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Category: Management

Popular Methodologies in Supply Chain Management to Reduce Wastage or Shortages

Posted on by Imarticus Learning

The term supply chain refers to managing the flow of goods into an organisation, processing them to convert them into finished goods, and finally handing them over to the customers. All the components, starting from the raw materials to the steps involved in the delivery of the final finished goods (or services) to the customers, are a part of the supply chain.

The supply chain involves all the players, activities, resources, and organisations that form “links” in the moving of a product right from its inception until it reaches the consumer. Supply chain management helps to plan and manage the resources required to bridge the gap between the demand and supply sides of a product or service. It also helps to eliminate the risk of shortage or wastage.
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This article will take you through the advantages of supply chain management and how a supply chain management certification can help you boost your career.

Components of a Supply Chain Management System
There are a number of components that make up an efficient supply chain management system. They are as follows:

Proper Planning

In order to meet the customers’ demands while making sure that there is no shortage or wastage on the supply side, proper planning is of the utmost importance. There should be proper metrics to measure if the supply chain is effective, efficient and capable of delivering the valuables to the customers on time, thus meeting the company’s goals.

The Supply of Raw Goods
Creating a product requires businesses to choose suppliers who can provide the services and goods for the production of the end product.

It also requires a proper management system that will manage the supply. It involves processes like placing orders, receiving supplies, updating the inventory from time to time, and issuing payments to the suppliers.

Manufacturing
The manufacturing part of the supply chain management system deals with the activities that are related to receiving the raw materials and manufacturing the product. The manufacturing team also conducts quality tests of the products and packages them so that they can be delivered.

Logistics
A supply chain management system has a dedicated logistics team that looks over customer orders, schedules the timely deliveries of the finished goods, and dispatches them accordingly.

The logistics team also prepares the customer invoices and receives the payment on behalf of the company.
A supply and operations planner should be skilled enough to use the resources judiciously and foresee the requirements of the organisation to avert any kind of shortage or wastage or surplus. A supply chain management certification course will equip you with the correct skill set that will help you curb the risk of wastage or shortages.

How to Manage Shortages in Supply Chain Management

For a supply chain to perform effectively, the flow of information, both upstream as well as downstream, is important. However, with so many steps involved in a supply chain management system, the risk of information distortion is high.

A distortion in the flow of information can lead to shortages in supply chain management. Listed below are some of the methods to address shortages in supply chain management.

Conduct a Thorough Assessment of the Supply Chain
As has been mentioned earlier in the article, a supply chain management system should have a team that manages the supply of raw materials. One should thoroughly analyse the source of each raw material, its cost, and other details.

It is also essential to know how long the materials take to arrive and how long each step in the production process takes before a product is fully prepared to reach the customers.

Look for Alternate Options
After conducting a thorough assessment of the supply chain, one should look for areas of improvement. If any supplier takes a long time to supply raw materials, one can start looking for alternate sources from which the material can be sourced.

Having multiple suppliers also leaves room for alternative options to resort to if one supplier fails to keep up with the requirement.

Proper Inventory Management is the Key
It is important to go through your warehouse from time to time and check what is in stock or what might become out of stock in the near future. This way, you can keep your customers from ordering something that might remain unavailable for some time.

Therefore, proper inventory management is of the utmost importance. You can also use a tool to automate the process. A supply chain management certification will equip you with all these skills.

Keep Your Customers Informed
An important way to avert shortages in supply chain management is by keeping customers informed about shortages in stocks or delays in shipping. This helps to build a healthy relationship with the customers!
Some online shopping sites have the provision of notifying customers about the number of units of a given product left or sending them an email when an item is back in stock.

Alongside all these, you should also keep an emergency stock of materials ready so that you never totally run out of them. This will help to make up for any delay or shortage and give you time to look for an alternative.
Effective Supply Chain Management Technique to Eliminate Wastage

As a good supply and operations planner, you should also try to figure out ways in which you can curb wastage in a supply chain. The first step to preventing wastage is by identifying how each and every ounce of raw material can be put to use. You can also choose to repurpose or reuse any material.

Next, companies need to work on the storage and packaging of goods so that they do not suffer any kind of breakage or damage. Consider investing in some extra cushioning that will absorb shocks or use better-quality packaging boxes.

To curb wastage, the supply chain management systems should also try to reduce the return of goods. For this, companies have to be very elaborate with their product descriptions. There should be enough photos and information to satisfy customers’ curiosity before they purchase an item.

Become a Certified Supply Chain Management Professional

If you want to become a certified supply chain professional, you can opt for Imarticus Learning’s Supply Chain Management Certification programme. The course curriculum has been designed in collaboration with IIT Roorkee, which is surely going to give you an edge over others!

The course will not only equip you with the right set of skills that are required for the operations and supply chain industry but you will also be issued a certificate from IIT Roorkee, which will add immense value to your resume.
The course will teach you how to use Python so that you can make data-driven decisions. The programme also includes a 3-day campus immersion at IIT Roorkee, which opens up your scope for networking.

Visit their website for more information on this IIT Roorkee Supply Chain Management course and make an informed decision!

How the Senior Leadership Program at IIM Lucknow Can Help You Advance Your Career

Posted on by Imarticus Learning

Are you prepared to realize your full leadership potential and advance your career? If yes, start a transformational journey with IIM Lucknow’s esteemed Senior Leadership Program. 

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Prepare yourself for a thrilling adventure that will ignite your interest, hone your abilities, and lead to countless opportunities. In this blog, we’ll dig into the fascinating world of the Senior Leadership Program at IIM Lucknow and see how it may help you succeed professionally. 

The Shift Towards Digital Transformation and Leadership Development Goals of Indian CEOs

Innovative business models have emerged, and digital adoption has swept the corporate landscape. The incredible 93% of Indian CEOs who are dedicated to making long-term investments in digital transformation should not come as a surprise. 

Additionally, during the next three years, an equally astounding 90% are keen to spend on fostering leadership and talent development. Cost-efficiency measures have taken the top position on the priority list for 88% of India’s CEOs as the race for resilience heats up. In comparison, an astonishing 80% are dedicated to strengthening their firms against the constantly approaching cyber threats.

