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Implementing TMS: Choosing And Maintaining Your Transportation Management System

What is TMS?

Every company needs cutting-edge technological help to survive and grow in today's fiercely competitive business environment. A transport management system (TMS) is an absolute must if you work in logistics. It increases the company's overall output and supply chain effectiveness. A good TMS system will optimise your supply chain, boost customer happiness, save supply chain expenses, and assist your company in reaching the next level.

To elaborate, a TMS is a piece of software that aids businesses in managing the logistics involved in moving physical items by sea, air, land, or a combination of these modes of transportation. TMS logistics software, which is a component of the larger supply chain management system, works to ensure prompt delivery of goods by streamlining delivery routes and loads, monitoring freight on international and local routes, and systemising tedious tasks like freight billing and trade compliance paperwork. Thus, TMS systems help in reducing costs for both companies and end users.

How to choose a transportation management system?

Although selecting the best transportation management system for your business may seem difficult, it doesn't have to be. With an online supply chain management certification, you can prepare yourself with the right questions to ask before beginning your TMS search, whether you're a first-time buyer or a seasoned user looking for an upgrade.

While some systems advertise themselves as comprehensive TMS solutions, they are merely rate aggregators. You will immediately see that a straightforward solution like a rate aggregator won't be effective for your business if you search for a location to handle all your logistical operations.

Alternatively, you should also do away with additional TMS options that demand you pay for every function offered, even ones you won't use. This will facilitate a rapid field reduction. You undoubtedly rely on recommendations from friends and online reviews when making significant purchases in daily life. Below are the questions one attempts to account for while selecting TMS options.

What kinds of vehicles does my company use to ship?

What number of shipments does my business make each month?

Do we have multiple locations where we operate?

What kind of ROI am I looking for from a transport and supply chain management system? What matters most: time savings, money saved overall, or money saved on error correction?

Is it okay if the system is a little technical?

When our company's needs change, will this technology develop and adapt?

What budget do we have for implementation? What is the cost of a subscription?

What will the implementation process entail, and how long should it take?

Will teams from my firm be able to use this TMS? (logistics, marketing, sales, etc.)

Are there any advantages to joining the TMS community, such as a spot market?

Will it provide an advanced traffic management system?

What is transport management in supply chain management?

Supply chain and logistics management are frequently conflated with transportation management. Others don't understand its connection to enterprise resource management (ERP). Transportation management, however, is neither identical to nor wholly different from these other contemporary business operations.

One can enrol in the Executive Programme in Supply Chain Management and Analytics and understand how transportation management is a more specialised industry within these larger industries since logistics and supply chain management are subsets of transportation.

As part of supply chain management, transportation management includes the systems and processes used to manage the requirements and needs relating to the physical transportation of goods and cargo.

How to maintain a transportation management system?

You don't stop just after you construct your TMS. Now that you have a mechanism to keep track of every part of your transportation process, you should be searching for ways to maintain it and enhance it regularly.

Develop a long-lasting, consistent relationship of trust with distributors if you're working with them. Since they ensure that your products arrive at the appropriate time and location, it makes sense that they would be the ones to alert you to a shipment issue rather than your customers.

The likelihood that you'll need an automated system to monitor your shipping operation increases with size. Your manual TMS may have been effective up to this point, but as your customer base expands, so will the number of deliveries your company will make.

It could be time to reconsider how your deliveries are being made if you've been using the same shipping routes for a while. There might be more efficient freight routes for transporting your goods than you previously realised because of improved GPS technology, traffic patterns and infrastructure.

Businesses collect a lot of private information about their clients in order to conduct shipping operations. Depending on the goods and the destination, this may also include information such as their names, addresses, and phone numbers. It's critical to prioritise data security in your TMS because so much of this data is shared both inside and outside of your business.

A TMS should significantly lower operational costs for both you and your clients. In addition to reducing time-consuming manual operations, it improves data security for you and your clients across all departments.

Today's transportation leaders are their firms' supply chain and logistics experts. So, consider your TMS capabilities to be more than simply a freight engine, but rather an opportunity to create a competitive advantage for your business.

To know more: https://executive.timespro.com/course/operations-and-supply-chain/iit-delhi-executive-programme-in-supply-chain-management-analytics/

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Supply Chain Risk Management And Its Importance

Supply chain management refers to the management of the flow of the goods that encapsulates all the processes involved in transforming raw materials into finished products or services which an organisation offers. It includes planning and managing sourcing, procurement, conversion, logistics management, and many more functions.

One of the reasons organisations invest in implementing a robust and transparent supply chain is to boost their global competitive advantage. However, the globalisation of supply chains also brings many potential risks to quality, safety, business continuity, and reputation. These issues need to be addressed through strong risk management practices in the supply chain. Professionals with the relevant qualifications, such as a supply chain analytics certification, can help organisations implement preventive measures to mitigate the risks in their supply chain.

Risk management in the supply chain has become important as organisations are trying to increase their global reach. Logistics and operations management is very crucial at this juncture, especially while trying to enter new markets. It is also essential to consider and prepare for the wide range of financial, regulatory, and legal risks that organisations need to face because a single mistake can not only result in a monetary loss but also damage an organisation’s reputation.

What is supply chain risk management?

Supply chain management not only includes the safe transport of products to the customer but also a plethora of other components. It includes managing vendor relationships, building strong payment protocols, knowing the geographic challenges, and many more. It is necessary that all associated stakeholders in the supply chain undergo risk assessment, thus keeping risks under control to reduce vulnerability and ensure business continuity.

Supply chain risk management (SCRM) is the implementation of strategies to manage both routine and exceptional risks that can arise along the supply chain. It is the process of identifying, assessing, and mitigating the risks of an organisation's supply chain. By implementing global supply chain risk management strategies, organisations can operate more efficiently, reduce costs, and improve their customer service.

SCRM is essential in events like natural disasters and transport disruptions, where the strategies put in place can help organisations cope with these events successfully. The purpose of supply chain risk management is to prevent issues and provide loss mitigation if risk events do occur. Many of the supply chain management courses in India can provide professionals with the required knowledge to grow in the supply chain industry.

The need for supply chain risk management

Organisations, with a growing network of prospects and increased global dependencies, have a higher risk of supply chain disruptions occurring, risking a loss of revenue and customers. Irrespective of industry, every organisation is exposed to both internal and external risk factors from supply chain disruption. A few of the internal risk factors can be disruptions of internal operations, changes in management, lack of contingency planning, etc. External supply chain risks include risk events caused by an inability to predict or understand customer demand, lack of proper supplier risk management, natural disasters, etc.

Supply chain risk management can help organisations navigate these risks and properly manage the supply chain to achieve success. SCRM benefits the supply chain in the following ways:

Ensures business continuity

Implements supply chain visibility

Monitor regulatory/standards compliance

Manage suppliers to realise the value and reduce risk

Avoids losses by detecting risks early

Ability to respond to unexpected events

Safeguards the image of the organisation

Boosts and maintains customer satisfaction

4 steps you can take to manage the supply chain risks

Supply chain risk management (SCRM) is the process of creating a strategy and working to identify, assess, and mitigate the risks in the entire supply chain. With increasing linkages between global markets and the growing complexity of supply chains, the need for risk management is stronger than ever. A career in supply chain management would, thus, be filled with rewarding opportunities as it is an ever-expanding field.

Analyse the organisation’s supply chain and its various stakeholders

The first step is to understand the working of every stakeholder in the organisation’s supply chain and how each stakeholder is dependent on the other.  A careful study of the risks associated with each stakeholder should be analysed to understand what type of risk, where, and when this risk can arise to disrupt supply chain activities.  One also needs to understand the risk factors associated with the suppliers providing the services or raw materials.  This analysis is another method of looking at the frequency and severity of a risk, which is central to the main risk management process.

Create an action plan

After the analysis of the organisation’s supply chain, the areas where action needs to be taken become clearer. Then, a proper action plan needs to be created for each situation. Upon documenting the plans, organisations must educate their employees and put into practice their plans to reduce risks.

One can use the globally recognized ‘PPRR’ risk management model as a supply chain risk management strategy to help with business continuity planning. This model involves the following:

Prevention: Take precautionary measures for supply chain risk mitigation.

Preparedness: Develop and implement a contingency plan in case of an emergency.

Response: Execute the contingency plan to reduce the impact of the disruptive event.

Recovery: Resume operations and get things running at normal capacity as quickly as possible.

 

Strengthen the supply chain by adopting technology

The more dependency between the stakeholders of the supply chain, the larger the risk involved. To reduce supply chain risks, the best suitable course of action is to lessen dependence on any one stakeholder. Diversify the stakeholder dependency so a disruption in one stakeholder would not have an extreme impact. For example, diversifying suppliers, and transport providers, maintaining stock at various warehouses, etc. Organisations also have the option of supply chain insurance to protect against disruption risks.

In addition, organisations must use technology to mitigate their supply chain risks. Technology enables real-time tracking, automatic notification, end-to-end visibility, data management, and many more functions to highlight emerging trends and problem areas. This information helps identify problems and makes it much easier to prevent or reduce their occurrence. Technology also helps effectively communicate in real-time with the various stakeholders in the supply chain.

