Lakshya is an initiative by Club Kaizen which is our monthly supplement designed for people who dare to think above the average and believe in connecting the dots. In an age where technology has taken over every sphere, information is abundant and data is omnipresent, we have conspired to bring to you a collection of thoughtfully created and carefully curated pieces of work by some bright aspiring minds of ICFAI Business School, Hyderabad on the current trends and hot topics in the field of Operations Management and their relevance in different Industries. Everything is growing at the pace of nanosecond and hence it is quintessential to know about every minute change in the eco system. With Lakshya we aim to present our readers with compact yet explicit articles on vivid topics such as Internet, Banking, IT, IoT, etc. A fair share of this edition focuses majorly on the banking systems and payment gateways. With the constantly evolving technology it will be interesting to ponder over changes that could be seen in the near future. We look forward to providing the students with some valuable insights and inculcate the passion for reading once again within our readers. Lakshya is an amazing platform for readers as well as aspiring readers to showcase their talent and pen down their thoughts which in turn will be a gold mine for information for the students of not only IBS but from the outside world too.
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OUR KNOWLEDGE PARTNER
Club Kaizen is privileged to have The International Supply Chain Education Alliance (ISCEA, USA) as the Knowledge Partner from Lakshya’s 24th edition. To be a single source for Total Supply Chain Knowledge through Education, Certification, and Recognition is the mission of ISCEA. Many workshops/events are conducted by ISCEA to improve the knowledge of manufacturing and service industry professionals. ISCEA provides a platform to explore leadership potential to the aspiring leaders in the supply chain industry while developing the skill sets and knowledge desired by corporations, through SCNext (ISCEA Young Supply Chain Professional Association). Some of the internationally recognized certification programs developed by ISCEA include1. Certified Supply Chain Analyst (CSCA). 2. Certified Demand Driven Planner (CDDP). 3. Supply Chain Case Competition. To know more about ISCEA, visit http://www.iscea.net/india. We look forward to working with ISCEA in spreading knowledge and reaching greater heights together.
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OUR BLOGGING PARTNER
Club Kaizen is proud to have ATKT as the Official Blogging Partner. ATKT is India’s largest youth campus platform. With a strong network of over 800 colleges in 40+ Indian cities, ATKT has a student base of over 2 Lakh. It provides a platform for college-level students to showcase their talents through various mediums like magazines, articles, etc. This year ATKT has introduced Campus League. ATKT has redefined the art of college festivals by partnering with the country’s top colleges to provide a mega platform for students to showcase their talent. Ranging from Topper’s awards to Best cheerleading video, they have a wide array of prizes to be won. To know more about ATKT, visit https://atkt.in.
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EDITOR’S LETTER “"With Evolution, Changes happen in every part of the world every day, every time."” Welcome to the twenty-seventh edition of “LAKSHYA”, our monthly supplement designed for people who dare to think above the average and believe in connecting the dots. In an age where technology has taken over every sphere, information is abundant and data is omnipresent, we have planned to bring to you a collection of thoughtfully created and carefully crafted pieces of work by some bright aspiring minds of ICFAI Business School, Hyderabad on the current trends and receiving close review in the field of Operations Management and their relevance in different Industries. From the ninth edition, we created a new segment, ‘The Corporate Angle’ where article will be featured from prominent business leaders which will enlighten minds of young managers and business enthusiasts. IBS Hyderabad and Club Kaizen express a sign of gratitude to all corporate leaders for taking out time and scripting their thoughts for our magazine. We have introduced 'Faculties Insight’ from the eighteenth edition, where the articles will be featured from experienced faculties from all over the world that will shed light on the minds of young managers and business enthusiasts. Club Kaizen is grateful to all faculties for taking time out and writing their thoughts for our publication. We hope that you like this issue and please let us know if there are any subjects you'd look forward to be addressed in upcoming editions. Please write to us and become a part of this discussion. Email ID: kaizenclub.ibs@gmail.com
LVS SAI CHARAN JOINT SECRETARY – KORE Kaizen – IBS Hyderabad Batch 2019-21
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CONTENTS
S. NO.
TITLE
PAGE NO.
1
From the Mentor’s Desk
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2
National Education Policy (NEP) 2020
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3
Where Is Your Strength?
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4
Extreme Efficiency Through Automatization
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5
Industry 4.0
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6
Waste Management in Hospitality Industry
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7
Psychographics
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Effect of Mental Health on Youth
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9
Artificial Intelligence- Will They Be Able to Surpass Human Intelligence?
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10
Warehousing: "Sourcing Is the New Era Commodity, Yet with Continuous Evolution”
30
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From the Mentor’s Desk In the era of competition, it is imperative for students to be prepared for the ever-changing business environment. Knowledge creation plays an important role to learn to tackle the dynamic nature of business. I appreciate and congratulate the initiative of club KAIZEN for bridging the gap between corporate world and academia through LAKSHYA which is an excellent platform where industry practitioners, academicians and researchers can share their knowledge and experience, acting as a beacon guiding students to reach their goal. My best wishes to club KAIZEN in their endeavour of knowledge creation through LAKSHYA.
Nishit Kumar Srivastava Mentor, Club Kaizen
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Faculties Insight
Professor M.S. Rao, Ph.D. International Leadership Guru Father of “Soft Leadership” Opinion Columnist, CEOWORLD Magazine Founder of MSR Leadership Consultants, India.
