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Category: Management

Tools and Technologies in Supply Chain Management

Posted on by Imarticus Learning

With the rapid digital transformation taking place post-COVID-19, supply chain management has been significantly transforming trade and commerce all over the world. With the introduction of digital marketing and various tools, supply chain strategy has now become a piece of cake for business entities. 

Starting from storage of raw materials to good products and finally delivery, supply chain management holds responsibility for seamless business operations. Supply chain management ensures flow efficiency with the scope for the business to minimise the cost of production overall. 

Using different supply chain management tools would reduce inefficiencies. In this article, let’s learn about different supply chain management tools and learn how significantly it helps with the current supply chain strategy. 

Types of Supply Chains 

Supply chains are considered to be the lifebloods of various industries around the world. They all require different strategies to work. There are numerous models of supply chains that businesses use, and here are some popular models of those. They are: 

Continuous Replenishment: In this model, the strategy is straightforward and focuses on constant replenishment of inventory with tight coordination with their suppliers. This model is not very risky and integrates the production procedure efficiently while keeping peerless demands that forecast upon the constant flow of real information. 

Build-to-order: This supply chain primarily focuses on constructing the order as soon as the consumer places it. This strategy is commonly used by Dell by making customisable PCs ready for shipping once the specifications were decided. 

Channel Assembly: This supply chain strategy incorporates third-party logistics or 3PL. In this case, partners help in building a product piece by piece and travel it down to various distribution channels. Once the order comes across different supply channels, they are finally shipped together by the 3PL. 

Factors for Choosing the Right Supply Chain Management Tools 

Some factors are responsible for making a correct decision in choosing the right supply chain management tool. Let’s check those needs out. 

Requirements: Since different supply chain management tools come with different distinct features, the correct one must be chosen based on their requirements. This would help in creating the desired impact on one’s business. One can opt for using the trial version of the tool before getting familiar with it and see if the ends are meeting their needs to further go for a subscription. 

Reliability: This is another important prospect that should be kept in mind for choosing the correct supply chain management tools. The success of the enterprise strongly depends on how the products or services satisfy the customers. Hence, before one purchases the tool, it is pivotal that the vendor has a good reputation. One can read the reviews online and then make an informed decision. 

Data Insights: This might not be a very popular factor, however, knowing about data insights from using supply chain management tools play a major role as well. Utilising artificial intelligence and machine learning tools for supply chains will help in understanding the trends and patterns of supply chain management. It would also help in achieving an accurate product demand forecast and updating the inventory accordingly. 

Interface: This supply chain management factor is bound for software tools used in inventory management. Building a user-friendly interface would help immensely in decreasing the search time. Software must be user-friendly so that the supply chain can easily access various branches of data visualisation, network scheduling and warehouse management.  However, before buying the software, make sure to take a demo. 

5 Tools and Technologies in Supply Chain Management 

Supply chain management incorporates specific tools that not only facilitate seamless shipping and inventory but also other important factors. Here we have listed some of the most popular tools and technologies used in supply chain management. Let’s see what they are. 

Shipping Status Tools 

This tool is a simple and robust way for keeping track of one’s shipments. This tool helps in providing powerful updates regarding shipment progress. One can get to know about the details when the shipments are completed, or whether the estimated delivery time has changed or not. 

Order Processing Tools 

Starting from billing to order fulfilment, there are plenty of areas one might have to keep a track of. This is where this tool comes in handy. This tool is enabled to track orders, from billing to delivery and also helps to keep on top of all the orders. 

Lean Inventory Tools 

This tool is pivotal for feasible inventory management. This tool helps in preventing the production of excess goods and only produces them when necessary. Lean inventory moderates the number of goods lying in the warehouse and supplies them efficiently. One of the finest examples of lean inventory tools is the JIT system. 

Warehouse Management Tools 

During the past few years, Amazon has substantially revolutionised the concept of warehouse management. Hence, the tools for this are also under constant upgradation. This tool provides one with an option for their supply chain to make it public or private that is subjected to scale up and emphasise efficiency. This in turn would run the chain smoothly. 

Supplier Management Tools 

This is an optional tool for businesses that have an operating SCMS. Supplier management tool consists of SAP programming that makes supply chains feasible and cost-effective. This tool helps in tracking the contributions of the suppliers to the chain and hence contracts are regenerated from these segregated data. 

Integration of Digital Supply Chain Management Tools 

Digital supply chain management tools are one of the major reasons for business turnovers post-COVID. Since COVID-19, several technologies have emerged that have helped companies supersede the digital economy. Let’s see how. 

Automation: This has helped in streamlining work as well as the supply chain more efficiently than before. Automation has helped in managing and capturing supplier data. Digital supply chain management helped immensely in eliminating the slow and time-consuming effort of manual data gathering. 

IoT or Internet of Things: This digital supply chain management tool helps in exchanging data that holds the potential for optimising supply chain operations. IoT helps with real-time visibility from the advent of manufacturing processes. Embedded IoT sensors further help in moving out items through the chain and gain unprecedented visibility. 

Advanced Analytics: Even though IoT helps with real-time visibility of data, the data is often unstructured and disorganised. Advanced analytics come in handy to intelligently analyse and leverage that data. This further helps supply chain leaders to make better decisions and improve business operations. 

Key Performance Indicators for Supply Chain Management Tools 

Supply chain tools come with some KPIs that ensure their optimisation. Let’s see what they are. 

  • Productivity in the workplace: An efficient supply chain has to have a productive workforce that removes any kind of operational bottlenecks. 
  • Downtime: A digital supply chain tool with a quick time response and low downtime enables the smooth functioning of supply chain operations.
  • Accuracy: A good supply chain tool primarily has models that accurately forecast future trends in demand and supply. 
  • Customer satisfaction: An efficient supply chain tool that delivers products timely can acquire high customer satisfaction among other chains. 
  • Profit margins: An efficient supply chain tool helps to contribute to the business profits and also minimises the overall cost of the chain operations. 

Conclusion 

Supply chain tools and technologies are rapidly increasing workplace productivity and ensuring cost-effective methods of inventory management. However, the number of people who know about different components of supply chain strategy is substantially low. 