Monitor

No system is perfect and needs to be continuously monitored to prevent setbacks. A monitoring system that will enable visibility of the entire chain and its process is essential to prevent risks from occurring in the supply chain. Monitoring is crucial because it enables fast response. Faster and quick response to an incident will lower the severity and its effect on the other stakeholders in the supply chain. All processes need to be monitored to be effective and streamlined if required to deliver the desired results.To know more: https://executive.timespro.com/course/operations-and-supply-chain/iit-delhi-executive-programme-in-supply-chain-management-analytics/

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Leadership Strategies In Overcoming Educational Problems

The Organisation for Economic Co-operation and Development (OECD) conducts the Programme for International Student Assessment (PISA) for its members and partner nations every three years. PISA is meant to assess the key knowledge and skills of 15-year-old students in mathematics, science, and reading.

India last participated in the assessment in 2009 and ranked second to last, among the 73 countries. It would appear that India’s system of education, it would appear, is failing its students. Most government-run public and private schools cannot equip their students with the requisite knowledge and skills.

 

Problems and their Possible Solutions

The problems plaguing the education sector in India need to be solved if India is to achieve its potential as a nation. The problems of the education sector in India and the leadership strategies required to overcome them include:

Inadequate Infrastructure. A recent study revealed that in an overwhelming majority of educational institutes in India do the complete set of RTE infrastructure study found that the educational institutes lacked physical infrastructure such as an adequate number of prescribed labs the prescribed quality, requisite facilities for girls students, poorly trained teachers, high teacher ab multiple boards for primary/secondary education and regulatory authorities for higher education create non-uniformity in the curriculum, mity in the challenging making it difficult to track and maintain quality. The infrastructural problems can be overcome by reorganisation of existing structures to manage education in India. Education in India needs to be managed by a single designated authority at the central/state levels to monitor curriculum and regulatory approvals. Also, newer leadership strategiesshould push for a greater, enabling log, which will allow making up for some of the issues related to infrastructure and quality.

Approach to Education.In the current educational approach in India, education's thrust remains focused on transferring information rather than on imparting knowledge. Teachers end up pushing information to their students instead of helping them conceptualise the subject and develop the power of analysis. At the level of higher education, it is observed that there is a huge gap between the education imparted and the requirements of the students and the industry. The graduates end up being ill-prepared for employment, requiring the industry to invest time, money, and effort to make the graduates industry-ready. This problem can be overcome through the proper training of teachers to equip them to deliver quality education and prepare students for vocational employment. This will also require greater attention from political and academic leaders on education and increased spending, as a share of GDP, by the government.

Slow Pace of Change. The prevalent culture in Indian society is tradition-bound, veers toward conservatism, and is resistant to change. Also, people in leadership positions on educational boards and institutes are not sufficiently empowered to bring about change. This inherent resistance to change can be overcome by promoting cutting-edge best practices in the education sector more engagingly. This can be done by involving community and business leaders in deciding education policy and co-opting the community/business leaders to spearhead educational change initiatives. The problem of a lack of a sound strategy and leadershipempowerment can be overcome by developing a framework for the professional development of leaders. Appropriate training and executive and budgetary authority delegation will enable leaders to execute the planned organisational strategy competently.

Inadequate Budgetary Allocation. India lags behind developed nations and even some developing nations in the budgetary allocations for education. This has meant that in primary, secondary, and higher education, the available funds are inadequate to meet even routine costs. Budgetary constraints also preclude adopting and sustaining recognised best practices in education or exploring and pursuing meaningful or scalable innovations. Leaders need to evolve a more progressive education strategy that supports enhanced educational budgeting. Newer and bolder strategies, such as the PPP model in education or other alternative modes of certification, need to be considered. Public-private sourcing of funding and encouraging the participation of the private sector in education are novel approaches to overcoming budgetary constraints.

Policy Shortcomings. A general charge, levelled against how most sectors are run in India, is that policymaking lags intent. This is true of the education sector too. Many of the policies for the administration of the education sector are outdated. Consequently, the delivery of education at all levels does not comply with global best practices, lags behind international standards, and does not meet the requirements of either the learners or the industry. What is required is the creation of a national-level cadre of people to manage and monitor educational services. Also, a framework that mandates the periodic review and revision of the education policy should be created. Such reviews and corrections should be reflective of the direction of the evolution of society and the industry. Only then can education serve the needs of the learners and the industry.

Conclusion

Paradoxically, despite its low PISA ranking and the many shortcomings in education, India is viewed, globally, as an education powerhouse and a key source of talent, especially STEM talent. This reputation is based, largely, on a few islands of academic excellence such as the IITs, the IISc, the IIMs, the NITs, etc. Scratch this glossy surface and the picture, sadly, is rather bleak.

What is required is the creation of a cadre of committed leaders with training through the best executive leadership programs, to prepare them to design and implement the strategies enumerated in this article. Committed leaders and sound strategies can be the surest guarantors for bringing about improvements in the education system in India.

To know more: https://executive.timespro.com/course/leadership-and-strategy/

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10 Marketing Certifications That Will Boost Your Career

The constant evolution of technology has bought about significant changes in marketing. Nowadays, digital marketing is a popular career option for students. Companies from around the world are on a constant lookout for good marketers. But you may not find any such degree to become a digital marketer. Thus, online marketing certifications and programs are the solutions.

Since digital marketing constantly evolves, pursuing a degree in this domain is not prudent. However, you can learn digital marketing and the changes in question with online programs. You can also do this from the comfort of your own house and at your own pace.

You can pursue online marketing programs depending on your needs and specialisation. For instance, you may pursue a certification in Google Ads for Google specialisation. Or a HubSpot certification in Content Marketing for HubSpot specialisation. It depends on you!

But, it's a real challenge to find good online marketing certification. Thus, this article will help you explore the top marketing certifications and boost your earnings. So read on!

Top Online Marketing Programme to boost your knowledge and Earnings

The real power lies in knowledge for digital marketers. That is why you must pursue marketing certifications that are genuinely worth it. A good marketing program also helps you unleash your true potential.

Given below are the Top 10 online marketing certifications to boost your earnings and knowledge:

Certification course in Google AdWord

The marketing certification is by Google for understanding Google Ads. This online marketing program gives exceptional and in dept knowledge of Google Adwords.

It's mainly for individuals who want to pitch ads to customers over advanced channels. The certification lasts for one year from the date of exam clearing. This program is free of cost and created by Google.

Certification course in Google Analytics

This certification will teach you how to analyse marketing activities. These are necessary for running a successful ad campaign.

Google Analytics is especially beneficial as it's the leading platform for data analytics. The course is free, and all the course materials are on the website, along with easy navigation and understanding for beginners.

IIM Lucknow Advanced Programme for Senior Marketing Professionals

This course is an advanced marketing analytics online program backed by IIM Lucknow. It grooms marketing aspirants into marketing leaders. Individuals learn to think about customer value propositions while creating marketing strategies.

This course helps you in developing, implementing and controlling successful marketing campaigns. By the end of the program, you will solve problems, think strategically, and seek solutions.

HubSpot's Certification in Content Marketing

HubSpot is among the most popular websites for digital marketing. Learning content marketing at HubSpot is highly beneficial. You can attain a certificate and learn from a leading company in the marketing field.

The online marketing program will be well structured, with many real-world problems. Along with this, it will be beginner friendly and divided into 12 subdivisions for better understanding.

HubSpot's Inbound Marketing Certificate

Inbound Marketing is a subdivision of digital marketing that has gained traction. Through this course, you can successfully learn and conduct inbound marketing moves.

This certification is a short course-backed certificate and teaches in practical and new ways. It covers essential topics like lead generation, content creation, and social promotion.

HubSpot's Certification in Email Marketing

Email Marketing has helped for years with lead generation and closing deals. Email marketing is a prevalent marketing technique used by marketers for promotion. Thus, this course is a must-do online marketing certification course for beginners.

This course sets up actual world implementations for email marketing. It covers anti-spam compliance, converting email sends, mobile optimisation, etc.

Content Marketing at Content Marketing Institution

Another desirable marketing skill to acquire is content marketing. Learning it from a prominent institution like the Content Marketing Institution would be best.

The course teaches everything from basics to advanced. Thus, it makes mastering content marketing easy.

Facebook's Certification in Blueprint

Advertising on Facebook has become essential for all businesses. This online marketing certification teaches strategies to run Facebook ads and get remarkable results.

This is created by Facebook itself and costs $150. It consists of a bundle of courses for better understanding. You can also expect sufficient learning material to support your preparation.

YouTube Certification

YouTube is among the most used applications, and YouTube marketing is a must. This course helps in developing skills to initiate a successful YouTube marketing campaign.

It holds tests to assess your skills and helps in generating marketing skills. Since video marketing is a trend, it also opens up many opportunities.

Digital Marketing Certificate at GetResponse

This certification is an online marketing program that covers various topics. You must complete the fundamentals course of digital marketing at GetResponse to achieve the certification.

The course costs $199 and provides dual certification - inbound sales and digital marketing. It has various organised sub-sections for better understanding.

