first step in the crowdfunding venture requires

platform providers assess the security and repayment

the fund seekers to register and create an account

method to ensure that investors will be repaid at the

on a crowdfunding portal, where they put in the data

campaign’s conclusion.

regarding necessary identity and project information.

Once registered, the fund seekers can initiate a

Suitable

projects

are

approved

the

platform

crowdfunding campaign. The platform providers then

management, who may request the borrower’s signature

evaluate and verify the provided information, including

on a loan agreement. Finally, the approved project is

the business idea, experience, funding amount, and

published on the funding portal, permitting the collection

personal details of the fund seekers. Moreover, the

of funds from contributors.

Finance CLASSIFICATION OF CROWDFUNDING TECHNIQUES: Peer to peer lending: This method is very similar to traditional borrowing from a bank where the funds are repaid with interests to the concerned investors or the contributors. Donation Based: These types mainly fall under the categorization of charity for disaster or relief fund carried on by the government or individuals. These donations are mainly fed in through social media promotions where large inflow of funds are projected. People often contribute to these charities expecting nothing in return. Most of the time even the government also relieves the tax on these types of funds so that the entire amount reaches to concerned groups, organizations or individuals. GoFundMe, l%Club and Act4Greece remain a major source of crowdfunding compared to other types of crowdfunding campaigns. Equity Based: This method allows us to raise funds from the investors in exchange of unlisted stakes of the company. These stakes aren’t listed on the stock exchange and cannot be bought and sold as shares. Overview of Global Crowdfunding Platforms As of today, a whopping USD 17.2 billion is generated

platforms play in the global economy. They empower

yearly through crowdfunding in North America alone,

individuals and companies to raise money for diverse

and these figures are only growing! With over 6,455,080

causes, ranging from personal needs and creative

worldwide crowdfunding campaigns launched last year,

projects to business ventures and charitable initiatives.

there’s no denying the significant role these crowdfunding Legalities involved in obtaining crowdfunding license in various regions: Europe: The European crowdfunding platforms required an authorised licence from the new European Crowdfunding Service Provider (ECSP) in order to operate and raise capital. USA: For operating a crowdfunding project the intermediary must register with the Securities and Exchange Commission (SEC) as a broker or as a funding portal and become a member of a national securities association. UAE: The UAE government allows a crowdfunding venture to begin its operation only if the platform has been registered and licensed with the central bank or other regulatory bodies such as Dubai Financial Services Authority, The ADGM Financial Services Regulatory Authority, or Securities and Commodities Services Authority.

Finance MARKET SIZE OF CROWDFUNDING PLATFORMS: The crowdfunding platforms have gained a fair share of

If we look at the reports, the global crowdfunding market

the market size ever since it began operations in multiple

size was valued at 1.67 million dollars in 2022 and is

companies and startup charities. Funding organizations

expected to expand at a rate of 16.67 %. The social media

have come forward and have gained

benefits from

platforms are giving a major boost to these crowdfunding

such initiatives.. On the contrary, there are companies

websites. People with huge followers come and gain the

which have seen the downfall and there has been a loss

excessive benefit from the platforms. Rising artificial

of funds resulting in the waste of resources at the same

intelligence is also one of the major reasons for the

time. With key players taking charge of a large chunk of

vast growth in the crowdfunding platform. Blockchain

the profit, the crowd funding space is here to stay and

activity and other innovative techniques give way to

more so, to expand manifold.

the popularity of crowdfunding activities which in turn provides major growth to the crowdfunding market.

The Future perspective and the challenges faced by Crowdfunding Platforms: Crowdfunding platform are here to stay with various products and services thriving and getting a chance to see the light of the day all because of raised funds. Although the crowdfunding space is relatively new, its popularity has overtaken other fundraising strategies. Although crowdfunding has many success stories, it also has several drawbacks as it is in the beginning stage and is highly unpredictable. Many researchers indicated that the risks associated with crowdfunding are similar to the risks associated with any different financial sectors, such as investment and securities activities and payment services. However, as crowdfunding is operated online, it is also significantly exposed to the vulnerabilities of Internet-related threats and other related technological risks

such

cyber-attacks.

Additionally,

many

crowdfunding platforms operate across borders and widen the legal complexities. Numerous individuals see crowdfunding as an easy or free way to make money, but it takes a lot of effort to establish a project that backers perceive as a worthwhile service. Success is not guaranteed in this method of funding. As crowdfunding grows in popularity, funders have become smarter about the projects they back. Crowdfunding will undoubtedly be a gateway for future investment as it expands our horizons into various sectors which would otherwise be not known about.

