Oct 11 2024
Navigating Environmental Responsibility In A Climate-Conscious World

In today’s climate-conscious world, businesses that take environmental responsibility seriously not only preserve natural resources while preventing any harm to them but also gain many benefits.

These businesses gain a positive reputation in the market which can build the trust and loyalty of their customers. Customers prefer such companies and flock towards them boosting their sales and profits. Executing environmental responsibility can substantially cut down the business expenses and as well as escalate the efficiency of its operations. By implementing environment-friendly practices, reducing the consumption of natural resources, being energy-efficient, and producing minimal waste, businesses can actually improve their financial performance.

By carrying out environmental responsibility businesses can ascertain environmental regulatory compliance which is mandatory in several countries. Being environmentally conscious also exhibits the corporate social responsibility of a business. Environmentally responsible behavior can serve as a competitive advantage for a business.

Moreover, implementation of environmental responsibility can drive a business to evolve and take up innovative technologies, and environmental transformations and also set new regulations. This proactively prepares and makes the company adaptable for future challenges to ascertain its long-term existence.

 

Apart from that by being responsible towards the environment, a business can avert exposing its workforce to toxic substances or pollutants. Thus, the company can take care of the health and well-being of its employees while enhancing their morale, engagement, and productivity.

So, how do businesses navigate through environmental responsibility to avail all the benefits it provides?

Let’s look at some strategies that can help businesses in navigating environmental responsibility in the climate-conscious world.

 

Implementing Effective Waste Management

Businesses must ensure proper management and monitoring of waste treatment and recycling. This can be done by comprehensive waste management approaches that include using improved methods to treat the hazardous wastes and effluent such as toxic chemicals, biocides, pesticides, etc generated during business operations such that they are safe to dispose of, decreasing waste production, cutting down industrial greenhouse gas emissions, putting recycling and upcycling or reusing and repurposing wastes into practice.

 

Investing In Renewable Energy Sources

Businesses can conserve energy by utilizing energy-efficient electric lights, equipment, and appliances. They can also invest in renewable energy sources as they offer a good return on investment by producing cheaper bills and cutting down the maintenance costs compared to non-renewable sources. Apart from helping the business keep up operations during the energy crisis, this clean, renewable energy can also lower the carbon footprint of the company.

 

Embracing Sustainable Business Practices

Businesses must take up sustainable practices all through their processes and operations. Making some changes like substituting plastics with eco-friendly, biodegradable packaging materials, implementing sustainable sourcing of raw materials, doing green marketing, engaging customers in the company’s sustainability strategy, sponsoring or being a part of environment awareness and sustainability events, encouraging the workforce to go in for eco-friendly habits like choosing sustainable commuting, using reusable utensils for having food rather than disposable ones, etc.

 

Taking A Digital Initiative

By going digital businesses can employ electronic documents, records, contracts, agreements, and digital receipts, store files and data either on computers or in the cloud, and put e-signatures into use. This can turn their workplace into paperless or at least cut down paper use to save trees and conserve nature to a great extent. Apart from being environmentally responsible such digital initiatives can boost the working speed, streamline and ease the business processes, reduce costs, and help to keep the important documents safe and secured.

 

Go For Green Cleaning

Green cleaning is the win-win practice of cleaning with only eco-friendly products and substances that are totally devoid of any harmful or toxic chemicals and made with all-natural ingredients so that it does not affect the environment and living beings in it as well as is safe for the person using it to clean. This process is not only cost-effective but also great for improving air quality in the workplace protecting the health of the employees.

 

Employing Water-Saving Strategies

Water is very crucial for life and also for running a business however its resources are very limited. So, businesses must build strategies to use water efficiently and save it better such as investing in water-saving technology, creating routines that ensure there is no water dripping or leakage, creating awareness in employees to lessen water wastage, finding better replacements if their business model is water intensive so that they reduce costs and keep going even during the crisis.

 

Apart from incorporating these strategies companies can also get regular environmental audits to gain a complete understanding of the existent impacts of their business on the environment so that they can create solutions to decrease it by building and implementing an environmental management system while monitoring the progress consistently.

 

Assessing and tracking the progress toward environmental goals can support a business in publicizing its achievements as an environmentally responsible company in the climate-conscious world.

Dhunicorn 0 Comments
Sep 9 2024
Exploring the Metaverse: Unleashing Business Potential

In the realm of technology and innovation, the concept of the metaverse has captured the imagination of both individuals and businesses alike. Often depicted in science fiction, the metaverse represents a collective virtual space where users can interact with a computer-generated environment and other users in real-time. While this concept may seem futuristic, its practical applications for businesses are beginning to emerge, promising transformative opportunities across various industries.

 

Understanding the Metaverse

The metaverse is not a single platform but rather a network of interconnected virtual environments, augmented reality (AR), and virtual reality (VR) spaces. Users can access the metaverse through digital avatars, navigate virtual landscapes, socialize with others, and engage in activities ranging from entertainment to education and commerce.

 

Business Applications of the Metaverse

Virtual Collaboration and Remote Work: The metaverse offers a new frontier for remote collaboration. Teams can meet in virtual boardrooms, attend conferences, and work together in immersive virtual environments regardless of geographical boundaries. This fosters productivity, creativity, and inclusivity in remote work settings.

Enhanced Customer Engagement: Retailers and brands can create immersive shopping experiences within the metaverse, allowing customers to virtually explore products, interact with digital storefronts, and make purchases using virtual currencies. This personalized approach enhances customer engagement and drives sales.

Training and Education: The metaverse presents innovative opportunities for training and education. From virtual classrooms to immersive simulations, organizations can deliver interactive learning experiences that enhance knowledge retention and skill development.

Entertainment and Events: The entertainment industry can leverage the metaverse to host virtual concerts, film screenings, and live events, reaching global audiences and offering unique interactive experiences.

Real Estate and Property Development: Virtual property tours and architectural visualizations in the metaverse enable real estate developers and agents to showcase properties and engage potential buyers in virtual environments.

Healthcare and Telemedicine: Virtual healthcare platforms in the metaverse can facilitate remote consultations, therapy sessions, and medical training, improving access to healthcare services and reducing barriers to care.

 

Advantages of the Metaverse for Businesses

Global Reach: The metaverse transcends physical boundaries, enabling businesses to reach a global audience and expand their market reach.

Cost Efficiency: Virtual operations in the metaverse can reduce overhead costs associated with physical infrastructure, travel, and logistics.

Innovative Marketing: Brands can deploy creative marketing campaigns within the metaverse, leveraging interactive experiences to build brand awareness and loyalty.

Data Analytics: Virtual interactions in the metaverse generate valuable data insights that can inform business strategies and customer preferences.

Challenges and Considerations

While the metaverse holds immense promise, businesses must navigate several challenges:

Technological Complexity: Developing and integrating metaverse applications requires expertise in AR/VR technologies and robust infrastructure.

Security and Privacy: Protecting user data and ensuring cybersecurity within virtual environments are critical considerations.

Regulatory Landscape: As the metaverse evolves, regulatory frameworks governing virtual spaces and transactions may need to be established.

 

Conclusion

The metaverse represents a paradigm shift in how businesses engage with customers, collaborate internally, and innovate. By embracing the metaverse and harnessing its capabilities, organizations can unlock new revenue streams, drive operational efficiencies, and stay ahead in an increasingly digital world. As technology continues to evolve, businesses that strategically integrate the metaverse into their operations will be poised to thrive and lead in the digital economy of tomorrow.

Dhunicorn 0 Comments
May 7 2024
Beyond Borders: Internationalization Strategies in E-commerce

The dynamic landscape of e-commerce has transformed the entire world as a one-stop marketplace. Because of interconnected digital life, businesses have the ability to explore beyond geographical boundaries to serve the consumers of the world. When businesses decide to internationalize their business, they are not undertaking an easy task. It requires planning, resources, and plenty of energy. Moreover, achieving success in international markets involves unique strategies and a deep understanding of diverse cultures, regulations, and consumer behaviours. Now, let’s study some effective internationalization strategies in e-commerce that will help businesses navigate the difficulties of global expansion.

 

Market Research and Analysis

Market research is a fundamental approach before venturing into international markets, as it will support you with detailed statistics. Businesses must evaluate the demand for their products or services in various regions, understand the preferences of local customers and cultural nuances, and recognize potential competitors. Companies can get valuable insights by analyzing market trends, consumer behavior, and economic conditions to develop specialized strategies to target the market.

Key benefits

  • Adapt strategies based on evolving market dynamics and consumer preferences.
  • Analyze consumer behavior, economic conditions, and market trends globally.
  • Assess infrastructure, technology adoption, and internet penetration in markets.
  • Benchmark against industry standards and best practices for competitive advantage.
  • Collaborate with local experts and industry professionals for insights.
  • Conduct surveys, focus groups, and market studies to gather insights.
  • Evaluate demand, competition, and cultural nuances in target markets.
  • Forecast market growth, demand fluctuations, and seasonal trends for planning.
  • Identify niche opportunities and untapped segments for market penetration.
  • Utilize data analytics and market intelligence for informed decision-making.


Compliance with Regulations and Legal Considerations

Navigating international regulations and legal requirements is a complex process. Businesses must ensure compliance with customs duties, protection regulations, trade regulations, taxation laws, data and consumer rights legislation in every target market. Partnering with legal experts and staying updated on regulatory changes can help mitigate risks and avoid potential legal issues that may arise during international expansion.

Key benefits

  • Conduct regular audits and assessments to ensure ongoing compliance.
  • Educate employees on legal requirements and ethical business practices.
  • Ensure compliance with trade regulations, taxation laws, and data protection.
  • Establish clear terms and conditions, privacy policies, and refund procedures.
  • Implement robust data security measures to protect customer information.
  • Maintain transparent communication with regulatory authorities and stakeholders.
  • Mitigate legal risks through proactive risk management and contingency planning.
  • Monitor regulatory developments and adapt policies and procedures accordingly.
  • Obtain necessary licenses, permits, and certifications for market entry.
  • Partner with legal experts and stay updated on regulatory changes.

 

Localization of Content and Services

Localization is one of the customized strategies when it comes to internationalization, as it involves adapting content, products, and services to resonate with local audiences. This includes translating website content, product descriptions, and marketing materials into the target language, as well as customizing images, colors, and layouts to align with cultural needs and interests. Moreover, offering local payment methods, currencies, and customer support in the target market can enhance the user experience and build trust among international customers.

Key benefits

  • Adapt language tone, and messaging to resonate with local cultural sensibilities.
  • Customize images, colors, and design elements to reflect regional preferences.
  • Ensure compliance with language laws and cultural sensitivities in content creation.
  • Incorporate local payment methods and currencies to facilitate transactions.
  • Localize product names, features, and specifications for relevance and clarity.
  • Offer multi-language customer support through chat, email, and phone channels.
  • Optimize website layout and navigation for user experience in target languages.
  • Provide localized pricing, promotions, and discounts based on regional trends.
  • Test and iterate localized content based on user feedback and performance metrics.
  • Translate website content, product descriptions, and marketing materials accurately.

 

Cross-Border Logistics and Supply Chain Management

Efficient logistics and supply chain management are essential for unified cross-border operations.

A company needs to optimize its supply chain processes to reduce shipping costs, decrease delivery times, and ensure reliable order fulfilment. Partnering with international carriers, establishing fulfilment centres in strategic locations, and leveraging technology for inventory management. Order tracking can streamline operations to enhance the overall customer experience.

Key benefits

  • Continuously evaluate and optimize supply chain processes for efficiency and scalability.
  • Ensure product packaging complies with international shipping regulations and standards.
  • Implement flexible shipping options and delivery timelines to meet customer needs.
  • Leverage data analytics to optimize inventory levels and demand forecasting.
  • Monitor and mitigate risks associated with logistics disruptions and delays.
  • Negotiate favorable contracts with logistics providers to reduce transportation costs.
  • Optimize the supply chain for cost-effective shipping and efficient delivery.
  • Partner with international carriers and establish strategic fulfillment centers.
  • Streamline customs clearance and documentation processes for faster shipments.
  • Utilize technology for inventory management, order tracking, and logistics optimization.

 

Cultivating Trust and Building Relationships

When you enter new markets, building trust is paramount in international e-commerce to advance your brand recognition. Hence, businesses should focus on cultivating strong relationships with customers through transparent and efficient communication, personalized interactions, and reliable customer support. Engaging with local communities, leveraging social media platforms, and collecting feedback to continuously improve products and services can foster loyalty and long-term success in international markets.

Key benefits

  • Build brand credibility through consistent messaging and quality products/services.
  • Collaborate with influencers and industry experts to expand brand reach.
  • Communicate transparently offer personalized interactions, and reliable support.
  • Demonstrate corporate social responsibility through philanthropic initiatives.
  • Engage with local communities, leverage social media, and collect feedback.
  • Establish loyalty programs and incentives to reward repeat customers.
  • Foster positive online reviews and testimonials to enhance brand reputation.
  • Provide informative content and resources to educate and empower customers.
  • Resolve customer issues and complaints promptly and effectively.
  • Solicit customer feedback and incorporate suggestions for continuous improvement.

 

Continuous Optimization and Adaptation

Internationalization, an ongoing process, requires constant optimization and adaptation to changing market needs. Businesses should regularly analyze performance metrics, monitor competitor strategies, and gather customer feedback to identify areas for improvement and innovation.

Flexibility and agility are key traits for success in global markets, as businesses need to adapt their strategies based on evolving consumer preferences, technological advancements, and market trends.

Key benefits

  • Adapt strategies based on evolving consumer preferences and market trends.
  • Analyze performance metrics, monitor competitors, and gather customer feedback.
  • Collaborate cross-functionally to identify and capitalize on emerging opportunities.
  • Conduct A/B testing and experimentation to optimize website conversion rates.
  • Continuously evaluate and refine processes to enhance scalability and sustainability.
  • Foster a culture of innovation and learning within the organization.
  • Invest in research and development to innovate and stay ahead of competitors.
  • Leverage technology and automation to streamline operations and improve efficiency.
  • Stay agile and responsive to changes in market dynamics and competitive landscape.
  • Test and iterate marketing campaigns, product offerings, and pricing strategies.

 

Conclusion

Internationalization, one of the lucrative opportunities for e-commerce businesses, helps companies to break boundaries to drive growth. By implementing various internationalization strategies, companies can perform addressing the unique challenges of global markets to establish a strong presence and build trust with international customers.

Embracing diversity, fostering innovation, and prioritizing customer satisfaction are essential pillars for sustainable success in the global e-commerce landscape.

Dhunicorn 0 Comments
Mar 11 2024
Navigating the Future: Top Business Trends Shaping the World in 2024

In the rapidly changing landscape of the global economy, businesses are navigating a terrain defined by unprecedented technological innovations and progressing consumer behaviors. There are new trends in assessing consumer behaviours and innovative solutions. To handle global challenges, it is vital to stay ahead of the competitive business world as it is essential for every business to survive and thrive in this dynamic environment. In 2024, it is expected that the global corporate landscape will evolve with the support of technological advancements to make our lifestyles sophisticated. As businesses face the complexities of an interconnected world, the ability to adapt to emerging trends will shape the succeeding years, exploring how technological advancements and innovative approaches are not just influencing but redefining the way we live and conduct businesses on a global scale.  Hence, in this article, let’s explore the top business trends shaping the world in 2024.

 

Sustainability

Sustainability is not just a buzzword, but it has become a core concept of the business world. In 2024, most consumers and investors in the world are likely to demand greater corporate responsibility. A profound shift is underway, with an increasing number of consumers and investors worldwide demanding an intensified corporate responsibility. Every business is integrating sustainability into its operations, from supply chain practices to product design. Adopting eco-friendly initiatives is not only ethical but also a strategic approach for long-term success in an environmentally friendly market. (or environmentally-conscious market).

 

Digital Transformation

As we step into the landscape of 2024, every company is going to accelerate their adoption of digital technologies to enhance efficiency, advance customer experiences, and be highly competitive. In this era of relentless innovation, businesses are accelerating their digital evolution to not only enhance operational efficiency but also to redefine the very essence of customer experiences, setting the stage for unparalleled competitiveness. The digital transformation approach, once a strategic choice, is now essential for a business imperative. Technologies such as AI technology, machine learning, and automation are at the forefront of revolutionizing industries and restructuring traditional business models.

 

E-commerce Evolution

With the dawn of various platforms, the e-commerce business is gradually stepping into the new sophisticated and personalized world of experience. In 2024, businesses are leveraging advanced data analytics, AI technology, and augmented reality to produce seamless online shopping experiences. The convergence of various platforms is reshaping the very essence of online shopping, propelling businesses into an era of unparalleled innovation. The integration of blockchain technology is improving transparency and security in online transactions by fostering greater trust among consumers.

 

Remote and Hybrid Work Models

After the COVID-19 pandemic, the remote work model has become a new working method. Or (In the wake of the transformative impact wrought by the COVID-19 pandemic, the remote work model has swiftly evolved from a contingency measure to a new paradigm in the world of work.) In 2024, remote and hybrid work models have become the new norm (or solidified their position as the new norm) by creating flexible workplaces to enable companies to tap into a global talent pool. Every business is investing in digital collaboration tools, employee well-being initiatives, and flexible policies to face this ever-evolving work landscape. This proactive approach not only addresses the immediate challenges posed by the pandemic but also positions businesses to thrive in a future where flexibility and adaptability are intrinsic to success.

 

Health Tech Revolution

The interconnection of technology and healthcare is making a health tech revolution. In 2024 businesses are going to create innovations such as telemedicine, wearable devices, and personalized health apps to enrich healthcare accessibility and outcomes. (Or As we chart the course of 2024, businesses are at the forefront of this transformative movement, driving innovations that transcend traditional healthcare boundaries) From the widespread adoption of telemedicine to the proliferation of cutting-edge wearable devices and the development of personalized health apps, a wave of technological advancements is unfolding to enrich the user-friendliness and results of healthcare globally.  This trend addresses current global health challenges to open new opportunities for businesses to contribute to societal well-being.

 

Data Privacy and Security Focus

With the support of increased reliance on digital technologies, the importance of data privacy and security has become higher. As we navigate the intricate terrain of the future in in 2024, businesses across the globe are highlighting robust cybersecurity measures by adopting a proactive approach to compliance with data protection regulations. By building and maintaining trust with consumers through transparent data practices, companies can stand in the long run for sustaining a positive brand image. The interplay between innovation and the safeguarding of sensitive information underscores the need for businesses to stay ahead in an environment where data breaches can have far-reaching consequences.

 

Inclusive and Ethical Business Practices

In an era of emphasized social awareness, businesses are gradually identifying the importance of inclusive and ethical practices. In 2024, businesses are prioritizing diversity, equity, and inclusion in their workplaces and supply chains. Ethical business practices are ethical imperatives and key drivers of brand loyalty and customer trust.

 

Resilient and Agile Supply Chains

From the pandemic to geopolitical tensions, global disruptions have underlined the need for strong and well-organized supply chains. In 2024, (or As we progress in ) companies are reimagining their supply chain strategies by incorporating technologies like blockchain for traceability and resilience planning to alleviate risks. Localization and diversification of supply sources are becoming key considerations for risk management. Ethical business practices, far from being optional, are now regarded as imperative commitments that serve as fundamental drivers of brand loyalty and customer trust.

 

Conclusion

With the complexities that will hit the business landscape in 2024, the above (or highlighted) trends emphasize the importance of business innovation, adaptability in management, and a commitment to values in business development. Companies based on digital transformation can prioritize sustainability, improve e-commerce experiences, navigate the evolving work landscape, contribute to health tech innovations, secure data, and fortify supply chains. Inclusive and ethical practices will position themselves for success in the years ahead. By following the above trends effectively, businesses will thrive in a world that continues to reshape itself at an unparalleled pace. Or (In essence, the proactive adoption of these trends becomes not just a strategy but a roadmap to navigate and excel in the intricate tapestry of the evolving business environment.)

Dhunicorn 0 Comments
Mar 11 2024
Building a Strong Foundation: Strategies for Creating a Successful Brand Identity

Developing a unique and outstanding brand identity is essential for every business success in an over-competitive marketplace. A well-designed and influential brand identity will set your business apart from competitors to foster customer loyalty and trust. It is a cornerstone of a long-term success. In this article, let’s (let us) find out (or explore) key strategies for establishing a successful brand identity that will support you in attracting your target audience so that you can contribute to the long-term success of your business.

Get to know the fundamental strategies that will empower your brand to not only attract but connect with your target audience, laying the groundwork for your business’ prosperous future.

 

Define Your Brand’s Core Values and Personality

The pivotal stage in constructing a robust brand identity involves articulating the core values and personality that characterize your business. If you start defining the core values that your business embodies in an effective way, it will be the first step of developing your brand identity in a positive way. Define what values guide your decision-making and what makes your business unique. Your brand’s personality should reflect these principles in a way that will attract your target audience. Whether your brand is innovative or traditional, a clear and consistent brand personality helps shape how customers perceive any business.

 

Understand Your Target Audience

When it comes to a successful brand identity, it is basically built with the target audience in mind. Your brand is not just an entity; it’s a curated experience designed with your audience in mind. If you clearly understand the (or By delving into) demographics, preferences, and behaviours of your ideal customers, you can create an effective brand identity.  Conduct market research to gain insights into what people think about your brand and based on the insights tailor your brand identity to meet their expectations. This customer-centric approach will strengthen your brand identity to establish a meaningful connection with your audience unlocking the potential to elevate your brand identity to new heights.

 

Create a Memorable Brand Name and Logo

In the realm of brand identity, the significance of a memorable brand name and logo cannot be overstated. Your brand name and logo (or They are) are the visual depictions of your business concept. Hence, you must choose a name that is easy to remember and explains your values deeply, and it should be unique in the market. Your visually appealing logo should be scalable and reflective of your brand’s personality. If you invest time and resources to create a lasting visual impression, it will be a better approach for creating a memorable brand identity.

 

Craft Consistent Brand Messaging

Consistency is essential to building a strong brand identity. If you want to say your brand identity consistently, develop a cohesive messaging strategy that should align with your brand’s values to your target audience. Ensure that your messaging is consistent across all communication channels, which include your website, social media, marketing materials, and customer interactions. Be consistent in messaging that will build brand recognition and trust over time.

 

Deliver Exceptional Customer Experiences

Your brand identity is not only about exceptional designs and messaging but also about the experiences you provide. The bedrock of a robust brand identity lies in the power of consistency. Consistently delivering exceptional customer experiences is the foundation of developing a great brand identity. It will reinforce your brand’s reputation and foster customer loyalty in the long run. From customer service to product quality, every interaction with your brand can contribute to the overall perception of your business. By maintaining steadfast consistency in messaging, you not only foster brand recognition but also cultivate trust over time.

 

Engage in Authentic Brand Storytelling

Suggested intro- The art of brand storytelling holds the transformative power to permeate your brand with a compelling narrative, allowing it to articulate its journey, values, and mission in a captivating manner. If you craft a compelling brand story, your brand will be empowered to communicate your journey, values, and mission in an interesting way. Reliable, well-crafted, and interesting storytelling humanizes your brand and helps customers connect with the people behind the business. In the tapestry of brand identity, authenticity is the golden thread, weaving tales that resonate with sincerity and build a foundation of trust. Share stories that highlight your commitment to customer satisfaction, innovation, or social responsibility. Genuineness builds trust and strengthens your brand identity.

 

Conclusion

Establishing a successful brand identity is really a dynamic process that needs a deep understanding of your customers, your business, and the competitiveness of the global business landscape. By creating powerful core values, understanding the audience deeper, developing memorable visuals and messaging, upholding consistency, delivering quality experiences, engaging in reliable storytelling, and adapting to the latest market trends, you can develop a brand identity that will stand the test of time. As you embark on this journey, making thoughtful choices and staying true to your authentic expression will set your brand apart and create a lasting impact in the competitive business

Dhunicorn 0 Comments
Nov 8 2023
Effective Business Alignment Techniques for Organizational Success

Nowadays, the global business landscape has become a fast-paced and result-oriented organizational structure.  Hence, the success of every organization is based on how it can align with various facets of the company to reach its common goals and objectives. This alignment fosters efficiency in every business function and ensures that every employee within the organization works collaboratively to implement development strategies to reach a common goal. In this article, let’s study effective business alignment techniques that can make an organization reach success based on its vision and mission.

 

Vision and Mission

The first and most important step in developing your business with the best alignment techniques is to develop a clear and compelling vision and mission. Your vision should focus on what you aspire to achieve in the long run and your various missions should express how you strategize to complete them, and it should also be realistic, remarkable, and aspirational. These strategies will guide your organizational success, making employees comprehend the big picture of their role in your organization. When everyone works on the same goals, alignment becomes more powerful.

 

Communication

Effective communication plays a key role in a business’s success. Hence, when it comes to alignment, productive communication techniques should be developed to use them at all levels of the organization. Leaders should be well-trained to express the company’s vision, goals, and strategies, and will be able to encourage questions and feedback. Observing regular meetings and connecting with the decision-makers and higher-ups can help everyone in the company access to relevant information. If employees are well-informed, they are aware of their efforts with the organization’s objectives.

 

Goals and Key Performance Indicators

Business alignment techniques require specific, measurable, achievable, relevant, and time-bound (SMART) goals. Hence, every department and individual should understand how important to set clear objectives that support the overall company growth.   Moreover, create Key Performance Indicators (KPIs) to track progress in every function. The power of having aligned KPIs is that it pulls everyone and every strategy together lessening the time and effort needed to achieve goals. Recurrently analysing and adjusting these metrics will help ensure that everyone in a company is working towards reaching the same targets.

 

Cross-Functional Collaboration

If there is a strong collaboration between different departments and teams, it will be a functional advancement. Individual or particular team efforts are not sufficient to achieve a big target because a task may include several sub-tasks. With alignment techniques, a company should encourage cross-functional collaboration by sharing information, promoting teamwork, and breaking down communication barriers in order to improve employee engagement, motivation, diversity, and business alignment.

 

Employee Development and Training

Investing in employee development and training empowers employees to hone their skills and align their growth with the company’s needs. When employees realize that their professional development is highly important to achieve a particular goal, they will become engaged and committed to performing something for the organization’s success. Every training program should depend on the best alignment techniques based on the skills and competencies required to achieve the company’s strategic objectives. If companies give employees their trust and support and make them feel valued, it will equip them to create a community with a clear and common purpose.

 

Embrace Technology and Data

In this digital age utilizing the power of technology and data science plays a pivotal role in the business alignment process. Technology and data offer meaningful insights into the effectiveness of the strategies and the feasibility of proposed solutions.  Implementing the suitable and the latest software or AI tools can streamline and improve communication and processes, and provide valuable insights through data analytics. By harnessing the power of technology and data, companies can make informed decisions and quickly adapt to transforming market conditions.

 

Continuous Improvement

Achieving alignment is an ever-evolving process. Oftentimes, one might think that leadership and employee dedication are enough to achieve success but it takes more than that. Continuous improvement plays a big role in the strategic process. To achieve success is not a small task, but a clear path to organizational alignment is what the world’s most successful companies have in common. If you are a company that needs assessments, you should regularly assess and reassess your strategies, processes, and goals. Also, you should encourage a culture of continuous improvement where employees are empowered to classify and address areas that need enhancement. This adaptability will make sure that your organization remains aligned even in the face of evolving challenges.

 

Recognition and Rewards

The companies that acknowledge and reward employees for their contributions towards alignment will lead to organizational success. Corporate culture always has a significant effect on any company’s ability to develop new strategies and improve processes. Recognizing exceptional efforts fosters a sense of ownership and motivates employees to continue aligning their work with the company’s goals.

 

Conclusion

If the success of a company is built with effective business alignment techniques, it can establish a clear vision, set goals, foster communication, encourage collaboration, invest in employee development, leverage technology, and maintain a culture of constant improvement. Alignment techniques are essential to thrive in today’s competitive corporate landscape. Having each area aligned toward common goals such as customer retention, improved productivity, and increased revenue, businesses can promote positive results and enjoy optimized functionality.  Adopt these techniques to make your organization flourish if you want to move it toward the right purpose and direction.

Dhunicorn 0 Comments
Oct 9 2023
10 Steps to Make Your Business Recession-Proof

When it comes to the global economy, the strategies of production and marketing keep changing. Also, there are several challenges that often hit the global market. A recession is one of the biggest challenges that global companies rarely face and yet, it is a normal phase of the business cycle so planning for it is important. Recession can lead to shrinking markets, decreased consumer spending, and increased competition. With planned measures and strategic techniques, companies can fortify themselves against economic declines and emerge more powerful than before. In this article, let’s study ten vital steps to make your business recession-proof.

 

  1. Single Product or Service

If companies heavily focus on marketing a single product or service, they may become vulnerable during a recession. To build a business with resilience, companies should diversify their revenue streams. It is better for companies to explore new markets, enhance product qualities, or offer complementary services. By doing so, companies can become less dependent on focusing on a single product or service.

Benefits of exploring new markets or introducing new products

    • Better adaptability to changing market conditions.
    • Diversified income sources for financial stability.
    • Enhanced competitiveness in the industry.
    • Expanding market reach and potential opportunities.
    • Increased resilience during economic downturns.
    • Reduced reliance on a single product or market.
    • Spreading risks across various business areas.
    • Increase in sales through broader distribution

 

  1. Customer Retention

When companies face challenges during economic declines, customer retention becomes even more critical. This is where sustainability and steady revenue come in handy. During an economic dip, consumers are cutting down their expenses and finding ways to sustain their cash inflow. Maintaining relationships with existing customers will give companies better options to get rid of financial burdens if they provide exceptional customer service, loyalty programs, and personalized experiences. Satisfied customers will become loyal to continue purchasing products or services from your brands.

Benefits of customer retention

    • Higher chances of surviving economic downturns.
    • Improved customer lifetime value and loyalty.
    • Increased chances of cross-selling and upselling.
    • Lower customer acquisition costs over time.
    • Personalized experiences leading to customer satisfaction.
    • Positive word-of-mouth and brand advocacy.
    • Sustained revenue from loyal, repeat customers.
    • Decreases customer churns
    • Builds referrals which goes hand in hand with engagement

 

  1. Technology and Innovation

Introducing the latest technologies and innovation into a business can play a key role. Artificial intelligence, blockchain technology, and data analytics can enhance process features, decrease costs, and improve productivity. By staying ahead of the competition, a company will be better prepared to adapt and become more innovative to face ever-changing market conditions. Although not all companies are willing to take risks in changing directions or shifting gears, technology and innovating are where you can outperform your competitors. It is a choice between becoming accustomed to these challenges or lagging behind the competition.

