Category: Strategy

Categories
Strategy

Customer is the King ! 5 Ways to Improve Customer Satisfaction

Customer Satisfaction| Representational Image (Photo Credits: Pixabay)
Customer Satisfaction| Representational Image (Photo Credits: Pixabay)

A happy customer is the pre-requisite for a business to succeed and survive in long term. It helps the business to face the competition as well. Customers are undoubtedly the king of the market. All major objectives of a firm including sales maximisation, profit generation, wealth maximisation and growth are fueled by customer satisfaction. Firms constantly look to acquire more and more buyers. However it is equally essential to retain the existing customers.  According to Forest Research, it costs five times more to find a new customer than to retain a current customer, so it is essential that a firm keeps a tab on its customer’s expectation and satisfaction. 3 Innovative Business Ideas that will re-shape your Career in 2021!

Customer satisfaction can be defined as how happy the customers are using the company’s products or services. It can be also reflected in how a customer rates the business and how they refer it to their friends or families. Here are some efficient tips of improve customer satisfaction –

Know the Customer

Understanding the customers is the step towards customer satisfaction. Customers feel valued when a firm listens about their concerns and work on them. It starts with knowing your customer and understanding their needs and wants. It also the firm modify its products & services to match customer needs and interests.

क्या आप बनेंगे मेरे परिवार का हिस्सा ? | Lifetime Membership | All Courses Free | Dr Vivek Bindra

Customer Dealing Etiquette

Business should be very careful while dealing with the customers. Firms also need to train their employees in customer dealing. They should be treated properly, avoid using harsh words, listen to their complaints patiently and respond to their queries. According to Global State Report, 82 per cent of consumers worldwide mentioned they have stopped doing business with a brand after a poor customer service experience. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Quick Redressal

Another way to increase customers’ satisfaction is to provide quick solution to their grievances and queries.  Response time is an essential element of customer satisfaction. The lesser the response time, the happier the customer. According to surveys, two most common customer service frustrations are waiting for sales or support assistance and being put on hold for a long time. This results in creation of a negative image of the business in the minds of the customers.

Value Customers’ Feedback

A firm should always sought valuable feedback from the customers on their products, services or campaigns. The feedback should be always taken seriously. Businesses should ensure to work on the negative feedback and amend the issue. Business needs to keep a regular check on the reviews and comments made by its customers.

Engage With Customers

Businesses need to develop a long lasting relationship with the customers. They need to engage with the buyers. Organise contests and encourage customers’ participation. Wish them on their anniversaries, make them feel important. Keep a regular dialogue through message or mail alerts on new products, discounts, and schemes etc., Customers should feel like a part of the business.

Customers’ satisfaction is important for the growth and survival of the firm. A happy customer attracts more customers than any advertisement campaign. McKinsey reports say, “70 per cent of the customer’s journey is based on how the customer feels they are being treated.”  So make sure to make your customer feel as the king.

 

Categories
Strategy

Business Expansion: 4 Ways to Grow and Diversify Your Business

Business Expansion| Representative Image (Photo Credits: Pixabay)
Business Expansion| Representative Image (Photo Credits: Pixabay)

Businesses are established with the aim to grow and diversify. Expansion is an important step in the life cycle of any organisation. It is impossible for any firm to sustain in long term without expanding its operation and accommodating market demand and changes. If a business fails to grow and adapt to market’s dynamics, competitors will easily surpass it making firm’s existence and substance difficult. Business expansion is hence an obvious next step after the firm establishes itself in the market. 3 Effective Ways to Upskill yourself & Perform Better.