- Blog by Madhulika Pandey 48

Finance

Technology

Modern Tech, today’s necessity for Mother Earth Introduction: Climate change is making headlines globally in such a

and the technology (and AI, in particular) available to

way that it is not good news for mankind. The natural

fight climate change. We will also look at some global

catastrophes that the world has faced in recent years

businesses that are already using technology to fight

stress the need for ‘action’ like never before. In this blog,

climate change. Lastly, we will look at the prospects for

we will take a look at some of the recent and ongoing

climate technology and the opportunities for businesses

environmental crises around the world, the role of global

to harness the technology.

businesses and organisations in fighting climate change, A worrying and increasing trend of devastating climate change phenomena We have witnessed several incomprehensible natural

In other words, the situation is not good, and if we want to

calamities, like the wildfires in Canada, Australia,

avert the forecasts, we must act now to combat climate

Greece, and Chile. There have been instances of record-

change. This entails taking personal responsibility for

breaking rainfalls in Asia, Italy, the US, South America,

our carbon footprints and urging political and business

and Southeast Africa. Our world is experiencing record-

leaders to listen to the science and implement the urgent,

high temperatures in the most unlikely parts of Europe,

comprehensive, and ambitious reforms required to

Asia, and the Americas. The rising number of typhoons in

combat climate change. These reforms include reducing

Asia should be considered a big warning of the changing

carbon emissions, achieving a just transition to clean

climatic conditions that are making it more conducive to

energy, and ensuring that the most vulnerable nations

these frequent calamities.

can withstand increasingly frequent natural disasters.

How can we fight climate change? Sustainability goals have become an irreplaceable part

technologies—those specifically designed to accelerate

of corporate business strategy in most organisations,

decarbonization. This is crucial to achieve net-zero CO2

big or small. The corporate world is abuzz with terms like

emissions by 2050 (as per the international consensus at

‘sustainability’, ‘carbon neutrality’, ‘net-zero’, ‘zero carbon’

COP21). As the popular business saying goes, “We can’t

and more. However, it will take a tremendous amount

manage (and reduce) what we don’t measure”.

of work to develop, perfect, and implement climate

Global businesses and technology in the fight against climate change Thanks to technology, today we have access to more

future events that climate change might bring. Many

sophisticated and elaborate climate data compared to

organisations are turning to technology like artificial

the last century. The need of the hour is, how we access

intelligence (AI) to cut carbon emissions and improve

this data, interpret it, and use it to predict future climate

energy efficiency.

events. Thus, we can be better prepared to face the

Technology

Technology According to David Jensen, coordinator of the United

Jensen identifies numerous areas, such as developing

Nations

Environment

Program’s

(UNEP’s)

Digital

energy-efficient

buildings,

monitoring

Transformation sub-programme, “AI refers to systems

deforestation, and maximising the deployment of

or machines that perform tasks that generally demand

renewable energy sources, where AI can help address

natural

environmental

intelligence,

and

can

iteratively

enhance

concerns.

continues,

“This

can

themselves over time, grounded on the information they

happen on a big scale, like satellite monitoring of global

collect.”

emissions, or on a smaller scale, like an intelligent house automatically shutting off lights or heat after a set time”.

Global businesses working with technology to fight climate change These are some instances of businesses that are working

and follow suit immediately. They must examine how

on AI and other types of technology, either independently

their companies affect the environment to address the

or in partnership, to tackle climate change. Business

grave challenges posed by global warming to our planet.

leaders of all sectors across the world must take note Examples of businesses using technology to fight climate change

Students in Southern California have launched ‘Carbonisbad’, a platform where users can estimate their carbon footprint using an emissions calculator and select projects they wish to support, ranging from anti-deforestation efforts to renewable energy campaigns.

Green RWA and Finastra launched the Climate-Extended Threat Model (CERM) Sandbox, which offers an interactive and immersive experience for banks to understand and manage climate hazards in a simple and accessible manner. By integrating the physical and transition threats into the existing capital architecture, their result extends the current credit threat models used by banks, furnishing a comprehensive approach for associating long-term, global, and evolving climate threats and enabling more accurate computations of possible losses.

Sustain.Life, a SaaS platform helping companies across industries measure, manage, and report their environmental impact, has partnered with Planet6 in Australia, a cloud-first technology service provider focused on sustainability. This strategic partnership enables organisations to achieve their ESG goals, including net-zero emissions, by empowering them with the right tools and resources in the fight against climate change.

Infosys, a global leader in next-generation digital services and consulting, in collaboration with the ATP, the governing body of men’s professional tennis, has launched a new digital Carbon Tracker to make tennis more environmentally responsible. This feature is hosted within the existing ATP PlayerZone app and enables players to track and counteract their carbon emissions while travelling to tournaments around the world. The tool allows players to declare their journey data and classify the mode of transport taken to each event, calculating the associated emissions traces. It’ll in turn enable players to make conscious journey choices and alleviate their carbon impact.

Ivanti, a tech company, joins hands with Greenly, a leading carbon accounting platform. Greenly’s cutting-edge carbon accounting capabilities enable Ivanti to accurately and effectively measure, manage, and reduce its carbon emissions across operations, allowing the company to identify areas for improvement and strengthen its sustainable practices.

