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Category: Analytics

Benefits of Choosing IIM Lucknow for Executive Programs

Posted on by Imarticus Learning

Are you thinking about enrolling in an executive program to further your career? The renowned Indian Institute of Management (IIM) Lucknow is your best option. 

Executive education refers to academic courses offered by graduate business schools to executives, managers, and business leaders worldwide. According to estimates by Business Week magazine, executive education in the United States generates $800 million in yearly revenue, with university-based business schools accounting for around 80% of the market. These programs are provided by several historically elite universities, business schools, and other academic institutions.

This blog explores the advantages of selecting IIM Lucknow for executive programs.  Here are some reasons why IIM Lucknow stands out as an outstanding option for professionals seeking career progress and success, from its top-notch professors to its transforming learning environment.

What are the benefits of IIM Lucknow’s executive education?

If you consider advancing your career through executive education, you might have encountered the renowned IIM Lucknow executive program. It’s crucial to investigate the experiences of individuals who have previously completed this transforming journey before making such a significant decision. 

Reading an IIM Lucknow executive programs review may give you useful information about the program’s structure, instructor qualifications, networking possibilities, and overall effect on participants’ professional development.

Top benefits of selecting IIM Lucknow for executive programs

Benefits of IIM Lucknow’s executive education:

  • Renowned Faculty with Industry Experience

Its renowned faculty is one of the biggest benefits of enrolling in an executive program at IIM Lucknow. The school is proud of its outstanding faculty, which includes intellectual luminaries and business leaders who offer a wealth of real-world experience to the classroom. The learning process is enriched and made extremely relevant for professional development by these knowledgeable mentors, who convey theoretical ideas and provide insightful advice based on their relevant real-world experiences.

  • Tailored Curriculum to Suit Industry Needs

IIM Lucknow takes pride in its well-crafted executive education program tailored to the constantly changing requirements of diverse businesses. The programs are designed to give you cutting-edge knowledge and the tools you need to meet the difficulties of the contemporary corporate environment. The program is designed to equip you with the information you need to succeed in your profession, whether in leadership development, strategic management, or specific domain knowledge.

  • Networking Opportunities

You join a lively and varied community of like-minded individuals from various fields and backgrounds when enrolling in the Executive Program at IIM Lucknow. Beyond the classroom, this networking opportunity helps you build relationships that will help you in both your personal and professional lives. Interacting with such a wide group of people may result in joint initiatives, fresh business ideas, and a deeper understanding of market trends.

  • Flexibility and Convenience

IIM Lucknow is aware of the difficulties experienced by working adults trying to juggle their professional life with their ones and their schooling. Their Executive Programs were therefore created with flexibility in mind. The institute makes it easier for busy professionals to achieve their educational ambitions without compromising their work obligations by offering part-time and online learning choices.

  • Case-Based Learning Approach

Unlike traditional academic models, IIM Lucknow uses a case-based learning strategy, which entails evaluating real-life business scenarios and resolving challenging issues enterprises encounter. By honing your critical thinking and decision-making abilities, this strategy helps you successfully apply your theoretical knowledge to practical circumstances. You stand out as a well-rounded and competent leader because of your valuable learning experience from this strategy.

  • Alumni Network and Career Support

After graduating from IIM Lucknow, you will have access to a large alumni network that may be a valuable resource for your professional development. The alumni network is renowned for its close relationships and eagerness to help other grads. The institute also provides extensive career assistance services to aid in your successful job market navigation. IIM Lucknow is devoted to ensuring your professional progress even after you graduate from the program, including everything from career counseling to help with job placement.

  • Holistic Development

IIM Lucknow is committed to fostering both your professional development and personal improvement. The Executive Programs include exercises that improve self-awareness, emotional intelligence, and leadership skills. This all-encompassing approach guarantees that you develop into a well-rounded person equipped to meet leadership demands with empathy and resiliency.

  • State-of-the-Art Infrastructure

The expansive campus of IIM Lucknow is furnished with cutting-edge facilities, fostering an environment favorable to study and development. The institute offers all the tools required for a successful educational experience, including contemporary classrooms, well-stocked libraries, and study areas with cutting-edge technology.

  • Global Exposure and Collaborations

Selecting IIM Lucknow for your executive program allows you to collaborate and get exposure on a global scale. The institution collaborates with prestigious international universities and frequently holds guest lectures and seminars from top business executives worldwide. This exposure will expand your horizons and keep you updated on global best practices in your industry.