If you are interested to know about different digital supply chain management tools and technologies, check out Imarticus Learning’s Digital Supply Chain Management With E&ICT course by IIT Guwahati. This hybrid course helps to accelerate your career in global supply chain management with guaranteed job assurance. 

A Guide to IIM Lucknow’s Global Leadership Programme

Posted on by Imarticus Learning

Businesses globally are facing unforeseen changes, the outcome of new technological innovations and enforcement of digitalisation. The business has to embrace these new changes to sustain itself. Thus, the C-Suite Leaders, both existing and those in the making, should undergo a global leadership programme to become confident to address sudden changes in the business scenario. 

What is leadership training?

global senior leadership programme

A well-structured and interactive training programme that aims to groom and elevate the leadership skills of managers is what leadership training is all about. This course requires managers to learn the basic and complex nuances of business skills and team engagement.

 The training aims to develop the following top-rated human skills for the C-Suite Leaders. These are as follows –

  • Realistic goal setting
  • Communication stating expectations from the team clearly
  • Decision-making and problem-solving nature
  • Time management and being focused
  • Team management with relationship and trust building
  • Task delegation to develop ownership for team members
  • Motivating team with success stories
  • Impartial stand to provide equal opportunities to all
  • Positive or winning attitude
  • Encouraging innovation within the team
  • Seeking feedback from the team regularly and being diplomatic

Types of leadership styles

There are five common styles of leadership. They are as follows –

  1. Authoritarian or autocratic leadership
  2. Participative or democratic leadership
  3. Delegated leadership
  4. Transactional or managerial leadership
  5. Transformational or visionary leadership

A successful leader often uses all forms of leadership as and when it suits the situation. The desirable qualities of a good leader are listed below :

  • Flexibility and resolution 

Great leaders know how to move ahead by being focused and alert. They are both flexible and resolute, depending on the scenario.

  •  Delegation without being irrationally demanding 

This quality builds a bond of trust with team members. Ownership develops within the team, and this enhances productivity.

  • Set direction for realistic goals 

Leaders are expected to set the direction for their team and monitor goals versus achievements meticulously on a periodic basis.

  • Clear and honest communication

This quality helps to provide feedback to the team for continuous improvement and works towards ultimate goal achievement.   

  • Provide lasting solutions to problems 

The team respects when their leader stands beside them in times of problems offering lasting solutions. This also helps in trust-building between the team and the leaders. 

  • Recognition 

Appreciating individuals for their good work or recognising team efforts are important qualities. It boosts individual and team morale and generates the confidence to confront tougher challenges. 

IIM Lucknow’s global leadership programme

The global senior leadership programme, conducted by IIM Lucknow, aims to fortify existing senior leaders to become C-suite executives. Specifically, this programme is structured for those managers who are to be groomed for the positions of Chief Finance Officer (CFO), Chief Marketing Officer (CMO) and Chief Human Resource Officer (CHRO) of an organisation. This course, nevertheless, is also effective for the existing C-suite officials to enhance their skills and potential.  

Features of IIM Lucknow’s global leadership programme

The modules covered are strategic leadership, business economics, business finance, strategic marketing, corporate communication, and strategic management. Digital transformation is a key subject of this programme. The programme spans 11 months. 

Besides the above-mentioned modules, accounting equations, financial statements, cash flow, and valuation are common topics for all aspiring C-suite officers.

However, different course modules have been designed based on the specific needs of a future CFO, CMO or CHRO. They will be subjected to specific subject-oriented master classes to cater to their role requirements. 

The features of IIM Lucknow’s global senior leadership programme are as follows –

  1. Live 200+ hours of online lectures by IIM Lucknow faculty
  2. 1 master class by existing C-suite executives
  3. 10 days of the campus experience
  4. Past case studies
  5. Model projects for better acclimatisation
  6. Executive conference for 2 days in Dubai

Reasons to join the global leadership programme

Besides the leadership traits in general leadership courses, the global leadership programme also covers the following unique topics essential for C-suite officials. They are as follows –

  1. Mastering global business rules and strategies
  2. Adapting innovation as fodder to organisation growth
  3. The programme guides the candidate to be an influential and trusted leader
  4. Promoting all other essential leadership skills among the candidate
  5. Helps in pioneering talent management

Benefits of being an executive alumni of IIM Lucknow

There are several advantages of being an Executive Alumni of IIM Lucknow. 

  1. Alumni will have passes to IIM Lucknow alumni events.
  2. The alumni can access brochures and newsletters from IIM Lucknow. 
  3. The alumni will have access to all IIM Lucknow local alumni chapters.  

Conclusion

The global leadership programme nurtures the future C-suite Officers of reputed organisations. The IIM Lucknow Global Leadership Programme offered by Imarticus will give your dream the right path. 

Visit their official website for more details. 

Why a BBA in Business Analytics is the Perfect Degree for the Data-Driven Business World

Posted on by Imarticus Learning

Get ready to open the door to success in the dynamic world of data-driven business. We’ll explain why a BBA in business analytics is the ideal degree to take your career and creativity to new heights. 

Imagine yourself as the genius behind strategic choices, uncovering hidden patterns in massive data sets and guiding firms toward unprecedented success. You would be equipped with a potent combination of business acumen and cutting-edge analytical talents. Put your seatbelts on and prepare for an exciting ride where data becomes gold and endless opportunities. 

This post will discuss why a BBA in corporate Analytics is the best degree for the data-driven corporate world.

What is Business Analytics BBA?

Business analytics (BA) refers to the knowledge, techniques, and methods utilized to evaluate prior corporate performance to provide information and guide business strategy. 

Business analytics uses data and statistical methods to develop new insights into firms’ operations. Contrarily, business intelligence has frequently concentrated on using uniform metrics to assess past performance and guide business strategy. 

Business intelligence focuses on description, whereas business analytics focuses on prediction and advice. Business analytics commonly uses explanatory and predictive modeling, numerical analysis, fact-based management, and analytical modeling to assist decision-making. It is closely related to management science as a result. 