Technology Technology tools available to fight against climate change Here are some software tools available today for

corrective actions. Some of these carbon footprint

businesses to calculate their carbon footprint. These

calculator tools are powered by AI and provide green

tools help businesses to analyse and recognise areas

suggestions.

that need improvement, and implement the necessary 1. CO2 AI by BCG: The AI-driven carbon footprint program called CO2 AI was designed by the consulting firm BCG. The greenhouse gas emissions of the organizations are taken into consideration, but CO2AI is still able to predict the impacts of desired activities on the GHG emissions of enterprises. Companies may track their progress and report their carbon impact with the help of CO2 AI. 2. Carbon Footprint/Sustrax: Sustrax is a cloud-based solution that takes care of your environmental reporting requirements. It is a tool that businesses may use to assess their GHG emissions and receive help with publishing their ESG reports.

Conclusion: The use of machine learning analytics and artificial

change-related problems has enormous potential. As

intelligence

businesses,

businesses continue to create and build products with

communities, and people in many different ways. From

AI that cut emissions, the race is on. The time has come

manufacturing to transportation, there are numerous

to pick up this pace and profit from technology’s ability

areas where carbon emissions might be decreased. The

to lower carbon emissions, which will help save Mother

use of AI-driven technology and software to solve climate

Earth.

algorithms

can

benefit

- Blog by Amith Raj 53

Investment

5 Practical Steps to Grow Financially Today Practical Steps to Grow Financially Today offers valuable insights for individuals seeking to improve their financial health and achieve their monetary goals. This list of practical tips covers a wide range of financial aspects, providing actionable steps for immediate implementation. Whether starting from scratch, looking to save more, or exploring investment opportunities, these strategies can pave the way for a more secure future. Saving Money Once you’ve paid off your debts and established a financial plan, it’s time to start growing your money by opening different types of savings accounts. It’s important to have specific goals when saving, such as a down payment on a home, a vacation fund, or an emergency savings account. It also helps to track your spending over 30 days. This will help you better understand your incoming and outgoing cash flow so that you can make adjustments where necessary. It takes time for your savings to grow, but consistency and patience can make your money work for you. Start with a change in mindset; you work for your money.

Budgeting Budgeting creates a spending plan for an individual,

how they match up. This will help you gain a clear

family, business entity, or government. It is used by

understanding of your finances and pinpoint areas where

people at every income level to help them save money,

you can reduce expenses. It will also make saving and

pay off debt, and achieve financial goals. It also helps

reaching your financial goals much more achievable.

businesses track and control their financial performance. There are many different types of budgeting, including zero -bas e d budg eti n g , i n c r emen ta l b u d g e tin g, participative budgeting, activity-based costing, and negotiated budgeting. To put together a budget, gather your financial documents, such as bank statements, credit card balances, investment accounts, paycheck stubs, and more. Then, list your expenses and income and evaluate

Investment Investing Growing your wealth can be achieved through investing,

However, emergency funds and sufficient cash reserves

which is considered to be one of the most effective

are important to cover your expenses before you start

methods. It can help you reach financial goals like

investing. It is also a good idea to prioritize paying off

purchasing a home or funding retirement. Investing your

debts before investing money.

money can also help you save on taxes. For example, the money you invest in a 401k, SEP IRA, or Traditional IRA is not taxed in the year it is earned, and you will only pay taxes on it when you withdraw during retirement. The key to successful investing is to make a habit of it. You can do this by setting up recurring transfers from your bank account to your investments or high-yield savings accounts. This will ensure you save regularly and allow your money to compound Tooltip over time.

Investment Paying Off Debt Paying off debt is one of the most important things you can do to grow financially. It will free up your income to save for the future, invest, and even travel. Plus, it will eliminate a big expense that you may be using as an excuse not to make other financial goals happen. To create a plan to pay off debt, first, you must know how much you owe. You can do this by listing your total debt payments and the amount you owe on each. Next, add up your monthly net income and compare it to your expenses. This will help you see if your budget has enough room to allocate more toward paying off debt.

Diversify Income Streams Diversifying income streams is a crucial aspect of financial growth. While your primary job may provide a stable income, having additional sources can offer greater financial security and flexibility. Side gigs, such as freelancing or part-time work, can add extra cash flow, while passive income streams, like investing or creating digital products, generate money with minimal ongoing effort. Embrace the power of diversification to protect yourself from economic uncertainties and open up new avenues for prosperity.

Investment

Final Thoughts

You’re laying the groundwork for a more robust and stable financial future by taking practical steps to grow financially today. Remember that financial success is a journey that requires commitment and adaptability. Implementing these strategies can positively change your economic well being and empower you to achieve your dreams. Take action now and watch as your efforts compound over time, providing greater financial freedom and security. Start your journey today!