Benefits of adopting technology and innovation

    • Access to real-time data for more accurate decision-making.
    • Better adaptation to industry trends and customer needs.
    • Competitive advantage in the market.
    • Enhanced customer experience through innovative solutions.
    • Increased efficiency and productivity in operations.
    • Potential for new revenue streams from innovative products/services.
    • Streamlined processes and reduced manual errors.
    • Bigger sales volume through inventory management systems

 

  1. Lean Operation

If companies have a lean mindset, they can keep unnecessary expenses in check. Being ‘lean’ is a tactic in business management that delivers a high value to customers with the most effective use of resources. Lean Operation is often based on two main principles: classifying and bringing value for the customer and eradicating waste in processes. Companies, therefore should evaluate their expenditures regularly to detect areas in which they can cut costs without sacrificing the quality of products or services. If they are financially agile, it can allow them to navigate a recession with greater flexibility.

Benefits of lean operation

    • Ability to weather economic downturns with cost-effective operations.
    • Efficient resource allocation and waste reduction.
    • Faster response to market changes and customer demands.
    • Greater flexibility in adapting to economic fluctuations.
    • Improved employee morale and engagement in streamlined processes.
    • Increased focus on core competencies and value-added activities.
    • Reduced operational costs and improved profitability.
    • Guarantees long-term industry viability

 

  1. Cash Reserves

Cash is equal to liquidity. Having solid cash makes it convenient for businesses to navigate uncertainty. Establishing a cash reserve is one of the most important strategies to protect your business during economic recessions. If companies reserve a portion of profits when companies are performing well, it will become a financial asset. Companies may use this cash reserve to maintain payroll, cover operational costs, and seize opportunities during a recession.

Benefits of cash reserves

    • Ability to maintain operations during revenue fluctuations.
    • Buffer against credit crunch or reduced access to external funding.
    • Confidence in covering unexpected expenses and emergencies.
    • Financial safety net during economic uncertainties.
    • Increased negotiation power with suppliers and creditors.
    • Opportunity to invest in growth during economic upturns.
    • Potential for acquiring distressed assets or competitors.

 

  1. Supplier Relationships

Recent economic events have tested buyer-supplier relationships. From the level of cooperation to conflict and trust in consumer satisfaction, developing strong relationships with suppliers is an ever-needed business strategy. In a recession, if companies face challenges in product supply, it will impact their business’s supply chain. Building close ties with productive suppliers can lead to getting products on time during economic downturns.

Benefits of supplier relationships

    • Access to high-quality goods and services.
    • Collaborative problem-solving for mutual benefits.
    • Early access to industry insights and market trends.
    • Favourable payment terms and cost-saving opportunities.
    • Potential for co-development or exclusive partnerships.
    • Priority treatment during supply shortages or high demand.
    • Stable supply chain and reduced disruptions.

 

  1. Key Performance Indicators

Once you have started to feel slow growth, do not wait until things get worse. If companies track and analyse relevant KPIs to advance insights into their business’s performance, they can sustain during any economic recession. They should regularly monitor metrics like sales trends, operating expenses, sales vulnerability, operating income, debts, and working capital and cash flow. Customer satisfaction levels will help companies identify early warning signs of economic issues.

Benefits of performance indicators 

    • Ability to track progress and measure success objectively.
    • Alignment of business goals with performance metrics.
    • Early detection of performance issues and bottlenecks.
    • Enhanced understanding of business performance among stakeholders.
    • Identification of opportunities for process optimization and improvement.
    • Improved accountability and transparency within the organization.
    • Informed decision-making based on data-driven insights.

 

  1. Marketing Strategies

During a recession, consumers prefer different products and keep changing their behavior. But then marketing is most likely one of the last concerns on business people’s minds compared to paying wages, running operations, and preserving contracts. Hence, companies should redesign their marketing strategies to align with the current market trends. It is better for companies to introduce new marketing strategies based on new trends to emphasize the value and benefits of their products or services, offering promotions or discounts to attract various customers.

Benefits of marketing strategies 

    • Adaptation to changing consumer behaviour and market trends.
    • Better targeting of price-sensitive and high-value customers.
    • Effective communication of value proposition to target audience.
    • Enhanced customer engagement and brand loyalty.
    • Improved lead generation and customer acquisition.
    • Increased brand visibility and customer reach.
    • Potential for market expansion and competitive differentiation.

 

  1. Workforce

Focusing on the skill development of employees will become a long-term strategy. According to research, employees consistently seek learning and development opportunities.  A highly skilled and motivated employee can help companies respond to changes quickly and innovate whenever required. It saves companies to cost of hiring new ones while solidifying the workplace culture. Cultivating a culture of continuous learning will make employees more resilient during economic challenges.

Benefits of skilled workforce 

    • Ability to attract top talent and maintain a competitive workforce.
    • Agile response to changing job roles and responsibilities.
    • Better innovation and problem-solving capabilities.
    • Cultivation of a learning culture for continuous improvement.
    • Higher morale and commitment during challenging times.
    • Increased employee satisfaction and retention.
    • Skilled and adaptable employees for improved productivity.
    • Offers employees more chances to grow and establish the importance of leadership

 

  1. Agility and flexibility

Maintaining a stance of agility and adaptability will make companies work on advancing productivity positively. Companies should quickly adjust their strategies and operations based on recession-based market conditions to thrive during a recession such as having the flexibility to take risks and make bold decisions and able to pivot effectively in a fast changing market conditions. They should embrace change and be open to new opportunities if needed.

Benefits of agility and flexibility 

    • Ability to pivot business strategies and models.
    • Better customer service and responsiveness.
    • Faster response to new opportunities and challenges.
    • Improved crisis management and risk mitigation.
    • Increased resilience in the face of uncertainty.
    • Quick adaptation to changing market conditions.
    • Reduced resistance to change within the organization.

 

Conclusion

It may not be possible to completely transform a business from the impact of a recession. However, adopting some precautionary measures will significantly make your business recession-proof. By building new strategies for building customer relationships, diversifying revenue streams, leveraging the latest technologies, and maintaining financial stability, a company will be better equipped to face economic downturns. If companies follow the above 10 steps, they will get rid of the fear of economic downturns.

Syed Abdul Kader 0 Comments
Aug 8 2023
Top 10 Benefits of Chatbots in Business

Customer communication is the most important aspect whether for sales, marketing, or customer support. If your communication is not delivering smooth engagement, customers would not be attracted to your products or services.

AI-powered chatbots come here to make customers feel as if they communicate with a related team. In a nutshell, it is a section of the software, which helps in conversations in normal language via audio or text. Companies use chatbot technology to conserve three things: money, time and labor. According to studies, 35% of consumers want that companies should use chatbots to improve their communication technics and strategies and deliver a better customer experience. Chatbots are quite advanced forms of communication to ensure many advantages for customers.  Here are 10 different benefits of a chatbot that can positively impact customer communication and support increased sales and marketing.

 

  1. Customer Engagement

Chatbots help companies to implement the next level of customer engagement services. Given the fact that they are automated, they don’t have breaks like the conventional way humans perform. With conversational data, AI chatbots perform customer engagement based on the user data and make it more interactive. Chatbots are smart enough to understand customer responses based on their previous chat history. 

Key benefits

  • Availability 24/7 ensures immediate customer assistance.
  • Chatbots offer personalized recommendations based on user preferences.
  • Chatbots provide consistent and reliable support.
  • Continuous learning improves chatbot responses over time.
  • The conversational approach creates personalized experiences.
  • Instant responses enhance customer interaction.
  • Interactive chatbot experiences increase customer loyalty.
  • Natural language processing improves conversational flow.
  • Proactive engagement boosts customer satisfaction.
  • Convenient for approaching international markets as you need not to hire fluent-speaking customer service agents from abroad
  • Quick resolution of customer queries improves engagement.

 

  1. Lead Generation   

Bots are highly powerful at engaging customers with personalized messages throughout their chat journey. Every company can use chatbots for lead generation to guide and motivate customers in making quick decisions. Chatbots can use tailor-made questions to influence the visitors for increasing lead generation, making sure higher conversion rates.  It can help you to become available to website visitors 24/7 and 64% user respondents in a survey conducted  are claiming it is their best feature.  We can use chatbots for both better lead qualification and healthier lead nurturing.

Key benefits

  • Automated lead scoring identifies high-value prospects.
  • Capture lead information efficiently and effectively.
  • Capture valuable data for lead profiling and segmentation.
  • Chatbots assist with lead qualification questions and criteria.
  • Chatbots qualify leads through automated conversations.
  • Engage leads with personalized content and recommendations.
  • Offer interactive experiences to engage and convert leads.
  • Promptly follow up with leads to nurture the relationship.
  • Provide targeted offers and incentives to convert leads.
  • Seamlessly integrate with CRM systems for lead management.

 

  1. Consumer Data

Chatbot is one of the best tools for tracking the patterns of purchasing and analyzing consumer behaviors by observing user data. Consumer data can help businesses market their products or services effectively. Likewise, companies can use bots to collect feedback through simple questions and update products or advance the designs of websites. Chatbots can also be customized to give incentives in a form of discounts or special offers in exchange for participation in the surveys of customers and is surely an effective way to encourage  feedback.

Key benefits

  • Examine customer data to classify the latest trends and patterns.
  • Chatbots gather valuable customer insights and preferences.
  • Data collected improve personalization and targeting.
  • Enable a better understanding of customer behaviors and needs.
  • Find out areas of customer-related issues for further improvement.
  • Improve customer segmentation and create targeted campaigns.
  • Optimize marketing strategies with data-driven insights.
  • Personalized recommendations increase cross-selling opportunities.
  • Provide data-driven recommendations and product suggestions.
  • Segment customers based on preferences and demographics.

 

  1. Customer Expectations  

Chatbots fulfil the customer expectations of fast responses to make complaints or queries. Since chatbots are gradually getting updated with digital technologies and data science, companies can use them to automate some of the repetitive conversations and fulfil customer expectations. By nature, customers prefer quick replies from support teams when they approach them with basic questions. But since many support teams are handling a huge volume of queries, it’s not always possible to answer in an instant, regardless of how simple the inquiries are. Chatbot is the answer to this problem as it can handle a large number of queries at once with quicker response.  Some of the tips to use chatbots to meet customer expectations are proactive, personalized experience, and effective targeting.

Key benefits

  • Adapt to customer communication preferences and channels.
  • Expect customer wants and offer support.
  • Chatbots provide 24/7 instant support, meeting expectations.
  • Enhance customer trust and satisfaction through reliable support.
  • Improve response times and reduce customer wait periods.
  • Multichannel support ensures a seamless customer experience.
  • Personalize interactions to meet individual customer needs.
  • Provide accurate and consistent information across channels.
  • Real-time assistance ensures timely issue resolution.
  • Seamlessly transfer customers to human agents if needed.

 

  1. Increased Sales

With the support of chatbots, it is possible for every company to increase sales. Bots can turn every website visitor into a new customer by disclosing your new products and related discounts to attract potential clients. Moreover, bots also proactively send notifications to every website visitor to motivate them to purchase your products or services. Chatbots can also guide clients to find what they are in search for by the use of a ‘retail chatbot’ to highlight personalised product recommendations and assist in placing an order. In a prediction by ‘Juniper Research’, it was said that transactions made through chatbots would reach $112 billion by this year in ecommerce sales only.

Key benefits

  • Evaluate customer data to recognize cross-selling opportunities.
  • Chatbots drive conversions by guiding customers through purchases.
  • Collect feedback to improve products and sales processes.
  • Offer discounts and promotions to encourage immediate sales.
  • Offer personalized incentives based on customer preferences.
  • Personalized product recommendations increase upselling opportunities.
  • Provide detailed product information and answer customer queries.
  • Provide seamless integration with e-commerce platforms.
  • Remind customers of abandoned carts and encourage completion.
  • Simplify the checkout process for a frictionless experience.

 

  1. Cost-effective Approach

A cost-effective approach is another essential benefit of using chatbots. It can automate everyday tasks that can include everything from answering questions to making suggestions, scheduling appointments and answering FAQs. With this capability, your customer support team can focus on more complex queries. And also, implementing a chatbot is much cheaper than recruiting customer service employees to deal with repetitive tasks.

Key benefits

  • Automate repeated tasks, letting agents concentrate on complex issues.
  • Chatbots reduce customer service costs by automating tasks.
  • Cut down on training costs by automating onboarding processes.
  • Eliminate the need for physical call centers or large support teams.
  • Handle multiple inquiries simultaneously, saving resources.
  • Minimize the need for extensive human customer support.
  • Provide cost savings compared to traditional customer service methods.
  • Reduce average handling time and improve operational efficiency.
  • Reduce staffing requirements for basic support queries.
  • Scalable solutions that handle increasing customer volumes without significant cost increases.

 

  1. Scalability

If companies have the scalability of support, they can handle any traffic surge successfully. Scalability is an important factor in the success of any business and with Chatbot, business can conveniently scale up or down by allowing businesses to adapt to changes in customers’ demands and add other features as required.

Chatbots can help companies manage conversations during peak hours without adding more data analysts since AI-powered bots can handle thousands of conversations and answer each question immediately.

Key benefits

  • Adapt to fluctuating customer demand and traffic patterns.
  • Add new functionalities and expand capabilities as needed.
  • Chatbots handle high volumes of inquiries effortlessly.
  • Easily accommodate growing customer demands without delays.
  • Effortlessly serve customers across various channels and platforms.
  • Ensure consistent service quality regardless of customer volume.
  • Manage multiple conversations concurrently without losing productivity.
  • Provide instant responses even during peak hours.
  • Scale support operations without significant resource investment.
  • Seamlessly integrate with existing systems to handle increased demand.

 

  1. Fewer Bounce Rates

Any website’s bounce rate depends on how captivated the users are in browsing the content of your website. It is the percentage of visitors that stop browsing your website after opening the first page. If you have a website with high bounce rates, it will show that potential customers cannot find out what they were looking for and leave it to your competitors. Here, a chatbot can help you by popping up when a visitor is about to leave. Bots can help lessen the bounce rates by engaging to your audiences and at the same time, helping them navigate. This engagement keeps people on your website in a longer time which can also help in the SEO improvement and customer care.

Key benefits

  • Capture visitor attention and encourage longer sessions.
  • Engaging in chatbot interactions reduce website bounce rates.
  • Guide visitors through the website and highlight key offerings.
  • Identify and address common reasons for bounce rates through chatbot interactions.
  • Offer interactive experiences to captivate and retain users.
  • Offer personalized recommendations to keep visitors engaged.
  • Optimize user experience based on chatbot analytics and feedback.
  • Proactively assist visitors in finding what they are looking for.
  • Provide relevant information to reduce user frustration and bounce rates.
  • Utilize persuasive techniques to encourage exploration and engagement.

 

  1. Customer On-boarding Process  

Every customer likes to be guided and pampered. It doesn’t matter how powerful and informative your guidance is. They will still feel reluctant to find the information on their own. So chatbot can help customers understand what a customer has or hasn’t found in order and we can use this information to smartly push customers along with the conversions.  Chatbots are multifunctional for a variety of sales and marketing tasks, generating leads, answering queries in a personalized manner, brand customization and these traits make chatbots useful in the customer onboarding process.

Key benefits

  • Address user concerns and alleviate anxieties during onboarding.
  • Chatbots streamline onboarding with automated guidance.
  • Collect necessary information and preferences efficiently.
  • Educate users on product features and functionalities.
  • Offer interactive tutorials and guided tours for a smooth onboarding process.
  • Offer self-service onboarding options for user convenience.
  • Personalize onboarding experiences based on user profiles.
  • Provide step-by-step instructions and answer common queries.
  • Reduce onboarding time and ensure quicker product adoption.
  • Seamlessly transition users from onboarding to regular usage.

 

  1. Multilingual support

The most important aspect of implementing bots is that bots are available in many languages and there a number of reasons on why businesses should consider using a multilingual AI chatbot, most importantly if you have an international footprint.  So, no matter what kind of language your customer is most comfortable with, they can get proper support. You can program the bots into many languages according to your needs. This supports clients to describe their issues accurately and get useful support. By accommodating customers’ needs in their preferred languages, it will surely make their transaction experience better.

Key benefits

  • Chatbots offer language versatility for global customer reach.
  • Connect with customers in their mother tongues and favoured languages.
  • Enhance brand reputation as a customer-centric and inclusive organization.
  • Expand market reach by catering to different language-speaking demographics.
  • Improve customer satisfaction by offering support in native languages.
  • Overcome language barriers and improve accessibility.
  • Provide localized content and recommendations to diverse audiences.
  • Seamlessly switch between languages during conversations.
  • Serve customers in multiple languages effortlessly.
  • Support multilingual customer communities and forums.

 

Conclusion

Chatbots are gradually transforming customer communication in the corporate world. They are presenting new benefits to different aspects of companies be it sales, marketing, customer service, and customer engagement. Consequently, every company should have a plan to get the most out of bots to advance customer insights, lead generation, onboarding, and customer support scalability.  Prepare your company for the future with the support of Chatbots to start adding value to customer experiences. 

Dhunicorn 0 Comments
Aug 2 2023
The Benefits Of Business Consulting Services

“We can’t solve problems by using the same kind of thinking we used when we created them.” – Albert Einstein

Running a business is tough and taxing. It throws a lot of challenges; more than one can tackle. Startup owners have a hard time getting their businesses off the ground, whereas small business owners and entrepreneurs who play multiple roles in their business often feel burdened, lonely, anxious, and exhausted struggling to solve their business problems on their own. The fear of making a wrong move and losses can be very petrifying and cause sleepless nights. Even well-established corporate companies need professional assistance because no one can be an expert at everything.

Nothing Helps A Business Like A Business Consulting Service!

What Is A Business Consulting Service And Why Does Your Business Need It?

Business consulting service involves offering professional advice, support, information, ideas, insights, solutions, and recommendations to business people to help them solve their business problems while running the business optimally.

The people who provide such services are called business consultants and they are experienced, and expert professionals in a specific area such as sales and marketing, finances, IT, human resources, etc.

Business consultants have the education, expertise, and skills to provide massive value to your business. Because they have worked with numerous businesses solving myriad challenges and problems, they have robust experience as well as thorough and profound knowledge of the industry, the latest business practices, trends, and advanced technology.

Time and again, business owners can feel emotionally overwhelmed and lost. But professional consultants are not emotionally invested like them. Due to their objectivity or detachment, they can bring clarity, help in developing an optimistic mindset to overcome struggles as well as give confidence for making the best decision possible for the circumstance.

They not only help in identifying the business hurdles and the root cause but also provide the business owners right advice, suggestions, recommendations, and guidance to solve them. They strategically develop plans for business transformation and assist with implementing them.

They enhance businesses by coaching business leaders as well as training the staff. They join hands in executing business and market research. They scrutinize and identify areas for business improvement, find ways to make the most of the available resources, and also offer strategies, tactics, tools, methods, and systems to optimize business processes and financial management efficiently while staying competitive. They present profitable business opportunities and ideas. Also, they guide in building business resilience so that it is well-prepared to face future challenges and uncertainties competently.

Thus, they help the business boost its performance, revenue, and profits as well as customer satisfaction while cutting down the costs and saving time. They, overall endeavor to make the client company reach its goals and achieve growth and success.

 

The Key Benefits Of Using Business Consulting Services

Effective Business Problem Solving And Crisis Management

Business consultants have refined problem-solving skills because of their experience. Business leaders have the tendency to solve a problem right away as soon as it comes up. On the other hand, expert professionals meticulously analyze and get to the bottom of the problem, figuring out what triggered the problem, to begin with.

They define the problem and ensure that they are tackling the right problems, critical to their strategies. Then they offer insights and multiple solutions and often devise plans to turn the adversity into opportunity.

Moreover, they help the business in getting prepared for the possible crisis by a thorough evaluation of the shortcomings and vulnerabilities along with creating a suitable contingency plan.

 

Cost-efficiency Improvement

Professional business consultants can detect where a business is spending more than necessary. They can come up with approaches for cutting costs while boosting the pace, efficiency, and output of business processes, leveraging fewer resources. They help in averting costly mistakes. Thus, on the whole, they improve the profitability and cost-efficiency of the business.

 

Concrete Goal Setting

Sometimes, business people set their goals unrealistically when they do it on their own and fail due to their impracticability.

Business consultants assist business people in having a clear view and assurance that business is headed in the right direction towards growth and success. They do it by establishing SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) goals together with the business owners based on their vision.

They also ensure that the business achieves its goals without failing by creating business plans, strategically.

 

Successful Business Networking

Many business people do not have the right skills to establish an effective business network. Then again, business networking is undeniably crucial for running a successful business. Business consultants mostly have greater exposure and a strong professional network. They can acquaint their clients with the right contacts that can be immensely valuable for their business.

 

Business Growth And Expansion

Business consultants comprehend the roadblocks to business growth much better than the business people themselves. So, they can point out the obstacles clearly and also devise a practical plan to grow the business exponentially.

Business expansion can be intimidating without proper channels. Professional consultants have better knowledge of the markets that may be new to the business. So, they can provide assistance in making informed decisions regarding business expansion.

However, choosing the right consulting service provider is imperative, only then a business can get all these aforementioned benefits.

Arti Mudaliar 0 Comments
Jul 17 2023
Solid Strategies for Intensifying Your Professional Network

If you ask a professional how they have become highly skilled and financially strong, they would quickly say ‘My development is based on my contacts. Did you know? Building a diverse network can lead to gaining more innovative ideas and perspectives, according to a study conducted by Harvard Business Review. It is not about who you know, but how to appear interesting in the types of networks that can contribute to your personal and professional growth. 

Hence, every successful professional should have different types of connections that can guide and lead them to deliver potential results, according to their needs and wants. Whether you love connecting with new people or maintaining relationships with existing friends, networking is an essential part of your success. If you know the magic of intensifying your professional network, your career journey will bring a lot of proficient wonders.

Why Networking?

For a few, the word ‘networking’ can create uncomfortable and intimidating scenarios, not to mention the intimidation of small talk. But for others, it is a chance to release your social skills and engage with new people.  

According to a study conducted:

  • By LinkedIn, around 85% of all jobs are filled through the approach of networking.
  • By PayScale, people with strong professional networks are more likely to earn higher salaries.
  • By Virgin, networking can lead to new business opportunities, with 80% of professionals saying that networking has helped them grow their businesses
  • By the Academy of Management, networking can also improve job satisfaction and overall well-being
  • By Jobvite, networking through social media can be particularly effective, with 78% of recruiters finding their best candidates through social media.

Finally, networking is the most important approach that can deliver a series of career successes over time. Professionals should build and maintain strong professional relationships if they want to successfully reach their target. In this article, let’s meticulously focus on the top ten solid strategies for growing your professional network.

 

  1. Attending Networking Events

Networking is more than showing up, free drinks and snacks and exchanging business cards. Online or in-person networking conferences, webinars, and events will help get you to have connections with industry leaders. Every event can become an opportunity to build your professional relationship stronger because the key concept of any webinar is based on business development or management. Generally, business experts from different sectors participate in international business conferences. When you attend international networking events, you will have an opportunity to:  

  • Build long-term business relationships with industry leaders.
  • Connect with potential clients or partners.
  • Develop confidence in sharing your thoughts.
  • Discover new career opportunities.
  • Advance business communication skills.
  • Exchange business knowledge and new business ideas.
  • Meet experts for improving your branding.
  • Increase the visibility and credibility of your brands.
  • Learn about the latest industry trends.
  • Meet various professionals from around the world to expand your network.

 

  1. Personal Branding

Having a successful career is not only about performing well in your key domain but also advancing personal branding. In this case, you are marketing yourself to the world of professionals and you should highly consider the image you want to portray to the professional world, the messages you want to deliver, and what makes you standout from the rest.  If you want to set goals to reach the next level, you should have some strategies to promote personal branding, making yourself accessible to a wide range of professionals. The best way to build personal brands is to join networking because networking will provide you with confidential interpersonal connections that will help you gain traction. If you apply personal branding strategies to generate new contacts, you will also strengthen current contacts. What does personal branding do for you? It will:

  • Build trust and credibility with others.
  • Create a sense of personal fulfilment.
  • Establish a unique and memorable identity.
  • Expand networking opportunities and connections.
  • Foster business growth and opportunities.
  • Generate more leads and referrals.
  • Help to differentiate from competitors.
  • Increase visibility and industry recognition.
  • Open doors to new career prospects.
  • Strengthen professional reputation and authority.

 

  1. Contacting Former Workmates

As networking is a valuable tool for professional growth, one of the best places to start is with contacts you already know. If you have strong contacts in your previous position on good terms, you may also consider connecting with your former colleagues or even with your ex-boss. As you were co-working with them for years, your connections will become valuable when you share your present issues with them. When you have connections with them, you can:

  • Build and expand professional network.
  • They can represent you precisely as a reference
  • Enable knowledge sharing and career advice.
  • Enhance teamwork and problem-solving abilities.
  • Establish trust and strengthens relationships.
  • Facilitate personal and professional growth opportunities.
  • Generates leads and referrals for future work.
  • Increase job satisfaction and workplace engagement.
  • Learn about industry trends from a different perspective.
  • Provide industry and company updates and news.
  • Rekindle old connections and friendships.

 

  1. Joining Professional Organizations

Along with joining groups on any social media platform, you may also join professional organizations or associations in your field. In order to be an effective networker you need to hype up your interaction and social skills.  Meeting people within your profession will go much farther to achieving your networking goals than connecting online. Your connection can make it easier for you to contact people who know the ins and outs of your profession and have clear perceptions of what you can do. Joining professional organizations may land you to:

  • Have access to training and professional development.
  • Build long-term relationships with various experts.
  • Connect with potential clients or partners.
  • Learn leadership skills as you can gain insights from various industry leaders.
  • Discover new career opportunities in different industries.
  • Enhance your credibility and trust among executives, entrepreneurs, and innovators.
  • Expand your network with like-minded professionals.
  • Gain exposure and visibility of the latest industry minds.
  • Share knowledge and expertise in your area.
  • Have updated industry news and trends.
  • Enhances your resume by adding your participation in a professional association

 

  1. Partnerships

Partnership is the most important factor when it comes to developing professional networking. This includes connections with professionals from another field with the mission of expanding knowledge, nurturing partnerships, and improving your industry standing. To make this effective, you need to consider what you want, whom you want, and your preferred way of communication. Partnering with companies that align with your business needs will help you expand your business network. Every partner will guide you to move to different business functions, new technologies, and strategies. Partnerships will empower you to increase your reservoir of knowledge, expertise, and resources available to provide better products and reach the right audience. You may reap the following benefits if your partnerships work well. With the right partners, you will have the opportunity to:

  • Build long-term relationships.
  • Discover new resources and tools.
  • Enhance product or service offerings.
  • Expand your network and industry reach.
  • Expand your reach and visibility.
  • Find new growth opportunities.
  • Have access to new markets and clients.
  • Improve business processes and efficiencies.
  • Increase credibility and trust.
  • Share knowledge and expertise.-Ok for me

 

  1. Connection with the Alumni Association

As you surpass your University years of discovery, there will be a time when you will think about how you can contribute to society and to your industry.  Having a connection with your alumni association is one of the fantastic approaches to strengthening your professional network. Alumni networking is as simple as research, reaching out, and follow-ups whether in person or online. If you are the ones that need long-time relationships with professionals, alumni associations will play a key role in connecting them by networking events for members. Connecting with professionals who graduated from the same institution will support you to:

  • Build a sense of community and camaraderie.
  • Enable industry and company updates and news.
  • Enable lifelong learning and education opportunities.
  • Enhance communication and leadership skills.
  • Expand professional network and opportunities.
  • Foster mentoring and knowledge sharing.
  • Offer career development resources and advice.
  • Offer opportunities for personal and professional growth.
  • Provide access to job postings and leads.
  • Provide exposure to diverse industries and professions.

 

  1. Database

With a database of professional contacts that have names, emails, phone numbers, and other information, create a professional setting of your interests. These contacts may be your organization, members of other organizations, employees, executives, or any stakeholders. Creating these databases may help you get contact details for specific professionals when you need suggestions and mentoring. An enriched database with various contacts may:

  • Enable personalized and relevant outreach and follow-up.
  • Enable targeted outreach for networking and collaboration.
  • Enhance access to industry and company updates.
  • Facilitate sharing of resources and knowledge.
  • Generate leads and referrals for job opportunities.
  • Improve communication and relationship-building skills.
  • Increase productivity and time management skills.
  • Organize professional contacts and information efficiently.
  • Provide a centralized platform for tracking progress.
  • Offer a competitive advantage in the global job market.

 

  1. Joining Industry Groups

Every industry has groups that are highly useful in developing knowledge in a particular area. The right networking group can never go wrong in helping you establish connections and continuously learn from like-minded individuals. If you join these industry groups, you may find partnerships and professional contacts within the field. And also it will allow you to share your business strategies with others. Joining such groups can offer many benefits such as:

  • Boosting your personal and professional development.
  • Connecting with potential clients or partners.
  • Discovering new growth opportunities.
  • Enhancing your credibility and trust.
  • Exchanging industry knowledge and experiences.
  • Expanding your network and visibility.
  • Having access to new job opportunities.
  • Having access to new resources and tools.
  • Having updated industry news and trends.
  • Sharing knowledge and expertise.
  • Enhance your professional profile
  • Improvement of your personal branding
  • Increase your confidence by stepping out of your comfort zone

 

  1. Starting a New Networking Group

This is the best method of strengthening your professional network because you are a key player in this game. Networking is relevant to any type of business, may it be marketing, media, to the construction industry. Regardless of who you are and what your profession is, networking will surely make your business grow. You may develop your group by giving memberships to like-minded people. When you establish your networking group, you may conduct a series of conferences on different topics such as finance, marketing, or accounting. You can also become more connected with a lot of professional benefits as you can:

  • Create a professional community for unified growth.
  • Cultivate long-lasting relationships and friendships.
  • Enable mentorship and career development opportunities.
  • Enhance leadership and networking skills.
  • Expand the network with like-minded individuals.
  • Facilitate access to diverse perspectives and expertise.
  • Foster collaboration and knowledge-sharing opportunities.
  • Increase visibility and open doors to new opportunities.
  • Provide a platform for showcasing expertise and thought leadership.
  • Strengthen credibility and industry recognition.
  • Enables you to do market research that can give you a unique perspective

 

  1. Developing Social Media Contacts

If you want professional development, networking with others via various platforms of social media will become highly useful.  It allows you to interact with a wide range of professionals both locally and internationally. Social media channels remove geographical restrictions, allowing you to be in touch with a global base of customers and professionals.  Building a professional network can help you grow your industry knowledge. Every social media provides you with a great opportunity to develop your network to the next level. With social media contacts, you may also engage with other industry professionals that have unique skill sets. These people can also prove to be valuable long-term contacts by:

  • Building relationships with like-minded individuals.
  • Connecting with professionals globally.
  • Developing a professional online presence.
  • Discovering new job opportunities.
  • Engaging with potential clients or partners.
  • Enhancing personal branding and enabling advertising
  • Expanding their reach and visibility.
  • Increasing credibility and trust.
  • Sharing their expertise and knowledge.
  • Having updated industry news and trends.