BBA Business Analytics’s specialized program seeks to create business analytics experts for various sectors. Data analytics and business intelligence are combined to form business analytics. 

BBA in Business Analytics covers a wide range of important topics. Expect to explore the fields of big data analytics, data mining, data management, and data visualization. By passing this course, you open doors to bright career prospects that might result in rewarding work opportunities with competitive pay.

What skills can you gain from a BBA in Business Analytics?

In today’s business world, data is everywhere. Businesses gather and examine a tremendous quantity of data, from sales statistics to social media indicators, to understand their business operations and make wise decisions.

bba in business analytics course

Business analytics allows companies to use this data to identify trends, make predictions, and optimize operations. By leveraging the power of data, companies can improve their bottom line, increase customer satisfaction, and gain a competitive edge in their industry.

Businesses benefit from business analytics’ actionable insights. But these are the principal advantages of business analytics:

  • Through their everyday actions, they increase operational effectiveness. 
  • Aid companies in better understanding their clients.
  • The business makes predictions through data visualization.
  • These perceptions support future planning and decision-making.
  • Business analytics spurs growth and measures performance.
  • Find hidden patterns, produce leads, and expand your business appropriately.

How does business analytics work? 

BA first carries out several fundamental procedures before any strategic data analysis is done:

  • Establish the analysis’s business purpose.
  • Choose an analytical strategy.
  • Obtain company data from various systems and sources to assist the study.
  • Cleanse and incorporate all the data into one location. 

Predictive model deployment employs records often found in a database and a statistical procedure known as scoring. Scores assist businesses in making quicker, more informed judgments about their applications and operational procedures.

Benefits of pursuing a BBA in Business Analytics

  • It provides you an advantage over other job candidates. One of the most in-demand talents in the twenty-first century is business analytics. 
  • Your Bachelor of Business Administration in Business Analytics will provide you with the abilities and information employers desire. It provides a variety of job options. You can work in any area or industry that utilizes data to influence business results if you have a BBA in Business Analytics. You can work as a consultant, manager, business owner, data scientist, or business analyst. Additionally, you can pursue additional training or certification in relevant disciplines.
  • It improves your capacity for critical thought and problem-solving. Pursuing a Business Analytics degree will teach you how to approach business challenges from several angles and utilize data to discover answers. You’ll discover how to formulate pertinent queries, gather and examine pertinent facts, express your interpretation of the findings, and base your suggestions on solid evidence.
  • Your capacity for originality and creativity is improved. Your ability to think creatively and discover novel applications for data to benefit organizations and society will be tested by a BBA in Business Analytics. You’ll learn to develop ideas, evaluate hypotheses, try various techniques and tools, and unearth fresh perspectives and chances.
  • Through internships, capstone projects, and other chances, many BBA in Business Analytics programs provides practical experience. In addition to gaining important experience that can make them stand out to future employers, this enables students to use the skills they have acquired in the classroom in real-world scenarios. Students can also gain a greater grasp of the corporate world and how data can be used to create success by getting hands-on experience.

The Final Words

The data-driven corporate world is waiting for you with open arms, ready to be changed and altered by your special combination of abilities, creativity, and determination.

 In today’s fast-paced environment, it’s not only about making sense of data; it’s also about utilizing its potential to transform industries, open up new doors, and redefine what is possible.

Embark on an extraordinary journey and claim your throne in business analytics alongside the powerhouses of Geeta University and Imarticus Learning! Be prepared for the unrivaled BBA in business Analytics, designed specifically for students who want to master analytics to create game-changing company strategies. 

This program enables you to use the ideal fusion of data analytics, insights, and strategies to create exceptional business environments that stand out. 

Say goodbye to hunches, and welcome to accuracy!

How Are Companies Harnessing Big Data for Success in 2023

Posted on by Imarticus Learning

In today’s fast-paced and competitive business environment, businesses are constantly looking for ways to gain an edge over their competitors. One such approach is making efficient use of big data. Businesses may leverage the smart information and insights provided by big data to increase growth and profitability. 

Businesses will use big data more than ever in 2023 thanks to top-notch analytics and machine learning algorithms, which will help get a superior knowledge of customer behaviour, market trends and operational effectiveness. A career in data science is becoming more attractive by the day as businesses seek to improve customer satisfaction and decision-making by utilising big data effectively.

Overview of Big Data Technologies

With technologies like OOps concepts, Python programming and AI and ML algorithms, businesses in 2023 will be able to automate complicated operations, spot trends and forecast future outcomes. While cloud computing helps businesses to store and handle enormous volumes of data, IoT devices give current information on customer behaviour and product consumption. 

With the use of these technologies, businesses can effectively analyse massive volumes of data and draw profitable conclusions, thus facilitating quick and effective decision-making and disaster management.

become a Data Analyst

A real-time application of these technologies can be seen in personalised marketing. It is in high demand featuring higher conversion rates, more revenue and better customer experience than traditional methods.

Keeping up with these trends, the youth now has taken an avid interest pursuing careers in data science, understanding OOps concepts and taking Data Analytics Course to rank themselves as an asset in the workplace.

Here are some benefits of using big data for your company:- 

Enhanced Customer Insights

The more data you have, the more you can know about your customer’s demands and behavioural patterns. This helps you to provide them with goods and services in a way that benefits them and draws loyalty towards your company. 

Going through customer reviews and social media interactions, businesses can predict what the customers think about their products, harness the scope of improvement and also understand how to streamline resources effectively. Working on feedback not only enhances customer satisfaction but also increases brand reputation, loyalty and demand- thus creating a win-win situation for everyone.

Improved Operations and Decision-Making

Businesses use big data to boost their productivity and save costs. Examining data helps them in understanding their business procedures better, identify any errors and look for any further improvements. 

Gathering data from different sources helps companies have a broader understanding of their customers, market and their competitors; thus helping them make informed decisions.

Innovation and New Product Development

Businesses may create products that appeal to consumers, increase consumer value, lower the risks associated with product launches and efficiently manage and coordinate the use of their internal R&D resources. 

