Month: March 2024

Categories
News

Changing the E-commerce landscape via digitalization in FMCG

Changing the E-commerce landscape via digitalization in FMCG
Changing the E-commerce landscape via digitalization in FMCG.

India is the fourth-largest sector in Fast Moving Consumer Goods (FMCG). With the need for access to affordable services in today’s dynamic world, innovation proves to be a turning point for growth. However, Digital transformation turns out to be a game changer to align the requirements of both suppliers and consumers. 

Digitalization paves the way for a dramatic change in the process of running of FMCG company. Although many people link digital transformation with software to manage production, it not only affects the FMCG industry but also incorporates managing systems, efficient data collections, retailers’ profits, and consumer experience. 

Digital Conversion: Better Globalization and Reach

The better use of digitalization has made FMCG products reach beyond geographical boundaries. As per the reports of the Department of Applied Economics, University of Lucknow, the FMCG sector will grow by 13-14% over the next five to ten years, expected to reach a value of $220-240 billion by 2025 only through digitization.

Moreover, the rise of the E-commerce industry has broken down the chain of physical appearance of the seller and the consumer. This contributes to pulling more customers worldwide with good profit and earnings.

Ease Down The User-Friendly Interface With Better Customer Engagement

Digitalization has proven to be one of the pivotal factors for the success of consumers. With the new technological innovations of AI, the gathering, and analysis of data on consumer behavior, history, market trends, customer customer-friendly interfaces have made it easy to set the demands of consumers. This user-friendly interface aids with the necessary changes such as approaches to campaigns, customer engagements and services. Similarly, the appearance of E-commerce services has made the comparison of products available in the market along with the prices and the friendly interface acts as cheery on the cake for better customer engagement.

No Barrier or Middleman means No Chain!

The E-commerce platform has developed with an innovation of the B2C model that indicates a direct connection between the company and the customers. This eradicates all the middlemen and retailers. Similarly, digitization acts as a supportive bridge for FMCG to directly coordinate with customers to collect relevant data and reviews.

This creates a safe sphere for the brands to control their product services, consignment money, and command over their brand reputation which often gets deferred by the middleman. 

An AI Intervention in the Digitalization of Data

As per the reports of Statista.com, 33% of consumers prefer express delivery options, however, AI has changed the traditional shopping experience of customers by quickly and accurately analyzing data and revolutionizing the online purchase of products. FMCG has easily produced a personalized experience model for consumers. 

AI in online shopping not only serve the best customer experience but also helps in making important decisions by predicting future trends and market needs. The data systems can also look through lots of data to find patterns and understand what customers do. 

Enhance Inventory: Organized Data and Less Management

Technology is the way to open a business efficiently, especially in the FMCG industry, it has been useful in every sector of the business such as the supply chain, stock management and more. Thus, using digital tools and technology will help the other parts of the business work better like keeping track of money and smoothen the places where things aren’t working smoothly.

Categories
Technology

Johnson & Johnson and Nvidia Join Hands to Develop New AI Applications for Surgery

New AI Applications for Surgery
Johnson & Johnson and Nvidia Join Hands to Develop New AI Applications for Surgery.

On 18 March, Johnson & Johnson announced their collaboration with Nvidia to integrate new AI devices and platforms for pre- operation to post- operation. These new-scale artificial intelligence devices help surgeons to have all the information under one roof, said Kimberly Powell, Nvidia’s vice president of health care. 

Many companies have been using AI to analyze surgical videos and are helping in the automation of time-consuming documentation after a procedure. However, combining artificial intelligence with machines will make the task easier. “Nvidia has been working in medical devices and imaging for more than a decade”, said Powell.

The MedTech unit at Johnson & Johnson creates tools and solutions for major conditions that are commonly spreading within people such as kidney failure, heart failure, and stroke. 

Their technology has been used in more than 75 million cases every year. Moreover, Shan Jegatheeswaran, Vice President & Global Head of Digital at Johnson & Johnson MedTech, said “One minute of surgical video is equivalent to 25CT scans. So, having computer power and infrastructure will help to annotate and share video widely to the surgeons.”

Powell further states in an interview, “There’s an ability to use all the sources of data inside an operating room, whether it’s your voice, or whether it’s the video coming from a camera inside the body, or elsewhere, to take advantage of the generative AI moment that we’re in.”

In the shorter term, de-identifying and enhancing the videos will help in the education and training of surgeons whereas in the longer term, analytics will be layered on top of video for real-time decision support.

The more accessible surgical video ensures less dependency of the residents on the insights and availability of more experienced physicians at their institution. Jegantheeswaran in continuation said, “Think about athletes. They look at game tape, and they get better over time as they look at themselves, That’s sort of the starting point. That’s the holy grail in the short term.”

