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 nanoseconds and hence it is quintessential to know about every minute change in the ecosystem. With Lakshya we aim to present our readers with compact yet explicit articles on vivid topics such as the 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 soon. 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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EDITOR’S LETTER “If you have knowledge, let others light their candles in it." Welcome to the 47th edition of “LAKSHYA”, our monthly supplement designed for people who take that one extra step to reach perfection. To rise above the norm, one must strive for excellence. That is exactly what we are aiming for here. Club Kaizen has been preaching continuous improvement since its inception, and this magazine provides a platform for young writers to learn, grow, and re-learn new things every day. A magazine is a tool that allows students and professional managers to get deeper insights into the current trends and events happenings around the world. Lakshya is a collection of articles presented by corporate leaders, professors, and students from reputable organizations and institutions around the world. The articles published by Lakshya are intended to provide hands-on experience from great minds and business leaders who want to instill theoretical concepts and strategies with practical implementation. We all want to bring in the best, organic, and new ideas from the young pool of aspiring managers. The most significant part of a magazine is that it provides a platform for students to enhance and improve their writing skills, as well as an environment in which they can enrich their thought process by researching and writing articles. We hope that you like this issue and please let us know if there are any areas or topics that you'd like us to address in upcoming editions. Please write to us and become a part of this discussion Email ID: kaizenclub.ibs@gmail.com
ANUSHKA AGARWAL JOINT SECRETARY - KORE Club Kaizen – IBS Hyderabad Batch 2021-23
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CONTENTS S. NO.
TITLE
PAGE NO.
1
From the Mentor’s Desk
5
2
Live Commerce- What & Why
7
3
Is Big Data and Machine Learning the Way of the Future?
14
4
Input Management - Utilize data the best way
17
5
Supply chain innovation can be fueled by blockchain
21
6
Involving RFID for Inventory Control, Stock Security, and Quality Management
25
7
File Transfer System
28
8
Using Design Thinking in Operations Management
31
9
Evolution of ERP System in Business Processes
35
10
Managing Technology in operations Management
39
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From the Mentor’s Desk In the era of competition, students must 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 the 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 endeavor of knowledge creation through LAKSHYA.
Dr. Nishit Kumar Srivastava Mentor, Club Kaizen
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FACULTY’S INSIGHTS
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Dr. Surjit Kumar Kar Associate professor, Department of Marketing & Strategy IBS, Hyderabad Live Commerce- What & Why
What is Digital Marketing? It is a new age marketing which uses tools and techniques of marketing over internet, and is synonymously called internet marketing or online marketing or even e-marketing. As per American Marketing Association (https://www.ama.org/pages/what-is-digital-marketing/), digital marketing refers to any marketing methods conducted through electronic devices which utilize some form of a computer. This includes online marketing efforts conducted on the internet. In the process of conducting digital marketing, a business might leverage websites, search engines, blogs, social media, video, email and similar channels to reach customers. Online marketing is efforts to market products and services and build customer relationships over the Internet (Kotler & Armstrong 2012). (https://www.theseus.fi/bitstream/10024/38959/1/Ivanova_Natalia.pdf). Online medium of marketing can help in directing marketing communication and promotion to a precise target segment and customize the offering through co-creation.
Social Media & Consumers Emergence and penetration of social media into people’s daily life has taken the industry by storm, giving various innovations in marketing to be put in place by marketers. This has created a new and massive wave of people to people contact and thereby a scope for great deal of commerce usually called social commerce. Companies in order to promote brand and business have already made their social presence in the form of pages, channels or accounts on platforms like Facebook, Instagram, telegram, YouTube, WhatsApp etc. With all these modern age marketing, consumer behavior has undergone a sea change from physical mode of transaction to virtual and digital mode. India being one of the countries with cheapest internet cost, there has been never before consumption of content 7| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
on digital media. A changing paradigm is that influencers and content creators on digital media and platform are now getting traction in public like the celebrities of yesteryears used to do earlier on traditional media. Social media celebrities are the influencers who can promote content with informative, educative and entertainment value, and can seamlessly integrate it with sponsored brand promotion. Brand marketers have seen benefits of such below the line means of promotion even during new product launches. The monologue or one way communication from marketer to market in traditional media is now challenged by the dialogue or two-way communication between marketer and market on social media.
How did Pandemic Effect? Unless otherwise badly affecting Covid-19 pandemic has created a great opportunity for social media in last two years. Due to lockdowns and restrictions on people’s movement, people got confined to their houses for a pretty long time having a good deal of disposable time to spend on social media especially on art & culture, shopping and entertainment avenues. During this unprecedented situation, almost every company attempted to go for a digital transformation. In few of these, another creative marketing approach got momentum is livestreaming commerce. Few prominent social media behemoths started experimenting it, e.g., live shopping feature of Instagram, Facebook shops, Google’s Shoploop, Canadian firm shopify, Walmart & TikTok partnership for in-app purchase etc. Venture capitalists (VCs) being highly optimistic about such a trend started funding and backing such ventures.
What is Social Commerce? With emergence and wider acceptability and adoption of social media, ‘social commerce’ is coming to the fore, which supports interactions between users/ viewers on social platforms. It can be viewed as a part of the e-commerce that has been there around for decades now. Through such an interaction, a large chunk of transactions is happening thereby creating a huge commercial value. Globally, it is estimated that social commerce market may cross $790bn by 2025, at its current rate of growth.
What is Livestreaming? Streaming of any content live on social media via internet is called live streaming. The content of streaming can be different based on the creator and the online audience. It can be free to freemium to purely subscription-based.
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What is Livestream shopping? Also called ‘live video shopping’, is one method in which brands engage/ interact online viewers on certain livestream content and try to sell their products/ services digitally. It is the most sought after combination of entertainment and shopping. Brands many a time take help of celebrities and/or influencers. Thus, brands commercially exploit the platform of livestreaming. Any kind of livestreaming on any kind of digital screen and platform can be utilized by brands and marketers to exploit such trend in consumers’ online shopping. The platforms could range from being pure ecommerce channel to any social media channel. The use of influencer, content creator, celebrity, curators can play a vital role in its success. Such a strategy by marketer can facilitate indirect interactive selling by the influencer.
