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-eighth 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
Teachers Serve as Ladder to Their Students
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3
Mechanisms and Use of Mechanism as an Operational Lever
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4 5
Digital is Now a Core Strategy to Survive the Storms of Change Optimization of Operational Costs using Data Driven approaches in Oil and Gas Industry
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6
To Get In-hand Demand
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Switch in Consumer Behaviour Towards E - Commerce During COVID 19
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The Impact of COVID-19 on the Fashion Industry
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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.
Teachers Serve as Ladder to Their Students “Nobody can teach you the art and craft of Improve the Mindset of Students teaching. Teaching is a passion that comes from within.” —Professor M.S. Rao Currently, students are much smarter and brilliant than teachers because of technology and access to On November 16, 2020, I delivered a guest lecture information from the internet. Therefore, teachers to MBA students of an eminent business school in must research regularly and innovate their teaching India. In the Q&A session, one of the questions was and training methodologies as per the changing asked about the qualities essential for educators to times and technologies especially in the postinspire students. The list is lengthy. Here are some coronavirus world to stay relevant and competent qualities the educators must have to become globally. Additionally, educators must emphasize successful. changing the mindset of the students apart from sharing their knowledge. Educators must be ethical. They must lead by example. They must inspire their students with their Educators must embrace change. They must character and commitment. They must convert appreciate the fact that the only thing constant in information into knowledge and share it with this world is change. They must change before they students with their anecdotes, examples, and are forced to change. They must understand that illustrations. They must learn, unlearn, and relearn what works now may not work in the future due to constantly. They must show the location of fish artificial intelligence and the Fourth Industrial rather than teaching the art of catching the fish to Revolution. their students because the present generation of students is smart enough to learn the art and craft of Research shows that most Nobel Laureates are catching the fish. successful because they were guided by their
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teachers in their career at the initial stage. So, teachers must identify the hidden talents in their students and enlighten them to pursue proper careers. It helps students, in the long run, to be successful and stand out from others.
the students is leaning on the right side of the wall. To go further, they must serve as ladders for their students.
Passionate teachers are life-long learners and don’t hesitate to learn even from their students. To Teachers are Gemologists and Students are conclude, passionate teachers are gemologists who Gems can identify gems in students, transform them, and groom them as global leaders. “Students must love learning, teachers must love teaching, and parents must love nurturing to groom “If someone asks me a question, ‘What is it you see students as global leaders.” ―Professor M.S. Rao when you look out the window that is visible but not yet seen by others’ I will answer, ‘I see a world Teachers are gemologists with unique expertise, filled with people with a huge potential lying mindset, toolset, and skillset. They are blessed with untapped. If I can identify their strengths and a unique ability to identify the gems. They must inspire them to unlock their potential, I feel that I identify the passions and talents of students to guide have made a difference in the world.’” —Professor them in specific careers and groom them as global M.S. Rao leaders. They must ensure that the career ladder of References •
https://www.amazon.in/Vision-2030-Million-Global-Leaders-ebook/dp/B0794WTXXY
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 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.
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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
Ms. Shireesha Venkataraman Team Manager Amazon Development Centre
Mechanisms and Use of Mechanism as an Operational Lever At Amazon, this is a widely used term and we believe what our CEO has said “Often, when we find a recurring problem, something that happens over and over again, we pull the team together, ask them to try harder, do better –essentially, we ask for good intentions. This rarely works... When you are asking for good intentions, you are not asking for a change... because people already had good intentions. But if good intentions don’t work, what does? Mechanisms work.”
concept that was introduced by Japanese in the Toyota Production system. Here, increase of production resulted in the increase of defects which could have been overlooked by the Floor supervisor. The mechanism of the Andon cord, when pulled by the assembly line halts the production immediately and verifies the defect. This mechanism was further developed into the continuous development or what we know as Kaizen now.