Be prepared to see how high-potential business executives’ career paths change into ones that lead to the C-suite. To launch prospective executives into the world of Chief Financial Officers (CFOs), Chief Marketing Officers (CMOs), and Chief Human Resource Officers (CHROs), IIM Lucknow’s Global Senior Leadership Programme was painstakingly created. 

It goes beyond merely teaching participants new skills; it equips them with the critical skills they need to plan, carry out strategies, motivate performance, and promote growth.

This revolutionary curriculum serves as the key to helping people who want to be CFOs, CMOs, or CHROs reach their full potential by giving them the cutting-edge skills they need to lead their businesses in the modern day successfully. 

Accelerate Your Leadership Training programs

  • Embark on a Learning Journey: The Global Senior Leadership Programme

Immerse yourself in an 11-month program that will change you and prepare high-potential leaders to lead confidently in international marketplaces. Advance your management career quickly and join the ranks of powerful C-suite executives.

  • Establishing the Base: A 5-Month Track

The Foundation track lasts 5 months and focuses on helping participants develop their fundamental general management abilities. This crucial stage establishes the foundation for future achievement and readies ambitious leaders for the difficulties.

  • Specializations in Mastering: A Six-Month Track

The Specialization track takes center stage in the following six months, emphasizing the development of the particular abilities required for aspiring CFOs, CMOs, and CHROs. This course is designed to meet the specific needs of these jobs and equip participants to be leaders in their respective organizational areas.

  • The Specialization Tracks: Adapting Skills for Uncertain Times

The Specialization tracks are meant to give upcoming executives the constantly changing abilities that CFOs, CMOs, and CHROs need. These programs ensure that participants are competent and self-assured enough to lead their businesses through the difficulties of the present chaotic times and promote growth.

Why Select IIM Lucknow’s Senior Leadership Program?

The Senior Leadership Program at IIM Lucknow is a fantastic option for seasoned professionals wishing to better their careers for various factors. 

  • Expertise and Reputation

One of India’s top business institutions, IIM Lucknow, is known for superior leadership development programs. The program is created to give participants the abilities and information they need to flourish as senior leaders, and its faculty members are leaders in their professions.

  • Comfort and Flexibility

At IIM Lucknow, the Senior Leadership Program is provided using a mixed model that combines online and in-person components. This makes it simple for working professionals to participate in the program while managing their time.

  • Networking opportunities

The chance to network with senior executives from other businesses and backgrounds is one of the major advantages of the Leadership Development Program at IIM Lucknow. New ideas, viewpoints, and contacts that can help you progress your career can be found here.

  • Executive coaching and mentoring

Participants get individualized coaching and mentorship from knowledgeable faculty members during the program. This can assist you in determining your leadership strengths and shortcomings and create a strategy for ongoing improvement.

How to advance your career with the Senior Leadership Program at IIM Lucknow?

Prepare to start the Senior Leadership Program at IIM Lucknow, a transformative journey of self-discovery and skill development. This intensive program has been thoughtfully created to give you the necessary skills to succeed as a senior leader within your firm. 

Explore a variety of fascinating subjects, such as:

  • Unleashing Strategic Brilliance: Develop the ability to think strategically and make decisions, giving you the foresight to negotiate challenging corporate environments confidently.
  • Leading the Winds of Change: As you learn how to guide your team and company through rapid changes in the business environment, embrace change and encourage innovation.
  • Orchestrating Stellar Teams: Gain the capacity to lead teams and involve stakeholders effectively, igniting synergy and fostering group success.
  • Mastering the Art of Influence: Develop your negotiating and conflict-resolution abilities to become an effective leader who can produce win-win solutions.
  • The Art of Persuasion: Improve your communication and presenting skills to captivate people and express your thoughts better.
  • Developing Your Leadership Style: Set out on a personal development journey to realize your full potential and build your leadership style.

The Final Words

The Senior Leadership Program at IIM Lucknow is a fantastic choice if you want to further your career. This program is intended to assist seasoned professionals in developing their leadership abilities, broadening their horizons, and preparing for the difficulties of managing in a corporate climate that is becoming more and more complicated.

Your road to reaching professional excellence and realizing your full potential as a senior leader within your business is the Senior Leadership Program at IIM Lucknow, offered in partnership with Imarticus Learning. Embrace the possibilities that await you and embark on a rewarding career after Senior Leadership Program at IIM Lucknow.

The Advantages of an Online BBA Course: Flexibility and Convenience for Busy Working Professionals

Posted on by Imarticus Learning

Attention all busy working professionals!

Are you prepared to begin a life-changing educational adventure without sacrificing your valuable time or obligations? There are many benefits to taking an online BBA degree, so look no further than online education. 

Flexibility and convenience have evolved into the compass points for people looking to advance personally and professionally in today’s fast-paced and demanding world. Imagine completing an elite business degree without being restricted by conventional classroom environments.

Get ready for an intriguing evaluation of the advantages of an online BBA course, one specially created for individuals like you who are determined to achieve while balancing a busy existence. 

Career Advancement and Lucrative Opportunities for BBA Graduates

A BBA degree gives applicants a strong head start in pursuing managerial abilities. Along with important topics like finance and economics, the course also walks students through the fundamental management areas, such as marketing, sales, strategy management, etc.

According to UGC statistics, online education enrollment has expanded by 170% from 2020 to 2021, while open and distance learning (ODL) has climbed by 41.7%.

bba in business analytics course

Many career prospects are accessible in the market for BBA graduates since they are created to fit into several functions in a business. Additionally, this course is a good fit for students who want to run their family business or become entrepreneurs. 

An executive-level BBA graduate’s beginning pay might range from INR 1.65 to INR 4.75 lakh per year. Candidates with experience are hired for higher jobs like Associates and Asst. Managers may expect to make considerable income increases in the industry.

What are the advantages of an online BBA course for busy working professionals?

Embracing the Flexibility and Convenience of an Online BBA Course for Busy Professionals

  • You can study at your own pace and schedule.

