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Day: April 21, 2023

Blockchain Economies: How is the cryoptocurrency market in 2023?

Posted on by Imarticus Learning

Blockchain is essentially a virtual chain formed by multiple blocks of information, each having a unique identity called the hash. This is a non-conventional mode of ledger or decentralised digital bookkeeping. The authority of information is not retained by any centralised agency but distributed amongst all the stakeholders, agents, or writers of a blockchain. 

Blockchain helps to execute payment transfers following a smart contract, which has the consensus of most writers. Except for the first block in the chain, all blocks are recorded with the hash identifier of the previous block besides its own, along with the information contained in it.

Origin of Blockchain

Though the concept of blockchain dates back to the 1990s, it is in 2008 that Mr Satoshi Nakamoto gave it a concrete shape in his revolutionary article – “Bitcoin: A peer-to-peer electronic cash system”. This book refers to the concept of cryptocurrency by using the method of blockchain economics. Nowadays, the trade of cryptocurrency is completely based on the decentralised feature of blockchain technology.

In India, an aspirant may get introduced to a blockchain by transferring an amount of money (INRs) from his or her bank to some selected wallets like MobiKwik. The wallet converts the INRs into the desired cryptocurrency of your choice. 

Main Features of Blockchain

Among the various other features of blockchain, the two most important ones are as follows – 

Correctness and security 

Correctness and security are the two most important features of any ledger. Blockchain ticks both boxes. Since all the blocks (except the initial or genesis block) have unique identity hash numbers of self and the previous block. Any attempt to unscrupulously change the data in any block will be unsuccessful since the following blocks will show an error statement, due-to disturbance in their unique identity. 

However, if felt appropriate by most of the writers upon a common consensus, the amendment to the data in specific blocks may be performed. The writers in blockchain remain anonymous with a public identification number but no name.

Smart Contract

Blockchain offers much more than just a decentralised digital ledger. It can perform digital payment or transaction processes based on a coded smart contract where the contract illustrates the detailed terms of payment disbursement through cryptocurrency. The credit occurs as and when the conditions are fulfilled. There are provisions to abort payments as well when the conditions are observed unfulfilled upon further scrutiny. 

Cryptocurrency – An Application of Blockchain

It is a non-physical or digital currency in the form of a sequence of encrypted data, organised and managed by a non-conventional, de-centralised mode of ledger system known as the blockchain. A huge number of agents, writers and miners can participate in the blockchain system and the sale, purchase and transfer of cryptos are the ultimate objectives.  

 The selection of cryptocurrency is always a crucial decision. The value growth of a specific cryptocurrency does not depend on Government policies or the Reserve Bank of any nation. It solely depends on the number of active participants and the demand and supply of the said currency. 

The Cryptocurrency Outlook in 2023

The economy of cryptocurrency is not nation-specific; since the blockchains of specific crypto are spread across the length and breadth of the globe. This market has experienced the trajectory of a roller coaster and thus, has experienced immense volatility. However, it may be noted that in spite of such turmoil, growth has happened and people have shown their confidence in this market.

Based on the performance of the last few years, researchers have predicted that 2023 is supposed to be a good year for the crypto market. Many global organisations like Microsoft, Accenture, IBM, and Samsung have already adopted blockchain technology and hence the need for skilled professionals in this segment shall grow. This, in turn, will boost the growth of the crypto market, as well.

The steady growth of crypto will give rise to the boom of decentralised finance and decentralised autonomous organisations. Decentralised finance will rearrange financial products in a manner that the need for middlemen is eliminated. Decentralised autonomous bodies may be recognised as a new internet community with innovation and out-of-the-box thought processes and solution provisions.

Most meme coins are likely to disappear. These are new and lesser-known coins which have achieved abnormal growth trajectories in relatively smaller times.

Future of Bitcoin in 2023

It is the most widely used cryptocurrency since its first introduction in 2009. The performance of Bitcoin was acid-tested when the Silicon Valley Bank collapsed along with two other cryptocurrency lenders, namely, Silvergate Capital and Signature Bank. During such times, it was observed that bitcoin performed reasonably well instead of the common apprehension that the asset would certainly fail to deliver, given the economic turmoil. So, people have their faith intact in this currency even in 2023.

If we track the historic data regarding the value of Bitcoin every January starting right from 2014, we will find that whenever the value of Bitcoin has collapsed substantially, it has not only recovered in the third year but has crossed all previous benchmarks. Considering this growth trajectory, the collapse in the value of Bitcoin in January 2023 is a positive symbol for investors and an opportunity for them to invest, as well. 

Other Cryptocurrencies Worth Buying in 2023

Besides Bitcoin, the cryptocurrencies which have the potential for reasonably good growth in 2023 are as follows – 

  • Ethereum
  • Ripple
  • Cardano
  • Polkadot
  • Avalanche
  • Tether

Conclusion

Fintech is the application of information or digital technology in the world of financial transactions. Blockchain technology is another useful product of Fintech. To take a lead in today’s modern and innovative career path, a finance graduate should invariably take up an MBA in Fintech. 

The MBA in Fintech programme by Imarticus will enable the prospective candidate to have massive growth right at the beginning of their career. This is a full-time on-campus course with a duration of 2 years. 

Enrol in the course today to boost your career towards a bright future. Visit the official website of Imarticus for more details on this course. 

What is Operational Risk Management?

Posted on by Imarticus Learning

Several industries and organisations experience difficulties, particularly in risk management. These risks mostly result from ineffective internal procedures or external problems that can hamper the operating processes. Operational Risk Management, in such situations, can be regarded as the only breakthrough, as it tends to minimise risks through various processes such as identification, assessment, monitoring and reporting.

More like a process, Operational Risk Management allows for decreasing risks via financial reporting which is prevalent in almost every business organization. After these reports, it is easier for such organizations to estimate where these risks can originate from and how these problems can be easily combatted.

What is the importance of Operational Risk Management?

Since Operational Risk Management eliminates risks by identifying unsafe conditions, it allows to lessen a lot of errors across businesses. The following reasons suggest why these programs are highly important in firms:

  • Improvement in Decision Analysis:

Since these programs are concerned with the identification of risks, it also allows us to understand better and implement necessary strategies which help to complete projects. After well-informed decisions, proceeding turns out to be easier and smoother functions can be employed.