  • Prestigious Reputation and Brand Value

Last but not least, an IIM accreditation carries unrivaled status. The excellent levels of education and training that come with an IIM degree are recognized and valued by employers. A certificate from IIM Lucknow’s Executive Program can give you a substantial edge on the job market and advance your career to new heights.

The Final Words

The advantages of enrolling in the Executive Program at IIM Lucknow are numerous and unmatched. The prospects for development and achievement are limitless, from receiving instruction from the top teachers to experiencing life on a global scale and benefiting from the support of a robust alumni network.

Welcome to the IIM Lucknow and Imarticus Learning-created Executive Program in AI for Business, a transformational experience designed specifically for AI professionals. This innovative curriculum is designed to help you reach your full potential as a leader in this quickly changing environment.

Accept a hands-on learning environment where theoretical understanding and real-world application are smoothly woven together. As you set out on a mission for development and innovation, arm yourself with crucial machine learning and artificial intelligence knowledge. 

Take advantage of the chance to acquire critical thinking, problem-solving, teamwork, and technical proficiency abilities. Your goals may become a reality with the Executive Program in AI for Business.

So, take the plunge and enroll at IIM Lucknow to begin a transforming educational experience. This choice will certainly improve your career.

Supplier Relationship Management and Strategic Sourcing

Posted on by Imarticus Learning

In the present boosted and continuously growing world economy, multiple companies are facing the realities of the market on customer demands, shrinking lifecycles of products and steep erosion prices.

This is where supplier relationship management becomes crucial for maximising the manufacturer’s supply base.

Supplier Relationship Management is primarily defined as a systematic approach for properly evaluating vendors that are capable of contributing to the supply of goods.

The global market size of the supply chain management had a net worth of $28.9 Billion in 2022 which is supposed to touch 45.9 Billion dollars by 2027. 

This article primarily introduces SRM and strategic sourcing to find the best supply chain management course and mentions the significance of shaping or optimizing the global supply chain system.

Understanding Supplier Relationship Management (SRM):

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Supplier Relationship Management (SRM) is a methodical process to deal with the management of supplier cooperations and relationships. It includes assessing and choosing suppliers, estimating performance, cultivating joint effort, and settling conflicts. 

SRM expects to upgrade quality, relieve risks, drive advancement, and enhance by and large performance for long-term business success.

Supplier Evaluation and Selection:

Supplier evaluation and selection is a basic part of compelling supplier relationship management. It includes evaluating suppliers in light of rules such as capacities, moral practices and monetary security. By picking suppliers lined up with authoritative objectives and values, organisations can guarantee solid associations that add to progress and esteem creation.

Supplier Performance Measurement:

Supplier performance measurement is fundamental in supplier relationship management. It includes assessing suppliers in view of key performance indicators (KPIs) like on-time conveyance, quality, responsiveness, and cost. By checking and estimating supplier performance, organisations can guarantee responsibility, drive nonstop improvement, and upgrade the general production network effectiveness.

Collaboration and Communication:

Collaboration and communication assume an urgent part in successful supplier relationship management. By cultivating open and straightforward communication channels, organisations can lay out trust, adjust goals, and offer indispensable data to suppliers. Cooperative endeavours empower innovation, joint critical thinking, and a more grounded organisation that drives shared accomplishment and worth creation.

Conflict Resolution:

Conflict resolution is a crucial part of supplier relationship management. By immediately tending to conflicts with suppliers in a helpful and fair way, organisations can safeguard sound long-term relationships. Compelling conflict resolution procedures, like undivided attention, exchange, and split the difference, advance shared figuring out, encourage trust, and guarantee the progression of fruitful supplier associations.

The Role of Strategic Sourcing:

Strategic sourcing empowers supply chain analysts to optimise costs, smooth out tasks, oversee risks, encourage supplier relationships, and go with informed choices in view of information examination.

It upgrades its capacity to drive esteem and nonstop improvement inside the supply chain.

Strategic sourcing plays a vital role in supply chain management and gives huge advantages to supply chain analysts.

Strategic sourcing empowers supply chain analysts to distinguish cost-saving open doors by utilising their insight into market patterns, supplier abilities, and discussion abilities.