As an organization or your scale of team grows, a lot of work occurs outside of leaders’ direct line-ofsight. The number and complexity of decisions increases, as do the challenges of communicating and coordinating among the parts of the organization. As the amount of data and decisions that demand attention increases, attention itself becomes an ever more constrained resource. Leaders use mechanisms to guide the organization beyond their direct line-of-sight, and to allow their influence to persist over time.
A mechanism can therefore be defined as: • •
Parts that moved together to perform a function or an outcome. A method fundamentally used to receive a certain desired output by a set of inputs.
In other words, as you can see from the image above, mechanisms are cyclical processes until a set of desired output is achieved with a set of inputs. As simply put, a parent teacher meeting in a particular cadence is used as a mechanism by As a best example, I can think of Andon Cord as a schools to derive required student’s results.
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Similarly, in organizations:
number of heads on the call vs online attendance tracker numbers match?
• •
Weekly, Monthly and Yearly reviews Andon Cord Mechanism on Production Inspection: This is one of the important steps usually that is missed in the cycle. To set a cadence floor and revisit the delta with output and input. As per • Kaizen improvement processes our example, quarterly or half-yearly attendance percentage is shared. How to build effective Mechanisms? It is often said that the efficiency of a mechanism is Post inspection step, we also perform an additional measured when it runs as smoothly as it did in the action called ‘Course Correction’ if the delta is high and make alterations to the tool adoption absence of Line of sight of the leader. mechanisms. Let us look at how to build an effective mechanism with a very simple and a relatable example/output we want to achieve: Output: The attendance to class should be a minimum of 75%. Tool: Choose the medium with which the output needs to be driven. It is always suggested to use the tool user friendly and very simple. As per our example, we usually see attendance registers/online As simple as it may sound, bigger organizations use attendance trackers are used as a tool. mechanisms for setting up levers like Monthly, Adoption: This step is to ensure that users of the Quarterly business reviews, press releases, tool are making optimum utilization. Are the performance and quality metrics for smoother students responding to the roll call or are the operations.
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The Corporate Angle
Mr. Pranav Jain Assistant Manager TrucksDekho.com
Digital is Now a Core Strategy to Survive the Storms of Change Businesses have always worked on intuition. The decision of what will work was traditionally taken by professionals who could constantly narrow down the possibilities of failures either by failing or by learning. This approach worked for companies’ pre-1991. But with the advent of digital technologies, the whole business ecosystem transitioned. Mr. David Rogers in his book “The Digital Transformation Playbook” suggests the skill required to operate businesses in the digital era has transformed especially when the result concerns a company’s customer, competition, data, innovation and value. Let’s explore how strategic themes now follow a completely new status quo.
multiple others. They form dynamic networks that interact with and shape brands. Hence identification and nurturing of customer networks becomes essential. Firstly, companies need to go beyond their existing marketing funnels by creating channels to encapsulate customer loyalty and evangelism. Secondly, customer’s path to purchase, i.e., customer journey, needs to be conceived to survive this age of hyper-personalization that a buyer demands as their interactions become omnichannel. And lastly, firms need to build relationships with customer networks by helping them engage and collaborate with their brand.
Evolving B2C Relationship Changing B2B Dynamics Companies have historically seen customers as solely the buyer of their goods and have tried to In the past, only similar companies were seen as reach them to buy through ways that appeal to competition. But in the digital age, competition is masses. But as business ecosystem more between dissimilar companies across industries. Companies are actually fighting for a moves towards digital, customers not only make customer’s time and preference making a restaurant their personal purchase decision, but also influence and a theatre rivals. The digital revolution is, hence,
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redefining firm to firm relationships, leading to the rise of platforms and marketplaces. The new relationship matrix is more a mix of competition and cooperation. BMW competes directly with Audi and indirectly with Uber, a platform. Platforms have always existed; a good example would be shopping malls, but due to digital technologies like web, APIs, SDKs, cloud & mobile computing, platforms are gaining relevance by getting added to traditional business’s value chains to eventually gain permanent positions.
ideas was limited. Today, innovation is approached through rapid experimentation and continued learning. Build-measure-learn feedback loop cycles are being viewed as the quickest way to identify products customers actually want. Such changes have been adopted not only by businesses looking to improve their existing services but also by corporations looking to build new products through ways including A/B testing and MVPs. The role of visualizing failure has drastically changed from actually failing to explore the path to real innovation.