  • Creation of better products:

When risks are minimized within an organization, consistent products are created by them. This would naturally indicate that the company is highly reliable and will have customer loyalty. Even such high-quality products can enhance internal functioning, leading to greater identification of risks.

  • Maintains transparency within the organization:

This program enables a company’s members to communicate their requirements on an internal level. Such communication often leads to greater decision analysis as well as proper financial reporting. These connections also maintain the safety of the employees within an organization, making it mutually beneficial for all.

  • Effective financial forecasting:

Risks related to these organizations are mostly financial in nature. Financial forecasting plays a vital role as it allows one to determine a particular budget, financial decisions, and investments. This would create more enhanced financial reporting, yielding greater positive results.

How does Operational Risk Management Function?

Once firms decide to deal with operational risks, there should be four stages to initiate a risk management segment. Since the goal of such management is to reduce and diminish all the risks to a certain level, decision analysis plays a vital role to establish all these four stages.

The four objectives of operational risk management are as follows:

  • Identification of Risks

This can be regarded as the primary step because it identifies what can be wrong or which areas are highly problematic. A control framework is mostly utilised in such cases in order to remove all the risks completely.

  • Assessment of Risks

An impact and likelihood scale is used in order to assess all the risks properly prevailing within an organization.

  • Measurement and Mitigation of Risks

This works simultaneously with risk assessments within a firm. These risks while being assessed are measured on a consistent scale to prioritize risks and rank on a comparative level. The measurements are also used to understand the costs required to control all the risks.

  • Monitoring and Reporting of Risks

Monitoring of risks occurs through an assessment to understand the problems and instigate changes. These are finally reported to any senior officer, a certified management accountant to be more specific. Then, the last reports are submitted to the board of the firm in order to facilitate decisions.

What are the varied challenges of Operational Risk Management?

Only having a system of Operational Risk Management is not the smartest decision that can be considered by businesses and organizations. Operational Risk is not stagnant, it is more like a chain reaction which leads to the lack of assessing control failures and issues which can also disintegrate or demolish several businesses. 

However, these risks should not be associated with strategic or reputational risks, even though Operational risks are a sub-division of Enterprise Risk Management.

The various challenges related to Operation Risk Management are as follows:

  • The Process is confusing and complex in nature-

Operational risks are turning out to be more complex and confusing day by day since organizations are going through several advancements, particularly in the fields of technology, profit margins, and competition due to globalisation.

  •  Private functions-

Decision analysis is getting more difficult in Operation Risk Management because several organizations utilize these systems everywhere, creating a greater emergence of risks in unexpected areas.

  • Disconnected Systems and Programs-

Since Operation Risk Management appeared to be a reactive function, most organizations led to several disjointed consequences, over-engineered systems, and metrics related to compliance and regulations.

What are the steps to develop strong Operational Risk Management Programs?

Some areas should be covered if a strong Operational Risk Management program is desired to be operated to avoid shortcomings.

The following steps are:

  • Set Up Operational Risk Management as a fundamental system:

This should be a necessary function utilized by all organizations because responsibilities will be clearer and will have an overall understanding related to the value proposition.

  • Focusing More on Change:

High-end technology should be used to increase the value of such programs as well as understand the risks in C-suites and organizations.

  • Operational Risk Management as a stand-alone segment:

No other bodies should intrude in the working of Operational Risk Management programs. It hampers the functions and creates greater risks, once a secondary body is also present.

  • Operational Risk Management as a Partner:

This program should be viewed more as a partner and not a competitor so that functions can be properly identified without any further complications.

Conclusion

The need for Operational Risk Management in organizations is growing day by day. The process allows deepened relationships in the business, allowing greater underlying processes. It can be considered more of a necessity than just an addition to business value.

In order to learn more about this management system, Imarticus Learning’s US CMA Course can be regarded as the best option, especially to become a certified management accountant. This course will take place for over 6-8 months and is an advanced level credential for the ones who want to delve deep into the world of finance and accounting.

For more information, please visit Imarticus Learning.

5 ways to enhance the supply chain management strategies

Posted on by Imarticus Learning

With increased globalization, supply chain management has become crucial for businesses. The supply chain involves an intricate system of suppliers, manufacturers, distributors, and retailers collaborating to deliver customer products and services. 

global chief supply chain management course

Implementing effective supply chain management strategies can aid companies in cutting costs, boosting efficiency, and improving customer satisfaction. In other words, a supply chain is a key component of modern business operations, and mastering it can lead to significant benefits for companies. 

Over the previous five years, U.S. warehouses have grown 68%. Therefore, this is evident in need for warehouse space. Fewer establishments serve as warehouses and retail sites since more consumers and e-commerce transactions exist. The digital model now gives the warehouse priority.

What is Supply Chain Management?

Supply chain management involves a system of logistics, marketing, operations management, and procurement to transform raw resources into completed goods and deliver them to the final consumer. All the processes involved in acquiring, manufacturing, and delivering goods and services must be coordinated and integrated.

A responsive supply chain’s goals are as follows:

  • Satisfying client demands (delivering on time and at the expected cost)
  • Having the ability to scale up or down when demand forecasting fails
  • Handling expenses in uncertain times
  • Adjusting procedures and workflows as needed to meet demands and circumstances at hand
  • Lowering risk via preparation, diversification, and formation of the appropriate relationships

5 Ways to Enhance Supply Chain Management Strategies.

  • Embrace Technology: Using technology can significantly improve the efficiency and effectiveness of supply chain management. Implementing technology solutions such as supply chain management software, automation, and data analytics can help you optimize your supply chain. 
  • Foster Collaboration: Collaboration is crucial in supply chain management. Establishing strong relationships with suppliers, manufacturers, and distributors can help to streamline the supply chain and improve performance. Collaborating with partners can help you identify cost savings opportunities, reduce lead times, and improve product quality. 
  • Focus on Customer Needs: Supply chain management is not just about moving products from one place to another. It’s about meeting the needs of customers. Understanding customer needs essential in developing a supply chain strategy that is customer-focused. 
  • Optimize Inventory Management: Inventory management is integral to supply chain management. Effective inventory management can help you reduce costs and improve customer service. By using forecasting tools and demand planning techniques, you can optimize inventory levels and reduce the risk of stockouts. 
  • Monitor Performance: Monitoring supply chain performance is essential in identifying areas for improvement. By setting key performance indicators (KPIs) and monitoring them regularly, you can measure your supply chain’s performance and identify improvement areas. KPIs can include delivery times, inventory turnover, and order accuracy.

