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Customer Service Training: How To Do It Right

Posted on by Imarticus Learning

Poor or unpleasant customer service experiences can cost organisations big time. Disappointed customers will lose trust in the brand and leave negative reviews. In fact, some customers will never return after a bad service experience. This is a loss that any company cannot afford. So, here are the areas that organisations should take care of in customer service training.

Product and Service Knowledge

Future Of Corporate Training

Customers feel frustrated when employees are not able to answer questions about their brand’s products and services. A well-informed set of employees is always the basis for a successful customer service experience. That being said, many people find learning about new products, features or services boring. On top of that, different employees have different learning styles. But, organisations should make sure that each employee knows every detail about their offerings. For that, companies have to get a little creative. Incorporating quizzes into training programs is one of the best great customer service training ideas. Making learning a fun team competition will motivate them to learn better.

Communication Skills

The ability to communicate well is a key skill that every member of customer service management should develop. While learning the features and uses of a company’s offerings is important, it’s also crucial that employees know how to explain it clearly to the customers. If the employees bluff while communicating with customers, it will make them lose trust in the brand. The employees should be taught how to break down complex concepts and explain them in simple form which the customers will understand.

Tools and Technologies

Almost every organisation makes use of innovation in technology to get its job done. It’s crucial that employees do not miss out on practical training on tools that they will use. An employee can learn about products and services and how to conduct conversations with customers through customer service training programs. However, if they are not taught how to use customer support tools, it will have a negative impact on their products as well as on customer interaction management. While some employees can easily pick up the tools, others might need extra skills training. Understanding best practices, learning about the shortcuts and most useful features and creating a level of comfort in using them will help employees bring out their best.

Effectiveness of Program

Time is money. So, better not waste employees’ time by handing them unnecessary complex help articles that will be of no use when they are dealing with customers. Instead, incorporate the elements of gamification into the training program and set up real-life crisis situations virtually. See how they handle those situations and keep track of their performances. Create a reward system and acknowledge employees for good performances. Also, identify the areas they need to work on and offer training to help them improve their performance in those areas. Knowing that the organisation values them, they will feel motivated to learn and perform better. This will result in increased employee engagement and productivity.

Attention to Detail

Every customer has their unique needs. There are times when customers experience issues that have no obvious solutions. However, a true problem solver listens to their problem carefully and goes over every minute detail to find a solution. Tracking details are significant as there will be small clues hidden in these details that will lead to appropriate solutions. Customer service training should focus on helping employees develop a detail-oriented mindset. One of the best ways to promote detail orientation is by developing automated processes which will ensure that employees follow all the necessary steps.

Key Takeaway

An effective customer training program teaches employees how to create great customer experiences. Every company should invest in customer service training solutions, as delivering positive customer experiences matter now more than ever.

To learn more about employee training for customer service, visit Imarticus Learning.

7 Metrics to Measure Supply Chain Performance

Posted on by Imarticus Learning

Measuring supply chain performance is crucial for every business organisation as it helps identify areas of improvement, optimise efficiency and enhance overall productivity. In order to achieve the same, various industries deploy multiple metrics and key performance indicators. Such include perfect order index, supply chain cycle time, and inventory turnover, among others. 

With that being said, here is a detailed article highlighting the seven most effective metrics to help evaluate your supply chain performance. 

Inventory Turnover

Simply put, inventory turnover refers to the total number of times your entire inventory has been sold during a specific period of time. The formula for the same goes as follows,

Inventory turnover = Cost of goods sold/ Average inventory.

It is a key metric that helps to assess how efficiently an organisation manages its inventory. For example, a high inventory turnover rate signifies that inventory is sold quickly with minimal excess stock. Simultaneously, a low inventory turnover rate indicates weak sales performance and inefficiencies in the supply chain process. However, inventory turnover benchmarks usually vary across different industries. 

By keeping track of this inventory turnover rate, organisations can identify potential issues in their inventory management, optimise stock levels and improve the overall efficiency of the entire supply chain process.

Perfect Order Index

global chief supply chain and operations officers course

Perfect Order Index is another key metric used to assess the error-free rate of the entire supply chain design. It is a composite metric, meaning it takes into account various factors such as on-time delivery, complete shipment, error-free documentation, and accurate product selection, among others. To calculate the Perfect Order Index (POI), we use the below-mentioned formula,

POI= (Number of Perfect Orders/Total Number of Orders)* 100

The higher the POI, the greater the number of orders that have been fulfilled accurately and completely, leaving no room for any form of error. By using this metric, business organisations can identify all the weaknesses in their supply chain processes and take the necessary action to rectify them.

Cash To Cash Time

Cash-to-cash time, also referred to as C2C, is another key metric deployed by various organisations to measure supply chain performance. It represents the time utilised by a company to convert its investments in inventory and other inputs into cash flow from sales. It primarily comprises three supply chain measurements, namely,

  • Days of inventory
  • Days of payables and 
  • Days of receivables

A shorter C2C time indicates an efficient supply chain performance, meaning that companies can quickly turn their investments into cash, leading to improved liquidity and financial stability. Contrarily, a greater C2C time reflects inefficiencies in inventory management, payment collection, and supplier retention. 

Fill Rate

Fill rate signifies the actual percentage of customer demand that any business organisation can fulfil from its available inventory without any backorders or stockouts. Reviewing this metric regularly helps companies to measure their supply chain performance, specifically in terms of order fulfilment. 

Let’s explore a small example of how we can calculate the fill rate.

Say, a company has received a total number of 100 orders, out of which it has been able to fulfil 95 orders without any backorders. Then the fill rate would be,

Fill Rate (%) = (95/100) *100 = 95%.

Gross Margin Return On Investment 

Gross Margin Return On Investment, commonly referred to as GMROI, enables businesses to evaluate the profitability of their inventory investments and assess the efficiency of their inventory management practices. In order to calculate GMROI, we use the following formula,

GMROI = (Gross Margin/Average Inventory Cost) * 100

Here, Gross Margin refers to the difference between the total sales revenue and the Cost of goods sold. On the other hand, Average Inventory Cost is the average value of inventory held, during a specific duration of time, such as a month or a quarter.