Conclusion

Digital Marketing is an upcoming field full of certifications. But, it would be best if you held highly reputed certifications to get the right skills. Also, it will boost your income and knowledge.

IIM Lucknow Advanced Programme for Senior Marketing Professionals is an exceptional marketing program. It is essential for advanced marketing analytics and perfect for intermediate-level marketers.

So, don't wait and start learning now!

Know More: https://executive.timespro.com/course/marketing-and-sales/iim-lucknow-advanced-programme-for-senior-marketing-professionals/

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How to Make your Warehouse storage More Flexible

Introduction

Warehouse management is a vital function as it is one of the foundations of an organisation. A disorganised warehouse would lead to ineffective tracking of products and mismanagement of inventory, with deliveries not taking place on time. All these factors can cause a loss in revenue and reputation for an organisation. With the global number of warehouses expected to reach around 180,000 by 2025, there is vast scope to implement warehouse space optimisation techniques to manage warehouses better. This article provides a brief overview of how to make your warehouse more efficient and enable organisations to achieve optimal warehouse efficiency.

How to organise your warehouse

When searching for solutions on optimising warehouse operations, one comes across several warehouse organisation ideas, which fall under three major categories.

Warehouse layout

A warehouse layout is the planned design of a warehouse to streamline overall operations, and it directly impacts the efficiency and productivity of the warehouse. The design process includes strategically planning a facility layout that can properly utilise available space, help streamline operations, boost productivity, and reduce expenses. A well-planned warehouse layout design can provide easy access to stored goods, minimise travel time, and improve order fulfilment rates. While designing and finalising a warehouse layout, factors such as product rotation, the flow of goods into the warehouse, desired stock level, storage system, types of handling equipment to be used, and human resources need to be kept in mind.

Inventory organisation/management

Warehouse inventory management is a process that involves receiving, storing, and tracking inventory. If mismanaged, it impacts fulfilment, shipping, and customer experience. It is a process that keeps track of assets, categorises inventory, and uses proper storage methods to maximise space and improve efficiencies. It also includes replenishment of stock when the set minimum quantities are reached. Proper classification of inventory, utilisation of proper storage devices, slotting strategy, and proper documentation are some factors that need to be implemented to maintain proper inventory management. A few methods on how to organise warehouse shelving include focussing on the quality and quantity of the shelving, the nature of the organisation’s operations, and the size and volume of products.

Clean workspaces

A clean workspace prevents damage to inventory and increases productivity. Routine cleaning procedures must be practised to maintain warehouse operations at maximum efficiency. Employees need to be properly trained to follow guidelines, perform regular maintenance, and keep aisles free of clutter. A operations and supply chain management certification course will help warehouse managers respond to rising supply chain and operation challenges.

Five ways to gain flexibility in your warehouse

Flexibility in the warehouse encompasses many levels, including space utilisation, cycle counting, labour management, reporting and management in receiving, quality control, inventory tracking, order processing, and shipping, among other tasks. Maintaining flexibility in the warehouse is essential to keeping the organisation and fulfilment process running smoothly and efficiently. Supply chain management certification courses will help professionals learn essential technology, concepts, and warehouse management strategies.

Here are a few key areas to ensure optimum flexibility in the warehouse:

Maintain the right amount of product

Ensuring that the warehouse maintains the right quantity of product is essential as this helps in properly utilising warehouse space and avoids wastage. A clear inventory tracking plan is critical to gaining this flexibility in the warehouse.

Optimise the layout of the warehouse

The layout of the warehouse can significantly impact the flexibility of available space. Choose a layout that can be adapted easily for growth and scalability.

Adoption of automation technology

Every warehouse is different, and this factor challenges the adoption of automation technology. However, mobile automation can help streamline various warehouse operations, thus saving workforce, money, and time.

Utilise barcode technology

Barcode technology helps reduce labour and allows for a more accurate and transparent system. This technology is highly effective in tracking products and orders and ensures accuracy in the fulfilment process.

Invest in technologies

Building a warehouse management technology solution will help organisations run their operations more efficiently.  A warehouse management system (WMS) is a technology solution that automates inventory control and synchronises the different functional processes in the facility. Apart from WMS, advanced technologies such as blockchain, big data, IoT, and AI help boost warehouse operations' performance.

Conclusion

Warehouse operations are vital in ensuring on-time product delivery to the customer. Proper planning and controlling of the resources are essential to make warehouse storage more flexible. Warehouse management ensures all the processes, from the arrival of the product to the storage and deployment of inventory, are streamlined. Good warehouse management provides prompt, high-quality service at affordable costs.

To know more: https://executive.timespro.com/course/operations-and-supply-chain/iim-indore-executive-programme-in-operations-supply-chain-management/

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Women Taking Lead in Corporate Leadership: What’s New?

Women as CEOs

Since the Company's Act 2013 mandated having one woman member on every Board, the number of women corporate leaders in India has increased considerably. As per Deloitte Global’s Women in the Boardroom Report, the percentage of female corporate leaders has gone up from 9.4% in 2014 to 17.1% in 2022. However, there has been a decline in the number of women CEOs in the last six years.

Women in India remain underrepresented in top positions as male executives overwhelmingly dominate C-suites. Amongst the Fortune 100 companies in India, only five have women CEOs. Various reasons can be attributed to the same, with gender bias at the top of the list.

Gender Disparity in the C-Suite

Female corporate leaders hold only 15% of C-suite roles in India, far below the global average of 25%. At the international level also, the numbers are not very promising. As we talk, not a single industry in the world has reached gender parity in leadership roles despite half of the workforce being women in industries like education, wellness, and fitness.

Various Reasons for Gender Disparity

Patriarchal Norms

The rampant patriarchy in India is one of the primary reasons behind the vast gender disparity in the Indian corporate setup. There is still a common prejudice against women’s capability to handle high-responsibility positions professionally. Usually, the performance standards and expectations in an organization differ on a gender basis for the same level and band. This forces women, corporate leaders, to go above and beyond to prove their worth equal to their male counterparts, leading to low morale and burnout.

Gender Roles

Women in India face the lopsided burden of domestic responsibilities as primary caregivers. This significantly affects their productivity, consequently leading to their underperforming at work. The embedded gender roles are the major roadblock to achieving diversity in the workplace.

Lack of Professional Education

Often, female corporate leaders feel less confident than their male counterparts for want of professional education and training. This is because of the lack of women’s executive leadership programs. However, as workplace diversity and women empowerment revolutions have picked up the pace, various institutions have started offering women's executive leadership programs that are devised, keeping the special requirements of women corporate leaders in mind.

Possible Solutions to Gender Disparity

There is still a long time before India achieves 100% gender parity in the workplace, but the trends look promising. At the foundation level, both men and women need to be sensitized about the need for gender equality in the workplace and the benefits that diversity offers. Reports by Harvard Business Review suggest that diversity in the workplace helps the organization increase its customer base and also multiply innovation revenues. Companies with high diversity have 19% higher innovation revenues. It also helps the team to collaborate more effectively.

As more and more organizations become cognizant of diversity and female leadership benefits, the time is just right for women executives to rise to leadership positions. For this, it is imperative that potential female corporate leaders work towards upskilling and addressing gender-specific challenges. They should prepare to attract growth opportunities and work on their skills, so that they are well-equipped to take up challenging tasks when the opportunity comes knocking on their doors.

Professional education and advanced training play an instrumental role in helping women develop the required skills to emerge as more confident and capable working professionals.

Executive Women Leadership Program

Various academic institutes and ed-techs have started offering professional educational programs specially designed for aspiring women corporate leaders. The best of the lot is IIM Calcutta’s ‘Transitioning into Leadership: A Programme for Women Executives’ (TLPWE). This 12-month program is designed by top-notch industrialists and scholars to help women transition to leadership positions smoothly.

It enables aspiring female corporate leaders to amplify their presence across the managerial, administrative, and political realms of the organization. The program covers trending topics such as confronting problems faced by women in organizations, global gender perspectives in business, legal perspectives for working women in India, work-life balance, and more. A thorough analysis of these studies can help you pick on the perspective necessary to move up the corporate leadership ladder.  The program is best suited for experienced women executives from corporations, family businesses and entrepreneurial ventures.

Final Words

In 2021, the number of women running businesses on the Fortune 500 list was 41, a record. This vouches for the fact that corporate leaders are taking note of the business case for women's leadership. Now, it is upon women to quickly whet their leadership skills and take on the senior leadership roles they rightfully deserve.

Programs like TLPWE can help them give the right guidance and equipment that they would need on this journey to success.

To know more: https://executive.timespro.com/course/leadership-and-strategy/iim-calcutta-transitioning-into-leadership-a-programme-for-women-executives/

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General Management Course - Importance and Benefits

What is General Management?

General management is a term used to describe the management of various operations of a business. General management often encompasses coordinating with various departments to ensure things are running smoothly and efficiently. The ultimate objective of general management is to make an enterprise profitable by catering to consumer needs. To do this, companies require individuals who possess general management skills. Some of these general management skills are mentioned below:

Resource planning

A large part of a general manager's role is to ensure adequate resource planning. This includes finances, staff, time, technology and physical space. A general manager has the responsibility to determine if certain departments are facing a resource shortage. They are also required to check whether resources are being wasted in other departments and accordingly make changes. Resource planning is an essential step on the way to achieving efficiency.

