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Supply Chain Management 101: Roles, Objectives and Keys to Success

Posted on by Imarticus Learning

Supply Chain Management (SCM) connects the manufacturers to their customers. It ensures the balance of demand and supply, inventory management and streamlining the sales and operation planning process.

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Thus, monitoring and maintaining these processes is essential for the smooth functioning of an economy. Supply chain management is a dynamic field that calls for multifaceted, versatile individuals with a strong knack for logistics. 

Want to learn about the roles and objectives of supply chain management? Read on to find out!

Aims of Supply Chain Management

The main goals of SCM are:

  • Making operations and production systems efficient

Knowledge of supply chain management enables the streamlining of business operations. It involves organising the production end and making effective distribution and supply strategies.

  • Monitoring and fine-tuning quality control

Supply Chain Managers are responsible for ensuring that the quality of the product meets industry standards. They are also responsible for formulating operations protocols. Incorporating sustainable and ethical practices while following safety guidelines is one of the primary objectives of SCM. Real-time tracking of product quality helps detect and remedy manufacturing errors promptly.

  • Improving logistics

Bolstering logistics is critical to improving sales and production. Supply chain management aims to automate repeated processes such as placing orders for raw materials, tracking market rates, estimating demand and business costs, and generating operations reports. Efficient scheduling enables maximum productivity and utilisation of raw materials and human resources. A robust supply chain bridges the gap between manufacturers, wholesalers, retailers and customers.

  • Controlling wastage and costs

Reducing expenses on raw materials and overheads is the primary goal for any company. It calls for a reduction in waste generation and the implementation of best practices. The supply chain should aim to be sustainable and minimise costs to maintain a healthy profit margin. Shortening the holding period of products and materials enables the seamless flow of goods from manufacturer to consumer.

  • Improving customer satisfaction

Pricing and delivery are two things a customer considers while purchasing a product. Applying supply chain management techniques ensures the continued availability of goods and heightens customer satisfaction. Selling products at the lowest possible price while maintaining profit margins aids customer retention.

  • Facilitating proper transport and distribution of goods

Transport and delivery are crucial supply chain components. Streamlining transport cuts down overheads and guarantees swift delivery of goods to clients. Automating inventory and distribution processes enhances the efficiency of supply operations and ensures the timely meeting of delivery deadlines.

  • Aiding sales and operation planning

Understanding demand and supply dynamics helps coordinate sales and production. Adjusting the supply chain operations to adapt to market trends in real-time ensures the company’s longevity in a volatile economy.

What is the Role of a Supply Chain Manager?

Supply Chain Managers lie at the heart of the operations of a business. Their role is often collaborative and requires the cooperation of different departments within an organisation. 

The chief responsibilities of a Supply Chain Manager fall under five headings.

Planning

  • Preparing blueprints for the supply chain structure of a company
  • Forecasting market demand
  • Calculating material and production costs
  • Estimating and managing risks factors

Sourcing and Procurement

  • Scouting vendors for raw materials
  • Purchasing quality materials at fair prices
  • Ensuring proper transport of materials

Storage and Documentation

  • Maintaining inventory logs
  • Implementing effective warehousing procedures
  • Incorporating digital and automated solutions to the documentation of sales and operations data

Production and Operations

  • Setting proper manufacturing and operations protocols
  • Using new-age technology to improve production practices
  • Enforcing best practices and following industry standards
  • Identifying faults in the supply chain and coming up with solutions to fix them
  • Reducing wastage and applying sustainable solutions to the production process
  • Monitoring logistics and productivity

Sales and Supply

  • Working with clients and setting realistic timelines for the delivery of products
  • Ensuring the sale of the products at competitive market prices
  • Tracking shipping and delivery of products
  • Staying up-to-date with market prices to ensure maximum profit generation
  • Improving the quality of products and customer service to ensure customer retention

SCM: Keys to Success

In addition to theoretical knowledge of SCM, several factors influence the success of the supply chain. Learning to use these factors to one’s advantage distinguishes a company from its competitors.

Some of these factors include:

  • Establishing a network with industry professionals
  • Improving the flow of transactional data throughout the supply chain system
  • Applying new-age technologies and data analytics to business operations
  • Knowing when and how to delegate and outsource work
  • Creating strategic backup plans to prepare for unforeseen circumstances

Conclusion

SCM is essential for connecting product manufacturers with customers who need them. Supply Chain Managers are necessary to increase the company’s competitiveness in the ever-changing economy. 

Are you looking for a supply chain analytics course? Start a career in supply chain management with the Professional Certification in Supply Chain Management & Analytics by Imarticus Learning, offered in collaboration with IIT Roorkee. This IIT supply chain management course equips you with analytics know-how and in-demand SCM skills and gets you job-ready.

Everything you need to know about cloud computing

Posted on by Imarticus Learning

Cloud computing is a revolutionary technology that is changing the way businesses operate. From small start-ups to large enterprises, cloud computing is being highly used to store data, develop applications, manage networks, and much more. But what actually is cloud computing, and how can it help your business?

This post will explain everything you need to know about cloud computing: what it is, how it works, and its benefits. Plus, the career opportunities for cloud computing professionals.

Cloud computing

Cloud computing is essentially a form of on-demand computing. Instead of having to store all of your data on physical servers or computers, with cloud computing, the data is all stored virtually in the “cloud.” This signifies that users can access their data from any device with an internet connection. It also allows for access to powerful computing resources when needed without having to purchase and maintain expensive servers.

Furthermore, The Cloud also makes it easier to share data with other users and companies, which is particularly useful when working in large teams.