 

Conclusion

Intensifying your professional network is not an easy process. Putting your effort into searching the database and collecting contacts are time-consuming tasks. With slow and steady efforts, you can start increasing your professional network. Professional networking is essential in building a relationship for expanding your business operations if you are an entrepreneur. Professional networking will also play a key role in finding a job if you are an executive. With strong professional connections, everyone will have an easy approach to growing in their career.

Dhunicorn 0 Comments
Jun 26 2023
Unlocking Business Potential: The Power of Professional Consulting Services

Unlocking the power of business potential in today’s high-paced corporate world requires excellent business expertise, knowledge of applying the latest technologies, communication skills, innovation skills, and several other attributes. Hence, companies are looking for services that provide result-oriented business solutions.

In this article, you will know about the business solutions that you need, and the most prominent benefits that enable businesses to solve their problems, describe and present business intelligence solutions examples by industry and business function (departments) that you can apply in your organization such as retail, healthcare, IT, sales, marketing, logistics, hospitality, education, etc.

A business solution is the practice of developing various aspects of business functions through multiple techniques and strategies. The key goal of a business solution is to promote the elements of a brand along with the qualities or benefits of a product or a service. Business solutions are not only developing your business operations but also expressing your brand values through as many as approaches possible. With the right approach, business solutions connect your values with the right audiences that need added value.

Every brand needs to have a powerful purpose behind it like every ambitious person has a strong purpose for his goal. The purpose of a brand justifies why a brand exists in the world and what the brand is going to offer for making the world better. Core values define the soul of a product or a service and serve our society with a series of shared beliefs and solved problems. Business solutions can enhance a brand’s purpose with core values. Hence, effective business solutions will make your brand stand out in the crowd.

Business solutions help you discover the target market, which is the fundamental step in marketing. Whenever implementing various business solutions, keep in mind that you will find out who your customers are, as you can modify the elements of your services or products according to their exact needs. It can also make you focus on a niche market, and you can create a brand identity based on their hopes, behaviours, desires, cultures, languages, and needs.

Business solutions will also empower a brand to discover its competitive brands. It will not help you to imitate exactly what the existing brands are doing, but it will make you aware of what services and products competitors are offering now. If a brand wants to achieve something in the long run, discovering exact competitive brands is an inevitable step, which you will obtain with the right business solutions.

All the marketing techniques that a brand applies help to boost brand energy temporarily. If the company focuses on the qualities and benefits, it will boost the brand image finally. Here, B2B companies that provide tailor-made business solutions with an authentic and transparent approach make your products and services with quality standards for better survival, and for saving costs with a more affordable option.

Business Consulting plays a vital role in helping businesses overcome most challenges by adapting the wisest business strategies with cost-effective and value-added solutions.

 

DhuMall has a network of consultants that are experienced, knowledgeable, well-trained, skillful, smart, and creative, we identify profitable and unprofitable activities in business, develop sales planning, governance the implementation of plans in real-time, organize budget planning, cash flow analysis, market research, competition analysis, production planning, efficient supply management, and inventory.

In addition to consulting services, DhuMall provides various business solutions to help our clients achieve their goals and improve their performance. Our business experts work closely with businesses to understand their unique challenges and opportunities and develop customized strategies to address them. Find out some of the other business solutions we offer at https://dhumall.com/business-solutions/ or book a slot for a videoconference to speak to our experts at https://dhumall.com/videoconference-appointment/.

Dhunicorn 0 Comments
Jun 7 2023
Choose the Best B2B Online Marketplace for Your Business!

Some research review that almost 60% of B2B buyers are open to purchasing products on digital marketplaces. A B2B platform enables B2B buyers to perform online transactions between global companies. With the support of the best online platform, you can create a set of special features tailored to your needs. Companies in the selling process based on a digital marketplace need higher levels of automation, advanced inventory management and order fulfillment options, and various sales and marketing tools. So here are some of the features that an effective B2B online platform should have.

Web design
Every web design is a representation of a brand’s character & personality. In a good B2B online marketplace, you will be able to build anything that can support you perform your sales process smoothly without the support of a web designer. With ready-to-go designs and layouts, it will allow you to design your profile with essential images, text, and colors to get selling faster. The followings are some of the benefits of good web design.

  • Clear and user-friendly interface
  • Clear call-to-action buttons and messaging
  • Consistent branding and visual design
  • Easy checkout process with minimal steps
  • Fast page loading speed
  • High-quality product images and descriptions
  • Intuitive navigation and search functionality
  • Flexibility to customize and build anything you would want to portray
  • Mobile-friendly and responsive design
  • Secure website with SSL encryption
  • Trust signals, such as customer reviews

Multiple payment options
B2B shoppers need to purchase large quantities of products on a regular basis. Hence, the best B2B online marketplace should have multiple payment options such as partial payment, paying one or several invoices at the same time, and a model of subscription payment. With the model of multiple payment options, your customers will have the ability to divide the costs for their orders into small sums of money. B2B ecommerce firms organize flexible payments nowadays that are advantageous and firms requires taking every advantage that they could get. With the best B2B platform, you can do the following.

  • Ability to accept PayPal payments
  • Ability to save payment information
  • Automated payment reminders and follow-ups
  • Automatic invoicing and receipts
  • Easy payment processing and checkout
  • Integration with popular payment gateways
  • Payment fraud protection and security
  • Support for alternative payment methods
  • Support for major credit cards
  • Transparent pricing and fees
  • With better data, there will be higher revenues

Marketing tools
During this digital age, a digital life-focused marketing tool is a key feature of any marketing strategy. With the best B2B marketplace platforms, companies can sell their products to global customers through the latest digital marketing tools. An effective B2B marketing can be challenging to execute. With creative demands, budget, and channel decisions, marketers have a lot of work to do in order to come up with an effective marketing strategy. The followings are some of the best marketing tools that a B2B marketplace should have.

  • A/B testing and optimization tools
  • Analytics and reporting for marketing campaigns
  • Automated email marketing campaigns
  • Content marketing and blogging capabilities
  • Integration with CRM and sales tools
  • Lead generation and customer acquisition tools
  • Personalization and segmentation capabilities
  • SEO optimization and search visibility
  • Social media integration and sharing options
  • Targeted advertising and retargeting options

Shipping
Companies that sell physical products need to adopt a good B2B platform that has good shipping facilities. The crucial factors to consider when choosing shipping facilities are reliability, speed, flexibility, transparency, cost and proximity to customers. When you deliver large amounts of products simultaneously, you need to have the following facilities. If you find a B2B marketplace that has all these features, you may choose it to sell your products without any further delivery issues.

  • Ability to print shipping labels and invoices
  • Automated order fulfilment and shipping
  • Automated shipping notifications and updates
  • Bulk shipping capabilities and order management
  • Customer self-service tracking and updates
  • Integration with international shipping and customs
  • Integration with shipping software and APIs
  • Multiple shipping options and carriers
  • Real-time shipping rates and tracking
  • Returns and refunds management tools

Analytics
The best B2B online marketplace will allow clients to monitor the way customers purchase, the biographic details of customers, and produce actionable insights. These are all important because technology has been evolving swiftly and purchasing trends changes daily. When sellers closely monitor this data, they can make adjustments to their offerings to capture the desired demographic sales. Here below are the best features of analytics, which a (or that a) B2B marketplace should have.

  • A/B testing and experimentation tools
  • Conversion tracking and optimization
  • Customer lifetime value analysis
  • Customizable reports and dashboards
  • Integration with third-party analytics tools
  • Marketing ROI and campaign analysis
  • Real-time sales and revenue tracking
  • Sales forecasting and inventory analytics
  • Visitor and user behaviour analytics
  • Website traffic and referral source analytics

Personalized experience
The B2B marketplace should allow clients to develop an online store that is mobile-optimized, SEO-friendly, and easy to navigate. If you want your B2B store to reach more customers, the designs of your store should interact with your customers. Here below are the best features of a B2B marketplace, which interact with your customers.

Or add:

If you want your B2B marketplace to win, you should follow these steps:

  • Create digital commerce teams that are capable to evaluate data through AI & advanced analytics
  • Give the buyers the information they need by providing the right mix of product data, specs, illustrations, and photographs on your marketplace listings
  • Work with a qualified e-commerce solution provider
  • Work for higher conversion rates
  • Practice purchase delegation
  • Customizable customer profiles and preferences
  • Customizable website content and messaging
  • Dynamic pricing and product bundling
  • Integration with personalized email marketing
  • Loyalty programs and rewards
  • Personalized product recommendations and upsells
  • Personalized promotions and discounts
  • Targeted messaging and communication options
  • User-generated content and reviews
  • Wish lists and saved shopping carts

Inventory management
The most effective B2B online marketplace platform should have powerful inventory data. These are software platforms built to optimize and modernize the process of managing inventory for B2B transactions online. B2B clients need to have access to order tracking, one-click reordering, shipping information, quote approvals, and other functions that help to manage their accounts smoothly. Self-service inventory management allows B2B customers to place their orders in a fast and efficient approach and supports them to avoid costly backorders. Here are the best tools that the best B2B marketplace should have.

  • Automated inventory replenishment tools
  • Automated restocking and forecasting tools
  • Customizable inventory categorization and management
  • Integration with barcode and scanning tools
  • Integration with third-party inventory management tools
  • Inventory aging and obsolescence tracking
  • Multi-location inventory tracking and management
  • Purchase order management and tracking
  • Real-time inventory tracking and alerts
  • Sales and demand forecasting and analysis

Conclusion
There are several B2B online platforms, with unique features and wonderful benefits, available on the market.  When you choose a B2B platform, it is essential to make sure that the platform has all the functionalities you need to manage the versatility of your sales processes. An online store is the face of your company and the body of all your marketing strategies. You can connect directly to products and services in your marketing emails and advertising campaigns and can monitor the success of your efforts to plan your next goals.

unicorn 0 Comments
Jun 6 2023
Set SMART Goals to Gear up your business for 2024 and beyond

Setting SMART goals for your business is an important step for getting result-oriented success. You need goals to measure growth by comparing your present performance with past ones. If you’re not getting the results you expected, you may adjust your goals or get to the bottom of why you cannot meet them.

To set goals, you need to find out key areas to focus on. What are the key areas you need to concentrate on in your business? This may depend on your business strategies and productions, but some instances to consider include:

  • Customer service improvement
  • Growing sales volume
  • Increasing profit margin
  • Reducing costs
  • Reducing the time required for product or service production
  • Enhance problem-solving skills
  • Innovation
  • Improvement of company culture
  • Profitability

Based on the above key areas, if you want your company to grow, you need to set SMART goals. Otherwise, how will you measure the success of your business growth? SMART goals mean specific, measurable, achievable, realistic, and time-based goals. These goals will contribute you a multitude of benefits.

The benefits of SMART goals

  • It will guide you to find a path where you must go.
  • It encourages focus which enhances performances and productivity.
  • It will strengthen your decision-making skills.
  • You will be aware of your past successes so that you can use them for a present project.
  • You will be aware of your strengths so that you can easily overcome obstacles with the support of your strengths.
  • It gives accountability by being able to assess if the work is effective and progressing.
  • You will be aware of your weaknesses so that you can reduce them gradually.
  • You will have more motivation and fulfilment at work.

 

Here are four major steps to set your SMART goals.

  1. Boost your brand energy

Everyone companies need brand awareness but not everyone knows should how to get started. This is where SMART goals come in handy. Successful branding gives you a clear strategy for moving forward and it helps you stand out in a saturated market. With established branding, it is easier to introduce new products or services. Whenever we boost our brand energy, our product or service goes to the next level with a unique identification. With the support of branding techniques-based SMART goals, if we connect our brand with several other brands, we can boost our brand energy with combined elements of several great brands.

Boosting brand energy is the practice of highlighting various aspects of a brand through multiple approaches. The key goal of branding is to promote the elements of the brand along with the qualities or benefits of a product or a service. Branding is not only putting your logo and business name in as many places as possible but also expressing your brand values in as many as approaches possible. It is the right approach to connecting an audience with values and voice through strategic communication.

In today’s market, branding, which can reach a customer’s overall perception of a business, should be done through various digital activities such as social media marketing, search engine optimization (SEO), email marketing and paid advertising, and offline activities such as business cards, tradeshows, workshops, pamphlets, canvassing, classified ads, etc.

  1. Enhance your business operations

Growth and expansion are two main long-term goals for every entrepreneur. An empowered corporate strategy will unleash business expansion opportunities if a successful entrepreneur keeps updating business expansion strategies. With SMART goals, we can expand our business operations with strategic growth initiatives such as:

  • Adding new talents for upcoming projects
  • Addition of new products or services
  • Expansion into new cities, locations, or countries
  • Exploring franchising opportunities
  • Retaining existing customers by selling more products or services
  • Selling products online across multiple platforms
  • Targeting new customer markets

By doing these, businesses can get 70-80%% more efficient in enhancing their business operations. Business expansion strategies make us effectively implement one or more of the above strategies to put our company on the fast track to expansion.

  1. Find strategic business partners

With powerful business collaboration, we can build a strong brand through strategies gained from various scholars. Smart goals should equate with smart partnerships. Business collaboration leads you to access effective marketing techniques, a productive workforce, stronger corporate development, and partnerships. A strategic partnership is an ideal approach that makes entrepreneurs work collaboratively and leverage individual strengths. It strengthens each business and achieves mutual aspirations faster by learning from one another’s experience, network, and resources.

By discovering our partner, we can have a clear picture of how both our services and products are mutually beneficial. We could:

  • Add value proposition for our existing customers
  • Build brand image and trust
  • Decrease our cost of acquisition
  • Gain access to new customers
  • Increase our expertise and resources
  • Overcome our business fears
  • Predict revenue streams of our partners
  • Reach new markets and sectors
  • Capability to develop employees’ skills and encourage staff motivation

If we have a successful partnership with combined expertise and efforts, we would have an unceasing commitment to equality, creativity, productivity, diversity, and flexibility. 

  1. Reach new markets.

In today’s corporate environment, sustaining development and growth is never a guarantee but when you have SMART goals, it will be more convenient to see what needs to get done, what setbacks take place, and have an assessment of your actions’ impact. These SMART goals should go well with SMART objectives. Advancement in science and technology shortens the life cycles of products and services. Business models are changing continuously and new competitors mushroom here and there with innovative products and services. Hence, it is necessary to seek new markets based on the characteristics of a population such as size, growth, age, income, gender, marital status, and buying habits.

When we have SMART goals for identifying new markets, we can enhance business branding, improve sales and marketing, explore new sales models, channels, and strategies, and connect the right people in the market to boost sales.

Therefore, SMART goals not only provide us with suggestions to organize and resources to invest in but also direct us to plan with goals and objectives what a company has to do to apply. Additionally, these interconnected strategies support our employees to enhance their professional skills and competencies.

Conclusion

Clear goals provide a strong direction for your business to gear up for 2024 and beyond. Every element of goals can play a role when approaching investors or potential partners. Setting goals is always the best step to staying ahead of your competitors. No matter how well your business is performing, there are always areas for development and new targets to attain, and new markets to target. Analyse the results of goals every financial year. A comprehensive analysis will provide you with the ins and outs of the goals you set. If you know how well the goals worked clearly, you can set a new goal successfully.

unicorn 0 Comments
Jun 6 2023
Deliver the Best Result with the Growth Triple Play: Creativity, Analytics, and Purpose

According to some studies, growth triple play, the combined form of creativity, analytics, and purpose, plays a key role in business growth. It is said that applying these elements are essential to increase growth to more than 12% compared to other companies that only use one of these traits. However, the trio is rarely applied; statistically, only 7% of surveyed companies were applying all three. If companies statistically and strategically understand how they can use the growth triple play of creativity, analytics, and purpose, they can drive their market growth successfully. In this article, let’s study how we can integrate these three elements to get the results according to our needs.

Creativity

Creativity and innovation are important factors across all global industries because they can solve any business challenge. It has been dominant in the story of marketing and key support of innovation. If companies want to introduce a new product or a new service, they should form a team with experts that are highly creative and innovative. For every company, staying ahead of competitors is a big challenge. So companies keep disturbing existing patterns of products and services with innovative patterns. Here below are some points that will talk about why creativity is important in business growth.

  • Creative advertising attracts more attention.
  • Creative branding leads to brand loyalty.
  • Creative partnerships expand reach.
  • Creative problem-solving leads to efficiency.
  • Creative promotions increase sales.
  • Creativity enhances brand differentiation.
  • Engaging content attracts more customers.
  • Fresh ideas improve customer experience.
  • Fresh perspectives generate new opportunities.
  • Innovative products meet customer needs.
  • Innovative solutions increase customer satisfaction.
  • Out-of-the-box thinking increases market share.
  • Unconventional strategies create a competitive advantage.
  • Unique ideas boost brand awareness.
  • Unique packaging sets brands apart.

Analytics

Creating moments that are meaningful to customers involves analytical accuracy to be able to discover what customers need and growth depends on greater insights into the wants, needs, habits, and behaviors of customers. Analytics is accepted in almost every vertical and it is at the center of marketing decisions in triple-growth companies. If companies apply analytics with purpose to use data ingestion, integration, storage, and more, to plan new strategies, they can find out new customers. Analytics, an effective solution to tackle all customer data-related challenges, will:

  1. Support to analyse your customer profile to know whether they are regular customers or not. Once you know who your regular customers are and who are not, you can create your sales plan according to their needs, likes, and purchasing decisions.
  2. Provided insights and data efficiently and accessible to all teams across the organization to help in decision-making and innovation
  3. Support to investigate the successful sales to learn more about that sales success. The analysis will tell you how you succeeded in the past sales process.
  1. Make a clear statistics-based analysing of your sales strategies with the support of a market research team. Statistics gained from the market research team will support you to advance your sales strategies.
  2. Organize a research and development team to analyse what your competitors offer and introduce new techniques. If you understand what your competitors perform, you may try to overcome them.
  3. Set SMART goals to improve your sales since it is Specific, measurable, achievable, realistic, and time-bound. Based on SMART goals, you can increase your sales.

The Power of Purpose

Every company should know how to tell a brand story since it is an opportunity to communicate with customers. With a direct emotional connection and the right message, a company can create an engaging brand story that has the elements of products and services. Storytelling can play a major role in influencing brand awareness and bringing in new customers.

By linking the power of purpose with the elements of creativity and data analytics, brands can tell better brand stories and deliver result-oriented experiences to consumers in the form of products or services. The purpose is the North Star in growth triple play, guiding the direction in making critical decisions and connecting Purpose to creativity and Analytics is important in determining opportunities. Crucially, purpose helps companies make important decisions that will create the long-term growth pattern of the brand. With the support of data gained from analytics, companies may adopt customer acquisition tools to attract new leads to their businesses.

Obtaining social proof is an ultimate goal that you must do not only to check the quality of products and services but also to understand how customers give feedback on your brands. If you manufacture your products or develop your service based on customer feedback, it validates that your brand is trustworthy.

Identifying the target audience is another important benefit if companies connect their visions and missions with analysed data. Before designing a digital marketing campaign, with the support of survey classifications, the company can reach out to the customers who choose services or products of their brands.

The most advanced design thinking will give every company a great customer experience. When you set goals based on analysis, you could implement the latest customer-friendly designs to attract new customers. And also, you can build a healthy relationship with your customers to increase your customer base since existing customers tend to introduce new customers if they like your professional relationship and brands at the same time.

After linking the power of purpose with the elements of creativity and data analytics, you can become a master in creating high-converting landing pages as you want new customers to be landed on your pages. If you want that your client acquisition strategy should be more successful, you need to focus on developing powerful landing pages.

Conclusion

Growth triple play can bring a strong direction for your business growth. Every element of this technique can play a role when companies set goals. The fusion of creativity and data analytics with the power of purpose will support you to have a big transformation in your business growth. It will:

  • Boost economic prosperity and job creation.
  • Enable sustainable and inclusive growth.
  • Enhance access to education and healthcare.
  • Enhance social and cultural development.
  • Expand infrastructure and public services.
  • Facilitate international trade and globalization.
  • Foster innovation and technology development.
  • Improve the quality of life for citizens.
  • Increase investment and business opportunities.
  • Strengthen national and regional competitiveness.

A comprehensive integration of these three elements will also lead you to have breakthrough ideas making the growth rate twice as high as those companies that don’t. If you technically and meticulously know how well this technique will work, you can set your business goals successfully.

Dhunicorn 0 Comments
May 16 2023
Uncovering Surprising Opportunities in the Inflation Economy

During a period of economic crisis, business aspirants should develop an attitude to think outside the box. The right path with the right strategies might bring a surprising opportunity. Any organizations that start marketing their services or products during an economic crisis will become more resilient because they prove that they are able to survive in an inflation economy. The first thing that start-ups need to do is to look at inflation in a different dimension. When they change their traditional mindset, they will come out of their comfort zones. In this article, let’s see a few sectors that can be a trendsetter even when an economic crisis exists.

 

Real estate
The real estate sector is one of the most popular options among investors because investing in this sector can improve in value amid high inflation. When it comes to investing in real estate, there are several ways to invest. Here is a list of benefits of investing in real estate.

  • Commercial real estate can provide steady returns.
  • An increase in property values benefits investors.
  • Interest rates rise and rental income increases.
  • Investing in properties in high-demand areas will make profits in the long run.
  • Investing in REITs can offer diversification.
  • Investment in real estate development projects can be highly profitable.
  • Property flipping can be profitable.
  • Rental properties offer consistent cash flow.
  • Selling property at a higher price after the inflation.
  • Short-term rentals can be lucrative.

 

Energy
The energy sector includes oil and gas production companies, fuel producers, and companies that provide energy producers with equipment, materials related to energy, and other energy-related services. Because of the ever-increasing need for energy consumption, this sector can be one of the best options during any higher inflation. Do you know how energy companies make profits during high inflation?

  • Energy companies’ profits increase with inflation.
  • Energy storage solutions can benefit investors.
  • Expanding into international markets can be profitable.
  • Increasing production can yield greater profits.
  • Investing in energy-efficient technologies.
  • Investing in natural gas production.
  • Investing in renewable energy infrastructure.
  • Selling energy to high-inflation countries.
  • Trading in energy futures and options.

 

Finance
Financial companies such as banks, insurance, and investment companies can play a fundamentally important role during any financial crisis in achieving economic growth. Hence, investing in this sector brings a lot of benefits and profits as given below. 

  • Asset management can benefit from inflation.
  • Increased volatility in the stock market.
  • Increasing loan portfolio yields.
  • Investing in private equity and hedge funds.
  • Investing in inflation-protected securities.
  • Investment in high-yielding bonds.
  • Offering fixed-rate loans with adjustable rates.
  • Raising interest rates can increase profits.
  • Trading in commodity futures and options.

 

Commodities
Investing in commodities such as gold, minerals agricultural products, oil and gas, copper, soybeans, etc. is an ever-growing investment opportunity.  In various dimensions of our lifestyle, we must depend on these commodities for our survival as well as our luxurious needs. Hence, the following key points will tell you why and how the commodity is one of the best investment options.

  • Agriculture product prices rise.
  • Diversification of commodities in a portfolio.
  • Increase in demand for energy commodities.
  • Increase in demand for industrial metals.
  • Inflation increases commodity prices.
  • Investing in commodity ETFs.
  • Investment in commodity producers.
  • Investment in precious metals.
  • Speculating on commodity prices.
  • Trading in commodity futures and options.

 

Healthcare 
The healthcare sector is the most important area in the corporate world, growing significantly faster. Hence, during the inflation economy, health sector-related companies such as biotechnical companies, medical device companies, insurers, and healthcare providers give you the best investment options. Find out the benefits of this sector.  

  • Healthcare demand increases with inflation.
  • Healthcare real estate development opportunities.
  • Healthcare stock market volatility.
  • Increase in demand for medical services.
  • Increase in healthcare insurance premiums.
  • Increased interest in telemedicine.
  • Investing in medical device companies.
  • Investing in pharmaceutical companies.
  • Investment in biotech start-ups.
  • Investment in healthcare REITs.

 

Education
Online educational platforms have become an important platform to educate students and adults from all walks of life, which function as alternatives to traditional studying and teaching systems. It is expected that future start-ups will come forward for enabling students with powerful e-learning courses on unique digital platforms. E-learning platforms have become the choice of investors around the world. Find out the benefits here below.

  • Education management organization investment.
  • Education REITs investment opportunities.
  • Increase in demand for education services.
  • Increase in demand for student loans.
  • Increased demand for online education.
  • Investing in edtech content providers.
  • Investing in education-focused private equity.
  • Investing in international education providers.
  • Investment in education technology companies.
  • Investment in vocational education.

 

Stocks
Investing in stocks is one of the most common investments in the world. Even though buying stocks is the riskiest option, potential gains make it worth it when it comes to investment opportunities. The key aspect of investing in stocks during a period of high inflation is to look for investment opportunities without spending any capital investment. Find out the benefits of investing in stocks here below.

  • Growth stocks can outperform value stocks.
  • Healthcare stocks may perform well.
  • Interest rate-sensitive stocks can perform well.
  • Investing in defensive stocks.
  • Investing in dividend-paying stocks.
  • Investing in emerging market stocks.
  • Investing in inflation-resistant stocks.
  • Investing in international stocks.
  • Small-cap stocks may perform well.
  • Technology stocks may perform well.

 

Conclusion
The sudden inflation may dramatically increase the cost of starting a business. However, for some business aspirants, it is an eye-opener if they use their business minds to challenge the inflation economy. In the last US economic crisis, some companies that had started during the inflation proved business successful, providing various technologies and services to provide products and services to customers. So every time is a good time if you know how to make it productive and prosperous.

Dhunicorn 0 Comments
Apr 4 2023
Capturing Opportunities In The Inflation Economy

The impact of covid-19 combined with the Russia-Ukraine war has devastated the global economy. Lack of enough industrial production and the shutting down of many businesses all through the pandemic times have led to the inadequacy of supply and thus incapability to meet the increased demand for goods. This gap along with the hike in energy costs triggered by the Russia-Ukraine conflict has ignited high inflation. And this inflation is likely to persist in 2023.

This is not good news for businesses. Because now they have to struggle with escalating input costs and diminishing the spending power of the customers. However, businesses must realize that every now and then, they have to battle challenges and tough times in order to survive.

So, to thrive right through this flaring-up inflation businesses must consider it as an opportunity to re-evaluate and streamline business processes and workflows, and invest in innovation and technology that can boost output and efficiency.

Let’s go through some of the ideas businesses can implement to get ahead and be successful in this inflation surge.

 

Going Digital

Adopting digital technologies is a great way to counteract the unfavorable impact of inflation. It helps in improving cost-efficiency by modernizing outdated legacy systems. It supports by enhancing workflow efficiency and automating tasks, which means productivity gets better.

Going digital during rising inflation can be advantageous. Businesses across the world making digital transformations have raised the customer experience standard very high. Keeping up with the increased expectations of the customers is important to stay ahead of the competition. Organizations leading the digital transformation tend to have lower expenses in doing business and it is one of the benefits of the current inflationary situation.

Digital technologies not just improve business efficiency but also aid in analyzing and making the most of the data collected. It can help business people in informed and accurate decision-making.

Such digital transformation efforts have a long-term positive impact on business costs, product prices, and services. Overall, it can boost profits and revenue as well as drive business growth.

 

Employing Dynamic Pricing Strategies And Tactics

Rather than increasing the price of the products to cope with inflation, adopting dynamic pricing is a wiser option, especially to retain price-sensitive customers. The price of any product hinges on a number of variables such as changes in the market, rise and fall of demand, prices of the competitors, etc. Businesses can have the option of altering their inflationary price response by customer and product segment and study both margin performance together with the customer’s willingness to pay. Performing this precise approach could help with gaining profits and making good customer relations.  Changing the price for the product or service as per the fluctuations of those variables allows businesses to adapt and be agile even if inflationary pressures occur.

It lets the customers purchase the products at the best deals during financially pressing times and thus supports businesses in retaining their customers. Additionally, it can benefit businesses by preventing them from price gouging as well as price deflation, thus beating the competition lucratively. This ultimately carves the path to long-term success.

However dynamic pricing can be a cumbersome and time-consuming task if done manually. So, it takes AI-based software to automate the task effortlessly, and consistently.

 

Reconsidering Product Offerings

Certain products or services are more prone to inflation than others. At this time of inflation, companies should consider downgrading products so they would not have to change prices. Customers consider pricing meticulously but may not sense the small changes may it be size, weight, or the packaging of their purchases. Taking off such underperforming products or services can facilitate dealing with inflation effectively. Because, by doing so businesses incur lower overhead expenses, create an efficient marketing plan, and cater to a more specific customer base.

Also, it can help in directing focus on those products that have the probability of fetching more profits.

 

Personalizing The Customer Experience

Customers feel valued if they receive service customized service to suit their needs and preferences. Taking customer service for granted can be a risk to any business’s value because they tend to be more loyal to the companies offering them personalized experiences. Countering price increases while reducing efforts in service and experience can push away existing and potential customers.

To offer such high-impact personalized service, companies must undertake a customer-centric approach. Also, the service delivered must also be prompt, responsive, friendly, and pertinent to customers’ individual preferences.

 

Considering Supply Chain Optimization

Supply Chain disruption is bound to happen when inflation flares up. Inflation equates to a limited supply of goods during increased demand for those products, which may be a need or a want. However, the optimized and resilient supply chain can help businesses not only mitigate the supply chain disruption but also support them to thrive by means of innovations that spring up growth.

Utilizing a supply chain platform is a great option as it integrates all the resources, data, processes, and technology in such a way that everything is centralized and can be accessed in real-time, online. Supply chain and procurement also should play their part by being resilient and by serving as coordinators between suppliers and businesses.

 

Adopting New Business Model

This is a strategy applied by many successful companies in the past, during the Great Inflation in the 1970s.

To start with, the existing business model must be analyzed to figure out the flaws in it to ensure that the new model does not replicate the same. Since the markets are changing constantly, the major trends of the markets must be scrutinized and utilized. Inflation can make customers switch preferences in order to make the best use of their purchasing capability. This simply means that they tend to consider their expenses and needs and this can be an opportunity for businesses to launch new products and remove the slow-moving ones to match their customers’ preferences. 

To develop a winning business model the company must have an in-depth understanding of its customers and must consider them as the main aspect. So, detailed customer research plays a huge role in this.

The data obtained by thorough customer research is like a magnetic compass and steers the business owners in the right direction and helps them make well-informed decisions so that the chances of failure are trimmed down. It is equally important that the newly innovated business model does not drift away from the original business the company is actually in.

 

Using Promotions

Promotions are a great way to help businesses walk on the thin line of setting prices that hold margins without hurting the customer relationship. Customers are big fans of discounts even during a healthy economic situation and in economically hard times, the majority of customers count on companies that offer them promotions and it makes them feel that the particular brand cares about them and so they remain loyal to such brands even when normalcy returns.