 Because you may access the course materials at any time and from any location, you don’t have to worry about missing lectures or deadlines. Additionally, you may change your study schedule to suit your tastes and availability.

  • You can save money and time. 

You are not required to pay for travel, lodging, or other costs related to attending a traditional campus. You won’t lose time getting to and from school or commuting. Instead, you might utilize that time to concentrate on your business. 

  • You can receive instruction from experienced and knowledgeable teachers. 

Faculty members with academic qualifications and professional expertise in respective domains teach online BBA courses. They may provide insightful criticism and information to improve your learning results.

  • You may communicate with a variety of global peers.

    Students from various racial, cultural, and geographic backgrounds enroll in online BBA programs. Through online forums, chats, and group projects, you may network with them and cooperate with them. Additionally, you can learn from their opinions and experiences to improve your comprehension of business principles and procedures.

     

  • You may use what you learn at work right away. 

Online BBA programs are created with the current business climate in mind. The information and abilities you get from the course can help you perform better and be more productive at work. You may also highlight your accomplishments and qualifications to impress your future employers.

How do online BBA courses cater to the needs of working professionals?

Bring out your inner warrior as we explore how online BBA programs are created to fit the needs of working professionals. Prepare for an exciting adventure into online learning, where convenience and adaptability rule supreme. 

After finishing BBA online courses, most alumni get paid well. They can exhibit their knowledge inside their companies. They can manage projects, carry out challenging tasks, and add value to their organizations. Some of them start their businesses and hire workers. Long-lasting impacts result from the course’s increased confidence. 

The following examples demonstrate how online BBA programs may be tailored to your specific requirements:

  • The Benefits of Time Management:

  • Alternatives for personalized scheduling flow naturally into your busy life.
  • Freedom to access lectures and course materials whenever you want.
  • Personalized learning experiences are here to replace strict timetables.

  • Work-life-educational balance:

  • Accept the symbiotic relationship between employment, personal life, and education.
  • Maintain your professional path while expanding your knowledge and abilities.
  • Obtain the ideal balance between personal contentment and professional advancement.

  • Practical Application to Real-world Scenarios:

  • Use the information you’ve learned to improve your workplace right away.
  • Ensure the practical applicability of your knowledge in your professional life by bridging the gap between theory and practice.
  • Armed with cutting-edge business analytics, take the initiative to bring about change inside your firm.

  • Unleash the Innovator Within You:

  • Use technology and digital tools to let your imagination run wild.
  • Investigate novel strategies for resolving difficult business problems.
  • Take advantage of the digital revolution to pave the way for yourself in the data-driven business world.

The Final Words

As you can see, an online BBA course can offer many advantages to help you achieve your academic and career goals. To pursue an online BBA course, research and compare different options. 

Your career journey will get off to the best possible start with the BBA degree in business analytics provided by Geeta University in partnership with Imarticus Learning. This three-year curriculum is specifically designed to provide you with the information and abilities needed to succeed in the data-driven business ecosystem of today.

 This extensive curriculum is created to provide you with practical instruction and real-world experience so you can confidently handle difficult business challenges and make decisions based on your research. 

 Additionally, it might provide you with the skills and self-assurance you need to thrive in the cutthroat and fast-paced corporate world. So what are you waiting for? Enroll in an online BBA course today and take your career to the next level!

The only analytics and machine learning course your career needs

Posted on by Imarticus Learning

Introduction

Data science is an excellent way to build a successful career. A data scientist combines scientific principles and analytical techniques to build predictive models. These models are then used to plan strategies and decision-making that help boost any business.

The market size for data science in 2021 was USD 95.39 billion. This figure is expected to grow in 2026 to USD 322.9 billion. So if you are looking to make a career in analytics and machine learning, Imarticus offers an excellent PG in data analytics programme. Want to know how to make the most of your data analyst training? Read on!

Why take up PG in data analytics?

Data analyst training makes candidates future-ready. Here are some benefits of getting a PG in data analytics:

A higher income. Since the skill is in demand, you can earn more than your counterparts.

Be tech-savvy. This course gives you the opportunity to learn different computer languages and methodologies. The course prepares you to help organisations collect, manage, and analyse data.

Data science is an ever-evolving field. A data science and analytics course will add to your career ascent. It will help you harness the ability to think strategically and take the organisation to a new high.

Why take up PG in data analytics with Imarticus Learning

Data Analytics

Imarticus’ PG in data analytics is the only course you need to build your data science and analytics career. The six-month course offers more than 300 hours of learning. You can learn about more than 10 analytical tools.

More than 1,500 students have taken this course. And the highest salary package offered to them was INR 22.5 lakh per annum. The average salary hike offered to our students is 52%. In addition, they get an opportunity to interact with more than 400 hiring partners. What’s more? The course comes with a job interview guarantee programme! Here are some other benefits to consider:

The curriculum is job-specific to help students stay updated with the practical applications of data science. The data science and analytics course offers training in subjects such as tableau, data analytics, SQL, Python, and Power BI.

Our faculty uses a live learning module to prepare course takers to operate in various data science roles. The interactive method allows us to provide students with hands-on training.

PG in data analytics with Imarticus is the only data analytics course you need as it also provides a dedicated career service to learners. We focus on career mentorship along with one-on-one counselling. We also offer interview preparation workshops, profile enhancement, and resume development.

We also offer a chance to boost resumes with coding exercises such as KPMG India COE Organised Hackathons. These activities are all a part of the course. It gives candidates a chance to compete in national-level competitions.

Make yourself career-ready with this analytics and machine learning course

The journey of a data analyst training enthusiast is divided into two tracks: the core track and the specialisation track. On the core track, we focus on building a foundation through programming training and boot camps on data visualisation and machine learning (ML). At the end of core training, we conduct a pre-placement assessment. Here we assess the candidate for the specialisation in a vertical.

The next step is the boot camp. Here we focus on two specialisations. These are the advanced ML track and data analytics and ML track. We then provide students with learning tools such as Capstone, project completion, and hackathons. Our resources are dedicated to placement preparation and creating placement drives.