What is Live Commerce? As a concept and practice in the industry it is an amalgamation of Livestreaming and e-commerce, taking the best of the features from these two worlds. In this process, shoppers can interact with brand live or in real-time, at times the process being called direct to consumers (D2C or DTC) marketing. User experience plays a vital role in it, which can be enhanced by integrating video shopping tool, live discussion thread/ chat, shopping cart etc. by the brand with the livestreaming platform. Such a promotion and selling technique offers an enriching consumer experience. The livestream platforms can be owned and managed by any member in the value chain & the ecosystem, whether the brand or the retailer or even the influencer. Social-media channels e.g., TikTok, Instagram, or Facebook, or marketplace e.g., Amazon Live, Taobao, Tmall anyone can partner with other members in the value chain and start it. Few examples from China are Taobao Live (of Alibaba: https://www.taobao.com/), WeChat (of Tencent: https://www.wechat.com/). In Live commerce, the impulse control disorder (https://www.verywellmind.com/impulsive-behavior-2797366) of viewers is exploited by marketers by call-to-action chat or reaction button. China has pioneered in Live commerce ahead of any other country, and has hit $171 billion in value in 2020. An estimate by McKinsey says that live-commerce-initiated sales could reach 10-20% of all e-commerce by 2026. It has all potential to entertain, give an immersive experience and accelerate conversion via various sales promotion tools e.g. freebies or coupons.
What is Influencer Marketing? In social media marketing, brands usually partner with new age content creators and influencers. Short video apps e.g. TikTok (https://www.tiktok.com), Moj (https://mojapp.in/), Roposo (https://www.roposo.com/), Bolo Live (https://www.bololive.com/) etc. are gaining immense popularity and quickly mobilizing this business trend by pivoting to livestreaming. Content creators, 9| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
curators, influencers have a tremendous impact on livestreaming and Live commerce from its operation to its effectiveness. More importantly, it creates a win-win situation for all, giving rise to a new phenomenon in economy called Creator’s economy. Online influencers can be demanding depending upon their fan following, subscription base and size of captive audience. Influencers can be called key opinion leader and their commercial association or partnership with a brand can be made even more effective if it’s coupled with a celebrity endorsement with it. Generation of Millennials spending more time on digital and social media, they become the first choice for brands. However, similar practices can also be followed in live OTT or TV shows targeting middle to senior demographic class. It can range from covert, below the line and subtle promotion to interactive and engaging experience through various two-way smart communication means.
What is Creator Economy? It can be defined as a kind of businesses built by independent content creators, curators, and community builders including social media influencers, bloggers, and videographers, helped by the software and finance tools for growth and monetization. Creators due to the trust they build in fans can even harness their influence and divert the fan and followers traffic to their own channels (website or apps). Creators, after a certain stage can create team of creators down the line and scale up by exploiting the power of collective art (https://signalfire.com/blog/creator-economy/). Entrepreneurship and enterprising skills are manifested on digital platforms creatively. As per the Chief Product Officer and Co-founder of Bolo Live, Mr. Tanmai Paul, India may likely have more than a $300 million market for creator economy by end of 2023, and over 1 lakh per month is being earned individually by the live streamers on Bolo Live.
How to Operationalize? Brand marketers can stipulate the Dos and DON’Ts and guide the influencers whether content creator (called key opinion leader) or customer (called key opinion customer) who has the ownership of the content. The measurability of effectiveness and return on investment plays a significant role in deciding upon continuance with the influencer. Therefore, key performance indicators e.g. number of views, number of subscribers, conversion rates, stickiness rate etc. can be useful. Live commerce can be integrated into regular ecommerce channel of brands with an apt scheduling of content of interest to the online shoppers, concerning to any product or service. A schedule of live events can be planned by brand marketers and the same can be promoted not just on its website, but also on social media handles, along with that of the influencers. Tools such as web mining, and real time predictive analytics using machine learning algorithm, and AI can help in optimization of content, delivery, target audience, offerings, influencers etc. as suitable. This being a creative and digital skill, a dedicated team under social media manager can best serve the purpose. This is a new mantra for a 10| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
data driven business in the coming era. Brand’s omnichannel marketing has now to be empowered with livestream commerce wherever it’s feasible. Live events help brand marketers to send out prompts real time and fulfill their commercial objectives e.g. generating awareness, getting queries and feedback, and triggering impulsive buying decision. Conversion from followers to subscribers is something that every influencer attempts to expedite and scale up. Many researches have confirmed that millennials are high spenders across geographies as they are the highest digital content consumers, and therefore, key opinion leader be best combined with key opinion consumer. Few key enablers are technology, tracking, marketing, content & influencers, and product diversification & portfolio. A virtual meet with experts and live streaming looks more potent with higher credential than a static video of unboxing or review for a new product buying decision by a user. A plethora of changes have been going on over e-commerce platforms, e.g., chatbots, IVRs, gamification, AR, VR, virtual tour & 3D animations etc. AI powered Machine and deep learning technologies can help marketer go beyond customization and offer personalization. Future e-commerce and social commerce monetization models will thrive on cryptocurrencies, non-fungible tokens (NFT) and block chain technology for digital payments. Facebook is planning a never before kind of an experience for its users named ‘Metaverse’. Livestream commerce can help market shoppable products or solutions. The word-of mouse publicity is a dividend for brand marketer that can be created after serving the shoppers right away using Live commerce.
References 1. https://en.wikipedia.org/wiki/Livestream_shopping 2. https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/its-showtimehow-live-commerce-is-transforming-the-shopping-experience 3. https://www.wowza.com/blog/live-commerce-streaming-transforming-shopping 4. https://www.giosg.com/blog/live-commerce 5. https://www.businesstoday.in/latest/corporate/story/live-commerce-is-here-and-brands-areupgrading-is-this-retails-next-big-leap-315227-2021-12-11 6. https://channelize.io/solutions/live-streaming-commerce 7. https://economictimes.indiatimes.com/tech/tech-bytes/myntra-tests-influencer-led-livecommerce-model/articleshow/87571557.cms 8. https://en.wikipedia.org/wiki/Social_commerce#:~:text=Social%20commerce%20is%20a%20s ubset,selling%20of%20products%20and%20services. 9. https://www.yahoo.com/now/global-social-commerce-market-report-095300660.html 10. https://restream.io/blog/live-streaming-for-e-commerce/ 11. https://restream.io/blog/how-to-multistream/ 12. https://www.ama.org/pages/what-is-digital-marketing/ 13. https://signalfire.com/blog/creator-economy/ 14. https://www.verywellmind.com/impulsive-behavior-2797366
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About the Author: Dr. Surjit Kumar Kar is an Associate Professor in the Department of Marketing & Strategy at IBS Hyderabad. He is an avid researcher, an invited peer reviewer of journals, a marketing management and entrepreneurship consultant, a corporate trainer, and above all a humanitarian. He has successfully guided a scholar to earn PhD Degree. He mentors ADmire – The Official Advertising & Branding Club of IBS Hyderabad. He does research in areas like Customer Knowledge Management, Qualitative & Quantitative Marketing, Marketing Analytics, and Product Innovation & Design Thinking. In his free time, he likes to sing and record, read novels, travel to places of national importance, and play sports like table tennis and cricket.