Warehousing Costs

Warehousing, as we all know, is by far one of the most important components of the whole supply chain process. Therefore, monitoring the Cost of the same is equally essential as it helps to provide valuable insights related to cost optimisation and process improvement. While calculating warehousing costs to measure supply chain performance, we take into consideration multiple factors, such as, 

  • Labour Costs
  • Inventory Holding Costs
  • Material Handling Costs
  • Transportation Costs and
  • Utility Costs, among others.

By thoroughly scrutinising the warehousing costs, enterprises can make data-driven decisions to streamline all their operations while simultaneously reducing costs and enhancing the overall supply chain performance.

Customer Order Cycle Time

Customer order cycle time, as the name suggests, refers to the total time taken from when a customer first places their order to the moment the order gets delivered to the customer’s doorsteps. It serves as a crucial metric for measuring supply chain performance, as it is directly related to customer satisfaction and loyalty. 

A shorter customer order cycle time can enhance a business’s overall competitiveness, resulting in increased customer retention and loyalty. In addition to this, it also plays a crucial role in identifying any bottlenecks or inefficiencies in the supply chain process.

Conclusion

Ensuring an efficient supply chain performance is important for every business, regardless of the industry type. It not only helps to enhance operational efficiency but is also effective in reducing costs and driving the overall success of a business, especially in today’s dynamic and competitive marketplace. To achieve the same, you can refer to the above-mentioned seven metrics that help to fully understand the supply chain performance of your business. 

Additionally, if you wish to gain more insight into managing the supply chain process or if you want to pursue any C-suite roles related to this industry, you can refer to various supply chain analytics course available online.

One such includes the Executive Certificate Programme for Strategic Chief Operating Officers, offered by Imarticus in collaboration with IIM Raipur.

It is a comprehensive 10-month supply chain management program specifically designed for candidates who wish to upskill their strategic, operational, and technical skills related to this field.

Top Indian Start-ups That Are Taking Over the World

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India’s startup scene has been witnessing remarkable growth, with over 61,000 startups recognised as of January 2022, positioning it as the world’s third-largest startup ecosystem, closely following the US and China. The government’s ambitious initiative, Startup India, fuels this progress, which fosters a culture of entrepreneurship and encourages youth to become business leaders.

Paving the way for the younger generation, these startups offer enticing opportunities for individuals to work and gain valuable experience in their chosen domains. 

In this article, we will delve into the world of Indian startups, shedding light on ten trailblazing companies that have not only achieved billion-dollar valuations but continue to revolutionise industries with their ingenuity and vision. We will also offer a brief glance into the significance of IIM executive courses and how the right executive program in sales and marketing and skyrocket your career!

Top 10 Startups in India

Cred

Established in 2018, Cred is a Bangalore-based startup offering a unique platform for paying credit card bills and earning rewards. Valued at $2.2 billion, the 2-year-old company boasts over 6 million customers, targeting affluent clients and gaining significant attention.

BoAt

BoAt is an Indian-origin brand renowned for its top-notch audio devices and smartwatches. It has gained global recognition, securing a place among the top 5 audio system manufacturers due to its exceptional product performance and durability.

Nykaa

Nykaa is a prominent online beauty and fashion e-commerce platform offering wellness and beauty products at competitive prices. Falguni Nayar, a former investment banker, founded the platform, which has grown into a complex business. It was valued at $1.2 billion, raised $25 million in March 2020, had more than 5 million active users per month, and had more than 55 retail locations.

Zomato

Zomato is an online food delivery service startup founded in July 2008 by Deepinder Goyal and Pankaj Chaddah. Initially known as Foodiebay, the platform began when the founders noticed the challenges faced by employees in ordering food. Despite starting small in Mumbai and Kolkata, Zomato rapidly grew, and with their team’s dedication, they overcame the challenge of expanding nationwide. Today, Zomato boasts over 5000+ employees worldwide, making its success story truly remarkable.

Paytm

Paytm is an Indian business solution that provides an e-commerce platform to assist with financial services such as online payment. IFounded in 2010 by Vijay Shekhar Sharma, the platform boasts approximately 20 million active customers, solidifying its status as one of the top international fintech companies.

Meesho

Meesho, founded in 2015 by IIT-Delhi Graduates, is a reseller platform revolutionising e-commerce distribution by empowering homepreneurs to sell products via WhatsApp, Facebook, and Instagram. With a valuation of $2.1 billion, the company raised $300 million, attracting investors like Facebook. As an ecosystem for small businesses, Meesho facilitates online marketplace connections, logistics, order, and payment management. 

Groww

Groww is a Bangalore-based startup offering a user-friendly mobile app and web platform for investing. It aims to democratise investment for the commoner in India, attracting users from smaller cities who had not invested before. The company’s popularity also makes it one of the top startups to work for in India, as it plans to channel its revenue into new products and talent recruitment.

Razorpay

Razorpay is a full-stack financial solutions company based in Bangalore. With a user base of over 300 million, Razorpay aims to revolutionise money management for online businesses. Recognised by YCombinator in 2015, it secured funding of $120,000. Having left Microsoft and Schlumberger, the founders launched Razorpay with the help of startup oasis, addressing the need for a suitable payment system for companies accepting payments in India.

Swiggy

Swiggy, India’s leading food delivery platform, has become synonymous with convenience and satisfying cravings at home. Operating in 27 cities and partnering with over 40,000 restaurants, the Bangalore-based company recently raised $800 million in funding, valuing it at nearly $5 billion. With a target market of 50 million users, Swiggy’s rapid growth has earned it unicorn status, competing vigorously with established players.

Udaan

Established in 2016 by Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Bangalore-based startup Udaan focuses on B2B industries, facilitating collaboration and networking between manufacturers, traders, retailers, and wholesalers. With major brands like Boat Lifestyle and ITC onboard, Udaan boasts over 3 million users in 900 Indian cities. Expanding into the B2C market with its app, Pickily, Udaan competes with brands like BigBasket and Swiggy, offering FMCG products to customers.

Conclusion

In conclusion, the Indian startup ecosystem is thriving, with several remarkable ventures leaving a significant impact. From tech giants like Zomato and Paytm to disruptors like Meesho and Groww, these startups exemplify innovation and vision. 