Supply chain analysts assume a basic part in relieving risks inside the supply chain. Strategic sourcing distinguishes potential risks connected with supplier interruptions, quality issues, or international elements.

  • By streamlining acquirement processes and getting good terms and valuing, strategic sourcing adds to cost reduction efforts. Supply chain analysts use strategic sourcing to optimise supply chain tasks.
  • By choosing suppliers strategically, they can guarantee a dependable and productive progression of labour and products. This incorporates assessing supplier abilities, limits, and performance to line up with the association’s supply chain goals.
  • By enhancing suppliers, laying out alternate courses of action, and observing supplier performance, analysts can proactively address risks and limit their effect on the supply chain.

Benefits of Integrating SRM and Strategic Sourcing:

Integrating Supplier Relationship Management (SRM) and Strategic Sourcing brings a few advantages. It fortifies supplier organisations, further develops supply chain productivity, and drives cost reserve funds.

  1. By really overseeing supplier relationships through SRM, associations can improve collaboration, innovation, and risk moderation.
  2. Strategic sourcing optimises supplier selection, exchange, and contracting, prompting work on cost adequacy, quality, and responsiveness.
  3. The combination of SRM and strategic sourcing advances esteem creation, upper hand, and long-term supportability.
  4. It guarantees that the obtainment interaction lines up with hierarchical objectives and encourages commonly helpful relationships with suppliers, eventually improving by and large business achievement.

Final Thoughts:

The incorporation of SRM and strategic sourcing guarantees arrangement with authoritative objectives and encourages long-term supportability. By embracing these methodologies, organisations can reinforce their supply chains, boost esteem, and make long-running progress in a highly competitive market.

In general, concentrating on strategic sourcing and supply chain management course empowers people to become capable supply chain analysts. In case you are interested in studying supply chain management the Imarticus Digital Supply Chain Management with E&ICT, IIT Guwahati course provides the information and devices expected to optimise costs, relieve risks, encourage supplier collaboration, and drive esteem inside the supply chain. Visit Imarticus Learning for more information.

Diversity and Inclusion in the Workplace: Best Practices for HR

Posted on by Imarticus Learning

In today’s globalised and interconnected world, the concept of diversity and inclusion has become much more critical than ever for business enterprises. According to a recent survey, as much as 57% of recruiters feel that their talent acquisition strategies are designed specifically for attracting diverse candidates. 

However, that being said, creating a diverse and inclusive workforce is not just about checking boxes but includes fostering an environment wherein everyone feels valued and respected. On that note, mentioned below are some of the best practices HR professionals can implement to build a diverse and inclusive workforce.

What is Workplace Diversity and Inclusion?

Workplace diversity and inclusion refers to the practice of creating a work environment that embraces and values individuals from various backgrounds, experiences, as well as perspectives. However, when you take a closer look at this concept, you will realise that diversity and inclusion are actually quite different from each other and do not mean the same thing. 

Simply put, diversity refers to the presence of individuals with varied backgrounds, perspectives, and characteristics, within an organisation. It encompasses a wide range of factors, including, but not limited to, race, ethnicity, sex, age, nationality, and socio-economic status.

On the other hand, inclusion signifies creating a work environment where all individuals, irrespective of their differences, feel welcomed and valued. It primarily focuses on promoting a sense of belonging for every employee in an organisation and ensures that every voice is given due importance and consideration. 

If an organisation is aiming to truly offer an inclusive work environment, they need to implement policies and practices that promote fair and unbiased hiring, opportunities for the professional development of all employees, and diversity recruitment.

Diversity and Inclusion Best Practices

Listed below are some of the best and essential practices that every organisation must implement in order to promote a diverse and inclusive workplace.

Establish A Sense Of Belonging

Fostering a sense of belonging is essential for a workspace to be inclusive and cohesive for all its employees. HR professionals should conduct in-depth diversity training sessions for all staff members to achieve relevant results. Unconscious bias and cultural competency should be the main topics of discussion throughout these sessions, which should also promote candid conversations to clear up any misunderstandings or concerns. 

Equal and Fair Treatment of All Employees

Fairness is yet another crucial prerequisite for employees to feel valued and respected. More often than not, unfair salaries or undue advantages to employees of different backgrounds can create an unhealthy workplace culture. To prevent the same, HR professionals should develop and enforce comprehensive non-discrimination policies that protect employees from any form of discrimination based on age, race, gender, sex, or any other protected characteristic.