Data Transformation
Shift in Value Proposition
Data, earlier seen as a metric to measure and plan processes, has become the most important strategic asset for businesses directly impacting value creation and innovation. Since data will eventually become a tool to make better-informed decisions, businesses will have to adopt multiple technological solutions to structure, manage and store this big data. This will be instrumental in generating insights that can be clubbed basis similarities; this will help understand patterns that can be used to attach a context. Multiple businesses are putting data as one of their operating pillars to increasingly capture this context and create stories to sell and improve.
A value proposition is the reason why customers turn to one company over other. To improve, firms focus either on translating the present value to different set of customers or differentiate the value to the existing clientele. But in the digital era, firms have to address both simultaneously. A good example is when a newspaper company pivots its mission, distribution channels and geography at the same time. Multiple platforms practice value creation as an ongoing process, which helps pave the path for next set of relevant products. The idea is to promote customers to the core of the value proposal enabling businesses ecosystems leverage network effects.
Innovation Paradigm Digital transformation has become pertinent for Traditionally, a company could say that they have companies to stay afloat. A shift to a culture of datainnovated only post a market endorsement. The based decision making will strengthen businesses feedback came late in the process and testing of like never before. Reference:
•
https://www.seed2vc.com/
About the author: The columnist, a consultant, is an author at
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http://www.entrepreneur.com , https://yourstory.com/ & http://www.businessworld.in/ LinkedIn: http://www.linkedin.com/in/pranav-jain-04a1527b Twitter: @jainpranav94
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Emerging Managers Mr. Ravi Kiran Pilla PGDBA Indian Institute of Management, Calcutta
Optimization of Operational Costs using Data Driven approaches in Oil and Gas Industry The oil and gas industry has an enormous impact on all aspects of daily life. Individuals, corporations, and national governments make financial and policy decisions based on the cost, use, and availability of these two natural resources. Oil and Gas sector generates revenue around $3.3 trillion in 2019 contributing to around 4 percent of the world's GDP and therefore Oil and Gas costs can have a serious impact on the world’s Economy. The costs involved in Oil and Gas production are generally categorized as Exploration costs, Development costs and Operating Costs.
Research reveals that businesses that depend on data-driven strategies can glean insights faster for increasing overall revenue and cutting down on operational costs. Today, 65% of big brands are embracing data to stay ahead of the competition.
Operational costs contribute to around 1/3rd of the total costs involved in Oil and Gas production and hence companies aim to reduce operational costs to maximize their profits and gain competitive advantage. Data, or rather big data, is being hailed as a revenue generator, market developer, and a prime analyser of consumer behaviour. Now, it has also paved its way into operational cost-cutting.
Companies used real time data management tools like OSISoft to get operational data from sensors and connect it to cloud based platforms to run predictive models like Support Vector Machine, Artificial Neural Networks to predict Asset lifetime. This helped in planning the inventory and thereby reducing inventory costs. This also helped in reducing the down time, enhancing the Asset life
Repair and Maintenance costs, Transportations costs are some of the key drivers of operational costs in the Oil and Gas industry. Earlier Maintenance and Repairs were done on a schedule basis called preventive maintenance which resulted in high equipment downtime and replacement costs. With huge amounts of operational data being Typical cost split of the major oil and gas generated, Oil and Gas companies are willing to companies is as follows: invest in data driven approaches.