National Education Policy (NEP) 2020 “National Education Policy 2020 shifts focus from teacher-centric education to student-centric education. It shifts from theoretical teaching to practical teaching by focusing on hard skills, soft skills, life skills, critical thinking, and problemsolving skills. It encourages students to think creatively and choose subjects close to their hearts.” ― Professor M.S. Rao I am passionate about students and often write about Indian education. I will discuss the National Education Policy 2020 (NEP 2020). The Indian government announced the National Education Policy on July 29, 2020. It received both bouquets and brickbats. It has converted the current 10+2 system into a 5+3+3+4 system, i.e., 5 years of primary education, 3 years of preparatory stage, 3 years of the middle stage, and 4 years of secondary school. Exams will only be held for class 5th, 8th,
and 12th. There are changes in the board exam pattern and assessments. NEP 2020 brings reforms in schools and higher education systems. It ensures the holistic development of students. It shifts focus from ‘what to think’ to ‘how to think’ and from exam-oriented education to employment-oriented education. It discourages rote learning and encourages creative learning. It emphasizes vocational education and practical education. It bridges the gap between academia and industry. It encourages employability in Indian students by upgrading their knowledge, skills, and abilities. It encourages them to migrate from one profession to another profession, unlike previous education. It grooms them as multifaceted personalities and helps them live many lives professionally. It allows foreign universities to set up campuses in India thus increasing
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competition to educational institutions and offering exposure to Indian students. In a nutshell, it has made Indian education global with an emphasis on local expectations and global aspirations.
between defining success and measuring success. Unfortunately, it measures success by money, not education. NEP 2020 must change such a mindset of Indian society. It must emphasize the philosophy of ‘faculty first, students second, and institutions NEP 2020 is appropriate and timely in the current third’ to provide quality and character education to digital world as it emphasizes technology-based students. learning. It shifts focus from teacher-centric education to student-centric education and from NEP 2020 emphasizes empowerment, theoretical teaching to practical teaching by enlightenment, and employability skills in Indian focusing on hard skills, soft skills, life skills, students. It paves the way for ‘one education and critical thinking, and problem-solving skills. It one nation’ policy for India. It is difficult to satisfy encourages students to think creatively and choose all stakeholders especially for a country like India subjects close to their hearts. It differentiates with more than 1. 3 billion population. To between chalk and cheese. It avoids information summarize, NEP 2020 is essential in the current overload and helps focus on the essence. It internet world. It is irrelevant to stick to the prioritizes students to choose subjects and saves outdated education system that emphasized 3 Rs— their precious time and energy. It offers more reading, writing, and reproducing. To conclude, flexibility with less pressure on students. It NEP 2020 is a step in the right direction to reform empowers students and offers them with diverse the education system and build a strong and career choices. Indian society fails to differentiate prosperous India. References
https://www.amazon.in/Vision-2030-Million-Global-Leaders/dp/938620231X https://www.amazon.in/School-Leadership-Faculty-Students-Institutions/dp/9387799093 https://www.youtube.com/watch?v=FzS1doOXD60
Author Bio: Professor M.S. Rao, Ph.D. International Leadership Guru Professor M.S. Rao, Ph.D. is the Father of “Soft Leadership” and Founder of MSR Leadership Consultants, India. He is an International Leadership Guru with thirty-nine years of experience and the author of forty-nine books including the award-winning ‘See the Light in You’ URL: https://www.amazon.com/See-Light-You-Spiritual-Mindfulness/dp/1949003132. He is a C-Suite advisor and global keynote speaker. He brings a strategic eye and long-range vision given his multifaceted professional experience including military, teaching, training, research, consultancy, and philosophy. He is passionate about serving and making a difference in the lives of others. He trains a new generation
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of leaders through leadership education and publications. His vision is to build one million students as global leaders by 2030. URL:http://professormsraovision2030.blogspot.com/2014/12/professor-m-s-raos-vision-2030one_31.html. He has the vision to share knowledge freely with one billion people globally. He advocates gender equality globally (#HeForShe). He was ranked #1 Thought Leader and Influencer in Business Strategy globally by Thinkers360. He invests his time in authoring books and blogging on executive education, learning, and leadership. Most of his work is available free of charge on his four blogs including http://professormsraovision2030.blogspot.com. He is a prolific author and a dynamic, energetic, and inspirational leadership speaker. He can be reached at msrlctrg@gmail.com.
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The Corporate Angle
Mr. Hrushikesh Kulkarni CX Consultant LitmusWorld
Where Is Your Strength? Our education system & the society has always encouraged us to avoid being vulnerable, rather the belief has been to project strength, confidence & composure, always! Although that’s the best approach for a few areas of life, but when it comes to an ongoing relationship building it chokes our ability to build trust. Without the intent to be vulnerable, we will not be able to build deep & long-lasting relationships in life. The best way to gain someone’s trust is by entering a position of unprotected weakness & a belief of support. If one is vulnerable while servicing our clients, their trust & loyalty is guaranteed, taking you places ahead of your competition. We fail to realise that while we win projects due to our competencies, but the on-going trust is won only by being honest, humble & vulnerable in front of our clients.
& be recommended for our services to others. For some domains, like the Marketing & Sales professionals who provide client services, Vulnerability is power. Even at personal relationships- being vulnerable is no more a choice, but a reality of life. Part of a good life is having good relationships. We all are social animals and live longer, healthier & happy lives when we have people around us that we trust and love. We want to be around people who can make us laugh and help us through life’s inevitable tough times. Our lives are less stressful when we have people with whom we can relax and be unique.
When we have people with whom we can be vulnerable, we actually reduce our exposure to potential harm and improve the quality of our life. By putting ourselves out there and risking hurt, we often find that we create more meaningful An individual might even believe & want to be interactions with the people in our lives. When we vulnerable, but even understanding this at an have people we can trust with our deepest intellectual level has its own challenges- because vulnerabilities, we increase our ability to be Resi we human being don’t want to be weak, neither be seen as one, ever. -lient in the face of chance and change.To embrace It’s only once we are vulnerable that we will have vulnerability you need to love yourself, practise it a smooth client servicing, better negotiation skills & then will note that the rewards are immense. KAIZEN’S OPERATIONS & RESEARCH ENTITY
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“A Butterfly or a caterpillar.. You are neither this nor that.. You are just shedding your skin and becoming a whole new version of yourself.. and yes it is painful.. your skin is being peeled off.. You are extremely vulnerable at this stage.. The most vulnerable infact.. But then when you are transformed.. and you spread your beautiful wings.. and take the flight of freedom.. It is all part of a greater plan.. This is not the death of you.. Infact it is the rebirth.." Author Bio: Mr. Hrushikesh Kulkarni, He works as a CX Consultant at LitmusWorld, with more than 15 years’ experience in Marketing domain.He is an author to various research articles & teaches Research Methodology, Market Research, Brand Strategic Management, Digital Marketing, and International Marketing as visiting faculty at leading MBA colleges. An MBA in Marketing & BSc Mathematics is an avid traveller & also writes a blog.