How can supply chain management courses advance your career?

Supply chain management courses can advance your career in several ways:

Develop specialized skills: Supply chain management courses provide specialized skills and knowledge in logistics, procurement, inventory management, and transportation. These skills can help make you unique from other professionals and advance your career.

Expand your network: Supply chain management courses provide opportunities to connect with other supply chain professionals in the industry. This can help you build a network of contacts who can provide job leads, mentorship, and advice.

Stay current with industry trends: Courses may assist you with staying current with trends, best practices, and technology in the supply chain business, which is an area that is continuously evolving. You may use this to increase your effectiveness in your present position and become ready for new possibilities.

Increase earning potential: By developing specialized skills and knowledge, you can increase your value to employers and earn a higher salary. Supply chain management roles are in high demand and often offer competitive salaries.

Advance leadership positions: Supply chain management courses can provide you with the necessary knowledge to advance to leadership positions. With leadership roles, you can have a greater impact on the organization and potentially earn a higher salary.

Gain a competitive edge: Supply chain management courses can give you an edge in the job market. With specialized skills and knowledge, you can stand out from other candidates and enhance your chances of being hired for roles in supply chain management.

The Final Note

Businesses must have a well-planned and efficient supply chain to reduce costs, improve productivity, and satisfy customers’ needs. This post has discussed five important ways to enhance your supply chain management strategies. By focusing on these areas, businesses can enhance their supply chain operations and stay competitive in the ever-changing global market.

So, if you want to learn supply chain in detail, then Imarticus learning Supply chain course is your one-stop destination. Their comprehensive courses cover all aspects of supply chain management, from logistics and inventory management to procurement and distribution. In addition, they offer leadership programs that can help you develop the necessary skills to manage teams and drive change within organizations.

Unveiling the power of data structures and algorithms: 5 real-world applications

Posted on by Imarticus Learning

The fundamental units of programming in the field of computer science are data structures and algorithms. They are the foundation for software development and are crucial for producing successful and efficient applications. 

A data structure in computer science is a framework for managing, organizing, and storing data that is often selected to allow quick data access. A data structure, or algebraic structure about data, is more specifically a collection of data values, the connections between them, and the functions or operations that may be performed on the data.

full stack development course

So what is data structure and algorithm, and how do they function in practice? This blog post will explore the impact of data structures and algorithms: 5 real-life examples.

These examples highlight how data structures and algorithms are used in real-world scenarios. Thus, whether you’re an experienced coder or just getting started, be ready to explore the limitless opportunities made possible by these potent tools.

What are some real-world applications of data structures and algorithms?

Application 1: Sorting Algorithms in E-commerce

Sorting algorithms can sort items by price, name, or any other criteria you want to apply. For instance, if you’re looking for something specific on Amazon and want it at the top of your results page, sorting algorithms will help you achieve this goal faster than manually searching through all pages.

A sorting algorithm is a technique for arranging many things in a certain order, such as alphabetically, from highest to lowest value, or from shortest to longest distance. Input lists of items are used as the basis for sorting algorithms, which then apply certain operations to those lists to produce sorted arrays as output. 

Application 2: Graph Algorithms in Social Networks

Graphs are used to represent relationships between people or objects (nodes). Social networks like Facebook use graphs, and many other companies want to understand their users better by analyzing their online connections.

Due to the enormous quantity of data that social networks produce daily, graph algorithms that are particularly tailored to evaluate and extract information from these networks have been created. 

Application 3: Hashing Algorithms in Cybersecurity

Hashing functions take an input value such as an email address or password and return a fixed-length output called hash value which represents only one possible input value. However, it cannot be reversed back into its original form without knowing its original input value beforehand because there are many possible outputs given any single input value.  

Application 4: Navigation Systems

Large data sets, including many types of information, such as roads, highways, structures, and landmarks, make up maps. A navigation system must swiftly and effectively obtain and interpret pertinent information to navigate this sea of data. 

Data structures and algorithms are helpful in this situation. Navigation systems can locate the optimum route, determine the trip duration, and even offer real-time traffic updates by efficiently structuring the data and employing optimized algorithms.

Google Maps, Waze, and Apple Maps are examples of navigational systems that use data structures and algorithms. To store and manage map data, these apps employ a range of data structures, including graphs, trees, and hash tables. For instance, Google Maps represents the road network as a graph, with each node being an intersection and each edge denoting a road segment. Google Maps can determine the quickest route between any two spots on the map by utilizing graph algorithms like Dijkstra’s algorithm.

Application 5: Image and Video Processing

Image and video processing software may use these matrices to perform various interesting operations, including cropping, resizing, and adding filters. For instance, when you apply the “blur” filter to a picture, the program employs a particular algorithm that performs a mathematical operation on each pixel.

Adobe Photoshop, GIMP, and Adobe Premiere are examples of image and video editing applications that use data structures and algorithms. To store and handle picture and video data, these applications employ a range of data structures, including arrays and matrices. For instance, Adobe Photoshop employs a data structure known as a layer stack to enable users to add and edit various picture components independently.

Ending Note

This post has examined the best real-world uses of data structures and algorithms. We’ve seen how they may be useful for everything from image processing and navigational systems to financial analysis and healthcare. However, these are only a handful of the numerous available applications.

Data structures and algorithms will undoubtedly continue to play a crucial role in determining how we interact with the world around us as technology develops. Hence, it’s important to take the time to comprehend the strength and potential of these amazing tools, whether you’re a programmer, a data analyst, or someone interested in technology.

Your ability to create complete programs, including data structures and algorithms, will be enhanced by taking the Full Stack Developer Pro course from Imarticus Learning. This in-depth, 6-month curriculum will teach you both front-end and back-end programming, giving you the technical expertise needed for a fulfilling career as a full-stack web developer.