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CORPORATE ANGLE
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Mr. Kiran Patil General Manager, Modi Sons Is Big Data and Machine Learning the Way of the Future?
In recent years, Big Data is a set of large, complex data sets that are difficult to store and process using traditional database management and processing software. Capturing, curating, storing, searching, sharing, transferring, analyzing, and visualizing this data are all part of the challenge. Machine Learning is defined as automated data processing and decision-making algorithms that learn from their previous experiences and improve at each stage of their assigned task. To put it another way, "Evolve through Learning." Machine Learning is used in the context of Big Data to keep up with or improvise on its own with the ever-growing and ever-changing stream of data to deliver constantly evolving and valuable insights.
Relationship between Big Data and Machine Learning It is always preferable to have a variety of data to filter in order to generate accurate results. However, managing such a wide range of data is extremely difficult. As a result, managing and analyzing Big Data becomes a challenge. Furthermore, data is useless unless it is properly interpreted. To use information, talent, algorithms, and computing infrastructure are required. Machine learning allows machines to respond accurately to data provided by Big Data, resulting in better service quality, business operations, customer relationships, and more. Data from Big Data is used by machine learning algorithms to learn more. Big data analytics feed a variety of data to machines, allowing them to show and provide better results. As a result, businesses can realize their ambitions and reap the benefits of big data by employing machine learning algorithms, but only with the assistance of skilled data scientists who can turn the data into knowledge. 14| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
Big Data vs Machine Learning: What's the Difference? 1. Big data refers to data storage, ingestion, and extraction tools like Apache Hadoop, Spark, and others, whereas machine learning is a subset of AI that allows machines to predict the future without the need for human intervention. 2. Big data is the process of analyzing large amounts of data in order to uncover useful hidden patterns or extract information. As a result, big data analytics refers to the analysis of large amounts of data. Machine learning, on the other hand, teaches computers to take in data and produce desired outputs using machine learning models. 3. Big data analytics entails gathering and transforming raw data into extracted information, which is then used by Machine Learning algorithms to forecast better outcomes. 4. Data Science includes machine learning, whereas big data is associated with high-performance computing. 5. Machine learning processes data and generates results without the need for human intervention, whereas big data analysis necessitates human involvement. 6. Both Machine Learning and Big Data can be set up to look for specific types of data, parameters, and relationships between them automatically. However, Big Data does not have the same level of insight into the relationships between existing pieces of data and parameters as machine learning.
Big Data and Machine Learning Use Cases • Modeling of the User It's a more in-depth look at Target Audience Segmentation. User modelling digs deep into user behavior to create a detailed portrait of a particular segment. We can predict user behavior and make intelligent business decisions by using machine learning algorithms for big data analytics. A good example of a user modelling system is Facebook. It creates a detailed portrait of the user in order to suggest friends, pages, communities, and advertisements, among other things. • Engine of Recommendation The best use case for Big Data and Machine Learning is the Recommendation Engine. This system makes the best recommendations for the types of products to be combined, as well as content that the user might be interested in reading or viewing. This system can shape the user experience based on the user's expressed preferences and behavior on the site using a combination of context and user behavior prediction. For extracting insights, recommendation engines use content-based data 15| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
filtering. As a result, the system picks up on the user's preferences and habits. Recommendation engines were widely used by Amazon and Netflix. • Chatbots Another important use case of Big Data and Machine Learning is chatbots, also known as Conversational User Interfaces. A chatbot can easily adapt to a specific customer's preferences after interactions using machine learning algorithms. Amazon's Alexa and Apple's Siri are the most wellknown AI assistants. It's no longer a secret that big data is a driving force behind many of the world's most successful technology companies. However, as more companies use it to store, process, and extract value from massive amounts of data, it becomes more difficult for them to make the best use of the data gathered. This is where machine learning can come in handy. Machine learning systems benefit from data. A system's ability to serve businesses improves as more data is collected. Data collection and management is becoming a herculean task for businesses as the volume of data continues to grow. After all, gathering data is only half the battle. The bigger battle is managing and deducing meaning from the data collected in order to improve marketing strategy and revenue. As a result, using machine learning for big data analytics is a logical next step for businesses looking to maximize the benefits of big data adoption.
About Author: Kiran Patil is an Industrial engineer, Project Manager, and business Strategist, who has an experience over more than 28 years with operation excellence in Operation management, supply chain, and manufacturing engineering. (Automotive and Original Equipment Manufacturer (O.E.M.) Sector) Along with brilliant hands-on experience in operations, man management, lean manufacturing shopfloor control and economic layout with cross-functional collaboration coordination, he has also won Excellence award in 2015 in ABB Globe CEO.
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Mr. Harsh Shrivastava Cluster Manager, Bharat Finance Inclusion Limited Input Management - Utilize data the best way
Every company in the world these days revolve around one thing – “data”. It’s the fuel to run a company in this modern age and managers these days make sure to make the most out of this fuel. If you want attain more and more customers, you need data and if you want to know the customer, you need data for that as well. But getting data is not enough, how you make proper utilization of that data and extract every bit of it, that’s more important and that’s the place where Input Management takes place. If it is applied in a business process, it could always be used to enhance and sync all the related processes so that everything could be done in the right order. Input management is based on 4 steps which are mentioned below: 1. Gathering of data: Collecting data is the first step and it could be done from a variety of sources like social media, internet surveys, on-field surveys, QR code-based surveys. These sources would play a major role in deciding the quality of data and how it could be used in the further steps. 2. Breakdown of data: After the data is gathered by certain sources, it could be broken down into specific categories. For example, if the company have different products lines, specific data points could be filtered for each one of them. 3. Getting insights: Now that the data is filtered, it should be analyzed in a way to get proper insights and those insights could be in the forms of excel sheet pivots and slicers so it gets easy for the business team to get the exact points of data when they need them the most. 4. Utilization of all inputs: After getting the data insights, it is important to act accordingly. Specially from the manager’s perspective it is essential to utilize all the inputs in an optimal manner.