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Emerging Managers Mr. Vaibhav Joshi Kirloskar Institute of Advanced Management Studies, Pune
Extreme Efficiency Through Automatization
Research from McKinsey shows that up to 50% of all work performed today can already be automated with currently available technology. Automation is the creation and application of technologies to produce and deliver goods and services with minimal human intervention. The implementation of automation technologies, techniques and processes improve the efficiency, reliability, and/or speed of many tasks that were previously performed by humans.
with automation than with the corresponding manual operations.
2. High cost of labour: The trend in the industrialized societies of the world has been toward ever-increasing labour costs. As a result, higher investment in automated equipment has become economically justifiable to replace manual operations. The high cost of labour is forcing business leaders to substitute machines for human labor. Because machines can produce at higher Automating internal processes throughout your rates of output, the use of automation results in a business can save money and increase overall lower cost per unit of product. efficiency. For industrial and heavy Industries such as manufacturing, construction, and the energy 3. Labour shortages: In many advanced nations sector, many companies are now exploring there has been a general shortage of labour. Labour automation possibilities beyond the production shortages stimulate the development of automation line. as a substitute for labour. Reasons for Automating:
4. Safety: By automating the operation and transferring the operator from an active 1. Increased productivity: Automation of participation to a supervisory role, work is made manufacturing operations holds the promise of safer. increasing the productivity of labour. This means greater output per hour of labor input. Higher 5. High cost of raw materials: The high cost of production rates (output per hour) are achieved raw materials in manufacturing results in the need KAIZEN’S OPERATIONS & RESEARCH ENTITY
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for greater efficiency in using these materials. The • Computer-aided manufacturing (CAM) refers to reduction of scrap is one of the benefits of the use of computers in the different functions of automation. production planning and control. CAM includes the use of numerically controlled machines, robots, and 6. Improved product quality: Automated other automated systems in the manufacturing operations not only produce parts at faster rates but process. Computer-aided manufacturing also they produce parts with greater consistency and includes computer-aided process planning (CAPP), group technology (GT), production scheduling, and conformity to quality specifications. manufacturing flow analysis. Computer-aided 7. Reduced manufacturing lead time: With process planning (CAPP) means the use of reduced manufacturing lead time automation computers to generate process plans for the allows the manufacturer a competitive advantage in manufacture of different products. Group technology (GT) is a manufacturing philosophy promoting good customer service. that aims at grouping different products and 8. Reduction of in-process inventory: Holding creating different manufacturing cells for the large inventories of work-in-process represents a manufacture of each group. significant cost to the manufacturer because it ties up capital. In-process inventory is of no value. It • Numerically controlled (NC) machines are serves none of the purposes of raw materials stock programmed versions of machine tools that execute or finished product inventory. Automation tends to operations in sequence on parts or products. accomplish this goal by reducing the time a work Individual machines may have their own computers for that purpose; such tools are commonly referred part spends in the factory. to as computerized numerically controlled (CNC) 9. High cost of not automating: A significant machines. In other cases, many machines may competitive advantage is gained by automating a share the same computer; these are called direct manufacturing plant. The benefits of automation numerically controlled machines. show up in intangible and unexpected ways, such as, improved quality, higher sales, better labor • Robots are a type of automated equipment that relations, and better company image. All of these may execute different tasks that are normally factors act together to make production automation handled by a human operator. In manufacturing, a feasible and attractive alternative to manual robots are used to handle a wide range of tasks, including assembly, welding, painting, loading and methods of manufacture. unloading of heavy or hazardous materials, inspection and testing, and finishing operations. Types of Automation: • Information technology (IT) encompasses a broad spectrum of computer technologies used to create, store, retrieve, and disseminate information. It is in the area of information technology where most of the more flexible and non-industry-specific advances are now being made.
• Flexible manufacturing systems (FMS) are comprehensive systems that may include numerically controlled machine tools, robots, and automated material handling systems in the manufacture of similar products or components using different routings among the machines.
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• Computer-integrated manufacturing (CIM) system is one in which many manufacturing functions are linked through an integrated computer network. These manufacturing or manufacturingrelated functions include production planning and control, shop floor control, quality control, computer-aided manufacturing, computer-aided design, purchasing, marketing, and other functions. The objective of a computer-integrated manufacturing system is to allow changes in product design, to reduce costs, and to optimize production requirements.
that, “Line workers often prefer a high level of human involvement over digital tools.” Despite some initial hesitation around adoption, it is predicted that the use of digital tools to automate processes and streamline communication will rise in 2020. It is expected that there will be increased use of automatic scheduling and delivery of targeted internal media campaigns, work schedule notifications, and read-receipt functions in the company, which will further streamline daily operations for the organization.