Shaping the work environment

General managers are often also in charge of cross-departmental communication. This means that they must be able to effectively communicate and coordinate across various teams. A general manager sets the tone for the team they are in charge of. This puts them at to forefront of determining the working environment as they serve as the point of contact for multiple people and departments. Clear communication and relevant information sharing, therefore, form a crucial aspect of any general manager position.

Innovation and its implementation

Apart from organizational skills, general managers are also expected to be able to handle new processes as and when they are introduced. They must be able to communicate the necessity and feasibility of the new process to their team and get them on board as well. Since they serve as a point of contact across teams, general managers are also looked at the devise new strategies to improve efficiency and determine their feasibility. This requires general managers to be adaptable, strategic and innovative.

Data analysis

The world has undergone a digital transformation. Naturally, businesses also want to leverage technology to achieve successful outcomes. One way of doing so is through data analysis. Data analysis refers to the use and interpretation of collected data to draw appropriate conclusions. A general manager is a key role in the organizational structure. They are responsible for the overall growth and success of a company to a great extent. Therefore, it is expected that a general manager can conduct data analysis, draw accurate conclusions and devise optimum strategies. In some cases, they are even required to present the data to the relevant stakeholders.

Technological adaptability

In a rapidly changing business climate, businesses are frequently making use of new technologies to conduct operations. For example, many companies use artificial intelligence, blockchain and machine learning to improve business operations, build a brand name and offer a better consumer experience. Therefore, someone with a pre-existing knowledge of some of these new technologies would have an added advantage.

Although the skills have been discussed from the point of view of a general manager, these general management skills are essential across a wide range of roles in any business organisation.

Scope of General Management

Advancements in technology have made it much easier to establish a business. With a rapid increase in domestic and international business, there is significant competition in nearly every industry. This has created a demand for business leaders that can take the company to the next level. And operational efficiency plays a key role in the success of any business. General management skills such as those mentioned above have become highly desirable.

A Career In General Management

The first step into a career in general management is acquiring relevant domain knowledge. General management often involves taking key business decisions that require an underlying understanding of economics, accounting, human resource management, financial management and many more subjects.

So how can one obtain such technical know-how?

Times offers many general management courses online that provide the required domain knowledge for a prosperous career in general management. These courses are not only designed to cater to new-age business needs but are also curated by the leading minds in the field. Using real-life case studies from the industry, these general management courses online ensure practical learning. The use of real-life case studies means that a student can hone their business management skills while acquiring relevant knowledge.

Upon completion of the course, the individual is awarded a general management certificate. Once a general management certificate has been obtained, individuals can confidently enter the job market and take on the relevant job role. A general management certificate will tell the potential employer that the individual has acquired the necessary domain knowledge and general management skills.

To know more about Timespro's general management courses online, head over to their website and choose the one most suited to your needs.

To know more: https://executive.timespro.com/course/general-management/

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The Top 6 Most Popular Types of MIS

Business management is a complex task, especially nowadays, when the pace of business is so rapid. There are many facets of a business that needs to be recorded, tracked, and monitored for optimum resource utilization. For example, every business must have a system in place for tracking employee attendance and timesheets, resource utilization, on-time deliveries, client feedback, the status of ongoing projects, and more. Keeping a tab of all these tasks manually is not only time-consuming but also the chances of errors are very high. This is where a management information system (MIS) comes into the picture.

MIS collects and processes data to generate valuable business insights. Business owners or managers can check these reports to identify opportunities, scope, and pitfalls. These reports can be a crucial tool in making important business decisions. This article will discuss management information systems in detail.

What is a management information system?

A management information system (MIS) is software used for collecting data and generating insightful information that can help in managing a business. Typically, MIS refers to a computerized database program used to develop well-structured reports. The management views these reports and based on these insights they make strategic decisions to improve business productivity and revenue. Thus, a management information system program can improve the accuracy of management's decision-making and help a business achieve its goals effortlessly.

Business managers need to assess the performance of various business departments. Identifying the low-performing groups and optimizing their production can improve business revenue to a large extent. On the other hand, managers also need to keep a tab on the status of all ongoing projects. Business owners and managers should know the impact of a decision to optimize business productivity and revenue. A management information system collects data from different business departments and compiles it to create structured and meaningful reports.

6 Best Management Information Systems

To understand MIS, you must know the types of management information systems. In the following section, the top six types of management information systems have been discussed.

1. Process Control MIS

A process control management information system can monitor the physical and industrial business processes. For example, process control MIS can optimize efficiency for businesses that deal with automobile assembly, metal fabrication, petroleum processing, etc. The system gathers data and develops reports on the production system.

The managers check the reports and make decisions to optimize the process for higher productivity. The reports also help managers identify the process's flaws and make changes to the process to overcome those flaws.

2. MIS for Inventory Control

Controlling and managing inventories are the biggest concerns for businesses worldwide. A management information system can help in streamlining the processes, organizing the data and aid the managers in adopting a data-driven approach to managing the inventory. Effortless inventory management has an impact on overall customer satisfaction. Firstly, it helps with faster order processing and delivery. Secondly, managers have up-to-the-date inventory data of products in stock or out-of-stock. Thirdly, it helps in identifying theft or misuse of inventory.

3. Sales and Marketing

The sales and marketing departments of a business should make data-driven decisions. Businesses that do not adapt to a data-driven approach often fail to make the right impression, engage customers and drive sales. It is the data that helps businesses identify their potential target customer. For a business, it is also crucial to analyze the sales and marketing department's performance, evaluate their strategies and weigh their success. Using an MIS can help business managers track employee performance.

4. Human Resource MIS

A human resource management information system collects employee data from various business departments and develops performance reports. A business should recognize the best-performing employees and reward them. On the other hand, it is equally crucial to identify low-performing individuals and motivate them to do better. The management information system simplifies the overall job for HR managers.

5. Business Finance Analysis

Financial analysis is crucial for measuring a business's performance, productivity, and success. An advanced business financial management information system can help business owners make the right financial decisions. It helps in keeping a clean track of inflow and outflow of funds and can easily spot a mismatch or discrepancy that could otherwise go unseen in manual operations

6. School Information Management Information System

A school needs a management information system to track various academic and non-academic activities. The system can measure the performance of teachers and students, keep a track of their attendance, and highlight the overall improvement of students throughout the years. A school MIS can also help in keeping important student information like existing medical conditions and blood groups that can at times help in getting quick intervention. Also, having an MIS makes it easier for the teachers to understand the needs of each student and provide a better academic experience for the students.

Get Professional Guidance and Support

Since management information systems have become integral to various non-profitable and profitable organizations, the demand for developing such systems is rising. In such a scenario, management aspirants can pursue a post-graduate certificate in general management. Studying the course will help you understand the uses and importance of MIS.

To know more: https://executive.timespro.com/course/general-management/iim-calcutta-post-graduate-certificate-in-family-business-management/

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The Value Of Studying Global Business

A Globalized World

Global business is a direct consequence of globalization. With this evolution comes the need to understand the aspects of global business management. But before we delve into the significance of these two terms, let's take a step back and explore the meaning of globalization.

Globalisation in essence is the coming together of the world. It is more formally defined by National Geographic as ''a term used to describe the increasing connectedness and interdependence of world cultures and economies''.

Due to the advancements in technology and trade, there is now more accessibility and connectivity than there has ever been before. And as a direct response to globalization, businesses have had to become global as well. And how has this impacted businesses? Let's take a look.

What Is Global Business?

Our world is no longer restricted by physical boundaries. This holds for businesses as well. Businesses no longer exist in isolation. Much like humans, they too have moved beyond the physical boundaries. Global business, therefore, encompasses an exchange (production and selling) of goods or services between countries. These transactions can take many forms. For example, goods can be produced and sold domestically and internationally. Or they may be produced domestically and sold internationally. Innumerable short-term and long-term transactions occur daily.

It is, for this reason, that studying global or international business is crucial. A global business means that it has a presence internationally. This also means that a business will be affected by the global state of affairs. This is also true for businesses that may not necessarily produce or sell goods internationally. We all exist in a global economy. Think of the impact the recent Russia-Ukraine war had on the global economy (e.g., fluctuations in fuel prices).

Why Study Global Business

As a business owner or a key employee or even a start-up in its initial stage, it is vital to be aware of the international business environment and strategic global business management. Let's go into a bit more detail about why.

Knowing the Global Economy

As a business, it is crucial to appreciate the complexities and challenges that arise as a result of changes in the global economy. Strategic global business management is essential to tackle issues such as inflation, geopolitical tensions or economic slowdown. Studying global business enables one to interpret how an economy functions globally.

Expand Your Horizon

Studying global business also gives one access to new cultures and economies. A business looking to expand internationally needs to be aware of the cultural differences and economic conditions in the target country. Culture significantly affects key business decisions. Imagine a situation where a chewing gum company wishes to expand into Singapore (where selling chewing gum has been banned since 1992)!