How does Cloud computing work?

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Cloud computing is revolutionizing the way we do business and how people access and use technology. As technology evolves, the capacity of cloud computing to make computing resources readily available. But how exactly does Cloud computing work?

At its simplest, cloud computing is the delivery of computing services – such as storage, software, analytics, and databases – over the internet. This means that users don’t have to install applications on their computers or store files locally. Instead, they can access these applications and files from a data center – called a “cloud” – located across the internet.

When any user wants to access a cloud service, they simply send a request to the cloud provider, who then returns the requested data back to the user. The data is stored in the Cloud and can be accessed anytime and from any location with an internet connection.

Benefits of cloud computing

There are numerous benefits to cloud computing, including:

Cost Savings: Cloud computing removes the need to purchase hardware and software upfront, allowing you to pay only for the resources you use.

Scalability and Flexibility: Cloud computing resources can be scaled up or down quickly and easily based on your changing needs.

Improved Collaboration: Cloud computing makes it easier for teams to collaborate from different locations.

Faster Deployment: With cloud computing, you can deploy new applications faster and more efficiently.

Security and Reliability: Cloud computing offers better security and reliability than on-premises deployments.

Data Backup and Disaster Recovery: Cloud computing can help protect your data in the event of a disaster. Suppose that a hurricane or earthquake destroys your data center. Cloud computing can ensure that you keep your business running by quickly restoring your systems to another location.

Career opportunities for Cloud computing professional

Cloud computing is a rapidly growing field. There are many job opportunities available for people with the right training and experience. In fact, according to one report, cloud computing has created millions of jobs worldwide.

So, don’t you think it’s time to get in on the action? If you’re interested in cloud computing, then the Financial technology courses can be a great way to get started. You can learn about cloud computing and get the training you need to become a cloud computing professional. You can even use your new skills to find a job in the field.

The ending note is that Cloud computing is an exciting and fast-growing field, and there are many opportunities available for people who want to work with it. So, don’t wait anymore —take the Financial technology courses and get started!

Discover a career in finance and technology with Imarticus Learning.

Are you interested in exploring the world of FinTech and learning more about cloud computing? Our programs will equip you with all the knowledge and skills necessary to begin a career. We offer an array of courses that can help build your expertise in this emerging field.

Course Benefits For Learners

The students will be able to apply the knowledge they have gained in this online fintech course to their jobs.
The best Fintech courses in India can help you start your career and achieve greatness.
This course is designed specifically for those who want to launch their career in the FinTech industry. The students will gain knowledge of cloud computing, big data analytics, and artificial intelligence. They will also learn about mobile payments and financial technology.

Visit our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, Gurgaon, or Ahmedabad, or get in touch with us via chat support.

Digital Supply Chain Management Explained

Posted on by Imarticus Learning

Global supply chains encompass everything from procuring raw materials to delivering goods directly to customers. However, because of their intricate structure, each connection in the supply chain needs to work in tandem for goods to arrive on time. 

Digital supply chains can help with the process. They use data analytics to ensure logistics professionals can access actionable information to effectively organise, and manage supply chains. 

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Digital supply chains use digital technologies to gather large amounts of data each process step produces. 

In this article, we will talk in-depth about everything you need to know to build a successful career in supply chain management.

What is a digital supply chain?

A digital supply chain is a system in which every link in the network has electronic technology applied to it.

The entire process, from manufacturing to transportation to distribution, must be digitised from beginning to end. 

Real-time tracking of the flow of items for proper end-to-end connectivity is made possible by integrating electronic sensors and tracking features. This offers total transparency and visibility in each step of the entire supply chain process.

The most complex supply chains can be optimised, and their processes improved with a digital supply chain.

The digital supply chain aims to provide insights to boost efficiency, eliminate waste, and increase profits. 

With proper demand planning, businesses will be able to anticipate risks in transportation and manufacturing. Businesses with a digital supply chain have a greater capacity to move resources, assets, workers, and goods to the necessary location at any given time. 

A fully operational digital supply chain might result in savings across the board, from labour, funds, and assets to a less environmental impact.

A digital supply chain should ideally have processes that track inventory levels, customer product interactions, carrier locations, and equipment in real time and use this data to assist in planning and executing optimising performance. 

Traditional supply chain vs digital supply chain

The continuous progression of goods and services, from the procurement of materials through manufacturing, distribution, and finally to the point of sale, is the basis of traditional supply chains. 

Unfortunately, delays at one point can lead to expensive delays at another since each stage of the supply chain depends on the one that comes before it. Each phase entails a planning and assessment process that can easily fly off track. 

Digital supply chains employ the data generated at each stage of the supply chain to plan efficiently and provide flexible solutions in the event of unanticipated holdups. 

Digital supply chains are empowered by a stream of big real-time data that enables more efficiently managed logistics and transportation. In contrast, a lack of useful data frequently hogs traditional supply chains. 

Benefits of a digital supply chain 

Thanks to digital supply chains, logistics specialists have more influence over how they plan, direct, and arrange each step of the manufacturing and delivery process. Just a few advantages of a digital supply chain are listed here: 

  • Enhanced personalisation: Logistics providers can now segment customers more precisely courtesy of digital supply chains. Customers can choose delivery alternates that suit them better as a consequence.
  • Greater flexibility: Digital supply networks give logistics experts access to real-time updates to help them plan and reroute more effectively. It eliminates the waiting time reporting delays, which can take hours, days, or weeks to be reported via traditional supply chains.
  • Better planning: Logistics experts can use predictive analytics to build more precise forecasting models. These can be used to do proper demand planning, which helps businesses plan the entire supply chain.
  • More reliable: Digital supply chain management will guarantee real-time, end-to-end transparency across the whole distribution process using precisely accurate data. 