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What are the core benefits? 1. Better customer targeting The more inputs we get the more data crunching could be done and that’s incremental for enrolling more customers on everyday basis which is the important for the development of any business. Because of better data analysis we could target the set of clients who could potentially be interested in buying our products or services. What matters most is the quality of clients which we are enrolling how well we have crunched the data and been in touch with the clients to get to understand them and their requirements. 2. Cost savings Cost savings is part of the primary agenda for any business organization and because of input management, the business team gets to target the right client base resulting in improved process optimization and better productivity. Because of its more cost saving nature, it is being used by more and more companies for everyday use. Also because of outsourcing of resources, companies could hire market research firms to get different perspectives of the market and data from potential clients who still hasn’t been catered. Since the teams who would be providing the data are outsourced, the company could save costs on in-house teams for market research. 3. Increased customer satisfaction Thanks to the optimized processes and instant access to customer data and feedback, it’s easy for managers to track what the clients actually feel about the products and services and if there is any margin for improvements in it. This is a very important part because it helps a company to align with the needs of the customers and deliver a better product or service. 4. Inclusion of CRM Customer Relationship Management (CRM) plays a vital role for managing the all relationship between a customer and the company. Since input management is helping the company to find the prospective clients, CRM helps managers to get a platform where they could easily interact with the customer and that could result in enhanced customer relationship and could also result in customer retention which is essential for any business on a long run. 5. Improved data allocation to staff Now that you have the data and the resources for having a better relationship with the client, it could also be helpful to streamline the data to the field team and help them target clients which could actually be converted into our customers. The data points could also help them reach the right set of customers, visit the right areas where the chances of lead to customer conversion could be high. 18| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
Conclusion So, this was a small glimpse about Input Management and how it could help companies to get the most out of the resources. If a manager knows the right ways and optimally uses all the inputs from the data, that could be crucial for business growth. Also, it could also help in customer satisfaction, client retention, cost savings and allocation of data to staff which are essential for a business in every means.
About Author: Harsh Shrivastava has completed his MBA from IBS Hyderabad Batch 2019-21. He is currently working in Bharat Finance Inclusion Limited (100% subsidiary of IndusInd Bank) as a Cluster Manager. He has worked as a marketing intern at HDFC Life and Sony India.
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EMERGING MANAGERS
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Mr. Yash Goel PGDIM, 2021-2023 NITIE Mumbai
Supply chain innovation can be fueled by blockchain
What is Blockchain? Blockchain is a technology that allows each party in a supply chain to communicate authenticated data without the need for a trusted central organization to act as a middleman. Blockchain can improve supply chain transparency by verifying and adding data in real-time.
Supply chain with Blockchain Implementing blockchain technologies can assist participants in recording price, date, location, quality, certification, and other pertinent information to manage the supply chain more effectively. The availability of this information within the blockchain can improve material supply chain traceability, reduce counterfeit and grey market losses, improve visibility and compliance over outsourced contract manufacturing, and potentially boost an organization's position as a responsible manufacturing leader. Blockchain's benefits in supply chain- Across the supply chain, blockchain can deliver improved transparency, as well as lower costs and risks.
Primary potential Benefits
More open and precise end-to-end tracking can help businesses enhance their supply chain management. Over 90% of customers polled consider food product transparency to be a crucial component in their buying decision, and they expect producers to give the essential information. Consumers will pay a premium for services from companies that promote social responsibility, 21| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
according to estimates. It is feasible to digitize physical assets and generate a decentralized, immutable record of all transactions using blockchain, allowing for asset tracking from creation to delivery or use by the end-user, as well as improved product history and transparency. This gives both businesses and customers more insight into the things they use. The transparency of blockchain could help prevent fraud in high-value items like diamonds and medicinal medications. Counterfeit goods account for about $450 billion in annual trade, according to the Organization for Economic Cooperation and Development. Furthermore, it is believed that 10–30% of medicines sold in underdeveloped economies are counterfeit, resulting in hundreds of thousands of fatalities and billions of dollars in revenue losses worldwide. By decreasing or eliminating the impact of counterfeit items, blockchain might help organizations understand how ingredients and completed goods are passed through each subcontractor, lowering profit losses from counterfeit and grey market transactions, and increasing confidence for end-market consumers. Finally, by providing an effective audit of supply chain data, blockchain can expedite administrative operations and decrease expenses. Processes needing manual compliance or credit checks, which can presently take weeks, can be sped up by using a distributed ledger containing all pertinent data.
Secondary potential benefits 1. 2. 3. 4.
Enhance the company's reputation by making the materials used in products transparent. Increase the legitimacy and public trust in the data that is given. Reduce the danger of a public relations disaster as a result of supply chain errors. Participate in discussions with stakeholders.
Limitations and risks Because blockchain is still a young technology, its flaws and potential are being discovered and explored all the time. Today, there are some restrictions and risks to consider: 1. Concerns about integration: Blockchain solutions necessitate considerable changes to existing systems or their entire replacement. 2. Radiofrequency identification (RFID), 2D barcodes, and near field communication (NFC) are now utilized to link digital to physical products. To ensure information flow, all steps of the supply chain and all items will need to be digitally labeled, which will necessitate a complete redesign of today's supply chain operations.
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3. Control, security, and privacy: While there are solutions available, such as private or permissioned blockchain and robust encryption, there are still cybersecurity problems that need to be solved before the general public trusts a blockchain system with sensitive data. 4. Cultural acceptance: Blockchain represents a significant transition to a decentralized network, which necessitates user and operator buy-in.
Applications In shipping logistics, blockchain is being used. A shipping company uses blockchain to track freight, giving buyers, sellers, and government agencies a way to trace products sent throughout the world. Products transiting across borders may require evaluation and clearance from up to 30 parties before arrival, resulting in a vast volume of documentation and several potentials for fraud. The shipping firm improved the approvals process by keeping a secure record of transactions and permissions and shortened the time it took to deliver cargo by working with customs authorities. Blockchain can cut administrative and logistics timelines in half, from more than a week to less than one day.
Food manufacturing with blockchain Coffee beans are the world's second-largest traded commodity, and a business is utilizing blockchain to improve supply chain transparency. For real-time mobile transactions, the company uses a distributed, decentralized system that records data about the transactions and allows all parties involved to retrieve the payment record at any time. As the coffee beans go through the supply chain, the technology promotes transparency and ensures that growers receive correct fair-trade payments.
Blockchain in the luxury goods industry A logistics company has launched a cloud-based blockchain system to digitally verify diamonds and safeguard supply chain information from unwanted alteration. To ensure that diamonds are acquired ethically, they must meet stringent certification requirements, yet fake certificate reports and insurance claims can jeopardize the safeguards in place. To prevent this, the business creates unique diamond IDs based on over 40 parameters including color and clarity. The blockchain system ensures the supply chain data's immutability and security, as well as the necessary transparency between diamond certification houses and worldwide diamond suppliers during the certification process. More than one million diamonds have been digitized so far by the company.