If the business has a strong and loyal customer base, regular and adequate funds, dedicated and efficient team then business expansion and diversification would not be a conundrum. If the industry is also growing, it provides an added advantage as business expansion is aided. However, businesses should be careful about its operating capacity, expanding beyond the present working facility will exert pressure on the businesses’ operation resulting in huge losses. Here are some tips to expand your tips –

10 Lakh महीने तक कमाओ | Low Investment | Business Idea | Dr Vivek Bindra | IBC

Product Line Extension

One of the most straight forward ways to expand and diversify the business is to extend the product line. By introducing and offering additional products and services, firm can easily expand its present spectrum of business. It requires an understanding of the customer’s wants and needs. By continuous evaluation of market demand, the business can identify like and dislikes of the customer and add products to its offering accordingly. Proper market research and analysis is advised before launching a new product. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Entering New Markets

Another way to expand business is entering new markets. A firm can move into a new market and gain new customers in the process. The new market could be customers in a different location from where firm’s existing customers are or a different market segment within the existing location. This typically means opening up a new location or channelising marketing efforts on a new customer segment. Though it may involve certain costs, but once established in the new market the firm will be able to cover them and earn profits.

Expanding Through Franchise Model

Franchise helps the business to expand itself in all the directions. Franchising is a form of marketing and distribution in which the owner of a business system called the franchisor grants to an individual or group of individuals called the franchisee the right to run a business selling a product or providing a service using the franchisor’s business system. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, but it ensures quick growth and additional income.

Entering E-Commerce Sphere

Another sure shot way to expand the business while not increasing the number of physical outlets, is by entering the e-commerce spectrum. All the firm has to do it establish an online market place, develop a delivery network and spread the word about it. Business can reach internal customers by sitting at its existing location. Various bricks and mortar shops can enlist their products on the already existing web platforms to increase its reach, expand customer base and enhance revenues.

 

Apart from these big businesses with sufficient funds can enter into joint ventures to expand and diversify. They might as well go for merger and acquisitions of the smaller but component firms to grow. In order to survive in long term, a firm needs to scale up its present business operations and activities. However, before taking any decision a careful analysis of the market and the financial position of the business should be undertaken.

 

Categories
Strategy

3 Effective Ways to Upskill yourself & Perform Better

Upskill yourself for 2021

When you focus on the problem you lose a goal, but when you focus on your goal you lose the problem. Today we are going to focus on the solutions while discussing the root cause of the problems. With the current state of the job market in India, finding a perfect job could be challenging.

But here is good news! According to LinkedIn`s labor market data, “the job scenario in the country saw a recovery at a 12% year-on-year growth. LinkedIn year-end data shows that in 2020, learning from online platforms and other digital skills are under the focus”.

Indian millennials and professionals are looking forward to upskilling themselves to take on future challenges. If you have a business plan and want to come out with a start-up you will need an upskilling strategy.

We have listed out 3 upskilling ideas that can help you turn your dream of being your boss into a reality:

Stay Updated with Latest Technology

95% of people in this world are busy proving; only 5% of people are busy improving. In this fast-paced world, technology is changing every hour. Thus, keeping up with the latest technology will open new doors of opportunities for you. Upskill yourself will boost your confidence and enhance your productivity too.

Learn Business Analytics

No business in the present scenario can perform well without the help of Business Analytics. Business decisions that are taken based on facts and figures from records can provide correct insights. These insights can prove beneficial when making long-term or short-term business strategies. You can take a Business Analytics course online as it does not require any technical expertise.

Invest in Digital Marketing Course

A sure way to almost zero-defect life is Ritualistic Continuous improvement (RCI). It will be unreasonable to expect improvements in your goals, without upskilling yourself. The best investment that you can make is to put your money in a digital marketing course that will help you in the long run.

As the entire world has turned digital, learning a few tactics about digital marketing course will be beneficial. It can help you take your business to the next level, right from the comfort of your home.

Today, there is a plethora of courses that can upgrade your skills and are affordable too. There are great videos with premium content by Dr. Vivek Bindra that are available online. If you want to learn how can you upskill yourself without spending a dime, this could be a game-changer for you.