Risks in digital supply chain management 

The Internet of Things (IoT) security issues are one of the first things that come to mind when assessing the possible threats connected to digital supply chains. 

Your supply chain risk management programme should prioritise supply chain security. IoT sensors can monitor things like a machine’s temperature, its geographical location, or how much energy it uses. 

Accurate monitoring enables maintenance crews to address any problems before they become significant because an increase in these elements could result in a malfunction or failure.

Career opportunities in digital supply chain management 

Due to the supply chains’ digital development, experts in the industry now have an array of duties. Among the most popular professions are:  

  • Supply Chain Analyst
  • Supply Chain Engineer 
  • Business Analyst
  • Supply Chain Manager

Conclusion 

Supply chain management successfully uses logistics and supply chain-related procedures when building the operational framework for strategically performing logistics. 

On the contrary, digital supply chain management focuses on utilising technology to estimate demand and optimise inventory allocation using predictive analytics.

If you want to pursue a career in digital supply chain management, Imarticus’s Digital Supply Chain Management course is right programme for you. The course has been designed in association with IIT Guwahati. Taught by experienced professionals, it will help you get a headstart in your career. 

Visit their website to learn more about the course.  

Creating a Successful Digital Marketing Strategy: Tips and Tricks

Posted on by Imarticus Learning

For businesses of all kinds, having a strong digital marketing plan is essential in the current digital era. Companies must continually adapt and modify their marketing strategies to stay ahead of the competition, given the growth of social media and e-commerce. 

But deciding where to concentrate your efforts with so many channels and platforms at your disposal might be confusing. In 2020, the digital advertising and marketing market was valued at $350 billion; by 2026, it is expected to grow to $786.2 billion.

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This blog will look at effective Digital Marketing strategy: Pointers and Techniques. These insights can help you reach your marketing objectives and spur business growth, whether you’re just starting or want to update your current approach. So let’s get started!

Digital marketing: What is it?

Digital marketing is promoting your business using internet platforms and channels. Social media, email, websites, blogs, podcasts, videos, and other channels may all be part of it. Reaching your target audience, improving your exposure, and expanding your business are all possible with digital marketing.

Using a digital marketing approach can:

  • Describe your target market and ideal consumer
  • Define your value proposition and unique selling proposition.
  • Select the most effective digital channels and platforms for your company
  • Produce interesting and pertinent content for your audience
  • Track and improve your performance and outcomes

Leveraging influencers, deploying chatbots, and creating captivating content that connects with your target audience are predicted to be the emphasis of digital marketing trends in 2023. No of the strategies and platforms you use, it’s important to think about how they might be used to increase your brand’s exposure.

What are the essential components of a digital marketing strategy?

Digital marketing strategy involves using digital channels to promote your business, product, or service. Think websites, social media marketing, email marketing, SEO, PPC, and all that good stuff. A digital marketing strategy outlines how you will use these channels to achieve your business goals. Now, why is it important? 

A strong digital marketing strategy is the key to success in today’s digital age. It helps you reach your target audience, build brand awareness, increase engagement, boost sales, and ultimately grow your business.

Without a digital marketing strategy, you toss spaghetti at a wall and hope something sticks. You might get lucky and see some results, but you won’t be able to measure your success or make informed decisions about improving your marketing efforts.

A digital marketing strategy also allows you to stay ahead of the competition. If your competitors have a better online presence than you, they will steal your potential customers. By implementing a digital marketing strategy, you can ensure that you’re not only keeping up with the competition but also surpassing them.

Digital marketing strategy is all about using digital channels to promote your business, and it’s super important for the success and growth of your business.

Expert Advice for Building a Successful Digital Marketing Strategy

Developing an effective digital marketing plan might seem overwhelming, but it doesn’t have to be. The following advice will assist you:

  • Begin with your objectives: What do you want to accomplish with digital marketing? 

The acronym SMART is a highly useful and well-known mnemonic device for goal-setting. SMART is an abbreviation for Specific, Measurable, Attainable, Relevant, and Timely

  • Perform research: Who is the perfect client for you? What are their preferences, pain spots, requirements, and wants? They utilize digital media in what ways? What are your rivals up to? What are the top techniques and developments in your field?
  • Selecting your channels: Choose the digital platforms and channels most appropriate for your business and target market based on your study. For instance, you may utilize social media and video to increase brand recognition. You might utilize email and landing sites to create leads.
  • Produce the content: Digital marketing is ruled by content. It is what entices, holds, and persuades your audience. Produce informative, timely, and brand-voice and tone-consistent material. To appeal to diverse audience segments, use a variety of content forms. Use blog entries, ebooks, infographics, webinars, podcasts, and more as examples.
  • Execute and keep an eye on: It’s time to start your digital marketing campaign after your material is prepared.
  • Assess and improve: Digital marketing is a continuous process. It’s a continuous process that has to be continually assessed and improved. Regularly review your objectives and ambitions. Analyze your information and comments. Determine possibilities for development and areas that need improvement. Try forth fresh concepts and tactics. Continue to learn and adjust.

The Ending Note

Developing a great digital marketing plan takes time, effort, and knowledge. Yet the benefits are worthwhile. Using the digital marketing tips described in this post, you may improve your digital marketing skills and attract more clients. 