As the competition intensifies, these startups embrace challenges supported by strategic executive leadership. For professionals aspiring to lead and excel in this dynamic landscape, an Executive Programme in Sales & Marketing Leadership from Imarticus, under the guidance of IIM Lucknow, can equip them with the knowledge and skills to navigate the complexities and drive success in this exciting realm.

Explain the Value of a CMA Certification and its Impact on Salary and Job Prospects

Posted on by Imarticus Learning

In the competitive finance and accounting world, professionals constantly seek ways to stand out from the crowd and advance their careers. 

One surefire way to achieve this is by obtaining a Certified Management Accountant (CMA) certification. The Certified Management Accountant (CMA) qualification is a badge of honor.

So, hang tight as we explore the mind-blowing benefits of the certified management accountant certification course and how it may elevate your job from average to outstanding. 

Let’s begin the fascinating adventure of comprehending the value of a CMA certification and its spectacular influence on your earnings and employment opportunities. 

What is CMA Certification?

Before we dive into the benefits, let’s first understand what CMA certification is all about. 

The Certified Management Accountant (CMA) is a sought designation that shines brighter than a thousand stars in the exciting world of finance and accounting. This esteemed achievement award is more than just a frill for your resume; it’s a magical key that opens the door to limitless chances in management accounting and financial management.

You acquire a title when you become a CMA and search for knowledge that spans a mind-boggling array of abilities. Imagine yourself donning the financial planning cape, brandishing the analytical sword, and mastering the art of decision support while adhering to the code of professional ethics with uncompromising integrity.

Despite the difficulties in becoming a CMA, the benefits are immeasurable. Are you prepared to take control of your future, harness the power of knowledge, and shine the bright light of the Certified Management Accountant (CMA) certificate into it? 

You have a decision, and the adventure is waiting!

How does CMA certification affect salary and job prospects?

For individuals seeking competence in management accounting and financial management, the USA CMA (Certified Management Accountant) Exam is a demanding and well-recognized certification exam. 

USA CMA Exam, given by the Institute of Management Accountants (IMA), is intended to evaluate applicants’ knowledge, abilities, and aptitude in crucial areas of accounting and finance, including financial reporting, planning, analysis, control, decision-making, and professional ethics.

Here are some CMA certification benefits:

Embracing a CMA certification opens doors to exciting opportunities for salary growth in the accounting and finance industry.

  • Gaining In-Depth Knowledge and Expertise

Achieving a Certified Management Accountant certification demands commitment and diligence, yet the benefits are invaluable. The extensive CMA curriculum delves into various subjects, such as financial planning, analysis, control, decision support, and professional ethics. As you immerse yourself in the coursework, you’ll gain profound comprehension and proficiency that surpasses the usual accounting methods.

  • Standing Out in the Job Market

A CMA certification sets you apart in today’s competitive job market. Employers highly value this credential as it signifies a commitment to excellence and a strong understanding of financial management principles. The CMA designation gives you a competitive edge whether you want to advance within your current organization or explore new opportunities.

  • A Global Passport to Success

One of the most significant advantages of the CMA certification is its global recognition. As businesses continue to expand across borders, employers seek professionals who can navigate the complexities of international finance. The CMA designation acts as a global passport, opening doors to job opportunities in various countries and increasing your marketability worldwide.

  • Influence on Salary

It’s no secret that career advancement often comes hand-in-hand with a salary increase. Studies have shown that CMAs earn significantly higher salaries than their non-certified counterparts. The specialized skills and knowledge gained through the CMA program enable professionals to take on more challenging roles, leading to greater financial rewards.

  • Enhanced Job Prospects

The CMA certification boosts your earning potential and widens your career prospects. CMAs are sought after by diverse industries, including manufacturing, technology, healthcare, and financial services. The versatility of this designation means you can explore various industries and find the perfect fit for your career goals.

  • A Network of Opportunities

Becoming a CMA connects you with a vast network of like-minded professionals. The IMA provides access to a thriving community of CMAs, offering networking events, online forums, and professional development opportunities. Building meaningful connections within this network can lead to potential job offers, mentorship, and invaluable industry insights.

  • Confidence in Decision-Making

A CMA certification boosts your technical skills and hones your strategic thinking abilities. As a management accountant, you’ll be equipped to analyze financial data and provide insights that drive sound business decisions. This newfound confidence in decision-making is invaluable, allowing you to contribute significantly to your organization’s success.

  • Career Advancement and Growth

Career stagnation is a common concern for many professionals, but obtaining a CMA certification can break down these barriers. With technical expertise and strategic insight, CMAs are often considered for leadership positions within their organizations. Whether you aim to become a finance manager, a controller, or CFO, the CMA certification can catalyze your career advancement.

  • Making a Difference

Beyond personal and financial growth, the CMA certification empowers you to make a difference in your organization. As a management accountant, your role involves managing financial resources and contributing to sustainable business practices and ethical decision-making. This sense of purpose and responsibility adds depth and meaning to your professional journey.

The Final Words

The value of a CMA certification goes far beyond the letters after your name. It represents a commitment to continuous learning, a dedication to excellence, and a desire to make a positive impact in finance and accounting. From enhanced job prospects to increased earning potential, obtaining the CMA designation can unlock opportunities and open doors to a fulfilling and rewarding career. 

A CMA certification has several perks, and one of the most important ones is how much better off you’ll be financially. The income potential of professionals who achieve the CMA credential frequently increases significantly. Employers strongly respect the particular knowledge and experience that come with the CMA certification, which increases job candidates’ competitiveness. 

Imarticus Learning propels learners into endless possibilities upon attaining the CMA certification. Adopting this prestigious accreditation opens opportunities to work with Fortune 500 firms, opening the path to rewarding careers in worldwide management and accounting.

So, if you want to take your finance career to new heights, consider embarking on the CMA journey—it might just be the key to your professional success!

Python: The Beginner’s Guide to Learning a Powerful Programming Language

Posted on by Imarticus Learning

Have you ever wanted to create your apps, games, websites, or software? Do you feel intimidated by the complexity of coding and the endless possibilities of technology? If so, you are not alone. Many people interested in programming feel overwhelmed by the information and skills they need to learn.