On successful completion of training, learners receive certificates from Imarticus Learning. These certificates are backed by the National Skill Development Corporation and Skill India. We prepare you to choose a career as a data scientist, business analyst, data analyst, analytics manager, business intelligence specialist, or machine learning consultant.

Final Thoughts

We at Imarticus offer a future-ready course called PG in data analytics. With the blend of practical knowledge and theory, this data science and analytics course is designed to empower you to achieve your desired career dream.

We offer students an unparalleled learning experience. How do we know? Well, we were awarded the ET Best Education Brand in 2022, the Indian Education Awards in 2022, and the certification of recognition for ‘Best E-learning Company of the Year’ by Entrepreneur India. These accolades are a reflection of our excellence and commitment as an online education provider.

Using Regression Analysis for Supply Chain Management

Posted on by Imarticus Learning

Regression analysis is a statistical technique that has been helping businesses optimise their operations for years by predicting future trends based on past data.

Foundationally, this type of analysis can consider various factors and determine data-driven business outcomes. It is also highly effective in improving and optimising supply chains.

Companies can use regression analysis techniques to forecast demand and supply or understand general market patterns. Predicting demand and supply accurately can minimise waste and reduce costs, which is crucial for effective supply chains. Regression analysis also assists in making other data-driven decisions in supply chains, such as pricing strategies, inventory management, and resource allocation.

What is Regression Analysis?

Regression analysis is a statistical method for investigating the relationship between one or more independent variables and a dependent variable. It’s primary goal is to estimate the strength and direction of the relationship between these variables. The method analyses historical data, identifies trends and patterns, and then uses these insights to predict future outcomes.

Regression analysis, in essence, helps us understand how changes in one variable can affect another. For instance, a company may use regression analysis to investigate how vendor changes can affect supply pipelines. The company can then forecast the impact by analysing historical data and estimating the strength and direction of the relationship between vendors and supply patterns.

How is regression analysis used in supply chains?

Regression analysis can help businesses accurately predict future demand and supply patterns. This, in turn, allows them to manage inventory better, allocate resources, and ultimately save costs.

Forecast Demand Accurately

Demand forecasting is a critical application of regression analysis in supply chains. Businesses can identify trends and patterns in past sales data to inform future demand forecasts. Seasonal disruptions, economic conditions, and customer behaviour are all factors that can be identified using regression analysis. This data can be used to make more accurate demand forecasts, allowing businesses to avoid stockouts, optimise inventory levels, and reduce waste.

Optimise Pricing Strategies

Another application of regression analysis in supply chains is the optimisation of pricing strategies. Regression analysis can help businesses optimise their pricing strategies to maximise revenue and profitability by analysing past sales data and identifying factors influencing pricing, such as competition and customer behaviour.

Identify Patterns in Supplier Performance

Regression analysis is used in supply chains for various purposes other than demand forecasting and pricing optimisation. For instance, this type of analysis can assist businesses in identifying patterns in supplier performance, which can then be used to optimise the procurement process and minimise supply chain disruptions.

Evaluate the Impact of External Factors

Regression analysis can also be used to assess how external factors affect supply chain operations. Businesses can use regression analysis to assess the impact of changes in economic conditions, regulatory changes, or weather patterns on their supply chain operations. This data can be used to make educated decisions about resource allocation, inventory management, and other critical supply chain functions.

Identify Risks and Opportunities

Finally, regression analysis can assist businesses in identifying potential risks and opportunities within their supply chain. Businesses can identify patterns and trends in historical data that may indicate potential risks or opportunities. A sudden increase in demand for a specific product, for example, may indicate an opportunity for increased sales, whereas a sudden drop in supplier performance may indicate a potential supply chain disruption.

Benefits of using regression analysis for supply chains

Here are some benefits of using regression analysis in supply chain operations:

Improved Demand Forecasting: By analysing past sales data and identifying patterns and trends, regression analysis can assist businesses in forecasting future demand.

Optimise Inventory Management: Businesses can optimise inventory levels and reduce waste by accurately forecasting demand.

Improved Pricing: Regression analysis can assist businesses in identifying pricing factors such as competition and customer behaviour, allowing them to optimise pricing strategies and maximise revenue and profitability.

Accurate Supplier Performance Evaluation: Regression analysis can evaluate supplier performance and identify improvement opportunities for the procurement process.

Better Resource Allocation: Businesses can optimise resource allocation and operational efficiency by analysing data on factors such as lead times, transportation costs, and production capacity.

Enhanced Decision Making: Regression analysis provides valuable insights into the complex relationships that drive supply chain operations, enabling businesses to make informed decisions that result in better outcomes.

Reduced Costs: Businesses can reduce costs and improve profitability by optimising inventory levels, pricing strategies, and resource allocation.

Competitive Advantage: Businesses can gain a competitive advantage by making more informed and strategic decisions by leveraging the insights provided by regression analysis.

Conclusion

Regression analysis is a powerful tool that can assist businesses in optimising supply chain operations, lowering costs, and increasing profitability. Businesses can make well-informed choices driving success and growth in a constantly changing marketplace by leveraging the insights provided by regression analysis.

If you are looking for a supply chain officer course, check out the Executive Certificate Programme For Global Chief Supply Chain And Operations Officer by IIM Raipur and Imarticus. Grab the opportunity to learn from the best in the industry today! Visit their website for more details.

What Causes OOS(Out-of-Stock) in Inventory Management? How Do Supply Chains Reduce Stockouts?

Posted on by Imarticus Learning

Maintaining adequate inventory is a major activity of supply chain management. Manufacturers, vendors, whole-sellers, dealers, and retailers along with their logistics and warehousing partners form a supply chain network that fulfils client demands in a timely manner. Keeping enough inventory is not only important for the dealer but also for the vendor who supplies to the manufacturer. When products go off the racks and cannot fulfil demand, the situation is called Out of Stock. 

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Enrolling in a supply chain management course is a must for a professional aspiring to master inventory management. It is said that proper inventory management is a health index for an organisation.

Causes of OOS (Out-of-Stock) in Inventory Management.