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Pharmaceuticals and blockchain Tracking active pharmaceutical ingredients during the production process is tough, and the widespread and lucrative counterfeit medication operations around the world make it even more complex. Within the pharmaceutical industry, Deloitte's Rubix identified three important use cases: how drugs are created, how they flow from manufacturer to end consumer, and how public safety risks for consumers are addressed. 18 The immutability of blockchain provides a foundation for drug tracking from manufacture to end customer, detecting where the supply chain breaks down. Not only are there opportunities to minimize the $200 billion in annual losses, but also to improve public safety and avert some of the estimated one million deaths caused by counterfeit drugs each year.
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Mr. Sk Md Abdulla MBA, 2021-2023 IBS Hyderabad Involving RFID for Inventory Control, Stock Security, and Quality Management
Is the Radio Frequency Identification (RFID) permits a business to distinguish individual items and parts and to follow them all through the supply chain from production to point-of-sale. RFID is an innovation that utilizes radio waves for correspondence between a tag and an understanding gadget. The tag generally comprises a computer chip appended to a receiving wire. The reader is equipped for perusing information from and composing information to the tag.
RFID Inventory Management An RFID tag is a tiny microchip, in addition to a small aerial, which can contain a scope of computerized data about a specific thing. Tags are embodied in plastic, paper, or comparable material, and fixed to the item or its bundling, to a bed or compartment, or even to a van or conveyance truck. The tag is interrogated by an RFID reader who sends and gets radio transmissions to and from the tag. The data that the reader gathers are grouped and handled utilizing exceptional PC programming. Readers can be set at various situations inside a production line or distribution center to show when merchandise is moved. Utilizing RFID tagging for inventory control offers a few benefits over different techniques, for example, standardized identifications: • •
Tags can be perused from a distance, frequently a way off of a few meters A few tags can be perused on the double, empowering a whole bed heap of items to be checked at the same time 25| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
• •
Tags can be given novel distinguishing proof codes with the goal that singular items can be followed Specific sorts of tag can be overwritten, empowering data about things to be refreshed, e.g. when they are moved to start with one piece of a plant then onto the next
RFID tagging can be utilized • • •
To forestall over-loading or under-loading an item or part For stock security, by situating tag-readers at points of high risk, like exits, and making them trigger alerts For quality control, especially assuming that you make or stock things with a restricted timeframe of realistic usability
The expenses related to RFID tags have fallen over ongoing years, and keep on doing as such. The advantages of more proficient stock control and further developed security make it especially alluring to retailers, wholesalers, or merchants who stock a wide scope of things, and to makers who produce volume runs of items for various clients.
Stock Security Keeping stock secure relies upon knowing what you have, where it is found, and the amount it is worth - so great records are fundamental. Stock that is convenient, doesn't include the business' logo, or is not difficult to sell on, is a specific risk.
Thieves and shoplifters A cheat rolling in from outside is an undeniable danger. Actually, look at the security around your premises to downplay the risk. In a shop, criminals might take in gatherings - some giving an interruption while others take merchandise. Help your staff to be ready and to perceive conduct like this. Set up an unmistakable strategy and ensure staff is prepared for managing criminals. Proposing to help a client assuming you are dubious will frequently forestall theft. Try not to utilize angry words like 'take' in the event that you in all actuality do need to move toward a presumed hoodlum, and try not to get into a hazardous circumstance.
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Protect your stock • • • •
Distinguish and stamp costly compact gear (like PCs). In the event that conceivable, fit significant stock with security tags -, for example, Radio Frequency Identification tags - which will sound a caution assuming they are moved. Try not to leave hardware staying nearby after conveyance. Set it aside in a solid spot, record it and clear up bundling. It is smart to discard bundling safely - passing on enclosed view could be a commercial to hoodlums. Do regular stock takes. Put CCTV in-vehicle leaves and other key areas.
Theft by staff • • • •
Train staff about your security frameworks and your disciplinary strategies and techniques. Preparing about the expense of stock theft will help, as many individuals don't know about the ramifications for organization turnover and employer stability. Set up techniques to forestall burglary. Staff with monetary obligations ought not to be responsible for stock records. Limit admittance to distribution centers, stockrooms, and writing material pantries. Consistently change staff controlling stock to stay away from arrangement or awful practice.
Control the Quality of your Stock Quality control is a fundamental part of stock control - particularly as it might influence the wellbeing of clients or the nature of the completed item. Effective stock control should fuse stock and cluster following. This implies having the option to follow a specific thing in reverse or advances from source to the completed item and recognizing different things in the bunch. Products ought to be checked efficiently for quality, shortcomings distinguished and the impacted clump removed. This will permit you to raise any issues with your provider and simultaneously show the security and nature of your item. With a decent automated stock control framework, this sort of following is somewhat clear. Manual stock control techniques can likewise utilize codes to arrange following and make it more straightforward to follow specific clumps. Radio Frequency Identification (RFID) can be utilized to store data about an item or part's assembling date, to guarantee that it is sold or handled on schedule. The framework can likewise be utilized to follow defective items rapidly and effectively.
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Mr. Sai Pradeep Konathala MBA, 2021-2023 IBS Hyderabad File Transfer System
The exchange of data files between computer systems is referred to as File Transfer. "File transfer is the process of copying or moving a file from one computer to another over a network or internet connection," according to Techopedia. It allows for the local and remote sharing, transferring, or transmission of a file or logical data object between different users and/or computers. Documents, multimedia, graphics, text, and PDFs are all examples of data files that can be structured or unstructured. They can be shared via download or upload and transmitted both within and outside the enterprise. A communications protocol, a set of rules that defines how information is transmitted between computers in a network, is usually used to govern file transfer. Common standards used today include file transfer protocol (FTP), transmission control protocol (TCP), and hypertext transfer protocol (HTTP). File transfer began in the 1970s, when people began to look for ways to distribute digital content other than floppy discs. Usenet, an electronic bulletin board that allowed community members to post news items, was one of the first online file-sharing platforms. Users could use this feature to share data files with others in the newsgroup. FTP, the first communications protocol, was created in 1985. The file transfer standard enabled users to send data between computer systems by following the same set of rules and syntax.