Data mining may help businesses identify client demands that they might not have otherwise noticed. By constantly keeping an eye out on satisfying customer needs, businesses can strengthen brand ties with consumers and increase customer lifetime value.

Enhanced Risk Management and Security

Big Data analytics is currently seen as an effective approach to reducing risks and providing better customer service since it allows a glimpse into the future. Big data analytics has accelerated and simplified the process of detecting disparities. 

By using predictive analytics to analyse more than millions of data points, including unemployment rates, social media activity and other indicators of employee turnover, big data is also utilised to improve hiring and management choices. 

It may also assist in determining if starting a business in a specific area or with a specific target market would be profitable or not. To deliver secure financial services and raise customer satisfaction, financial organisations must evaluate risks across the organisation and sector.

Ethical Considerations

However, certain ethical considerations must be kept in mind while harnessing big data for your company:-

  • Any prospective application of big data should be open and equitable, with clear guidelines for client/server communication and information exchange.
  • To ensure that businesses are responsible for their use of big data and that their actions are just and equal, transparency is essential.
  • Due to the vulnerability of businesses to cyber assaults caused by the collecting and storage of massive amounts of data, security must be given high importance.

Challenges for Companies Using Big Data in 2023

The facets in which big data promises success to companies using it are varied. However, there are also some challenges that come with it, other than ethical considerations. They are:-

Data privacy and security

With the massive amount of data being collected, companies must be wary of their procedures to store this data with secure and compliant procedures. There are several ethical guidelines for companies that harness big data for their benefit, and adherence to them must not be compromised.

Different sources and formats

Companies often struggle with mining and analysing data of different formats. When data integration poses to be a problem, companies turn to several integration platforms, ETL tools and APIs to integrate and analyse this data. This turns out to be time-consuming and may delay certain time-dependent decisions.

Data quality

Harnessing data from various sources might create serious disparities. These include but are not limited to missing data, duplicate or repetitive records and inconsistency in collected information. To do away with these issues, companies need to double down on their awareness and investments in data governance practices and technologies.

How Does the Future Look for Companies Using Big Data in 2023?

However, the future of data science looks promising and this is mainly due to digitalisation. Companies that can use big data effectively will be able to advance innovation and obtain a competitive advantage. 

Counting in factors like the increased volume of generated data and the advancement of AI, the future of big data- particularly in areas such as predictive analysis and real-time decision-making, holds immense promise.

To fully achieve the potential of big data, however, enterprises must confront the difficulties as well as the requirement for specialised knowledge and equipment which in turn has created a big scope for a career in data science. 

To exploit the benefits of big data while reducing the hazards connected with it, businesses must take the appropriate efforts to address all ethical and scalability concerns and ensure transparency in their data use.

If you would like to learn how data science is used in the real world and create analytical models that improve business outcomes, Imarticus brings you the Postgraduate program in Data Science and Analytics. Enrol at the earliest to learn key concepts such as Python programming, data science, machine learning, SQL and much more.

Top 5 Essential Leadership Qualities

Posted on by Imarticus Learning

There is a good reason for leadership being a hot topic in business. It has the power to create or break an organisation, and effective leaders always bring to the table a variety of special qualities that help them guide their teams to success. Understanding these essential qualities of leadership is crucial whether you are an experienced leader or are just beginning your career. 

global senior leadership programme

You can use them to lead with integrity, communicate more effectively, react to changes in the corporate environment, and inspire and encourage your team. Also, aspiring leaders need to be adequately prepared for the demands of the corporate world, which is where management programs come in. Are you curious to find out what qualities a great leader must possess? 

Read on to learn the five essential leadership qualities that you must develop if you want to succeed as a leader.

Qualities of Effective Leadership

Possessing the ideal mix of knowledge, abilities, and competencies that can improve the operations of an organisation is an essential part of effective leadership. These include defining appropriate expectations and goals, communicating effectively with teammates and customers, making data-driven decisions and much more.

To ensure the success of the company and its employees, it is necessary to understand the five basic qualities of an effective leader. They are as follows: 

Effective Communication Skills 

Communication makes one of the five characteristics of a good leader, which should come as no surprise.  An effective leader must be able to establish clear expectations for their team members and maintain good communication with them. Effective leaders are involved in active listening as a crucial aspect of teamwork in addition to giving instructions. Without effective communication, the work environment can easily become unproductive or chaotic.

Team leaders must be able to motivate their teammates through both their exemplary words and actions.  Thus a leader’s sharp communication skills will open doors to better connection among the team and the company at large. Employees who possess this quality of leadership feel respected and recognised in a team setting and are usually shortlisted for leadership roles in the organisation.

Self-Awareness

In any organisation, leaders act as role models for their teams. Effective leaders must therefore demonstrate solid self-management skills so as to perform well when requested for help or counsel. Or, to put it another way, a leader needs to show self-awareness, limitation, and resilience. 

With such qualities, leaders can deal with difficult situations swiftly and ensure that their personal hiccups do not affect their decisions or their reactions to situations. Therefore, maintaining discipline as well as being aware of one’s advantages and flaws guarantees that a leader performs in a way that may be followed by the team.

Solid Team Building Abilities 

Teams must be assembled by leaders for particular company tasks or projects. To create dependable and effective teams, leaders must demonstrate strong team-building abilities that guarantee using transformative and interactive ways. It is more important for leaders to create teams that can perform to the best of their abilities and achieve organisational goals than it is to simply develop teams that drag on with the burden. 

Leaders must also work on effective strategies to boost team morale. An effective leader is a person who embraces variety and even celebrates it since it fosters the development of new ideas, points of view, and, ultimately, competence. Really, there is no place in leadership for those with limited perspectives.

Decisiveness

Every aspiring leader must be able to make the most effective decisions. A leader’s ability to take the right decision at the right time is crucial to balance the overall sense of harmony in an organisation. Many leaders put off taking action out of concern that they will make the wrong choice, which just makes the issue worse. 

An effective leader sometimes discovers this the hard way and after doing so, realises the importance of acting quickly and decisively. They realise that having any kind of direction is preferable to having none. It is a farce to believe that great leaders do not flinch in the face of a dilemma. However, the faster they recover from the moments of indecisiveness, the better leader they prove themselves to be.