Businesses also need to adjust their approach and prices based on the economic conditions and demands of a country. These aspects also form part of studying global business.

Think For Yourself

Studying global business allows you to learn from others' successes and mistakes. One has the opportunity to evaluate decisions that have gone right and wrong with companies worldwide. This aids in strategic global business management and allows for critical thinking. Everyone knows that the Covid-19 pandemic affected the global economy in the worst ways. But to truly recognise why it affected the economy so severely and evaluate whether the effects could be eliminated or mitigated, one must have an understanding of global business.

It's Good For Your Career

Studying global business adds significant value to one's professional portfolio. It also allows one to evaluate career opportunities from a global perspective. With a working knowledge of international trade or international business law, for example, one has access to numerous job profiles that can serve as lucrative career opportunities. TimesPro offers the IIM Indore Executive Program In Global Business Management that equips the candidate with the knowledge of global business management, making them potential employees globally.

Conclusion

The world is changing rapidly. And so are businesses. A global economy comes with its own set of challenges and complexities. If these challenges are not dealt with strategically, they could be detrimental to a business of any size. This is where strategic global business management becomes relevant.

One must be aware of the continuously evolving know-how of the global economy. It is important, now more than ever, to be able to analyze global situations, evaluate their potential consequences on a global business, and strategize accordingly. And this is why one must study global business.

Know More: https://executive.timespro.com/course/general-management/iim-indore-executive-programme-in-global-business-management/

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5 key reasons why managers fail to delegate responsibilities effectively

Delegation happens when a person in a senior authority assigns specific tasks to their subordinates. By delegating tasks to team members, managers can use their time and energy to focus on higher-value activities, while also keeping employees engaged with greater independence. Delegation is an important management skill, and it is a difficult one to put into practice.

Managers fail to delegate tasks effectively, due to which there are negative consequences. It not only overloads the managers’ schedule but also leads to prioritising the wrong tasks. The inability of managers to delegate causes employees to look for better prospects as they miss out on honing their skills and growth opportunities.

Various senior management programs available educate managers on the importance of delegation in an organisation and how to implement the same. It does not matter how many team members a manager has, if one does not know how to delegate tasks to them, it will never be enough.

What is delegation in management?

Delegation in management is a way to distribute the authority to operate to all levels of the organisation from the top to the bottom. This dissemination of authority is known as the scalar principle. It states that there is a clear line of authority running from the top of an organisation down to the bottom. The line of authority is often called a scalar chain or chain of command, which comprises a series of relationships between a superior and subordinate, arranged vertically, that allows communications to flow up and down the chain.

Delegation in management can also be defined as when a manager or team leader gives another member of staff the responsibility and authority to complete an assigned task. It is an important core competency as well as a part of a larger strategic plan to develop team members who are ready for it. Effective delegation means grooming the team members to handle tasks independently and providing enrichment for employees in the department or team.

It is also beneficial for the manager to delegate, as learning how to delegate well can help one take on more senior leadership roles and advance in your career path. Delegation allows managers to focus on management responsibilities, like training and performance reviews. Delegation of work helps to motivate the team and boosts the team member’s professional development needs, confidence, and competence.

Effective delegation is good for team productivity while establishing a culture of trust among the manager and team members. Executive management courses can help managers understand how to effectively delegate authority and responsibility among the employees.

The necessity of delegation for effective leadership

Delegation is the assignment of authority to another person to carry out specific tasks or activities. It is entrusting work to team members by someone in a leadership position. Effective delegation is a clear indicator of efficient time management by the leader. Through delegation, leaders can empower the team to get the work done while creating an environment where team members are proud of their work and can call it their own. It is all about allocating the right work to the right people.

Effective leadership is not only based on sharing a task but inculcating decision-making responsibilities in team members to increase others’ commitment, accelerate results and build capability. Delegation helps team members to be more creative, more proactive, perform better, and achieve high-performance standards. Effective leadership can be achieved through delegation, as team members feel happy when their role has more authority and freedom to grow.

5 Reasons why managers cannot delegate effectively

Leaders by themselves cannot manage to do all the work, and that is why team members are allocated to work under them to complete the same. However, many leaders are reluctant to delegate, causing them to be overwhelmed and stressed. The reluctance to delegate carries a steep cost as this leads to team members feeling that they are not contributing enough, nor have the authority to do their work as they see fit.

The morale of the team will be down and most likely end up disengaged or start searching for better opportunities. An advanced management programme can help managers to understand that delegation is an important development area for any manager who wants to improve their organisational effectiveness.

5 main reasons why managers cannot delegate effectively are:

Self-Importance or Ego

The belief that they are the only ones who can do the job right and the need to be perfect in all things are major reasons for inefficient delegation.

Time 

It takes too long to explain the task. Utilising the time taken to explain the task can rather be used to complete it themselves.  Also, it shows a lack of confidence or trust in whom they want to do the task.

Fear of Failure

What if, after delegating the tasks to team members, they fail?  Leaders often feel that if anything goes wrong, they are accountable for the same.

Skill Gaps

Many managers feel that their team does not possess the right technical skill set to handle the assigned tasks.

Authority Threat

 Managers feel that delegation reduces their authority. If the delegated tasks are completed efficiently, the importance of the manager in the work setting would decrease.

To know more: https://executive.timespro.com/blog-detail/5-key-reasons-why-managers-fail-to-delegate-responsibilities-effectively/

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Difference Between Modeling and Simulation

The ultimate goal of any supply chain is to fulfill demand, drive customer value, improve responsiveness, enable financial success, and build a good network.  This goal will help organizations to develop brand loyalty and maintain recognition in the competitive market. Customer satisfaction encompasses various factors like a perfect product, on-time delivery, friendly service, and effective problem resolution. To achieve this, organizations need to implement the right supply chain model that is robust and fit for purpose. Modeling and simulation provide an important method of analysis that is easily verified, communicated, and understood. Supply chain modeling provides businesses with the tools they need to manage their supply lines to control inventory, reduce costs, and meet customer demand. Simulation allows one to model any existing supply chain or a proposed new supply chain and see how it works. It shows how different designs will operate, and what their costs and performance levels will be. Operations and supply chain management courses help to understand the different modeling and analytical tools to respond to the rising challenges faced in the supply chain.

Difference between Modeling and Simulation

A model is a representation of a physical object or process. The model may be physical or mathematical and closely replicates the object or process with its all or subset of properties. An optimization model (mathematical model) is something different from a physical or 3D model as a mathematical model describes a system with equations. It may be used to determine answers to questions such as which is the best business decision to make given a particular set of circumstances. Modeling can reduce the cost of a process and make the progress faster. For example, when building a car, one can create a few models of it and find the best solution in lieu of building the actual cars, thus saving time and money.

Supply chain managers may use optimization modeling for supply chain network design to determine the best mix of vendors, locations, logistics, and production for optimal supply. Such an approach replicates the supply chain, then populates the model with organisational and other data, using solver software to determine better-informed business decisions with great speed and deliver a competitive advantage for the business.

Simulation is a technique of studying and analyzing the behavior of a real-world or an imaginary system by mimicking it on a computer application. A simulation works on a mathematical model that describes the system. Through the application of different conditions, it is possible to discover and understand how a real-life system will reciprocate to the change in the set conditions. Simulation is used to gain insight into how the system performs under different scenarios.

A supply chain simulation has multiple elements, including analyzing the product mix, evaluating different scenarios, and answering what-if questions related to strategy.

For example, production is started when orders deplete inventory below a threshold.

A simulation is changing one or more variables of a model and observing the resulting changes.

Although a model always tries to represent the actual system, a simulation may try to observe the results by doing impossible (in the real world) changes. A model can be considered static and a simulation can be considered as dynamic as the variables of a simulation get always changed.

The key difference between modeling and simulation is that modeling provides a definite recommendation for action in a specific situation taking into account key variables, constraints, and trade-offs to determine an optimal solution that is feasible and achieves certain objectives. While simulation allows users to determine how a system responds to different inputs so as to better understand how a system would work. A diploma in logistics and supply chain management will help professionals to be aware of the emerging trends in the supply chain management domain.

How to use Modeling and Simulation together?

The application of modeling and simulation to supply chain management systems is growing rapidly. The differences between optimization modeling and simulation can come in handy at times. The success of an organization’s supply chain simulation depends on many factors the development of a realistic model, access to structured and unstructured data, advanced analytics, and software that can determine the outcome of different scenarios. While optimization modeling will recommend specific strategies, simulation can be used for optimizing scenario planning and help answer what-if questions.

One can use simulation to broadly understand how a system works before using optimization modeling to determine specific answers. For example, an organization may use simulation modeling to determine whether there is a need for an additional distribution center and optimization modeling to determine its optimal location and size. Supply chain management courses help professionals get acquainted with the theoretical models of SCM and their applications in real-life scenarios.