 Conduct Regular Diversity Audits

Conducting audits on a regular basis helps keep track of progress, identify potential areas for improvement, and hold the organisation accountable for diversity and inclusion goals. In addition to this, it also helps to understand the effectiveness of diversity initiatives.

Promote Diversity In Hiring

In order to build a diverse workforce, HR professionals must also implement the necessary changes in their hiring process. This includes expanding the talent pool through targeted outreach, implementing bling resume screening processes to prevent the occurrence of unconscious bias, and partnering with diverse organisations. In addition to this, interviewers must also be trained in inclusive interviewing techniques that focus on skills and qualifications rather than cultural fit. 

Conclusion

Adhering to these best practices can help HR professionals to create a workplace where every employee feels empowered to reach their full potential, thus fostering a more inclusive and high-performing organisation. If you wish to explore more about such practices or simply enhance your people management skills, you can check out multiple strategic HR management courses that are available online.

One such among them includes the People Leadership and Strategic HR Management program brought to you by the prestigious IIM Lucknow. Such IIM Executive HR courses are specifically designed for business managers and emerging senior HR professionals who wish to advance their careers in this field. Additionally, with the IIM L leadership course, you also get to explore multiple benefits, such as access to masterclass sessions and professional certifications, among others.

What can I do with a supply chain management degree?

Posted on by Imarticus Learning

In the dynamically transforming world of commerce, a career in supply chain management offers an exciting blend of strategic problem-solving, analytical skills, and management prowess. Graduates from a supply chain management course find themselves at the crossroads of an intricate global network, managing a wide array of activities from procurement to logistics, thereby making tangible impacts on the businesses they work with.

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With the burgeoning complexity of international commerce, supply chain management has emerged as a crucial field, accelerating demand for skilled professionals. With a degree in supply chain management, one can navigate through this industry, sculpting an intriguing and rewarding career in logistics and supply chain management.

The Evolution of Supply Chain Management: A Historical Perspective

Understanding the evolution of supply chain management helps appreciate the complexity and importance of the field today. 

The early 20th century saw the core focus on production. With that, companies aimed at enhancing manufacturing efficiency. This era was characterised by mass-production models, as exemplified by Henry Ford’s assembly line. During this period, supply chain activities were largely fragmented, and logistics was viewed as a necessary but non-strategic expense.

Post World War II, there was a shift towards a market orientation, where understanding customer needs and providing value became the focal point. Businesses started recognising the significance of managing distribution and logistics to meet customer demands effectively. Still, the overall supply chain perspective remained functionally siloed, with each department focusing on optimising its operations without much regard for the broader system.

The late 20th century heralded a new era with the advent of Information Technology. Companies began to see their supply chains as an integrated process, where coordination across different functions was key to achieving overall efficiency. Alongside this, various waste reduction and continuous improvement strategies like JIT (Just in Time) and TQM (Total Quality Management) also took birth.

With the dawn of the 21st century, the supply chain management field witnessed exponential growth in its complexity and strategic importance. Globalisation led to lengthier and more intricate supply chains, demanding better coordination and visibility across all levels. While we were adjusting to the new normal, e-commerce giants like Amazon emerged, completely revolutionising consumer expectations from businesses. The newfound appetite for speedy, affordable, and efficient delivery has skyrocketed, exerting considerable pressure on companies to meet these amplified demands.

The freshest shift in supply chain management is deeply connected to the arrival of advanced digital technologies like AI, machine learning, big data, and blockchain. This surge of technological advancements has sparked the beginning of an exciting new journey in the realm of supply chain management, unfolding an array of promising prospects for the times ahead.

Charting Your Career Path

A supply chain management degree unlocks a multitude of potential career paths, each with unique roles and responsibilities. You might find yourself stepping into the shoes of a Supply Chain Analyst. 

In this role, you’d immerse yourself in the meticulous review and enhancement of supply chain processes, skillfully using quantitative data as your compass to guide insights and shape strategic decisions. Alternatively, you could take on the mantle of a Logistics Manager or Operations Manager. These roles place you at the heart of daily supply chain operations, where your responsibility lies in maintaining the smooth running of operations and ensuring efficient and timely deliveries, all while keeping a vigilant eye on cost management.