But don’t worry; there is a solution: Python. Anyone may learn Python, a straightforward, adaptable, and well-liked programming language. Python has been created to be simple to read, write, and comprehend. It offers a comprehensive library of modules and packages that may assist you with practically any work, straightforward and consistent syntax, and a wealth of built-in capabilities.

Data Science Course

This blog will demonstrate why Python is the ideal programming language for newcomers. By the end of this post, you’ll have a strong foundation in Python knowledge and a zeal for coding.

Why Python?

Python is one of the most widely used and loved programming languages worldwide. A high-level, all-purpose programming language is Python. Its design philosophy strongly emphasizes code readability through off-side rule-based considerable indentation.

Python has dynamic typing and uses garbage collection. It also supports programming paradigms, including object-oriented, procedural, functional, and structured programming. 

But what makes Python so special?

Here are some of the main reasons why Python programming for beginners is ideal :

  • Python is easy to learn. Python has a simple and expressive syntax that resembles natural language. It uses indentation to structure code blocks, which makes it more readable and elegant. Python also has fewer keywords and rules than other languages, which means less memorization and confusion.
  • Python is versatile. Python can be used for various applications, such as web development, data analysis, machine learning, artificial intelligence, automation, game development, and more. This means you can choose the best approach for your problem and learn different ways of thinking.
  • Python is powerful. Python has a rich set of built-in data types, functions, and operators that can easily handle complex operations. Python also has a huge collection of external modules and packages that extend its functionality and provide ready-made solutions for common problems. For example, you can use NumPy for numerical computing, Pandas for data manipulation, Matplotlib for data visualization, Django for web development, TensorFlow for machine learning, PyGame for game development, and many more.
  • Python is fun. Python is not only a practical tool but also a creative medium. You can use Python to express your ideas and imagination in code. You can create interactive games, animations, art, music, or anything else. You can also explore the fascinating world of computer science and discover new concepts and techniques that will challenge and inspire you.

Python Demand in the job market 2023

By 2023, there will be a tremendous need in the job market for those with Python knowledge. Python has become a popular programming language for various businesses and occupations. Its adaptability, simplicity, and breadth of uses have helped make it popular with employers worldwide.

How to learn Python as a beginner?

Python: A potent programming language for learners

Learning Python is a fantastic experience. It starts with a straightforward curiosity or inspiration. Python may have caught your attention because of its versatility and power. You want to learn more and explore your creative potential with this potent language.

You set off on your trip. You watch videos, read tutorials, and enroll in courses. Variables, data types, operators, and control flow are all things you learn. As you create straightforward applications, Python’s potential becomes apparent.

However, Python is more than simply a language, as you learn more about it. It’s a technique for handling issues and thinking. It’s a method for producing items that are both attractive and practical. Mastering Python basics from scratch is a challenging but rewarding journey.

Learning the basics of Python requires time and work, but it is ultimately worthwhile. You’ll be able to create Python programs that are effective and strong if you have a firm understanding of the fundamentals.

  • Start with the fundamentals. Avoid attempting to absorb everything at a time. Start with the basics, and add to your knowledge as you go.
  • Exercise often. Practice is the key to learning Python. Even if it’s only a simple application, make an effort to write some code every day.
  • Build initiatives. Building projects is one of the greatest methods to learn Python. This will enable you to put the ideas you’ve learned into practice and discover how they might be used in actual situations.
  • Never hesitate to seek assistance. Ask for help if you run into trouble. You may ask questions and receive assistance in several online groups and forums.
  • Have Fun! Python training should be enjoyable. You’re less inclined to persevere if you’re not having fun. You’ll succeed if you can discover ways to make studying Python entertaining.

Mastering the Essentials – Python Language Basics

  • Variables: Variables are used to store data. Any kind of data, including integers, strings, and lists, may be sent to them.
  • Operators: When working with data, operators are employed. Operators can be logical, comparison, or arithmetic operators.
  • Expressions: Variables, operators, and values make up expressions. They may be applied to decision-making and value calculations.
  • Control flow statements: Statements that govern the execution flow of a Python program are known as control flow statements. They consist of while loops, for loops, and if expressions.
  • Functions: Reusable code chunks are referred to as functions. The def keyword is used to define them.
  • Modules: Collections of variables and functions that may be imported into other Python programs are known as modules.

Participate in open-source initiatives. Participating in open-source projects is an excellent additional method of learning Python. This is a fantastic method to interact with the Python community and get knowledge from other programmers. You may contribute to various open-source initiatives, including Django, Flask, and NumPy.  

The Final Words

Python is a good programming language for beginners who want to learn how to code and create amazing things. Python is easy to understand, versatile, powerful, and fun. You can learn Python today by following simple steps and using helpful resources. You can join the Python community and connect with other learners and experts.

A joint initiative between Imarticus Learning and iHUB DivyaSampark at IIT Roorkee, the Certificate Program in Data Science and Machine Learning seeks to provide early and mid-career professionals with a solid foundation in a career in data science and machine learning. This extensive 5-month curriculum, created by prominent IIT professors, explores data mining, Python-based machine learning tools, and using data-driven insights to stimulate organizational growth.

Chief Financial Officer: Exploring Roles and Responsibilities

Posted on by Imarticus Learning

What is a critical marker in determining the success of a business? It’s financial performance, of course. So who works tirelessly behind the scenes to ensure an organisation’s finances are in tip-top shape?

This critical task is the domain of the Chief Financial Officer (CFO). 

A CFO steers the company’s finances through all weathers to reach its destination: financial growth. Their invaluable insights and strategies are critical to helping a business scale new heights.

The CFO holds one of the topmost positions within the upper echelons of an organisation’s management. With ever-changing business dynamics, increasing financial risks, and a volatile policy landscape, the CFO can act as an anchor to tide through financial storms. Over the last few decades, their roles and responsibilities have expanded and become even more integral to running a well-oiled organisation.

Curious about this top executive’s role and its responsibilities? Let’s give you a breakdown of the intricacies of being a CFO and what they do. 

Who is a Chief Financial Officer (CFO)?