The benefits of creating a model and populating the same with the organization’s data are many. It helps to discover the interaction between different parts of the organization and how they can be utilized to improve overall profitability. With the ability to factor in constraints and to pose multiple what-if scenarios, it is possible to anticipate and mitigate the effects of uncontrollable events and to determine the most profitable operational strategies. For example, for sourcing products, one can perform scenario analysis. For supply chain planners when sourcing products there are many parameters to check upon like supplier location, price, delivery cost, shipping, tariffs, risk, continuity of supply, and quality.  Using a predictive analytics-based scenario analysis many alternatives that offer the lowest risk, maximum profit, and the best supplier to the organization can be decided upon.

Know More: https://executive.timespro.com/course/operations-and-supply-chain/iim-tiruchirappalli-post-graduate-certificate-programme-in-supply-chain-management/

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Global Business Management- 5 Reasons to Do it

As the world becomes increasingly globalised, businesses must become more agile and innovative to stay competitive. For this, they need skilled managers who can operate in a variety of cultural contexts. Global business management is an essential field for anyone interested in a career in international business. This field prepares students to manage businesses in a multicultural environment, understand the global economy and navigate the intricacies of doing business abroad.

A global business course can prepare students for a wide range of careers in the business world. IIM Indore offers an excellent executive programme in Global Business Management that will equip aspirants to work in a variety of industries, help them understand the complex dynamics involved in conducting international business and excel in their chosen careers.

Global Business Management - Skills and Responsibilities

When it comes to global business management, there are different aspects that students need to be aware of. To successfully conduct business in a global market, it is important to understand the cultural differences between countries and how they impact the way businesses operate. Additionally, students need to be knowledgeable about the various economic systems around the world, as well as the legal and political environments in which businesses operate.

A global business manager is responsible for many things. They must have a solid understanding of international business practices, be able to identify and assess opportunities and risks in foreign markets and be adept at developing and implementing growth strategies. Further, they must be able to build and maintain relationships with clients, partners and suppliers in other countries. In short, global business managers wear many hats. Take a closer look at some of the skills and responsibilities required for this important role.

Identifying new business opportunities in foreign markets

Assessing the financial viability of expanding into new markets

Developing and implementing KPIs and metrics

Developing growth strategies for expanding into new markets

Building and maintaining relationships with clients, partners and suppliers in other countries

Negotiating contracts with global clients, partners and suppliers

Managing cross-cultural teams

Navigating different legal systems

Resolving conflicts with clients, partners or suppliers in other countries

The duties of a global business manager can be quite demanding, but if one is up for the challenge, a career in this field can be very rewarding. Not only will the incumbent get to travel the world and experience different cultures, but they will have the opportunity to make a real impact on one company's growth. To be successful in this role, global business managers must possess a number of essential skills, some of which include:

Strong strategic planning skills

Excellent communication abilities

Outstanding negotiation skills

Ability to lead and motivate cross-cultural teams

Solid understanding of international business practices

If one has these skills and is interested in a career that offers both challenges and rewards, stepping into the shoes of a global business manager may just be the best decision to have ever made!

Scope of Global Business Management

A global management course opens doors to both the private and public sectors. It includes a wide range of activities, from setting up production facilities and managing human resources, to marketing products and services and ensuring stringent compliance with regulations. Students get the opportunity to work in a worldwide market, wherein the fields of choice can include finance and banking, marketing, law, research and analysis and much more. Some of the highest-paying jobs are those of financial analysts, data scientists, business managers and marketing managers. Here are a few job profiles:

Finance

In this increasingly globalised economy, the field of banking and finance has become vital with companies expanding their operations across the world. Banks are now looking for managers who understand the complexities of the global economy and can make sound decisions on where to invest money. Global financial managers must have a thorough understanding of the markets, currencies and economies in both their home country and in regions where their company operates. Additionally, they must work closely with teams across multiple countries to develop and implement strategies for maximising profitability while simultaneously managing risk. An education in global business management can prepare one to work as a bank manager, loan officer and investment banker.

Consulting

Consultants advise businesses on operational efficiency and ways to grow their trade. They assist foreign clients by guiding them on investing in the global market, establishing contacts abroad, focusing on emerging markets, trading in foreign currencies and understanding international legislation. This includes assisting with market research, helping them navigate cultural differences and developing strategies for international expansion. It is a challenging but exciting role as one can expand their knowledge of various industries and business cultures. As globalisation continues to accelerate, the demand for global consulting managers will only continue to grow. Aspirants will be expected to work as consultants in a variety of industries, including healthcare, manufacturing and logistics.

Marketing

Marketing managers develop and implement marketing campaigns that promote products and services to consumers the world over. This involves overseeing the promotion and advertising of a company's products and services in international markets. This involves conducting market research, analysing consumer behaviour and developing marketing campaigns that appeal to different cultural sensibilities. It also demands coordinating with teams in various countries and collaborating with international clients or partners. In today's increasingly interconnected world, having a strong global marketing strategy is crucial for success. Global business management graduates are prepared to work as marketing managers, brand managers and product managers.

Business Analyst

A global business analyst assesses the various economic and political factors that could impact a company's success in foreign markets. This involves conducting research on local industries, monitoring international news and working closely with executives to develop strategies for entering new markets. Working in this field requires not only an understanding of finance and business management, but also an interest in cultural diversity and global affairs. It can be a demanding but highly rewarding job as one has the opportunity to contribute to the expansion of successful international businesses. In the ever-changing world of global commerce, having a capable business analyst is a prized asset for any forward-thinking company.

Five reasons to pursue Global Business Management

Pursuing a degree in global business management is a great move to be at the forefront of international business and commerce and make a difference in the world. Here are five reasons why:

One will learn how to manage businesses on a global scale, dealing with different cultures and customs. A candidate will be equipped with the ability to successfully navigate a multicultural landscape and maximise success. Diversity in workplace environments can bring in a wealth of new perspectives and innovations, leading to further growth opportunities.

A student will gain skills that are in high demand across the world. They will be trained to think strategically, make informed decisions and effectively solve problems. In addition to these fundamental skills, one will also gain cultural competence by working with individuals from different countries and backgrounds.

One will develop leadership skills that will help them rise to the top of their chosen field. Delegation and leadership skills are essential for managing cross-cultural teams and accomplishing tasks in a timely manner.

A student will gain a competitive edge over others in the field. The programme is designed to provide students with the skills and knowledge necessary to succeed in today's ever-changing business world. The curriculum covers a wide range of topics, from marketing and finance to international business and leadership. In addition, the programme offers hands-on experience through research projects and expert faculty with real business experience.

The skills one will learn through this programme will provide the ability to manage businesses of all sizes in a variety of industries, thereby increasing employability. One will receive knowledge from experienced professionals with a wealth of knowledge in the field. In addition, a student will have the opportunity to network with other students and professionals. This degree will prepare aspirants for a successful career in business management. A skilled global manager can be a valuable asset to any organisation with an international presence.

IIM Indore’s executive programme in Global Business Management is a one-year course designed for those who wish to reorient themselves or pursue higher studies or research in management. It helps students build a global perspective and network with diverse groups of people through peer learning and networking opportunities. The curriculum of this global business course has been designed keeping in mind the ever-changing global business scenario, including fields such as international trade, international business law and supply chain management.

Know More: https://executive.timespro.com/course/general-management/iim-indore-executive-programme-in-global-business-management/

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The Evolution of General Management – History, Challenges and Future

General management is a highly responsible task, and individuals entrusted with such a position are key in determining the prospects of an organization. Aspiring general managers can enroll for general management courses to hone their skills and efficiently guide their organizations on the path toward success.

Introduction

General management is integral to every organization, be it a government body, a non-profit, or a multi-national company. The need for professional guidance to manage various tasks in an organization was felt centuries ago, and the concept has prevailed ever since. A general manager is a senior executive who oversees various departments within an organization, and may also be required to directly deal with clients to bring in business. If you aspire to become a general manager, undergoing a general management course can prove to be quite helpful. Let us take a closer look at the evolution of general management in terms of its history, challenges and future.

You will have a fair idea about the concept of management, its inception, challenges faced by managers in the modern era and what the future holds for this industry by the time you finish reading this article. We have also covered commonly asked questions pertaining to management. Do read on to find out.

The Concept of Management

The concept of management was introduced to manage manpower and the overall work in an organization in a systematic manner. It is the process of planning and organizing various activities within an organization. The management sets goals and creates plans of action to achieve them. Furthermore, it monitors the performance of employees, identifies scopes of improvement and provides feedback to keep employees on the right track. Ensuring optimal use of resources and keeping the company cost in check are also among the key job responsibilities of general management.

Organizations and institutions with strong management teams outperform competitors. They do not only boast of a long list of satisfied clients but also build a work environment that is favorable for their employees.

History of Management

The history of management dates back several thousand years. Studies suggest that the concept is as old as at least 3,000 years prior to the birth of Jesus Christ. That was the period when priests in the Middle East began maintaining records of their business dealings. Socrates, around 400 BC, recognized management as a distinct competency.  The hierarchy within management and the techniques of managing manpower have undergone changes over the centuries, with a significant change happening during the Industrial Revolution in the

18th Century, when the need to follow a systematic approach to manage workers was felt more than ever.