Remember that remaining one step ahead of the competition is essential in today’s fast-paced digital environment. So take action right away and begin developing a digital marketing plan that will distinguish your business. There are countless options, and the outcomes will be obvious. Stop waiting and get started right away.

Imarticus Learning and IIT Roorkee have collaborated to meet the requirements of people seeking current expertise in digital marketing and MarTech. This program is designed to provide prospective digital marketers thorough understanding of all related topics, including affiliate marketing, social media, and search engine optimization.

A Comprehensive Guide to Data Analytics Certification

Posted on by Imarticus Learning

Data analytics is becoming increasingly important across industries in today’s data-driven world. With massive amounts of data being generated daily, extracting meaningful insights from this data has become a critical skill for professionals across a wide range of industries.

Data analytics can provide valuable insights into customer behaviour, market trends, and operational efficiency, allowing businesses to make better decisions and increase profits. With businesses moving increasingly online, there is a growing demand for professionals with data analytical skills. Hence enrolling on data analytics courses will be a wise career choice for professionals in the current market.  

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This article will walk you through the fundamentals of a data analytics course and help you build a career in data science.

What does a data analytics certification entail?

Data analytics certification courses typically involve learning various tools, techniques, and technologies for analysing large amounts of data. The programme aims to teach participants how to gather, process, and analyse data to gain insights and make data-driven decisions.

The specific content of data analytics courses with certifications may differ depending on the institute offering the course and the level of certification. Any good programme, however, will cover the following topics:

Fundamentals of data analytics: Understanding the fundamentals of data analysis, data visualisation, data management, and statistical concepts are all part of this.

Data processing and manipulation: This includes cleaning, transforming, and manipulating data using tools such as SQL, Python, R, and Excel.

Data visualisation: This includes effectively communicating data insights through visual representations such as charts, graphs, and dashboards.

Machine learning: Learning algorithms and models are used to predict outcomes and identify patterns in data.

Big data technologies: This includes learning tools for processing and analysing large data sets, such as Hadoop and Spark.

Business intelligence and analytics: Understanding how data can be used to drive business decisions and solve business problems is part of this.

The certification programme could include a mix of online and in-person classes, self-paced learning, and hands-on projects. The programme may also include assessments such as quizzes, exams, and project submissions to evaluate the candidate’s skills and knowledge.

Overall, a data analytics certification programme aims to provide individuals with the knowledge and skills required to perform data analysis and make data-driven decisions in various industries.

How to choose the right data analytics certification programme?

Given the numerous options available, selecting the best data analytics certification programme can be daunting. Here are some important factors to consider when selecting the best data analytics courses:

Determine your career objectives: Think about your current job and the skills you’ll need to advance in your career. Choose a certification programme that corresponds to your career objectives and will assist you in developing the necessary skills.

Examine the certification provider: Ensure that the provider has a good reputation and is well-known in the industry. Check the provider’s reviews and ratings and their certification programme to ensure their credibility.

Examine the curriculum: Look for a certification programme that covers topics and skills relevant to your career objectives. Examine the curriculum to ensure it includes the most recent tools and technologies in the field.

Examine the delivery format: Choose a programme that fits your learning style and time constraints. Some programmes can be completed at your own pace, while others require live online or in-person sessions.

Consider the price: Determine your certification programme budget and compare the costs of various providers. Look for programmes that provide good value for money and a good return on investment.

Examine industry recognition: Look for certification programmes approved by industry associations or employers. Having a widely recognised certification can improve your job prospects.

Look for assistance: Select a certification programme that provides assistance both during and after the programme. Look for service providers who provide mentors, support forums, and resources to help you succeed.

Why are data analytics certifications recommended?

Individuals with data analytics skills can significantly improve their career prospects. In addition to being in high demand across industries, data analytics skills can lead to higher salaries, promotions, and increased job security. Data analytics professionals can analyse complex data sets, identify trends and patterns, and communicate their findings to stakeholders, demonstrating their value to their organisation.

Conclusion

The field of data analytics is constantly evolving, with new tools and techniques being introduced on a regular basis. This means that individuals with a strong foundation in data analytics can continue to learn and grow in their careers while staying current on the latest trends and developments in the field.

If you wish to pursue a career in data science, you can check out the Postgraduate Programme in Data Science and Analytics by Imarticus. This advanced certification programme partners with industry toppers and offers guaranteed job opportunities in them. Check out their website for more course-related details today!

Popular Derivatives and How Investors Use Them

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The financial market is a dubious field of gain and risk where investors trade in stocks, derivatives, forex and other financial instruments. The derivatives market, in particular, is gaining prominence, with the global derivatives market size expected to reach 39170 million USD by 2027.

A security with a price based on or derived from any number of the underlying assets is a derivative. An agreement between several parties based on the asset or assets constitutes the derivative itself. The two main uses of financial derivatives are speculation and investment hedging.

This article will explore some of the most popular derivatives in the financial market and how investors use them.

What are derivatives?

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Derivatives are financial instruments that derive value from an underlying asset, such as commodities, stocks, bonds, or currencies. They are used for various purposes, including hedging against price fluctuations, speculating on future prices, and arbitrage. 

The underlying asset’s price determines a derivative’s value, but the derivative itself is a separate and distinct financial instrument. 

For instance, a company that relies on a particular commodity might use a derivative contract to lock in a price for that commodity to mitigate the risk of price fluctuations. On the other hand, an investor might use a derivative contract to speculate on the future price of an asset or to take advantage of price differences between different markets.