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-time and operational efficiencies. In the past, the operations team used to schedule vehicles and select routes manually and in industries like Oil and Gas, the volume of schedules is very high and makes it almost impossible to make the optimized schedules. Drivers are allowed to make their choices of their own, which may not be the best route leading to additional costs. With a lot of data being available attempts are being made to use data driven approaches to select the optimal route. So, the question arises on what parameters to choose for selecting the best route. In most scenarios we either consider a shortest route as optimal or in some cases we consider the fastest route as optimal. Sometimes we might be transporting high-cost equipment, if we choose a route with the shortest distance but with high terrains, there are chances of accidents. In such
cases, instead of saving the costs, we incur additional costs. Therefore Time, cost and safety factors should be considered for optimal route selection. Data related distances across various routes is gathered. Based on the history and speed constraints the time related data is gathered. Based on the geographical conditions, the factory of safety for each route is calculated. Now an objective function is developed with distance, time and safety as parameters. Hypotheses are formed and tested using data. The optimal route can be found by optimizing the objective function. Sometimes users can have priorities on these parameters like urgency of delivery (time is priority). In such cases users are enabled with an option of giving their priorities and based on the priorities, the weights of the objective function will be changed. The tool can be integrated to mobile apps on a real time basis. Optimizing the routes helps companies reduce the overall distance travelled, the time taken and the cost of movement. There are other operations activities like piping maintenance, purchasing raw materials and hedging against market fluctuations, accurately estimating demand for your products whose efficiencies can be improved potentially using data driven approaches. With loads of data being generated across different levels of operations, and the increase in potential value of data driven approaches, the day is not too far for that operation being revolutionized by data driven approaches.
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Emerging Managers
Mr. Vaibhav Joshi Kirloskar Institute of Advanced Management Studies, Pune
To Get In-hand Demand COVID-19 has caused rapid shifts in consumer behaviour, which has led to enormous issues for the supply chain. By April 2020, online orders had already ballooned by a staggering 49% as many brick and mortar retail businesses made digital pivots. With this kind of velocity in the changing consumer demand, operations managers will have to continue to hone and develop demandresponsive supply chains. Moreover, volatile market fluctuations are more common than ever as economies around the world are reeling from the impact of the coronavirus. Operations managers will have to master the art of demand forecasting to ensure that inventory levels are consistent with current demand. Nobody knows how long-term consumer behaviours will change in the new, post-COVID world. Demand forecasts deal with the company's products and estimate consumer demand. These are also referred to as sales forecasts, which have multiple purposes. In addition to driving
scheduling, production, and capacity, they are also inputting to financial, personnel, and marketing future plans. Operations managers have two tools at their disposal by which to make decisions: actual data and forecast. The importance of forecasting cannot be underestimated. Take a product forecast and the functions of human resources, capacity, and supply chain management. The workforce is based on demand. This includes hiring, training, and lay-off of workers. If a large demand is suddenly thrust upon the organization, training declines and the quality of the product could suffer. When the capacity cannot keep up to the demand, the result is undependable delivery, loss of customers, and maybe loss of market share. Yet, excess capacity can skyrocket costs. Last minute shipping means high cost. Asking for parts last minute can raise the cost. Most profit margins are slim, which means either of those scenarios can wipe out a profit margin and have an organization operating at cost or at a loss. These scenarios are why forecasting is
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important to an organization. Good operations managers learn how to forecast, to trust the numbers, and to trust their instincts to make the right decisions for their firm. Objectives of demand forecasting:
Benefits of Demand Forecasting in Operations:
demand forecasting, as we call it, allows you to pinpoint peak hours and slower periods and to translate demand into required headcount using the correct labour standards which opens up doors to optimised shift creation and shift filling opportunities. An example is slightly under covering demand when costs have to be reduced and over covering demand when high service to customers must be guaranteed. Accurately staffing against demand also takes the pressure off your employees in peak hours and overtime. With labour demand forecasting, costs will decline, service levels will increase and employee happiness will improve. 4. Use of new Technologies: Demand forecasting has been around for a long time, but with the newest technologies demand forecasting are more accurate than ever. It has also been easier to generate these forecasts more frequently and to calculate the impact of external and internal factors. Demand forecasting gives a deeper understanding of the available demand data and forms a powerful tool to start optimising operations across the entire supply chain.