Skills for Resolving Conflict

In commercial organisations, disagreements and misunderstandings are widespread. Conflicts may arise from ideological misalignment and diversity. However, an effective leader possesses the abilities and character to handle such situations without jeopardising relationships. Effective leaders ensure that issues are settled in a way that is advantageous for the organisation’s success through mutual understanding.

Aspiring leaders are passionate about demanding the highest performance from everyone around them. However, they also have a talent for inspiring workers to deliver better work. To specify precisely how they might accomplish their organisational goals, it is essential to have the capacity to engage with people.

Conclusion 

Whether you think leaders are created or born, there are certain qualities and features that all great people possess. Additionally, these qualities are not essentially hard skills. Although soft skills are more important from the standpoint of the manager than hard skills from the employee’s point of view. 

Also, learning is always the key to career advancement, and the Global Leadership Program will help you upskill yourself and identify the way you can lead. The Global Senior Leadership Programme at IIM Lucknow is specially made to help high-potential corporate executives transition into C Suite Executive positions. If you’re an aspiring Chief Financial Officers (CFOs), Chief Marketing Officers (CMOs), and Chief Human Resource Officers (CHROs) you are to highly benefit from the programme.

The present CFOs, CMOs, and CHROs will profit the most from learning and obtaining the modern leadership abilities required to manage their businesses with assurance in the modern era. You can learn more about such online learning courses and management programs at Imarticus Learning.

Understanding the Need for Data Science in Everyday Life

Posted on by Imarticus Learning

Data science has an all-pervading role in our everyday lives. Data science has become an inextricable part of common people’s lives, from predicting texts on our Google search to predicting our show preferences on OTT platforms.

Data science is an interdisciplinary field combining mathematical and statistical methods and other disciplines like specialised programming, advanced analytics, artificial intelligence (AI), and machine learning to derive meaningful insights from an organisation’s data.

Data Science Course

The derived insights are utilised in strategic planning to make informed decisions. Due to the increasing growth of data sources, data science and machine learning courses have become rapidly expanding disciplines in several industries. 

This article will walk through our daily needs for data science and how it benefits us.

Why do we need data science?

Data science has become an increasingly crucial discipline in almost every business sector, operation, and strategy. The benefits of using data science are several. 

  • It offers valuable and deep customer insights, allowing companies to develop strong marketing campaigns and targeted advertising. It ultimately leads to increased product sales. 
  • Data science can help manage financial risks, detect fraudulent transactions, and prevent equipment crash-downs in industrial settings. Additionally, it is employed to defend IT systems from potential cyber attacks and threats. 
  • From an SCM perspective, data science initiatives can significantly optimise customer services, product inventories, and distribution networks. It also leads to increased efficiency and lower costs. 
  • Data science lets companies create informed business plans and strategise by analysing customer behaviour, market trends, and competition. It has proven to be a key tool in areas beyond everyday business operations. It is used in pharmaceuticals and healthcare for medical diagnosis and other research. 
  • Academic institutions monitor student performance by leveraging data science. Data science also helps sports teams to analyse player performance. Government agencies and public policy organisations also greatly benefit from the data-driven decision-making features of data science.

Most industries depend upon data science to improve operations, cut costs, and make informed decisions based on data-driven insights. 

What are the various stages and their utility in Data Science?

Data science has become an important facet of our daily lives. It enables analysts to draw actionable insights by undertaking a set of stages in its lifecycle. The lifecycle of data science usually follows several tools, roles, and processes, which are crucial for efficiently managing data.

  • Stage 1 – It includes data ingestion. It involves gathering raw structured as well as unstructured data across several relevant sources. Different methods are utilised, such as manual entry and real time data streaming across devices and systems.

The data sources involve structured data which includes customer data and also unstructured data, such as audio, video, pictures, etc.

  • Stage 2 – Data storage alongwith processing are the key components of this stage. It is important to handle data efficiently. Companies must consider various storage systems which are centred on the data type required for capturing due to variations in data formats. The data management team is pivotal in setting standards of data storage as well as data structures. 

It facilitates workflow around machine learning methods. This stage involves data cleaning, transforming, duplicating and also combining data utilising the ETL (extract, transform, load) jobs. Preparation of data is necessary to promote data quality prior to loading data into a warehouse, or any other repository.

  • Stage 3 – This stage comprises data analysis. In this stage data scientists carry out an investigative data analysis to speculate biases, ranges, and value distributions inside the data. In such exploration of data analytics, generation of hypothesis for a/b testing is carried out. 

It even lets analysts to speculate the relevance of data for predictive analysis, deep learning and machine learning. Whether organisations rely on these conclusions for commercial decision-making depends on the model’s accuracy. This ultimately allows them to generate more scalability.

  • Stage 4 – This is the last stage of data science which includes communicating the insights comprehensively to business analysts and various commercial decision-makers. This stage includes casting insights as reports and as other data visualisations. Programming languages of data science like Python or R involve several components for developing visualisations.

Conclusion

Data science has revolutionised the business world and our daily lives. It offers numerous advantages, such as predictive analysis, data analysis, cyber security protection, quick reporting, and so on. However, certain challenges remain, such as susceptibility to bias and discrimination and vulnerability to security threats. 

If you want to choose a career in data science, opt for a data science and machine learning course. Check out Imarticus Learning’s Certificate Program in Data Scienceand Machine Learning, created in collaboration with IIT Roorkee to learn about data science and specialise in machine learning. With this course, you can become a professional in data science and even get mentorship to launch your entrepreneurial dream. Visit Imarticus online to get course-related details today!

Effective Decisions in Supply Chains: Business Intelligence and Data Analytics

Posted on by Imarticus Learning

A supply chain is a network of individuals, businesses, organisations, assets, tasks, and technological developments involved in producing and distributing a product. Supply chain management is a complex process with multiple steps and storage options. The success of a business depends on how successfully it handles its supply chain.

digital supply chain management course

Several supply chain management courses are available for individuals interested in learning more about supply chain management. One can improve supply chain performance and introduce a unique framework for strategically managing and optimising decision phases in supply chains.