Business

More than 100 Companies Have Relocated to Texas Since 2020 2020 saw an influx of businesses moving to Texas, and this has only continued in 2023. More than 100 companies have now relocated their headquarters to the Lone Star State because of its favorable climate. Its growing popularity is largely attributed to its low tax burden, business-friendly regulations, and relatively low unemployment rate. In a time where inflation, supply chain issues, and workforce challenges are plaguing businesses, it seems that both companies and skilled workers are flocking to the various cities of Texas as a strategic move. Millions of companies are in the state, with 3.1 million categorized as small businesses. Major Fortune 500 companies are setting the trend for planting new roots. Oracle moved its headquarters from Redwood City, California, to Austin, Texas in 2020 and saw other major players follow suit shortly.

Business

Why are businesses moving to Texas? Although

businesses

moving

across

states

isn’t

also saw a 2022 move from San Jose, California to

necessarily anything, the rise of many companies

Houston. Even Apple, which was falsely reported as

moving to Texas within a short span of time cannot be

moving its HQ to Austin, is still expanding its campus in

overlooked. It’s worth noting that the state is known for

said city. This project is expected to cost around $240

being the largest energy producer in the United States.

million.

The local economy is one of the most promising for businesses, even with the current hurdles brought on by

Those are just some of the biggest players to make the

post-pandemic adjustments and the political climate.

move, with others from different states taking the same route. The state is also seeing plenty of acquisitions as

For small businesses, Texas offers lower rates with simple

TransTech Energy takes over Metalforms Ltd.

regulations. This means startups don’t have to worry about being taxed on individual or corporate income.

So far, it seems like the move is paying off as Texas sees a

As for bigger companies, the cost of operations is still

GDP growth of 3% in just the first quarter of 2023. Even as

more manageable. This is a stark contrast to the more

business outlooks start to weaken, economic expansion

expensive and far more restrictive regulations in place

and job forecasts are still looking to see growth. Metal

in states like California, where most of the big movers

fabrication is one of the largest industries in the state,

originated from.

with manufacturing being one of the biggest GDP growth drivers in the economy. Now, many Silicon Valley

Tesla moved from Palo Alto, California to Austin in 2021.

companies buckle down to make use of lower costs of

Additionally, a $770 million factory expansion is set for

living and more forgiving tax laws.

their Gigafactory in the city. Hewlett Packard Enterprise Why are businesses moving to Texas? Even as many established companies start afresh in the

While other areas of the country still face a workforce

state, it still remains a very promising place to start a new

crisis, Texas saw 26 consecutive months of growth in total

business. Aside from seeing a higher demand for services,

nonfarm employment by April 2023. With that, it’s also

new businesses have very simple state regulations to

much easier to get skilled workers. The Texas Workforce

comply with. Manufacturers, in particular, get lots of tax

Commission reports a record job count and boasts the

exemptions for sales. In general, new businesses can

largest labor force in the nation. With this, the workforce

also expect property tax breaks, no franchise tax, and

is expected to continue its consistent growth all the way

very low corporate tax rates.

through 2030. Finally, the robust economic outlook can also be attributed to the affordable housing options

Of course, there is still the need to get a registered agent

in the state. This is agreeable for both new business

to meet the Secretary of State’s regulations. That said,

owners looking for a place of residence and seeking out

the easiest way to find a registered agent in Texas is

employees who can realistically live in the area. The Bay

to check commercial agent services that ensure each

Area Housing Finance Authority (BAHFA) just launched

business gets a competent agent that actually operates

the Doorway Housing Portal, which is another promising

in the state. This is a very accessible and quick process

step to connecting house seekers to affordable options.

that makes things easier for new entrepreneurs.

Hospitality

From Toque to Top: Revamping Chef Uniforms with Customized Hats The culinary world is a symphony of flavours and techniques, and the chefs who create these culinary masterpieces are akin to conductors orchestrating this delightful harmony. Among the many symbols that signify their expertise, their hat stands tall as a symbol of tradition, experience, and professionalism. This article explores the fascinating journey of custom chef hat design, highlighting its evolution from the classic toque to contemporary designs that grace modern kitchens.

A Hat with a Rich Heritage: The iconic toque has long been a symbol of culinary mastery with its distinctive pleats. Its origins date back to the 16th century when they donned these hats to signify their ranking in the kitchen hierarchy. Each pleat was believed to represent how they could cook an egg, showcasing their culinary skills. Over time, the toque’s significance evolved from a status symbol to a practical accessory. Its towering height helped keep the kitchen’s heat away from their head, while its white colour symbolised hygiene – an essential aspect of cooking.

Unveiling Modern Custom Designs: Recently, the culinary world has witnessed a renaissance in hat design. The classic toque has gracefully shared the spotlight with a new trend: Custom designs. These customised chef uniform hats not only maintain the essence of tradition but also offer a personalised touch, reflecting the uniqueness of each culinary establishment. One can observe various materials, shapes, and embellishments that have revolutionised their hat.

Materials and Practicality: Their hats are crafted from various materials, including breathable cotton blends and lightweight polyester. These fabrics ensure comfort even during the most intense kitchen sessions. Additionally, adjustable closures have replaced the traditional tie-backs, allowing for a secure fit that accommodates various head sizes.