Importance of file transfer File transfer is central to business operations. Every day, businesses exchange data internally as well as with customers, suppliers, and partners. Whether they need to send a digital video for a marketing campaign or transfer batch transactions to an outsourced payroll provider, they must be able to move data securely and efficiently. For the time being, organizations continue to rely on file transfer to share digital information. In fact, file transfer accounts for more than half of all system integration. 28| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
"The transfer of business-critical data is critical in industries ranging from banking and finance to defence and manufacturing," writes Todd Margo on his IBM managed file transfer blog. "In order for business to function properly, constantly emerging and evolving forms of digital data packaged in the form of files must be moved, duplicated, synchronized, and shared." He continues by describing some of the forces influencing today's file transfer requirements: Data volumes: Workload requirements for file transfer tend to be higher-frequency batching and larger, more diverse files than in the past. There is also a demand for innovative streaming transfer application processes. Big data and the Internet of Things (IoT): Companies are deploying file transfer technology to enable bulk transaction file exchange in areas such as the Internet of Things (IoT) and big data analytics. This places a premium on data transfer speed. Furthermore, data volumes are growing to support more detailed analytics. The combination of speed and file volume poses a unique challenge to file transfer technologies. Security: Security concerns continue to grow, resulting in the adoption of better security technologies. Where possible, file transfer systems should compensate for security overhead by supporting hardware accelerators, new security process software, and increased file transfer throughput. FTP and Secure FTP (SFTP) are two of the most popular file transfer protocols. Part of the appeal is that they are simple to use and frequently free or low-cost. Transfers are typically carried out via an FTP website that is open to the public. The technology works well when an organization needs to send non-sensitive files on occasion, but when used more broadly, it can put them at risk. According to recent research, over 400 million files from FTP servers are publicly available online. When files are exposed, FTP does not log security violations or authenticate users — both of which are essential for detecting and stopping breaches or cyber threats. Additionally, the technology sends files on a first-come, first-served basis.
Features of effective File Transfers Advanced file transfer solutions provide high-performance capabilities to ensure the consistent flow of digital content. They have the most up-to-date security features to protect sensitive data while it is being transmitted. At the same time, they provide operational visibility into file movement, allowing for the detection of issues such as failed transfers or delays.
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High performance: Moves data over any distance and can achieve speeds of up to several gigabits per second, with support for thousands of concurrent transfer sessions. Complete visibility: In real time, it provides a comprehensive view. Organizations can see who is transferring files, what is shared, and how much data is moving through the system. Security: Secure protocols, encryption of internal and external transfers, and digital signatures are all included. Protects sensitive data at multiple layers by utilizing features such as session breaks and protocol inspection. Public and Private cloud: Can be deployed in a cloud or hybrid infrastructure for increased availability, limitless storage, and transfer scale-out.
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Ms. Dipashri Potdar MBA, 2021-2023 IBS Hyderabad Using Design Thinking in Operations Management
The “Design Thinking is a mindset, not a toolkit or a series of steps” - Arne van Oosterom Design Thinking was initiated as a process to create sleek new technology and products, now it is widely used across public as well as private sectors in multiple projects. It basically helps us to extract, learn, teach and apply techniques to solve problems of businesses or countries in an innovative manner. Here, solutions are solely focused on consumers’ need, thinkers try to understand how people interact with their environment, observe empathy and employ an iterative, a hands-on-approach to create innovative solutions. To be truly human centered designers observe how consumers use a product or a service and make use of their understanding to refine the product/service so as to improve the customer’s experience.
Design Thinking’s Phases: Design Thinking has multiple variants, but they are similar in nature. All variants support the same principals, usually, there are 5 to 7 phases which are: a) b) c) d) e)
Empathize with your users. Define the need of users, their problems and your insights. Ideate by challenging assumptions and creating ideas for innovative solutions. Use prototypes to create solutions. Test the solutions drawn.
These principals may not be in the same orders, they are to be looked at as an overview and not a hierarchical process. 31| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
Why is Design Thinking necessary? 1. Tackles problems that are grueling: Usually, people are not able to express what all problems are being faced by them, they can’t verbalize it. With careful observation, problems can be identified, this is done by working off on consumers’ ideas. These steps help define problems and find ingenious solutions. 2. Makes organizations run more efficiently: A quick way to devise an outcome is to create a prototype and test how effective they are, instead of researching a problem for a long time. 3. Leads to contemporary solutions: We humans, are not capable enough to imagine things which we believe to be impossible. Design Thinking aids to surface these unknown points that would not been known otherwise. 4. Aims to solve concrete human needs: Teams can unearth pain areas from customers that they hadn't considered before, pain points that the customer may not even be aware of, using an observational, human-centric approach. Once those pain spots are discovered, design thinking can suggest solutions.
How can industries benefit form Design Thinking? Design thinking can be found in a wide range of occupations. Design thinking is widely employed by experts all over the world, from sports, education, and research to business, management, and design. Design thinking straddles the line between analytical and intuitive thinking. Analytical thinking entails both deductive and inductive logical reasoning, both of which rely on quantitative methods to reach conclusions. Intuitive thinking, on the other hand, refers to knowing something without having to reason about it. Business: Design thinking aids firms by streamlining the product development, marketing, and contract renewal processes. All of these procedures necessitate a company-wide focus on the consumer, and design thinking greatly aids these processes. Design thinking enables designers to build profound empathy for their consumers and produce solutions that are tailored to their specific needs. The answers aren't provided solely for the sake of being technologically advanced. Information Technology: Many products in the IT business require trials and proof of ideas. Instead of just deploying technologies, the sector must sympathize with its users. IT encompasses not only technology and goods, but also procedures. The developers, analysts, consultants, and managers must brainstorm possible solutions to the clients' concerns. This is where design thinking may be quite beneficial.
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Healthcare: Design thinking is also beneficial in the healthcare field. The government's healthcare spending, as well as the cost of healthcare facilities, is increasing by the day. Experts from all across the world are concerned about how to provide people with high-quality healthcare at a low cost. Venice Family Clinic in Venice, California, has devised creative solutions to the problem of establishing a low-cost children's clinic to serve low-income families. Finance, transportation, and language problems all have to be addressed. All of this had to be done at a modest cost to the children. Fostering excellent health while still making money was a difficult task, as it does not appear to be sustainable. The system's inefficiencies and periodic crises were solved through design thinking. Education: Design thinking can be effectively utilized in the education sector by soliciting feedback from students on their needs, aspirations, and issues in the classroom. Instructors can come up with remedies to their problems by working on their feedback.