A Chief Financial Officer (or CFO) is a top-level executive holding the highest rank within an organisation’s financial department.

The CFO is responsible for managing an organisation’s finances and financial activities to ensure its fiscal health.
Part of the esteemed ‘C-suite’ (the ‘Chiefs’ or executive-level managers of companies), the CFO works closely with the Chief Executive Officer (CEO) to brainstorm financial strategies and innovations to achieve financial growth. 

With rapid advances in technology and volatility in the economy, the role of a CFO has transformed from a mere number-cruncher to a strategic partner to the CEO. Today’s CFOs wear multiple hats within an organisation. They act in the capacity of a risk manager, strategic planner, financial advisor, spokesperson, and financial steward and operator. Most importantly, they are business leaders who are catalysts for the growth and development of a business. 

Let’s look more closely at their roles and responsibilities.

Roles and Responsibilities of a CFO

The CFO of today’s companies has to juggle several roles and responsibilities. 

Take a look at the roles and responsibilities of a CFO:

Oversee the functioning of financial departments: 

chief financial officers course

The CFO oversees the overall operations of the financial department and assesses its performance. These departments include accounting, budgeting, compliance, auditing, and other finance operations. The CFO is the glue that holds them together.

Perform treasury duties: 

The CFO has to ensure the optimal management, distribution, and investment of funds to ensure a healthy capital structure. They make policy decisions regarding the company’s financial structure to maintain a healthy balance sheet with profitable cash flow and liquidity. 

Analyse and present financial data: 

The CFO oversees the company’s finances and delivers financial information to all stakeholders. They are responsible for providing accurate financial data, looking at past performance, analysing the company’s financial health, and strategising for the future.

Strategic planning: 

CFOs are not simple number-crunchers. They are strategic partners in spearheading innovations, mapping action plans, and providing financial leadership that promotes dynamism and change.

Collaborating with the C-suite: 

CFOs are top-level executives who have the ears of the CEO. They also work in close association with the other ‘Chief’ designates, including the Chief Product Officer (CPO), Chief Information Officer (CIO), and Chief Operating Officer (COO). They collectively make decisions regarding the most critical company policies and objectives.

Risk management: 

Financial risks can cripple a company without competitive management. This is where the CFO comes in. They are responsible for financial risk management within an organisation. It involves identifying, assessing, managing and monitoring risks.

Liaison with financial actors: 

A part of the CFO’s role is to build relationships with financial actors beyond the company to ensure its financial security. They liaison with bankers, lenders, investors, shareholders, hedge fund managers, and more. 

Oversee compliance: 

Non-compliance with regulations and policies can get companies into serious hot water with the authorities. The CFO ensures that the company is updated on regulations and ensure that they are strictly observed.

The roles and responsibilities of a CFO are multifaceted. As the position gains even more importance with time, the qualifications to achieve the seat at the table as a CFO will get increasingly difficult. CFO certification courses have become very popular to equip CFO aspirants with the skills and requirements of the job. 

How to become a CFO?

With one of the highest-paying positions in the company and an esteemed place in management, the role of a CFO is a highly coveted one. But becoming a CFO is not a cakewalk. You need to demonstrate that you are capable of taking on this leadership role. 

Here are the requirements for becoming a CFO:

Education:

An educational background in finance, business, accounting, economics or management is generally a prerequisite for becoming a CFO. Your best bet is, however, a bachelor’s or master’s degree in finance or accounting to get on the path to becoming a CFO. A postgraduate degree in these fields can greatly improve your chances by building strong foundational knowledge.

Credentials:

Get professional credentials like the Certified Public Accountant (CPA) certification, Certified Treasury Professional (CTP) certification, CMA (Certified Management Accountant) certification or Chartered Financial Analyst (CFA) certification. These qualifications will help you grow in your career. 

Gain industry experience:

Industry experience is essential to becoming a CFO. Gaining industry experience of about 10 years cements your practical knowledge of the workings of the space. The exposure is critical to the development of insider knowledge that can shape critical insight for a company’s growth. 

Experience in managerial roles:

A CFO is a leadership role, and assuming responsibility as a manager can advance your chances of becoming a CFO. It helps you demonstrate your management and leadership capabilities. 

Soft skills:

A CFO should demonstrate soft skills to shoulder the demands of the job. They should have leadership skills, critical thinking ability, problem-solving expertise, conflict resolution ability, and good communication skills. 

Upskill with Chief Financial Officer courses:

Take advantage of the Chief Financial Officer courses to upskill for career development. Elevate your potential with IIM Indore online courses for future CFOs like the Postgraduate Certificate Programme for Emerging CFOs. This specialised financial program, developed by IIM Indore, is among the best Chief Financial Officer course to upskill. 

Conclusion

The office of the CFO is one of the most powerful within any organisation. They shoulder the immense task of managing and securing a company’s financial future. CFOs study the past, assess the present, and forecast the future of the company through finances. The roles and responsibilities of the CFO provide the company with a strategic and innovative partner to reach new heights of success. It’s not surprising that future candidates are actively seeking the best CFO certification courses to secure these positions. 

Importance of SEO Research and SEO Integration

Posted on by Imarticus Learning

Search Engine Optimisation (SEO) is one of the key tools one needs to acquire to become a digital marketer. SEO can be regarded as the backbone of most brands due to its viable and cost-friendly methods to reach customers effectively.

It is generally known to be a practice which increases the quality and quantity of traffic to a particular website via search engine results. A soaring rank is gained by the website with greater visibility online, leading to more availability of customers.

SEO Research gains most of its importance from keywords. Through such research, there are certain optimal keywords which are in high demand according to consumer requirements. These keywords allow for boosting the website rankings bringing in a larger audience.

Integrated SEO refers to the utilisation of content to gain higher ranks on sites such as Yahoo, Google, and Bing. These rankings can be found in leads, increased traffic, greater visibility, and revenue.

How is SEO Research performed?

There are certain steps which can be followed to perform SEO keyword Research, mostly applicable in digital markets. Let us discuss these steps in more detail.