So, businesses can go for loyalty programs devised to get returning customers. Product bundling is another option to increase sales by stirring the customers to buy more to save more. If personalized it can satisfy the requirements and preferences of customers and can be an immensely valuable opportunity to cross-sell and up-sell. Increasing the transaction size and frequency of the existing customers can enhance profits and grow the business explosively. Another way is to pinpoint where else the customers are spending and then target these products accordingly. Once these goods have been identified, discounts and promotions can be given to such products if it’s existing in the business’ products list, or look for a supplier who can give you a good bulk price and then promote it. 

By applying innovative ideas as well as the right strategies, businesses can find opportunities in adversity and navigate smoothly through tough situations like inflation. It also prepares them to understand and adapt to the instabilities of the economy. It also trains them to be more nimble and powerful, instead of getting succumbed to challenging situations.

 

Dhunicorn 0 Comments
Mar 24 2023
Solidifying Company Culture in a Hybrid World

After the era of a global pandemic, global company culture is being redefined as a result of the rising number of employees that work from home. For three years, executives, managers, and HR professionals strive hard to maintain a healthy company culture in a hybrid work model. According to several studies, company culture can create а significant impact in driving returns on investment and sales. A healthy workplace culture improves productivity and drives performance to keep employees focused. It reflects the company’s health and potential for growth. Before solidifying your company culture, one must understand the benefits of a strong company culture in a hybrid work model.

Impact of work

The impact of work is a vital ingredient of company culture in a hybrid model. Higher officials or (How about ‘Leaders’) should teach employees how good company culture impacts the nature of work. They should be responsible for managing the new work environment and maintaining a healthy working atmosphere. As a result of the latest hi-tech workplace conditions, employees are more attuned to questions about the purpose and impact of their work, and they can statistically understand how their work impacts the development of the company and why they should keep doing it. Since they could understand the importance of team members’ work, its effect reflects overall outcomes.

Inclusiveness

Having communications online and conducting meetings virtually are important ways of promoting inclusiveness in a hybrid world. Online meetings connect everyone on one platform. This expresses that the voice of every employee has the same reputation in any context of group discussions, which reinforces a sense of drive. Inclusiveness joins the power of everyone to have great decision-making. Inclusiveness provides a company with several benefits such as increased employee engagement and trust, new perspectives and innovation, better decision-making, improved performance, stronger business results, profits, etc. A number of ways to improve efficient practices are to invest in such development programs or training. 

Accountability and Responsibility

In a hybrid model, company culture plays a crucial role in maintaining accountability and trust within the team. Without a strong culture of accountability, trust and connection can easily erode, leading to disengagement and poor performance. Therefore, it is essential for leaders to prioritize healthy conflict as a means of fostering open communication and promoting a culture of transparency. Failure to have this can largely impact team solidity and leaders should be the number one example for their employees by doing this, employees gain more confidence to socialize and engage more in their workplace. By encouraging healthy disagreement, leaders can ensure that important issues are addressed and resolved, rather than being ignored or blown out of proportion. In this way, a strong company culture in a hybrid model helps teams thrive and achieve their goals.

Accessibility of Higher Officials

As a higher official, it is highly vital that you are easily accessible. Your presence should be felt and be less intimidating to the staff. The accessibility of higher officials enhances the performance of team members, creating a greater sense of unity and can minimize the feeling of being left out and disconnected. In a hybrid model, it is very easy to achieve accessibility of leaders and executives, as you can every employee online in every meeting regardless of their positions in the company.  Regularly talking with employees, getting opportunities to answer their queries, and informing them that you welcome their suggestions are all important approaches by which you can help strengthen the culture of your company.

Remote Work

Remote work has become more prevalent in recent years, and the COVID-19 pandemic has accelerated this trend even further. Many companies are now adopting hybrid work models, where employees work both remotely and in person. Remote work can help to strengthen company culture by emphasizing communication, flexibility, diversity, inclusion, and teamwork. By adopting a hybrid work model, companies can leverage the benefits of remote work while still maintaining a strong sense of company culture. In this hybrid world, remote work can actually help to strengthen company culture in several ways. Managers, leaders, and HR Professionals should prioritize reaching out to the people both virtually and in-person because solidifying a hybrid work culture does not happen overnight. It comes with continuous effort, consistency, and empathy. 

Project Success 

Nowadays, every project’s success depends on an effective company culture that is based on a hybrid work model. As a business owner, you must consider what your company culture strategy is and identify two or three hybrid work models you need to drive project success. A successful company culture that supports project success can be considered by several factors, including:

  • Clear communication
  • Interpersonal trust
  • Adaptability
  • Continuous improvement
  • Collaboration
  • Rewards and recognition
  • Goal-oriented tasks

Suggestions and feedback

In a hybrid work environment, where employees are working both remotely and in person, a strong company culture can help to facilitate the exchange of valuable suggestions and feedback. Whether it is from a manager, customer or from colleague, every feedback from all avenues matters in nurturing people and bringing them to collaborate. A strong company culture in a hybrid world supports the exchange of valuable suggestions and feedback by creating a culture of openness and transparency, providing multiple channels for communication, encouraging active listening, and recognizing and rewarding valuable contributions. This can lead to a more engaged and productive workforce, as well as better decision-making and problem-solving and people can be aligned in achieving the company’s goals.

Conclusion

Solidifying company culture in a hybrid world is strongly related to the development of a company. Developing a hybrid company culture is not an automatic process but a continuous effort. Every leader must ensure that employees know how to create the desired culture in their work context and behaviour, regardless of their geographic locations. Why is good company culture important? Here’s how:

  • A strong company culture in a hybrid world will encourage open communication and transparency. When employees feel comfortable sharing their opinions and ideas, they are more likely to provide valuable suggestions and feedback.
  • In a hybrid world, it’s imperative to have multiple channels for communication, such as video conferencing, instant messaging, and email. This allows employees to communicate in a way that is comfortable for them, which can lead to more effective communication with multiple channels.
  • To receive valuable outcomes, it is important to encourage active listening. This means not only listening to what employees have to say but also asking follow-up questions and providing feedback in return.
  • In a hybrid world, it is important to recognize and reward employees who provide valuable technical support. This can be done through formal recognition programs or simply acknowledging the contribution in a team meeting or email.
Dhunicorn 0 Comments
Feb 25 2023
Key Steps for Successful Business Transformation

In today’s fast-paced, ever-changing business world, business transformation is immensely crucial for success. Companies tend to expand, move quickly, reinvent, boost organizational health, and keep expanding their goals. Then it should have measurable results. Every business makes some improvements from time to time that are mostly incremental. But some companies have to make dramatic, fundamental shifts in the way they operate to cope with the external and internal changes in the organization such as the emergence of new technology, market changes, merger and acquisition, low profitability, increasing expectations of customers, etc.

Depending on the factors that need to be focused on to fulfill company goals, changes may be carried out in a certain department of the organization or the entire organization itself. Businesses have to do suitable modifications to their processes, personnel, systems, and technology to achieve their business goals, smoothly.

To lead the business in the right direction, certain changes are essential, for example; getting into mergers and acquisitions, replacing employees or outsourcing, introducing new products to gain a competitive advantage or stopping a non-profitable product line, adopting a new business model, etc.

However, this is not a simple process and there are high chances of failure too. To avert such situations, businesses must ensue certain approaches.

Let’s have a look at the key steps that businesses must follow for effective business transformation.

 

Figure out which areas need to be modified, enhanced, or eliminated
Companies that have successfully gone through transformation move and improve quickly and restart often. Not identifying the area that needs to be dealt with to bring improvements will make the whole effort of transforming the business go in vain. So, to discern the same, business leaders have to go through the prevailing business processes.

This is a comprehensive and exhaustive course of action and existing workflows, methods, policies, and systems of everything right from crafting the product or service to the customer experience at the final end have to be evaluated. This helps in identifying the bottlenecks that hinder carrying out what needs to be accomplished. Thus displays a clear picture of what needs to be changed, improved, or eliminated.

 

Determine the expected outcomes
Comprehending what the desired expectations are help in establishing the appropriate process to make the business transformation. Alignment plays a big role in determining the outcome of a business transformation. The efforts should align with the right goal and intentions. Moreover, determining the anticipated outcome and orienting towards it can help in setting up significant and reasonable milestones.

The outcome the business looks forward to must be clear and precise. Likewise, persuasive data that confirms that the business transformation will work out as well as measurable metrics must be established. Using such quantifiable metrics throughout the process is crucial for successful business transformation. The transformation does not end in implementing changes, the goal is to get the business outcome out of those changes.

 

Involve the relevant people
Get specialists and leaders of various departments to make a meticulous and detailed transformation as well as a change management plan. Also, involve stakeholders as their valuable advice can be leveraged to effectively cut risks and optimize returns. These people should have a better understanding of what the company goal is and apply it to their jobs and do whatever is expected of them to deliver differently. If they have no idea how to connect to the transformation, then their habits and performances won’t change.

Employees are the ones who take the action journey to accomplish the targeted outcomes. So, it is equally important to communicate it to the employees and engage them to get their perspectives and innovative ideas. Also, the company must aim to meet the customers’ needs. Any endeavor for business process transformation must revolve around delivering the customers the experience they expect and beyond that. Hence feedback from customers must be taken into consideration.

 

Create specific strategic plans
Business transformation is immensely risky and if not done methodically and carefully with proper strategies may lead to business failure too. And so, it is imperative to make specific strategic and actionable plans to ensure that the business survives the huge shifts. Such plans can be beneficial in creating a detailed roadmap for achieving the company’s goals. Undergoing transformation without proper planning can result in the incorrect execution of strategies and move.

A primary estimation of the budget and schedule is vital during the planning stage. While planning, the areas, work processes, as well as systems that may get impacted by the process of transformation must be discerned.

Employees’ engagement and their capacity to adjust and adapt are indispensable, as the company has to face new challenges along the way of transforming business. It is important to plan the way of communicating the changes to the employees as well as customers. Apart from that the company also has to create a risk mitigation plan to manage unfavorable situations, if the business transformation did not work out as projected.

 

Develop an effective change management process
Business transformation involves colossal modifications in the company. Consequently, powerful change management is critical. A well-developed change management system facilitates tracking, measuring, and evaluating the transformations that are being carried out and figures out how the changes are impacting the entire workplace. Supervising a significant company transition can boost people’s productivity and create a meaningful bond that can enrich performances if being handled properly.

Successful business transformation is not feasible without making certain that the accurate information gets to the relevant workforces at the apt time. So, the relevant teams that execute the change must be capable of communicating effectively.

 

Executing the proposed process
It is essential to involve the workforce in the whole process however hastening the implementation step is not wise. All it does is put immense pressure on the current operations and the employees which can eventually bring up problems such as employees’ resistance towards change.

Business transformation incorporates several steps and activities and so can never be expected to happen instantly. It requires years of dedication to executing the resolved strategies, although it also depends on the factors such as the size of the company, the resources available, etc.

It is hard to make sure that the change is creating a favorable outcome on the operation if several changes are instigated simultaneously to the existing system. On the other hand, a steady and systematic approach helps in ascertaining that every single change is perfectly implemented, measured, and modified as required before progressing on to the subsequent activity of the established plan. It is also equally important to re-evaluate the implementation plan on a regular basis so that necessary alterations can be made along the process. A business can make use of Key Performance Indicators. The business transformation project is only as good as the metrics used to evaluate its development and alignment with its goals. Making use of performance evaluators at the beginning and during the transformational phase must be taken into consideration to achieve success. For many companies, reduced expenses, better profits, and progressive customer feedbacks are decent indicators of business growth. 

For many businesses, executing business transformation may not be an option but a necessity to keep going further. Although weighed down with risks, if implemented correctly and strategically, following the key steps, can unlock new opportunities and bring about incredible growth and success to the company.

Dhunicorn 0 Comments
Feb 9 2023
10 Steps to Become a Unicorn Company from a Start-up!

Unicorn startups are well-respected in the world of business. Becoming a successful unicorn needs several factors – customer-friendly branding techniques, a unique business model, growth-driven strategies, and on top of these, a unicorn refers to a start-up with a valuation of $1 billion or more, and so on. All over the world thousands of new companies come up with new services or products every year. However, most start-ups fail due to poor strategies and outdated business models and only a small percentage of start-ups could become unicorn companies. The fact that a business has only a 0.00006% chance of transforming into a unicorn, can be really challenging. If you want to give your company unicorn status, it’s important to be aware of how your products or services will make a better world. In this article, let’s see 10 steps you should follow to become a unicorn company.

  1. Specific Target Audience

More than 60% of unicorns depend on a B2C business system. These companies provide reasonable and latest products and services to everyday consumers. To become a unicorn company, create products or services that consumers want for their essential needs and discover ways to identify the specific target audience for your products or services. Every unicorn in the world offers a strong value proposition or a promise of how its products add value to the needs of customers. If you want to stay in the game, understand who your specific target audience is and how you can add value to your products for them.

  1. Introducing New Technologies

In the past two decades, all venture capitalists focused on investing in high-tech industries based on the basics of digital life.  This is the right time to introduce new technologies based on the advancement of digital life with more advanced technological features in fintech, industrial tech, health tech, mobility tech, digital commerce, and entertainment and media. Hi-tech is now influencing several verticals that make human life better. The better technologies you introduce the better unicorn you can develop. In a recent survey, it was said that roughly 90% of unicorns are software providers. May it be CRM systems, cloud computing, or any business software, all these leveraging technologies improve businesses dramatically.

  1. Solve Existing Problems

Products that solve existing problems will naturally gain customers. Every brand is a kind of service to the human race if we understand the nature of business in detail. Hence, every problem can inspire you to start a business. If your product can solve big problems that your competitors cannot, you have identified the right strategy that can make your brand become a unicorn. After solving the problem initially, you may continue advancing the features of your product by adding some elements that customers need. A perfect example of knowing their target audience is Canva. Its products were able to solve real and present problems and they have delivered the perfect product to the right customers. Canva taught us that if your product was able to solve big problems, by the time you launch, you will surely have ready audiences that will surely care about your business.

  1. Unique and Disruptive Business Model

Nowadays business disruption is the most effective business model that will become unicorns because it pertains to innovation in an industry that drastically affects the way it functions. Disruption refers to business innovation that fundamentally transforms the way that the industry or market functions. Every disruptive business provides simple yet creative solutions and cons-effective solutions that meet customer needs. Discover a new business disruption to develop a unicorn company.

  1. Secure Funding

Securing funds is an indispensable part of every start-up. And a unicorn’s value is often based on how venture capitalists and investors see themselves develop and grow from it. This is where longer-term forecasting comes in. As a start-up owner, you must know how you can secure proper funds to ensure the perfect functions of your company. Especially for start-ups that have a goal of becoming a unicorn, having sufficient funding is the most important step. There are various funding solutions available now.  You may choose wisely to make your company become a unicorn in the long run.

  1. Growth-driven Strategies

To develop your company as a unicorn, you should establish growth-driven strategies and set a long-term vision for your company. A growth strategy is an action plan that could help a company to grow continuously. Most unicorns have a clear vision and have achieved growth by obtaining tested validated sales channels and marketing strategies.  If a company applies the strategy appropriately, the company may acquire a huge number of customers and it will increase sales and revenue over a specific period. Growth-driven will unleash exact, quantifiable, and focused development to become a unicorn company from a scratch. 

  1. Hire the Right Talents

To build up a successful start-up, you need a strong team with the right talents that will help drive growth. It is important to hire employees with not only the skillsets you need but also the same values you are looking for implementing your company missions applicably. Keep in mind that the employees with the right talents will be able to forward your company to the next level since they want to provide the best to attain the next level in their careers.  If you will hire and lead people who are in on the same page as yours, then you’ll be able to join forces more effectively and reach your goals. 

  1. Business Relationships

Building relationships and establishing a strong rapport are two if of the most important aspects of developing a successful unicorn and these can be useful also during the trial-and-error stage. Having a strong business network will support companies to find suitable business partners, potential clients, and all types of investors. Developing a strong rapport with various business innovators and leaders can be highly beneficial for start-ups since new companies can gain valuable business insights from these business legends.

  1. Branding and Marketing

Many startups fail to capture their place in the market since their branding and marketing departments don’t perform well. Establishing the brand identity of your company and developing a detailed and long-term branding and marketing strategy will make you go on the right path. Once you have established a powerful image of your brand, you can start executing a marketing strategy based on your target audience. An excellent product concept can give a convincing reason for people to go for your product or even change preferences based on their status quo and market alternatives. 

  1. Scale Your Start-up

Scaling a business requires planning, some funding, skilled employees, enhanced processes, the latest technologies, and long-term goals. Scaling a business with the right sales and marketing strategies will support your company to become a unicorn company since it gives you a clear picture of building an accurate strategy that outlines key milestones. It can also align your short-term and long-term goals so that you can gradually reach the status of a unicorn.  

By having a large and untouched market with a fascinating value proposition, a quick word-of-mouth can be prompted which leads to attracting more buyers and potential clients then becoming the choice of the majority, and then eventually, passing the scalability test.

Conclusion

There is no exact formula to develop a unicorn company. However, the above steps and examples can help your company forward to the next level. If you want to stay competitive in your business model, you need a strong understanding of what your business concept is. Once you develop a powerful solution to address the existing problems and scale up, you will set a new path to reaching unicorn standards.

Dhunicorn 0 Comments
Jan 17 2023
The Latest Trends in Last-mile Delivery

Last-mile delivery, the movement of products from a hub of transportation to the last delivery destination, has become one of the important e-commerce systems. Because of the growing demand for integrated delivery systems around the world, there is an upsurge in last-mile logistics because this is a key differentiator for ecommerce companies.

It is expected that the market size of the last-mile delivery market is to increase by USD 165.6 billion between 2023 and 2027. The growth of the market may be based on several factors such as the rising number of various e-commerce companies, consumer behaviours, emergencies, and the growing need for warehouses.

Why Last-mile delivery?

  1. 73% of the global population is shopping online.
  2. The market is expected to grow continuously even after this decade.
  3. 45% of online shoppers are interested to buy from a company again if an order is late.
  4. 41% of consumers are ready to pay an extra charge for same-day delivery.
  5. According to 45% of online shoppers, retailers meet delivery expectations.
  6. 56% of Gen Xers and 55% of Millennials like online shopping.
  7. In Countries like the US, almost 157.4 million shoppers expect free two-day shipping on their orders, and some areas even prefer one-day or same-day shipping.

Without vehicles’ existence, shoppers won’t be able to receive their orders, and that is the reason why a trustworthy fleet of transportation vehicles is essential for the success of last mile delivery. It might be challenging to deliver on fast turnaround times, but it’s worth it from some brands’ perspectives such as Amazon Prime became an example wherein consumers don’t mind paying in excess for quicker delivery. Businesses compete in such a way that their tactics and eCommerce operations are customer-centric, 100%. 

Here are the latest trends in last-mile delivery that supports companies to keep up with growing consumer expectations to get their orders faster. If you want to take your company forward to the next step, these trends may help you find out the right techniques.

Environment-friendly Deliveries

Environment-friendly deliveries have created a big impact on retailers and logistics services providers and the approach to eco-friendly last-mile delivery strategies is a relevant business and societal challenge. By encouraging green deliveries, corporates want to achieve zero greenhouse gas emissions. More importantly, creating solid sustainability goals which consist of an eco-friendly last mile is a vital step in the fight against climate change. Businesses with business models that promote sustainability often win customers and it boosts their brand image. Nowadays, companies keep focusing on providing environment-friendly deliveries with the support of reusable packaging material and reducing CO2 emissions by utilizing delivery trucks that use green energy. According to a study conducted by the World Economic Forum, the need for last-mile deliveries may grow by 78% by 2030. The following are some environment-friendly techniques that companies can adopt for sustainable delivery methods to support an eco-friendly last mile.

  • Monitoring an inventory of your current carbon footprintcan make you aware of what sustainability goals your company should adopt to save the planet.
  • Discovering some essential steps to decrease your carbon footprint is the next important aspect of a sustainability initiative.
  • Since general packing requirements may become a threat to our environment, identifying sustainable packing is a critical aspect of last-mile sustainability.
  • Adopting strategies for utilizing green energy to reduce emissions as it makes a great impact in your company atmosphere as well.
  • Communicate and give consumers a slower-speed choice which can contribute to decreasing harmful emissions. Researchers at MIT discovered that fast shipping not only increase expenses by up to 68%, but it also increases total carbon emissions by 15%.

Drones and Autonomous Vehicles

According to a study, almost 3250 parcels are transported globally every second. It is expected that it may be doubled by 2026. With a traditional approach to delivery, companies are not able to manage such a big volume of parcels. Consequently, e-commerce companies have taken modern approaches through autonomous vehicles, drones, and delivery bots. Drones and autonomous vehicles have been excellent solutions for last mile delivery. They have given benefits such as efficient delivery, cheaper operational cost, and environment-friendly technology and these are the primary reasons why they will have a positive impact on logistics.

In the future, e-commerce companies may adopt much more smart technologies and tools to enhance customer experience with last-mile delivery. It is expected that the global market size of autonomous last-mile delivery may reach $68+ Billion by 2028. E-commerce companies also keep trying to invent new devices and vehicles that can support fast and sustainable deliveries.

It was forecasted that last mile delivery will get more programmed through the execution of delivery drones. The heightened use of unmanned aerial vehicles (UAVs) for quicker delivery of goods is one of the main factors in the drone market’s growth.

Fast Deliveries

The rising number of consumer demand for receiving anything quicker has resulted in e-commerce companies focusing more on faster deliveries. “The faster the happier” has become a watchword for every customer in the digital world. Fast deliveries are a must for businesses that deliver the products of quick needs. It is expected that the market size of global same-day delivery may grow at a compound annual growth rate of 20.3% from 2020 to 2027. Because of increasing urbanization, fast delivery is a must for companies such as:

  • Direct-to-consumer model retail companies
  • Food delivery companies
  • Florists
  • Pharmacies

To conclude, last-mile challenges can be hard to handle if you are not knowledgeable about them. It is important to keep in mind that there’s no such thing as last-mile solution but you can apply these practices that can get positive results:

  1. Work harder to meet consumer demands efficiently
  2. Make on-time deliveries
  3. Delivery logistics’ smart automation

These right practices, when combined with an appropriate app, can lessen the risk of last-mile problems and start flourishing during the most challenging phase of the delivery business.

Urban Warehouses

When it comes to online purchases, most customers demand same-day deliveries. Hence, companies need to arrange warehouses and hubs closer to the city. Urban warehouses have become a key place for guaranteeing fast logistics services in every urban hub. It is strategically positioned for the businesses, between its distribution center and the bulk of its clients, being an effective solution for complying with ecommerce business standards: same-day deliveries and trouble-free product returns. With the support of urban warehouses, companies are able to minimize the risk of damaged goods. It is an innovative approach to provide fast and professional services based on customer demands since retailers can gain quick access to a large volume of customers. Urban warehouses and fulfilment centres are two essential sources that can play a great role in fast deliveries anywhere in the world. The rise of ecommerce is one of the important reasons why urban warehouses have become well-known in supply chains nowadays.    

Smart Tracking

E-commerce companies have adopted advanced technologies such as smart tracking to improve their last-mile delivery. With smart tracking, some important features such as real-time tracking, visibility, and route optimization are supporting them with seamless deliveries and fleet management. It also contributes to increasing cost-effectiveness, enhancing driving management, inhibiting auto theft, lessening vehicle idle time by route optimization, and boosting consumer satisfaction. By keeping the customers informed about the correct location of an item in transit by providing more visibility, e-commerce companies have developed a sense of secure deliveries among customers. As it helps ensure that products are delivered to customers on time and professionally, smart tracking helps improve customer satisfaction levels.

Conclusion

When it comes to last-mile delivery, technology plays a key role to break boundaries. With the support of the latest technologies, the last-mile delivery system keeps growing to meet consumer demands. It is expected that this system will continue with the growth of e-commerce because of its increased needs. And also, to keep ahead of competitors, it is a must for every company that wants to achieve in the digital world. Hence, companies are to stay on the latest trends in Last-mile delivery to advance sales and marketing.

Dhunicorn 0 Comments
Jan 16 2023
An MMT Perspective on how Agenda 30 could be Implemented in Australia

Covid-19 has shown that governments with monetary sovereignty can turn the tap off quickly,  if they must, and just as easily turn the tap back on. This has been coupled with a new appreciation for the ability of a sovereign economy to operate effectively despite large levels of net government (and net foreign) debt as a proportion of GDP, reconfirming the experience of those governments during WWII, when debt was used as an instrument to curb consumption and to redirect productive resources and research activity into investment in new capacity and new technology to support the war effort (viz the Agenda 30 strategic policy goals). 

A similar imperative now confronts nations as they direct resources into a sustainable transformation of the economy. This paper will contribute to these policy objectives by examining the respective economic roles to be played in this transformation by the Job Guarantee, the Green New Deal, and what Mazzucato chooses to call “ mission-oriented finance”! In this context, a range of metrics for guiding policy is also evaluated.

Keywords: Modern Monetary Theory, Agenda 30, Green New Deal, Job Guarantee, Mission-oriented Finance, Short-changing Nature. 

1. Introduction

The main purpose of this paper is to clarify both the rationale for, and policy objectives underpinning, a range of interventions recently advocated by Modern Monetary Theorists (MMTs), within the context of the UN’s Agenda 30 strategic policy goals. Specifically, it will address the Job Guarantee (JG) as an anti-inflationary instrument and the Green New Deal (GND) as a means for redirection of resources and capital investment.

However, I intend to achieve this clarification within an academic context where it has become fashionable to question MMT for its on-going adherence to supposedly inadequate or erroneous theoretical principles. Much like much like Marc Antony in Shakespeare’s Julius Caesar, who guilefully claimed that he came “to bury Caesar not to praise him”, for although Brutus (along with Georg Friedrich Knapp and Abba Lerner) was purportedly an honourable man, MMT is faulted on a fundamental level for its less than honourable fidelity to the principles of (i) neo-Chartalism; and, (ii) Functional Finance.

The first theoretical allegiance is criticised on the basis of a broader Post Keynesian or Marxist interpretation of “money with no intrinsic value”, which questions the notion that stability in the value of money, when it functions as both a unit of account and a store of value, can be guaranteed solely by the legislated requirement that it be used for the payment of outstanding tax obligations (Lapavitsas & Aguila, 2020, is representative on this strand of critique). The second allegiance is questioned by so-called Structuralists, on the basis that current account deficits and cumulative net foreign indebtedness do matter, especially for emerging economies, which suffer from being situated low in the global currency hierarchy, plagued by a narrow, commodity-based admixture of exports, while subject to a rapidly destabilising pass-through of exchange rate fluctuations onto tradeable goods prices (for examples of this Structuralist critique, see Prates, 2020; Vernengo & Caldentey, 2019, for critiques, and Carnevali et al., 2020 for a discussion of strategic pass-through as a generalization of the Marshall-Lerner conditions).

With the intention of clearing the way for a more focused discussion of macroeconomic policy options, I wanted to briefly respond to the above-mentioned criticism of MMT’s theoretical foundations. To begin with, I wanted to highlight the fact that, in the 1980s, the Australian tradition of MMT developed within an environment where many mainstream and more left-wing economists adopted what were effectively Structuralist arguments to argue that a return to policies of full employment that were temporarily abandoned in the last year of the Whitlam Labour Government, was prevented by a “Balance-of-Payments Constraint”. When Hawke-Keating Labor Government was returned to power in the early 80s, Treasurer Paul Keating, largely mirrored then ex-Prime-Minister John Howard’s obsession with the rising level of foreign debt.

In Australia, back in the 80s, a series of inter-linked Structuralist arguments legitimised a sustained assault on the wages and conditions of Australian workers, and ultimately, the level of trade union influence. However, the biggest impact on the industrial working class could be sheeted home to rising labour underutilisation (a combination of rising unemployment and ‘precariousness’). With the clear intention of reducing the “real wage overhang,” workers were encouraged to trade-off increases in the ‘social wage’ for cuts to real wages as a means of restoring the international competitiveness of Australian goods and services.

In grappling with these problems, progressive economists often (incorrectly) applied Kaldor-Thirlwall multiplier models of trade to the case of floating rather than fixed exchange rates (McCombie & Thirlwall, 1994)[1]. On this view, income elasticities of demand dominate in their effects over exchange-rate related price-elasticities. A country like Australia is seen to have a high income-elasticity of demand for imports whereas the rest of the world has relatively low income-elasticities of demand for Australian exports. Accordingly, if Australia were to grow too rapidly compared with rates of growth exhibited by our major trading partners, the current account deficit would widen dramatically. “Stop-Go” policies would be the inevitable result.

Within the Commonwealth Government bureaucracy, it was commonplace for economists to refer to the “twin deficits” hypothesis, which viewed total public sector debt as the main driver of deficits on the current account. Similar views were actively promoted by supposedly ‘left wing’ economists in the National Institute of Economic and Industry Research, officials at the OECD, and members of Secretariat of the tripartite Australian Economic Planning and Advisory Commission. At around the same time, there was much-heated debate about “Dutch Disease” (i.e., the “crowding out” of other industries when the resource-sector expanded) and the “J-curve” effect in Australia (which arises when an exchange-rate depreciation initially worsens the trade deficit before contributing to a gradual increase in net exports).

Both Marxist and Post Keynesian critics of MMT have emphasised the importance of the global currency hierarchy, the determinants of effective sovereignty, and the influence of conventions and confidence in the whole monetary system as having some bearing on the value of money. And Chartalist views have been questioned on the dubious basis that spot/forward contracts were developed before effective principles of taxation were formalised. It has been claimed that many developing economies simply “will not find foreign demand for their currencies”.

Kaltenbrunner (2012) has attempted to achieve an integration of what she calls the ‘horizontalist’ or structuralist position and ‘verticalist’ interpretations of monetary policy in open economies (the work of Lavoie, 2000, 2002-03 can be seen as illustrative of the ‘verticalist’ position, especially in his interpretation of the covered interest parity condition).  To this end, she has identified three structural factors that determine the ability of a country to meet outstanding external obligations (and thus, the liquidity premium on its currency); namely: (i) a country’s total stock of net (short-term) external obligations (expressed as a proportion of GDP); (ii) the proportion of its liabilities denominated in foreign currency and the possible existence of other liabilities to foreign investors; (iii) a country’s ability to meet its outstanding liabilities through “forcing a cash flow in its favour” either through the income generation process (including income from previous rounds of lending) and/or dealing and trading in capital assets and financial instruments; and finally, if current cash flows are insufficient to meet outstanding obligations, (iv) the ability to “make positions” (i.e. to refinance existing debt and/or to liquidate assets).

The question for policy makers is whether a country exposed to external pressures in each of these three ways, can put together a cluster of policy interventions, including capital controls, to counter any likely shocks (while recognzing the fact that floating exchange rates ensure greater levels of autonomy in the pursuit of effective fiscal policy). This is where consideration must be given to a range of policy instruments that help to develop and diversify the economic and trading base.