If strategic roles interest you, you might gravitate towards becoming a Supply Chain Consultant or a Supply Chain Manager. These roles involve a strategic overview of supply chain processes, optimising performance, reducing costs, and ultimately driving value for businesses. 

As your experience grows, you could even work your way up to become a Director or Vice President of Supply Chain Management, playing a pivotal role in shaping a company’s direction and success.

Leveraging the Right Course

Taking the right supply chain management course is crucial in developing the necessary skills and knowledge to excel in this industry. A well-structured course provides both the theoretical and practical grounding required to navigate the dynamic landscape of supply chain management.

One course that stands out is the Professional Certification in Supply Chain Management and Analytics by IIT Roorkee, offered in collaboration with Imarticus Learning. This globally recognised certification offers a comprehensive curriculum, expert-led teaching, and real-world industry projects, providing a holistic and impactful learning experience.

Building a Future in Logistics and Supply Chain Management

A career in logistics and supply chain management promises diversity and exciting challenges. With roles spanning across industries like retail, manufacturing, healthcare, and technology, a degree in supply chain management could lead you anywhere in the world.

As businesses increasingly prioritise sustainable practices, there is a rising demand for supply chain professionals capable of creating and implementing green logistics strategies. This presents opportunities to influence companies’ environmental footprints while driving cost savings and efficiency.

Conversely, with the surging emphasis on digital transformation, an array of roles dedicated to the management and application of advanced technologies in supply chain management is becoming increasingly prevalent. These technologies, encompassing AI, machine learning, and blockchain, create a rich confluence of technology and supply chain management, paving the way for innovation and revolutionary change.

In conclusion, possessing a degree in supply chain management is akin to holding a versatile key capable of unlocking a myriad of career opportunities. Opting for a globally recognised course like the one offered by IIT Roorkee ensures you are well-armed with the necessary skills and insights to flourish in this ever-changing field. 

Setting off on a career journey in supply chain management offers not only a diverse range of challenges to conquer but also a chance to make a significant contribution to the global economy.

5 Machine Learning Techniques with Python

Posted on by Imarticus Learning

Are you interested in learning some machine-learning techniques with Python? Do you want to explore the amazing world of data science and artificial intelligence? If yes, then you are in the right place!

Imagine using the power of machine learning to train a computer to identify faces, forecast market prices, identify illnesses, or even create beautiful music. With Python as our reliable ally, we can open up this fascinating intelligence world. The possibilities are endless.

You might wonder, “Why Python?” In addition to being the preferred language for data scientists and top IT organizations globally, Python is a great choice for novice programmers and seasoned experts due to its elegance and simplicity. Python will therefore be your dependable travel companion, whether an experienced programmer or a novice taking your first steps into coding.

Data Science Course

In this blog, we will share five machine-learning algorithms in Python that you can use to solve real-world problems and have fun. 

Let’s get started!

What are the top Machine Learning techniques in Python?

Mastering Machine Learning with Python step-by-step

  • The Charm of Linear Regression

One of the most well-known supervised Python machine learning algorithms, it keeps track of continuous characteristics and makes predictions based on that information. By fitting the best line, it demonstrates a link between dependent and independent variables. The linear equation Y=a*X+b, sometimes called the regression line, depicts this best-fit line. 

In the given equation,

  • Y: dependent variable
  • a: slope
  • X: Independent variable.
  • b: Intercept

Imagine having the ability to predict future trends based on historical data. Linear regression is like having a crystal ball for predicting continuous numerical outcomes. It’s perfect for tasks like estimating sales, forecasting weather, or predicting your favorite sports team’s chances of winning the championship!

  • Enchanting Decision Trees

Decision trees are like magical flowcharts that help computers make decisions based on input features. They are incredibly versatile and can be used for classification and regression tasks. 

A decision tree is created by continually posing queries to the partition data. The decision tree algorithm’s objective is to improve predictability at each level of partitioning so that the model is constantly updated with knowledge about the dataset. 

It is a Supervised Machine Learning method. However, classification rather than regression is its primary use. The model uses a conditional statement to compare key attributes as it moves through the decision tree using a specific instance. Depending on the outcome, the more significant characteristics are nearer to the root as it descends to the tree’s left or right child branch. 