Out of the Box Thinking Designers are aiming to establish new ways of thinking that do not abide by the prevailing or more frequent problem-solving methods, which is why Design Thinking is sometimes referred to as "outside the box" thinking. The objective behind Design Thinking is to enhance products by researching and understanding how consumers engage with them, as well as investigating the conditions under which they work. The desire and skill to ask important questions and challenge assumptions are at the foundation of Design Thinking. Falsifying earlier assumptions – that is, proving whether they are correct or not – is one aspect of outside-the-box thinking. The solution-generation method will assist us in producing ideas that reflect the true restrictions and features of a challenge once we have questioned and studied its conditions. Design Thinking allows us to delve a little further; it enables us to conduct the appropriate research, prototype, and test our products and services in order to discover new methods to improve the product, service, or design.
Road Ahead Design Thinking approaches and design strategies have a place at every level of a company. Design thinking is for creative employees, freelancers, and leaders who want to inject design thinking into every level of a company, product, or service in order to develop new business and societal alternatives. It aims to provide a holistic and compassionate knowledge of people's concerns. Design thinking attempts to empathize with people. Design Thinking is more attentive to and interested in the context in which users operate, as well as the challenges and hurdles they may face when interacting with a product, due to the nature of creating ideas and solutions. The approaches used to produce problem 33| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
solutions and insights into the practices, actions, and thoughts of real people are where Design Thinking becomes creative. The goal is to improve products by assessing how people engage with them and researching the conditions under which they work. Design Thinking allows us to delve a little further to find methods to improve user experiences.
References 1. https://www.wework.com/ideas/professional-development/creativity-culture/what-is-designthinking 2. https://www.interaction-design.org/literature/article/what-is-design-thinking-and-why-is-it-sopopular 3. https://www.tutorialspoint.com/design_thinking/design_thinking_applications.htm
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Mr. Manik Goel MBA, 2021-2023 IBS Hyderabad
Evolution of ERP System in Business Processes
Enterprise resource planning systems, also known as enterprise systems, are business management software systems that include modules for planning, manufacturing, sales, marketing, distribution, accounting, financial, human resource management, project management, inventory management, service and maintenance, transportation, and e-business. The software's architecture allows for transparent module integration, ensuring that information flows between all operations inside the company in a consistent and visible manner. Corporate computing with ERPs enables businesses to replace or re-engineer their often-incompatible legacy information systems with a single integrated system.
ERP systems evolved in lockstep with dramatic advancements in computer technology and software. Most firms conceived, developed, and implemented centralized computing systems in the 1960s, mostly to automate their inventory control systems utilizing inventory control packages (IC). These were legacy systems that used COBOL, ALGOL, and FORTRAN as programming languages. In the 1970s, 35| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
material requirements planning (MRP) systems were developed, which primarily entailed planning product or part requirements based on the master production schedule. Following this path, in the 1980s, new software systems called manufacturing resources planning (MRP II) were launched, focusing on optimizing manufacturing processes by synchronizing materials with production requirements MRP II covered shop floor and distribution management, project management, finance, human resources, and engineering, among other things. With the power of enterprise-wide interfunctional coordination and integration, ERP systems first appeared in the late 1980s and early 1990s. ERP systems integrate business processes such as manufacturing, distribution, accounting, financial, human resource management, project management, inventory management, service and maintenance, and transportation, and provide accessibility, visibility, and consistency across the enterprise, based on the technological foundations of MRP and MRP II. ERP providers added new modules and functionalities as "add-ons" to the core modules during the 1990s, giving rise to "extended ERPs." Advanced planning and scheduling (APS), as well as e-business solutions like customer relationship management (CRM) and supply chain management, are among the ERP extensions available (SCM).
Advantages of ERP 1. Higher Management Performance- ERP solutions work as a data center, connecting all areas of an organization's management activities, such as human resources, production, sales, customer service, inventory, and supply. ERP software uses computer technology to automate data management in the most efficient and effective way possible. 2. Better accuracy and availability of information- ERP systems, for example, provide for the efficient and centralized gathering, processing, and storing of data on production, sales, supply, and customers. As a result, instead of a number of distinct databases that need to be checked and synchronized on a regular basis to delete old or duplicate records, a single data system is used and maintained. The improved quality of all types of internal data, together with its easy accessibility to personnel in any relevant department, is a priceless achievement that leads to further company performance optimization. 3. Improved coordination- The enterprise's unified system, which incorporates all business-related data, enhances collaboration between branches or departments. ERP software improves the efficiency of an organization by reducing communication delays across the board. This is especially useful if a business has a distributed network of affiliates across multiple states or even continents. 4. Precise Planning- The ease with which you can obtain a large amount of business data makes it much easier to analyze it and plan your next steps. The company's management team and business analysts can more effectively use the aggregated data to develop new plans or make adjustments to existing ones.
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5. Cost-effectiveness- ERP systems enable administrative costs to be decreased by reducing paperwork and optimizing everyday routines, most notably by reducing repeated jobs. Furthermore, resource planning solutions considerably accelerate corporate activities involving a variety of information requests and approvals, such as logistics, stock and supply management, and so on.
Disadvantages of ERP 1. Large cost of licensing and development- ERP solutions are extremely complicated, and their creation is a time-consuming and costly process. Building a resource planning system that meets the needs of the customer necessitates a large, experienced staff with a high level of competence. Because high talents demand high hourly wages, the cost of a custom-made solution could be rather significant. 2. High cost to deploy and maintain- The cost of implementing and maintaining such solutions is higher, and it necessitates the hiring of more technical personnel. Ready-made solutions, on the other hand, require regular modifications, which may incur additional costs. However, keep in mind that these expenditures will eventually pay off as the company's overall efficiency improves. 3. Requires training and practice- The complexity of ERP software necessitates additional requirements for its users. Learning the fundamentals of a resource planning system can take a long time and effort, and mastering all of its features can take even longer. Another disadvantage is that when experienced ERP system users leave the organization, newbies who replace their jobs must learn the system from the ground up instead of starting work straight away. However, you may make the learning process easier by offering enough manuals and training programs ahead of time. 4. Requires tweaking- From significant customization to fine-tuning, successful ERP software deployment necessitates careful and accurate adjustments. On all levels of management, both ready-touse solutions and custom-made systems must be customized to the structure of a certain organization. 5. It takes time to realize its full potential- EPR systems require a significant amount of time to be used to their full potential. Aside from the lengthy development phase, there are stages of deployment, system modification, first data input, staff training, and acclimation, all of which take time.