6 trending derivatives

Trading carries potential risks from market fluctuations, varying currency exchange rates, etc. However, investors trading in the derivatives market can earn substantial profits through appropriate predictions. If used correctly, derivatives can act as safety nets and help mitigate losses in the spot market. 

Here are six popular derivatives and how investors use them:

Futures contracts

Futures are agreements between two parties to buy or sell an underlying asset at a specified price and time in the future. Investors use futures to hedge against price fluctuations, speculate on an asset’s future price, and arbitrage price differences between markets.

Options contracts

Options provide investors with the right to buy or sell an elementary asset at a specified price and time in the future. However, once bought, buyers are not obligated to hold on to the agreement terms of the contract. Investors use options to hedge against price fluctuations, speculate on the future price of an asset, and generate income through selling options.

Swaps contracts

These are agreements between two parties to exchange cash flows based on different financial instruments. Investors use swaps to hedge against interest rates, currency, or credit risk, speculate on future interest rates, or create synthetic assets.

 

CFDs (Contracts for Difference)

CFDs are agreements between a seller and buyer to exchange the difference between an underlying asset’s closing and opening price. Investors use CFDs to speculate on price movements in various financial instruments, including commodities, stocks, indices, and currencies.

 

ETFs (Exchange-Traded Funds)

ETFs are investment funds that trade on stock exchanges and track the performance of an underlying index or asset. ETFs help investors gain exposure to a diverse range of assets, hedge against market risks, and speculate on the future direction of markets.

 

CDS (Credit Default Swaps)

CDS are insurance-like contracts that protect against a bond or loan default. CDS are useful in hedging against credit risk, speculating on the likelihood of default, and trading on the creditworthiness of companies or countries.

Benefits:

Using derivatives in investment can offer several benefits, including:

Hedging against price fluctuations

Derivatives can be used to hedge against price fluctuations in underlying assets, reducing the risk of losses for investors.

Generating higher returns

The possibility of higher returns than traditional investments makes derivatives an attractive option for investors looking to increase their portfolio returns.

Portfolio diversification

Derivatives can diversify investment portfolios, spreading risk across various asset classes and reducing overall portfolio risk.

Speculating on market movements

Derivatives can be used to speculate on the future direction of markets, providing opportunities for investors to profit from price movements in underlying assets.

Efficient use of capital

Derivatives require less capital than traditional investments, allowing investors to use their capital more efficiently and potentially generate higher returns.

While derivatives offer many benefits, they can also be complex and carry significant risks. 

It is important for investors to carefully consider their investment goals and risk tolerance before using derivatives. Investors should also thoroughly understand the underlying assets and the risks associated with derivative contracts.

Conclusion

Derivatives can be a powerful tool for managing risk and generating returns. They are a great way of earning high profits at low investments. However, they come in varying complexity and require careful consideration. 

With a thorough understanding of the underlying assets and the risks associated with derivative contracts, investors can use derivatives to effectively manage their investment portfolios and achieve their financial goals. 

If you are interested in the derivatives market and aspire to build a career in finance in India, you can check out Imarticus’s Certified Investment Banking Operations Professional course. 

This investment banker course will help you understand the various elements of investment banking, such as risk management, trade life cycle, financial markets etc.  

Enrol to get a headstart in your finance career. Visit our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, Gurgaon, or Ahmedabad, or get in touch via the chat support system.

ABC:Activity-Based Costing For Improving A Company’s Profitability

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In case you are looking for a process that will help to improve the overall company profitability, then Activity-Based Costing can be the solution that you might need. 

Activity-based costing (ABC) is a specific method of costing calculation that can provide a more accurate understanding of the actual cost of production. 

This accurate information can later be utilised to make more informed decisions about resource allocation, product pricing and product mix which later impacts the company’s profitability. 

According to the data mentioned in statista, there were 9.93 million job openings in management in the United States in 2023. In this blog, we will take a closure and deeper look at ABC and how through proper implementation it can improve the overall profitability of the company. 

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Also, the steps that are involved and are necessary for successful implementation. We will explore the benefits which shall help you make a proper decision to USA CMA course to bring career excellence.

What is the Traditional way of costing?

The conventional method of costing calculation that has been utilise for decades is also known as traditional costing. 

This sort of conventional method of costing is done by assigning the total cost of production of a product or service based on a single factor, such as machine hours and direct labour. 

This implies that the cost of production is directly proportional to the total number of machines or the number of hours of labour required to manufacture it. 

Primarily, the traditional method of costing is categorised into two parts which are:

  • Direct Cost- These are those costs that possibly can be easily traced to a particular product such as direct labour and cost of raw materials. 
  • Indirect Cost- These are those costs that are not directly associated with a specific product, such as factory rents, depreciation and utilities. 

What is Activity-Based Costing?

Activity-based costing (ABC) is a powerful tool when it comes to improving a company’s profitability of the manufacturer’s products and services through properly allocated costs to them. 

The methodology used to determine the true cost of production of a company’s products or services helps businesses grow immensely. 

It is important to understand the true cost of each activity depending on which managers of that specific organisation can make informed decisions. 

These company decisions involve activities that are necessary for producing their products and services that can be eliminated or streamlined for the reduction of manufacturing costs. 

It also helps to understand the profitability of their products or services by accurately setting up the cost to them. 

This permits managers to identify the most profit-making products or services of that specific organisation and make suitable changes to increase the size of the company and reduce complexity. 

Proper implementation of ABC can provide positive outcomes such as increased efficiency, improved decision making and higher profitability for the organisation. 