Shapes for Every Taste: While the classic toque holds its charm, modern hat designs come in various shapes. From the traditional tall toque to the more relaxed beret-inspired design, each shape carries a unique character. They now have the freedom to select a style that resonates with their culinary philosophy, fostering a sense of identity and belonging.

Enhancing Brand Identity: It plays a significant role in establishing a robust brand presence within the culinary industry. These personalised hats serve as functional attire for kitchen staff and a visual representation of the brand’s identity. By incorporating the brand’s logo, colour scheme, or unique design elements onto the chef hats, establishments can create a consistent and memorable image that resonates with customers. This attention to detail showcases a commitment to professionalism and elevates the overall dining experience. Whether in a bustling restaurant or during catering events, it contributes to a cohesive and recognisable brand presence that leaves a lasting impression on patrons and fosters a sense of trust and authenticity.

Hospitality

Summing Up In the culinary realm, a chef’s hat is more than headwear; it symbolises tradition, expertise, and branding. From the historic toque, with its roots in 16th-century kitchen hierarchies, to the personalised hats of today, these pieces serve both functional and symbolic purposes. Modern designs, crafted from comfortable materials and varied in shape, reflect a chef’s unique identity and the brand of the culinary establishment. These hats, while safeguarding comfort and hygiene, now also play a pivotal role in forging a strong, recognisable brand image. Ultimately, the chef hat’s evolution from the iconic toque to its present-day versatility beautifully encapsulates the culinary world’s blend of tradition and innovation.

Electronics

Enabling safe electrical infrastructure in affordable housing through high quality products

Electrical utility is one of the vital infrastructures of

the median. Affordable housing has become a significant

society with almost every single aspect of modern life

demand in developing nations where the majority of the

depending heavily on the supply and management

population finds home ownership unaffordable.

of power. Electricity consumption is directly linked with economic development and modern lifestyle. Safer

For residential segment, discussion on safety of electrical

electrical infrastructure has been a topic on the decision

infrastructure has been mostly restricted to electrical

and policy maker’s table for long. While there has been

hazards especially in adverse weather conditions such

substantial discussion on the mission criticality of safety

as flood and rain. But role of electrical infrastructure in

of electrical networks, power stations and smart grids,

facilitating growth and enhancing the lifestyle of people

not lot has been said and done on safety of electrical

owning affordable homes has seldom been given the

infrastructure in residential spaces, especially the

due attention. In multiple studies, it has been concluded

affordable housing that caters to the masses.

that human development and access to electricity are co-related. For a basic social need like home, it is critical

In general, affordable housing refers to residential spaces that are designed for households whose income is below

to see these two aspects in coherence.

Electronics

Though residential segment overall has witnessed

Going by the traditional wisdom on pricing of high-

significant progress in terms of electrical infrastructure

quality products people tend to believe that better quality

over the years, but a lot needs to be done to bring the

comes at a higher price tag. Though the availability

standards of affordable housing at par with the global

and reliability of high-quality electrical products has

ones. In fact, it is imperative that the safety of electrical

been a major consideration for safety of living spaces,

infrastructure of affordable housing is considered as

consumers have settled in for inferior quality products

central to the wellbeing of the largest base of consumers

because better quality is unaffordable at large.

there is. With high-quality yet affordable electrical products, a multitude of advantages can be extended to homeowners.

1. Safe home ownership Conventionally the objective of affordable housing

One being the building material and the other safe

planners has been to maximize home ownership to

electrical infrastructure. An electrical setup developed

low-medium income segment. There is a need to shift

out of tested certified electrical products can minimise

the end goal and enable safe home ownership. There

electrical hazards. In long run it will optimise the cost of

are two main infrastructure aspects of safe homes.

safe home ownership.

2. Optimized power consumption Increased power bill is often attributed to frayed wiring.

make to the end devices. Result, household consumes

Damaged wiring does increase electricity power bill but

more power than needed to run appliances. With high

electricity leakage at switches, socket and switchgear

quality electrical products, electricity leakage can be

too lead to a household drawing more power that doesn’t

minimised leading to optimised power bill.

3. Improved lifetime of appliances For low-medium income segment, purchase of a new

In the coming decade many affordable homes will

appliance is not frequent. Purchase of appliances for

be built. Providing owners, the access to high quality

cooling, heating, cooking, and cleaning is often parked

electrical products will build a physical setting for a better

because of not just the product cost but also foreseeable

lifestyle. Himel, a multinational brand with presence in

needs of power consumption and maintenance. With

over 57 countries, is shifting the paradigm by making

better electrical infrastructure home appliances can

high quality electrical products available at affordable

have an improved shelf life leading to more households

prices. The brand has a special commitment to enabling

ready to make investment in electric home appliances

greater accessibility of its product portfolio for affordable

and hence better lifestyle.

housing and small and medium enterprises.