Categories
Strategy

Business Risks: 5 Types of Risks All Firms Should Know to Avoid Losses

Business Credit Score| Representational image (Photo Credits: Pixabay)
Business Credit Score| Representational image (Photo Credits: Pixabay)

All the businesses are prone to certain risks. Various uncertainties related to the micro and macro environment in which a firm operates pose as a constant threat to the enterprise. Business risk is the exposure an organisation has to elements that can potentially lower its profits or lead to firm’s failure.  Anything that threatens a company’s ability to achieve its financial goals is considered a business risk. There are many factors that can converge to create business risk. Though certain risks cab be mitigated by continuous analysis of the business environment, complete elimination of the uncertainties is not possible.

Business risk is influenced by a number of different factors including, consumer preferences, demand, and sales volumes, per-unit price and input costs, competition, legal and political factors, technology among others. Here are five types of business risks every business should be aware about –

10 Lakh महीने तक कमाओ | Low Investment | Business Idea | Dr Vivek Bindra | IBC

Economic Risk

One of the biggest risks a business faces is the economic risks. If the economy does not perform well or goes in recession, all the sectors will suffer. An economic slowdown directs hits the profitability and productivity of the businesses and even lead to closure of various firms. It’s important to watch changes and trends to potentially identify and plan for an economic downturn. To deal with a sudden economic downfall, all the businesses should keep funds in reserves and maintain a steady flow of income. Firms should also be careful while planning budgetary expenditures.

 Compliance or Legal Risk

Another constant looming risk is the compliance or legal risks. Governments have the power to change various legal provisions overnight, including introduction of a new tax, scrapping an old licence, revising the existing regulation rules. Business owners face an abundance of laws and regulations to comply with.  The businesses should carefully follow the existing laws and keep a watch on any new regulation by the government. A failure in complying with all the rules might even results in closing of the company.

Operational Risk

Not all the risks arise because of external factors, sometimes internal uncertainties can also lead to disruption in the business’ functioning. Such risk which originates within the organisation and tends to disrupt the business operations is known as the Operational Risk. It might involve a server outage caused by technical problems, people, or power cut. Many operational risks are also people-related. An employee might make mistakes that cost time and money. In order to reduce such risks, the business should resort to proper planning and continuous assessment.

Competitive Risk

Another type of risk that all the businesses face is the competitive risk, the advantages competitors gain over the firm. In order to survive in the market, all the firms should have an edge over the competitors. A firm faces continuous challenges from its competitors. It should be careful about how its rival firms are performing and garb the market opportunities before others, gaining the first mover advantages.

Goodwill/Reputation Risk

Goodwill aids in long term survival of the business. A positive image of the firm helps in growth and expansion. However, one wrong decision or spread of a rumour about the firm and the entire reputation is lost. If the public conceive a negative image about the firm it will directly impact its profitability, sales and valuation.

Risk and uncertainties are a part of the business cycles, however firms should try and mitigate the potential loss arising from various risks as much as possible to stay afloat in the market. Knowing and being aware of the several risks is the first step in ensuring a healthy business.

 

 

Categories
Strategy

Business’ Social Responsibility: 5 Budget Friendly Ways To Pay Back to Society & Build Goodwill

Business' Social Responsibility (Photo Credits: Pixabay)

All the businesses establish themselves, sustain and growth within the ambit of a society. They use social resources and capital to flourish, so it becomes an ethical responsibility of the firms to it back to the society. Working for the society also helps businesses to build a strong reputation and enhance their goodwill. According to studies, 85 percent of consumers will switch from one brand to another associated with a cause the favour, with 91 percent of millennial willing to switch. Two-thirds of millennial and 53 percent of the general population use social media to engage around corporate social responsibility.

It provides a good platform for the firm to promote its business at the same time contributing towards the betterment of the society. Fulfilling social responsibility makes the business a house hold name, thereby helping in grabbing attention of potential customers and increasing the loyalty of the existing ones. Here are five budget friendly ways firms can give way to the society and enhance their goodwill –

क्या आप बनेंगे मेरे परिवार का हिस्सा ? | Lifetime Membership | All Courses Free | Dr Vivek Bindra

 

Team-Up with Local NGOs & Self-Help Groups

One of the easiest ways to contribute towards the betterment of the society is to partner with local NGOs in their initiative. Getting associated with a known NGOs help the firm to garner trust and confidence of the society. All the business has to do is participate in their events and drives by providing financial and human resources, to help them. Enterprises can also sponsor or provide business to local self-help groups. These are deeply connected to the society, offering a chance for the business to directly engage with its potential customers.