Creating a list of relevant topics depending on the type of business

There should be certain general topics to choose from to find the most suitable one. For regular bloggers, having 5-6 topics in mind always comes in handy for day-to-day requirements. These ideas should be thought of in the perceptions of the buyers or the target audience for greater clarity.

Filling of topic buckets with required keywords

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Once you have selected over 5-6 topics, it is now important to identify the keywords which are suitable for consideration. The target audience will conduct all searches related to these 1-2 selected terms. The greater point underlying this step is to think of phrases which will be considered by potential customers which would make easier selection of the keywords.

Another way of selecting the keywords is to figure out which keywords are already being searched. To perform this step, certain website analytics software such as Google Analytics and Hubspot’s Sources Report can be highly helpful. After drilling down the traffic sources of these websites, keywords can be identified more proficiently.

Understanding the Role of Intent in keyword research

User intent can be regarded as one of the major factors to gain a proper rank on search engines such as Google. Nowadays, the webpage is supposed to solve the problem a searcher is planning to work on rather than simply carry keywords used by the searcher him/herself.

Although it is easy to consider a few keywords in terms of face value, to become a digital marketer, one has to understand the different meanings of these keywords. Since the intent of such keywords is connected to the ranking potential, one has to be extra careful with the targeted keywords.

Analyse other search terms

If there is a dilemma with more suitable keywords related to a specific topic, search for more related terms over digital spaces such as Google. Several suggestions related to the original input are visible across such spaces, making it easier for a digital marketer. If any other potential keyword is found, that can be put to use.

Usage of other research tools for keywords

There are other research tools as well as SEO tools that are ideal for finding the most suitable keywords concerning the topic. Some popular research tools are as follows:

  • Google Keyword Planner
  • Ubersuggest
  • Ahrefs
  • SECockpit
  • Keywords Everywhere
  • Moz
  • KWFinder

What are the strategies for SEO integration?

SEO integration is one of the best marketing strategies to achieve good quality, long-lasting results. There are a few strategies for an integrated approach to SEO. These steps are as follows:

  • It is important to check if the website is up to the required standard. Even if it’s not updated, please check on the inner workings to see if everything can work smoothly without challenges.
  • If one wants to become a digital marketer, he/she should construct certain analytics for progress. Data traffic and attributing numbers are highly critical to ensure efforts in such situations.
  • Social media also plays an important role in these situations. Sites such as Facebook, LinkedIn, and Twitter lead to driving traffic in similar ways to SEO. Social media shares also play a role to achieve a rank via pages.
  • Content creation can also be considered one of the greatest strategies in the present context. High-quality content ranks at the top of search engines, generating several leads.

The advantages of SEO are evident only if the optimisation is implemented in a strategic and deliberative way. Hence it is proven that websites can be SEO optimised and user-friendly by using the integrated approach.

Conclusion

Learning about the role of SEO Research and SEO integration can be best acquired from a digital marketing course. The Advanced Certification in Digital Marketing and MarTech by Imarticus is the best course for understanding the fundamentals of SEO. The application deadline for this course is 14th July and classes will take place for over 4.5 months. Taught by professors from IIT Roorkee, this digital marketing course will gain you placements in top companies such as Dentsu and Accenture. To know more about this course, visit Imarticus Learning.

Leading Careers for Finance Aspirants in 2023

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Money makes the world move, and finance is at the heart of understanding it. Whether planning an individual’s food budget for the month, handling the investments of a large MNC, or proposing a budget for a country of over a billion people, you need to understand how finance work. 

From small questions to big ones, finance will give you the skills to understand them all. No wonder it is one of the most sought-after degrees in the world today. Out of the 3.82 lakhs net increase in jobs in the financial year 2022, finance (along with IT and banking) was one of the three sectors that contributed to the 93 percent net increase. According to the Federation of Indian Chambers of Commerce and Industry, the domestic financial sector is expected to generate another 50 lakh jobs in the next ten years. Moreover, the salary in the financial services sector is predicted to increase by 9-12%. 

Capital Market Course

To meet the ever-increasing demand among aspirants and professionals looking to upskill, some premier institutes in India are offering financial services courses, like IIM Lucknow online certificate courses for finance. 

If you want to ride the wave of growth in the financial sector, here is your chance! Take a look at some of the leading careers for finance aspirants in 2023.

Leading Careers for Finance Aspirants

Finance professionals are an essential part of any organisation, no matter their size. The job prospects are immense, and the roles pay incredibly well. If you want to secure your professional growth in the financial sector, these are the careers that you can look into.

Financial Advisor

A financial advisor is your one-stop shop for all finance-related advice. These professionals help their clients make informed financial decisions, build an investment portfolio, make retirement plans, provide insurance coverage advice, strategise tax planning, manage debt, and much more! They help people get their financial affairs in order based on their goals. A financial advisor can expect to earn an average base salary of INR 4,26,380. 

Financial Analyst

One of the most sought-after positions in the financial services sector is of a financial analyst. A financial analyst is responsible for assessing and analysing the financial data of an organisation to help it steer business decisions through recommendations. They evaluate the fiscal health of organisations based on which they advise the stakeholders and help them draw up a plan of action. The average salary of a financial analyst in India is INR 4,81,684, subject to various factors. 

Investment Banker

Investment bankers are at the top of the chain in the financial services sector. One of the most highly-paid careers, with an average salary of INR 8,94,943, it is also an extremely demanding and competitive career option. An investment banker is a professional who provides financial services to corporates, retail and institutional investors, and governments to raise capital, invest, manage debt, and arrange mergers and acquisitions. 

Financial Software Developer

If you want to combine your love for technology with finance, a career as a financial software developer is just what you need! As the world becomes even more technologically advanced, the finance industry is increasingly relying on technology to foster its growth. Financial software developers provide their technical expertise to the finance industry by developing, maintaining and upgrading software that provides solutions and meets its transforming needs and requirements. The boom in the Fintech industry is a testament to the collaboration between the two sectors. 

Financial Risk Manager

Whether it is a recession, inflation, pandemic, natural disaster, or war, the financial sector has to weather several storms. Financial risks constantly threaten the economy and market. A financial risk manager protects an organisation from internal and external risks to ensure its financial stability and growth. It is a professional designation issued by the Global Association of Risk Professionals (GARP) through their FRM Certification. They identify, analyse, and mitigate threats to the organisation through strategic risk management.  