Challenges of Management in the Modern Era

Gone are the days when employees heeded to the commands of their managers without question. This was mainly because they feared losing their jobs. However, with the number of opportunities across industries growing, employees no longer hesitate to cross-question their managers whenever the situation arises. Thus, managing employees has become more challenging for managers in the present times. Tracking team productivity, recruiting the right employees, coordinating between departments, ensuring high staff turnover, shaping company culture, supporting diversity within the organisation, setting effective plans to achieve goals, keeping employees motivated and filling the skill gaps are among the other challenges faced by management in the modern era.

The Future of Management

The way management works has evolved over the years owing to changes in various industries and behavioral changes in employees. It is likely to evolve further in the future. It may become more challenging for managers to handle employees as well as other resources in the times to come. However, we are sure institutes will make necessary changes in their general management courses to help aspiring managers efficiently handle their responsibilities.

To know more: https://executive.timespro.com/course/general-management/iim-calcutta-post-graduate-certificate-in-family-business-management/

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7 Key Skills to Become a Successful Social Entrepreneur in 2023

The creative solutions that can arise from the mind of an effective and successful social entrepreneur can address some of society's most serious issues. But what exactly animates that thought process?

What characteristics do the successful social entrepreneur have?

Even though most people are aware of entrepreneurs, they need help comprehending the concept of social entrepreneurs. People who are social entrepreneurs have business ideas and creative solutions to the major issues that society faces daily.

Who is a Social Entrepreneur?

A social entrepreneur is someone who seeks out creative applications with the potential to address issues in their communities. These people are prepared to take risks and make the sacrifices necessary to use their initiatives to improve society. Some social entrepreneurs may think that their work can help you discover your life's purpose, assist others in doing the same, and positively impact the world (all while eking out a living).

Successful social entrepreneurs use their moral principles, such as impact investing, mindful consumption, and corporate social responsibility initiatives, to bring about change in the social scenario of the society.

What gave rise to Social Enterprise?

Due to the influential and profitable nature of social enterprises in the nation, India has been a hotbed of social entrepreneurship over the past few years. Many factors have contributed to the growth of the social enterprise sector.

India possesses the essential precondition of a restricted role for the state, which enables the growth of the private sector and the third sector in tackling numerous socioeconomic challenges.

The little regulation and oversight of the sector by the Indian government also had a role in the growth of social entrepreneurship. Even though India is far from the world's top business-friendly nation, the government provides straightforward NGO formation and operation procedures. There are also many different non-profit organizational forms to pick from. Due to this, social entrepreneurs can experiment in India to test prototype projects before making improvements. The development of the social entrepreneurship ecosystem depends on experimentation.

In today’s time, social entrepreneurs are out there solving some significant problems that linger in society.  Many of these successful social entrepreneurs take time to understand their society. They do this by taking Management Courses in Social Initiatives, working at the field level, or both.

7 Skills to Become a Successful Social Entrepreneur

The abilities of social entrepreneurs are evolving quickly. Soft and hard skills and how to apply them to real-world issues have significantly changed during the past ten, fifteen, or twenty years. To remain relevant, social entrepreneurs must strengthen interpersonal and business connections. They are obtaining more funds from various sources and making a social impact.

These are some of the competencies that social entrepreneurs will need to possess.

1.     Effective Leadership

Socioeconomic entrepreneurs see concerns and combat unfair social challenges. They focus on the social issues that exclude or marginalize a particular group of people. Instead of whining, they take the initiative and look for different alternatives.

2.     High Optimism

Even though many others have doubts about them, these people have a clear vision for change and are confident that they will succeed in their endeavors. They strongly believe in their ability to modify their surroundings and have positive self-efficacy.

3.     Creativity and Innovation

For social entrepreneurs, having the intuition to spot a commercial opportunity is insufficient; they also need to develop innovative ways to solve societal issues. Thinking creatively is frequently used to achieve this. Value is created for the organization and its constituents through developing new business concepts and restructuring procedures.

4.     Strong Grit

This is motivation to advance, learn something new every day, and move forward in your career. It is a combination of perseverance, passion, and hard work. Finding a solution that works is unlikely to satisfy social entrepreneurs. They seek constructive change that transcends the traditional corporate paradigm.

5.     Adaptability to adversity, obstacles, challenges, and Failures

When times are tough, they assume responsibilities and look for openings. Financial resources, budgeting, a lack of donations, and weak organizational structures are just a few of the challenges that social entrepreneurs may face. But each of these difficulties offers a chance to overcome adversity.

6.     Empathy

These people can inspire others by telling stories, expressing shared objectives, and involving others through involvement. Influential public speakers are essential for social entrepreneurs. They must be able to articulate their vision clearly for inspiration to germinate.

7.     Emotional and Social Intellect

Social entrepreneurs must have exceptional networking and relationship-building abilities. When they connect and network with the on-ground people, they understand the segments of the fundamental problems and hence will be able to come up with better solutions. They need strong connections to build leverage and scale for their business ideas.

Conclusion

The foundation of a successful social entrepreneurship career is built on these seven traits. Some skills can be learned with effort, while others come naturally. To develop these skills and get professional guidance, an aspiring social entrepreneur can take a certification course in the Management of Social Initiatives. Work on your vision without hesitation. A promising future for society is inevitable if you believe in it as a social entrepreneur.

Know More: https://executive.timespro.com/course/general-management/iim-kozhikode-certificate-programme-in-management-of-social-initiatives/

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Advantages of a Sustainable Supply Chain

Traditional supply chain centres around the need for speed, cost, and reliability of operations while sustainable supply chain focuses on supporting environmental and societal values. The environmental criteria include issues like environmental degradation, deforestation, greenhouse gas emissions, pollution, and water security. The social criteria include issues like working conditions, forced labour, fair labour practices, and health and safety.

Supply chain sustainability refers to a company’s effort to consider the environmental and human impact of its products' journey throughout the entire supply chain cycle. This cycle starts from raw materials sourcing to production, storage, delivery, every transportation link in between, reverse logistics, and recycling. Supply chain courses online would be beneficial for working professionals to boost their careers with the latest supply chain management methodologies, practices, and analytics.

Why is Sustainability Crucial for a Supply Chain?

Research shows that the supply chain accounts for more than 90% of most consumer goods companies’ environmental impact. Supply chains often involve energy-intensive production and transportation as products are made and moved around the globe. Increasing awareness of consumers of the unethical practices that exist in many supply chains like child labour forced labour, and gender discrimination has driven the need for the implementation of a sustainable supply chain.

Another reason for the need for a sustainable supply chain is the climate change and global disruption occurring due to traditional supply chain management. The impacts of bad environmental practices not only affect the planet in the long term, but they have immediate impacts on people too. Pollution and noise can harm the health of people while deforestation and environmental degradation can reduce the ability of people to live in their original locations, and therefore force migration.

Many countries have also introduced legislation for supply chain sustainability compliance, thus pushing companies to adopt green practices. The need to build a sustainable world is not only the onus of companies but consumers too as this affects the next generation.

6 Benefits of a Robust and Sustainable Supply Chain

The growing transparency and visibility provided by digital supply chain technologies have made it possible for companies to implement, promote, and practice green supply chains and sustainable logistics. A sustainable supply chain is not only good for the planet but also helps to build positive brand awareness, competitiveness, and long-term profitability.

The benefits of a sustainable supply chain are:

Cost control

There is a significant decrease in supply chain operations costs as a direct result of digital transformation and investment in supply chain sustainability. Sustainable supply chain management also helps companies save money by reducing production costs, which leads to lower prices for consumers. The reduced cost of products can then be passed on to the consumer as a way of giving back while at the same time generating more revenue and profits.

When transferring to a sustainable supply chain model, might be expensive at the start, but it has proven to bring greater efficiency in the long term.

Reduced environmental impact

There is a common belief that reducing the environmental impact of a company comes at a great cost. In reality, it can lead to big savings. By reducing waste and increasing the efficiency of operations, one can see a positive impact in the reduction of operational costs. A sustainable supply chain helps to in minimizing pollution and protecting the environment through minimal wastage, reduced usage of natural resources, and proper disposal of waste materials. These initiatives help improve air quality, reduce greenhouse gases, and minimize surface runoff.

Building brand loyalty and reputation

Statistics showed consumers to be up to 88% more likely to be loyal to companies that demonstrate strong social and environmental responsibility. Consumer awareness and preference for sustainable businesses had been steadily increasing. A properly managed and supervised sustainable supply chain can help to avoid reputational damage and build brand loyalty.

Minimizing risk and vulnerability

A sustainable supply chain enables enforcement of supply chain transparency through which unscrupulous suppliers and manufacturers can be avoided and potential damage to the company’s reputation can be mitigated to a large extent. It can protect the business from unethical and environmentally irresponsible partners track and document all the labour, handling, and materials components from source to destination to minimize the risk.

Compliance

Governments around the world are mandating greater supply chain sustainability and these regulations cover many areas, including the traceability of raw material, disposal of products, usage of banned materials and procedures, etc. A sustainable supply chain enables companies to maintain better compliance with government requirements and thus avoid penalties or fines.