This article will look at the importance of BI and data analytics in supply chain management and how they may help firms make better choices.

Importance of Business Intelligence in Supply Chain Management

Business intelligence (BI) is essential in supply chain management. Here are some of the advantages of using business intelligence in supply chain management:

Insights on emerging threats in real-time: Every supply chain faces risks from various sources, ranging from the loss of significant suppliers and consumers to logistical inefficiencies. BI tools help businesses recognise and solve supply chain concerns by providing real-time insights into emerging risks.

Improved decision-making: BI tools enable teams to focus on specific portions of massive volumes of data that would otherwise be impossible to analyse. Several factors hidden within enterprise data impact supply chain goods and processes. When used correctly, BI may be used to improve decision-making.

Optimisation of supply chain management: By providing a comprehensive company view, BI technologies enable businesses to better their supply chain management. It allows one to understand the flow of suppliers better and identify any problems before they become major concerns.

Set attainable objectives for the future: BI takes time to grow. However, once set up, it assists businesses in setting realistic goals for the future.

Self-service BI: It goes a step further by allowing users to run their queries and create their reports, even if they have no training in statistical analysis. It allows team members to get the information they need quickly.

Understanding Data Analytics and its Role in Supply Chain Decision-Making

The practice of analysing data to gain insights and make data-driven decisions in supply chain management is known as supply chain analytics. It enables businesses to predict future demand better, recognise risks, and reduce inventory costs. By analysing consumer data, supply chain analytics may help organisations predict client desires after the first purchase and decide which goods may be deleted when they become less profitable.

Data visualisation, the capacity to slice and dice data from several perspectives, and stream processing to get insight from various data streams offered by IoT applications and weather are all standard supply chain analytics software features.

Key Applications of Data Analytics in Supply Chain Management

Here are some important data analytics applications in supply chain management:

Demand forecasting and planning: Predictive analytics on POS terminal data kept in a demand signal repository may aid a corporation in predicting client demand.

Inventory optimisation: By assessing data on elements such as lead times, demand volatility, and supplier performance, supply chain analytics software may aid in optimising inventory levels.

Logistics and transportation optimisation: By assessing data on characteristics such as delivery times, transportation costs, and route optimisation, data analytics may aid in optimising logistics and transportation.

Supplier management: Data analytics may assist in supplier management by assessing data on characteristics such as supplier performance, quality, and delivery deadlines.

Risk management: By assessing data on elements such as supplier financial stability, geopolitical threats, and natural disasters, data analytics may aid in controlling supply chain risks.

Challenges and Limitations of Implementing Business Intelligence and Data Analytics in Supply Chains

Adopting business intelligence and data analytics in supply chains may encounter several challenges and limitations. Here are a few examples:

Limitations of business intelligence technologies: Business intelligence tools may not be capable of forecasting future events. They may also focus solely on specific business problems, making investigating all factors influencing order timing hard.

Technical and project management issues: It may take much work to deploy business intelligence software and develop a successful BI strategy that meets company goals and achieves the promised return on investment.

Integrating data from several sources: Organisations may need to collect data for analysis from various databases, big data platforms, and business applications, both on-premises and in the cloud. A common strategy is to deploy a data warehouse as a central location for BI data.

Enormous amounts of data: In general, supply chains generate a vast volume of data, making it difficult to assess and correlate data from many sources, silos, and systems.

Scaling analytics capabilities using real-time data: In the future supply chain, comprehensive and quick insights are required, and delays are unacceptable.

Risk of acquiring incorrect or harmful insights from data: Multiple factors buried within company data influence supply chain items and processes, and business intelligence can be used to improve them. However, if used correctly, organisations can avoid deriving incorrect or harmful insights from data.

Difficulty processing large quantities of data: Business intelligence enables teams to focus on specific segments from massive amounts of data that would otherwise be impossible to interpret.Customers are seeking more openness in the supply chain than ever before. Organisations may track the flow of goods through the system and reveal possible issues by mapping and monitoring the supply chain.

Future Trends in Business Intelligence and Data Analytics for Supply Chain Decision-Making

Business intelligence and data analytics are becoming more critical in supply chain decision-making. Real-time data analytics provided by business intelligence aids in supply chain management. Self-service analytics and data product chains are two of the top business intelligence trends for 2023. 

Breakthroughs in sales forecasting, predictive analytics, reporting, and customer value analysis are among the future advances. In the fight against the supply chain issue, supply chain management systems based on decision intelligence and real-time prescriptive analytics models are valuable instruments.

Conclusion

The Indian Institute of Technology (IIT) Guwahati has introduced an advanced digital supply chain management certification programme in partnership with Imarticus Learning. The six-month plan consists of live online sessions and campus immersion activities. To provide students with the chance to learn from specialists in the business, subject matter experts prepared the course material.

Seven modules in the curriculum address the foundational elements of digital supply chain management and strategy, including supply chain principles, inventory management technology, supply chain analytics, supply chain risk management, decision phases in supply chains and more.

The supply chain management course provides training in the optimal use of technology to improve operational efficiency and decision-making across the supply chain. It aims to accelerate learners’ careers in global Digital Supply Chain Management.

Operations Management: How Essential is Operations in Business?

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Operation management is one of the most sought-after administrators by various ventures. It is mainly used for business functions that are related to the backend. Many small-scale as well as large-scale ventures are adopting operation management for scaling up their business and making them more efficient.

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Operation management can easily make effective sales and operations planning for a company. It can easily take in-charge of several tasks like supervising the mass production and the final quality of an item. So that, the market products get a good response from the consumers.

In this article, we will learn more about operation management and its importance in business. Let’s dive in to comprehend better!

What is Operation Management?

Operation management (OM) is a significant branch of management. It is a type of administrator that has been adopted by many businesses to make their business more efficient and to enhance profits. It also helps a business to reach its final goal with a high-productivity rate. 

After a business adopts operation management they need not have to worry about the administrating portion. This is because operation management supervises every detail from the initial phase to the final phase. It supervises the very essential parts of a business like the supply chain, plans, logistics, revenue as well as production.