Company Reference Starbucks makes use of Oracle ERP, a cloud-based software system for automating back-office processes and day-to-day operations. Financial management, supply chain management, project management, accounting, and procurement are all included in this company management software suite. 37| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
Customer relationship management (CRM), enterprise resource planning (ERP), and supply chain management (SCM) operations are all supported by Oracle E-Business Suite. The Oracle ERP displays revenue analyses and provides quick access to information like as revenues, expenses, sales statistics, inventory management, and operations updates.
Conclusion The history of the development of ERP systems was defined by the major industrial information systems firms that emerged in the 1980s and early 1990s. As a result, the big suppliers are both industry representatives and rivals in a common marketplace. There are still prospects for new ERP providers to emerge from areas that haven't contributed to the ERP phenomenon up to this point. The aerospace sector, finance business, and logistics industry are all apparent examples. The present players must shrink their products and offerings to appeal to SMEs, according to an analysis of ERP system market penetration. There appears to be no public debate on how this will be accomplished or whether it would necessitate a big shift in software architecture. This is yet another opportunity for smaller players to seize the day and offer more efficient smaller systems running on smaller hardware platforms. Large systems will not create the continuous income stream that tiny, robust, easy-to-use systems can deliver, thus these innovators will eventually seize the lead in the ERP software industry. Importantly, these characteristics contribute to a system's ubiquity, similar to how Microsoft's operating system has attained ubiquity. Future successful vendors will target vast markets of small firms, which will give a more stable and long-term revenue stream.
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Ms. Sakshi Kansal MBA, 2021-2023 IBS Hyderabad Managing Technology in Operations Management
The field of Operations Management has been changing dramatically due to the emergence of a real global economy, significant advances in knowledge and technology processes, and the continued growth of services. The Technology and Operations Management Area (TOM) focuses on global value creation through new product and design processes, project management, and value capture through supply chain management. The scope of technology and operation management has changed over time and has shifted from product development the to design, management, and development of operating systems and processes. The use of technology in managing operations has ensured that organizations are able to reduce costs, improve delivery, balance and improve quality and focus on customization, thus creating value for customers. The growth of information technology has improved productivity due to the introduction of new tools and software. That makes production much easier and less time-consuming. Internet-based technology ensures that timely and accurate information is available to the decision-maker in a timely manner. Operations are being carried out around the world in such a way that costs are reduced. A new and successful business process is emerging as a result of information technology. Designs can be developed by different people working in different areas. In developed countries, there is a marked shift in the provision of information-based services rather than productivity.
New technologies are used in operations management AI, mechanical learning, artificial intelligence, automated intelligence, and new energy technologies have, among other things, developed rapidly in recent decades, allowing new industrial transformations to emerge at unprecedented levels. 39| K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y
Integration of Technology with Production System Technology drives the efficiency of the organization and increases 'its productivity of the organization. However, bringing technology to the production system is a very complex process, and requires the following steps: Technology Acquisition: The acquired technology must be consistent with the overall objectives of the organization and must be approved after a detailed analysis of the cost of benefits. Technology Integration: Technology affects all aspects of production namely money, staff, and customer. Therefore, a strong system of integrating technology is needed. Technology Verification: Once the technology is integrated, it is important to check that the technology brings the best performance and is fully utilized.
Technology in Manufacturing and Design Technology is becoming increasingly used in customizing products and services. The use of computers and electronic support systems is an integral part of modern industries and services. Current strategies can be broadly broken down into subsequent phases: Computer-Aided Design (CAD): CAD helps to connect two complex components of a design to a very high level of accuracy thus bringing about higher productivity. Computer-Aided Manufacturing System (CAM): Accuracy is very important in the operation of any machine and, therefore, with the use of Computerized Electronic Equipment, thus ensuring a high level of accuracy. Standard for the Exchange of Product Data: As the name suggests the product structure is transferred between CAM and CAM in three dimensions. The General Product Data Process Sharing Process for Product Data at all stages of the product life cycle acts as a neutral file exchange.
Software Systems in Manufacturing There are a variety of software programs available for integrated operations and production operations and other business operations of the organization. Some of the common software programs are Enterprise Resource Planning (ERP), Human Resource Management (SCM), New Product Development (NPD), and Customer Relationship Management (CRM).
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Enterprise Resources Planning (ERP) integrates all business activities such as manufacturing, marketing, human resources, and finance through a standard software platform. The main advantages of the ERP solution are that it not only reduces website errors but also brings value to customers through faster delivery and order fulfillment.
Automation in Production and Operations Automation minimizes manual intervention in the production process. It increases productivity and reduces the margin of error thus facilitating the scale economy. There are these benefits of automation, such as unemployment, higher depreciation costs, and initial investment. Therefore, automation may not be appropriate in all cases, and ultimately aligning with the purpose of the organization as a whole is essential.
Challenges Technology can be an important factor in bringing about changes in product performance and management. But it may not be possible to use technology in all aspects where the challenge comes with high initial investment costs, high maintenance costs, and poor management.
Conclusion Operations management contributes to the overall productivity and profitability of any business venture. It measures the effectiveness of management and other employees, which is why it accelerates individual and company progress. Performance management is the company's engine room where smart decisions and programs emerge. Lack of proper management can cause problems in product design and delivery failure. In any business, a well-designed app is a pillar and enhances opportunities to complete and deliver orders on time, keeping customers happy and fueling the company's success. Technology affects the firm's ability to communicate with customers. When customers use technology to engage with the business, the business benefits because better communication creates a stronger image in public. Technology can play a key role in creating soft and efficient processes. It can help you reduce or eliminate recurrence and delays in workflow, and it can help you speed up.
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ABOUT US The word “Kaizen”, where “Kai” = change, “Zen” = good, signifies change for the better. In its birthplace Japan, the word Kaizen is imbibed as a process that many small continuous changes in systems and policies bring effective results than few major changes. This methodology applies to every department across different sectors. Kaizen – The Official Operations Club of IBS Hyderabad has always been aspiring “Constant Change ad Evolvement”. We, as an organization work to inspire and aspire to the student community for the betterment of the future. KORE – Kaizen’s Operations and Research Entity, one of our primary wings provide the students with a platform to improve and hone their technical competencies to meet the changing demands of the organizations. KORE’s sphere of influence includes Case-Based Research, Consultancy, Live Projects, and Workshops. LAKSHYA, an initiative of KORE focuses on improving the reader's knowledge about Operations Management by providing insights in the form of articles on various operation techniques followed by different companies and also updating the emerging trends in the communities.
ANAMIKA BHARDWAJ EDITOR IN CHIEF - KORE Club Kaizen – IBS Hyderabad Batch 2021-23
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