In the past, the industrial sector has been somewhat slow to automate internal processes due to the fact
References:
https://www.beekeeper.io/blog/trends-operations-management/ https://www.wisdomjobs.com/e-university/production-and-operations-managementtutorial-295/reasons-for-automation-9681.html https://www.inc.com/encyclopedia/automation.html
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Emerging Managers
Mr. Indraneel Bapat Kirloskar Institute of Advanced Management Studies, Pune
Industry 4.0 People, machines, and products are directly workforce. What started as standardization of tasks networked with one another: the fourth industrial in simple processes, ultimately paved the way for revolution has begun. the beginning of automation and initiation of the second industrial revolution. The term "Industry 4.0", shortened to I4.0 or simply I4, originated in 2011 from a project in the hightech strategy of the German government, which promotes the computerization of manufacturing. The phrase Fourth Industrial Revolution was first introduced by Klaus Schwab, executive chairman of the World Economic Forum, in a 2015 article published by Foreign Affairs, "Mastering the Fourth Industrial Revolution�. Before trying to understand the fourth industrial revolution and its real-world implementation, we must look at the beginning of the industrial revolution and its gradual advent towards today’s The aftermath of the second world war was the technology-oriented industrial environment. massive industrial growth in the post-war western The beginning of the industrial revolution started in world. However, mechanization was a pestering Europe with the mechanization of simple jobs like issue in innovation and new product development weaving cloth, printing on paper, etc. However, as mechanical systems had their limitations. Thus, most of the mechanization was highly localized and the growth of electronics & electrical technology each process of manufacturing required a dedicated was going to be a breakthrough with the production
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of programmable logic controllers (PLCs) ushering the world into the third industrial revolution. Automation became the standard with the speed of production reaching the levels previously unimaginable with the mechanical systems. With the arrival of the information age in the early ’70s mostly for defence in the western world, the world rushed into first commercially available internet in the ’90s and integration of information systems in manufacturing in the 21st century. In this article, we will explore how the networkconnected smart devices will run our factories, improve our daily lives, and shape the future of highly innovative, customer-centric industry. The fourth industrial revolution or Industry 4.0 is at our doorstep.
Inter-networking does not necessarily mean centralization. Rather, Industry 4.0 promotes the idea of each machine, and system is an autonomous entity that shares and receives data from all the entities of the enterprise and takes its own appropriate decisions. 4. Technical assistance: The ability to interconnect all systems breaks the silos within the supply chain and on the production floor. Any problem encountered by any personnel can be solved more quickly and conveniently due to data and assistance pouring in from the entire system. Challenges for adopting Industry 4.0
Industry 4.0 features
• Risks to data security:
1. Horizontal & vertical integration:
Putting your entire enterprise including company information, financial details, your peoples’ data and especially your means of production/ service on the internet comes with its own set of threats. Tailored risk management strategies and data security measures can mitigate the risk of cyberattacks with decentralized structures and limited access rights being cited as sensible security measures.
Horizontal integration across the enterprise will enable the systems, machines, and even manufacturing facilities spread across the globe to be interconnected and share performance data and woes continuously. Vertical integration aims to tie together all logical layers within the organization from the production floor through R&D, quality assurance, product management, IT, sales and marketing, and so on. • IT infrastructure: 2. Transparency of data:
Industry 4.0 requires the existing installation to be adapted and in some cases, needs entirely new Industry 4.0 proposes data transparency and high types of IT infrastructures. levels of automated collaboration across the upstream supply and logistics chain that provisions For companies, especially manufacturing ones, the the production processes themselves as well as the cost implications are high. downstream chain that brings the finished products to market. • Dearth of talent: 3. Decentralized decision-making:
Connecting to an entirely virtual environment of networking and its digitization increases the
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importance of new technical skills particularly in quality inspections, serialisation, data logging, and operating activities, warehousing and new more. mechanical working processes. • Increased collaborative working: Also, new entrants in the job market might be required to be trained for the new technologies that Industry 4.0 technologies allow your production might add to the pre-existing costs of training and lines, business processes, and departments to development. communicate regardless of location, time zone, platform, or any other factor. Industry 4.0 can Advantages & new opportunities of Industry 4.0 achieve what may be considered as the pinnacle in international collaborative working ie. To operate a Some various opportunities & advantages arise by manufacturing facility at one end of the world from to implementation of Industry 4.0. Some of them another end. are: Contribution of India to the 4th industrial revolution: • Flexible customer integration: With an increase in consumption from the newer millennial generation, the demands of customization are increasing. One of the best examples’ is the Nike online store where you can customize and design your shoes. The scope of networking offered by Industry 4.0 will enable manufacturing companies to make more extensive use of customization than they can now. • Improved quality and efficiency: Analysis of big data captured by the devices and machinery thorough sensors can enable the companies to identify defects and shortcomings in the manufacturing process at an early stage. This will achieve the goal of improving the efficiency of the process while maintaining the quality.
The Indian government estimates India’s manufacturing sector would breach US$ 1 trillion by 2025. However, manufacturers need to move beyond the current status, characterized by manual inputs, lack of ICT integration in manufacturing, and critical gaps in capability, to move to the next stage and fill the critical technology gaps.
• Makes compliance easier:
Apart from building long-term competitiveness on the global stage, India stands to gain significantly Complying with regulations in Industrys like from adopting Industry 4.0. pharmaceutical and medical device manufacturing does not have to be a manual process. Instead, First, it will allow manufacturers to improve Industry 4.0 technologies make it possible to productivity, efficiency, safety and performance automate compliance including track and trace, and help position India as a global manufacturing hub. Several Indian e-commerce companies are
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using advanced data analytics to gain insights on new ones will be created in the new economy. customer behaviour and improve business Training in safety-related skills will also come into performance play with an increased level of human-machine cooperation. Second, Small and Medium Enterprises (SMEs), which form the backbone of Indian manufacturing, Finally, Industry 4.0 could provide a pathway for can leverage Industry 4.0 technologies to become Indian manufacturing to transform into an more agile, enhance productivity, streamline costs innovation-led and high-value manufacturing and reduce risks. The sooner they evolve to meet stage. Technology-intensive sectors such as the modern business needs, the more they will stay Aerospace & Defence (A&D), which is at the cusp relevant and secure new business on a global scale. of innovation and growth in India, are clear beneficiaries. Third, employers will be able to increase the skills of their workforce. While some jobs may be lost,
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Emerging Managers
Mr. Shresth Iyer MBA Batch 2019 -2021 ICFAI Business School, Hyderabad
Waste Management in Hospitality Industry Hospitality Industry is completely an employee driven industry where every experience of the Guest is driven by the way employee addresses it. The employees of a Hotel carry out various tasks, each task identified by the way the employee acts with it making it very important for the employees to continuously improve themselves in order to make the guest happy and their stay more and more memorable.
delivering service. It is accomplished by DMAIC which means define, measure, analyse, improve and control. By following these steps any organization can attain Six Sigma. A concept of Lean six sigma comes useful in the hotel industry to reduce defects and improve the process. Lean is a method that is used for increasing the efficiency of the business process by removing any waste in the cycle.