Data Engineering and Building Scalable Data Pipelines

Posted on by Imarticus Learning

The significance of data engineering and scalable data pipelines cannot be emphasised enough as organisations of all kinds continue to amass massive volumes of data. In order to derive insights and make educated choices, businesses need reliable means of storing, processing, and analysing their data.

The development of machine learning and the explosion of available data has made the creation of scalable data pipelines an essential part of data engineering. This blog will go into the basics of data engineering, revealing helpful tips for constructing scalable and reliable data pipelines to fuel machine learning in Python.

So, if you’re interested in learning how to handle data and unleash the full potential of data engineering, keep reading.

What is data engineering?

Data engineering is the process of planning, constructing, and maintaining the infrastructure and systems required to store, process, and analyse massive quantities of data. Data engineering’s purpose is to provide quick, trustworthy, and scalable data access for the purpose of transforming raw data into actionable insights that fuel business value.

When it comes to making decisions based on data, no company can do without the solid groundwork that data analysis and data engineering provides.

Distributed computing systems, data storage and retrieval systems, and data pipelines are just a few examples of the solutions that must be developed in order to handle big data.

What is a data pipeline?

The term “data pipeline” refers to a series of operations that gather information from diverse resources, alter it as needed, and then transfer it to another system for processing. In data engineering, data pipelines are often used to automate the gathering, processing, and integration of huge amounts of data from a variety of sources.

Often, data pipelines consist of numerous stages or components that collaborate to transfer data from source systems to destination systems. These steps may involve data intake, data preparation, data transformation, data validation, data loading, and data storage. The components used at each pipeline level rely on the use case’s unique needs.

How to build a scalable data pipeline?

Collect and store the data:

First, you need to find the data you want to analyse and then save it somewhere. As a result, it may be necessary to gather information from a variety of databases, application programming interfaces (APIs), or even human data input. After the data sources have been located, the data must be consolidated into a single repository for easy access by the pipeline. Data warehouses, data lakes, and even flat files are all common places to save information.

Extract and process the data:

After the data has been gathered in one place, it must be extracted and processed before it can be used to build the pipeline. It might entail cleaning, filtering, summing, or merging data from many sources. When data is extracted, it must be converted into a format that the pipeline can use.

Data is mainly processed using two different techniques:

  • Stream processing: A data processing approach that includes continually processing data as it enters, without storing it beforehand. This method is often used for real-time applications that need data to be handled as soon as it is created. In stream processing, data is processed in micro-batches, or small increments, allowing for real-time data analysis.

  • Batch processing: Refers to a method of data processing in which huge amounts of data are processed simultaneously, at predetermined intervals. Applications that need to analyse huge amounts of data over time but do not need real-time analysis might benefit from batch processing. The data in a batch processing job is often processed by a group of computers concurrently, which results in short processing times.

Load the data:

After data extraction and transformation, the data must be loaded into the pipeline. To do this, the data may need to be loaded into a memory cache or a distributed computing framework like Apache Spark. The information has to be easily accessible so that it may be analysed.

Designing the data pipeline architecture:

Lay up a plan for the data pipeline’s architecture before you start with the development process. Data processing pipelines have an architecture that specifies its parts such as a source, collector, processing engine, scheduler and more. These parts determine how information moves in the pipeline, and how that information is handled.

To guarantee the pipeline is scalable, resilient to errors, and straightforward to maintain, its architecture must be thoroughly thought out.

Developing the data pipeline:

Developing the data pipeline is the next stage after deciding on the pipeline’s design. Executing this requires setting up the data processing logic, integrating the pipeline parts, and implementing the pipeline components. At this stage, testing the pipeline is also performed to guarantee it operates as planned.

Monitor and optimise performance:

After the pipeline is up and running, it’s time to start keeping tabs on how well it’s doing. Checking for problems, such as bottlenecks or slowdowns, is part of pipeline monitoring.

Improving pipeline throughput may be achieved by making small changes to individual components, modifying the data processing algorithm, or replacing hardware. In order to maintain peak pipeline performance and maximise data processing efficiency, it is essential to constantly monitor and tune the pipeline.

Conclusion

Data engineering and building scalable data pipelines are crucial components of data analysis and decision-making in today’s business landscape. As data continues to grow, it becomes increasingly important to have the skills and knowledge to handle it efficiently.

If you’re keen on pursuing a career in this field, consider enrolling in Imarticus’s Certificate Program in Data Science and Machine Learning, created with iHUB DivyaSampark at IIT Roorkee. This programme will teach you everything you need to advance in the fields of data science and machine learning.

Take advantage of the opportunity to get knowledge from seasoned professionals in your field while also earning a certification from a prominent university such as IIT. Sign up for the IIT data science course right now and take the first step towards a successful and satisfying career in data engineering.

Inventory Management, Warehousing and Order Management: Importance and Best Practices

Posted on by Imarticus Learning

Inventory management, warehousing, and order management are crucial to running a successful business. Businesses may simplify processes and increase customer satisfaction by properly managing these areas. These supply chain management strategies help companies address cash flow challenges and optimise the flow of materials, leading to improved efficiency and cost reduction.

This blog will discuss the importance of inventory management, warehousing, order management, and best practices.

First, let us understand what the 3 procedures are from the following table:

Aspect Inventory Management Warehousing Order Management
Definition The process of managing the flow and storage of goods, materials, and finished products. The process of storing, managing, and moving goods within a warehouse. The process of receiving, processing, and fulfilling customer orders.
Objectives Optimise inventory levels, minimise carrying costs, and meet customer demand. Maximise storage capacity, optimise the layout and improve operational efficiency. Streamline order processing, minimise errors, and improve customer satisfaction.
Key Activities Forecasting, planning, purchasing, receiving, storing, picking, packing, and shipping. Receiving, putaway, picking, replenishment, packing, and shipping. Receiving orders, processing orders, picking products, packing orders, and shipping orders.
Key Metrics Inventory turnover, stockouts, order fill rate, and carrying cost. Capacity utilisation, order cycle time, order accuracy, and labour productivity. Order processing time, order accuracy, on-time delivery, and customer satisfaction.
Technologies Inventory management software, barcode scanners, RFID, and automated inventory systems. Warehouse management systems (WMS), conveyor systems, automated storage and retrieval systems (AS/RS), and mobile robots. Order management software, customer relationship management (CRM) system, and enterprise resource planning (ERP) system.
Challenges Maintaining optimal inventory levels, reducing excess inventory, and managing stockouts. Maximising space utilisation, improving order accuracy, and reducing operational costs. Managing complex order fulfilment processes, ensuring timely delivery, and minimising errors.
Benefits Improved inventory accuracy, increased productivity, and enhanced customer satisfaction. Optimised space utilisation, reduced labour costs, and improved operational efficiency. Faster order processing, increased order accuracy, and improved customer satisfaction.