Organise Charity Drives

Another way to help the community is by organising charity drives for various causes. It can be for women welfare, hunger and poverty alleviation, girl education, collection clothes in winters among others.  The business is able to promote itself while promoting and advertising for the charity campaigns. It helps businesses to reach out to the customers and come in their direct contact. It also helps firms to create a positive image in the minds of existing and potential customers.

Organise Cleanathons and Greenathons

The society is increasing becoming aware of the consequences to environmental damage and people encourage and participates in events aimed at reducing the pollution or degradation and increase greenery. Organising cleanathons or greenathons conveys that the business is an environmentally conscious establishment, thereby creating a positive image in the minds of society. It’s a budget friendly and eco-friendly way of giving back to the society.

Organise Workshops

A firm may even organise worships and impart knowledge of some skills to the community. Ever business has some expertise and all the employees have a fair knowledge about the same, providing the same to the under-privileged section of the society, thereby helping them to get some employment or start their own business is not a bad idea. This is especially applicable to skill-based or service based firms, such as clothing & designing industries, food & restaurant industries, handicraft industries among others.

Promote Local Talent

Many people are still depended on age-old handicrafts and handlooms to earn a livelihood. Another way for the businesses to give back to the society is by promoting such artisans and workers and help them channelize their talents in a bigger platform. All the businesses have a presence of social media; one way to encourage local talents is to put their work on digital platforms. Businesses can also provide exposure to the local artisans to reach at various fairs and haats organised for handicrafts.

Goodwill aids to the long term survival plans of the businesses. Developing connect with the society helps the business in more than one way. For a business to stay rooted in a society for long, it is important for to pay back to the community and contribute towards their development.

 

 

Categories
Strategy

Year End Sales Promotion: 5 Strategies to Increase Your Sales As We Say Goodbye to 2020

Promotional strategies to enhance year-end sales| Representative Image (Photo Credits: Pixabay)
Promotional strategies to enhance year-end sales| Representative Image (Photo Credits: Pixabay)

The year 2020 has been quite rough on businesses with the COVID-19 outbreak and subsequent lockdown may firms found it hard to stay afloat and cover up their daily costs. However, the good news is the troubled year is ending soon. The year-end doubled with Christmas celebration and holidays is a gold period of businesses. This is the right time to attract as many customers as possible and make up for the lost sales. Various firms launch many offers to promote their businesses at this time. The market is filled with high-spirited customers who are willing to spend enough providing a perfect opportunity for the businesses to capture it.

Businesses, online as well as offline offer huge discounts and attractive offers to divert the attention of the customers to their products and services. According to market surveys, many entrepreneurs feel that it is the right time to introduce a new product in the market. Here are some sales promotion strategies you should follow to reap the benefits of year-end shopper bloom –

Festive Themed Promotions

One of the easiest ways to increase sales in the year-end is to bank upon festive themed sales promotion offers. Adding the festive, seasonal sentiments to the marketing mix helps to connect easily with the customers who are themselves engulfed in the celebratory spirit. Grabbing their attention and making an association becomes easier.  Firms can run a holiday-themed giveaway, offer branded mini games such Christmas puzzles, bingo and other board games. Online businesses can also create a virtual advent calendar like highlight products daily, daily discounts etc, they can also install holiday-themed geo-filters to attract customers to their social media handles.

Product Combination Offer

Another way to attract customers is through providing them quantitative benefits. Go for Buy One Get One Free schemes or offer discounts on buying more than two products. Such product combination also works for unrelated items, for instance on buying a cosmetic product give a ready to eat food package free. Such offerings have dual benefit; one being the obvious customer attraction and other is that will comparatively cost less. Business can lure more customers into buying products by coming two or more products and offers a discount on the same. Use phrases such as ‘Exciting Offer’, ‘Offer you Can’t Resist’, ‘BOGO’, among others to attract customers.