There are a few main reasons resulting in the out-of-stock situation of the inventory. The causes are explained in detail below –

Inaccurate reporting and inadequate forecasting

Stockouts may sometimes occur due to sudden and unforeseen consumer demand surges. But these are rare incidents. In most cases, predictive demand forecasting is inadequate because of inaccurate reports on sales or existing stock reporting.   

Delivery and logistics problem 

Maintaining an optimum inventory is directly linked with the inventory. Global and domestic logistics have different levels of transit points and their own set of rules. Sometimes enormous delays cause stock shortages. These factors are beyond the control of retailers or distributors and hence are unavoidable at times.

Stock mismatch 

Stockouts often occur due to a disparity between the actual existing stock and that shown on the computer systems. There are three main reasons which lead to this anomaly. The first and foremost is human error, followed by loss of material due to theft or damage. This may also occur due to other technical reasons.

Poor cash flow management 

This is also one of the prominent reasons for stock-outs, even though the sales reporting and stock forecasting had been accurate. Inventory cannot be replenished due to a lack of funds. 

The two remedies to this problem are –

  • To monitor cash flow management stringently so that it does not affect the projected revenue at a later stage 
  • To raise funds timely through financial institutions.

In-efficient stock replenishment management 

This is a very common stockout case. The retailer may not have a systematic stock replenishment procedure in place and misses out on an opportunity for a lucrative sale for want of stock. A system-generated alert on stock replenishment management can solve the problem and a loss on sales can be averted. 

There are several decision phases in supply chain, which each stakeholder in the network must perform with utmost care and due diligence. These decisions prevent frustration with customers due to stockouts and help to retain them. 

To start with, the manufacturer must have a robust vendor inventory management, so that their mutual cash flow should not be stressed. Products are manufactured based on the demand reports at the distributor, dealer, wholesaler or retailer levels. An accurate projection from each of these stakeholders fortifies supply chain management. 

How Do Supply Chains Reduce Stockouts?

There are several time-tested methods of stock-out reduction or stock optimisation. These appear as decision phases in the supply chain by the concerned stakeholder at that stage. Some of the most common remedies are mentioned below –

Physical stock counts on a regular basis – 

Regular physical stock checking is the most commonly practised method. It gives management a real ground idea regarding the shrinkage due to damage or theft. This process acts as preventive care.

Lead time optimisation 

The time between the placement of an order and receiving the same is very crucial for maintaining stocks. The seller should have an estimate of sales quantum within this lead time period and should place orders accordingly so that the shelf is never out of stock at a given time.  

Improve demand forecasting 

The demand forecast should be close to accurate. This saves stakeholders not only from stock-outs but also from losses from excessive inventory, working capital and logistics expenses. Predictive data analysis helps to make a reasonable forecast. 

This is where the study of a supply chain management course comes to relevance. A proper demand projection improves the cash flow, revenue and profitability of an organisation. 

Reorder points for each product 

The inventory is a mix of different products having different demand curves in terms of quantity and time. Thus, the reorder level of each product is also different from the rest and should be followed separately. The reorder level is a function of the safety stock for the given product.

Develop strong relationships with suppliers 

A strong professional relationship bond is the essence of a good business. Sellers and suppliers must have mutual trust and understanding so that fulfilling the demands of the client is their mutual goal. They should have business meetings at regular intervals and should discuss their respective shortcomings and probable solutions. There should be an exchange of easy and free-flowing communication at each level so that there are no surprises at a later stage.

Modern inventory management software 

Automated commands using inventory management software reduce both time and risk of inventory management. 

Vendor Management System is a system based on which suppliers maintain a specific stock level based on shared data by the retailers. Having the right product at the right time and at the right place is very important and reduces unwarranted inventory. 

Retailers implement just-in-time inventory systems to make the above process perfect. The idea of keeping consignment inventory and safety stock is also another process of enhancing customer satisfaction with a little more additional expense. The common tasks performed are – 

  • Setting the reorder level for each product 
  • Automated stock counts 
  • Generating sales reports amongst other

Conclusion

All these automated processes require a deep understanding of data science and artificial intelligence, based on which these techniques perform. An aspirant in this field should study supply chain management from a reputed institute in order to carve out a successful career.

The Digital Supply Chain Management With E&ICT, IIT Guwahati course at Imarticus will enable the prospective candidate to boost their career towards a bright future. The duration of the course is 6 months. The mode of training is online as well as offline. 

Visit the official website of Imarticus for more details. 

Ethics and Governance in Data Science: Balancing Innovation and Responsibility

Posted on by Imarticus Learning

After the Covid-19 pandemic, the world adapted efficiently to digital innovations and technological advancements- thereby resulting in a revolution in the field of data science.  Every day organisations generate, collect and analyse data at an unprecedented rate to make informed decisions that aim at boosting their productivity. 

However, with great power comes great responsibility. This data is extremely sensitive in most cases and therefore, it is crucial that we handle it ethically. Users on the other side of the screen are always advised to take extra precautions while sharing data. Nevertheless, data scientists and analysts also have to play a pivotal role in responsibly handling sensitive information.

data analytics course

In this article, we will learn about what data ethics is, the principles of data ethics for business professionals and how to operationalise AI and data ethics. If you want a sneak peek into what a career in data science looks like, read on to explore the fascinating aspect of ethics and governance in data science. 

What is data ethics?

Before enrolling in a data analytics course you must know about data ethics. Data ethics is the study of the moral obligations of gathering, distributing and protecting data while keeping in mind the potential effects on individuals. 

Data ethics focuses on the binding procedures after data mining and understanding how a data analyst is responsible to protect people’s privacy. It is the study of how to use data in a way that does not violate this privacy and yet addresses the concern fully. 

To safeguard people’s safety and keep your business out of any potential legal trouble, learning data ethics is crucial for someone looking for a career in data science. 

Principles of Data Ethics For Business Professionals

Ownership: 

Ownership is important for setting boundaries on who can use, control or access the data. Without clear ownership of data, there can be a high chance of potential data breaches, theft or unauthorised use. Therefore determining who has the right to access the data is important to provide a sense of security to customers and avoid legal and ethical dilemmas. 