Importance and Best Practices of Inventory Management

Importance

Some importance of inventory management are:

  • Ensures fulfilment of incoming or open orders
  • Automates the process of ordering, storing, and optimising goods
  • Prevents the accumulation of dead stocks
  • Saves money by understanding stock trends and using stock efficiently
  • Manages the flow of raw materials from procurement to finished products
  • Enhances product quality
  • Minimises overstocks and improves efficiency
  • Enables businesses to monitor market trends and adjust product offerings accordingly
  • Accurately forecasts how much inventory is needed based on sales activity, preventing overstock and stockout
  • Helps businesses make smart decisions and adjust their product line

Best Practices

Here are some best practices for inventory management:

  • Accurately forecast demand to ensure the right stock levels are maintained
  • Track inventory from purchase to sale to identify trends and ensure adequate stock levels
  • Optimise the entire inventory process, from initial orders to restocking, receiving, storage, and shipping
  • Ensure the right stock is available in the right place, at the right time, and at the right cost
  • Implement a system for tracking inventory turnover and identifying slow-moving items
  • Design the warehouse for efficiency by placing top-selling items in easily accessible locations
  • Conduct regular audits to ensure inventory accuracy and identify discrepancies
  • Train employees on inventory management best practices

Importance and Best Practices of Warehousing

Importance

Some importance of warehousing are:

  • It helps in inventory management, which involves tracking and organising products and goods shipments
  • Warehousing is essential for the efficient storage and management of goods
  • Helps in improving customer service by ensuring that products are available when needed and delivered on time
  • Proper warehouse setup, receiving goods efficiently, storing temperature-sensitive products correctly, picking and packing are some of the functions of warehousing
  • Helps in reducing transportation costs by consolidating shipments and reducing the number of trips
  • It provides a safe and secure environment for storing goods, protecting them from damage, theft, and other risks

Best Practice

Here are some best practices for warehousing:

  • Reduce touch points to streamline operations
  • Control inbound and outbound freight to reduce costs
  • Use automatic data collection to track inventory and avoid manual data entry processes
  • Efficient labour is key to successful warehousing
  • Implement minimal touch of goods, one-way flow, and triadic warehousing principles for warehouse design and operation
  • Use a warehouse management system to maintain a system of record for all inventory
  • Use warehouse management software to help with daily tasks and increase efficiency
  • Better storage allocation helps to optimise warehouse layout and item placement
  • Benchmarking is important to determine best-in-class pick rates and compare performance against industry standards
  • Inventory tracking is essential to warehouse management

Importance and Best Practices of Order Management

Importance

Here are some points explaining the importance of order management:

  • Allows businesses to coordinate the entire fulfilment process
  • Helps to manage inventory levels, ensuring that products are available when customers place orders
  • It helps to ensure that orders are processed accurately and efficiently, reducing the possibility of human error
  • It can help businesses to reduce costs by optimising and reducing waste
  • Helps to improve customer satisfaction by ensuring that orders are fulfilled on time and accurately
  • Allows businesses to track orders from start to finish, providing visibility into the entire fulfilment process

Best Practices

Best practices of order management include:

  • Real-time synchronisation of information to ensure accuracy and avoid errors
  • Integrating with other systems, such as inventory management and shipping, to streamline the process
  • Centralising all orders in one system to keep track of everything in one place
  • Accepting and fulfilling orders, managing inventory, and engaging in post-sales interactions
  • Developing a request for proposal for an order management system to ensure that the system meets the company’s business requirements
  • Mapping order management processes to the supply chain to ensure that the system fits into the order of things and does not disrupt other IT systems
  • Transforming ERP systems to optimise order management processes

Proper inventory management, warehousing, and order management are crucial for businesses that deal with physical products. By implementing these supply chain strategies, businesses can streamline their operations, reduce costs, and improve customer satisfaction.

Conclusion

The Advanced Certification Programme in Digital Supply Chain Management by Imarticus Learning is designed for graduates and diploma holders who wish to learn digital supply chain management.

The programme consists of seven modules that cover essential aspects of digital supply chain strategy and management. These modules include supply chain fundamentals, technology in inventory management, supply chain analytics, supply chain risk management, technology in logistics management, implementation of digital supply chain strategy in a supply chain, and more.

The programme aims to equip students with the required knowledge and expertise to succeed in the fast-growing field of digital supply chain management.

Essentials of Financial Management: Capital Budgeting and Working Capital Management

Posted on by Imarticus Learning

Efficient financial management assists organisations in setting and achieving financial goals, optimising the allocation of resources, and reducing financial risks that may affect financial performance. It also assures financial transparency by creating reliable and transparent financial statements, in compliance with financial regulations and laws. It aids in the monitoring and management of cash inflows and outflows, as well as the optimisation of working capital and the implementation of cash flow improvement plans, in order to maintain a healthy financial position and ensure smooth business operations. 

Capital budgeting and working capital management are both important aspects of financial management. Working capital management, as opposed to capital budgeting, involves overseeing an organization’s existing assets. Both of these aspects lay the groundwork for solid financial management and assist organisations in navigating the complicated financial landscape in order to achieve long-term success.

What is Capital Budgeting?

Capital budgeting is key in the financial management of a company. It involves the process of making long-term investment decisions in assets or projects that are estimated to generate potential cash flows in the future. It entails assessing and choosing investment possibilities that are aligned with the organization’s long-term goals and create value to present to shareholders. 