Actuary

If mathematics is your field of expertise, then the role of an actuary will be right up your alley! An actuary uses advanced mathematical and statistical techniques and models to measure and manage the risks and uncertainties of future events. They analyse financial risks resulting from future scenarios and assess their impact based on historical trends and future projections. Actuaries are essential for sectors like insurance, social security, annuities, pensions, health benefits, government schemes, investments, and business management. The average salary of an actuary in India is INR 10,13,674.

Treasury Manager

A treasury manager is the gatekeeper of an organisation’s financial resources. They are responsible for overseeing the management of corporate finances, including cash flows, liquidity, financial records, investment management and risk management. You can expect to earn INR 12,31,513 per annum for helping an organisation achieve its financial goals and safeguarding its financial health. 

Hedge Fund Manager

For those seeking a fast-paced, intensive career track with high rewards, being a hedge fund manager is the career for you. Hedge fund managers are responsible for managing a hedge fund (a pooled investment fund) and making investment decisions that are high-risk and high-reward. They constantly seek ways to outdo the market returns by reading market indicators and the general economic climate. The world’s richest hedge fund managers have a net worth in the billions!

Chief Compliance Officer (CCO)

A member of the C-suite (the coveted club of ‘Chiefs’ leading an organisation), the Chief Compliance Officer (CCO) oversees and ensures that an organisation adheres to the laws and regulations of the state. They protect the company by ensuring it toes the lines of governmental regulations that affect its operations. The average salary of a CCO in India is a whopping INR 32,22,193!

Chief Financial Officer (CFO)

The head honcho of the financial department in any organisation, the Chief Financial Officer (CFO), is the zenith of success for any finance professional. This C-suite executive works closely with the CEO and other C-suite members to strategically lead the company’s financial growth. The CFO is responsible for overseeing the entire financial management of an organisation, liaison with external financiers, assessing and evaluating the financial health of the company, managing financial risks, and much more! A CFO in India can earn a mind-boggling average salary of INR 35,71,771!

Conclusion

The ever-changing and ever-evolving financial sector is continuously expanding. One thing that has remained constant throughout its dynamic growth is the demand for financial services. Finance professionals have the flexibility to move across industries equipped with their expertise. But, if you have higher aspirations and want to be the next CFO of a Fortune 500 company, you have to continuously learn and grow.

This is where Imarticus’ Advanced Management Programme In Financial Services And Capital Markets, offered by IIM Lucknow, can be your guiding hand.

Among the top IIM finance course, this program will help you develop a comprehensive knowledge of digital banking, capital markets, risk management and fintech domains. Connect with the brightest minds in the world as you become part of the illustrious IIM Lucknow alumni.

Automation in HR: Top HR Softwares in India

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From hiring and onboarding to ensuring quality employee experience, managing all of these HR management tasks has always been challenging. To deal with these complexities, many businesses leverage the power of HR software to streamline all their operations and enhance the overall efficiency of the organisation. 

On that note, let us explore the benefits of using HR software as well as the top HR software solutions used by various organisations across India. 

Benefits Of Using HR Software

Before delving into the intricacies of the various HR software available, let’s first look at the benefits of using them.

Real-Time Analytics And Reporting 

HR software provides valuable insights through real-time analytics and reporting. Human resource professionals can monitor key performance indicators, or KPIs, study workforce trends, and make data-driven decisions to optimise strategy with the aid of HR software. 

Additionally, HR experts may utilise the data to plan and implement successful programmes to raise overall productivity levels across the board for both employees and the company, promoting a positive work environment for all. 

Significant Reduction In Manual Errors

Organisations can greatly lower the likelihood of human error by deploying the necessary HR software. Saving both time and money is possible as a result. It is now possible, for instance, to combine most modern HR software with payroll systems, which makes it much easier to manage payroll with much greater accuracy and efficiency.

Enhanced Employee Engagement

Most HR software and tools are equipped with various features, such as performance feedback tools and employee self-service portals, among others. With the help of the same, employees can quite easily access important information, request leave, and provide valuable feedback in a much more convenient and efficient manner, thus enhancing the overall engagement rate.

Apart from all these above-mentioned benefits, there are also several other advantages that you can enjoy by implementing HR software into your business. Such include compliance and legal adherence, seamless onboarding, and better performance management, among others.

List Of Best HR Software In India

According to a recent survey, as much as 74% of organisations have agreed that they wish to increase their expenditure related to HR tech in order to meet the pressing talent needs. On that note, here is a comprehensive list detailing some of the best HR software applications currently available.

Freshteam

When it comes to workforce management, nothing can beat Freshteam at its game. Packed with robust features, Freshteam is a one-stop destination for fulfilling all your HR duties. With the help of this platform, you can attract, hire, and onboard employees in a seamless and hassle-free manner. 

In addition, Freshteam allows for managing offboarding tasks, accessing employee information, and recording time and attendance. All these features make this platform a must-have for all types of businesses. Freshteam subscription starts from $50 per month, which can accommodate up to 50 active users. 

Zing HR

Moving on, Zing HR is a popular cloud-based human resource management software (HRMS) in India. It offers a comprehensive suite of HR and payroll tools that help streamline HR operations, enhance employee engagement and improve the efficiency of an organisation. Some of the key features included in this application are automated payroll processing, time and attendance tracking tools, and detailed analytics and reporting abilities. 

Bamboo HR

Some of the diverse features that set Bamboo HR apart from its other competitors are its intuitive design and easy-to-use specifications. It is an all-in-one HR software specifically useful for small and medium-sized businesses. It covers some key HR functions such as performance management, applicant tracking, payroll processing, and employee records management. 

Kredily

Established in the year 2017, Kredily is a comprehensive cloud-based HR and payroll software platform that is specifically designed to automate all HR operations for businesses in India. One of the many features offered by this platform includes its ATS, an applicant tracking system that enables HR professionals to streamline all their recruitment processes, starting from sourcing to candidate onboarding. With the help of this feature, recruiters can also manage job postings, track applications, and conduct interviews efficiently, all in one platform. What’s more? You can avail all of these HRM and payroll solutions free of cost! 