Personally, I see a strong resonance between Marxist views on the credit system, when it fails to work as a means of payment, and Minsky’s notions of financial instability, which have long been accepted by MMT advocates. By the same token, I see little difference between Marx’s conception of money with no intrinsic value and Chartalist efforts to explain how a stable value for the national currency can be established.

In the next section of the paper, I will examine the Job Guarantee (JG). This will be followed by an interpretation of the Green New Deal (GND) as a policy for controlling inflationary pressures in the long run, while achieving dramatic changes in the resource base.  Australian MMT researchers would insist that a raft of supplementary policies (apart from, but including capital controls) can also be adopted as supplements in the pursuit of full employment, including tax policy, industry policy and a strategic commitment to industrial development on the basis of competencies.

2. The Job Guarantee in a “Nutshell”

The JG is premised on the fact that only the national government (as issuer of fiat currency) can create Net Financial Assets (NFA) through deficit spending. To avoid any under-employment of labour and productive capacity, the flow of NFA must match non-Government sector’s desire to net save. Otherwise, there would be a shortfall in effective demand. Jobs created through the issue of NFA would be paid at minimum wage and designed so that they do not directly compete with those to be subsequently created within the domestic private sector via the multiplier.

The JG labour-force thus functions as a “buffer stock” whose primary role is that of anti-inflationary instrument This is because the uneven distribution and persistence of underemployment means that traditional policies of public investment would otherwise meet inflationary bottlenecks well before full employment is reached (Mitchell & Juniper, 2007).

Mitchell (2020) explains how a JG operates as a superior means for the control of inflation when compared to the mainstream pursuit of a non-accelerating inflation rate of unemployment (NAIRU). The effectiveness of inflation policies based on NAIRU can and has been undermined by: (i) the continual movement of workers out of short term into long-term  unemployment; and, (ii) the dramatic rise in the proportion of those in precarious employment.  In the more technical literature on inflation, these combined effects are said to have contributed to the development of a “horizontal” Phillips Curve.

Fig. 1., below, suggests how the JG could operate by comparing three positions on the traditional Phillips Curve, which depicts trade-offs between realized inflation and unemployment. Governments increase effective demand in response to high unemployment in position A, moving to position B, at the cost of a rise in inflation from IA to IB. If a JG were put into place, the economy could instead move to position C, achieving full employment at the original rate of inflation.

3. The Green New Deal in a “Nutshell”

Where the JG is a short-run anti-inflationary mechanism, the Green New Deal (GND) is a log-run anti-inflationary mechanism for achieving a dramatic transformation in the economy through intervention in the process of capital accumulation. The GND adopts the methodology originally proposed by J. M. Keynes in his pamphlet on How to Pay for the War in the context of responding on a massive scale to environmental problems such as climate change (Nersisyan & Wray, 2019).

Under this modern version of the scheme, the stages to be followed are first to estimate the “costs” of the GND in terms of resource requirements; second, to assesses resource availability that can be devoted to implementing GND projects. This includes mobilisation of unutilized and underutilised resources, plus shifting of resources away from current destructive and inefficient uses into GND projects. Here, the main problem that could arise is that of inflation if sufficient resources cannot be diverted to the GND. Accordingly, the scheme also proposes a series of anti-inflationary measures, which could include well-targeted taxes, wage and price controls, rationing, and voluntary saving. During WWII, voluntary saving was accomplished, both Great Britain and the US, through issue of war bonds to all classes in society. This combination of policy interventions is summarised in Fig. 2., below.

4. Industry-Policies and Economic Development

Through an historical and political analysis of the East Asian development model, have Amsden and Wade have highlighted the difficulties faced by developing economies that are located at some distance from the frontier of best practice, yet still want to tilt the “playing field” away from existing configurations of comparative advantage. Amsden (1989) emphasises the need for a strong state to impose binding condition of reciprocity on corporations and sectors that benefit from a variety of subsidies designed to influence the path of capital accumulation. Wade (1990) attends to the complexity of “governed market” interventions that might appear to be even-handed in regard to trade versus non-traded, or import-substituting rather than export-oriented industries (conditions which he describes as those of a “simulated free-market”), yet nevertheless still provide incentives for advancement.

The work of Felipe et al., (2012) builds on the competency-based economic analysis of strategic development. This research updates work originally conducted by Hidalgo and Hausman using another set of data encompassing 5107 products and 124 countries. A minimal spanning tree is constructed for global trade based on proximity links between different products. Production of traded goods located at the centre of the network is seen to require a more diverse and non-ubiquitous but unobservable set of competencies. In countries such as India and China, policy makers seem to have been able to exploit available proximity links in their efforts to expand both the scale and scope of what is being produced and traded.

More recently, Barry Naughten (2021) has identified a shift in Chinese industry policy away from sectoral policies for strategic emerging industries towards policies that promote core digital technologies that, if successful, would enable China to leap-frog ahead of EU and US industries in a selected range of key domains (including digital fabrication and production, quantum computation, AI, and machine-learning, big data and the internet-of-things). Understandably, Naughten is reluctant to evaluate the success or failure of these initiatives, remarking that insufficient evidence has yet been amassed to make such judgements. He describes at some length the Industry Guidance Funds (IGF) that China deploys to coordinate different forms of investment at all levels of government—national, provincial, and local—in innovation, infrastructure, and commercialisation of these technologies—while identifying potential sites of failure and emerging risk.

Along similar lines, Mazzucato and Wray (2015) have emphasised the important policy role of State Investment Banks for “entrepreneurial states” wishing to engage in counter-cyclical expenditure, capital development, and new venture support. In particular, they describe an over-arching process of “mission-oriented” finance instantiated by Eisenhower’s efforts to “land a man on the moon” before the Soviet Union. The interventions of a variety of agencies—both public and private, including the newly formed NASA and DARPA—were orchestrated to achieve this set of aims, through the injection of finance at each stage in the innovation chain (i.e., from research, through concept invention, early-stage technology development, and product development, into final production and marketing).  If successful, China’s IGFs would fulfil all of these requirements. This same kind of coordinated approach could readily be harnessed to achieve ecological rather than military and geo-political goals.

5. Metrics for Short-Changing Nature

In a talk I recently gave to members of MMT-Australia I focused on the limitations of mainstream approaches to Ecological Economics focusing on the modified neoclassical framework of Pearce and Turner (1990). My major concern was to question those who saw policies for full-employment as being in contradiction with interventions designed to achieve ecological sustainability. However, I also questioned the notion of environmental capital, which featured in Pearce and Turner’s ‘4 Capitals’ model of sustainability. Accordingly, I turned to Marx’s concept of ‘fictitious capital’, which he applied both to human capital (with labour services being capitalised into a ‘stock’ using a discount rate that simply reflected the rate of exploitation) and to the capitalisation of fictitious structures of money taking the form of credit as a means of payment, that were increasingly divorced from real processes of capital accumulation. I suggested that environmental capital could be viewed as an equally fictitious concept, insofar as it attempted to ‘capitalise’ ill-defined flows of ‘environmental services.

I moved on to the need to build more rigorous bridges between Value Theory (understood in terms of Classical rather than Neoclassical Political Economy) and sustainability metrics (which adequately accounted for the ‘short-changing’ of nature). In the Classical system, prices are determined by socially necessary labour time, including the application of the labour embodied in productive capital. However, from a sustainability perspective, this should include the labour time required to recycle renewable resources, reduce other forms of waste, mitigate the impact of pollution, and discover substitutes for non-renewable resources whose stocks were being depleted (as argued by Moore, 2017).

To this end, I emphasised the proximity between this Classical theory of reproduction pricing, Leontief’s Input-Output Analysis (which has been taken up by a whole generation of Industrial Ecologists), and national accounting conventions for the measurement of GDP (on the former see Schmelev, 2012, along with Suh and Kagawa, 2005; on the latter see Flaschel, 2010). I then suggested that metrics for sustainability could be constructed by adopting techniques of linear programming that had been developed by mathematical economists and planners in the former Soviet Union, because these techniques were also grounded in the labour theory of value. At the time I was unaware that Paul Cockshott (2010) and his PhD student, Jan Dapprich (2020), had already pursued this approach to sustainability modelling, using modern software, while building on the research of Kantorovich (1939, 1965) and Novozhilov (1970) (also see Ellman, 1968 and Holubnychy, 1982).

For convenience, the various elements of what has been proposed above, are brought together in the Fig. 3., below.

6. Conclusion

By way of a recapitulation, let me suggest that policies such as the JG and the GND complement one another and, in combination, demonstrate ways that Agenda 30 can be successfully implemented both in Australia and elsewhere. I went on to argue that the Job Guarantee could serve as a short-run inflation control mechanism, while promoting full-allocation and processes of capital accumulation, to achieve sustainability objectives, while avoiding inflationary pressures over the long-run.

In arguing for this position, I also wanted to highlight the fact that MMT is and has always been cognisant of difficulties faced by ‘emerging economies. For this reason, I also considered a raft of industry policies that could assist developing nations in their efforts to progress up the technology and productivity ladder (even leaving the existing technology frontier behind them in their wake), while diversifying their trade activity. Industry policy can take a long time to come to fruition and some merging economies may be exposed to difficulty when servicing ballooning foreign debt. Under these circumstances capital controls may also fail to stem the tide of increasing financial obligation. However, as Kaltenbrunner (2019), explains, only a certain number of emerging economies would fall into this category. MMT advocates maintain that the loss of fiscal autonomy that would result from any move towards a fixed or ‘dollarised’ exchange-rate, would unfortunately be a heavy price to pay for the achievement of currency stability, even in the short-run.

Finally, I touched on ways that sustainability metrics could be developed using techniques of linear programming that deployed a modified labour theory of value approach to account for various ways in which nature was being ‘short-changed’. In this way, programmes to achieve full-employment could be designed to complement efforts to transform productive activity in ways that met ecological sustainability objectives.

Author: Professor Dr. James Juniper – Conjoint Academic, University of Newcastle; PhD in Economics, University of Adelaide

References

Amsden, Alice H. (1989). Asia’s next giant : South Korea and late industrialization. New York; Oxford: Oxford University Press.

Filho, S. F. M., F. G. Jayme Jr., and G. Libânio (2013). Balance-of-payments constrained growth: a post Keynesian model with capital inflows. Journal of Post Keynesian Economics/Spring, 35(3): 373-397.

Campbell, Martha (2017). Marx’s Transition to Money with no Intrinsic Value in Capital, Chapter 3. Continental Thought and Freedom: 150 years of Capital, 1(4): 207-230.

Carnevali, Emilio, Giuseppe Fontana & Marco Veronese Passarella (2020). Assessing the Marshall–Lerner condition within a stock-flow consistent model, Cambridge Journal of Economics, 44: 891–918.

Cockshott, Paul (2010). Von Mises, Kantorovich and in-natura calculation.  European Journal of Economics and Economic Policies, INTERVENTION, January 7 (1): 167 – 199.

Dapprich, Jan Philipp (2020) Rationality and distribution in the socialist economy. PhD thesis. http://theses.gla.ac.uk/81793/ .

Ellman (1968). Novozhilov’s Book: A Note. Soviet Studies, 20(1), 152–154.

Felipe, Jesus, Utsav Kumar, Arnelyn Abdon, and Marife Bacate (2012). “Product Complexity and Economic Development”, Structural Change and Economic Dynamics, 23(1): 36-68. (available from Journals – Jesus Felipe )

Flaschel, Peter (2010). Topics in Classical Micro- and Macroeconomics Elements of a Critique of Neoricardian Theory. Berlin, Heidelberg: Springer-Verlag.

Hagendorf, Klaus (2013). Victor Valentinovich Novozhilov: A Marxian Mathematical Economist In Honour of the 120th Anniversary of His Birth. Available from authors RepEc website: https://econpapers.repec.org/RAS/pha465.htm.

Harvey, J.T. (1991). “A Post Keynesian View of Exchange Rate Determination.” Journal of Post Keynesian Economics, Fall, 14(1): 61-71.

Hidalgo, C. & R. Hausmann (2009). The building blocks of economic complexity. Proceedings of the National Academy of Sciences of the United States of America, 106 (26): 10570–10575.

Holubnychy, Vsevolod (1982). Novozhilov’s Theory of Value. In (ed. Ivan Koropckyj) Soviet Regional Economics: Selected Works of Vsevolod Holubnychy. Edmonton: Canadian Institute of Ukranian Studies. Totonto: Hignell Printing. Available at https://diasporiana.org.ua/wp-content/uploads/books/20677/file.pdf : 381-484.

Kaltenbrunner, Annina (2019). How to interpret the forward rate in the foreign exchange market? Horizontalists vs. Structuralists in the Open Economy. Revista de Economí Política y Desarrollo, November – April, 1(2): 7-23.

Kantorovich, Leonid V. (1939 [1960]). Mathematicheskie Metody Organizatsii i Planirovania Proizvodstva, Leningrad: Leningrad State University Publishers. (Trans.) Mathematical methods in the organization and planning of production. Management Science, 6(4): 366–422.

Kantorovich, Leonid V. (1965). (trans. P.F. Knightsfield), The Best Use of Economic Resources. Oxford: Pergamon Press.

Lapavitsas, Costas & Nicolás Aguila (2020). Modern monetary theory on money, sovereignty, and policy: A marxist critique with reference to the Eurozone and Greece, The Japanese Political Economy, 46(4): 300-326.

Lavoie, Marc (2000). A Post Keynesian View of Interest Parity Theorems, Journal of Post Keynesian Economics, 23:1, 163-179.

Lavoie, M. (2002). “Interest Parity, Risk Premia, and Post Keynesian Analysis.” Journal of Post Keynesian Economics, 25(2): 237-249.

Mazzucato, M. & L. R. Wray (2015). Financing the capital development of the economy: a Keynes-Schumpeter-Minsky synthesis, Levy Economics Institute, Working Paper No. 837.

McCombie, J.S.L. and Thirlwall, A.P. (1994). Economic Growth and the Balance of Payments Constraint. London: Macmillan.

Mitchell, William (2015). Modern Monetary Theory: Macroeconomic research, teaching and advocacy, The Roots of MMT do not Lie in Keynes. Blog entry, 25 August. http://bilbo.economicoutlook.net/blog/?p=31681 .

Mitchell, William (2020), The Job Guarantee and the Phillips Curve, The Japanese Political Economy, 46(4): 240-260.

Mitchell, W. & J, Juniper (2007). Towards a Spatial Keynesian Macroeconomics, Chapter 10 in Advances in Monetary Policy and Macroeconomics (eds.) Philip Arestis and Gennaro Zezza, Houndsmill, Hampshire: Palgrave Macmillan.

Mitchell, William, L. Randall Wray, & Martin Watts (2019). Macroeconomics, London: Macmillan-Red Globe Press.

Moore, Jason W. (2017). Metabolic rift or metabolic shift? Theory & Society, 46:285–318.

Naughten, B. (2021). The Rise of China’s Industrial Policy 1978 to 2020. Mexico City: D.R. Universidad Nacional Autónoma de México.

Nersisyan, Yeva & L. Randall Wray (2019). How to Pay for the Green New Deal.  Levy Economics Institute Working Paper No. 931, May.

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Prates, D. (2020). Beyond Modern Money Theory: a Post-Keynesian approach to the currency hierarchy, monetary sovereignty, and policy space. Review of Keynesian Economics, 8(4): 494–511.

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unicorn 0 Comments
Dec 23 2022
Top 10 Sustainable Business Trends that Make the World both Environmentally and Economically Greater

Ever-increasing pollution, the climatic crisis, and environmental concerns have made companies think about developing products in a more sustainable way of living. After the Covid-19 pandemic, the behaviour of consumers has also changed, and started utilizing more environmentally-friendly products. Consequently, global companies have shifted to eco-friendly products leading to increased demand for sustainable products. In this article, let’s see the top 10 sustainable business trends to look out for in the coming years. 

  1. Sustainable Finance

Sustainable finance is a type of investment decision that provides funds for the environmental, social, and governance (ESG) factors of economic activity or project. It is a subcategory of traditional financing that aims to place capital into projects that emphasize sustainable development.  It has an important role in this world’s evolution to net zero by directing private money into carbon-neutral projects. According to recent statistics, the value of global total ESG assets may hit $53 trillion by 2025. Sustainable development companies keep flourishing here and there since they can get financial support for their eco-friendly products and services. Sustainable finance supports viable projects for sustainable and ecologically friendly agriculture.  

  1. Sustainable data centre

Companies need to keep records of data because of its importance. A sustainable data centre can be used to improve a company’s sustainability functions by identifying ways it can run more efficiently. In this digital era, the advantages of sustainable data centres are inevitable. Turning sustainability into strategies and budgets is becoming an essential factor in data centre operations, and data centre PR. There are several benefits of sustainable data centre since it:

  • cuts electricity consumption
  • decreases water use
  • lowers carbon emissions
  • lowers long-term operating costs
  • reduces space requirements
  • reduces waste output
  1. Sustainable retail

A sustainable retail sector is a must for creating an eco-friendly world because it can reach every consumer. It has transformed from an ‘if’ to a ‘when’ and ‘how’. Recently, consumers expect their chosen brands to take a stand for what they believe in and one of them is sustainability. Investors and customers both want to support a brand that prioritizes the environment and humanity. By selling sustainably sourced products, an eco-friendly retail business creates eco-minded consumption among consumers. When you open an eco-friendly retail store, you may consider partnering with a sustainable company that is focused on manufacturing sustainable products. And also, an eco-friendly retailer may diversify with new products or services as sustainable products will keep mushrooming.

  1. Recycled products

Recycling is the new trend in sustainable products and that is why companies should continue utilizing this trend to invent new technologies that can convert used products into usable recycled products. Recycled products will support reducing the amount of pollution they contribute to the world. Meanwhile, we, as buyers should contribute in this matter by recycling, reusing and consume in a sustainable way!

Benefits of Recycling

  • Conserves natural resources such as water, minerals, and timber
  • Increases job opportunities by exploring new domains
  • Prevents environmental pollution by reducing the waste
  • Saves energy for future usage

Top 10 Recycled Materials in the US

  1. Aluminum
  2. Concrete
  3. Corrugated Cardboard
  4. Glass
  5. Mixed Papers
  6. Newspapers
  7. Plastic (PET)
  8. Plastics (HDPE)
  9. Steel
  10. Used Motor Oil –ok for me
  11. Renewable energy

As the global population rises, our energy requirements have also increased, but fossil fuels are running out of the world. And also because of the negative impacts of burning fossil fuels, we human race need to create environmentally and socially conscious products and services in various economic sectors. So, companies can utilize this trend of global interest by generating cleaner energy alternatives and utilizing government-incentivized renewable energy initiatives. This is the best time to help solve the world’s energy problems and make money by doing it. Technology innovation and declining costs are giving way to renewable energy to gain competitiveness and the year ahead is getting more opportunities for cleaner energy sources to grow in most market segments.

  1. Sustainable food products

Nowadays food production, packaging, and shipping are all undergoing a revolution in sustainability and consumers are considering products that can help them to live a socially responsible and sustainable life. If you have new projects to deal with sustainable food production, you can help preserve our natural resources and create a new sustainable-friendly global society. Sustainable food products are not only about the food items themselves but also a combination of aspects such as production process, logistics, packaging, and consumption. The pandemic has also made companies and consumers consider and focus more on sustainability as we have suffered through social, health, and economic crises.

  1. Sustainable construction materials

Either as a manufacturer or a retailer, an entrepreneur should start a business based on sustainable construction materials. These materials are not only a better alternative for the environment but they also offer a better utility compared to traditional methods. Sustainable materials create energy-efficient structures and build green building materials and prove how they contribute to saving energy. This is the list of materials that are related to green buildings.

  • Bamboo
  • Cellulose
  • Composites
  • Cordwood
  • Cork
  • Earth Bags
  • Earthen Materials
  • Fiber Cement
  • Fiber Glass
  • Insulated Concrete Forms
  • Natural Clay
  • Natural Fiber
  • Natural Fiber Floor
  • Non- VOC paints
  • Polystyrene and isocyanurate
  • Polyurethane
  • SIPs
  • Slate/ Stone Roofing
  • Steel
  • Stone
  • Straw Bale
  • Thatch
  • Wood

As we move into another year, sustainable building materials in the market are all set to surge!

  1. Eco-friendly and sustainable toys

As an entrepreneur, if you have a passion for introducing innovative toys to get into the toy business, you may focus on creating types of toys that teach sustainability with eco-friendly raw materials. Toy companies are more fixated nowadays on expanding their market for environmentally conscious customers. If you’re not interested in designing new toys, recycle old toys to create new toys. By playing with eco-friendly and sustainable toys, kids in the present generation will get ready to create a new sustainable economy in the future. The increase in awareness among parents and schools, has resulted in most children shifting also to sustainable options in toys. 

  1. Sustainable interior design services

Interior designers can become sustainable business owners. If you want to become a role model, use eco-friendly furniture and other sustainable products to decorate residential as well as commercial buildings. Those who survive in these places will become eco-friendly customers so they will buy other sustainable products.

Beauty, convenience, and comfort with less damage to natural resources are completely in the spirit of today’s times when it is very important to take our planet’s safety seriously.

  1. Green apps and software

We need apps and software for facilitating every process. So, develop green apps and software to check the ingredients and ethics of sustainable products and to manufacture recycled products. Green apps are technically not a new concept, but it has caught the public’s attention due to concerns revolving around the impact of pollution and global warming. Green apps will support sustainable companies in taking decisions on important environmental factors, and they support making the production process simple and encouraging companies to think green. It will continuously grow and be an increasingly determining factor for consumers in the future.

Conclusion
According to research, corporates with high ESG (environmental, social, and governance) ratings will outperform the market average in both medium and long-term earnings very soon. A sustainable economy opens the door to new opportunities and offers huge benefits to our society and the planet. With the right business trends, sustainable businesses can overcome competitors that are environmentally unaware. 

Syed Abdul Kader 0 Comments
Dec 22 2022
Top 10 Trends in 5G Technology for 2023 and Beyond

In recent years, 5G business trends have shown tremendous growth because of the robust demand for high-speed network connectivity. Moreover, the number of smartphone users is increasing both in developed and developing economies. According to some studies, the Global 5G infrastructure market value may surpass USD 60 billion by 2028 because of its advanced capabilities. In this article, let’s study the top 10 trends in 5G technologies for 2023 and beyond.

  1. Artificial Intelligence

Why is 5G significant to the field of AI? A fully functioning and effective 5G network cannot be complete without the presence of AI procedures. AI, together with its sub-categories such as machine learning has been developing as a discipline, to the extent that nowadays this mechanism permits fifth-generation (5G) wireless networks to be prognostic and active. As corporates and other organizations utilize the benefits of digital transformation, they need to depend on a flood of data that is extremely valuable. Typically, the data are difficult to obtain, handle, and analyse since they are in different patterns. However, they use AI to manage the massive amounts of data being collected. 5G will improve the speed and integration of artificial intelligence. It accelerates the method of handling data while AI is used to analyse and learn from the same data faster. Nowadays the combination of 5G and AI is essential for every sector in the world. 

  1. Smart Devices 

When we think about 5G, we think of cell phones and how communication will become advanced with faster internet. What 5G will enigmatically transform is the way we interrelate with machines and how they become more incorporated into our lives. Artificial intelligence has played a key role in reshaping our world smarter and smoother since smarter devices are developed with the features of this technology. If companies utilize the power of 5G technology with smart devices, they can support their following professionals so that they can enhance their functions.

  • Automation engineers
  • Data scientists
  • IT manager
  • IT researchers
  • Product managers
  • Product testers
  1. Datafication

Datafication is simply transforming everything in our life into data that is suitable for a particular device. It is about taking a formerly invisible process and creating it into data, which can be monitored, traced, evaluated, and optimized. Recent technologies we are using have empowered a number of new ways of ‘datify’ our daily routines. Datafication supports IT professionals, data scientists, engineers, technicians, managers, and so much more. If companies utilize the power of 5G technology with the support of datafication, they can support their following professionals so that they can advance their business operations.

  • Big data engineers
  • Business intelligence analyst
  • Data scientists
  • IT architect
  • Robotics engineers

To summarize, datafication pertains to the idea that daily interactions of living things can be reduced into a data format and put to social use.

  1. Edge Computing

Edge computing is about the movement of workloads and models far from the cloud and nearer to where the action is. Edge is about dealing with distributed AI models that develop data and extract insights by running predictive analytics close to the source of data. The rising number of data explosions and the evolution of end devices require a new powerful network infrastructure. If we connect 5G technology with edge computing, we can get solutions that can support massive data volumes. 5G and edge computing can go hand-in-hand to empower a new generation of smart devices and applications. With its increased performance, 5G technology can enhance edge computing applications by decreasing latency, improving application response times, and enhancing the ability of companies to gather and process data.

  1. Robotics

5G technology will considerably advance a large number of services and speeds up the digital transformation of any type of company. 5G can transform the robotics industry if robotics is combined with other technologies. In current times, latency is one of the key challenges that robot developers encounter. 5G can eliminate it with enormous and low-latency connectivity. Until now, one way to spread the massive quantities of data required to operate robots without lag has been to keep them secured with a wired connection and thanks to 5G networking, which could be changed. 

  1. IoT

5G has changed the game and is able to provide faster, more stable, and more protected connectivity that gave progress to everything from self-driving vehicles to smart grids for renewable energy to AI-enabled robots. The technology of IoT is rising as several connected devices may touch the number of 3.2 billion by 2023. Even though IoT technology is getting aligned with a number of technologies, the 5G network is the most important technology that makes IoT more advanced. Primarily, this is due to the fact that 5G networks may go a long way toward enhancing the performance and consistency of these connected devices.

  1. Blockchain Technology

According to industry experts, the inherent higher speed of 5G technology will facilitate the integration of blockchain-related technologies. Professionals from various industry sectors foresee that Blockchain technology will be one of the major technological advancements of the next decade. With the support of 5G technology, blockchain will ensure data reliability, and security, thus enabling smarter and faster value functions. 5G can play a pivotal role in giving seamless experience in blockchain-related communication, dealing with detailed 3D avatars of products, and in modeling the future of business and society.

  1. Metaverse

Metaverse is an immersive virtual world in which everyone can work, play, live, transact, and socialize, enabled by the practice of mixed reality (virtual reality and augmented reality). It is the next evolution of the digital world, facilitated by multiple technologies including blockchain, artificial intelligence, smart objects, and edge computing. 5G is the best option to enhance all the functions in the Metaverse because every function in the Metaverse requires a powerful, high-speed Internet and a high amount and restricted latency networks that are more demanding than the traditional services for mobile broadband.

  1. E-Commerce

E-commerce platforms have entirely transformed the way how people buy and sell products. If 5G technologies are added to enhance the efficiency and performance of this sector, it will be a big game changer. 5G networks can support companies to advance the shopping experience of their customers in finding the right product for their needs. The demand for 5G infrastructure will rise significantly since every customer service will depend on digital platforms in the future. 5G made the internet more manageable, and even a smoother ride for those on their smartphones which translated to more potential buyers browsing online, with faster websites and apps to cater to them in record times.  

  1. Automotive Sector

The global automotive sector is growing noticeably because people need to purchase different types of vehicles for their commercial as well as personal usage. It is on the edge of major technology-driven evolutions that will disrupt the sector in a number of ways. Consumers nowadays are gradually having expectations go beyond vehicle quality and steadfastness.  After the advent of innovative technologies in autonomous and semi-autonomous vehicles, people have become more interested to purchase vehicles. With the help of 5G connectivity, vehicles can communicate with their components to help drivers better navigate. 5G technologies will be essential for the efficient functioning of all the systems in a vehicle.

Conclusion

5G transformation will not occur in a single step, but it is a gradual architectural evolution. It can be a game-changer for the global economy. By delivering a wide range of benefits to consumers and companies, 5G wireless mobile services create a fully mobile and connected environment. With higher multi-Gbps peak data speeds, ultra-low latency, massive network capacity, more reliability, and increased availability, 5G technology delivers a greater user experience. Hence, every industry should adopt this technology if they want to align with the latest trend and advance their business functions for increasing production and revenues.

 

Syed Abdul Kader 0 Comments
Dec 10 2022
Business Restructuring and Restart: A Need for Change in the Business Structure

If companies need to modify and reshape their operations, a business restructuring and restart is an essential process. With the intention of reviving a business, increasing a company’s market value, reducing debt, increasing the efficiency of business functions, improving the business going forward, and gaining a competitive advantage, companies are interested to restructure their businesses. In this article, let’s look at the benefits and types of business restructuring in detail.

Benefits of Business Restructuring
Because of a number of benefits, companies in all forms are interested to restructure and restart their businesses. In this competitive business world, after the rising number of new technologies blooming here and there, it is essential for every company to often restructure their businesses. This pertains to re-organizing the control structure of businesses in order to become more profitable, make advanced processes, and be able to adapt to the fluctuating needs of your business. A smart restructuring will bring the following benefits and advantages to the company. Let’s see a few of them here below.

  • Debt reduction to accelerate the growth
  • Cost reduction to generate more revenues
  • Reduced risks to handling any crisis
  • Increase efficiency for every business function
  • Prevent and resolve shareholder disputes
  • Improved tax-efficiency
  • Improve focus on key products or accounts
  • Enable incorporation of new technology
  • Better use of talent for improving business functions
  • Better succession
  • Assets relocation
  • Gain new competitive advantages
  • Better positioning for growth
  • Rejuvenate and revive business
  • Increase the company’s value to overcome competitors
  • Better prepared for sales and marketing
  • Better survival now and in the future
  • Limit financial harm

Types of Business Restructuring
There are different types of business restructuring processes. Here are some of them.

Mergers
Merger is a process of combining two or more corporate entities in which the assets and liabilities of the entities are moved to one, which continues to exist, while the remaining stop existing.   In this form of business restructuring to advance business from one level to another level, the companies can enter into a merger agreement, in which companies decide the terms and conditions of the merging process. Generally, companies that want to expand their business operations globally are interested in adopting this type of strategy since it is highly helpful for them to go global. A merger or amalgamation of a company with a foreign company is a revolutionary concept in business since a company wants to explore another country with new business functions. There are different forms of mergers such as:

  1. Horizontal Merger– It is a merger process in which a merger happens between two companies generating the same levels of production. This type of merger can help a company to increase its competitive advantage. For example, if Company A sells products similar to Company B, the joint sales of a horizontal merger will give the new company more share of the market. 
  2. Vertical Merger– It is a merger process in which a merger happens between two companies generating different phases of the production cycle. This form of merger delivers a strategic tool for companies to develop their businesses and obtain more control over the steps supporting the supply chain.  
  3. Conglomerate Merger– Conglomerate merger is a merging process in which merging happens between companies in different types of businesses with unrelated business activities. Common advantages of this type of merger are diversification, cross-selling products, and investment opportunity.
  4. Cash Merger–  A cash merger is a process in which one of the companies purchases the other company for merging. One of the main benefits of this type of merger is that the new owner can quickly achieve all the assets of the acquired business, without the requirement of converting new stocks or using other ways to prepare those assets for any preferred use. 