Capital budgeting tools are often used to examine the financial viability and prospective return on investment of investment projects. They include:-

  • Net present value (NPV)
  • Internal rate of return (IRR)
  • Payback time

Capital budgeting choices are crucial since they entail large financial resources and can have an influence on the organization’s future growth and profitability.

Importance of Capital Budgeting

Capital budgeting is a critical aspect of financial management that helps organizations make sound investment decisions and achieve their financial goals in the long run. It is highly beneficial for the following reasons:-

  • Decisions on long-term investment: Long-term Investment Decisions: Capital budgeting assists organisations in making educated decisions regarding long-term assets. These decisions have long-term consequences and can have an important impact on the organization’s financial success in the future.

  • Allocating resources: Capital budgeting assists organisations in allocating limited resources such as capital in the most efficient and effective manner. This assists organisations in optimising the use of their financial resources and making strategic investment decisions that are in line with their general financial objectives.

  • Tackling risks: Assessing and managing risks connected with long-term investment projects is part of capital budgeting. Effective risk management in capital budgeting assists organisations in identifying, quantifying, and mitigating risks, decreasing the potential impact of bad occurrences on the company’s financial results.

  • Managing capital structure: Capital budgeting assists organisations in determining the best capital structure that minimises capital costs while increasing shareholder value. Organisations may make educated decisions on how to acquire funds and identify the effects of financing decisions on the financial condition of the organisation as a whole by examining the possibilities for funding for investment projects.

  • Strategic planning: Capital budgeting is a critical component of organisational strategic planning. It entails matching future investment decisions with the organization’s strategic objectives and aspirations. It helps organisations to make long-term decisions that prepare them for growth and achievement in a competitive business environment.

  • Creating shareholder value: Capital budgeting decisions ultimately have the goal of increasing shareholder value. Effective capital budgeting assists organisations in maximising shareholder wealth by enabling them to make well-informed investment decisions that are in line with their financial targets and goals.

What is Working Capital Management?

Working capital refers to the short-term assets and liabilities necessary for a company’s day-to-day operations. Management of working capital entails efficiently and effectively managing an organization’s current assets, such as cash, accounts receivable, and inventory, as well as current obligations, such as accounts payable and short-term borrowings. It is an essential part of corporate financial management.

The objective of working capital management is to guarantee that the organisation has adequate liquidity to satisfy its short-term commitments and operational demands while minimising expenses and optimising working capital utilisation. It entails maintaining the right balance between profitability and liquidity by managing cash flow, credit rules, inventory levels, and supplier relationships.

Importance of Working Capital Management

Working capital management is essential for businesses to ensure it has the necessary liquidity to support their day-to-day operations and strategic objectives. It is important for the following reasons:-

  • Operational Efficiency: Working capital management guarantees that a company has enough cash on hand to satisfy its short-term responsibilities, such as paying suppliers, workers, and other operating expenditures. It assists a company in optimising its cash flow, accounts receivable/payable, and inventory levels resulting in improved productivity.

  • Cash Flow Management: Effective working capital management is concerned with controlling a company’s cash flow, which is essential for day-to-day operations. It assists organisations in avoiding cash flow gaps, reducing the demand for expensive short-term loans, and improving the general administration of cash flow.

  • Cost Optimization: Effective working capital management assists a company in reducing the expenses connected with its working capital factors, resulting in improved revenue and financial performance.

  • Growth and Expansion: Working cash is required to support expansion efforts such as expanding operations, releasing new goods, accessing new markets, or making investments in marketing and sales. Hence, working capital management is critical in assisting with corporate development and expansion activities.

  • Relationship Management: Managing relationships with suppliers, customers, and other stakeholders is part of working capital management and facilitates stronger business connections, increased supplier/customer collaboration, and enhanced profitability for the business.

Conclusion

Working capital management and capital budgeting are essential elements of financial management. If you are interested in pursuing a career in this field, you can consider investment banking and capital investment as a career choice. They are highly lucrative areas with significant earning potential, especially when bonuses and commissions are included in. These jobs frequently entail dealing with financial products such as bonds, stocks, and derivatives, as well as offering clients financial advice and solutions.

To get started, you can opt for a reliable professional course to upskill yourself with the skillset required to excel in this field. The IIM Calcutta executive program in investment banking and capital investment is one of the best online courses offered by Imarticus Learning.

Digital Banking: What are Neo-banks and how are they changing the banking industry?

Posted on by Imarticus Learning

Digital Banking is promptly growing as it provides rapid and safe money transactions. It stepped foot in India during the late 90s. Since then it has taken an enormous shape in the banking sector.

When the actions or works of traditional banks are executed through a modern electronic device then that is termed digital banking. It can be executed through a computer, laptop, or smartphone. Both bankers and customers prefer digital banking because it eliminates all the lengthy procedures.

The services of a digital bank can be used at any time as it is open 24/7. This branch of the banking sector has developed so much that many sub-fields have emerged from it. Neo-banks are one of the well-known sub-field of digital banking. 

To learn more about neo-banks, dive into this article!

What are Neo-banks?

Neo-banks are those banks that are operated completely online. This means no work is executed physically and they have no physical existence ie physical subsidiaries. It is mostly used by those people who are tech-savvy and do not carry traditional money with them. 

From money transfers to trading, everything can be executed through neo-banks. Currently, in India, the RBI has not yet directed the complete digitalisation of traditional banks. Hence neo-banks are still in their initial phase in India. However, traditional banks are collaborating with various finance providers so that they can provide their customers with the facilities of a neo-bank.

What are the various features of Neo-banks?

Neo-banks have multiple features that enhance the experience of their customers. Their smart features attract the young tech-savvy population as these actions can be performed through various electronic devices. These features have been elucidated below:

Loans

Neo-banks are well-known for providing both personal as well as business loans. Apart from this, certain underbanked communities also receive services and benefits from the neo-banks. This is done to reduce the gap between neo-banks and traditional banks. Loans from neo-banks are also helping growing ventures and individuals. 

Credit Cards

Credit cards of neo-banks are performing better than those of traditional banks. As they are providing new start-ups with alluring offers. Unlike the traditional banks, they are generally reluctant to do the same. 

There are instances when neo-banks have provided high-limit credit cards with no security to businesses. This is usually done by analysing the performance of that particular company. 