Intention: 

The ethical use of data depends on having a justified purpose before mining or collection. Prior to harnessing someone’s private information, be sure to establish clear, ethical objectives outlining why you require the information and how it will only be used to address a legitimate concern for your organisation. 

Outcomes: 

The principle of positive outcomes in data ethics highlights the importance of ensuring that the sharing, storing or analysing of data results in beneficial outcomes. This principle emphasises the need for conscientiousness in data mining and taking the necessary steps to prevent any adverse effects.

How to operationalise data and AI ethics?

Simply defined, operationalising data and AI ethics refers to enforcing ethical norms and principles into action within a certain organisation or situation. Implementing practices, rules and procedures in machine learning and algorithms that promote moral decision-making while reducing the possibility of harm is part of this process.

Find existing infrastructure for ethical programs that can be used for AI and data:

When building a data, machine learning and AI ethics program, it is always helpful to look into what infrastructure already exists in your organisation. By using what’s already in place, you can save resources and streamline the implementation of the program. 

This strategy also facilitates quicker uptake and program integration by reinforcing already-in-use procedures and workflows. The implementation of OOps concepts is also useful in identifying the existing infrastructure that an ethical program for data and AI can use.

Develop industry-specific data and AI ethical risk frameworks:

The hazards and ethical issues associated with the use of data and AI vary by industry. It’s crucial to develop a risk framework that is customised for your sector because of this. In this manner, you can be certain that the specific risks that apply to your organisation are being addressed. 

Furthermore, a tailored risk framework can provide more clarity regarding the specific risks and moral dilemmas associated with the application of data and Python programming in your industry. Making decisions will be easier with this clarity and moral quandaries will be easier to comprehend.

Improve the guidance and tools available to product managers:

Product managers are really important when it comes to creating and implementing Python programming and AI products. When organisations optimise guidance and tools for product managers, they make sure that these individuals have everything they need to make ethical decisions and promote responsible data practices. 

Increase corporate awareness:

By promoting data ethics, people could be held responsible for their actions by the company. Building trust with stakeholders and customers can be facilitated by increasing organisational awareness of data ethics. People are more likely to trust a company and the goods or services it offers when they believe it is functioning morally and responsibly.

Encourage staff members to participate in identifying ethical risks associated with AI both formally and informally:

When employees are encouraged to identify ethical hazards linked to AI and use OOps concepts, employee engagement and active participation in promoting ethical decision-making increase. This can promote moral conduct within the company and help create a culture of appropriate data use.

Employees that are motivated to discover ethical issues associated with AI may achieve more than just risk reduction and responsibility. It may encourage creativity within the company. Organisations can find opportunities for innovation that are consistent with their values and mission by challenging staff to consider the ethical implications of using data and AI.

Track the effects and involve stakeholders:

To use data and AI ethically, we must comprehend how our decisions impact people and communities. Monitoring the consequences of data and AI use allows organisations to fully understand any potential hazards resulting from their practices. Businesses can benefit from lowering these risks and making sure they are utilising data and AI morally.

When it comes to data science, responsible use should always be a top priority. It’s not a one-and-done thing, but an ongoing journey that requires continuous attention and adaptation. 

Imarticus Learning’s Certified Data Science and Analytics course can be of interest to you if you’re trying to improve your knowledge and abilities in ethics and governance in data science. Aspiring data scientists who wish to understand how to strike a balance between innovation and responsibility will greatly benefit from this programme. 

What is a Process Owner and What is Their Role in Operations?

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What Is a Process Owner?

A process owner is an individual or group within an organisation who is responsible for managing a particular business process. 

The primary job of a process owner is to ensure smooth and effective operations of a process while achieving the desired results aligned with the organisation’s goals.

global senior management programme

The role includes defining and identifying key performance indicators (KPIs) and creating and enforcing policies and procedures. They act as the primary contact point for the stakeholders.

The process owner’s responsibilities do not include performing the process themselves but working closely with other departments of the process team to ensure it is executed effectively. 

A process owner may work independently or as a team member, depending on the structure and needs of the organisation.

Responsibilities of a Process Owner

The duties of a process owner typically include the following:

Process design: The process owner designs the process to meet the desired results. Process owners establish the procedures, create process flow and determine the metrics to measure the performance.

Process documentation: The process owner is accountable for creating and maintaining the process documentation, which includes process maps, procedures, work instructions, and other relevant information.

Process implementation: Process owners oversee process integration and ensure that they are executed as per the already implemented procedures. Process owners work with other stakeholders to ensure that the processes align with the objectives and goals of the organisation.

Process monitoring and improvement: The process owner tracks the performance and identifies improvement areas. They analyse the process data, recommend changes for improvements, and identify bottlenecks to improve the efficiency and effectiveness of processes.

Stakeholder management: The process owner is the primary contact point for the stakeholders and is responsible for managing the stakeholders’ expectations. They communicate the process’s progress, address concerns, and provide updates to issues or concerns raised by stakeholders.

Training and development: The process owner is responsible for ensuring that the process team is adequately trained and effective when executing processes. They prepare the team and offer development opportunities to ensure the team is skilled and knowledgeable.

Importance of a Process Owner in Operations

The process owner plays a vital role in managing the processes of an organisation and is an integral part of its operations management programs.

The importance of a process owner in operations includes the following:

Accountability

The process owner is accountable for the process performance under them. It helps ensure that the process is executed efficiently and consistently. This accountability helps ensure that the processes align with the goals and objectives of the organisation.

Continuous improvement

The process owner is responsible for identifying sectors that need improvements and recommending process changes. This steady improvement approach is essential in enhancing the process’s effectiveness and efficiency and improving the organisation’s performance.

Standardisation

The process owner is responsible for standardising the process to ensure that they are executed consistently and show a predictable outcome. Standardisation helps minimise errors, reduce waste, and improve the quality of the product or the services produced.

Communication

The process owner is the primary contact point for stakeholders. They are responsible for communicating the process progress. Constant communication helps manage the stakeholders’ expectations and ensure the organisation is aligned with the process objectives.