Gave Away Free Gifts or Redemption Coupons

One of the key attractions of Christmas is giving and receiving surprise gifts, businesses should use them as a part of their year-end promotional campaign. No one resists a free gift, especially during festive season. However, firms should carefully determine the value and quantity of products they can afford to give free of costs. Ideally business should set a lower limit for such free of cost offerings. For instance give away a free gift worth Rs 500 on a purchase more than Rs 5000. Another strategy is to provide redemption coupon on purchase.

Contests and Lucky Draws

Customer participation is a great way of sales promotions. Organise contests to encourage participation of potential customers. Various cafes and youth centric businesses may organise Christmas themed treasure hunts. Quizzes, jingle making, logo making among others can also be undertake to catch customers’ attention. Various competitions, like best Christmas tree, best decoration, and best outfit can be organised on the social media pages on the businesses. Firms can also organise lucky draws to attract more and more customers.

End of Year Sales/Discounts

The most tried and tested way of getting customer attention is by organising sales – year end sale, stock clearance sale, winter sale, Christmas sale among others. By providing huge discounts, businesses can make up for the lost turnover over the year. It helps the firms to clear their old stock at the same time provide some earning. Use phrases like  ‘Now or Never Sale’, ‘Time is Running Out,’ ‘Buy When You Still can’, ‘Once in A Year Offer,’ ‘Get Over 2020 Blues’, to attract customers.

Sales promotion is an important part of the marketing mix and has proven to be beneficial for the firm in increasing their turnover and earnings. Given the year-end shopping spirit doubled with appropriate promotional tactics are bound to generate good revenue for the firm.

 

 

 

Categories
Startup Strategy

Social Media Marketing: 5 Key Principles Every Start-Up Should Follow While Promoting Its Business on Social Media

Social Media principles all start-ups should follow| Representational Image (Photo Credits: Pixabay)
Social Media principles all start-ups should follow| Representational Image (Photo Credits: Pixabay)

A business is able to survive and sustain in long-term only if it creates adequate and apt awareness about the products and services it offers. Enterprises all over the world have been increasing investing in widening their market and customer base. One way of reaching out to the potential customers is through social media. According to Satistia, nearly 50 per cent of the world’s population uses social media. That’s over 3 Billion users worldwide. It has become indispensable for businesses, both established and start-ups to increase their social media presence and attract people. For start-up owners, creating an online presence should be of utmost priority. Each person spends an average of 2 hours and 22 minutes on social networks and messaging, as per Global Web Index.

Mere creating accounts on various social media platforms won’t suffice. Every start-up should emphasis in creating a comprehensive, well-researched and flexible social media strategy. Different social media platforms including Facebook, Instagram, Twitter, YouTube,  LinkedIn, among others have been proved useful in promoting, advertising businesses and generating awareness about the product. However, strategy should be in compliance with the functioning of the respective platform. 7 Strategies For Getting More Business From Social Media.

Here are 5 Key Principles all Start-Ups Should Follow While Promoting Their Businesses on Social Media –

Choose Your Platform Wisely:

All social media platforms have their own reach and users, however one should be careful in choosing the digital platform used to advertise the products. One may choose multiple platforms as well, but careful prioritisation will be needed in that case. Usually one should start with a platform he/she has complete knowledge about. For instance, if the start-up is youth-centric, one should go for a full-fledged promotion of Facebook and Instagram, both of which have huge young followers.  According to data 7 4 per cent of users check Facebook daily, with an average of 8 times a day. LinkedIn is a better platform to promote research-based or KPO-based products and services.

Post Attractive Context:

One of the most important elements of any marketing and advertising strategy is the content. On social media, especially content is the king. One should try and incorporate various multimedia components in the post. Making the content attractive and unique is important so that it doesn’t get lost in hundreds of things being posted online every second. Several multimedia elements like audios, videos, graphics, images, interactive media, infograms, GIFs etc can be used to make the content attractive. Avoid writing in bigger texts as no one on social media have the patience to read and respond to it.