Increases Profits

Sustainable supply chain management can also help to increase profits as it decreases production costs. Productivity improvement is achieved due to the usage of fewer resources and less energy consumption. Companies that run strong and efficient supply chains tend to generate more revenue and higher profits.

How to Implement a Sustainable Supply Chain

The Supply chain management online course would help employees gain knowledge of current trends and skills in the areas of operations and sustainable supply chain management.

To implement a sustainable supply chain few steps that can be taken are:

Conduct detailed supply chain mapping

Engage with suppliers

Set goals and define metrics

Leverage technology to identify problems

Invest in educating employees

Execute, review, and adjust

Become an Expert in Supply Chain Operations

To be an expert in supply chain operations, one needs to have a strong knowledge of technology to improve operational efficiency and decision-making across the supply chain. A diploma in supply chain management would enable professionals to make data-driven decisions at strategic, operational, and tactical levels. There is a shortage of professionals in this field and the right certification will make a big difference.

To know more: https://executive.timespro.com/course/operations-and-supply-chain/iim-tiruchirappalli-post-graduate-certificate-programme-in-supply-chain-management/

[sanakhan7]

Your Go-to Guide to Brand Management Using SMM

Companies have started to rely increasingly on social media for brand management. Social media plays a key role in helping brands connect with their target audience via online platforms. Thanks to social media channels, companies can communicate with customers and receive feedback and suggestions for their services. Also, companies have a host of social media channels to choose from. The popular social media sites are Facebook, LinkedIn, Twitter, Instagram, Pinterest, and YouTube. Companies can take their pick from the lot depending on their branding strategy.

By enrolling in the Executive Certificate Programme in Digital Marketing & Social Media Strategy that the S. P. Jain Institute of Management and Research (SPJIMR) offers, you can learn more about Digital Marketing and Social Media Strategy fundamentals.

Role of Social Media in Brand Management

Social media helps to develop brands in various ways. Even consumers can voice their opinions via its platforms. Also, multiple social media channels provide companies with many avenues to connect with their audience. With social media, companies can increase brand exposure and drive traffic to their respective websites.

Moreover, social media helps to generate leads and develop a pool of loyal customers. In addition, with a strong social media presence, you can build business partnerships, lower marketing costs, and increase sales. Social media also provides market insights, which helps companies to improve their service quality.

Besides, social media helps marketers connect with customers to convey the problems that a brand is experiencing. Social media also helps by humanizing brands by giving companies a platform to address client problems and respond to their comments. Social media allows companies to engage with their consumers, provide call to action, and strengthen consumer relations.

Benefits of Social Media Marketing

Social media marketing provides a range of benefits to both established brands and start-ups. The various benefits of social media channels for business marketing are discussed below:

Ø Increases Brand Recognition

Marketing companies strive to gain brand recognition. That’s because customers mostly purchase brand names that they are familiar with. And social media provides a platform for companies to build their brands. Additionally, social media scores over traditional media because it helps you reach your audience more quickly.

A 2021 study by Pew Research Center found that 70 percent of social media users sign into their accounts at least once a day. Furthermore, as per the study findings, 49% frequently check their social media accounts daily. Social media lets you connect with your followers every time they log in. You can keep your followers engaged by posting regularly. You must even keep your social media posts educational and interesting. They will then have you on top of their minds when wanting to make a purchase.

Ø Humanizes Brands

One of the key benefits of utilizing social media for business is its ability to develop human connections. You can use social media to introduce your followers to your company staff and display how existing clients benefit from your services. More so, it provides a platform to showcase how your product works, how you are working to address customer concerns, and how you are upholding brand values.

Ø Demonstrates your brand as a thought leader

Social media allows companies to share insights and information, which helps to build customer trust. Regardless of your company's sector, social media platforms may help you promote your brand as a thought leader. As a thought leader, you can be viewed as a credible authority for information on topics relating to your niche.

A social media branding course teaches you more about leveraging the potential of social media platforms for brand development.

The 3 Pillars of Brand Management on Social Media

Social business is based on 3 pillars: people, governance, and technology.

The first pillar is all about the most important assets of the company – its people. It addresses the need to drive organizational change to ensure greater collaboration among internal teams.

The second pillar has to do with governance. It deals with how organizations can streamline their processes for better management of resources. Companies can achieve these goals via training, policies, and social media rules. This helps to empower the company employees and promote consistency.

The third pillar deals with technology. It calls for organizations to invest in platforms for facilitating internal coordination and proper communication. Social CRM has a key role in this pillar. With CRM, the metamorphosis of businesses into social enterprises is complete. CRM can be described as a strategic initiative that involves processes, technology, and intelligence. It helps companies to communicate better with their audience.

A strategic brand management program, similar to the Executive Certificate Programme in Digital Marketing & Social Media Strategy of SPIJR, helps to acquire skills for devising digital marketing strategies.

Conclusion

SPJIMR’s Executive Certificate Programme in Digital Marketing & Social Media Strategy provides learning on the different components of digital marketing and its related metrics. If you are currently working in the marketing field or looking to make a career in the marketing domain, this course is for you.

Know More: https://executive.timespro.com/course/marketing-and-sales/spjimr-executive-certificate-programme-in-digital-marketing-social-media-strategy/

[sanakhan7]

8 Key Things to Remember Before You Commence Your SCM Career

Explored and surfed the internet several times to read about Supply Chain Management?

Well, you are not alone. The perks and privileges of having a career in supply chain management tempt a wide variety of people to join the club. Over the years, Supply Chain Management has become an integral part of business functions today. However, it is vital that before starting a career, you delve deeper into the details to feel more secure about your decision.

Are you still contemplating a job in supply chain management, or are you just about to begin your SCM career? If yes, then this article is essential for you. Read ahead to learn about the eight key things you must remember before launching your SCM career!

1. Exciting and Challenging Work Life

There are jobs where one feels like the day keeps going, and you can’t wait to finish the shift. On the other hand, there is SCM. With a job in supply chain management, you can be assured that there will not be a dull day. Every day is unpredictable and exciting, with its targets and challenges. Though sometimes the workload and deadline may not complement each other, that's the beauty of SCM. So, if you wish to avoid the regular mundane job life, joining the SCM wagon can be the right choice!

2. The Job Scope is More Than Just Moving and Storing Boxes

Many think a career in SCM is limited to overseeing information, materials, and finances. Agreed, SCM professionals track the products from the supplier to the manufacturer to the wholesaler and finally to the retailer. However, depending on the industry or organisation to which one belongs, the duties of a supply chain manager can vary significantly. Every company’s outlook on what a supply chain is different.

It changes based on the functions involved and how the management generally is included in the business. Hence, you need to know how diverse the supply chain is before starting your SCM career.

3. Vast Knowledge Horizons are Essential for an SCM Career

Supply chain management is a set of connecting dots involving various complicated variables. Hence, it is obvious how having extra knowledge can prove an asset. Therefore, as an aspirant, you must take job-related courses in various fields to increase your knowledge. Drawing insights from different courses should be your goal because having a well-blended mix of educational experiences will be a bonus when working in a complex industry like SCM. Grab new knowledge and the latest practical skills to ace an SCM career. Various courses in supply chain management online, might help you in enhancing knowledge and learning about new prospects.

4. Pressure Can Sometimes Get Pretty High in SCM

The world of SCM is very competitive. A single mistake or a missed deadline will result in the company losing a hundred thousand dollars. Still, it will also transfer the opportunity to the competitor. Hence, before launching an SCM career, you should know that the field of logistics is demanding and fast-paced. As an SCM professional, you will always be expected to do efficient work and give your all at the job. The bottom line is that being passionate is an essential condition for pursuing a career in SCM, as only then will you flourish, learn and succeed exponentially.

5. Networking is a Must for an SCM Professional

Are you a people person? If not, a career in SCM may not suit you. While most of the information about supply chain management emphasizes the process, practices and technology, the reality is that no supply chain can survive without basic networking. Experts advise aspirants to value and create relationships, so they have someone to rely on when they require guidance or a favour.

6. Polish Your People Skills to Succeed

In the world of SCM, ‘what you know is essential but ‘whom you know is the key to success. Apart from joining short-term courses for the job, finding a suitable mentor right at the beginning of your SCM career is crucial as they can prove invaluable knowledge. Always remember, “The key to success is to observe, listen and ask questions."

7. Multiple Career Opportunities are Available

Supply Chain Management is a broad term that covers various positions. A basic career trajectory in the field goes from being an expeditor as a beginner to a buyer upon advancing and moving further upwards. Some popular job choices include operations analyst, production manager, loading operator, logistician, and more. Take some job-related courses at Times Professional for added benefits.

8. SCM is Data-Oriented

As an SCM aspirant, you must know that supply chain management is intensely dependent on data. Most businesses have thousands of unique products, so the information load is tremendous. Hence, an SCM professional is expected to be able to conclude quickly from a sea of data. Using data to answer questions may look simple, but it can be daunting. Therefore, you should be agile and quickly extract and summarise relevant points from the data in a timely fashion.

To know more: https://executive.timespro.com/course/operations-and-supply-chain/iim-tiruchirappalli-post-graduate-certificate-programme-in-supply-chain-management/