Powell further states, “The collaboration is in the “early innings” and many applications are in the process for fine-tuning and safety implementation”, However, nondiagnostic cases such as automating paperwork will reduce the surgeon’s time and make a difference “right out of the gate.”

Powell concluded with, “I think all of us as patients should get excited about the fact that this kind of technology is going to be able to enter in and be within reach of all the clinicians and all the hardworking nurses and all the health-care staff, They’re going to have the very best tools and information at their disposal.”

Bounce back delhi by vivek bindra

Categories
Strategy

How to Write a Business Plan in 2024?

Business Plan
How to write a Business Plan in 2024.

India has emerged as the 3rd largest ecosystem of startups globally across 763 districts of the country by 2023. However, taking business to the heights of the mountains required a roadmap, formally known as a Business Plan.

As per the report of the New England Journal of Entrepreneurship, 2021, the act of creating & writing a business plan is correlated with measures of growth and success. Therefore, a Business plan embraces the power of strategic planning and leads to the prosperity of any venture.

In this article, we will look into the process of writing an effective business plan and why it is required for the growth of a business.

What is a Business Plan?

A business plan is a pivotal document in the business that provides immense value for new and existing companies of all sizes. It includes an outline of the business, its key objectives, and upcoming plans and goals. Covering concepts such as market analysis, financial projections, and organizational structure, this plan becomes a source of help for financial institutions and investors.

Similarly, by jotting down the information that can be used to communicate strategic actions to the internal team or attract interest from potential partners and investors, business plans come into play. However, creating a business plan can take time and effort, including lengthy and involved processes.

How to Write a Business Plan?

Drafting a Strong Executive Summary

The section of a business plan should start with an executive summary. It should include 1-2 pages in length that help the potential financiers or partners to get an overview of the business. The business overview should cover the company’s name, location, mission statement, and planned products & services. Although this is the initial part of the business plan, it can be formulated at the end while creating a business plan.

A Detailed Company Description

The detailed company description opens the doors for the readers who might also include potential investors or partners which will provide a clear understanding of the company. This also allows communication of the unique attributes of the business and its offering to meet the current market.

Create Financial Plans

The best way to seek investors and funding is to present financial plans and financial forecasting. It is knowing about the next five years’ plans and their usage of it. It should include forest income statements, balance sheets, cash flow statements, and capital expenditures.

List the Products & Services

The products and services should be well-defined for the investors. The purpose of this section is to design a compelling case for the offering and its needs to meet the target market. The list of products and services should include the following:

  • Competitive advantage and customer benefit.
  • Price Strategy
  • Development stage of the product and offering
  • Life-cycle of product
  • Intellectual property such as patents, trademarks, or copyrights.

Marketing and Sales Strategy

Marketing and sales are an integral part of any business. It helps in the growth and success of the business shortly. Once deciding the customer persona, working on reaching them is the second step. The customer hangout on social media apps such as Facebook, Instagram, Pinterest, Twitter, or LinkedIn helps in understanding the customer and in formulating the sales strategy. This strategy includes:

  • Target market needs and motivation of customers. 
  • Position of Brand
  • Distribution channels
  • Outsourcing needs for the products
  • Secured market partnership
  • Customer relationship management

SWOT Analysis

SWOT (Strengths, weaknesses, opportunities, and threats) analysis works on the overall analysis of the customer. Jotting down all the parameters gives investors and partners confidence that it won’t bury their heads in the sand. This should include: 

  • Reputation
  • Technology
  • Location 
  • Experiences of customers
  • Staff and suppliers

Understanding Competitors Analysis

Understanding the competitor’s upcoming projects and analysing them ensures staying in the market for the long run. It includes:

  • Cost leadership by offering lower prices than the competitors.
  • Differentiation in services and products from the current cost leaders. 
  • Segmentation helps focus on a specific or niche, target market and aims to build traction with a smaller audience before moving on to a broader market.

Making Customer Retention Strategy

The business’s success relies heavily on the relationship with the customers. While making a customer retention strategy, consider the following pointers:

  • Business capacity to increase the number of repeat customers. 
  • Working on referral or loyalty programs.
  • Understanding the follow-up of post-purchase in place
  • Conducting surveys to track customer satisfaction
  • Ways to find and deliver outstanding customer service.
  • Jot down the way to continue adding and educating value to the customers.

Making an Exit Strategy

Exit strategy helps the financial stakeholders to take a return on investment. For example, adding pointers in the business plan when to sell the company at some point or going public. Similarly, outlining the succession plan ensures the business operates well in the future. Documenting all the details ensures that everyone is on the same page and that potential investors have this information upfront.