Compliance

The process owner is accountable for ensuring the process complies with the relevant policies, regulations and standards. Observation is essential to avoid legal and regulatory risks while maintaining the organisation’s reputation.

Process Owner vs. Process Manager: What’s the Difference?

Aspect Process Owner Process Manager
Accountability Accountable for overall process performance and alignment with organisational goals Responsible for daily process management and adherence to established procedures
Scope A broad scope of responsibility, overseeing the entire process A narrow range of responsibility, managing specific aspects of the process
Focus Focused on strategic planning and continuous improvement of the process Focused on operational management of the process
Leadership Provides strategic direction and guidance for the process team Provides functional leadership and guidance for the process team
Communication Communicates process objectives and progress to stakeholders Communicates process status and performance to the process owner and stakeholders
Skills Requires strong leadership, communication, and strategic planning skills Requires solid operational management, problem-solving, and communication skills
Ownership Responsible for the process as a whole, including its design, documentation, and improvement Responsible for managing a specific aspect of the process, such as its execution, monitoring, or quality control
Authority Has the authority to make decisions about the process, including resource allocation and process changes Implements decisions made by the process owner and escalates issues or concerns as needed
Goals Aligns process goals with organisational goals and objectives Focuses on achieving specific process-related goals and objectives
Performance Monitors overall process performance and identifies areas for improvement Monitors process performance and identifies opportunities for optimisation or improvement
Relationship to other processes Ensures the process integrates well with other functions in the organisation Collaborates with other process managers to ensure alignment and integration of processes
Metrics Measures process performance against key performance indicators (KPIs) and metrics Monitors process performance against established metrics and benchmarks

Characteristics of an Effective Process Owner

Effective process owners possess several key characteristics that enable them to fulfil their responsibilities and drive process improvement.

Some of the features of an effective process owner are:

Clear vision: A practical process owner has a clear vision. A clear picture of the process helps them know how it fits into the overall goals and objectives of the organisation.

Strategic thinking: Thinking strategically is crucial for a process owner to identify improvement opportunities. It also helps drive continuous improvement initiatives.

Leadership: Strong leadership skills are essential for a process owner. Leadership inspires and motivates the process team and ensures everyone works towards the same goals.

Communication: Effective communication skills are necessary for a process owner to communicate their vision and goals clearly and effectively to the process team and stakeholders.

Analytical skills: A practical process owner should have strong analytical skills to evaluate process performance and identify areas for improvement.

Collaborative: Collaboration is critical for an effective process owner. They must work with organisational stakeholders to ensure the process aligns with other business functions.

Continuous improvement mindset: A practical process owner constantly looks for ways to improve the process and has a continuous improvement mindset.

Results-oriented: A practical process owner is results-oriented and focused on achieving measurable outcomes that contribute to the organisation’s success.

Empowered: The process owner should be licensed to make decisions and take action to drive process improvements and achieve desired results.

Conclusion

Effective process ownership is essential for organisations to achieve their goals and improve their operations. A process owner with the right skills can help drive improvement opportunities and align the process with the organisation’s objectives.

As businesses evolve, investing in management programs such as the Imarticus Learning’s IIM Lucknow Global Senior Leadership Program can give process owners the leadership, communication, and strategic thinking skills to thrive.

Organisations can foster a culture of continuous improvement by participating in a Global Senior Leadership program.

Visit Imarticus Learning to learn more about management programs.

A Step-by-step Guide to Data Mining

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Artificial intelligence and machine learning are changing how we think and act in this age of innovation. Technological advancements control our daily life as well as businesses.

Data Science CourseBusinesses use data mining to comprehend large data to help make significant decisions. It helps streamline operations, increase ROI and predict sales forecasts accurately. A data science and machine learning course can help interested candidates explore the potential of data mining and learn to harness it. 

Let’s take a walk through the key definition of data mining and its uses in the industry.

What is data mining?

In data mining, a large set of data is sorted to point out crucial patterns aiding in the decision-making process of a business. It is an integral part of data analysis. It turns unstructured, raw data into insightful ones that an organisation can use for marketing, sales and other crucial areas. 

Some of the industries that use data mining are:

  •     Retail industries for marketing mostly
  •     Banking and financial services to detect fraud
  •     Insurance sector for pricing policies
  •     Streaming services for watching or listening patterns
  •     And many more

 What are the advantages of data mining?

Data mining can assist businesses in earning profits through insightful information. Some of the benefits of data mining are:

●     Effective in finding data

With the help of data mining, gathering required information is far easier. It also helps in extracting useful information from a pool of data.

●     Faster in making decisions

Data mining automates decision-making, reducing the time frame significantly. Sometimes software can complete a whole process without the need for human intervention.

●     Efficient

Data mining is efficient in finding out the information required. Also, it can work with new systems as well as older ones.

●     Improved customer service

Gathering customer data from various sources becomes easy with data mining. It provides valuable information on customer behaviour, preferences and much more. These pieces of information can help improve customer service.

●     Increased ROI

Data mining is more cost-effective compared to other data applications. It can help predict marketing trends, thus helping create accurate audience segments and launching tailor-made promotions. This will, in turn, lead to higher revenue.  

  What are the different steps in the data mining procedure?

1.   Understanding business

The first step in data mining is to understand what are the project’s goals, the company’s existing status and what constitutes its achievements. 

2.   Understanding data

In this step, different data sets go through several checks to ensure their appropriateness. For example, if revenue is the goal of data mining, then the number of customers is one of the crucial sets of information.

Also, various data integration procedures ensure minimal errors in the process. A search for the properties of all the data acquired is also a part of this step. 

3.   Preparing data

This stage requires a great deal of patience and time. It includes data clean-up, removing duplicate data and sometimes finding missing data.

For example, if the data prepared is on increasing revenue, then the age of the customers is a crucial factor. If the value of some of these data is missing, finding the missing value, i.e. the age of customers, is essential. 

4.   Transforming data

The next step is transforming the prepared data into a more usable one. It includes multiple processes like data smoothing, aggregation, generalisation and more. 

