With the start of the new millennium, the world has seen rapid change and change in the approach of the manufacturing industry with regards to sustainable development. Formerly, lone voices were urging a concern for the environment with a thought for sustainable development while improving business performance are now coalescing into a “movement”- new thinking and new ways of approaching old problems have made it perfectly possible to address these issues together, most effective when planned as part of a total review of the life-cycle of products and their manufacturing and delivery processes- and this movement being called Green Productivity. The global economy is coming under growing pressure to pay for the restoration of damaged environments.… Read the rest
Modern Business Concepts
Overview of Reverse Innovation Concept
Vijay Govindarajan and Chris Trimble, in their book on Reverse Innovation defined the term “Reverse Innovation”; they define it as any idea, which will be first adopted in developing world. This phenomenon was not very common in the past for a simple reason that the rich and affluent that had the ability to demand were mostly concentrated in developed nations. Demand drove the technology and hence most of innovations happened in the west. United States and Germany have about 300 noble laureates in science and technology, while India and China who are six times in population have less than ten of them in total.… Read the rest
Business Continuity Management (BCM) According to ISO 22301
Doing business is a great thing if everything runs perfectly. As we all know there is no such thing as a perfect way of doing anything. This is true in the business arena. Things are going to happen which is not in the best interest of the day to day operation of any business. Natural disasters such as hurricanes, tornadoes, floods, fire, and volcanoes can happen at any given time. Your business could be a victim of a serious data breach. All of the previously mentioned scenarios can seriously affect how business is run.
To counteract those on foreseen events every company should have a continuity disaster recovery plan.… Read the rest
How Does Blockchain Technology Work?
The ability to own and to transfer assets via transactions is at the heart of economic value creation. And to keep track of these business agreements, market participants have always relied on ledgers. But to make sure that these ledgers remain accurate and are not being tampered with by fraudulent market participants, most business networks rely on central, trusted parties, such as banks or other intermediaries, to oversee these business ledgers and to validate each transaction that is taking place within the network.
This need for an intermediary has become even more important in the modern age, as assets have increasingly been digitalised and central third parties are required to make sure that a digital asset is not duplicated and spent more than once by the same party.… Read the rest
Blockchain Technology – Features, Types and Benefits
A Short History of the Blockchain Technology
When an unknown scientist under the pseudonym Satoshi Nakamoto published his white paper about Bitcoin – a “purely peer-to-peer version of electronic cash”– in 2008, it was not the cryptocurrency itself but its underlying mechanism, known today as the blockchain, that was considered revolutionary. But overall awareness of the blockchain technology remained rather limited, as Bitcoin itself was not yet widely known.
Starting in the year 2012, increasing activity surrounding Bitcoin could be observed, as the cryptocurrency’s market capitalization grew and start-ups in the field of payments and coin wallets started to emerge. But still, Bitcoin and the underlying blockchain remained subject to a general scepticism, being associated mainly with the financing of rather sketchy online activities and other misconceptions.… Read the rest
What is Customer Analytics?
Data in any form is considered as the new gold in the 21st century. Organizations that primarily focus on data-driven approaches have the potential to be ahead of their respective game. One of the important and core objectives of any company would be to maintain a solid and strong relationship with its customers, understanding them and providing them what they want.
Customer Analytics is this field of analytics, where one dives deep into the consumer data and brings about useful insights on their clients. Customer Analytics finds its utmost use in the marketing as well sales departments where the customer data is the key to understand the customer behavior for them chart their marketing as well advertising strategy.… Read the rest