1. Use in inventory management: Accurate demand forecasting gives powerful insights on how much, when and which products should be stocked in inventory. Forecasting can then be utilised to better align sales and marketing efforts and reduce the risk of stock outs, Extreme surges in demand for some products may resulting in lower holding costs and increased put stress on certain supply chains, while demand turnover rates. for other products will disappear entirely. The only thing that operations managers can be certain of is 2. Operational alignment in terms of logistics and that they must find a way to be prepared for workforce: Knowing exactly what demand will anything. be, allows planners to coordinate their logistics and distribution with the right number of Having an agile, highly responsive supply chain vehicles, optimise routes and streamlining their can help ensure that production levels can steadily warehouse activities. This lowers logistic costs meet demand without creating excess inventory. and maximises asset efficiency. Maintaining a healthy balance between inventory and meeting market demands will be a tricky dance 3. Workforce management: Demand forms the that operations managers will have to quickly perfect base to build schedules on. Labour master.
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Reference: •
• •
https://widgetbrain.com/demand-forecasting-what-is-it-and-how-will-it-benefit-youroperations/#:~:text=The%20benefits%20of%20demand%20forecasting,should%20be%20st ocked%20in%20inventory. https://www.beekeeper.io/blog/trends-operations-management/ https://www.universalclass.com/articles/business/the-art-and-science-of-forecasting-inoperations-management.htm
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Emerging Managers
Ms. Garima Soni MBA Batch 2020 -2022 ICFAI Business School, Hyderabad
Switch in Consumer Behaviour Towards E Commerce During COVID 19 E - Commerce refers to buying and selling of goods In India, sales of Fast-Moving Consumer Goods and services through the mode of internet and (FMCG) online are expected to go further 4 billion transfer of money through the online platform. dollars by 2022 and 5% contribution is of online packaged consumer goods, said by market The E - Commerce industry is growing researcher Nielsen. Right now, only 2% has been tremendously in the Indian market. As cheap 4G contributed by the online FMCG. internet packages in India obviously gives a push to these industries. Sales keep on growing as the According to the FMCG companies, there was a mobile penetration with increased data sudden jump in demand around 15-45%. Even 2-3 consumption made available every product online weeks earlier before the lockdown, there was a whether it is being done by small or large huge demand for FMCG goods, sanitizers, etc. companies. Products such as rice, flour, pulses, edible oil, sugar, biscuit, tea, instant noodle, frozen food, As COVID-19 hit in India, people were scared to handwashes, and floor cleaners were flying off the go out of their homes. They were even hesitant to shelves from almost every state of India. Even go out to buy essential goods. People started giving small, medium grocery shops are going towards the preferences to E - Commerce sites to buy essential online selling due to huge demand, and they are goods. Customers were shifting their buying doing it by creating their own website or joining behaviour from offline retail stores to online stores. different platform like Amazon, Flipkart, Grofers
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and other e-commerce industry to increase the sales convenience but now it has become a necessity to and fulfill the demand of the customers. protect oneself from the virus by avoiding crowded places. The Covid-19 lockdown has resulted in a Panic buying of FMCG goods also took place and rise in online sales, as it has also been estimated that everyone started buying goods in huge quantities to the industry would have a growth of 200 billion store the goods for more than a month. Due to this, dollars much before the predicted 2026. it becomes very difficult for FMCG companies to complete the demand of the consumer. Some IMPACTS FMCG companies like ITC Ltd, Parle Products, Amul, and Godrej Consumers were going out of 1. Convenient and safe stock. Shopping when you want from where you would Shortage of delivery persons