Himel, a global brand, founded on the principle of value

tested, Himel products ensure optimum performance

engineering which facilitates cost optimization in various

for complete lifetime. This minimises the recurring cost

electrical components and materials without loss of

of maintenance, which can be significant for low-middle

performance or functionality. With lean manufacturing

income households. The brand has enabled development

and value engineering Himel is able to extend the benefit

of several affordable residential complexes in the Middle

of lower cost to end customer. Having been rigorously

East, Southeast Asia and Central Eastern Europe.

Electronics

Complete portfolio of certified electrical switch gear Himel offers a complete range of miniature circuit

high performance under operating conditions. This is

breaker, residual current device, surge protection

specifically relevant for countries where adverse weather

device, distribution boxes, switches and sockets. These

conditions are rampant and power supply is erratic.

products have been tested in a dedicated facility for

Easy accessibility Himel products are easily available through an extensive

or home electrical products like the fuse, electrical tape

network of point-of-sale stores, multi-retail chains and

and extension sockets, Himel products suffice for all

online platforms. Be it the range of switches and sockets

residential needs.

Competitive pricing To facilitate wider accessibility of its product range, Himel offers competitive pricing which is affordable for end customers.

About Himel Himel is an award-winning global manufacturer and

and Home Electric offers. Recently the brand has been

supplier of electric products for Low Voltage Power

recognized as the Most Reliable Residential Segment

Distribution,

Electrical Products Brand for the Middle East.

Final

Distribution,

Power

Management,

Motor Control and Protection, Industrial Components,

Banking

The rise of credit cards fuelling the economy Digital payments are bolstering the economy globally.

access to their money while also reducing the amount of

Gone are the days when consumer transactions

cash and checks that need to be handled by businesses.

were done only in cash. This digital transformation

They also encourage broader financial inclusion by

of commerce has been developing the payment

introducing formal financial services to those who do not

landscape. The expansion of card-based electronic

have access to the traditional banking system. Because

payments has drastically changed how consumers pay

fewer transactions in the grey economy go unreported,

for goods, how businesses are managed, and how the

card-based electronic payments also give governments

government makes and accepts payments. Credit cards

a better chance to raise additional tax revenue.

increase the number of customers by giving them easy

Introduction Credit cards are often used as a transactional medium

these credit cards helping to boost the economy of a

where consumers pay off their balances in full each

country? and why credit cards? The use of credit cards

month. The fact that they are used as a transactional

is giving birth to an economic cycle wherein higher levels

medium reflects the convenience

of the cards;

of consumption lead to higher output levels, resulting

individuals can minimise their cash balances, which

in job creation and an increase in income, thus driving

allows them to shift their assets into higher-return

the economy. It is not necessary to keep cash reserves

investments. Consumers are switching to this electronic

that are always enough to pay current expenses when

system as it is more convenient and allows them to

using credit cards. They provide flexibility for consumers

make more informed purchasing decisions. Merchants

in matching their income and expenditure streams by

are able to access a huge client base with guaranteed

alleviating the need to maintain sufficient funds at all

payment, reducing the amount of cash and cheque

times to cover current expenditures.

that need to be handled. The question arises: how are

Benefits of credit card usage Traditionally, it has been observed that card penetration

bulk amounts of local money is not a necessity. Higher

and economic growth go hand in hand. But the recent

card penetration has benefitted in higher quantity of

pandemic highlighted that even though consumption

currency money or fiat money in the capital markets

fell, card penetration increased rapidly. This may be

without printing it. By supplying cards rather than paper

due to the COVID restrictions and contactless shopping.

cash, central banks make huge financial savings in the

If there are any fraudulent card purchases, individuals

capital management of a nation.

get compensation while card networks keep a check on deceitful business practices. This security compliance

Lastly, card payment will lead to the erasure of the black

makes it easier for consumers to feel safe with their

economy. The trend to avoid paying taxes by businesses

payments.

has been increasing, which is a concern for a country’s economy. Card payments create an audit trail; hence,

Another added benefit of using credit cards is their perks,

fewer transactions are unrecorded, leading to higher tax

especially facilitating online purchases and international

collections.

travel. Easy access to offshore services where carrying

Banking

Impact of payment card use on macroeconomy The use of payment cards has a positive impact on GDP and private consumption. Increases in private consumption that are attributable to card usage drive corresponding increases in GDP. This is determined by three main aspectsCard penetration as a percent of total personal consumption expenditures Growth of card usage year over year relative to personal consumption; and Actual percentage of GDP that is represented by personal consumption According to the analysis, the increased use of cards