Private Acquisitions
It is a process in which a company acquires another company leading to consolidation or merger with the parent company. Private acquisitions generally happen because of increased benefits such as synergies, economies of scale, and economies of scope. There are two types of private acquisitions such as:

Share
This is referred to as a share sale. In this process, the buyer acquires the entire or portion of the share capital of the target organization. When a company is acquired as a result of a share sale, every asset and liability is transferred to the buyer.

Asset
This is referred to as an asset sale. In this process, the buyer has the benefit of acquiring a particular asset instead of its stock. One of the best advantages of an asset sale is the buyer can get rid of the liabilities with the seller and only purchase the specific assets of the company.

De-merger
It is one of the forms of business restructuring in which a company divides into two separate groups either to function independently or to be sold. De-merger permits large companies such as conglomerates to split their numerous business units to encourage or hinder an acquisition, and to increase capital by selling off components that are not part anymore of the product line.   After this process, companies are divided into different entities and enjoy the business functions separately. A company demerges for decreasing the financial burden, creating new business functions, and other reasons. In many cases, companies take a demerger strategy to create stock market value. Investors will have more visibility to make better investing decisions over the business functions.

Strategic Partnership
Strategic partnership is one of the most fundamental approaches to restructuring any business. Here, partners remain independent, share their benefits, take risks, have joint actions and continue to contribute in strategic areas.  As it is vital to the growth of any business, companies make use of the principle of a strategic partnership to improve business functions, generate more revenues, increase market capitalization, and expand business operations. The power of partnerships in business reveals itself in several forms, ranging from cooperation to investing in a project to sharing business intelligence and goals between companies.

With the right partnerships, companies can improve their business concept and increase their market capitalization. Strategic alliances can provide common benefits such as cost reduction, technology sharing, product development, market access, etc. And also, partnerships between businesses foster collaboration and longevity in firms and provide better solutions to society since companies can blend some of the best services to introduce innovative products and services.

Conclusion
Are you looking for the ideal organizational restructuring, management structuring, and financial restructuring for your company? The entire business restructuring is a good option since it can improve profitability, cash flow, business strategy, and rebranding. And also, it will improve communication and decision-making to improve sales and marketing.

If you are considering restructuring your business, having the right strategic business restructuring is a great way to start. As a comprehensive business solution provider, Dhunicorn will be the right partner in your business reshaping process. Find out more @ info@dhunicorn.com about how we can help you to implement strategic restructuring to achieve your targeted business objectives.

Syed Abdul Kader 0 Comments
Nov 16 2022
Current Big Data Trends You Should Know

Nowadays big data plays a vital resource for public and private companies. Because of the evolution of cloud software, companies have the ability to track and study volumes of business data in real-time analytics to make their functions grow accordingly. As every industry adopts the power of AI, the role of big data role is enormously high. Here are some big data trends that impact the current industry landscape and will tell you the bigger picture of big data.

Digital transformation

The digital transformation era has begun, and with it has come immeasurable revolutions for businesses to explore. The corporate strategies go hand in hand with the combinations of artificial intelligence (AI), the Internet of Things (IoT), machine learning, and big data. According to statistics, the global Big Data market is expected to reach $103 billion in revenue by 2027. Digital transformation in the form of IoT, IaaS, AI, and machine learning is pushing big data to territories unnoticed in human history. There are three types of data such as structured, semi-structured, and unstructured. Since content is the king of the digital world, we need to analyse large volumes of various data to learn to make sense out of them. Hence, companies preparing for the next decade should keep themselves updated on the last trends in digital transformation and focus on applying big data strategies and techniques to get their company functions developed.

Real-time analytics

Real-time big data analytics is one of the key software functions that are capable of analysing large volumes of incoming data stored or created with the IT infrastructure. It pertains to the process of evaluating data as soon as it becomes available in the system with the use of math and logic to deliver quicker insights on that data, leading to an updated and more well-versed decision-making process. With millions of new data stores created every day, companies depend on real-time big data analytics to efficiently search the data for desired patterns and insights that drive quicker decision-making.

  • Big data is already playing well in presenting sports-related data analytics to audiences during any sports competition.
  • Big data plays a key role in identifying fake news and statistics.
  • With the support of big data analytics, companies have the ability to solve data-centric issues quickly.
  • During any natural disaster, we can use big data with the help of AI, RPA, and machine learning for useful predictions.

Driverless technology

Fully autonomous driving is a dream of all the transporters in the world as it may reduce stress while driving, accidents, and traffic jam. Self-driving vehicles are progressively becoming certain despite the many hurdles still to be overcome and they could change our world in so many unexpected ways such as transforming our experience of long journeys and commuting and removing people from high-risk working environments. With the support of big data, there have been significant and notable developments in this research. An autonomous vehicle usually leverages three types of sensors such as camera, lidar, and radar. Sensors use big data for autonomous vehicles to track the locations and match the origins and target destinations. New start-ups may focus on either manufacturing products or providing services that are related to driverless technology to accelerate the power of big data in the corporate world.

Data governance

After the advent of the General Data Protection Regulation (GDPR) guidelines, data governance initiatives are mushrooming globally. Data governance (DG) is the procedure of handling the accessibility, integrity, usability, and security of the data in organizational functions, based on data standards and policies that can control data usage. It pertains to managing huge volumes of an organization’s data, exploiting it in the organization’s decision-making using various analytical tools.  Proper data governance guarantees that data is reliable and stable and not misused. With blockchain technology, a new world has started with several new possibilities and revolutionary opportunities. Around the world, blockchain service providers present new techniques and services. Data governance can also transform organizational functions to attain a more authentic outcome related to any function if it is coupled with blockchain technology.   

Innovation

The insights from big data analytics may lead companies to find some innovative techniques given that customers are living in a world of big expectations, where everything moves at a rapid speed. Big data allows them to update present services they provide and products they manufacture since the large volume of data collected helps companies identify what can fit their customer base. The insights can also be used to improve business functions, introduce new marketing strategies, optimize customer service, and advance employee productivity. 

In today’s competitive world, it is essential for companies to implement functions that help track customer reviews, and the success of products, and monitor competitors. Big data analytics enables real-time tracking of the market and makes you go ahead of your competitors.  

Understanding customers

With big data’s support, companies can discover new approaches to study actionable insight that will help them better understand their customers and outperform their competitors. Big data is not only applicable to big businesses, but it can also provide insights to customers and make significant improvements. Additionally, they may also experience a boost to your bottom-line performance because of developments in their business functions. Every data collected from social media helps to better understand customers. This will have a transformative impact on the ability to understand customers’ buying behaviours through a data-centric approach and it is possible in identifying new customers from all walks of life.

Here are some of the data classifications that can help to find out ideal customers.

  • Competition
  • The buying habits of customers
  • Demographics (age, occupation, gender, income level, marital status)
  • Economic shifts
  • Industries (medical, accounting, lighting, nonprofit) if you do B2B.
  • Location (local, national or international)
  • Market trends
  • Motivations
  • Psychographics (hobbies, values, personality, lifestyle, attitude, behavior)

Conclusion     

Based on market projections, the role of big data trends will grow more even in the coming decades as it has been developing and transforming the way the world uses business information. This will affect the way companies look at business functions. The key objective of every company should be to make their companies grow while transforming their data-driven environment. To wrap it all up, it is a must for every company to stay focused on big data and welcome digital transformations by adopting novel solutions based on big data. Big data is not just one of the trends that lead us into the data-centric future. In fact it is the future of all the data in the digital world since the world has gradually become a digital world or Metaverse in the future.  Hence, the methods that companies and IT professionals should understand how they store, transfer, and understand data.

Syed Abdul Kader 0 Comments
Nov 16 2022
Top 10 Trends That Can Take Your E-commerce Business to the Next Level

E-commerce companies need to stay restructured with the latest tools, technologies, software, and world-class e-commerce business trends to set new goals. The e-commerce industry is always changing with new trends. Particularly, e-commerce store owners are developing new strategies to meet customers where they are.

While every factor in e-commerce is evolving, we have given in this article some of the biggest trends that will impact the industry in the coming years.  Explore the leading e-commerce trends and keep abreast of the trends that are important for you to remain competitive and discover new opportunities.

  1. Augmented reality

Augmented reality (AR) has become a prominent game changer for e-commerce stores since it may help customers make a buying decision. In e-commerce, augmented reality permits consumers to have a real-time interface with products while they are in their location. It connects the gap between customers and physical stores as well as online shopping.  With the features of AR, the digital shopping experience in specific industries – fashion and home décor, can make customers feel better without seeing it in person. AR grants users the ability to not only watch 3D models of products but also lets users see how it looks if they use them. If you are an e-commerce company based in the fashion or design industry, follow this trend to be ahead of your competitors.

  1. Artificial Intelligence

Technology built on artificial intelligence has developed to an extent that it has become a vital element of the biggest online stores. Artificial Intelligence and machine learning support e-commerce companies to collect data for automated and personalized shopping experiences. They can continuously collect data on how customer shops when they purchase, and what features they are looking for in a product or a service. Generally, customers want to know whether brands care about them. AI is programmed accordingly to attract customers.

 

  1. Big data

As we have seen above, AI can collect automated data from your website at large. So customer feedback leads to data sets complexity and larger data volumes. Such high velocity and different types of data are too complex to get valuable insights from it. The data from larger data volumes are the mixed-up volume of data so that companies cannot easily refer to use for recognizing the customer’s preferences, patterns, and business processes. So using big data is one of the latest trends among e-commerce companies.

  1. Chatbots

Chatbots play a major role in communicating with customers since they perform like in-store sales associates. It has been becoming more and more popular across all industries, but they stand out more in e-commerce. Today’s shoppers want to be able to identify and purchase products in just a few clicks. This is where chatbots have become one of the effective customer experience tools to bring leads and sales. Installing various chatbots on e-commerce websites can bring the best customer feedback. Nowadays, speaking with an e-commerce chatbot is like talking to a human being because it can tell jokes, they have personalities but on top of that, they are very efficient heightening its usefulness the online customer service.

  1. Mobile shopping

People always have their mobile phones anytime and anywhere and browse them about 150 times a day on average. This is where mobile shopping comes in handy. Mobile shopping presents customers with the ability to make purchases from anywhere and the comfort it provides to customers has increased rapidly.  In today’s world, the rising number of smartphone users turns normal shopping into mobile shopping as it helps customers to have more product understanding and more convenience to pay. Moreover, if you are an e-commerce company publishing videos and podcasts on your website, your e-commerce site should be responsive on mobile or through web apps. Otherwise, you’ll lose mobile shoppers from all over the world.

  1. Payment methods

Offering a wide variety of payment methods is a good way to increase conversion rates on mobile devices. Gone are those days when the only payment option you have was only cash. Moreover, since mobile shoppers want the convenience to pay digitally, various digital payment methods such as credit or debit cards, prepaid, bank transfers, and E-wallets are suitable for mobile shoppers and are to be added to your e-commerce website. If you introduce a payment method based on blockchain technology, it will become a suitable payment gateway for your e-commerce company. 

  1. Headless e-commerce platform

Headless commerce is an e-commerce architecture. The headless model has been offering businesses a high level of flexibility and functionality which is relevant in today’s market. In this architecture, the front end is decoupled from the back end commerce features and functions. Hence, it is easy to update or edit features without interfering with the back end. Several e-commerce companies are implementing headless because of its flexibility on the backend. With the added SEO, content marketing, and digital experience capabilities, headless e-commerce platforms have become a great boon for e-commerce companies.

  1. Publishing videos

Publishing videos on your e-commerce website is an optical approach to suddenly grab and engage a customer and inform them about your product or service visually.  According to the statistics, 73% of online consumers have become interested to buy products after watching product videos that describe how it works. Since some products are innovative, showing people how to use them can users understand the benefits of the products. If you want to level up your e-commerce business and top your competitors, you would not want to take for granted the power of incorporating videos into your mix.

  1. Subscriptions

Subscription platforms help businesses to grow more especially if they have the right tools. This model revolves around the concept of recurring payments for recurring services which makes impressive profits. There are various subscription methods available on e-commerce websites nowadays and their convenience attracts consumers widely. For e-commerce companies, subscription services generate a method to plan for sales and inventory that are previously locked in. E-commerce companies that want to follow the latest trends can introduce innovative methods that can bring more leads and sales.

  1. Contextual and programmatic advertising

Context and programmatic ads are on the rise this year. It is a way of expediting marketing campaigns, sales, and brand visibility to a whole new level.  Social media sites are already redesigning their designs based on today’s trends. Simply saying, it can attract the right audience to the right ad at the right time. Compared to basic advertisements, e-commerce stores can get a better chance of reaching out to a larger audience by placing programmatic advertising. And also contextual and programmatic advertising helps you develop digital marketing campaigns based on consumer behaviours.

Conclusion

Since the digital world is ever-changing, e-commerce will only get bigger and better in the coming decade. New technologies will advance the trends. Hence, as e-commerce store owners, you must embrace the trends that best suit your requirements. The business trends given above are vital to take your business to new heights. Apart from the above trends, you may also set new trends after performing market research.   

Syed Abdul Kader 0 Comments
Oct 17 2022
The Benefits of Enhancing Business Objectives Achievement

“Clarity of vision is the key to achieving your objectives.” ­– Tom Steyer

Fundamentally, a business objective is a short or long-term goal that your company needs to achieve. Most companies aim for business objectives that are future-oriented and customer-friendly. Hence, business objectives are important for every company since they can help to focus on the outcomes of a company.

Business objectives for your business are very important to:

  • Increase Your Market Share
  • Strengthen Relationships Between Employers and Employees
  • Boost Long-Term Market Value
  • Cut Expenses to Save Money
  • Increase Sales and Improve Profitability
  • Enhance Business Performance
  • Improve Employee Performance
  • Implement Business Growth and Expansion Strategy
  • Gain Competitive Advantages
  • Improve Management System
  • Develop New Markets
  • Create Branding Strategies

 

Advantages of Business Objectives
Developing result-oriented business objectives can be very valuable to your company. Especially, success-driven business objectives allow company management to be more effective when it comes to improving company functions. The greatest advantage of clear business objectives is that a company can make result-oriented missions. With clear missions in mind, making a company achieve something is much simpler.

In this article, we will see three key benefits of having success-driven business objectives: improved leadership, measuring results, and better decision-making.

 

Improved Leadership
Do you know a good leader is a pillar of any team and dedicates his emotions and thoughts to building an effective team? Having clear objectives can improve leadership within your company. When every employee in the company knows what the objectives are, they can transform as leaders to work towards them more effectively.

The power of leadership relies on developing clear objectives. Every employee can become a team leader to be a balance between employees and employers with support and openness. So keep in mind that having improved leadership is the first and most important benefit of developing effective business objectives.

 

Measuring Results
One of the biggest benefits of developing effective business objectives is that it makes a company measure results. When companies have effective objectives, they can track their progress and see whether they are on track to achieve it. A comprehensive analysis provides companies ins and outs of the missions they performed. If we know how well our business objectives are working, we can execute the next objective successfully.

 

Better Decision-Making
As a final point, developing effective business objectives can also lead to better decision-making within your organization. Decision-making will be the best course of action if every member gets the right to participate in the decision-making process. When they take part, they feel like they are an integral part of the team and their contributions are highly important. Success-driven business objectives bring the best approaches that enable leaders and members to weigh up different criteria related to decision-making. With the power of better decision-making skills, you can:

  • Identify the problems.
  • Understand the problems meticulously.
  • Generate a list of possible alternatives.
  • Determine the best solutions.
  • Evaluate other alternatives.

 

Business Objectives Achievement Enhancement
Without the right talent, system, and resources, objectives are only dreams. Business objectives require several resources to be harvested internally for providing solutions. Success or failure could mean not just millions of profits or losses but also affect the overall company development in a positive or negative direction.

Every company needs the utmost crucial objective that is highly related to the survival of the company and continuity of the business, or some major objectives like overall business development, operational excellence, a boost of profitability, building competitive advantages, products quality improvement, new core products development, marketing excellence, and other important projects.

Are you in a rush to complete, execute, and achieve specific business objectives?

Did you know what resources, knowledge, know-how, talents, strategies, tactics, systems, tools, and methods are needed to increase the chances of achieving the objectives?

No matter how big or small your company is our Business Objective Achievement Enhancement program could be helpful to the accomplishment of the objectives! Let our talents, expertise, and resources work together with you to enhance and speed up your achievements wonderfully!

 

Result-oriented and success-driven missions
The brand should reflect the values and purpose of the product or service. Hence, it is better to have a long-term vision with result-oriented and success-driven missions. The vision explains what the brand is going to do in the future along with the missions currently being executed.

The vision statement should define the long-term aspirations of the brand. For example, by providing certain services to a particular society or a country, or the entire world, the vision expresses long-term values. A set of principles and values from the vision statement can guide the brand how it should operate and what it should achieve. The vision statement is a single sentence that explains and predicts why the brand exists.

Mission statements should define what the brand is doing now to reach its vision. Missions should say what projects you are doing, what values you promise, and how you are unique.

If a brand has a long-term vision with result-oriented missions, brand marketing will give a great result both quickly and gradually. Our Business Objectives Achievement Enhancement leads you to have business objectives with a long-term vision with success-oriented missions.

 

Conclusion
If you want to stay competitive in your business, you need to have strong business objectives. Based on the elements of the key concept of business objectives, you can advance your brand elements to provide value-added services or products.

Want to take your business goal to a next level?

Join us to acquire business objectives achievement enhancement.

Start your exciting business objective journey with Dhunicorn today!

Dhunicorn provides comprehensive business solutions to all types of companies. Contact us to know more about our Business Objectives Achievement Enhancement Program and other business services @ info@dhunicorn.com

Syed Abdul Kader 0 Comments
Sep 15 2022
The Importance of Building a Learning Organization

Any organization that is proficient in generating, gathering, attaining, and passing on knowledge and applying it practically as well as transforming itself accordingly to build its future can be called a learning organization.

A learning organization always takes up learning as a dynamic and continuous process. So, it encourages its employees to conceive creative and innovative ideas, and learn from whatever they do, from their own and outsiders’ experiences, from proficient experts, etc.

It sets its workforce free to think outside the box and express their ideas and is readily open to new ideas. Apart from that, such an organization incorporates specific learning methods and systems as well as training.

Here, the organizational leaders reward those employees who take an effort in learning constantly, with appreciation and recognition, job promotions, and remunerations to inspire them.

Why it is important to build a Learning Organization?

The business world is cruel. Here, to survive and win, it is important to be highly competitive.

In the present day, information is the most highly valued asset. To dominate in the business world, an organization has to be cognizant of the latest trends and newest updates of the industry and impart them to the staff. This is crucial for today’s rapidly evolving business world where companies want to be alert at all times and be aware of the next big thing.

Being a learning organization offers a competitive advantage because its employees learn better and keep updated as well as apply it to produce the desired outcome. It helps in getting ahead of the competition and enduring the tough and challenging business environment, by being outstanding and superior to others out there.

What are the benefits of a Learning Organization?

  • It improves your workforce

By encouraging the employees to learn unceasingly and be updated with the cutting-edge knowledge of the industry, they become more competent in their jobs. They become more productive both quantitatively and qualitatively.

Also, they feel more enthusiastic about their jobs because they are not passive players in the organization, their opinion matters, and their ideas are welcomed. They feel confident and interested in their job. They also see their growth possibility in the organization and strive to perform better.

This ultimately increases the profitability of the business.

  • It reduces the employee turnover rates

Employees who learn better and qualify themselves further can do their tasks efficiently. Hence, they feel satisfied and happy with their jobs and never find them boring. 

Because they get to learn and improve themselves in the organization and see the opportunity for their growth within the organization. When employees are appreciated and rewarded for their efforts, it increases their morale and they develop a feeling of loyalty to their company and their job.

This can dramatically cut down the employees’ turnover rates. This increases the reputation of the company and benefits it more by attracting top talent. It also cuts down the cost of re-hiring and training new employees.

  • It helps in enhancing customer satisfaction

Learning organizations become capable of providing the latest to the customers, whether it is the newest features or state-of-the-art technology incorporated in their products or services. This attracts more customers and thus more sales and profits.

It also makes the relationship with the customers healthier because it enables the company in delivering better information to the customers and discovering ways to offer improved customer support.

  • It offers more flexibility

In this ever-changing world and unpredictable world. Any crisis may come up challenging the business at any time.

Developing a learning organization makes the employees well-informed. It also makes them collaborate well and share information with each other in the organization.

So, the workforces are well-prepared for the unexpected and readily get acclimatized to new circumstances much better and quicker than those in the organizations that have neither adopted a learning culture nor developed cooperation among the staff.

Consequently, the company is capable of handling external challenges smoothly.

  • It stimulates innovations

Technology is advancing exponentially like never before.

So, organizations that want to get ahead of the competition must innovate inimitably. But it is feasible only if the organization supports its employees in inculcating new knowledge and information, and creating new ideas through practice and experimentation. After all, it is the employees who innovate and create solutions that help in generating successful business.

Only those organizations that foster a learning culture can cause innovation.


Do you now realize, how advantageous it is to be a Learning Organization?

Do you want to develop a learning culture in your organization?


To survive and thrive in this highly competitive business world, learning organizations become capable of facing external threats, harsh competition, and any uncertainty of the business world. It is immensely important for companies to build a powerful learning organization that strives to better the organization’s performance, gain competitive advantages, and continue success.

 

Arti Mudaliar 0 Comments
Sep 14 2022
Soaring Drone Business Opportunities

“Drones overall will be more impactful than I think people recognize, in positive ways to help society.” – Bill Gates

Drones also known as Unmanned Aerial Vehicles (UAVs) are remotely operated and controlled robotic aircraft that can be used to do different tasks varying from everyday errands to extremely dangerous responsibilities. They come in different sizes and have different technological features provided for specific functions or purposes.

In recent years, there is a rapid advancement in Industrial Drone Applications owing to their unmatched abilities and aspects. Therefore, the drone business has a huge scope across various sectors. Let us go through a few of them.

Agriculture Industry

Drones, with their versatile and significant applications, are causing a huge revolution in the agricultural industry. If you’re living in a farm-dense area, imagine the effect you can make on the farming community who can fine-tune elements like fertilization and irrigation with the help of the photographs and readings taken by drones.

Drones with high-resolution cameras, digital imaging systems, different sensors, and lasers are useful for real-time crop monitoring, determining crop health, analyzing deficiencies, inspecting soil hydration, pest, bacterial or fungal infestations, blight, and weed identification, detecting pooling or leaks in the irrigation, etc.

Drones fly swiftly as well as flexibly and can be controlled to go to the destined locations. Hence, they are immensely useful in agricultural tasks such as spraying fertilizers and insecticides, seeding and planting, etc.

Unlike manual labor, they accomplish the task rapidly, effortlessly, and efficiently with scientific precision, and that too at comparatively a lower cost.

Because Agriculture drones enhance crop yield and bring in more profitability, their demand is increasing in recent years. It is projected that the Agriculture Drones Market will soar at a CAGR of 22.4% from 2021 to 2030. By the year 2030, it may escalate up to 5.89 Billion USD.

Hence, Agriculture Drones Business has a very lucrative opportunity.

Construction Industry

Drones are transforming the construction industry dramatically.

Because drones are capable of capturing aerial footage and recording real-time data, they are useful in accessing construction projects such as high bridges, overhead power lines, wind turbines, skyscrapers, cell sites, TV towers, etc.

Drones are applied in the construction sector for asset tracking, preliminary mapping , remote site surveying to volumetric measurements for cut and fill jobs, planning as well as monitoring construction sites, observing the real-time progress of construction, carrying out structure inspection and quality examination, executing safety inspections, surveillance and site security.

They collect required data such as topographic information, and site measurements, for 3D mapping, building 3D models, and incorporating them into their Computer-Aided Design thus valuable in optimizing plans.

The demand for drones is increasing in this industry because they cut down costs, streamline workflow, enhance productivity, efficiency, and precision, improve safety, deliver the finest record of entire activities, and save time and effort. It also helps in delivering a safer way when it comes to unstable building inspections and surveying areas of construction site that are quite challenging to access by land.

It is anticipated that the global construction drone market may reach up to 14,123.3 million USD by the year 2028.

As a result, the drone business has a great possibility in the construction sector.

Security And Surveillance Industry

Drones with their superior features outperform traditional surveillance methods and are thus creating a huge demand in the Security And Surveillance Industry.

Unlike ground-based surveillance, drones with their aerial surveillance cover vast and hard-to-reach spaces. Moreover, they can pass through narrow and confined areas. Drones for surveillance purposes have night-vision cameras and thermal sensors with which they can detect and capture images with minute details that human eyes cannot.

They can efficiently detect intruders, follow them from a safe distance as well as promptly respond to the alarms stimulated by the external sensors.

They can offer live streaming and collect comprehensive data effortlessly, rapidly, and cost-effectively. They are immensely valuable in cutting down risks & increasing the competence of security personnel.

They are particularly in great demand for event surveillance, perimeter guarding, anti-poaching, traffic management, border patrolling, etc, and present high profit-yielding business opportunities in this sector.

To conclude, drones are highly beneficial for security surveillance in terms of saving cost, able to access distant and inaccessible locations, reduced noise levels which provides clear monitoring advantage and a prompt response for evidence gathering or possible arrest.

Advertising And Marketing Industry

Drones are the future of the advertising and marketing industry.

Drones have myriad applications in the advertising and marketing sector.  Specifically, drone light shows are getting increasingly popular. They can display and highlight a company’s brand by lighting up high in the sky, fascinating the audience, and capturing their attention to the brand’s message. Whether it’s a thousand takes or unconventional or distinctive angles, drone makes everything possible especially when shooting commercials and other marketing tactics.

They serve as cinematographer tools. They are also very valuable in capturing high-quality, stunning aerial video footage that can be used in advertisements specifically for property management companies, sporting events, resorts, hotels, restaurants, tourism and travel companies, etc.

These kinds of shots not only impress the audience in tv commercials but also grab their attention on the websites, banners, and print ads.

Because drones can be integrated with state-of-the-art technologies like Cloud technology, Artificial Intelligence, Virtual Reality, and IoT, they can be highly functional in this industry for data collection, innovative content creation, and advanced branding. And thus, the drone business has an enormous possibility in the advertising and marketing industry.

Drones are already able to integrate with all these new technologies giving birth to innovative ways to create content, customize it and deliver the brand’s message to its audience.

Oil And Gas Industry

The oil and gas industry must function as per their strict standards as well as conduct methodical inspection and maintenance to ascertain safety and prevent failures. However, the traditional process of implementing them is very costly. It also carries the risk of dangerous heights and electrocution. And so, drones are extremely valuable in performing these tasks without human intervention. Drone usage also minimizes inspection time and helps increase company savings. Companies are able to perform precise inspections with the use of little time thus, expensive inspection activities and platform shutdowns are being avoided, making companies able to save millions of dollars per inspection.

The pipelines that are employed in this industry extend for a large distance and some of them can be underground and thus tough to access. Drones come in handy here as they can fly and cover vast as well as hard-to-reach areas rapidly, detecting pipeline cracks, corrosion, gas leakages, emissions, spills, if any, and alarming the workers about it. Thus, they can prevent disasters and losses.

Drones are applied specifically for inspections, 360-degree view monitoring and observing proactive maintenance, and improving workplace safety. They can detect those particulars that human eyes cannot and provide better on-site safety, with high accuracy and cost efficiency.

Thus, the oil & gas industry, one of the chief contributors to the global economy, has growing demand for drones and consequently creates a profitable future for the drone business.

Telecommunication Industry

Drone technology has instigated huge disruption in Telecommunication Industry providing a cost-effective, safe and smoothly deployable alternative for traditional telecommunication methods.

Drones are applied in this industry for preventing cell tower faults. The structure of cell towers is inspected by employing drones to detect corrosions, cracks, electrical malfunctions, and unwanted growth of vegetation that obstructs the powerlines, defects caused by wear and tear.

Drones can fly high, reach dangerous areas and so can be used instead of making the workers do the risky tasks of tower climbing. They detect faults with high accuracy. This, help in maintaining and upgrading the cell towers efficiently.

Several parts of the world lack internet or cellular connection. Drones help resolve this issue by acting as temporary cell towers in those areas.

The usage of drones in this industry is transforming and improving its operations while saving time and cutting down costs. It can also operate in bad weather conditions like rain and high winds.

It is predicted that the global telecom drone technology market can grow from the year 2021 to 2026, at a CAGR of 17.8%.

The drone business has a fruitful opportunity in the telecommunication industry too.

The global commercial drone market is expected to rise from 8.15 billion USD in the year 2022 to 47.38 billion USD by the year 2029, estimated to grow at a CAGR of 28.58%.

For businesspeople who expect to make incredible profits and success, the drone business that presents a promising future is waiting to be explored.

 

To get further information & to know how Dhunicorn can help you in discovering new business opportunities,

Contact us at info@dhunicorn.com

Arti Mudaliar 0 Comments
Aug 24 2022
Dhunicorn Business Funding Solution: The Gateway of Unlimited Funding
 
Need new funding to achieve various company objectives?
 
Considering raising money from various funds and sources?
 
What are the best options available to your company?

Dhunicorn business funding solution is the best option for any type of company in the world. Continuous funding is not only the most important resource for business growth and various projects but also ensures business continuity and survival. It’s essential and smart for companies to get ready access to various types and sources of funding.

Dhunicorn business funding

We are the experts to bring you the most trusted Business Funding Solutions to help your company achieve continuous growth and success. After thoroughly understanding your business funding needs, we connect you with those targeted investors who are the best for your business and financial goals. We meticulously research, compare the deals and find you the best possible option among the investors.

With our thorough knowledge and in-depth experience in this field as well as strong working relationships with the investors, we can get you the best offers with the most favourable terms and competitive rates.

We coordinate and support you throughout your business funding process. Because we are well-familiar with the investors’ approval criteria, we can offer you personalized assistance in preparing a clear and convincing pitching deck, that incorporates all your business information the investors expect to know before approving the fund. We advise and guide you in avoiding those mistakes that may cause the rejection of your business fund application.

We are available to our clients, any time they want to reach us, to answer their queries, give status updates, as well as address their concerns. We process very fast to ensure our clients get their business funds on time. Above all, we protect our client’s information and ensure it is kept very confidential. We assist companies who are seeking the following funding rounds:

  • Seed
  • Angel round
  • Series A
  • Series B
  • Series C and beyond
  • Merger & Acquisition
  • IPO
  • Post-IPO
  • Private Placement
  • Other funding

Why Dhunicorn business funding?

We have a comprehensive network and collaboration with more than 78,000 public listed companies, investment funds, private equity funds, venture capitalists, angel investors, business incubators, government agencies, various funds, and investors, around the world.