because of the huge like is a way preferable and an entire lot safer than online demand for FMCG goods also happened. heading call at this COVID-infested reality we’re Online Grocers like Bigbasket, Grofers, and now living in. Coronavirus aside, there’s also NaturesBasket were going out of delivery guys due something to be said about shopping from your to the surge in demand and because of that, these bedroom, without having to venture out, wait in companies were given 2 weeks or sometimes 3 lines, battle weather, and all the other challenges weeks ahead of dates from the time they put on that go along with consumerism. delivery option. Those people who haven’t used any type of online shopping platforms were also 2. Saves time signing up and putting orders. In an age where time is a scare commodity, E - Grocers like BigBasket, Grofers, and Amazon shopping online provides massive time savings to says that their sales are up by 100% and there is the buyer. Since, 63% of consumers start their more jump in the sales of staples, biscuits, frozen shopping journey online, it is sensible to be ready soaps, and handwashes. FMCG industry is trying to to buy where you already are. No need to head out, speed up the supplies of the goods, so that there shop in – store, wait in line then journey back home should be no shortage of goods. There is a major once you can access a greater product variety at a shift from 46% to about 64% in online shopping in lower cost from the comfort of home. 6-9 months. Also, as compared to 59% of consumers, around 46 % of consumers are going to 3. Customer data buy from physical stores. A survey conducted showed that nearly 74% of consumers prefer to buy Selling online gives the retailer access to a online post the lockdown. goldmine of customer data that’s just not accessible through brick-and-mortar retailing. Not only do As earlier, shopping online was a matter of online consumers typically provide their name,
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email address, and telephone number when checking out or registering on a site, but they also provide a wealth of consumer behavior and demographic data, available through Google Analytics which will help online retailers optimize the buyer journey and market more effectively and accurately. E-retailers also are ready to nurture and retarget consumers precisely, based on their stage within the journey. For example, using data insights, an online retailer can email potential customers who have abandoned their carts, motivating and reminding them to see out their purchase and may even use retargeting advertising to nurture leads that haven’t yet purchased. 4. Wider customer base With e-commerce, geographical boundaries become inconsequential. You could sell your products to internet buyers across the country or maybe across the world. You’re not limited to shoppers in your physical location. The internet also exposes your retail store to different niche
audiences that you simply wouldn’t have access to. By using multiple online touchpoints, you can access customers from all angles by going where they already are, like social media, forums and Google search. CONCLUSION The study says that customers who have never bought anything (FMCG) goods before have shown interest in buying FMCG goods online. Over 16% sharp jump in the new customers who freshly signed up to buy goods through an online platform. And over 90% of customers are satisfied with buying (FMCG) goods online. These number clearly shows that many of the new customers are shifting towards the online platforms to buy (FMCG) goods online. Not only the number of new customers has been increasing but also the satisfaction level is also increasing dramatically. It clearly shows that the E-commerce industry is going to boom in the future.
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Emerging Managers Ms. Ritushree Goswami MBA Batch 2020 -2022 ICFAI Business School, Hyderabad
The Impact of COVID-19 on the Fashion Industry There is no beauty in the finest cloth if it makes production lines in certain nations are resuming hunger and unhappiness. - Mahatma Gandhi their tasks. The Coronavirus pandemic has had clearing repercussions on all areas of the economy around the world. Nonetheless, the areas that will be very hard hit are the ones that come in the classification of superfluous spending.