increases in card penetration, for developed countries is

contributed an additional $245 billion to consumption

much higher than it is for emerging markets because the

across 70 countries between 2015 and 2019. It is also

card penetration rate is more than two times the size for

estimated that 0.08% of the 3% growth in real GDP

developed countries, where it averages almost 49%, as it

over the sample period is attributed to increased card

is for emerging economies, where penetration averages

penetration. Real consumption grew at an average

20%. This is not surprising considering that developed

of 2.9% in the same period, of which 0.14 percentage

countries have more established payment networks,

point is attributable to increased card penetration. That

consumers who are more comfortable using cards,

supports the addition of about 2.1 million jobs globally

and environments where cards are accepted by most

on average per year. The impact varied considerably

merchants. By comparison, cash payments are still more

from country to country because of differing growth

prevalent in emerging economies. Analysing the impact

rates, larger penetration in some countries, and the

of future card usage on GDP is not simply an academic

consumer reaction to a more robust card infrastructure

exercise. As more consumers around the world shift their

in some countries. Card usage increased the most in

spending from paper to payment cards, these results

Greece (0.31%), Uruguay (0.25%), Puerto Rico (0.24%),

quantify the positive macroeconomic impact of this

Russia (0.16%), the U.K. (0.15%) and South Korea (0.15%).

secular trend.

The estimated GDP elasticity, or responsiveness of GDP to

Conclusion Due to their transactional effectiveness, customer

consumer confidence and broadens people’s access to

access to credit, and general consumer confidence in

credit. Additionally, it encourages financial inclusion for

the payment system, credit cards are a major force in

the most vulnerable by providing a secure and effective

the world economy. Card adoption and use are positively

cash substitute for individuals without access to the

correlated with economic expansion, which raises

conventional banking system.

the GDP. The use of payment cards also encourages

- Blog by Amith Raj

Hospitality

Why Every Texas Restaurant Employee Needs a Food Handling Certificate

In the vast expanse of Texas, where the culinary scene stretches as wide as its horizons, there’s a critical tool in the arsenal of every restaurant employee: the Food Handler Certification. At first glance, it may seem like just another bureaucratic step. However, delve deeper, and the significance of this certificate, especially in the Texas culinary landscape, becomes palpably clear. Let’s explore why it’s not just recommended, but imperative for every restaurant employee in Texas to have this certificate.

Upholding the Lone Star Culinary Legacy Texas boasts a rich culinary heritage. From the smoky allure of barbecues to the spicy notes of Tex-Mex, its cuisine is revered globally. With such a legacy to uphold, maintaining the highest standards becomes paramount. A food handling certificate ensures that every employee, whether in the kitchen or at the front-end, understands the importance of hygiene and safe food practices. This uniformity ensures that every dish, irrespective of where it’s served in Texas, meets the gold standard of safety and quality.

Safeguarding Public Health The health and well-being of patrons are at the forefront of the restaurant industry. One misstep can lead to severe consequences, both for the individual and the establishment. Through the knowledge imparted during the certification process, employees are trained to prevent crosscontamination, store food at correct temperatures, and maintain cleanliness. This drastically reduces the risk of foodborne diseases, ensuring the well-being of patrons.

Building and Sustaining Trust In the competitive world of gastronomy, trust is a cherished commodity. It takes years to build and mere moments to shatter. When patrons see that every employee in a restaurant is certified in food handling, it serves as a badge of assurance. They can dine with confidence, knowing that the establishment prioritizes their safety.

Enhancing Professionalism in the Industry While passion and skill are intrinsic to the culinary world, professionalism is equally crucial. This professionalism isn’t limited to just presentation and service but extends to the very heart of food safety. For restaurant owners, having a team of certified food handlers gives them an edge in the competitive market. It showcases their commitment to excellence, attracting discerning patrons and often leading to favorable reviews. When every employee is certified, it creates an environment where safety becomes second nature. This culture not only benefits the present workforce but sets a precedent for future employees.

Hospitality

Reducing Operational Liabilities For any restaurant, operational hiccups, especially those

contamination to incorrect food storage, decrease

related to food safety, can lead to substantial financial

significantly. This proactive approach reduces potential

and reputational costs. With trained and certified

liabilities, ensuring smooth operations and safeguarding

staff, the chances of mishaps, ranging from cross-

the restaurant’s reputation.

Texas Food Handlers Certificate Dedicated to elevating the standards of the food

— is equipped with the essential knowledge to handle

industry, the Texas Food Handlers Certificate is more

it safely. The course, often a few hours long, delves into

than just a formality; it’s a transformative tool. Mandated

the nuances of safe food practices, sanitation, and more.

by the Department of State Health Services of Texas, this

It’s this rigorous training that ensures Texas maintains

certificate ensures that every individual who comes into

its reputation for culinary excellence, coupled with

contact with food — from its preparation to its service

unmatched safety standards.

Navigating the Texas Food Handler Certification Process Gaining a Food Handler Certificate in Texas is a relatively

is a testament to an individual’s commitment to

straightforward certification, but it’s essential to ensure

upholding the best practices in food handling, crucial

that every step is followed meticulously to meet the

for both public safety and the reputation of any food

state’s stringent food safety standards. The certification

establishment.