Savings Account

Opening a savings account at a traditional bank is a tedious procedure. People need to stand in queues and fill up various important papers and documents. However, neo-banks offer easy methods through which customers can easily open a savings account and can also issue a debit card for themselves. 

Types of Neo-banks

Furthermore, there are different kinds of neo-banks in the fintech industry. More about these banks have been vividly discussed below:

Full-stack digital banks

Licensed digital banks or full-stack digital banks have received all the requisite approval from traditional banks. They also set up boards for service selections. Full-stack digital banks perform works like issuing cheques and granting loans. 

Full-stack digital banks are economical and do not act as a burden for some traditional banks. However, in India, these banks are still not legal and no one can use them yet. 

Front-end banks

The next kind of neo-bank is the front-end bank. These banks do not possess any banking licenses and depend upon institutions that mainly deal with financial functions. The neo-banks acts like a partner of these institutions so that they can render various financial facilities to their customers. 

As these neo-banks do not have any banking licenses they have to rely on traditional physical banks for generating their balance sheets. 

Standalone digital banks

The next type of neo-bank is the standalone digital bank. These banks are also known as independent digital banks. In reality, these banks are just the digital version of any established traditional banks. 

Although the established traditional banks have their licenses they still need to create a digital license for their digital standalone banks. Licenses are given to those banks that have collected enough deposits. One of the most famous standalone digital banks is the YONO which has been established by the State Bank of India (SBI).

What are the benefits of the Neo-banks?

People are switching to neo-banks as it is providing them with various feasible benefits. These benefits are:

  • One of the biggest benefits of a neo-bank is that it can work on a low operating budget. As these banks’ existence is entirely digital therefore they do not require any infrastructure and maintenance expenses. Therefore, customers do not have to pay certain service charges and have to pay a low amount of interest. 
  • Unlike traditional banks, neo-banks function rapidly. They are accessible 24/7 hence money transactions can be executed at any time by the customers. Customer service of any neo-bank works rapidly and instantaneously as they are driven by AI.
  • A traditional bank might still use outdated technologies but neo-banks do not use them. These banks always use the latest technologies so they have high security. Therefore, neo-banks can easily safeguard the data of their customers.  

Conclusion

The future of neo-banks is quite bright as they are only going to grow rapidly. This will create more job opportunities for the younger population. Therefore, a career in fintech is quite alluring as it will offer high remuneration and other facilities. 

Imartcus Learning’s Advanced Management Programme in Financial Services and Capital Markets will boost your fintech career with IIT Lucknow. This course will help you acquire skills in financial management, FinTech, capital markets, financial valuation etc. Experienced faculty members of IIT Lucknow will assist you through the entire course. 

So, without any further delay, enrol yourself in this course.

From Accountant to CFO: A Career Path Guide

Posted on by Imarticus Learning

Do you aspire to work as a CFO someday? You are in the right direction already if you’re an accountant! Many accounting professionals aim to make the logical career progression from accountant to CFO. You need more than just strong financial knowledge to succeed as a CFO. 

In this blog, we’ll examine the route from accountant to CFO more closely and the abilities, backgrounds, and credentials required to get there. Regardless of your experience level or where your accounting career is developing, this guide will offer you insightful information and helpful suggestions to help you advance your career in CFO. 

Let’s begin the path from accountant to CFO transition!

What is a CFO?

Today’s CFOs have a lot to handle. What duties does a CFO have each day? They are responsible for managing a company’s cash flow, financial planning, hiring and directing their team of financial specialists, and working with internal and external partners to solve issues affecting the business’s bottom line. 

They are also usually viewed as the CEO’s go-to strategic advisor, guiding everything from the budget to utilizing human resources and technology.

Therefore, it should not be surprising that companies look for candidates with various skills when hiring for the CFO role. The majority of those who hold the role have advanced degrees.

What are the responsibilities of the CFO?

 A CFO is responsible for the following:

  • Managing the organization’s financial planning, budgeting, reporting, and analysis 
  • Ensuring adherence to regulatory regulations, accounting standards, and tax laws
  • Leading and developing the finance team and fostering an environment of excellence and integrity are also important. 
  • Identifying and mitigating financial risks and opportunities is another.
  •  Finally, driving innovation and efficiency in the financial processes and systems

The Average Salary of CFO

In the United States, a chief financial officer typically earns $148,062 annually, plus $22,500 in profit-sharing. The salary of a CFO might vary based on the size, location, and sector of the firm they work for. Earning potential may also be impacted by a candidate’s degree of education, experience, and pertinent certification.

How to Become a CFO from an Accountant?

Some common steps that most successful CFOs have taken in their career journey. 

Here are some of the tips for Accountants aspiring to be CFOs:

  • Education

Many employers require candidates to have at least a bachelor’s degree. A Bachelor of Science in finance or accounting is popular for prospective CFOs, while economics or other business areas may also be useful. As you acquire experience, consider enrolling in online short courses in strategic business management, compliance management, import and export management, and business risk management. A greater grasp of analysis, budgeting, compliance, and risk management may be provided via these alternatives.

  • Start as an accountant

Most chief financial officers (CFOs) have worked in public accounting firms or corporate accounting divisions. Accounting is the cornerstone of finance and provides the technical know-how and information required to comprehend a business’s financial performance and health.

  • Learn the required technical skills

Ensuring that the board and CEO’s actions are financially sound is a significant portion of the CFO’s work. Hence the finance director must be an expert in accounting concepts such as budgeting, analysis, compliance, etc. 

  • Gain experience. 

To become a chief financial officer, you must have a broad range of experience in different aspects of finance, such as financial reporting, analysis, planning, forecasting, auditing, taxation, treasury, risk management, mergers, and acquisitions. You must also have experience leading and managing teams, projects, and initiatives. You can gain experience by working in different roles and functions or switching to different organizations or industries.

  • Develop your corporate knowledge across all departments.

The CFO must often work with managers and executives from many organizational departments. Additionally, the finance director frequently makes choices that impact the whole company. Therefore, the CFO needs to know the company’s structure, its most and least lucrative business segments, and the threats and competitors it confronts.

  • Prepare for the role. 