For better results and growth of the business, jotting down the information, planning, and executing the business plan is crucial. This ensures that all information and resources are at your fingertips and doesn’t create any pressure for last-minute hassle. A well-thought-out business plan can avoid generic information and ensure better growth.

Categories
Motivational

Mohammad Ali Shihad: Cracked UPSC Exam While Staying In Orphanage

Success-story-of Muhammad Ali Shihab
Success story of Muhammad Ali Shihab

In India, Millions of students participate in the UPSC exam each year where only a few applicants get an opportunity to fulfill their dreams. However, clearing this gigantic exam is not everyone’s cup of tea. Achieving success in the UPSC Civil Services Exam is a formidable challenge. Often, candidates encounter disappointment even after multiple challenges.

In this article, we will discuss one such man who sets a perfect example of overcoming hardships and clearing India’s toughest exam. 

Failing twice in the Civil Services Examination, a resident of Kerala creates history by passing the third attempt and becoming an IPS officer. However, his journey since his childhood was not easy. He spent 10 years of his life in an orphanage, despite hardships, he has come up as an inspiring person for those who are afraid of failures in life and are unable to fulfil their dreams. 

Rise From The Shadow of Darkness.

Despite being raised in unfavourable circumstances, Shihab kept moving forward. Born on March 15, 1980, his parents were Korot Ali and Fatima. To obtain the bare minimum for their livelihood, he used to sell betel (paan) and bamboo with his father, however, this continued for a while. 

He lost his father due to an illness in 1991 at a very young age. He was the youngest among a sister & brother and eldest among two sisters. After his father’s demise, the responsibility of the family fell on his mother’s shoulders. Managing the four children becomes a challenge for her which leads to financial constraints. This resulted in her sending all her children to an orphanage at a very young age. Shihab spent 10 years of his life in an orphanage. 

Cleared UPSC Exam In Third Attempt

Shihab was the brightest child since childhood. Understanding the situation of his family, he decided to dedicate all his time to studying and working on enhancing his skills and knowledge in an orphanage. He also worked as a peon, a clerk, and a government school teacher. 

With numerous obstacles and failing in the first two attempts at the UPSC Civil Services Examination, he cleared the UPSC exam on his third attempt in 2011 with an All-India Rank (AIR) 226. 

Before IPS, Shihab worked as a Jail Warden 

Shihab lived his 10 years of life in an orphanage and the initial years were not easy. His higher education and expenses made him study well and made him attempt numerous government agency exams which resulted in clearing 21 exams of an agency in a row. 

In 2004, he also worked in the Forest Department, Jail Warden in the Central Jail, and Railway ticket examiner in the Railway Department.

You can read this story in Hindi on our Hindi news. – कैसे अनाथालय में रहने वाले शिहाब UPSC निकाल बने स्टूडेंट्स की प्रेरणा

Bounce back delhi by vivek bindra

Categories
Legal

What is Minutes of Meeting (MOM), its Importance & Purpose

MOM stands for Minutes of Meeting
MOM stands for “Minutes of Meeting.”

Conducting meetings and planning for strategies act as fuel for the company’s growth, however, remembering all the important pointers while having meetings is not humanly possible.

Therefore, Minutes of Meetings come in place to make the information readily available to the members.

What is Minutes of Meetings (MOM)?

Minutes of Meetings (MOM) is jotting down the important details such as specific decisions, things and goals which were discussed in the meeting. These pointers are later emailed to all the people who are present in the meeting for their better understanding and remembering of the major points that were discussed in the meeting. This helps in working on future decisions and is used in all government and non-government sectors.

The Purpose of Minutes of Meetings:

Minutes of Meetings is the official record of meeting maintained at the time of meeting and it is also present in the court as the evidence. The purpose of the meeting is to provide correct information and facts about the decision taken and the approach on the futuristic decision. These records are maintained in the books as well as on emails.

Why Minutes of Meetings is important?

  • Thoughtfully and carefully jot down notes are legally valid, forged and unclear information are consider to be providing false information to the government as well as within the organization. 
  • The correct data and facts helps in understanding the specific of the meeting and the future goals. 

How to write Minutes of Meeting?

Before writing the Minutes of the Meeting, it is very important to understand what kind of data you want to record and then write things in a focused manner.

  • Title and topic of the meeting.
  • Time and date.
  • Names of participants in the meeting.
  • Organization name of all the members.
  • A summary of each special discussion.
  • Note all significant decisions.
  • Don’t forget to write down the date of the next meeting.

Some parts of the minutes of the meeting can be written in just one line, such as title, date and time. There are some things which have to be written in detail like the agenda of the meeting, decisions taken in the meeting. So, always jot down the information correctly.

Read this article in Hindi – मिनट्स ऑफ मीटिंग