Reliability and Redundancy in Production Management
Introduction Product quality determines the success with the product. One of the key drivers of quality is the performance of the product over a period of time. Performance of product is determined by the reliability and redundancy. Reliability increases the efficiency while redundancy increases the current capability and expectations. Any production organization sets a goal […]
Quality Management vs Quality Control
Project Management is the art and science of managing projects with emphasis on quality, cost and time. If we take the aspect of quality, this is one of the factors of the “triple constraint” that govern the art of project management. Quality is defined as the degree to which the project meets the requirements (PMBOK, […]
Why Growth is Stalling around the World?
Why is Growth Stagnant? We read in the print and online media about why governments worldwide are unable to revive growth especially since the Great Recession of 2008. We also read how policymakers are trying their best to jumpstart growth but are being unable to do so. Moreover, we see stock markets going up while […]
Innovation and Government Spending
Innovation is and has always been at the center of all human endeavors. People those who are able to perform more complex tasks with relatively fewer resources have often captured world markets and gained the maximum wealth. Every economic textbook acknowledges the value of innovation. It also explains how the printing press made scribes obsolete […]
The Great Indian NBFC Crisis
The Non-Banking Financial Companies (NBFCs) are quasi-banking institutions in India. They are allowed to make loans just like banks do. However, they are not allowed to take deposits from people in order to make these loans. Hence, these Non-Banking Financial Companies (NBFCs) borrow money from the bond market in order to make loans. Traditionally retail […]
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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