Collaborate with Social Media Influencers’:

The biggest gamble in the social media game is to get followers, likes, shares and clicks. One of the tried, tested and easy ways is to collaborate with social media influencers and personalities.  According to Fourcommunications report, 49 per cent of consumers claim that they depend on influencer recommendations on social media to inform their purchasing decision. A consumer feels confident in the recommendation from an influencer, and he or she will be more likely to purchase the product. Top Trends To Remember Before Planning Digital Marketing Strategy.

Use of SEOs and Hashtags:

Making an account of social media and posting content is not sufficient, one’s content should be visible to the target consumers as well. Scores of content is being generated and pushed on various digital platform every passing second. It is therefore necessary to create SEO-compliant content. SEO or Search Engine Optimisation are basically those keywords that are most searched online. When someone tactically puts the SEOs in its content, the probability of it being fetched by search engine increases. Similarly the use of appropriate ‘#’hastags is also important while promoting posts on digital platform.

Social Media Analysis:

It is important to have a regular monitoring of the performance of various social media posts, so that the firm knows what the customers want. Several social media engagements including number of likes, shares, retweets, quotes, comments etc,. There are various tools that help to analyse the social media, for instance Google Analytics, Snaplytics, Sprout Social among others. It is important to keep a note of social media performance, and receive the policy as and when required.

Promoting the start-up on social media is the need of the hour. As more and more people are drifting away from physical market place to digital ones, robust and detailed policy on social media management is important. 321 million new people joined social media in 2019, which brought the total from 3.48 billion to 3.8 billion social media users (an increase of 9 per cent) in 2020, as per a recent data.

Categories
Strategy

Companies More ‘Reactive’ Than ‘Proactive’ on Cyber-Security Issues, Say Experts

Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)
Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)

The operations and functions of various business organisations have undergone drastic changes over past several months owing to the restrictions and limitations imposed due to the spread of COVID-19 pandemic at a global level. More and more businesses moved towards the online and digital sphere as countries worldwide started to put month-long lockdowns. Given massive presence of businesses in online spectrum, cyber security experts are of the view that several companies still need to be more proactive in terms of strengthening their systems against cyber attacks.Small and Medium Businesses Disclosing Data Breach ‘Quickly’ Incur 40% Less Financial Loss: Report

Experts however believe that with the coming in Data Privacy Bill, companies will be directly or indirectly forced to adopt better measures to make sure that their systems are better protected from the external attacks. It may also strength the entire online infrastructure and operational activities. Studies show that ever since General Data Protection Regulation (GDPR) was launched in Europe, more and more steps were undertaken by the companies to ensure data protection and cyber security. 5 Ways To Protect Your Business From Cybercrime.

Talking about the issue of cyber-security, Arpinder Singh, India & Emerging Markets Leader, EY Forensic & Integrity Services said, “I think some organisations have been proactive and some organisations have been reactive. Reactive means they have actually had an incident and then they have run around trying to fix it, I think some companies have been smart, when someone has been hit, they have analysed that loss and then thought of protecting themselves. But that’s a slow process in the pandemic. Everyone has tight budget.”

The companies are currently more reactive to the cyber-security issues rather than being proactive. According to the experts, any firm will not be willing to enhance its cyber-security until and unless an external force breaks into its system. Given the magnitude of e-commerce activities being done, owners should be careful about protecting their data. They also stress on the need of training the employees both in the government and private sectors on data security and protection.