The quality of service is the most important factor in a Hotel. It is an inevitable choice for the hotels to implement continuous improvement as the guest requests keep coming in, these small things take the hotel long way in being ahead of their competitors and helps in poaching their guests by the positive word of mouth spread by their guests.
The key function of Lean Six sigma revolves around the Japanese concept of “MUDA” or Waste. In any hotel the main effort must be put into identifying the waste; it can be in the means of physical efforts, process, time or inventory. By identifying the waste areas the work can be started to reduce and improve those areas to increase the efficiency.
The process of Six Sigma comes a long way in helping the management mould and improve their service standards for providing the best quality and standard service experience to the guests. Six Sigma is a project-based approach for improving effectiveness and efficiency. It is a disciplined customer focused data driven approach for improving the performance of the process of
Certain identified areas where the waste can be improved: Physical efforts Unnecessary physical efforts of the employee reduce their productivity, which can be avoided by
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bringing in some changes in the process or the layout of the facility. An example is, by not storing the inventory too far in the kitchen decreases the time and steps of the chef which increases productivity and reduces time. Transportation An effective transfer of the inventory, data and material inside the hotel increases the efficiency and leads to happy customers. By introducing new systems for transportation inside the hotel is the key to improve effectiveness. Waiting Time Any employee waiting on another employee or a guest to perform a particular task is a waste of time and a resource, methods must be designed to reduce this and the waiting time. Overproduction
goes up and there is wastage due to higher amount of inventory than required. Using a much integrated all in one hotel software which connects all the departments of the hotel namely Front office, Food and Beverage Service, kitchen, in room Dinning service, Housekeeping helps the hotel to know better regarding the processes and connects all departments together. Any request made by the guest reaches all the departments by use of this technology helping the staff members process the request faster and reducing the waste or any errors in the process. The ultimate aim of the hotel is to make the guest experience memorable and make the guest happy to bring in repeat business and referral business by spreading of positive word of mouth. In this aim they also look towards reducing the cost incurred by them in a way that it doesn’t affect the experience or the process. Each chain of hotels has their universal SOP and way of functioning keeping that in mind all changes and quality control activities are done.
Due to unknown demand and number of guests, there are times when there is excessive production because of which there is a lot of wastage and loss Six Sigma or quality control is thus a very effective for the hotel. way to improve the functioning of the hotel as it helps in reducing the waste and improving the Inventory process therefore reducing the total cost incurred by the management in turn providing a better Ordering or purchasing a huge amount of inventory experience to the guest where they can call it a due unknown forecast, the inventory holding cost “Home away from Home”.
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Emerging Managers
Ms. Shristi Sharma MBA Batch 2020 -2022 ICFAI Business School, Hyderabad
Psychographics “Observe your customers so closely that you get to Here demographics are the statistical study of know what they want before they realize it population and psychographics is building logic by examining human traits. Developing a marketing themselves” strategy is not at all an easy task and various factors Marketing is the combination of several processes need to be considered before planning and and it is much more than just selling if we look at executing them. A good marketer will always give the current trends. The latest emerging technologies importance to psychological traits to target the right have significantly affected the way to market audience. This is the era where consumers want products/services. Organizations need to have an customized services, the only possible way to accurate advertising strategy to hit the minds of the achieve that is psychological analysis. One should target audience, a considerable effect of advertising keep in mind every buyer is different and hence the should be seen by consumer’s responses. requirements and needs are different too. Consumer’s attitude acts as the intermediator between the purchase intentions and brand Buyer’s Persona = Demographics + attitudes, hence it’s the perception and preferences Psychographics that lead to the buying action of buyers. Importance of Psychographics Introduction to Psychographics If you know your buyer, you should know what Psychographics is the methodology based on a they exactly want and why they decide to buy. qualitative study that leads to the classification of People’s preferences affect their choices sometimes customers based on characteristics like values, directly indirectly. Combining these preferences desires, goals, interests, and lifestyle choices. It can with relevant demographics you can understand the be simply concluded that the buyer’s persona is a mental state of your buyer. For example, if you combination of psychographics and demographics. know the likes and dislikes of your customer you
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can create the content of the marketing message accordingly. If you know the platforms visited frequently by your customers, you know the place where you can catch them.
of hobbies so marketer should be able to identify them. People having similar hobbies can be kept in common subgroups. Several websites provide the feature of playing the game when you lose the internet connectivity in between work.
Psychographic Segmentation Psychographic segmentation is the process of segmenting the market based on research, surveys, and reviews. This division of the population into subgroups will help to closely monitor the customer behaviors and their decision-making process. If the segmentation is done properly, we can track the pattern of the thinking process of buyers.
5. Values: People generally have a sense of defining things into right and wrong. Values create awareness among the buyers hence define buyer’s persona. All the supermarts these days motivate their customers to bring their own cloth bags so that pollution can be minimized. Customers feel better if they live according their values. Collection of Data for Analysis
Five Factors Model for Psychographic Analysis 1. Personality: It defines the collection of traits possessed by a person which further define the thinking pattern, feeling and behaving characteristics of individuals. Extroversion is one of the personality types which let us know whether the person enjoys working with other people or not. If a person enjoys alone time you can attract them with your blogs, solo games and activities. 2. Lifestyles: This is the daily routine followed by individuals and it has significant effect on thinking pattern. You need to know whether your services fit in the schedule of our customers or not. If a person is a foodie and you own a gym then you can attract them by mentioning the importance of exercise and improvement in eating habits. 3. Attitudes: This makes you able to know the general perspective of the buyer as it effects the emotions and beliefs of individuals. Companies generally show kids in the advertisement of hand wash these days, kids safety eventually grabs the attention of parents towards that product.