A shift in consumption
Retailers are closing their entryways around the globe, urging their clients to shop online all things being equal. However actually as we are compelled to remain in our homes, a considerable lot of us are Since the beginning of the Covid-19 pandemic, monetarily troubled by cutbacks or new childcare nothing new has fallen all through the design duties, and the craving to purchase new garments business. With retail shops brought and online deals feels like a far-off dream. to a close eased back by the worldwide monetary plunge, design brands are in a difficult situation. While we have been urging a finish to However, as is time after time the case in the midst of emergency, a significant number of the difficulties of this pandemic have fallen on the weakest individuals from the flexibly chain: the laborers. Brands have been seen dropping their requests from processing plants and providers, retaining instalments of completed and underway merchandise, and in any event, requesting limits, as
overconsumption for a long time, we additionally realize that notwithstanding this startling stop in assembling, it is the most powerless, least paid individuals in the design flexibly chain that vibe the most noticeably awful impacts. Mechanical, the worldwide worker's organization which attempts to give laborers around the globe a voice, says that huge number of articles of clothing creators have just lost their positions because of the infection and
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have no admittance to social or money related implies that providers for the most part pay security nets to assist them with facing this forthright for the materials or strands used to make hardship. the items brand purchase from them. The progressions brought by COVID-19 have significantly affected those working all through the chain – especially in article of clothing creation, yet with stream on impacts to different levels. The Textile and Clothing Industry possesses a significant spot in the assembling area regarding its commitment to work. It is the biggest manager after horticulture and utilizes around 45 million to 60 million individuals straightforwardly or by implication. While the pandemic has influenced both formal and casual areas, the effect will be more grievous for the laborers in the casual area, which is portrayed by the absence of federal retirement aide arrangements, paid leaves, medical services arrangements and other security nets for the representatives. This has additionally added to their weakness.
Because of the pandemic, many significant style brands and retailers are dropping requests and halting instalments for orders previously positioned, in any event, when the work has been done, assuming no liability for the effect this has on individuals working in their flexibly chains. Industrial facilities are left with minimal decision yet to pulverize or keep hold of undesirable merchandise previously made and lay off their laborers in large numbers.
Obviously, design isn't simply made in processing plants. Style is art, artisanship and things that are frequently made by hand in casual conditions. As indicated by the Artisan Alliance, distinctive specialty is the second biggest wellspring of work over the supposed creating world. Because of Covid-19 compromising worldwide exchange streams, laborers cooperatives, craftsman The material and apparel area has been most gatherings, nearby artworks-based networks, seriously hit by the unholy pair of the lockdown and locally established specialists, agrarian laborers the pandemic. It is one of the main areas as far as and ranchers face urgent monetary conditions. its commitment to GDP, trade profit, business and mechanical yield. It contributes 13% to India's all- Ensuring the powerless in transit out of out fares, 7% to industry yield in esteem terms, 2% emergency to India's GDP, 15% to its fare profit and gives work to around 60 million individuals As many countries start to explore the resuming of straightforwardly or in a roundabout way (Annual their economies, questions stay in how piece of Report, 2018-19, Ministry of Textiles). The clothing laborers will be shielded from pandemic has not just affected the interest in the contamination. material and attire area yet additionally its flexibly. While governments in creating nations may demand that processing plants work at lower limit, space laborers further separated, and gracefully In the worldwide design industry, marks normally them with covers and gloves, the weight of these pay their providers weeks or even a very long time necessities can't be monetarily attempted by after conveyance, as opposed to upon request. This production lines while the enormous brands put in Industry consequences
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new requests and request limits. Brands, the most impressive parts in the worth chain, desperately need to help the laborers whose jobs have been undermined by emergency.
#WhoMadeMyClothes? furthermore, request that style brands ensure the laborers in their flexibly chain similarly as they would their own representatives, particularly during this remarkable worldwide wellbeing and financial emergency.
What can we do? In the interim, in this current emergency, we accept that our ability for compassion is fortified by our common worldwide experience. While we might be stuck inside, utilizing web-based media our voices can at present be enhanced, particularly when we shout out together. That is the reason we're requesting that our worldwide network be stronger than any time in recent memory. To ask
In the event that we don't do anything, the design business will essentially re-visitation of the same old thing when this is all finished. All things considered, how about we meet up as an unrest and assemble another framework that qualities the prosperity of individuals and planet over benefit. This implies that correct now we should stand together to ensure and uphold the individuals who make our garments.
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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.
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