Categories
Startup Strategy

‘Innovation Culture’ Important for Performance and Resilience of Indian Businesses, Shows Study

Innovation important for business resilience, shows study (Photo Credits: Pixabay)
Innovation important for business resilience, shows study (Photo Credits: Pixabay)

Any firm that aims for a long-term survival and growth, innovation is of utmost importance. Owing to rapid changes in the macro and micro environment of business operation, a firm needs to be flexible and accommodating to new opportunities and threats. A dynamic and innovative attitude becomes important for an overall development and existence of the organisation. The outbreak of COVID-19 pandemic, for instance, is one such situation where innovation was highly desired for to keep the firm afloat.  According to a recent study by Microsoft and IDC, 77 per cent of Indian organisations have found innovation to be critical or important to their performance and resilience, amid the worldwide pandemic. Around 439 business decision makers and 438 workers were surveyed in India within a 6-month period, before and since COVID-19 outbreak.

The study concluded that the businesses in India have increased their ability to innovate by 4 per cent in mere six month time period, as it became essential to cope up with the threats of the external environment. It also revealed that around 78 per cent of the Indian organisations are speeding up digitalisation in a variety of ways to adapt to the new reality. Thereby launching digital products and introducing digital payments, and increasing moving towards e-commerce and automation by adapting the innovative culture in businesses. As a result, Indian companies are aiming at increasing their revenue from digital products and services to 50 per cent in the next three years from 36 per cent at present.

“Innovation is no longer an option, but a necessity. We have seen how the recent crisis has spurred the need for transformation; for organizations to adapt and innovate in order to emerge stronger,” Rajiv Sodhi, Chief Operating Officer, Microsoft India, told reporters in a virtual round-table. “We commissioned this research to gain better understanding of the relationship between having a culture of innovation and an organization’s growth. But now, more than achieving growth, we see that having a mature culture of innovation translates to resilience, and strength to withstand economic crises to recover,” he added.

Since the external environment, amid the COVID-19 outbreak, has necessitated the innovation and diversification of business operations and its products, more and more firms are looking for opportunities and areas to innovate. According to the survey, 64 per cent of respondents acknowledged that innovation has become easier in the post-COVID-19 era. Prior to the pandemic, only 32.5 per cent of Indian business found innovation in their products and services easy. The study introduced the culture of innovation framework, which spans the dimensions of people, process, data, and technology, to assess organizations’ approach to innovation.

According to the survey, as much as 45 per cent of the Indian organisations feel that their priorities for the next 12 months will be to focus on technology as most essential for business resilience and recovery. Some best practices will include developing a culture that promotes investing in disruptive technologies and leveraging data to differentiate and enhance products and services, the study said.

 

 

 

Categories
Strategy

Atmanirbhar Bharat Is About Creating Globally Competitive Enterprises, Says PM Narendra Modi

Narendra Modi (Photo Credits: Facebook)

New Delhi, October 28: In a major boost to the government’s ‘Atmanirbhar Bharat’ initiative, Prime Minister Narendra Modi called upon exporters to create ‘globally competitive’ enterprises in India in the spirit of his flagship mission. In his message to the EEPC India, Modi said that the ‘Atmanirbhar Bharat’ is about creating globally competitive enterprises in India. The four-day virtual expo opened on Tuesday.

The Prime Minister made this announcement during the inauguration of the engineering exporters’ apex body, EEPC India’s first virtual exhibition, ‘India Subcontracting Expo 2020’ for overseas buyers. During his message, the Prime Minister conveyed that science and engineering have a major role in realising the objectives of the ‘Aatmanirbhar Bharat’ programme.

The Prime Minister said that India is creating the right ecosystems for local manufacturing and supply chain. Modi said that technology has become an enabler in the wake of challenges posed by the COVID-19 pandemic.” Digital tools have guided and helped in transforming such challenges into opportunities. The world requires skilled hands and we in India have the talent to cater to these global needs,” he said.

According to EEPC India, as many as 100 engineering exporters would be showcasing their products and technologies to major buyers from Europe, including the UK through a virtual exhibition, seeking to bag manufacturing contracts, giving a boost to the ‘Make In India’ and ‘Aatmanirbhar Bharat’ programmes.

According to a report by IANS, the virtual exposition platform sports several features like 24×7 access for buyers and sellers, virtual B2Bs, chat rooms, among other. Besides, the CXO Forum would be held with a theme-India-EU advanced opportunities for business cooperation in COVID-19 world.