Step-by-step process of Activity-based costing:

The ABC process is a multi-step procedure that requires identification, analysis and assignment of costs to the activities that go to the development of the product or services. Here are the necessary steps required for the proper implementation of ABC:

Step 1: Activities Identification- This is the initial step of implementing ABC to identify all the activities involved in the products or services of that organisation. This can include all the functions, tasks and processes necessary for the development of the product or services.

Step 2: Determination of the Cost Drivers- After the identification of the activities, the next necessary step is to determine the cost driver of each allocated activity. Cost drivers refers to the factors that cause an activity to be performed such as the materials used, number of hours of labour and machine usage.

Step 3: Allocation of cost to Activities- Once the cost drivers are determined then the next step is to allocate cost to each activity based on the cost driver. This implies that the cost driver for a specific activity such as the number of labour, the cost of that activity will be assigned to each product based on the number of labour hours needed to develop it. 

Step 4: Calculate Activity-Based Overhead Rates- After assigning costs to each activity, the next step is to calculate the activity-based overhead rates. This involves dividing the total cost of each activity by the total number of cost drivers for that activity.

Step 5: Analyse and Evaluate Results- The final step in implementing ABC is to analyse and evaluate the results. This involves comparing the costs assigned to each product under ABC with the costs assigned under the traditional costing method. This comparison can help identify areas where costs can be reduced or eliminated to improve profitability.

Benefits of implementation Activity-based costing:

There are several benefits of implementing Activity-Based Costing (ABC) in a business and for the purpose of management accounting, including:

  • Better Resource Allocation: By identifying the resources required for each activity, ABC can help businesses to allocate their resources more effectively. This can lead to improved efficiency and productivity, as well as reduced costs. 
  • Improved Customer Profitability Analysis: By identifying the costs associated with each activity, businesses can analyse the profitability of individual customers or customer segments. This information can help businesses to make more informed decisions about which customers to prioritise and which products or services to offer. 
  • Improved Cost Accuracy: ABC provides a more accurate understanding of the true cost of production by allocating costs to each activity involved in the production process. This information can help businesses to identify areas where costs can be reduced or eliminated, ultimately leading to improved profitability. 
  • Enhanced Decision-Making: ABC provides more detailed information about the costs associated with each activity, enabling businesses to make more informed decisions about pricing, product mix, and resource allocation. 
  • Better Cost Control: ABC provides businesses with a more detailed understanding of their costs, enabling them to identify and control costs more effectively.

Conclusion:

Activity-Based Costing (ABC) is a valuable tool for businesses looking to improve their profitability. Now that you understand the benefits of implementing ABC in a company, you may be interested in pursuing a career in management accounting. 

One excellent option is the CMA USA certification, which is offered by Imarticus as the USA CMA Certified Management Accountant course. 

By completing the CMA course after graduation, you can become a certified management accountant and gain a competitive edge in the job market. 

Transport, Cross-Docking, Logistics and B2B Integration in Supply Chains

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A business-to-business (B2B) integration is the software that is used for transferring business data between two or more partner organisations. Nowadays, inventory management in a supply chain is of paramount importance. Cross-docking is an intelligent logistics procedure that eliminates or minimises storage requirements on the part of the manufacturer and channels products directly to the customer ends or retail chains. 

global chief supply chain and operations officers course

Logistics is the system of transferring, warehousing, and distribution of products from their point of manufacture to places where they meet their end users. Transportation means moving materials by air, waterways, road, and railway to reach their clients or distribution networks. 

Role of Logistics and Transportation in Supply Chains

The logistics and transportation system is the heart of a supply chain network. The growth of a modern organisation is a function of its supply chain management. Similarly, the efficiency of the supply chain is a function of its robust logistics system and diversified transportation network. Salient roles that the department plays are as follows –

A strong network of transportation and logistics systems makes the supply chain efficient and physically secure from human-created or natural disruptions.

This industry depends on information and communication technology. Thus, cyber-attacks covertly launched by rival organisations or hackers are to be prevented by the logistics team by implementing a robust cyber security system.  

  Information technology helps to share real-time data to quicken the process in the supply chain in terms of time and operational efficiency.

Warehousing planning or inventory management in a supply chain is a logistics function. Besides catering to the normal demand, logistics strategies also respond to special inventory needs like the latest trends, sudden demand surges, seasonality and other factors.

Another important logistics function is to strategise the mode of transport or its combination sequence in order to ensure the fastest and most cost-effective delivery. Choosing the best mode of transport is also a logistics function. 

Importance of Cross-Docking in Supply Chains

Cross-docking is a digital data-based advanced logistics arrangement where products are directly forwarded to the customers or distributors, thereby eliminating the need for storage at the manufacturer’s end. Several advantages of cross-docking have been mentioned below:

Inventory management at the manufacturer’s end is expensive. Keeping inventory results in delayed delivery of products. Cross docking eliminates storing time and improves efficiency in product delivery.  

 Cross docking prevents manual handling of products at the stores and hence restricts damage to the bare minimum.

Cross-docking improves the overall efficiency of the supply chain by reducing delivery time and minimising the cost of inventory management. Products get rolling on wheels faster. End customers get the privilege of getting products faster at reasonable prices. 

Cross-docking facilitates both inbound and outbound sorting of products so that they are directed to their next destination in the most hassle-free manner.

Cross-docking requires lesser capacity warehouses because the products are not generally planned to be retained as inventory. As a result, the labour cost is also reduced.

Manufacturers who have incorporated a cross-docking system in the supply chain may always stay one notch above their competitors, who still maintain the conventional warehousing system.