1.Beginning with the Right Course The journey begins by selecting an accredited training

approved to guarantee its legitimacy and acceptance

program. The Texas Department Of State Health

across the state. These courses typically delve into

Services has a list of approved food handler courses

crucial aspects like proper food storage, prevention of

that cater to various learning preferences, including

cross-contamination, and understanding temperature

online, in-person, and even home-study formats.

controls, equipping participants with comprehensive

Participants must ensure the chosen course is DSHS-

knowledge.

2. Completing the Course and Taking the Exam Once enrolled, participants need to complete the

critical as it’s a demonstration of one’s grasp of essential

course, which usually spans a few hours. The curriculum

food safety principles. Upon successful completion, the

is designed to be informative, ensuring that every

participant receives the Texas Food Handler Certificate,

individual is well-versed in the nuances of safe food

a symbol of their dedication to maintaining the highest

handling. Following the training, there’s an examination

degree in food safety and hygiene.

to test the knowledge acquired. Passing this test is

3. Staying Updated and Renewal While

obtaining

the

certificate

significant

and recertification. This ensures that food handlers

achievement, it’s crucial to remember that this

remain updated with the latest safety protocols and

certification isn’t a one-time endeavor. The Texas Food

best practices, consistently providing safe culinary

Handler Certificate generally remains valid for two

experiences for all patrons.

years, after which individuals must undergo retraining

Hospitality

Wrapping Up The culinary landscape of Texas, diverse and rich,

but a beacon of trust, a commitment to excellence, and

deserves nothing but the highest standards of safety

a nod to the rich culinary heritage of the Lone Star State.

and excellence. The Texas Food Handlers Certificate,

For Texas, every meal is a celebration, and with every

while a small step in the broader journey, plays a pivotal

certified restaurant employee, this celebration becomes

role in ensuring these standards. It’s not just a testament

safer, grander, and even more memorable.

to an individual’s understanding of safe food practices,

Corporate

What counts as intellectual property and how can businesses protect their IP assets? A business’ intellectual

property can include a wide

firms to replicate your success. Therefore, IP bears

variety of intangible elements. Everything from a

tremendous significance to businesses in all industries,

company’s name, logo, and slogan, to inventions,

and it is paramount to secure and protect it. This is the

innovations, creative works and more are intellectual

only way to effectively leverage the full value of your

property. The IP elements of a brand’s identity form the

investments in product development, and build the

basis of the company’s engagement with its customers,

reputation of your organisation and your customer base.

and how it differentiates itself from its competition, meaning that it is vital to secure and protect them.

Here, the intellectual property experts at JMW Solicitors outline which business assets constitute IP and are

When discussing innovations or creative works, your

eligible for legal protection, detail the types of protection

products themselves may represent IP, meaning that

available, and explain the procedures through which

you need to safeguard them in order to sustain your

organisations can secure their IP and enjoy its maximum

competitive advantage and thwart attempts by other

value.

What types of IP protection are available for businesses? There are three principal types of IP protection for

must register for a patent, and similar criteria apply

businesses: trademarks, copyright, and patents. Each

to those that restrict trade marks: your idea must be

safeguards a distinct type of asset and allows IP owners

original, unpublished and unique. You must also be

to commercialise their property effectively. IP regulations

able to illustrate how the invention works – you cannot

are designed to foster innovation, product development,

protect a concept or idea. A patent grants the owner the

and competition amongst businesses.

exclusive right to manufacture, use, sell or license their invention for a defined period – usually up to 20 years.

Trade marks protect combinations of words, images and sounds, and are therefore the ideal way to protect your

brand assets. Logos, slogans, company and product

of an original work exclusive rights to control its use,

names, jingles or proprietary sound effects, and even

reproduction, distribution, and adaptation. Works to which

product or packaging designs may qualify for trademark

protection. You must register an asset as a trade mark,

and musical works, audio and video recordings, live

and this requires that it be original to you, and sufficiently

broadcasts and other pieces of media. For businesses,

distinctive – in other words, you cannot register a trade

this can include several works that are often overlooked

mark that someone else owns, nor can you register an

– for example, the content on a company’s website, or

asset that is too generic. Patents secure inventions,

product descriptions it produces for a catalogue.

innovations, & enhancements to existing products. You

Corporate

How can a company secure its IP? Fundamentally, a business’ IP strategy should aim to

on expanding your businesses into an international

protect the assets it owns. This means registering eligible

market, or licensing and franchising options that could

assets, monitoring for infringement by other entities,

enable you to draw more value from your IP.

and using the legal powers conferred by IP rights to take action.

Most businesses could profit from a more proactive approach to managing their intellectual property

If you are unsure where to start, consider working with

and taking full advantage of their IP rights. Effective IP

a seasoned intellectual property solicitor. With their

management can enhance customer relationships,

experience, they can quickly identify all your business’

improve growth prospects, release the maximum

most valuable IP assets and advise you on the best ways

financial worth from the brand your business has

to manage and protect them. They can provide guidance

nurtured.

- By Philip Partington, Partner, Intellectual Property, JMW Solicitors