The market research report will be of great help and help you forecast the performance of your product. However, for small companies, this method is quite costly. Google Analytics tool and short surveys can help in the collection of data when your target audience is large in number. Surveys are the most cost-effective way to collect data on buyers and their corresponding interests. Sometimes social media handles reflect the likes and dislikes of your buyers too. For example, if you own a hotel, you can decorate our customer rooms as per the colors and objects majorly used by them on social media. All you have to do is find the answers to some simple questions about your buyer like a. What makes them buy the product? b. What was their first thought about the product? c. From which source they got to know about your product? d. What are the factors that influenced their decisions?
4. Interests: Targeting hobbies is the best possible e. What was the point of difference and point of way to know the customers. Every person has a set parity they founded in your product?
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Impacts of Psychographics
will help in properly doing the psychographic analysis.
This analysis and then segmentation can be achieved by doing brainstorming sessions with the marketing team, product team, and internal stakeholders. The more you know your customer the more effectively you will be able to fulfill their needs. Training sessions for the sales team along with optimizing the website, refining the messages, enhancing A/B testing, and updating the products
Industries including retail, travel, and healthcare all are using the benefits of psychographic analysis to improve brand image and attract customers. Businesses need to redesign their strategies with time and doing the psychographic analysis can really help them do so.
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Emerging Managers
Ms. Ritushree Goswami MBA Batch 2020 -2022 ICFAI Business School, Hyderabad
Effect of Mental Health on Youth “Mental health…is not a destination, but a Determinants of psychological well-being process. It’s about how you drive, not where you’re going.” – Noam Shpancer Various social, mental, and organic variables decide the degree of emotional well-being of an Mental Health is the degree of mental prosperity or individual anytime. For instance, savagery and a nonattendance of dysfunctional behavior. "It is determined financial weights are perceived dangers the state of someone who is "working at a specific to psychological wellness. The clearest proof is level of excited and lead change". related with sexual brutality. Poor emotional wellThe present adolescents and youthful grown-ups being is likewise connected with fast social change, are advancing in a world very different than the one distressing work conditions, sexual orientation their parents experienced. Exploring consistent separation, social rejection, unfortunate way of life, advancements in innovation and web-based media physical medical affliction and basic liberties while adapting to a dubious future negatively infringement. There are explicit mental and affects youngsters. We're arriving at record levels character factors that make individuals helpless of psychological wellness issues in our most against psychological well-being issues. Organic youthful age. dangers incorporate hereditary elements. Luckily, discouragement and uneasiness in The Mental Health Crisis in Today's Youth youthful grown-ups are exceptionally treatable as long as they get legitimate psychological well- The most recent patterns in youthful grown-up being care. psychological well-being paint a fairly demoralizing picture for clinicians wanting to help. Understanding the extent of this emergency and the Examination from Johns Hopkins University has drivers behind it is vital to better treatment of high discovered that the pace of young people who schooler emotional well-being issues. report significant burdensome scenes inside the
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previous a year has risen fundamentally lately. Nervousness is the main source of interruption to youthful grown-up psychological well-being. Among kids ages 6 to 17, analyses of nervousness shot up 20% from 2007 to 2012. The circumstance is considerably more disheartening for kids on the cusp between secondary school and school.
awful online media platform for emotional wellness, as indicated by an overview by the Royal Society for Public Health. As a picture-based stage, Instagram gives a consistent feed of the most ridiculously amazing photographs with the least setting a destructive blend for teenagers' confidence and emotional wellness.
The Factors leading to Decline in Teen Mental 3. Taking part in Risky Behaviors Health Some maladaptive adapting abilities come as What could it be that driving these broad decreases unsafe conduct. Youngsters are known for in youthful grown-up emotional wellness? The participating in to some degree wild conduct, and quantity of variables affecting emotional well- once in a while parents neglect to perceive when being is tremendous and changes among people. these practices begin gaining out of power. Hereditary inclination and various conditions are Monitoring unsafe conduct in teenagers is a reasoning a few young people are bound to battle significant advance in keeping those practices from with emotional well-being. In any case, five making enduring harm youthful grown-up elements are regular to pretty much every youthful psychological well-being. Danger practices can grown-up's life and can add to sorrow and tension. rapidly twist into a cycle where the conduct causes or intensifies a dysfunctional behavior. 1.Academic Pressure Need to have an arranged system School and extracurricular exercises are a gigantic wellspring of stress that can prompt understudy A general wellbeing approach is required that is psychological well-being issues. In an American centered around both controlling the danger factors Psychological Association (APA) review, just as upgrading defensive components. Regular teenagers revealed that their degrees of worry danger factors for MSUDs incorporate neediness, during the school year were a lot higher than they hunger, youngster misuse, dysfunctional behavior suspected to be solid. in guardians, family strife, demise of a relative, harassing, helpless order in the family, scholastic 2. Online Media Comparison disappointment and presentation to brutality. Instructive weights, continually strengthened by the There have been impressive changes about the family and the general public, have been found in impacts of web-based media on creating youthful the foundation of numerous suicides in youngsters grown-up cerebrums, and exploration is indicating in India. Steady and connecting with parental style, that there's a huge connection between substantial being in fulltime instruction, zero capacity to bear web-based media use and adolescent psychological harassing at school, inclusion in network exercises, well-being issues. One examination found that strict recognition, low degrees of contention in the youthful grown-ups 18 to 22 who were allocated to family and social help have been perceived as the restrict their online media use to 10 minutes daily defensive variables against MSUDs.There are wound up demonstrating huge decreases in various obstructions to dealing with the emotional uneasiness. Instagram is positioned as the most wellness needs of the adolescent including absence
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of administrations, absence of mindfulness, fantasies, confusions and shame and low need to mental health. Early ID and mediation for the issues stay crucial to the arrangement. Raising people group mindfulness about early indications of MSUDs, requirement for their treatment, scattering the related fantasies and confusions, and giving effectively available and reasonable treatment offices are crucial. Schools and universities, specifically, offer a one-of-a-kind setting for psychological well-being advancement in youngsters. Any technique pointed toward improving the psychological well-being of the young needs to target spanning the information and administration holes and ought to incorporate school-focused on projects and network-based services. Improving the Outlook for Teen Mental Health Youngsters today are managing what appears to be a totally different world, with a minefield of factors that can affect their psychological well-being. Fortunately developing mindfulness is making more youngsters and guardians mindful of possible issues, and more assets are accessible than any time in recent memory. With satisfactory consideration and backing, youngsters can carry on with sound
lives while adapting to psychological instability. From a conduct wellbeing expert's perspective, finding better approaches to improve care is a focal mission. Mental well-being mindfulness can become both the methods and the method of finishing this aloofness. Reformist government arrangements dependent on proof-based methodologies, a connected with media, an energetic instructive framework, a responsive industry, forceful usage of more up to date innovations and inventive publicly supporting may together assistance dissipate the scourge of psychological maladjustments. It is important to address the necessities of youths with characterized psychological well-being conditions. Staying away from regulation and overmedicalization, organizing nonpharmacological approaches, and regarding the privileges of youngsters in accordance with the United Nations Convention on the Rights of the Child and other common freedoms instruments are key for teenagers. WHO's emotional wellness Gap Action Program gives proof-based rules to non-authorities to empower them to all the more likely recognize and backing need psychological well-being conditions in lower-resourced settings.