Finally, you need to prepare yourself for the role of a CFO by developing the skills and qualities expected from a CFO. Consider taking a position as a staff accountant, financial analyst, or auditor to obtain first-hand knowledge of how your business manages its finances, responds to reporting requirements, and determines what to buy and spend money on. 

 The Final Words

The transition from accountant to CFO is not simple but achievable with hard work, commitment, and a desire for advancement. You already have a solid base of abilities and knowledge as an accountant, which you may expand upon to advance to the C-suite position. You may create a route to success in the financial business by taking on new challenges, looking for possibilities for advancement, and continuing to study and hone your abilities.

When building a successful CFO career in India, it’s important to remember that the journey to the top is not just about climbing the corporate ladder. Accept the possibilities and challenges that come your way, and don’t be hesitant to take calculated risks.

Imarticus Learning and IIM Indore have partnered to offer you an exclusive Postgraduate Certificate Programme. This intensive 12-month finance program will give you a thorough grasp of financial services and management under the direction of renowned academics. 

This curriculum heavily emphasizes tech-focused skills and is meant to position you for success in the constantly changing financial environment. Don’t pass up this exceptional chance to develop the strategic, analytical, and creative abilities required to become a new-generation CFO. 

Join us on this trip to develop your financial knowledge and reveal your full potential!

Cloud Computing in Financial Technologies and Banking Services

Posted on by Imarticus Learning

Cloud computing often entails a network of distant computers hosted in data centres and managed by third-party companies like Microsoft Azure, Amazon Web Services (AWS), Google Cloud, and more. These service providers provide a number of services like SaaS (Software as a Service), IaaS (Infrastructure as a Service), and PaaS (Platform as a Service) which enable users to scale computing resources up or down according to what they require without requiring any physical infrastructure investment.

Cloud computing has gained a significant amount of traction in the financial industry in recent years owing to its potential benefits like cost optimisations, scalability, efficiency, and agility. It is frequently used in FinTech to build and provide novel financial services to customers like data analysis, fraud detection, risk assessment, CRM, and handling payments. 

Importance of Cloud Computing in the Fintech Industry

Cloud computing enables FinTech organisations to deploy and expand their applications quickly, employ machine learning and data analytics, as well as provide cost-effective services to clients.

It is utilised for a variety of applications in the banking sector. Cloud-based solutions are frequently used by banks and financial organisations for back-end activities. Cloud computing is also utilised for customer-facing services like mobile and internet banking applications, which provide users with more simplified access to banking services over the Internet. 

Challenges of Integrating Cloud Cloud Computing in the Fintech Industry

Financial data is generally subject to regulations and security standards that demand high compliance, and cloud computing adoption in the financial industry is susceptible to legal and safety constraints. To secure consumer data and preserve confidence, financial institutions must verify that their cloud-based solutions comply with applicable rules and industry standards. 

To guarantee data safety and regulatory compliance, cloud computing in FinTech and financial services is often integrated with rigorous security features such as end-to-end encryption, frequent audits and access restrictions.

Benefits of Cloud Computing in Fintech

Overall, cloud computing offers significant advantages to FinTech firms, allowing them to be flexible, inventive, and competitive in the quickly expanding financial market. In general, cloud computing provides the following advantages to FinTech firms:

Cost-saving

Cost reductions are one of the key benefits of cloud computing. FinTech firms may avoid the upfront expenditures involved with the construction and maintenance of physical infrastructure like data centres, servers, and networking equipment. 

They can instead use cloud-based services and purchase resources on a subscription basis, which offers both affordability and scalability. This can lead to decreased expenditures, enabling FinTech businesses to manage resources effectively and invest in other facets of their business.

Scalability and agility

Cloud computing allows you to swiftly scale computer resources as per your business requirements. During instances of heavy demand (introducing new goods or peak processing hours), FinTech firms may readily provide additional resources. 

It also helps limit resources during low demand, thereby cutting down on needless expenses. This scalability and agility enable FinTech firms to respond more swiftly to market developments and client needs, as well as swiftly grow and develop in a competitive sector.

Faster speed-to-market

Cloud computing allows FinTech enterprises to reduce the time it takes to launch novel services and products. FinTech organisations may bypass the lengthy procedure of creating and configuring physical structures by using cloud-based services and infrastructure. 

This allows them to solely concentrate on creating and evaluating their apps or services instead. This can lead to speedier installation and time-to-market, giving FinTech businesses a competitive advantage and allowing them to capitalise on market possibilities.

Better collaboration and inventiveness

Cloud computing makes it easier for FinTech teams to collaborate and innovate. Cloud-based applications provide a centralised framework for teams to work together on projects, exchange data, and access resources from any internet-connected device, at any time. 

This allows distant teams to collaborate smoothly, boosting creativity and efficiency. Furthermore, cloud computing provides a wide ecosystem of tools, services, and APIs that FinTech firms may use to develop novel applications and services like machine learning, data analytics, and artificial intelligence, which can assist drive corporate development.

Enhanced security and data management 

Cloud computing provides sophisticated data management and security capabilities that might be beneficial to FinTech firms. Cloud-based solutions frequently include data backup, redundancy, disaster management, safeguarding essential financial data, and guaranteeing business continuity. To prevent data breaches and unauthorised access to data, cloud companies spend extensively on security measures (encryption, monitoring, and access limits). 

Furthermore, cloud computing enables FinTech firms to readily comply with legal requirements, since cloud providers frequently offer certifications of compliance and controls that can assist FinTech firms in meeting their regulatory duties.

Conclusion

To conclude, cloud computing provides substantial benefits to fintech organizations, allowing them to grow, invent, and deliver solutions to their clients in an efficient and secure manner. However, while implementing cloud computing, fintech organisations ought to think about appropriate security measures, legal requirements, and risk management practices to guarantee data protection and regulatory compliance.

Fintech is a fast-changing sector with an increasing demand for talented workers with knowledge in technology, finance, and business. To recruit and keep top people, fintech businesses frequently offer competitive salaries and perks. Therefore, a career in fintech can be rewarding, since the industry is recognised for providing excellent remuneration packages and prospects for professional advancement.

To take your first step into this field, you can consider signing up for a reliable Fintech certification course. If you are looking for one, you can check out the course offered by Imarticus Learning.