Cross-docking is a must for those manufacturers who sell products with a limited life. The best examples may be food items, beverages etc. which are perishable in nature. These items must be shipped to the end users or the next business immediately by using this method.

Organisations that depend on many suppliers also take the route of cross-docking to reduce inventory expenses and time.

Nowadays cross-docking is supported by route planner software to maximise the efficiency in the supply chain.

Cross-docking works on automated software. There are no chances of errors that are frequent in manual operations.  

Besides quicker delivery at a reasonable cost, cross-docking allows sellers to offer discounts to their buyers. This helps manufacturers to leverage their competitors.

Cross-docking reduces or eliminates the requirement of purchasing land and developing them into logistics hubs.

The manufacturers may also demand more discounts for volume purchases from their suppliers and ultimately pass on these benefits to their customers.

Cross-docking also helps distribution networks to obtain prior knowledge regarding what the manufacturers or suppliers have shipped to them and when they are expected to reach. All this information is triggered by its automation-based system. 

Role of B2B Integration in Supply Chains

The objectives of the business-to-business integration are to gather useful data from all stakeholder organisations and then share them with all with the purpose of getting timely responses from all of them connected in the business network. The benefits are as follows –

 This software digitises information and helps business houses to integrate their data in a common gateway to improve trading of mutual interest.

Its technical features are remarkable. It has powerful communication adaptors, an application integration system, format translation capabilities, accurate mapping, compression, encryption and data validation. It is capable of message tracking and real-time reporting. 

The system gathers information from different sources and converts data into standard formats before sharing them with all stakeholders.

Integration may be availed through cloud services.

It eliminates the slow and inefficient manual system of inventory management in the supply chain and quickens up product delivery by sharing information faster with all stakeholders and drastically improving turn-around time for all sequences of processes.  

B2B integration primarily serves the interests of the manufacturers who work hard on developing a trust-worthy, responsive and faster supply chain by sharing all real-time with the stakeholders.  

Conclusion     

In today’s world, supply chain and operations management has become the most trendy career-evolving prospect in India and abroad. The Supply Chain and Operations Officer course grooms a prospective candidate in the key topics of business, marketing, finance, logistics and operation.  

The Global Chief Supply Chain and Operations Officer course at Imarticus will enable the prospective candidate to boost their career towards a bright future. The IIM Raipur supply chain management program is very popular amongst students. The duration of the course is 10 months. 

After completing the IIM Raipur supply chain management program, the students become more empowered professionals in the field of supply chain and operations management.

Visit the official website of Imarticus for more course-related details.

What is Lead Generation? How are Leads Generated?

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Lead generation is an essential process of grabbing the attention of potential customers to increase the future sales of the company. The process of lead generation is a crucial part of the marketing strategies of many organisations that result in increased sales. A proper CMO training programme can help one understand all about lead generation and how it works within an organisation.

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Understanding lead generation and how to effectively incorporate this concept in a business can help stakeholders to generate more profit and build a pool of customers. The concept of lead generation also helps the product and services to seamlessly move through the sales funnel. Read through this guide to understand the fundamentals of lead generation, how it works and the various strategies associated with it.

What is Lead Generation?

Lead generation is the process of building interest in potential customers to buy the products in service of an organisation that in turn increases sales. The main objective behind this process is to generate as many sales as possible and build a large pool of customers. It is one of the best marketing strategy designs and has shown the best results in the online marketplace where it gathers user information through a web form, called ‘lead’.

Lead generation is also a very crucial part of the sales funnel for a lot of B2B companies as the services offered by such companies can be very expensive and consumers may not show much interest in buying them directly online. Hence, companies tend to collect new leads that help organisations to inform and nurture potential consumers via various social media handles and email marketing. Leads allow businesses to know the interest of the consumers and make a sales pitch online rather than incorporating salespersons to do so.

Email marketing has proven to be a very effective form of marketing in recent years which makes lead generation a crucial aspect for E-Commerce businesses as well. It helps to gather the contact information of prospective buyers to contact them for marketing purposes and making sales pitches later is there to not show any interest in making immediate purchases.

How are Leads Generated?

The process of lead generation has two major pillars, one is attracting customers to the company’s website and the other is convincing them to provide their contact details to the lead professionals. There are multiple ways in which companies can bring potential customers to visit the website painting up on the organisational objectives and financial limitations.

The following are some effective strategies that are increasingly used by businesses to attract a customer base: 

  • Search Engine Marketing (SEM): SEM is a paid form of online marketing where companies pay search engines such as Google, Yahoo, Bing etc. to display ads whenever consumers browse on the search engines. Potential consumers navigate through the web almost every day which makes it a great option for attracting traffic. 
  • Search Engine Optimisation (SEO): SEO is very similar to the SEM method but the only difference is that it is an unpaid form of lead generation. It involves designing the website content in such a way that is compatible with the search engine algorithms which increases the chances of appearing as an organic result. 
  • Social media: Various social media sites such as Facebook, Instagram, and LinkedIn have grown exponentially over the years and have become a great source of traffic for a lot of businesses. Companies can make attractive content and post regularly on social media to attract customers or even pay various social media platforms to run their ads. 
  • Display ads: This is a common form of advertisement that involves text, audio, video or other multimedia format. Companies can purchase these advertising models to direct traffic to the company website. This type of advertising is generally carried out using Pay-Per-Click (PPC) models. 
  • Offline events: The advent of online marketing can be offline. Increasing the customer base is completely about creating an effective network. which can be done through offline conferences and meetups. members of the sales department can inform potential customers about their products and abstract them to the company website.