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Emerging Managers
Ms. Tanvi Batwal MBA Batch 2020 -2022 ICFAI Business School, Hyderabad
Artificial Intelligence- Will They Be Able To Surpass Human Intelligence? Artificial Intelligence (A.I.) is a machine that has the insight that is comparative or more noteworthy than that of the human being. It can think and act past what it is programmed to do. All together for AI to recreate human knowledge, it would need to have attributes like a human being. These characteristics include: • • • • •
Learning Reasoning Problem-Solving Perception Language Understanding
and with power comes incredible obligation. Even though machines might have the option to imitate human conduct partially, their insight may selfdestruct when settling on normal choices like us. Artificial intelligence fuelled machines settle on choices dependent on occasions and their relationship with them, in any case, they need "the presence of mind". Simulated intelligence frameworks are confused in the comprehension of "cause" and "impact". Then, genuine situations need an all-encompassing human methodology. How did AI begin:
AI would have attributes that are like how a human think. With the attributes recorded above, they depict how a human's mind sees an issue and the means that would be taken to go to a goal. The capacity of humans to apply the gained information with a sense of touch, feeling, thinking, learning and experience is the things that make human beings stand out. With information comes power,
The first models of Artificial Intelligence started in the eighteenth and nineteenth for hundreds of years. These machines were assembled to play chess. During the 20th century, advanced computers were set up; there were intended to perform long and complex computations. As innovation progressed, so did the Artificial Intelligence. Humans are presently ready to fabricate a machine that can
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think and talk like a human being, however, this 4. Microsoft’s AI Chatbot got corrupted by twitter might take time for duplicating a human knowledge trolls. The chatbot would automatically reply to work. people and engage in “casual and playful conversation” on Twitter. The Current Scenario: The scientist forecasted that AI will intensify human effectiveness but at the same time it would also a threat to human self-sufficiency, organization and abilities. The wide-running prospects; that computers may coordinate or even surpass human insight and abilities on undertakings, for example, complex dynamic, thinking and learning, refined examination and example acknowledgment, visual keenness, discourse acknowledgment and language interpretation. Many experts concentrated on medical care and the numerous potential utilization of AI in diagnosing and treating patients or helping senior residents carry on with more full and more advantageous lives.
5. When Apple had released the iPhone X which had a feature of a facial recognition system that had replaced the fingerprint reader as the primary passcode. The feature was defeated by the threedimensional map of the face by using AI and machine learning. Artificial intelligence experts are concentrating on ways to overcome such problems by improving AI's ability and by building new algorithms. With exact information, we soon might be able to improvise AI-technology that will coexist with our human morals and efficiencies. The experts are trying to fuse characteristic human instincts, impulses and reflexes in these AI machines to avoid dangerous circumstances.
Although AI has made the work simpler from numerous points of view and is just improving. Yet, there have been epic disappointments of AI that have brought up issues about AI being an aspect of our lives:
Likewise, human exactness, accuracy, timing, and quality judgment are crucial components that must be a piece of AI input calculations. Having that as a primary concern, scientists are planning to get a part of the human cerebrum learns and adjusts to these qualities. Human Intelligence is controlled by 1.At the point when an Uber self-driving guided learning and tutoring, indispensable by AI. autonomous vehicle was considered dangerous for the pedestrians which was computer controlled. Conclusion: 2. The AI-drove IBM's Watson Supercomputer suggested 'dangerous and mistaken malignancy medicines'. It was cancelled because of its unsafe treatment recommendations.
The fate of artificial intelligence starts by investigating and understanding computerized knowledge. In the first place, analysts should make artificial intelligence that will be steady with human like flexibility. All together for a machine 3. When AI-enabled facial recognition tool became or robot to be better than people, they should have biased towards coloured skin tones, which meant the option to react and adjust to their environmental innocent people being wrongly identified as factors and encode what they have gained from around them. Subsequent to this the robots should potential criminals. KAIZEN’S OPERATIONS & RESEARCH ENTITY
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comprehend what was encoded and apply that to a later time. One thing that is obstructing this progression is the robot's capacity to gain from its environmental factors and apply it to a later time. The ideal outcomes are to have computerized reasoning that can mirror human insight and advance extraordinarily from that point. The robot will likewise be working at higher effectiveness and unwavering quality rate than the people. The motivation behind why the robot would need to work all the more proficiently is because it would deliver more yield than of a human. At the end of the day, it is ready to perform counts and errands at a quicker rate.
Robots are worked to perform therapeutic and hazardous assignments. The execution of computerized reasoning will dispose of the requirement for a human to program robots because the objective is to have robots gather and break down information as a human brain does. In the wake of examining that information, robots will have the option to follow up on them with no human intercession. At the point when AI can perform assignments without human cooperation, there might be a chance of having robots dominating and outsmarting people. With the current technology available, this process is most likely not to happen, however, with further advancements in technology, this level of intelligence may be plausible in the future.