  • The Sorcery of Support Vector Machines

Support Vector Machines (SVM) are like magical wizards that can perform classification and regression tasks. They are excellent at drawing decision boundaries and are widely used in image recognition, text classification, and medical diagnosis.

One of Python’s most significant machine learning algorithms is supervised classification, or SVM, which draws a line dividing your data into several groups. We compute the vector to optimize the line in this ML algorithm. This will make sure that each group’s nearest point is also the one that is the farthest away from it. This is nearly always a linear vector, although it can be anything else.

  • Bewitching Naive Bayes

Naive Bayes is like a mystical potion that works wonders in text classification, spam filtering, and sentiment analysis. It’s based on the Bayes theorem and assumes that features are independent of each other (hence the “naive” part). But don’t let the simplicity fool you; it’s a potent technique!

A supervised machine learning method called Naive Bayes is utilized for categorization problems. One of the reasons it is sometimes known as a Naive Bayes Classifier is because of this. It is predicated on the idea that characteristics are unrelated and have no association. However, this algorithm is called “naive” because these presumptions are false.

The Bayes theorem, which is used in this procedure, states:

p(A|B) = p(A) . p(B|A) / p(B)

This is

  • p(A): Probability of event A
  • p(B): Probability of event B
  • p(A|B): Probability of event A given event B has already occurred 
  • p(B|A): Probability of event B given event A has already occurred

  • Enigmatic K-Nearest Neighbors

This Python machine-learning technique focuses mostly on classification but also includes regression. This approach for supervised learning compares distance using a typical Euclidean function while considering various centroids. It then evaluates the findings and assigns each point to a group to best position it concerning all nearby points. 

It categorizes fresh situations by employing a majority vote of k of its neighbors. The case it assigns to a class is the one its K closest neighbors share the most. It makes use of a distance function for this.

The Final Words

Although you now understand the fundamentals of five effective machine-learning strategies, remember that learning is a lifelong process. The subject of machine learning is constantly developing and is teeming with intriguing new developments. Embrace the thrill of staying curious, exploring new algorithms, and continuously enhancing your skills.

Your newly gained knowledge in Machine Learning with Python opens the doors to various professional prospects and exciting initiatives, from forecasting stock market trends to detecting diseases, from making tailored recommendations to transforming industries.

But let’s not lose sight of the fact that machine learning is about more than just models and algorithms; it’s about making a difference in the world. 

Early and mid-career professionals may gain a firm foundation in the dynamic field of data science and machine learning by enrolling in the “Certificate Program in Data Science and Machine Learning,” which is presented in collaboration with iHUB DivyaSampark (TIH) @ IIT Roorkee and Imarticus Learning. 

This in-depth 5-month data science course, created by acclaimed IIT professors, covers data mining, gives you Python-based machine learning tools, and allows you to use data-driven insights to spur organizational success. Enroll now to embark on a transformative journey of learning and upskilling with Imarticus Learning Machine Learning online course with Python.

Keep learning, keep growing, and keep reshaping the world with Python and Machine Learning!

6 Pros And Cons Of Tableau Data Extracts V/S Live Connections

Posted on by Imarticus Learning

The main goal of Data Analytics and Visualisation is extracting insights from raw data. You have to connect and interact with data from many sources to derive meaningful results. Businesses worldwide use a tool like Tableau to get this job done. One of the most powerful tools in this domain, Tableau, offers two ways to interact with data. To learn more about this domain, you can always pick a data science course that can boost your career in data science to new heights.

Join us as we unveil the meaning of these two methods. By navigating through the pros and cons of each method, you will realise the true potential of data visualisation.

Let’s get started!

What are Data Extracts?

Simply put, Tableau creates a condensed version of data called data extracts. They are stored separately from the source. These data extracts are minor in size as they only contain data required for visualisation.
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Pros of Data Extracts

Flexible Data Modelling: You get more power to customise data extracts. Through this mechanism, you can perform the following actions.

Creating calculated fields

Performing custom calculations

Defining hierarchies within the extract

Enhanced Security and Data Governance: Extracts provide a layer of security for your data. Through its encryption, you can protect your data with a password while sharing it with external parties. This capability helps you in cases where you are strictly expected to comply with privacy regulations.

Local availability: Data extracts can be locally stored on your system. You can work on them without connecting to the source. Data extracts provide flexibility as you can manipulate and shape data without an internet connection.