Beehive HRMS

Beehive HRMS is another fantastic platform used by many businesses pan India to streamline their HR processes. This cloud-based HR software makes it much easier for the HR team to manage their workforce easily and hassle-free. From recruitment to payroll management, you can streamline all these tasks with Beehive HRMS. Some of the many features that make this platform an invaluable tool for most business enterprises are timesheet management, travel and expense management, offboarding, and helpdesk. 

Conclusion

HR software has proved to be instrumental in empowering HR professionals to work more efficiently, improve employee experience, and make data-based decisions. The various automation capabilities and data analytics provided by these platforms give organisations that much-needed competitive edge and enable them to attract, develop and retain top talent.

If you wish to know more about such HR software or simply want to unlock your full potential in the dynamic field of HR, do not forget to check out the People Leadership and Strategic HR Management program, brought to you by IIM Lucknow, in collaboration with Imarticus Learning. This 11 months strategic HR training course will equip you with all the relevant skills and knowledge required to excel in this field. With this people leadership training program, you will also explore innumerable benefits, such as masterclass sessions, hands-on experience in managing teams, and valuable insights into management challenges. 

So what are you waiting for? 

Enrol in our comprehensive people leadership program today and gain the knowledge and take your career to the next level!

Accounting for Intangible Assets: Recognition, Measurement, and Impairment

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International Accounting Standards 38 (IAS) directs the accounting procedure and prerequisites for intangible assets. Intangible assets are not physical substances; hence unidentifiable and cannot be recognised. Assessing the value of intangible assets in monetary terms is tricky and involves specific recognition and measurement processes. 

The intangible assets that attain the identification criteria are first measured at cost. Then they are amortised and measured systematically to calculate the value of the asset’s remaining useful life. Computer services, company goodwill, trademarks, and patented technology are some examples of intangible assets. Read about the recognition criteria, measurement procedure, and other factors regarding intangible assets covered in an ACCA course online.

Recognition Criteria

According to IAS 38, only the intangible assets associated with an entity will be recognised. Such an asset can be either purchased or self-created, but it must meet specific requirements, which are:

  • There must be a high probability that any economic benefit resulting from that asset will go in favour of the entity.
  • The value or cost of the asset must be ascertained reliably.

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Recognising intangible assets requires fulfilling various other criteria and pursuing an ACCA course online can help one understand how to deal with them effectively. If an intangible item does not meet both the recognition criteria, it will fall out of the assets category, and the expenditure incurred on such an item will be recorded as an expense in the accounts books.

Measurement of Intangible Assets

As stated in IAS 38, intangible assets are initially measured at cost. The value of intangible assets will always be measured and recorded in the books of accounts at the cost the entity has acquired it. 

Measurement post acquisition

Another way of measuring intangible assets is in case of acquisition of the same. Understanding the modes of calculating and measuring intangible assets is essential if you are preparing for the ACCA exam. Measurement of intangible assets in case of acquisition can be done in two ways enumerated as follows:

  • Cost model: In this model, once an intangible asset is developed or brought at cost and has been recognised, it should be calculated at cost deducting the total impairment losses and amortisation.
  • Revaluation model: Another mode of measuring intangible asset value is the revaluation model, where the revalued amount is based on fair value. If any reference to any active market can ascertain the fair value of the asset, the value of the intangible asset will be measured at fair value minus the accumulated amortisation and impairment losses. However, the existence of active markets in the case of intangible assets is rare. 

As per the revaluation model, revaluation rises are recorded in other comprehensive income. Revaluation surplus comes under the head of equity only if not recorded in the profit and loss statement. However, the revalued intangible asset has a limited life span and hence is likely to be amortised.

Measurement of Intangible Assets Based on Useful Life

Intangible assets can be classified into two broad categories as mentioned below:

  • Infinite life: Intangible assets are said to have infinite life when there is no foreseeable limit to the time or period to which that asset can yield cash inflows for the entity.
  • Finite life: Intangible assets have a finite life when there is a foreseeable limit to the period up to which it can generate cash inflows and benefit an entity.

Both these categories follow different methods of value measurement of the assets. 

Measurement of intangible assets with an indefinite useful life

While measuring the value of an intangible asset with an indefinite useful life, the asset’s amortisation should not occur. The value and indefinite life of the asset should be revised in each accounting period to check whether it lives up to the circumstances and events of indefinite useful life. If not, the shift from an indefinite to a finite useful life evaluation should be recorded as a modification in an accounting estimate.

Additionally, the intangible asset should also go through an assessment to check for empowerment according to the IAS standards 38. 

Measurement of intangible assets with a finite useful life

An intangible asset with finite useful life needs to be amortised, and the value of the asset should be assessed by deducting the residual value of the asset from the cost of the same. This process should follow a systematic way to evaluate the cost over a period of time correctly. 

However, the process of amortisation of the asset should depict the pattern of benefits, based on the fair value of the intangible asset. In case the pattern cannot be adequately evaluated, the amortisation process should be done according to the straight-line method. Generally, the cost of amortisation is recorded in the profit and loss statement unless otherwise required to be recorded as an expense as regards another asset. The period of amortisation needs to be reviewed at least once a year.

The amortisation standard involves a rebuttable presumption that the revenue-based amortisation process of an intangible asset is improper. Still, there are a few instances when this presumption can be proven wrong, such as:

  • When the intangible asset is recognised as a source of revenue.
  • When it can be shown that revenue and consumption of economic benefits of the intangible asset are extremely correlated.

Conclusion

We have moved beyond calculating and assessing the value of tangible assets, as the role and significance of intangible assets in an entity has grown manifold. Understanding the accounting standards for intangible assets has become extremely important for the upcoming chartered accountants. However, deriving the right value of an intangible asset is much more complex and challenging when compared to tangible assets.

If you want to become a leading chartered accountant focused on making an impact, then the Association of Chartered Certified Accountants, UK Programme by Imarticus can be a great step towards achieving a successful career. Enrol to pursue an ACCA course online and learn all you need about financial accounting, management accounting and business technology with a back-to-basics approach smoothening the transition for working professionals.

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