Different Systems of Operation Management

There are various systems that operation management follows to complete a certain task. Currently, there are four different systems that various operation management software use to execute their actions. These systems have been discussed down vividly:

  • The first operation management theory is Business Process Redesign (BPR). This system mainly focuses on the workflow of a company by steadily analysing and re-designing the business structure of the company. It also assists a company to remove certain business structures that do not enhance the growth of the company and affect customers’ opinions.

Business Process Redisgn (BPR) also establishes and optimises a company’s end-to-end business.

  • The next theory of operation management is Six Sigma. Ventures who want to focus on the quality of their end product mainly opt for this operation management theory. This system reduces variations, errors as well as defects. This helps a business to enhance the quality of its final products.

The main tools of a Six Sigma system are ratios, defect calculation, and trending charts. 

  • Lean manufacturing is the third kind of operation management system that is widely accepted and used by various businesses. The main task of this operation management system is to annihilate unnecessary elements from the production stage. According to this theory eliminating unnecessary elements that are not required by the customers will save a lot of capital for the venture.
  • The last operation management theory is the Reconfigurable manufacturing systems. This system assists a business in altering its structures as well as standard components. This system consists of several machines which are interconnected to each other.

Significance of Operation Management in Business

Businesses are steadily adopting operation management because it is extremely essential for growing a venture. Here are a few reasons why operation management is so crucial for every venture:

  • Operation management is essential because it completely supervises each aspect of a venture.
  • A business can easily track its insight with the help of operation management.
  • Operation management is required for addressing design-related issues as well as handling various operations. Apart from these operation management can easily maintain and improve various systems which are used within the business.
  • Operation management allows a business to grow its capacity and aims in a positive way. It also helps to expand the reputation of various businesses that have adopted it. 
  • Operation management acts as a catalyst to increase the brand value of a business by selling high-quality products to customers. Customer satisfaction is one of the main causes that boost the brand value of a business.
  • Operation management also increases the engagement and productivity of the employees.
  • It also helps to increase the sales of a business by reducing its expenditure.

Various Roles of Operation Management in a Business

Here are a few roles of operation management in a business:

Planning 

One of the main roles of operation management is planning. Where it has to plan and design the amount of product a company can sell within a particular period by studying past data.

Designing

Another role of operation management is designing. It has to design or create unique ideas for the upcoming product in an economical way according to the need of the customers.

Oversee Quality

Supervising the quality of the products is an important role that is played by operation management. It checks the quality of the products at each stage to identify any minor or major issues. This maintains and upgrades customer satisfaction. Apart from it, this assists to boost sales.

Supply Chain Management

Operation management also manages the supply chain by supervising the sales, production, supplies, rate and distribution. It helps a business to reduce its cost and all

Conclusion  

Operation management has emerged to be a boon in the present business sector. Many businesses are rapidly adopting it hence this is creating huge vacancies. A career as an operation manager is quite alluring with high remuneration. 

Imarticus Learning has brought a new supply chain analytics course for individuals who are willing to commence their careers in operation management. This course is a collaboration with IIT Roorkee therefore one will acquire the best knowledge from top-notch faculties. This is a 6 months certification course where an individual can upgrade their skills.

The IIT supply chain management certification course is a six months course where one can deal with real-time projects as well. So without any further delay enroll yourself in this course to bag lucrative opportunities.

The Benefits of Predictive Analytics for Business Forecasting

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The amount of data produced today is much more than ever before. There is an increased demand for more effective and efficient data processing. Predictive analytics is a process that most business use today to examine large amounts of data and forecast outcomes based on the results. For example, a manufacturing company can use predictive analytics to predict the number of products the consumers will buy next season and increase the manufacturing of those.

If you want to grow a career in data science, then a knowledge of predictive analytics will immensely benefit you. Let us take a look at predictive analytics and how it is useful for business forecasting.

What is Predictive Analytics?

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Using simple terms, predictive analytics make predictions about future outcomes using data and statistical methods. These methods can be machine learning (ML), statistical modelling and data mining techniques. It is a branch of advanced analytics that assists a business to find patterns inside data to identify opportunities, risks and tendencies.

Data science and big data closely interlink with predictive analytics. The huge volumes of data in clouds such as databases, videos, log files and images need to be processed. Data science professionals use OOPs concepts in Python programming to perform deep learning of the data. They use machine learning algorithms to make predictions by analysing the data. A few of these algorithms are neural networks, decision trees, linear and non-linear progression and support vector machines.

Where is Predictive Analytics used?

The capabilities of predictive analytics are endless today. There is an ever-growing use of this method in various industries. Here are a few of them:

Finance

Banking and financial services were the first sectors to use predictive analytics as it deals with vast amounts of money and data. Some common uses of predictive analytics in banking are to detect fraud, and security breaches, retain customers or maximise ROI (Return on Investment). They can also predict stock prices thereby investors also employ them. Credit card companies and mortgage lenders use these analytics to find out the best rates for their products.

Retail

Businesses where the consumer is directly interacting such as retail and telecoms use predictive analytics to handle customer relationships. The business uses a method called churn analysis to find out if its consumers are likely to shift to another company due to poor service. The retail industry uses analytics to determine lucrative offers, measure the success rate of promotional campaigns and price optimisation. They get a detailed forecast of their market position using insights into customer behaviour.

Airlines

Airline carrier companies utilise predictive analytics to forecast number of the seats they can fill. Although this is not always successful, it helps the company find trends in different months of the year.

Government

The government also uses predictive analytics for its governance. Analysis of population trends, understanding public behaviour and detecting fraud are some of the key outcomes. Predictive analytics is useful for improving the efficiency of the government.

Benefits of Predictive Analytics on Business

There is a tremendous impact of predictive modelling on business. According to a report by Markets and Markets, the predictive analytics market will reach USD 28.1 billion by 2026 with a CAGR of 21.7%. Let’s look at a few reasons why businesses worldwide are using predictive analytics.