Cons of Data Extracts

Data Latency: You can expect data latency as the extracts are locally available. You will have to refresh the extracts to reflect the latest information in your insights and visualisations. This results in a significant delay between when data was changed in the source and when it was updated in the extract

Complex Extract Creation: Creating extracts requires more steps than a live connection. Beginners might need help to perform the following tasks for extract creation.

Defining data connection settings

Selecting data fields

Configuring filters

Managing data refresh schedules

Data Duplication: Extracts are stored locally. If you don’t refresh them frequently, discrepancies could occur with the source. This leads to confusion and unreliable analysis.

What are Live Connections?

Unlike data extracts, live connections are dynamic. Through them, you can interact with data in real-time. When you establish a live connection, Tableau retrieves data from the source whenever you interact with the visualisation.

Pros of Live Connections

Reliable Analysis: The generated analysis is trustworthy as you always work with real-time data from the source. Any changes in the source are instantly reflected in the visualisation.

Centralised Data Governance: Tableau establishes a direct connection to the data source. Tableau enforces the access controls and security protocols of the source. Thus, you can maintain centralised security protocols and governance.

Real-time Collaboration: Live connections allow multiple users to work with the same data source. They can access and interact with the visualisations in real-time.

Cons of Live Connections


Strain on Data Source: You should use a data source sparingly. This can strain the source because of repeated requests. Others accessing the same source could observe decreased performance.

Compatibility Concerns: Tableau and the data source must run on the latest updates. The versions they are operating on must be compatible with each other. Any update on Tableau requires changes in the data source as well.

Limited Data Shaping: Unlike extracts, live connections do not allow customisations. You may have to perform calculations and transformations in the source before visualising in Tableau.

Learn more from a Data Science Course. 

If your business requires insights from real-time data, work with “live connections.” However, “data extract” is your go-to mechanism if offline availability is your priority. Learn more about it by taking a Data Science course. Imarticus Learning offers many courses from top educators to make you job-ready. For any inquiries, connect with us through chat support on our Contact Us page. Our training centers are conveniently located in Mumbai, Thane, Chennai, Pune, Bengaluru, Delhi, Gurgaon, and Ahmedabad.

Frequently Asked Questions

Why is Tableau used in data science?

Tableau stands out as a leading tool in business intelligence (BI), aiding users in crafting various visual representations such as charts, graphs, maps, dashboards, and stories. With a rich set of distinctive and compelling features, Tableau has earned its popularity by empowering users to visualise and analyse data, facilitating informed business decision-making effectively.

Tableau is suitable for what kind of data?

Renowned as the forefront solution in contemporary business intelligence, the Tableau platform seamlessly extracts data from diverse sources and transforms it into actionable insights swiftly and effortlessly.

What topics are involved in the data science course?

A beginner-level Data Science course syllabus encompasses fundamental and advanced principles in data analytics, machine learning, statistics, and programming languages like Python or R.

The Importance of Effective Procurement Management

Posted on by Imarticus Learning

Effective procurement management is an unsung hero who holds enormous power in a world where organizations continuously compete for success. Imagine a master conductor creating a seamless symphony of cost reductions, supplier negotiations, and supplier relationships.

That is the power of procurement management, the unsung force that powers businesses and helps them reach new heights. It’s the key component that turns average companies into leaders in their field. 

Purchases of products, services, or other works from an outside source are made through the procurement process, which is frequently done through a tendering or competitive bidding procedure. The phrase may also describe a legal duty to “procure” to “ensure” something is done. This kind of purchasing is known as government or public procurement when a government agency uses it.

So fasten your seatbelts and come along on this fascinating ride as we explore “The Importance of Effective Procurement Management.” Prepare to see how an unsung hero may alter a company’s course by strategically constructing a picture of success. 

Significance of Efficient Procurement Management

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Directing and managing the many procurement-related operations is referred to as procurement management. It comprises the procedures needed to manage the procurement of products and services, write purchase orders, and even maintain records. 

It’s your responsibility as a procurement manager to achieve the highest return on the money spent on the equipment, office supplies, raw materials, and other supplies needed to run a firm. Every size of organization needs effective procurement management. Money may be saved, productivity can be increased, and danger can be decreased. 