  • We carry out thorough research and match you with the best-suited investors.
  • We get you the best deals with the most favourable terms and competitive interest rates.
  • We help you in pitching successfully.
  • We help you in avoiding mistakes that may cause the rejection of your business fund application.
  • Our team of experienced financial advisors and specialists offers advice and guidance throughout your business funding process.
  • We are well-experienced in working with start-up companies.
  • We provide our service to businesses of all sizes.
  • We deliver the convenience of hassle-free, fast processing.
  • We cater to most industries, including high-risk industries.
  • Our professional yet friendly customer service is quick and reliable.
  • We protect your information and ensure its confidentiality.
  • We provide transparent and trustworthy service.

Three types of funding packages

We offer you the best business solutions most business owners aspire to. Our comprehensive solutions are Basic, Advanced, and Premium packages that cover every business need and in different stages of your business.

Of course, the business functions of every company are different. Hence, financing options needs vary depending on your size, industry, and other aspects. Before you contact us for business funding solutions, be sure to take the following steps:

  • Consider the stage of your business
  • Determine how quickly you need funding
  • Estimate your projected finances 
  • Evaluate your business’s current finances
  • Weigh your business funding options

Basic package features

  • Inform, promote and connect your funding needs to more than 78,000 reliable investment funds, angel investors, venture capitalists, public listed companies and other investors worldwide.
  • Assist to identify suitable investors for your business requirements and needs.
  • Connect you to interested funding prospects for meeting and discussion.

Advanced package features

  • Inform, promote, and connect your funding needs to more than 78,000 reliable investment funds, angel investors, venture capitalists, public listed companies, and other investors worldwide.
  • Assist to identify suitable investors for your business requirements and needs.
  • Connect you to interested funding prospects for meeting and discussion.
  • Assist in carefully studying, analysing and understanding your proposal.
  • Facilitate a strong application by giving you constructive recommendations to modify and enhance the content of your application to make it the right fit for the investors.

Premium package features

  • Inform, promote, and connect your funding needs to more than 78,000 reliable investment funds, angel investors, venture capitalists, public listed companies, and other investors worldwide.
  • Assist to identify suitable investors for your business requirements and needs.
  • Connect you to interested funding prospects for meeting and discussion.
  • Assist in carefully studying, analyzing, and understanding your proposal.
  • Review and evaluate your business objectives, sales & marketing strategies, operation & management, financial standing, and growth forecasts.
  • Assist to formulate a marketable business plan, targeting the investor’s perspective.
  • Build an impressive and impactful pitch deck.
  • Attend some crucial meetings (virtual) together, guiding and helping you through every step of the funding process to successfully secure the funding.

Conclusion

Funds are an indispensable part of every commercial entity. As a business owner, you need proper funds to ensure the smooth operations of your company. Especially for start-ups, having sufficient funding is the most important initial step. Dhunicorn hereby recommends you various funding solutions to avoid any hassle.  Through our long-term funding support, you will access and find out some great funding opportunities that suit your organization and funding goal.

For further information on business funding solutions, please contact us at https://dhumall.com/businessfundingsolution/packages/

Syed Abdul Kader 0 Comments
Jun 10 2022
Top 12 Industries that Blockchain Will Disrupt in Future

“The application of Blockchain technology is rapidly becoming a core component of our infrastructure!” ― Kevin Coleman

A business process consists of a series of actions with the required steps to achieve an expected outcome. Every process is structured and repeatable. Every employee in an organization has to experience the same process. If a sort of action is unperformed, the entire workflow might become a mess. Therefore, streamlining a business process is the key feature of an organizational structure. With a structured business process, every employee can recognize their responsibilities and reduce errors to achieve added productivity. Blockchain technology has initiated a new world of possibilities with innovative business processes. Around the world, Blockchain service providers introduce novelties in every business function.

Every growing company needs to introduce novel elements for getting revolutionary changes to all components of their business functions. Recently, blockchain has entered the tech world as a game-changer. This disruptive technology generates distinctive opportunities to decrease complexity, produce secure and immutable information, and facilitate collaboration.

By decentralizing data, blockchain technology keeps our personal information more secure. With the support of this technology, every firm can ensure a safer online experience. In this article, learn about the top 10 industries that blockchain technology will disrupt in the future.

  1. Banks and Financial Services

It was said that what internet has done to media applies to what can blockchain do to banking. Banks and other financial services face different types of risks since they hold various data regarding the personal and financial information of customers. According to statistics, banks can save approximately $19 billion in the total banking process as a whole if they have an authentic approach to storing and sharing. To reduce the risk, banks can apply blockchain technology to performing their routine tasks and other major functions. A few banks have already started using this but not all. 

  1. Healthcare Industry

Adopting blockchain technology to transform the healthcare industry increases the security, interoperability, privacy of health data and minimize the costs while providing patients access to healthcare.  This technology provides a safe and systematic model for making medical records well-organized and secure. With its unique and result-oriented functions, healthcare industries improve healthcare communications, facilities, and functions on the whole.

It is expected that blockchain will change the world of healthcare with so many possibilities. In the coming years, every healthcare industry may boost its functions with this disruptive technology. Nevertheless, implementation will not be a cakewalk since every company needs to make a new infrastructure to avail all the opportunities of blockchain technology. The potential benefits of blockchain in the healthcare market are enormous as it:

  • Creates the data which cannot be altered by anyone.
  • Gives patients medical records of every communication and prescription.
  • Develops healthcare industries with more reliable approaches.
  • Offers possibilities for pharma companies to collect data in real-time.
  • Presents healthcare professionals easy access to the patient’s data.
  • Provides a great deal of transparent communication related to patient billing.
  • Stores the data in a hack-proof centralized database.
  1. Internet of Things

If we connect any internet-connected devices with other things or gadgets wirelessly, the things in this system can transmit and receive data from each other. IoT supports smart work and modern management of life. It aids in improved business process insights. It also helps in cutting down operational costs and downtime as well as enhances overall efficiency and productivity. With the support of blockchain technology, we can transform IoT industry processes to protect communications, facilities, and modernize software, monitor bugs and energy usage and functions on the whole.

  1. Cloud Computing

Unique features of Blockchain such as decentralization, transparency, and security have brought a revolutionary technology for the present generation of several industrial usages. One of those technologies is Cloud Computing. Blockchain provides a very crucial solution that can remove all the challenges in Cloud Computing through decentralization and provides data privacy as well as network security.  Hence, the integration of blockchain and cloud computing becomes very useful for a large number of industrial applications.

  1. Digital Marketing

Blockchain is also useful to disrupt the ways digital marketers do as it has a massive effect on delivery, purchases, metrics and value on such digital marketing campaigns. It is the future of digital marketing. With the support of this technology, small businesses can compete with larger companies to reduce costs, increase transparency, and trust with consumers. The following are some of the benefits of blockchain technology in marketing.

  • Blockchain allows marketers to accept alternate payments.
  • Companies can get genuine customer-related data.
  • Small companies can build trust in customers.
  • Companies can post ads without middlemen.
  • Every company can improve security.
  • Blockchain enables consumers to take charge of the ads they see and give advertisers an advanced means to fabricating high-quality leads.
  1. Public Transportation

Every national highway in the world has become a centre of accidents. To reduce the number of accidents, governments must install traffic systems expensively. Employing blockchain technology could help global national highways to become accident-free zones and it may bring statistics to better understand how people are utilizing public transportation options. Blockchain could also contribute to public transportation with a more functional, streamlined system, and pollution-free system.

  1. Energy Management

Blockchain technology is technologically potential to transform the energy sector as well even though Energy Management has been an extremely centralized industry for such a long time.  This energy industry is continuously introducing several innovations such as rooftop solar, electric vehicles, and smart metering. These innovations bring new use cases that include new business models for energy markets with real-time data management, and moving carbon credits or renewable energy certificates with the support of blockchain. 

  1. Government Records

The management of government services is another area in which blockchain can help decrease paper-based processes, lessen fraud, and increase accountability between authorities and the public. Some governments have already started taking it upon themselves to enjoy the benefits of blockchain technology-based advancement.

  1. E-commerce

Blockchain technology can transform the e-commerce industry by reducing transaction costs and increasing transaction security. Most famous e-commerce companies such as Amazon, Walmart, and Alibaba have already begun utilizing blockchain technology. By keeping time-stamped records of shipping and receiving, both owners and customers can reduce several price-related disputes. To simply put, blockchain can give a massive impact and changes on the following E-commerce categories- technological, legal, organizational and quality concerns and consumer issues.

  1. Retail

When it comes to the retail industry, customer trust is the most important factor. If companies apply blockchain technology to increase auditability, transparency, and confidence in every business process, it may be an approach to building trust among payment gateways, retailers, and customers. Blockchain will link consumers to vendors and won’t be needing a middleman with associated fees. Next-generation retail industry will be based on blockchain technology as both retailers and customers need to be more transparent and authentic in buying and selling.

  1. Real Estate

By applying blockchain, such issues concerning bureaucracy, no transparency, scams and public records errors which are normally faced in the buying and selling process in the Real Estate Industry will be reduced. Blockchain technology can fasten negotiations as the paper-based record keepings will be minimized and related work such as trailing, confirming ownership, ensuring precision of documents and transferring property deeds will be more convenient and efficient. 

  1. Insurance

Blockchain is an advanced way of trust management and can be used to authenticate various types of data in insurance contracts like the insured person’s identity. An oracle can be used to incorporate real-world data with what you call ‘blockchain smart contracts’ and this type of technology is very advantageous for any type of insurance that counts on real-world data.

Conclusion
Blockchain will not only transform how we use the internet but it has the potential to primarily reinvent and redesign business functions on the whole. Apart from the above companies, the business functions of every company are based on a certain process which needs more authentic data management for solving problems. Hence, blockchain providers can focus on solving problems of various sectors. Companies, which aim to become next trendsetters, should rely on providing blockchain-centred services that help them achieve an efficient management and innovative infrastructure.

           

Syed Abdul Kader 0 Comments
Jun 10 2022
Business Model Innovation: The Key Strategy of Business Evolution

“A business model describes how your company creates, delivers, and captures value.” – Steve Blank

How powerful and effective is your business model?

What does business model innovation mean to your company?

What are the problems that could have been caused by your business model?

Do you want to look for the answers to the above questions? Then this article will tell you about the complete picture of business model innovation. When we talk about the success story of any brand, the major element is the business model. A business model plays a key role in making profits, implementing functions, and capturing value. If innovation is added to a business model, it will become a framework to capture or create value by doing things uniquely to serve society with products or services in an innovative way.

Business model innovation is the art of enhancing essential features and functions by developing unique concepts for supporting an organization’s financial viability and advancing the business functions. It is where a company forms, distributes, and gets its value. The key goal of business model innovation is to recognize new revenue sources by advancing product value and how they are delivered to customers.

Why is business model innovation so important?                       

Nowadays innovation is immensely important for every company in the world. In many cases, innovation is only connected with innovative products or services. However, a business model innovation should be significantly more profitable. Continuous changes in customer buying behaviour, globalization, and revolution in digital technology are presently creating a “window of opportunity” for developing new business models. A business model innovation is important because it helps businesses:

  • Boost Long-Term Market Value
  • Cut Expenses to Save Money
  • Increase Sales and Improve Profitability
  • Enhance Business Performance
  • Improve Employee Performance
  • Implement Business Growth and Expansion Strategy
  • Gain Competitive Advantages
  • Improve Management System
  • Build Learning Organisation
  • Explore New Business Opportunities
  • Develop New Markets
  • Create Branding Strategies
  • Contributes to overcoming sales rejection
  • Helps prepare the company for unexpected events, for example, Pandemic

Examples of Business Model Innovation

Let us have a look at how to do Business Model Innovation and discuss a few examples to get a clearer idea of what it looks like when being practiced:

  1. Freemium -This is a word that comes from ‘free & premium’. It pertains to business models where the company is providing free services but will charge more when a customer uses the special features then they will be upgraded to paying “premium customers”. For businesses with exceptional products, high gross margins, and high customer acquisition costs, this can be a very dominant model.
  2. Subscription Models– An effective way to transform one-off purchases to a more anticipated, and over time larger, stream of revenue while guaranteeing that the customers are consistently getting value and is also able to purchase higher-end services because of the purchases arising over time. B2B and B2C businesses are the best examples for Subscription models.
  3. Platforms– These are categorized by their distributed approach to creating value. Basically these are either marketplaces or matchmakers that come in many forms. They usually earn money by either getting commission from the transactions or by charging the supply side for the value-added services being provided. The most common examples are Airbnb, Alibaba & App Store.
  4. Direct-to-Consumer (D2C)– This method gives the manufacturer a bigger margins as middlemen are not needed anymore. It gives manufacturers more customer experience and relationship, more control over the brand. Best examples for this are Casper in mattresses or Tesla in electric vehicles.
  5. Ads, affiliates and sponsorships– Smartphones and Internet are dominating the world and we have witnessed a big improvement in content creation which turned the conventional business model of monetizing content with advertising challenged because competition to capture market’s attention heightened up. For example, Spotify produces the majority of its revenue and profits from its users, the advertising revenue provides the company with a solid secondary revenue stream that can be useful for investing in their new developments.
  6. Hybrids– A huge number of the most innovative businesses have hybrid business models that actually consolidates multiple aforementioned patterns in a way that is customized for their specific businesses. A perfect example of hybrid business model is Peloton which sells high-end treadmills and bikes for home use which goes with a subscription service that provides exercise programs, online classes and many other useful features to go with the bike. Even if their products are pricey, they are able to sell them at break-even and then generate income with the subscriptions.

9 key points about business model innovation

  1. Every company needs a business model innovation since updating a business concept is the most important for making revenues.
  2. The business model innovation of a brand should transform partially and completely to ensure its success to come and present survival.
  3. At the same time, BMI should focus on both adding quality to existing products or services and introducing new products or services.
  4. Business model innovations do not essentially require the development of completely new business concepts. It may be a combination of already existing ideas that are widely used all over the world.
  5. Based on the type of industry or the type of service or product, it can be both a micro and macro innovation model.
  6. Instead of just one model, a brand can develop several business models at the same time. Moreover, several companies can use a type of business model.
  7. Business model innovations should focus on the potential to transform an entire industry with a new way of what customers prefer to buy.
  8. A good business model innovation may have the competence to collaborate with other business model innovations.
  9. Our present life is to focus on providing good life for our posterity. Hence, a good business model innovation should focus on what would happen in the future.

A combination of the above tips and techniques is essential if you want to develop a good business model innovation. To stay competitive in your business, you need a strong understanding of the key concept of your business model innovation. Based on the elements of a key concept, you can develop a business model innovation with the power of the latest technology. Make sure that your business model innovation will stay positive even under risky situations. Apart from all these things, when you develop a business model innovation, you need to consider other following key elements that will make your business successful.

Money: Running a successful business needs an expensive budget. You need to focus on controlling and managing loans, investments, capital amount, and/or revenue to make the financial function of your business go smoothly.

Pricing: Adopt the right pricing strategy. If your products or services are too high, you restrict your customer base. If they’re too low, your products or services may look substandard. So it is essential to price a product or a service after market research.

The right customers and clients: The most successful companies should be able to discover the right customers and clients as marketing their products or services is around them.

Less competition: As the market is already filled with several types of products and services, you should find out a less competitive product or service.

Need: If your product or service is not the choice of customer’s needs for the time being and in the long run, your business success may become a question. Diligent market research is essential to find out the needs of customers.

Growth: The growth component of a business model innovation should focus on what a company should do to increase the number of customers and key strategies to accelerate the functions to make profits immediately and continuously.

Business network: A good business model innovation should be a model which is suitable to collaborate with a business network. Joining a strong business network is the most valuable resource to succeed in any modern business. Some of the notable key benefits of a strong network are strengthening business connections, developing your creative intellect, improving your visibility, connecting you with extra resources and high-profile individuals, creating new business and marketing opportunities, achieving constant business growth, and increasing profit.

Conclusion
The concept of a business model innovation is highly important to redesign the structure of any business since business model innovation is one of the most authoritative approaches for companies to stand out from the crowd.  If a company needs long-term success, an ideal business model is essential. Dhunicorn offers all types of companies with comprehensive business solutions. Business model innovation is one of them. If you want to have a successful business model innovation for your company, we will guide you to enter the right path. And also you can renew your business model with us now for better outcomes!

Syed Abdul Kader 0 Comments
May 16 2022
“The Power of Partnerships: Why They Matter?”

Strategic partnership is one of the most fundamental approaches to improving business outcomes. As it is crucial to the growth of any type of business, merchants and traders make use of the principle of a strategic partnership to enhance business functions and expand business operations. The power of partnerships in business manifests itself in a number of forms, ranging from cooperation to investing in a project to sharing business expertise knowledge and goals between companies.

With the right partnerships, companies can advance their business concept and increase their market size. And also, partnerships between businesses foster collaboration and longevity in firms and provide better solutions to society since companies can blend some of the best services together to introduce innovative products and services.

Before you start to have partnerships, you have to decide what types of partnerships your business needs. Generally, there are three types of business partnerships:

 

Partnerships matter for the following reasons:

1. Same goals and vision

If your partners also have the same goals, vision and core values for your new business, the success ratio of business operations and expansions is enormous. A combination of business elements under the same goal will help you achieve improving organizational structure as you blend more ideas to develop one idea. Moreover, the right partner can assist in every growth of the business, and share a large chunk of the workload to run business functions smoothly. When it comes to corporate social responsibility (CSR), business partners who have the same goals and core values may contribute to the society for solving a number of social issues since two helping hands are better than one helping hand.

2. Partners with the different skills

When your business partners have skills that you don’t have, you’ll empower your start-up with more skills. For instance, subject-matter experts can form partnerships with marketers to market their expertise as a service. This way, both you and your partners can share skills for unleashing your potential mutually.

3. Shared Roles and Responsibilities

As every partner will take care of their roles and responsibilities, you can decrease your workload. So, you will have more time to focus on other development factors. And also sharing roles and responsibilities play a major role when your business faces any crisis.

4. Increased Brand marketing

In today’s market, brand marketing, which can reach a customer’s overall perception of a business, should be done through various digital marketing activities such as SEO and Content Marketing, Social Media Marketing, Email Marketing and Paid Advertising, and offline activities such as Business Cards, Pamphlets, Tradeshows, Workshops, Canvassing, Classified Ads and more. Simultaneously, both of these activities are essential to gaining brand awareness and growth. If you have strong business partners, you can promote your brand
collaboratively and effectively.

5. Discovering Your Competitors and Their Services

Knowing who are your competitors, understand their offering, will help you create strategies to improve your business performance. Here, competitor research can play a major role. It is strategic research that specializes in collecting data about rival firms. With the support of partners, you will become capable to discover who your competitors are.

6. Improved Brand Marketing & Target audience

Discovering your target audience is the most important step in brand marketing. Whenever performing brand marketing, keep in mind who your customers are since you can modify the elements of your services or products according to their exact needs. It can make you focus on a niche market, and you can create a brand identity based on their hopes, desires, cultures, languages and needs. Once a company understands the target audience, they can promote the brand based on customers, create a logo, colours, fonts and tone of voice according to their needs, make products and services for the right people and tell brand stories as per the buyer persona. With the support of partners, you will become capable to improve your brand and to discover your target audience.

Forming a partnership regardless of whether it is a general partnership or limited partnership or limited liability partnership, is the key to advance your business to the next level.

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Syed Abdul Kader 0 Comments
May 16 2022
“Finding the Right Strategic Partnerships for Your Business”

Strategic partnerships help businesses grow and succeed by letting them pool resources, skills, expertise, knowledge, innovation, latest technology, etc. Partnering strategically is a great way to grow the customer base, access new markets, expand geographic reach, diversify product lines, cross-promote, utilize each other’s strengths, gain competitive advantage, boost sales and revenue, and support business resilience.

Strategic business partnerships can be very advantageous for businesses of all sizes. However, the partners must be competent to build, develop and make the best of the partnership.

Finding the right strategic partners for your business to function jointly and co-operatively to create mutual benefits and success is the most crucial task in strategic business partnering.

To identify the right strategic partners for your business:

Set Clear Goals And Build A Business Partnership Profile
One of the major reasons why strategic partnerships fail is the lack of clear goals. When partners team up without any definite purpose, just for the sake of partnering then the partnership is likely to head towards failure.

So, set concrete goals and objectives that you are wanting to achieve through this strategic partnering. Also, ensure that your intentions are impartial and mutually favorable. Being only self-focused and not reciprocal cannot work in the long run.

While defining the goals, ask questions like:

  • What are your business goals?
  • How to accomplish them?
  • What is the time frame for attaining them?
  • What goals would be achieved by partnering with other businesses?
  • What type of company/business partnering can help you in achieving the goals?
  • Which industry your business partner must be involved in?
  • What are the weaknesses of your company? What kind of company can help fix these problems?
  • What support/help could your company offer in return?
  • What other benefits can you gain from this kind of partnering?
  • How can you make the best of this strategic partnership?
  • What according to you should be the ideal time frame for the partnership?
  • Are you looking forward to having a long-term or short-term partnership?

These questions can help you in listing your business goals and create a precise profile of the type of businesses you need to team up with.

 

Do Intensive Research
Before you actually approach the potential partner, carry out intensive research about them. Understand their business thoroughly. Determine the favorable aspects and strengths they have to fulfill the business goals that you specifically want to achieve through this partnership.

Pursue the company you can gain the most by partnering with. Your partner must be potent in the areas you are struggling in so that they can support you to enhance your growth.

Also find out how you can benefit them, unlike others by this partnership so that you can interest them to team up with you. It is important to ensure that both your and your partner’s goals will be met by doing business jointly.

Pitch To A Potential Strategic Partner
When approaching a potential partner, be direct and to the point. They must get the idea of why you want to team up with them and what are you anticipating through this business partnership. Also, present them with a short bio of your company so that they can understand your business and business goals.

Identify the chief decision-makers and pitch directly to them. If they are interested in the partnership idea, present a comprehensive partnership proposal.

Be Honest And Transparent
Be upfront with your potential partners if you want to gain their trust and make the partnership work. Being candid with them makes certain that you both have a clear idea of what to anticipate in this possible partnering. Let them know about your business strengths and weaknesses and bring up the areas where you would want to leverage their support.

Similarly, talk about your offerings and how your strengths can help with the weaker aspects of their business. Give details on how can you support them as well.

Thus, you build confidence in your potential partner and get rid of their hesitations to make them proceed further partnering with you.

Dhunicorn, the Best Place To Look For Strategic Business Partners For Your Company
Finding the potential partner for strategic business partnering can often be overwhelming and taxing, even if you know how to find them. It is also time-consuming to find someone you can really trust and who shares the same values as yours.

At Dhunicorn, our business experts know what it takes to form the right strategic business model. We meticulously analyze and bring those companies together that perfectly match with their goals, intentions, values, insights and are ready to team up for the long-term.

Dhunicorn has a network of 40,000 public listed companies and many private companies around the world. We can carry out confidential exploration of potential strategic partners specifically for your company from our vast network of companies.

Apart from supporting your company in getting apt and stable partners, we can also assist you with the business model design, strategic planning till the execution and implementation stage.

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Arti Mudaliar 0 Comments
May 16 2022
Strategic Business Partnership & Joint Venture Development

What is Strategic Partnership?
A strategic partnership involves creating a business partnership between two or more business persons or companies to share resources, innovative ideas, and technology, knowledge, expertise, capabilities, skills, trustworthy vendors, distribution channels, customer base as well as facilitate access to new markets, for mutual growth and success.

Although the strategic partners are independent, they mutually generate value for each other and endure risks together.

Why Create Strategic Partnerships?
If done right, strategic business partnerships can prove to be your business asset. Let’s see how strategic partnering can enhance your business growth:

1. Brings In More Business
If you want to grow your business, boost your profits and revenue then creating strategic business partnerships is the rapid way to achieve your goals with ease. It helps to bring in more business, apart from offering significant benefits and cost savings.

2. Gets New Customers
Growing a customer base is one of the main goals of any business, and a functional strategic partnership agreement helps to achieve it. Partnering with another business provides you a reach to their customers as well. This being mutual, businesses go for new partnerships to increase their market share.

For example:
Uber, the ride-hailing company formed a strategic partnership with Spotify, the music streaming company, for their mutual benefits.
Uber lets its customers stream Spotify and enjoy personalized music whenever they take their ride. This also makes Uber riders want to subscribe to Spotify Premium. The personalized music experience with its ride offers Uber a competitive advantage over its competitors.
Thus, both the companies attract and acquire new customers.
Strategic partnering is the right solution for your company to acquire new customers without investing in extra capital.

3. Adds Value for Loyal Customers
Customer retention is as important as getting new customers. Satisfied customers promote the products through word-of-mouth marketing. Partnering with companies that offer products related to yours cuts down the risk of some competitor company reaching and acquiring your customers. The strategic partnership adds value for your existing customers and thus helps you in retaining them.

4. Gives Access To New Markets
If the strategic partners have customers from a different market than yours then new-market penetration becomes easier than trying to enter the new market on your own. Sometimes, partner companies get to access the new market without any extra capital, additional routes, infrastructure, and distribution network expansion, which is not feasible to do on their own. Besides, building trust is very crucial when entering a new market and the trust your partner company has already built in the market benefits your company as well. This can help you get ahead of your competitors.

5. Expands Geographic Reach
Expanding into a new geographical market can positively help in the growth of your business. Partnering with companies in different geographic locations offers an opportunity for geographic expansion. Also, leveraging your business partner’s expertise and resources can help you reach your business goals without bearing the expenses and overheads on your own.

6. Helps in Extending Product Lines
If product diversification is your main objective, then a strategic partnership is advantageous in getting access to the resources, knowledge, innovative ideas, and market that are needed to broaden your product lines with minimal investment. Bonding strategically is mutually rewarding so you can also partner with a company that offers complementary products, services to enhance the quality of the existing products or develop the latest products, affordably.

7. Enhances Brand awareness
When you strategically team up with business partners with a huge customer base, you escalate the chance of enhancing your brand awareness as your logo, design and other branding aspects is now viewed by a greater number of people.

8. Builds Brand Trust
Customer’s trust in your brand will certainly grow if you create good business partnerships. If you have entered a new market and do not have a strong local presence then customers tend to doubt whether you really offer what you claim to offer. On the other hand, if you team up with well-established companies that have already proven themselves and won the trust of the customers, then it becomes easier for you to build your brand trust in the new market.

9. Helps in Overcoming Business Fears
At times, all business owners feel uncertain and worried when they face changes that can impact their business. Teaming up with great business partners ensures that you are not dealing with those challenges alone. It brings in solutions, innovative ideas, abilities, expertise, and strengths of several people to work out complex challenges and manage difficult times. This ensures your business’s longevity.

10. Helps In Boosting Sales And Revenue
You can create more than one strategic business partnership to form multiple revenue streams and improve your capacity to sell to a bigger market. The more companies you strategically join to enter a target market, the more probability you have for boosting your sales and revenue.
Strategic Partnering is the right approach for your business if:

  • You are looking for ways to sustain as well as thrive post-pandemic.
  • You are seeking to expand your business through new market development.
  • You want to cut down the cost and risk of your R&D.
  • You need new skills, expertise, and proficiency to grow and develop.
  • You desire to improve your competitiveness and beat your business competitors to win the market.
  • You are trying to set new standards in the industry.
  • You are striving to find new customers and increase sales.

How To Create Strategic Partnerships for Strong Business Growth?
If you are looking for strategic partners to build the most advantageous and stable strategic business partnership then you definitely need guidance from the experts in the field.

Our company, Dhunicorn has a global network of more than 40,000 public listed companies and private companies. We offer the best strategic business partnership opportunity to meet your needs. Our business experts can support your company to develop a successful strategic business partnership starting from the most important step of getting the right partner, model design, strategic planning till the execution and implementation stage.

Find out more from us today!

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Arti Mudaliar 0 Comments
May 13 2022
Using Chatbots To Grow Your Business

Recently, Chatbots are becoming more and more popular and important because of their efficiency and convenience. They are transforming the way businesses interact with their customers. Consumers also like them. A recent study states that nearly 74% of customers prefer chatbots for their prompt response. About 87.2% of customers say that they had neutral or positive experiences with chatbots.

Chatbots have the capacity to boost and grow a business. Let us see how they can be implemented to grow any business.

 

24/7/365 Real-time Customers Service

Good customer service is one of the most important aspects of a business. It helps in increasing revenue, improving reputation, retaining customers, decreasing customer churn, and enhancing brand awareness.

AI-based chatbots carry on real-time conversations with customers, help them with their inquiries, and resolve product/service-related issues. Humans have limitations but chatbots provide service round the clock and attend to multiple inquiries simultaneously in an engaging and personalized way.

Today, generally people prefer chatting online over calling customer support because they want fast service. Also, they do not have the patience to fill up a form and wait for someone to get back to them. They demand quick reach and immediate reply. If a business does not keep up with such demands, then it may lose its customers.

Catering to the customers 24/7, with instant replies can dramatically boost sales. Chatbots being very responsive are immensely helpful in satisfying customers, boosting sales, and growth of the business.

Example:

Amtrak, the American national passenger rail company was losing its potential customers because it could not keep up with the massive number of inquiries. So, it employed an AI-based chatbot that competently responds to five million inquiries on average a year.

It provides relevant information to inquiries of the website visitors just as human customer support would do. Apart from that, it promptly books tickets for them by asking them the place, date, and time they would like to travel and also offers them a route map for their destination.

It offers other information such as what items the passengers are allowed to take with them. It is capable of making hotel, and rental car reservations as well.

Consequently, the company could boost its booking rate by 25% as well as it experienced a 50% upsurge in user engagement and customer service.

 

Sales and Marketing

Contrary to common belief, the usage of chatbots is not limited to customer support. They can be used to promote and sell products/services as well. They also increase brand visibility and optimize the sales funnel with message applications in a sophisticated and handy manner.

Marketing is a complex part of business and has several tasks to take care of to convey the message to the end customers. Chatbots come in handy as they can be used to automate some marketing processes. Because they handle large volumes of conversations at a time, there are more possibilities of closing more sales calls. 

Using chatbots for sales and marketing is not just time-saving but also very cost-effective. They provide data for analysis which can be used to formulate effective marketing strategies and expand the reach.

They can deliver a personalized experience to the customers and create a great impression with the customers. This results in a better relationship with the customers and improved sales and conversion rates. 

Potential customers who inquire online or on social media are most often on the verge of making a purchase decision at that instant. Human customer support is not feasible round the clock. On the other hand, Chatbots are and they engage well with the customers and prevent potential customers from leaving the website with disinterest. A chatbot is capable of generating an 80-90% response rate.  They also reduce cart abandonment rates.

Chatbot automation can be used to schedule meetings with customers. They make scheduling, modifying, and canceling meetings easy-breezy and quick. Thus, they increase the chances of gaining leads and closing sales than the manual effort.

 

Lead Generation

Adopting AI-based lead generation chatbots is extremely valuable in growing a business. Such chatbots assist in knowing the prospects better by asking the visitors questions and identifying their preferences and interests, likes and dislikes. It not only grows the lead database but also segments the potential customers, which helps the marketers present the relevant and useful content at the right time so as to move the leads into the sales funnel. It also helps in lead nurturing which consequently enhances brand image and trustworthiness.