Data aggregation is a procedure that compiles data. For example, while working on a set of data on revenue, compiling weekly sales data to calculate monthly sales is of the essence. 

5.   Modelling

In this stage, mathematical algorithms, artificial intelligence and machine learning are used to determine, categorise and cluster data. In-depth knowledge of machine learning with Python is crucial in this stage. 

6.   Evaluation

The next step concerns evaluation. The identified data patterns acquired after data modelling go through an evaluation procedure to meet the objectives set by the business. If the model fails to meet the set goals, it will require re-modelling. 

7.   Deployment

The last stage involves presenting the final data to the stakeholders of the business in an easily understandable manner.

And finally, the preparation of a project report is crucial as it will help in further decision-making.

Conclusion

If you want to learn data mining, consider a career in data science. As expertise in data science is in demand among employers, you can land lucrative job offers.

Check out the IIT data science course brought to you by Imarticus and created in collaboration with IIT Roorkee. The programme also covers machine learning and offers mentorship to prospective entrepreneurs.

Supply Chain Tech in 2023: Always Moving Forward

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The supply chain is an intricate and dynamic structure. It is also one of the most crucial aspects of your company, so it pays to keep an eye on how technology is altering it and consider how you may benefit from that information.

supply chain management courses

Supply chain technology aims to optimize every supply chain step by utilizing data, analytics, artificial intelligence, blockchain, robots, drones, and other cutting-edge technologies. It involves delivering value to consumers, lowering expenses and risks, boosting productivity and sustainability, and improving communication and transparency.

Additionally, it involves constantly advancing. Because supply chain tech is dynamic, it continually changes and adjusts to new difficulties and chances. It is always trying to innovate and make improvements. And it is constantly prepared for the next disturbance. 

Why is digital transformation important for supply chains in 2023?

The phrase “supply chain tech” is wide and includes all forms of supply chain technology, from production to distribution. Although supply chain technology can increase productivity and cut costs, improper implementation could result in risks. 

Technological developments, shifting customer expectations, and international economic and political trends are anticipated to impact the future of supply chain management significantly.

The analysis projects a compound annual growth rate (CAGR) of 53.2% for the worldwide post-COVID-19 blockchain supply chain industry, from USD 253 million in 2020 to USD 3,272 million in 2026. 

The market’s two main growth drivers are the rising use of blockchain technology in SCM and retail and the expanding need for supply chain transparency. Uncertain regulatory status and standards, however, might limit industry expansion.

Key actions to take in 2023 include:

  • Make supply chain planning capabilities and end-to-end visibility offered by real-time analytics your top technological investments since they may assist you in maintaining operational stability.
  • Improve your teams’ skills and accelerate the development of your data management rules and capabilities to utilize technology for decision-making driven by insights fully.
  • Consider the automation you can use to eliminate redundant manual supply chain tasks, boost productivity, and guard against margin compression and cost hikes. 
  • There is potential to automate laborious tasks, including trade tax computations, FTA compliance, global trade paperwork, reconciliations and settlements, and reporting.

What are the top supply chain trends in 2023?

So what are some of the supply chain predictions for 2023? 

Here are a few examples:

  • Supply Chain as a Service (SCaaS)

Managing every aspect of your supply chain in-house is difficult as value chains get more complicated. Moving from a manual environment to a digital one, utilizing a sizable number of IoT-enabled devices, analyzing data, and maintaining will become vital tasks requiring expert manipulation and upkeep.

Many businesses will outsource these crucial activities because they lack in-house personnel. Better customer service, more productivity, and cheaper expenses are all advantages of SCaaS. Similar services are offered by SCaaS but with added supply chain advantages, including improved asset management.

  • Digital twins

Making judgments based on real-time supply chain data is less appealing when social distance emerges as the new norm. Real-time data from all of the physical fronts of your supply chain is required to combat this to prevent costly interruptions, in addition to tools like prescriptive analytics.

  • Internet of Things (IoT)

The term “Internet of Things” (IoT) for supply chain optimization refers to physical items (or groups of such objects) equipped with sensors, computing power, software, and other technologies that communicate with one another and exchange data through the Internet or other communications networks. The term “Internet of Things” has been criticized because gadgets only need to be individually accessed and connected to a network, not the public Internet.

The discipline has changed due to the confluence of several technologies, including machine learning, ubiquitous computing, inexpensive sensors, and increasingly potent embedded systems. 

  • Blockchain

It makes it logical to respond to the desire for greater supply chain visibility as blockchain usage grows. The blockchain’s end-to-end transparency can benefit supply chains thanks to its database structure. What is blockchain, precisely, before we continue?

Blockchain uses “blocks” of data rather than the tables used by traditional databases to store information. As data comes in, new blocks are created and chained to the older ones as these storage blocks eventually reach their capacities. These blocks provide immutable records with precise time stamps that offer users vital insight into their transactions. 

  • 3D printing

3D printable models may be produced using a CAD program, a 3D scanner, a regular digital camera, and photogrammetry software. Compared to other techniques, CAD-made 3D printed models have comparatively fewer mistakes. Before printing, mistakes in 3D printable models may be found and fixed. Similar to plastic arts like sculpting, the manual modeling technique of creating geometric data for 3D computer graphics. 3D scanning is gathering digital information about an object’s form and appearance to build a digital model based on it.

The Final Words

The environment of supply chain technologies is continually changing. New technologies are created and used daily to help organizations increase production and efficiency. In 2023, several emerging technologies will significantly affect how you do business.

Although digital supply chain transformation has advanced for many years, there is still room for advancement. New technologies will increase over the coming years, enabling your business to reach its objectives more quickly.

With the cutting-edge curriculum from Imarticus Learning, created in partnership with the prestigious CEC at IIT Roorkee, you may improve your knowledge in supply chain management. This innovative training will provide you with crucial analytics abilities to make decisions based on data and use Python to advance your SCM expertise.

In addition to gaining priceless information, you’ll have the chance to distinguish yourself in the crowded job market with an IIT Roorkee-endorsed certification, which will attest to your command of SCM and dedication to career advancement. 

Unlock your potential in the field of supply chain management!

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