The role of procurement in reducing operational costs and streamlining operations

A career in digital supply chain management has great potential for success. From entry-level jobs to senior management positions, it https://imarticus.org/a-guide-to-pursuing-a-career-in-supply-chain-management/provides a range of options. The need for supply chain managers is considerable, and employment opportunities are anticipated to increase.

  • Streamlining Operations and Reducing Costs

One of the primary reasons why effective procurement management is crucial for businesses is its ability to streamline operations and reduce costs. Organizations can optimize their supply chain, eliminate inefficiencies, and enhance productivity by implementing robust procurement practices. Through strategic sourcing and negotiation, procurement professionals can secure favorable pricing and contract terms, resulting in cost savings for the company.

Moreover, effective procurement management helps minimize the risks associated with poor-quality goods or services. By conducting thorough supplier evaluations and quality control processes, businesses can ensure they receive products and services that meet their standards, reducing the likelihood of costly defects, delays, or rework.

  • Supplier Relationship Management

Establishing and nurturing strong supplier relationships is another significant aspect of effective procurement management. Collaborating closely with suppliers enables businesses to access valuable market insights, innovative solutions, and new product developments. By maintaining healthy supplier relationships, organizations can enhance their competitiveness and gain a competitive advantage in the marketplace.

  • Strategic Decision-Making

Effective procurement management provides valuable data and insights that enable informed decision-making. Through robust procurement processes, businesses can gather market intelligence, analyze trends, and identify opportunities for cost savings or process improvements. Procurement professionals can leverage this information to develop strategic sourcing strategies, select reliable suppliers, and make informed purchasing decisions that align with the organization’s objectives.

Additionally, procurement teams can contribute to cross-functional initiatives and drive innovation by collaborating with other departments, such as finance, operations, and marketing. They can provide valuable input on product design, cost optimization, and sustainability, ensuring that the organization’s procurement activities align with its strategic goals.

  • Enhancing Risk Management

Effective procurement management also plays a crucial role in enhancing risk management within organizations. Procurement professionals are responsible for evaluating suppliers’ financial stability, ethical practices, and compliance with regulatory requirements. Businesses can mitigate the risks associated with unreliable suppliers or potential legal issues by conducting thorough due diligence.

What are the benefits of efficient procurement management?

Supplier collaboration in procurement is a strategic approach that emphasizes fostering strong and mutually beneficial relationships with suppliers. Beyond the typical buyer-supplier relationship, it creates a partnership based on mutual respect, openness, and goals.

  • Save money: By negotiating better pricing with suppliers, effective procurement management may help you save money on your purchases. This might free up resources that could be used for other initiatives, including marketing or R&D.
  • Enhance effectiveness: You may enhance the effectiveness of your procurement process by using effective procurement management. This may result in shorter turnaround times, fewer mistakes, and a better-organized procedure.
  • Reducing risk: You may lessen the chance of supply disruptions or price hikes by using effective procurement management. This may help safeguard your company against monetary losses and guarantee that you have access to the goods and services when you require them.
  • Build connections: Effective procurement management may create and maintain strong connections with suppliers. 

The Final Words

Effective procurement management is paramount for businesses seeking to thrive in a competitive market. Organizations can achieve operational excellence, drive growth, and maintain a competitive edge by streamlining operations, reducing costs, nurturing supplier relationships, making strategic decisions, and enhancing risk management. 

Investing in a well-defined procurement strategy and empowering skilled professionals in the field can yield significant long-term benefits for businesses across industries. Organizations can unlock opportunities, mitigate risks, and position themselves for sustainable success by prioritizing effective procurement management.

The Professional Certification in Supply Chain Management and Analytics, provided in collaboration with CEC, IIT Guwahati, and business pioneers, offers a cutting-edge educational experience designed for anyone looking to succeed in the operations and supply chain sector. Imarticus Learning, renowned for its expertise in professional education, brings you this cutting-edge certification program that equips candidates with the necessary skills and knowledge to excel in this dynamic field.

This credential equips professionals to make strategic, operational, and tactical choices based on data-driven insights by incorporating Supply Chain Analytics into the curriculum. People with a mix of process and analytics skills are in high demand in today’s quickly changing supply chain management environment. This qualification serves as a catalyst, enabling you to qualify for in-demand positions.

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.

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.

Automation in HR: Top HR Softwares in India

Posted on by Imarticus Learning

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!