The Emerging Connected Future and Digital Utopia and What it Means for Us
A Glimpse into the Connected Future The future is connected in terms of the networked and integrated digitally enabled modes of living and working. In other words, with cutting edge technologies such as Artificial Intelligence, Big Data powered Analytics, IoT, or the Internet of Things, and Distributed computing integrating our homes and our workplaces, the […]
South Korea: A Stunning Success Story
Today, South Korea is one of the largest economies in the world. It is the 12th largest to be precise. However, the influence it has in global markets is significant. It is home to many multinational corporations which compete against the best in the world. For instance, American markets are flooded with Korean manufactured automobiles. […]
Finished Goods Inventory Classifications and Terminologies
While inventory classification of raw materials for Inventory Management purposes follows ABC Classification, Finished Goods inventory is classified under additional categories based on various attributes including sales volumes/patterns, functional attributes and operational requirements. Stock Category depending upon Sales Channels Finished Goods at the very basic level is manufactured and stocked separately depending upon the Business […]
Goods and Services Tax: The Pros and Cons
India is the second largest consumer market in the world. There are over a billion consumers, and companies from all over the world are making inroads into this developing nation to get a piece of the action. The Indian growth story has been remarkable and resilient. It has been resilient because the growth has happened […]
The Marketing Function – Market Environment, Marketing Cycle and Components of Marketing Information System
Introduction The role of information technology and systems is to improve productivity of organization. Information systems are deployed across functional department of organization. The Marketing Function In broader terms, marketing is defined as a process through which organizations are able to deliver products and services as per the need of the customers. Organizations conduct market […]
Modern day world is extremely complex and interwoven with a lot of variables and uncertainties. Managing businesses is extremely tricky and requires one to be ahead of times all the while. With the evolution of technology, the business processes and management philosophies on how to nurture and safeguard one’s business have been the subject of many discussions at the Boardrooms.
In the present times, businesses are heavily dependent upon technology. There is not one single aspect of business that is independent of technology in the form of telephones, emails, internet, software, Hardware and so on.
In fact the management think tanks describe business competition between one network with another network, symbolizing the kind of interdependent relationships that exist in businesses today to beat competition in the market. Technology has also changed the dimensions of time and space with reference to business too.
In the era of globalization, we are living in the world of virtual reality where one can reach out to the customer in any corner of the world instantly.
Technology has brought the popular concept - ‘Time Is Money’. This is true in every sense. Every business organization is facing intense competition in the market from all quarters. If one is not able to respond to the market or customer in time, customers have several options and the competition doesn’t give you the luxury of time.
The business rules and dynamics have totally changed in recent times.
The lifecycle of businesses and organizations is becoming shorter.
Companies now have to keep re-inventing themselves all the time and re-engineering their businesses. On one hand technology forces companies to change their product portfolios or competition forces them to look for fresher avenues for growth.
Even in the established markets, brand building and increasing market share or staying in business is dependent upon Customer Satisfaction which in turn is dependent upon the responsiveness of the Company to the Customers in terms of delivery, quality, price and customer relationship.
In a situation where the Customers have several options on hand, the brands have got to consistently keep up their performance in order to retain their market share.
In such competitive situations, Companies are operating in very dynamic environments. Business risks and compulsions have prompted the evolution and growth of the concept of Risk Assessment, Risk mitigation, Disaster Recovery and Business Continuity in Corporate sectors.
The competition and the business environment in the market forces businesses to be on alert all the time to ensure that the operations are up and running all the time. Any downtime in business operation results in huge losses to the Organization besides loss of opportunity and reputation.
Businesses today face risks from several quarters. Heavy reliance on technology has made it imperative for the Companies to ensure that their networks and operations do not fail on account of IT failure.
Besides technology, business operations face threats from several quarters both from perceivable and non perceivable quarters.
The famous terrorist attack on World Trade Center in 2011 and the consequent loss of business due to disruption has woken up Companies across the globe to the fact that every business large or small requires to anticipate and have a Disaster Recovery Plan for Business continuity in place. This is not a new concept, for all critical installations and plants like nuclear power plants, power generation plants etc have always had such plans in place as a part of their operations.
Today businesses especially the Corporate sector has woken up to the risks they are facing from various quarters including but not limited to technology failures, terrorist attacks, natural calamities and other unforeseen circumstances.
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