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Emerging Managers
Mr. Mahesh H Sohanda MBA Batch 2020 -2022 ICFAI Business School, Hyderabad
Warehousing: "Sourcing Is the New Era Commodity, Yet With Continuous Evolution” EEEvolution”
Warehousing and warehouse management is a part of the logistics management system, which in itself is a component of the availability chain. Warehousing plays an important role in the supply chain process. A warehouse is a large, spacious place that is used for the storage or accumulation of goods.
In the ABC warehousing inventory management model, all items within the warehouse are classified by their volume into three categories; A, B, and C type items. This segmentation allows the inventory controller to separate the foremost important inventory items from the not so important items and allows the controller to focus more on better managing the upper inventory value items Although this is often viewed simply to store including the proper amount of Safety stock to goods, warehousing plays a fundamental role avoid stock-outs. within the logistics system. Inbound functions assist to prepare for storage as well as outbound This inventory system is usually used when functions pack and ship orders, resulting in inventory management resources are scarce and/or benefits for both the business and customers. there is a scarcity of an accurate inventory management system present. Some benefits of warehousing can be: Steps to be taken in ABC warehousing: Storage Facility Additional Revenue Conduct inventory survey in warehouse. Distribution Compile demand and production data. Price stabilization Create a list of the volume of stock and their Production support value. What is ABC Warehousing? Classify the inventory in three types (A, B & C) based on the above list created.
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How Covid-19 has affected the Warehousing warehousing capacity located within the incorrect Industry. markets. This highlights how the warehousing market is close to change. A variety of those changes are getting to be driven specifically by Coronavirus; others are getting to be trends that pre-existed the pandemic but which may be accelerated by the social and economic changes which it wrought.
In House to Third-party Logistics
Increase in E-commerce facility.
Coronavirus has helped to accelerate e-commerce sales. the requirements of e-commerce warehousing are quite different from those of facilities serving grocery retailing, main street shops, or department stores. they have to be designed for the fast flow of small, individual items often delivered by a selection of trucks and vans to the end-user. this is often in contrast to the more infrequent delivery of consolidated items to at least one store by truck and trailer. this means that warehouses are getting bigger as more room is required for the physical handling of various smaller packages. Also, e-retail facilities are generally functional round the clock, picking and packing shipments for next day delivery.
Following the crisis, manufacturers and retailers are getting to be more likely to require large numbers of warehousing staff on their payroll as a risk the utmost amount as an asset, especially with the ever-present possibility that Coronavirus may return at some point. Many could even be tempted to believe that this is often a challenge it'd be better for a third-party logistics provider to affect. One of the key strengths of third-party logistics is their ability to manage large workforces and these challenges will only increase within the Increase in Automation approaching years from a health and safety perspective. The threat of Coronavirus – or for that matter, any disease – might motivate and encourage warehouse Long term to short term logistics contract operators to increase levels of automation within their operations. The low cost of borrowing money There will be a move from long term to short term for the installation of automation and government contract lengths. One of the challenges of a highly incentives for capital purchases can be taken into volatile market is that warehouse capacity is consideration. Running contrary to this, within the typically secured by manufacturers and retailers on short-term unemployment levels and thus the a medium-term basis (3-5 years). Some contracts migration of workers from the most street retail are longer which can extend up to 10 years. This sector to logistics will make labor abundant and could be satisfactory during a stable economy, cheap. However, at the end of the day, the sector’s especially in sectors like a commodity, where adoption of automated handling equipment and demand year-on-year for logistics services is robotics is inevitable. consistent. More Greener Warehousing However, if the market ‘new normal’ is wild variability then such a model will leave companies exposed to the danger of getting an excessive Following the crisis, there will be renewed to amount of (or too little) inventory also as specialize in sustainability. The drop-in carbon
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emissions during ‘lockdowns’ will encourage environmental lobby groups and governments to put in place policies that prevent (or a minimum of slow) pollution levels from returning to their previous highs. These policies are getting to be mostly aimed toward the transport element of logistics but warehousing also is going to be expected to contribute. This might mean that new buildings will get to conform with increasingly prescriptive energy standards and good practices like LED lighting.
challenged. It certainly won’t end in a whole reversal of industry regulations, as it specializes in low inventory. Technology supporters will little question maintain that visibility will play a crucial role in allowing inventory levels to be constrained whilst ensuring customers’ demands for ‘instant’ fulfillment are met, especially within the e-retail sector. On the other hand, contract lengths could even be pushed down, as clients become wary of the danger posed, and thus the trend is often shifted to 3rd party logistics company. Additionally, to this, investment in automation will increase in Conclusion: warehouse companies. The event of modern warehousing is to satisfy these new needs and Coronavirus will cause many of the key supply become more sustainable. chain trends of the past three decades being
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ABOUT US
The word “Kaizen”, where “Kai” = change “Zen” = good, simply means “change for better”. In English Kaizen is typically applied to measures for implementing continuous improvement. It is an approach to activity organisation based on common sense, self-discipline, order and economy and is a strong contributor and fundamental part of a lean production process model in lean manufacturing. Kaizen- The Official Operations Club of IBS Hyderabad believes in relishing in the essence of "Constant Change and Evolvement" and hence we, as an organization work willingly for the betterment of the student community. KORE- Kaizen’s Operations and Research Entity, one of our primary wings which flaps to cater to the needs of students and motivate them to soar high by polishing their technical competencies. KORE’s area of expertise includes Case Based Research, Consultancy, Live Projects and Workshops. LAKSHYA, an initiative taken by KORE primarily focuses on the concepts of operations management and various articles based on the day to day operations and logistics of an organisation.
NISHU KUMARI KEJRIWAL EDITOR IN CHIEF - KORE Kaizen – IBS Hyderabad Batch 2019-21
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LAKSHYA is an academic print and is not for any commercial sale. Reliability and Responsibility, for sources of data for the article vests with the respective authors. Please feel free to drop in your suggestions at kaizenclub.ibs@gmail.com KORE: Kaizen’s Operations & Research Entity. Kaizen – The Official Operations Club of IBS Hyderabad All Rights Reserved
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