Gaining an advantage over competitors

Today you will find similar products sold in various companies. These companies need to have some kind of competitive advantage to attract and retain loyal customers. Using predictive analytics, your company can tap into existing customer data and send unique marketing messages to your customers. They can respond either positively or negatively. The customer data is accessible only by your company and hence the predictive modelling composes a customised customer list.

A predictive model finds out buying patterns of customers who may not only buy from your company but also from competitors. The process distinguishes customers who choose your company and you can find out the weakness of your competitors. You can use this data for precise marketing activities.

Reducing risk

Risk reduction is another advantage of predictive analytics. The banking and finance sector can take the help of predictive analytics to construct a proper depiction of a business or person who they are screening. They have all the data at their disposal and can predict a reliable interpretation of that business or person. They can take effective decisions based on this interpretation.

Manufacturing efficiency

For manufacturing and production companies, predictive analytics is really useful. They can use past data to forecast potential production failures and thereby prevent errors. The method can also effectively predict inventory requirements and production rates. With new innovations, the range of predictive analytics is also expanding. A few more uses are human capital retention, forecasting the health risk of workers and predicting market demand for specific products.

Meeting customer expectations

Any business requires customers for its growth. Predictive analytics offers benefits to consumers by forecasting who gets better stuff more easily. Targeted marketing is very common today when customers get recommendations for products. If you open any e-commerce website and buy a product, you are likely to receive emails the next day informing you about products that might be of interest to you. A loyal customer often gets a discount on products which is also the work of predictive analytics.

Fraud detection

Detecting fraud is one of the most important benefits of predictive analytics. Recognising patterns in behaviour on a network and tracking changes in them can indicate fraud or threat. A team of investigators can track only a fixed number of suspected transactions at a time. A predictive model can identify a more specific pool of transactions and detect more fraud quickly.

Predictive Analytics Tools

Apart from the techniques involved in predictive analytics, there are several tools to execute its tasks. These tools are important in milking the larger portion of data. A few common predictive analytics tools are

  1. Tableau
  2. SAP Analytics Cloud
  3. IBM SPSS
  4. Alteryx
  5. SAS Advanced Analytics
  6. Sisense
  7. RapidMiner
  8. Microsoft Azure
  9. KNIME
  10. DataRobot, Inc.

Conclusion

It would be almost impossible today to find a scalable business that is not using predictive analytics. This is not only about data but more about understanding customers. No matter what your business aims are, predictive analytics is the future.

If you wish to go for a data analytics course then you can enrol in the Postgraduate Programme in Data Science and Analytics at Imarticus Learning. You can build a successful career in data analytics if you start your preparation today!

Importance Of Business Analytics Course: Top 5 Skills You’ll Gain

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1. Proficiency in Data Analysis

Are you ready to unlock the power of business analytics? Look no further than Geeta University’s BBA in Business Analytics. With this course, you’ll acquire the essential skills to extract valuable insights from data. Delve into statistical analysis, data mining and data visualisation, mastering the art of handling complex datasets. This programme provides hands-on experience with industry-leading tools such as Python, R and Tableau. Gain the confidence to dive into data, spot trends and make informed decisions that will shape the future of business.

2. Predictive Modeling and Forecasting

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Want to gain an edge in the ever-changing business world? The BBA in Business Analytics is just what you need. Imagine being able to predict future trends and make accurate forecasts. With advanced techniques like regression analysis, time series forecasting and machine learning algorithms under your belt, you’ll have the power to guide businesses towards success. Become the go-to strategic advisor, helping companies identify risks and seize opportunities. Exciting, isn’t it?

3. Business Strategy Alignment 

As a business analytics pro, you’ll rock at connecting data insights with company goals. In this business analytics course, we stress the importance of aligning data with business strategy. You’ll master identifying key performance indicators (KPIs) that boost success. By using data-driven insights, you’ll optimise operations, boost efficiency and make smarter decisions. This skill makes you a top asset, bridging the gap between data analysis and organisational strategy. Get ready to level up your business game!

4. Problem-solving and Critical Thinking

Business analytics is all about problem-solving and critical thinking. Geeta University’s BBA in Business Analytics course helps you develop these skills through real-world case studies and hands-on projects. You’ll learn to analyse problems, figure out the root causes and come up with smart solutions. This combo of problem-solving and data-driven thinking will make you super valuable in tackling business challenges and sparking innovation. Get ready to be the problem-solving guru businesses need!

5. Effective Communication and Storytelling

You know, data without good communication is like a concert without fans. That’s why our BBA in Business Analytics course focuses on improving your communication and storytelling skills. You’ll learn to present data in a way that’s clear, concise and super engaging. Become a data storyteller who can make complex info easy to understand for everyone in the company. By communicating your findings effectively, you’ll help decision-makers make informed choices and inspire action based on data. Let’s make data speak!

BBA In Business Analytics Course By Geeta University

Geeta University, in collaboration with Imarticus Learning, has an amazing programme for you—the BBA in Business Analytics. It’s designed to equip you with the top skills needed to excel in the world of business analytics.

You’ll be taught by experienced faculty and industry experts who’ll help you bridge the gap between theory and practice. The programme focuses on real-world applications, so you’ll gain valuable hands-on experience. Imarticus Learning ensures that the curriculum aligns with industry standards, provides cutting-edge tools and offers personalised mentorship. With this programme, you’ll dive deep into data analytics and gain in-depth knowledge. It’s an opportunity you don’t want to miss!

In the programme, you’ll get loads of resources like industry case studies, live projects and interactive sessions with industry experts. You’ll apply your skills to real-world situations, gaining practical insights and creating an impressive portfolio that highlights your abilities. It’s all about hands-on experience and showing what you’ve got! Get ready to shine!

Final Thoughts

Great news! The BBA in Business Analytics offered by Geeta University and Imarticus Learning opens up a world of opportunities in data analytics. You’ll master skills like data analysis, predictive modelling, aligning business strategy, problem-solving, and effective communication. With these skills, you’ll make a big impact in the business world. Imarticus Learning’s program is your ticket to the world of business analytics. Join a community of passionate learners and industry experts who are committed to your success. The skills you’ll acquire will set you up for various roles, such as data analyst, business intelligence analyst, data scientist, and more. Exciting times ahead!

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