Once potential consumers begin to arrive on the website, the next step is to incorporate web forms to convert them into leads. Attracting the interest of people towards the products and services and persuading them to provide their contact details can be obtained through various means. The common lead generation strategies are known as lead magnets and the major ones are enumerated as follows:

  • Content: Lead generation becomes a success when the company generates high-quality content in exchange for the contact information of potential consumers. the content can be in any form such as audio video image ebook email letter etc. The main objective is to provide access to informative content to potential customers in exchange for their information. 
  • Webinar: Webinars are live interesting conversation sessions in which visitors to the company websites can watch and participate in it. These sessions are generally focused on a specific topic and talk about something informative in nature. Webinars are great options for converting potential customers into leads and educating them about the company’s products and services. 
  • Landing page: landing pages are one of the best tools for lead generation. Companies are required to present their content in a way that benefits their visitors and they intend to provide contact details to the lead forms. Landing pages, also known as sales pages, present the products of the company in a very attractive manner. 

After the creation of a lead, the digital marketing team of the organisation contacts the potential buyers through their email IDs or phone numbers and makes different sales pitches to convince them to purchase the company’s products.

Conclusion

In today’s world marketing has various facets. If you want to become a marketing professional and learn the concept of lead generation for online marketing then the IIT digital marketing course can be the best pick for you. Consider signing up for the Executive Certificate Programme For Strategic Chief Marketing Officers by Imarticus and get all the insights about the fundamentals of marketing, including lead generation.

Lead generation is an important tool for online marketing and building a loyal customer base for the company. Master this technique with an effective CMO training programme and become a successful marketing professional.

10 Best Tools for Web Development in 2023

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The scope of web development tools has broadened over the years. They have made it easier to explore greater possibilities of responsive design.

Web development is important in 2023 for optimising websites for mobile devices, incorporating PWA (progressive web apps) technologies, creating AR (augmented reality)/VR (virtual reality) experiences, optimising voice-based search, and incorporating blockchain technologies. 

Full Stack Developer Course

However, with new tools for web development flooding the internet daily, choosing the right software can be confusing. We have compiled a list of the most popular web development tools to look out for in 2023 for your convenience. 

What is web development?

Web development refers to creating, building, and maintaining websites or web applications for the internet. It covers an application’s front-end and back-end development using a horde of frameworks, tools, and programming languages.

Web developers use programming languages such as HTML, CSS, and JavaScript and frameworks like React, Angular, Vue, and more to create web pages and applications. They also use server-side languages like PHP, Ruby, Python, or Node.js to create server-side functionality, interact with databases, and process data.

In addition, using markup language like HTML5 for data validation, developers validate user input and ensure that it meets specific requirements.

10 of the most popular tools for web development in 2023

Tools for web development are software programmes or applications that developers use to design, build, test, and deploy web applications. These tools can help automate, streamline, and simplify the development process, making it easier for developers to create high-quality web applications.

Many different tools are available for web development, and the specific tools used can vary depending on the developer’s preferences and the project’s requirements.

React – It is an open-source JavaScript library developed by Facebook for building user interfaces. It is one of the most popular libraries for building modern and dynamic web applications. 

React is based on a component-based architecture, which enables developers to build reusable user interface (UI) components that can be easily composed to create complex user interfaces.

Angular – It is an open-source web application framework developed and maintained by Google. It is one of the most popular and widely used frameworks for building dynamic and scalable web applications. 

Angular is based on TypeScript, a superset of JavaScript, and follows the Model-View-Controller (MVC) architecture pattern.

Visual Studio Code – It is a free and open-source source code editor developed by Microsoft. Web developers widely use it due to its rich set of features, ease of use, and excellent support for various programming languages and frameworks. 

Visual Studio Code provides several features, such as syntax highlighting, debugging, code completion, Git integration, and extension support, making it a powerful tool for web development.

Vue.js – It is an open-source JavaScript framework for building user interfaces and single-page applications. It was created by Evan You and first released in 2014. 

Vue.js is designed to be simple, flexible, and easy to integrate with other libraries and existing projects.

Node.js – It is an open-source, cross-platform, back-end JavaScript runtime environment built on the V8 JavaScript engine of Google Chrome. 

It was first released in 2009 and has since become one of the most popular and widely used technologies for building server-side applications.

Bootstrap – It is a popular open-source front-end development framework that Twitter originally developed. It provides developers with a set of tools and pre-built UI components for building responsive and mobile-first web applications.

Sass – Short for ‘Syntactically Awesome Style Sheets’, Sass is a popular preprocessor scripting language that extends CSS (Cascading Style Sheets) with additional features, such as variables, functions, and mixins. It was first released in 2006 and has become a popular front-end web development tool.

Gulp – It is a popular open-source toolkit for automating repetitive tasks in front-end web development. It was first released in 2013 and has since been widely used for building and optimising web applications.

Git – It is an open-source version control system developed by Linus Torvalds in 2005. Developers popularly use it to manage source code and track changes to files over time. 

Postman – First released in 2012, Postman is a popular API (application programming interface) testing tool developers use to build, test, and document APIs. 

Conclusion

The field of web development is constantly evolving and changing, and the tools used for web development are no exception.

The future of web development tools will be shaped by the need for automation, artificial intelligence, and immersive technologies and will continue to focus on enhancing user experience.

If you want to advance your career in web development, then enrol in Imarticus Learning’s Full Scale Developer Pro course. Learn about the latest tools, widely used technologies, data structures and algorithms from the experts in the field. 

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