When conventional forms are replaced with lead generation chatbots, they collect the information about the leads by asking qualifying questions as well as carrying out further questioning formed on the answers to the previous questions. Also, such chatbots get more qualified leads too, so there are more possibilities for making new sales. As they are mostly found on social media messaging platforms, it is very convenient to reach wider audiences.

These chatbots are valuable in providing complete and convincing information about the products/services to the visitors who show an interest. This ensures an effective conversational lead generation.

 

Up-Selling And Cross-Selling

Chatbots can be used to gather customer data such as their previous searches, preferences, and purchase history and they can be leveraged to offer personalized product recommendations, by tracking the user behavior. They allow any business to promote to its clients through an interface as they are designed to provide answers towards a purchase and can be programmed with a flow chart to assist the users in their purchase with the information they desire.

When a visitor is unable to decide which product/service to choose, the chatbot can recommend suitable options for them to select in a non-salesy way. When a chatbot assists in shopping and retrieving the products, the shoppers need not waste their time browsing the website.

When customers navigate through the chatbot to look for a product, it recommends similar products based on what they were initially looking for, and for the undecided customers, the chatbot provides the most applicable option that suits them. Thus, a chatbot can help businesses to up-sell and cross-sell.

By incorporating up-selling and cross-selling techniques (to sell higher-end versions and complimentary items of any product, respectively) into the chatbot’s configuration, sales and profits can be boosted incredibly.

 

Cutting Down The Operational Costs

When a business grows, it needs to hire more employees for executing the business operations efficiently. This means the cost also increases as they have to be paid with remunerations and need to be trained too.

However, chatbots have no such drawbacks as they have the ability to scale with the business growth without added expenses. Yes, they need initial investment which may seem pricey in the beginning but as the business grows, the investment is worth it.

Because chatbots are designed to replace humans for certain tasks, the companies can save their substantial employee costs with the advantage of carrying out their operations 24/7.

 

Chatbot technology is evolving rapidly day by day. It is absolutely possible that in the very near future, new integrations would be incorporated into the chatbot technology which can bring more value to business growth.

Businesses must understand their shortcomings and needs and figure out which hitches can be resolved by utilizing chatbot so that they can apply its features innovatively and make the most of it for boosting profits and accelerating business growth.

Arti Mudaliar 0 Comments
Apr 9 2022
The Need for Green Energy Ramps Up; Oil and Gas Sectors in the Energy Transition

“A transition to clean energy is about making an investment in our future.” – Gloria Reuben

Nowadays oil and gas sectors face opposition from the public because of the environmental impact of fossil fuels.  Apart from the public, stakeholders and policymakers also express their opinions on the need for alternate energy since the world with green energy will seem significantly different from today’s world. If oil, gas and coal companies want to remain successful in their domains, they need to focus on not only surviving the low carbon energy generation but also on producing green energy.

The energy transition has become a challenging question due to the demand, social and financial future of oil, gas and coal sectors all over the world. The value of these sectors in producing next-generation energy resources and technologies will depend on how well they apply Environmental Social Governance principles to their green energy-related business models. Here, let’s see some of the best green energy sources that could be great solutions to global energy needs in the future and innovative methods for sectors in the energy transition.

Wind Energy

Wind energy, specifically appropriate to offshore and higher altitude sites, depends on the power of airflow that pushes turbines to generate electricity. The form of kinetic energy is converted into mechanical power with the power of wind turbines, and then mechanical power is converted into electricity through a generator. Mountains, vegetation and water bodies control wind flow patterns, and the wind is caused by several elements – the uneven heating of the atmosphere by the sun, rotation of the earth and variations in the earth’s surface. We can use wind energy because it is available everywhere on the earth.

Solar Power

This type of green energy source is generated using photovoltaic cells that capture sunlight and convert it into electricity. There are several benefits of sunlight in our daily lives such as Solar Electricity, Solar Lighting, Solar Heating, Solar Water Heating, Solar Ventilation, Portable Solar and Solar Transportation. As the sun is a boundless energy source, it is the ultimate approach to solving the energy needs of the world. And also, solar energy brings a number of business and job opportunities.

Hydropower

Hydropower has been the most commonly used form of renewable energy. Through the flow of water in rivers, dams and streams, we get hydropower. This type of energy is generated by capturing the energy based on the forces created by flowing water. Generally, hydropower is generated by storing water in a dam or reservoir.

Biomass

Biomass, one of the types of sustainable and renewable energy, is the fuel that is developed from organic materials such as scrap lumber, forest debris, certain crops, manure and some types of waste residues and is very useful for rural areas Biomass provides us with some other benefits that include protecting our environment and generating business opportunities.

Geothermal Energy

It is a clean and sustainable form of energy. We get this type of green energy from the thermal energy stored under the curst of the earth. It is used in more than twenty countries for heating and cooling purposes and the US is the largest producer of geothermal energy in the world.

Tidal

The least popular energy source but has the enormous capability of becoming one in the succeeding years. It can be produced in two ways: barrage generation or tidal stream generators. The power it produces is environmentally friendly and has less effect on ecosystems. 

Companies in the transition

The following energy companies, which have already started projects for the energy transition, are the major energy-focused companies and have agreed to six energy transition principles such as; 1. Public support for the goals of the Paris agreement, 2. Industry decarbonisation, 3. Energy system collaboration, 4. Development of carbon sinks, 5. Transparency and 6. Industry and trade associations.

ExxonMobil

Exxon, one of the largest international oil companies, has focused on its interest in investing in renewable energy technologies for future projects. They plan to promote well-made, high-impact policies that can advance the deployment of market-based, cost-wise solutions.  Even though the major strategy of the company revolves around decreasing greenhouse gas emissions, the company has signed an agreement to buy 2.5 million barrels of renewable diesel.

Beyond Petroleum                                                                                          

BP, the first big oil company which started renewable projects, generates energy from wind and solar. Beyond Petroleum, formerly known as the British Petroleum Company, has more than 2200 megawatts of wind capacity in the US, and invested in and built a renewable energy capacity of 50 gigawatts by 2030. It also develops bio-energy offer solutions for marine, heavy-duty transportation and aviation and a few of its most thrilling work is in venturing, where they are creating investments in a variety of smart technologies and exploring new business models.

Eni                                                                                                                                

Eni, an Italian company, has long-term goals and plans related to renewable energy. Currently, the company is coming up with two new business groups: Natural Resources and Energy Evolution. With the purpose of growing its offshore and onshore wind capacity, Eni has made partnerships with Norwegian Energy Company Equinor and GE Renewable Energy in France. With clean energy sources as an important corporate strategy, Eni, an integrated energy company, aims at achieving the entire decarbonization of its processes and products by 2050.-

Shell

Shell, one of the global groups of energy companies, uses advanced energy technologies to build a sustainable energy future. It is investing in a much lower-carbon technology such as wind and solar, new electric vehicle charging and hydrogen and an interconnected power business that will provide electricity to millions of industries, homes and companies. It reinforces global economic activity and develops the quality of life.  The total plan of Shell for renewable is to invest $500m a year in clean energy technologies.

Chevron

Chevron, with the aim of creating a better life with reliable and affordable clean energy, believes in the power of energy for a brighter future. Even though Chevron’s investments in renewable have been comparatively scant, this US company has invested in solar, wind and geothermal projects for the last two decades. In 2018, Chevron opened a Future Energy Fund with the first commitment of $100m. 

Renewable Energy Organizations and Research Centres

Research related to renewable energy research in order to invent new approaches or technologies to counter climate change is on the rise around the world. The key concept of this research is to lead the world with clean energy solutions. These are the most renowned research centres and organizations, and the companies in the energy transition use their latest technologies or methods for green energy generation.

  • American Council on Renewable Energy
  • American Solar Energy Society
  • American Wind Energy Association
  • Biomass Thermal Energy Council
  • Centre for Alternative Technology
  • Centre for Renewable Energy Systems Technology 
  • Citizen Partnerships for Offshore Wind 
  • Clean Energy Institute at the University of Washington
  • Environmental and Energy Study Institute
  • European Renewable Energy Council
  • Florida Solar Energy Centre
  • Geothermal Energy Association
  • Geothermal Rising
  • International Hydropower Association 
  • International Renewable Energy Agency 
  • International Renewable Energy Alliance
  • International Solar Energy Society
  • National Renewable Energy Laboratory 
  • Solar Energy Industries Association
  • World Bio-energy Association

Conclusion

In view of the above, we have concluded that green energy can dominate the corporate world if the oil, gas and coal sectors adopt appropriate transition measures. Green energy, which provides a cleaner alternative to many present energy sources, is the hope of the future world. These energy sources are not only good for the environment but also good for job creation. When it comes to fossil fuels, they do not provide a long-time solution to our energy needs and the related energy sources don’t create many job opportunities in this post-pandemic world. As per the statement of the Environmental Protection Agency (EPA), green energy offers several compelling environmental benefits for the future of the entire world. Hence, companies can create a sustainable energy-centred future, without polluting and damaging the entire world, but with a number of business opportunities.

Syed Abdul Kader 0 Comments
Apr 6 2022
Why is India Emerging as “The Land of Agritech Business Opportunity?”

“Agriculture is the most healthful, most useful and most noble employment of man.” – George Washington

AgriTech is the abbreviation of Agricultural technology. It means the application of technology in Agriculture to enhance the yield, efficiency, and profits.

Why India is the best place for the AgriTech business?

Nearly 58% of India’s population is dependent on agriculture as their main source of livelihood. India is a substantially agrarian economy and so there is huge potential for growth of the AgriTech industry in India.

At an earlier time, agriculture was a powerful economic sector of India. However, with the rise in industrialization, service & manufacturing-based economy, and rural to urban migration of labors, agriculture failed to get the attention it deserves from entrepreneurs & policy-makers.

The decrease in land holdings, shrinking agricultural land but increasing population, depletion of groundwater, poor seed quality, and lack of agricultural mechanization are the major problems that hinder the growth of agriculture here. Further, a disorganized supply chain & produce marketing system, malpractices within that system, farmer exploitation, lack of proper transport & storage facilities, lack of access to credit as well as the latest technology has pathetically lowered the incomes of farmers.

Consequently, there is a huge demand & enormous opportunity for AgriTech start-ups in India. There is immense scope in improving crop yield & farming efficiency, enriching the nutritional value of crops, cutting down input costs, improving the supply chain & creating minimal wastage distribution. There is also a brilliant possibility in the segment of market linkages like retail, B2C as well as B2B market. Banks have also been cooperative in developing new platforms that can provide solutions that may contribute to AgriTech start-ups’ transformation.

The future of the AgriTech market in India

India will witness AgriTech as a rapidly booming industry with no signs of slowing down in the coming times. The AgriTech segment in India is preparing itself for growth in the next two decades and so will surely attract investors and create excellent infrastructures as well as make way for sustainable market connections.  Food production is always a huge concern here due to the increasing population.

In 2013, India had only 43 start-ups in this sector, but it progressively increased to 1000 start-ups in 2020. The numbers are expected to grow further with the rising interest of the investors. The catalysts factor responsible for the growth of this number includes a rise in digital infrastructure & increasing internet penetration in rural parts of the country.

The turnover of the AgriTech market in India in the year 2020 is 204 million USD & is still under 1% of its market potential.

India’s AgriTech market is estimated to grow up to 24.1 billion USD by 2025.

The five chief AgriTech market segments that seize the largest share of the AgriTech market value include:

  1. Supply chain tech & output market linkages
    • It is the largest segment with an estimated value of 12 billion USD by 2025.
  2. Financial services
    • It is the second-largest segment with an estimated worth of 4.1 billion USD by 2025.
  3. Precision Agriculture & farm management
    • It is estimated to reach up to 3.4 billion USD by 2025.
  4. Quality management and traceability
    • It is estimated to grow up to 3 billion USD by 2025
  5. Supplying farm inputs
    • This segment is estimated to value up to 1.7 billion USD by 2025

AgriTech Trends in India

Farming-as-a-Service (FaaS)

It involves offering pay-per-use-based technology solutions, farm services & agricultural equipment leasing at a reasonable price for efficient farming. EM3 Agri Services is the company that introduced FaaS to India.

Big Data

Utilizing Big Data Technology to offer farm management solutions, input channel solutions, and enhance sustainability. It also includes combining technology & advanced analytics for risk mitigation, forecasting solution, Traceability & compliance. CropIn, AgNext, and Airwood are some of the companies working on this idea.

Robotic Technologies

Robotic technology is applied in agriculture to boost productivity in processes like spraying, weeding, crop-harvesting, fruit-picking, etc., and nowadays often in doing more intricate and precise tasks. Its demand is rising due to its immense help in solving problems like labor shortage, high labor cost, and the shortcomings of traditional methods. TartanSense, and Grobomac are examples of companies that apply robotics for farming.

Crop Monitoring Technologies

It is about monitoring crops utilizing advanced drones technology and satellites all through their growth, harvesting, and storage phase to eliminate any possible risks of losses. Examples include Equinox’s Drones and SGS India.

Supply Chain and Logistics

It utilizes technology to improve crop storage, packaging & shelf life, food security & traceability. Examples include the Farm to business companies like Crofarm & Ninjacart. These companies source produce from farmers and supply it to businesses. These companies offer digitized Agri-supply chains thus offering efficient, zero wastage distribution.

IoT sensory system

Advanced IoT based software is used to track & give precise information related to

  • Soil parameters like moisture, pH level, temperature, etc.
  • Environmental parameters like humidity, temperature, light intensity
  • Realtime Geographical parameters

to improve productivity, maximize yields, curtail waste, and conserve resources like water & fertilizer. Companies that execute this technology include AIGROEDGE & Infosys.

Vertical farming

It is a smart farming system in which the crops are grown stacked in vertical layers to solve the space shortage problems. The most popular method of several vertical farming techniques includes:

Hydroponics

This technique needs no soil to grow crops by adding mineral nutrients of the correct amount in the water they are grown.

UGF (URBAN GREEN FATE) farms, Homecrop, and Pindfresh are a few examples of vertical & hydroponics farming solutions offering companies in India.  

Drones in Farming

Drones in Farming contribute to lower down the cost. Drones help farmers to overcome challenges by consolidating raw data, which decodes very useful information for farm nursing.

What support does the Indian government provide to the AgriTech Start-ups?

The Indian government provides multiple incentive schemes to encourage AgriTech Start-ups in India. Here are the various steps taken to provide a major boost to India’s Agricultural Industry:

  • The government of India has launched ASPIRE to create a network of tech technology centers and incubation centers to promote AgriTech Start-ups.
  • The Government’s NSTEDB start-up scheme offers limited, one-time, non-recurring financial aid, up to INR 25 Lakhs.
  • The quantum of SFAC Venture Capital Assistance will be subject to the project cost and can be the minimum of the following:
    • > 26% of the promoter’s equity
    • > INR 50 Lakhs.
  • SERB has no maximum-minimum limit for a project grant. The budget depends on the need for its successful implementation.
  • Soil Health Cards have been launched to improve the productivity of certain crops reasonably and shall be issued to all 14 crore holdings in India. About 248 lakh samples are to be analyzed in 3 years cycle.

In 2020, The ministry of agriculture planned to invest INR 36.71 Cr to support 346 AgriTech & allied sector Startups.

Arti Mudaliar 0 Comments
Apr 6 2022
Skyrocket Your Sales And Profits With The Global Sales Network

What is “Global Sales Network”?
Global Sales Network, abbreviated as GSN is a powerful strategic sales platform for companies all over the world to successfully market their products and services in the global marketplace quickly, smoothly, and cost-effectively.

WTO has predicted global merchandise trade volume growth of 10.8% in 2021—up from 8.0% forecasted in March and followed by a 4.7% rise in 2022. Global market penetration opens the door of opportunity for conglomerates and companies to achieve global economic growth, reach new audiences, and create more demand for products and services.

However, there are many intimidating challenges for companies going global.

Let’s see how GSN helps companies to overcome those challenges and supports them in skyrocketing their sales and profits.

GSN Facilitates Global Selling Without Heavy Investment
Global expansion is not feasible for every company as it requires huge investment.

GSN offers the best strategic sales partnership program to help companies to find the right strategic partners. Strategic business partners team up and operate together to create mutual benefits and success.

This means that companies can leverage their strategic partner’s business expertise, skills, resources, infrastructure, and distribution network. Thus, they can sell their products all around the world without heavy investment.

In return, they can support and facilitate their strategic partners in realizing their business goals.

GSN Helps With Low Budget Marketing
GSN allows companies to spend less to promote their products to penetrate into global markets.

​Businesses, particularly in these pandemic times have limited budgets. This means promoting their business can become a tough challenge for them.

Experts in the field can offer low-budget marketing ideas, strategies, resources to promote the company’s products and services effectively in the international market.

GSN provides partnerships with the largest companies
Companies can sell their products or services along with the largest companies such as Amazon, McDonalds, eBay, Walmart, KFC, and so on. Some of the companies can easily make a large number of sales since they are not just selling along with a big company, but with several big companies at the same time.

For companies to skyrocket their sales, it is the best option since they can collaborate with a wide range of companies at the same time. Some of them may be digital while some of them are physical. They can also join hundreds of affiliation networks that have thousands of products and services available to choose from.

GSN Minimizes and Mitigates Complex Challenges
When companies go global, they face tough challenges related to fluctuating currency rates, foreign laws and regulations, global pricing strategy, payment methods, competing with local brands, supply chain complexity, acquiring and retaining talent, tax and compliance issues, language barriers, and cultural differences, etc.

GSN offers solutions to these daunting international business challenges while reducing costs, mitigating risks, and boosting profits.

GSN Cuts Down Lengthy Business and Marketing Processes
Business processes are crucial for any company to effectively execute its business strategies. Any business that grows and develops progressively gets more and more complex. More people engage in its day-to-day business operations, its data gets divided among diverse systems, and its customers expect more options. Eventually, its business processes become highly complex, lengthy, inconsistent as well as hard to manage.

GSN helps client companies in cutting down lengthy business and marketing processes by evaluating and enhancing them. So, the client companies save huge labor costs as well as reduce operational expenses while increasing their revenues.

GSN Assists Distribution Channels Expanding
Product distribution can be very troublesome for any company expanding globally. If sales decline by a considerable margin, then it can result in business stagnation.

And so, any company that wants to grow its business and improve sales, must constantly explore new distribution channels. It can help the company sort out inconsistent buying by its customer base and boost sales.

Not just that, discovering new distribution channels can build a strong brand internationally, and make the business less susceptible to the fluctuations of the current distribution channels. GSN also helps its clients’ companies in maintaining the quality of their product distribution so they can increase their sales and profits.

GSN Helps to Discover New Opportunities
There are countless new ways to boost global sales. However, just putting effort to find ways to improve sales cannot assure successful business growth. Any business that seeks success in the global markets must incessantly try to discover new techniques for improving the quality of its product or service, understand the changing demands of its customers, and seek innovation. Any business leader aspiring expansion of international sales must explore new opportunities.

GSN helps client companies to identify and understand the nature and trends of the markets they want to penetrate in. It creates an ultimate global business network for its client companies so that they discover innovative business opportunities and investment opportunities internationally.

If you aim to make the world your target market, then you definitely need the support of the Global Sales Network, to grow your business globally.

Dhunicorn’s GSN offers immense value & incredible results to any company that wants to expand globally, with the support of its substantial business resources, extensive business networks, professional guidance, and other services and platforms of Dhunicorn.

Dhunicorn’s GSN assists our client companies to grow their sales by providing them with a business network of 40,000 public listed companies from over 200 countries and territories around the world. They can get sales leads and referrals, global sales partners, resources, diverse channels through this valuable business networking.

Applying their local business strategies for international sales expansion is the worst idea for any company. GSN is a platform of Dhunicorn which has clients and members in more than 40 countries. It operates in a network of over 1000 internal and associated consultants, advisors, experts, and professors worldwide.

The client companies thus get the advantage of the international business networking as well as professional consultative support of GSN which can tremendously help them in boosting their sales and profits.

To get further information & to know how Global Sales Network can help your company with international sales expansion. Contact us at info@dhunicorn.com.

Arti Mudaliar 0 Comments
Mar 18 2022
The Nature of Indian Economy and Investment Opportunities in India

“It is really gratifying, for example, to visit India now and see that because they’ve had good educational institutions, and they’ve had a focus on it, there are more and more people in India participating in the world economy.” — Bill Gates

India, one of the fastest growing economies in the world, is expected to be one of the top three global economic powers over the next 10-15 years. According to the Hurun Global Unicorn List, India has become the fourth-largest country in the world with over 21 unicorns valued at US$ 73.2 billion. Moreover, with more than 7,000 public listed companies, India has become one of the deepest equity markets among emerging markets in the world. With a population of around 1.4 billion people, India keeps creating opportunities for growth and investment in all the sectors of the economy. There are a plethora of industry-based investment opportunities in India. In this article, let’s find out them in detail.

Information Technology

IT sector is the one which keeps growing at a rapid pace in India. And also it is the only sector that meets or even exceeds the expectations of the industry experts since the number of India’s internet and Smartphone users is continually increasing. India’s IT industry has evolved from the 2000s and entered into system integration, maintenance and remote infrastructure management of software development. Since then, Indian IT companies have achieved several striking factors both in private and government sectors, and have created a great impact even in the global IT space.

Key takeaways

These takeaways indicate why India’s IT sectors show great investment opportunities.

  • Availability of Special Economic Zones
  • By 2022, IT is sector expected to touch $1 tn digital economy.
  • By 2025, IT-BPM industry is expected to reach $350 bn.
  • Favourable government policies
  • India is full of IT-skilled employees.
  • Tax advantages and less salary ratios
  • Updating with new IT technologies – AI, cloud computing, Blockchain, Big Data, etc

Financial Services

The banking system of India, with a large and interconnected financial system, is regulated by the Reserve Bank of India. As every sector in India grows, the people of India get wealthier. Indian capital markets are expected to have a steady growth and financial services such as insurance, pensions, asset management, brokerage etc. are also growing along with India’s economic growth. Hence, investment opportunities on financial services in India are enormous if investors are ready to enter Indian financial market.

Agriculture

Agriculture-based industries and harvesting crops are the primary sources of livelihood for most of the India’s population. In 2019, India achieved the 9th largest exporter of agriculture based products worth of $37.4 bn. Indian government strives to increase foreign direct investment and allows 100% FDI to promote the contribution of private sectors such as agriculture-based machinery and equipment, fertilizers, horticulture, livestock farming, seed development, fish farming, and more.

Auto Components

The auto component industries provide us drive transmission & steering parts, body & chassis, engine parts, suspension & braking parts, equipment & electrical parts and more. India has achieved as the preferred global manufacturing base for auto OEMs. India’s auto components industry is expected to become the 3rd largest sector in the world by 2025. According to the forecasts of ACMA, this industry based on Indian exports may touch US$ 80 billion by 2026.

Chemicals

In India, chemical and petrochemical industries are expected to touch $300 bn by 2025, according to Invest India. These industries bring various products such as basic chemicals and its products, petrochemicals, fertilisers, paints, gases, pharmaceuticals, dyes, etc. Chemical industry includes more than 70,000 products, and provides raw materials to several SMEs such as dyestuffs, paper, finished drugs, plastics, polyester, pesticides, fertilisers and detergents. India’s chemical industries keep opening the doors for foreign investments since India needs to supply various chemicals to its population of 1.4 billion.

Construction

By the end of 2025, construction industry in India is expected to evolve as the third largest sector in the world. India allows 100% FDI under automatic route for construction of industrial and residential projects. And also India allows 100% FDI under automatic route for infrastructures like water supply, urban transport and sewage treatment. Construction sectors of India provide a number of investment opportunities for foreign companies as the country focuses on modernizing infrastructure, building ‘smart cities’, advancing logistics and transportation routes and ensuring affordable housing for every Indian citizen.

Electronic Components

India’s ambitious Initiatives such as ‘Digital India’ and ‘Make in India’ have brought the emerging growth of production in electronic components. Hence, Indian Electronic Components Market has increased considerably and is expected to touch $1 tn by 2025. As India is one of the largest electronics markets in the world, India allows 100% FDI under the automatic route. And also, India’s young generation who like to achieve something on the digital world is an interesting aspect for foreign investors who like to invest in India’s electronic component industries.

Food Processing

India’s food processing sector provides huge opportunities for investors because of ever-growing stance of food-related sectors. India’s food processing industry may reach over half a trillion dollars by 2025 with favourable economic policies and good fiscal incentives. And also, India’s annual household consumption increases every year. Under NIP, 15 food processing-based projects and 20 agriculture-based projects will be implemented by the end of 2025. Food processing-related Investment opportunities in India are enormous since The Ministry of Food Processing Industries encourages foreign investments across the value chain.

Pharmaceuticals

India, an important and fastest growing pharmaceutical industry, is the largest global provider of generic medicines and the largest supplier of vaccines. The pharmaceutical industry in India presents potential research and development factors for drug development, advancing biotechnology and manufacturing of chemicals and medicinal products since India’s pharmaceutical industry is expected to be worth US$65 billion by 2024. Investors who like to enter Indian pharmaceutical industry may contact India’s health ministry as government of India strives to serve Indians with all types of healthcare facilities.

Renewable Energy

India with an ambitious target of producing 175 GW of renewable energy by 2022 is one of the largest renewable contributors in the world. With a large number of solar PV projects and auctioned wind, India looks at an enormous $500 billion worth of investment on renewable energy by 2028 as per the study conducted by the Institute of Energy Economics and Financial Analysis (IEEFA). When it comes to investment opportunities on renewable energy, Indian market can be the best option for investors as India’s huge population depends on renewable energy and India is full of natural resources.

Conclusion

Planning is a key factor to have a success in any endeavour.  If you want to enter Indian market, you need to make a planning with a long-term strategy. Nowadays India is one of the most important international markets for global entrepreneurs. Globalization has modernized the economy of India for two decades, and also India has a very good history of economic trade and commerce. India, a country with around 1.4 billion consumers, is the second-most populous country in the world, and the largest producer of milk, pulses and jute in the world. In terms of nominal GDP, India has become the fifth largest economy in the world. The Indian market is looking for novel products and services to quench its 1.4 billion customers. Nevertheless, before venturing with any new project, you have to look into various issues on India –– politics, environment, various culture, language and more.  PCPB of Dhunicorn helps you find hot investment opportunities in India with suggestions, connections, expertise, the component of MarketSuccess India and more.

 

Want to get a unique approach to grasp investment opportunities in India? Get our PCPB!

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Get powerful resources for business breakthrough and growth, strategic business partnership, new ventures, vertical and horizontal expansion opportunities, market capitalization and increase public listed companies’ market value, etc.

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Get professionally developed online training courses and strategy courses delivered by experienced trainers which are the most powerful tools every business needs to build strong and continuous learning cultures.

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Be a member of one of the world’s most prestigious business clubs. Connect, discuss, share knowledge and build meaningful collaborations through a network of the world’s top business elites.

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Syed Abdul Kader 0 Comments
May 11 2021
Mobile App-Focused Business Opportunities

“In my opinion, the future of mobile is the future of everything.” – Matt Galligan, Co-founder of Circa

The rising number of mobile users has revolutionized the way we communicate with others for both personal and commercial purposes. From managing a pool of data traffic to transforming business with direct customer engagement, mobile apps pave new business prospective with various approaches for the modern world. Currently digital environment has become an app-centric space for every human need.  It is expected that mobile apps will generate more than $935 billion in revenue by 2023. Generally, a Smartphone owner uses 10 apps a day and 30 apps every month.

It is expected that mobile apps can make huge revenues through app stores and in-app advertising in the next decade. To stay competitive in any field, adopting latest technology is the first and most important step which companies should focus on. If you can understand the entire structure of mobile app markets, you have greater chances to rule the sector with your innovative app. Let’s find out some of the best app ideas that can make you a trendsetter in mobile development as a mobile app entrepreneur.

Augmented Reality Apps
Augmented reality can play a major role in mobile app development sectors since it deals with digital-friendly sounds, images and text. It transforms the reality around us into a digital interface by setting virtual objects in real time. According to the statement released by Market Research Future, the global market of Augmented Reality-based mobile app development would reach US$70 billion by 2023.AR mobile apps can support enhancing the performance of automobile industry, hospitality, interior design, construction, health care, food industry, etc.

Some AR-based app ideas

  • Floor Planner App
  • Painting Tool
  • User Manual
  • Publication App
  • 3D Printing App
  • Filmmaking App
  • Manufacturing App
  • Architecture App
  • AR-enable Television


Health Care Apps
After the era of Covid-19, health care apps have become one of the best apps that focus on customer-friendly tasks. Healthcare mobile apps make the medicine availability easier and convenient and it is undeniably in-demand as they are one of the leading apps in the app stores simply because they provide solutions the healthcare market’s challenges. With both health professionals- and patients-friendly healthcare apps, a rapid growth of new cases can be handled by doctors immediately. Sitting at home, you can get appointment, chat with a doctor (if required, with multiple doctors), get your medical images scanned, check symptoms distantly and get a prescription if possible. In the future, AI-powered health care mobile apps will come up with some basic and advanced diagnostic features that empower doctors to treat more patients.

Some Healthcare-based app ideas

  • COVID-19 Guidelines App
  • Health and Fitness App
  • Mental Healthcare App for Employees
  • One-stop Healthcare App
  • Pharmacy App
  • Organ Donation Portal
  • Crowd funding App
  • Biomedical devices-connected App
  • Healthcare NGO
  • Emergency App
  • Genetic Engineering App
  • Healthcare Research App

Virtual Reality Apps
What is a Virtual Reality? It is often described as three-dimensional computer-generated environments that replace the normal reality. It is experienced as 3D graphics, images, or 360-degree videos on computers or smartphones running mobile apps. Apart from entertainment sectors, Virtual Reality supports several domains such as education, healthcare, marketing, air and space, travel, real estate, journalism, trade and automotive. Hence, VR mobile apps can come up with several features that make people perform several tasks interestingly. And also, we can connect VR apps with several other types of apps such as AR apps, healthcare apps, AI apps, blockchain apps, IoT apps and on-demand apps for getting maximum benefits of related app functions.

Some VR-based app ideas

  • Digital Personal Assistant
  • Interior Designer App
  • Product Showcase App
  • Meditation Guide
  • Training App
  • Artistic App
  • Publication App
  • Filmmaking App
  • Manufacturing App
  • Architecture App
  • Entertainment Apps
  • Sports Apps
  • Dating Apps

Artificial Intelligence Apps
AI-powered apps help for problem-solving and performing tasks and it is taking the world by storm. Some of the best AI android apps are highly productive and save time. Since Artificial Intelligence leads all the sectors, AI mobile apps can control every sector with its advancement and its applications have been a great value for both establishment and an individual, supporting then in their tasks with ease and meeting deadlines. So, if you are planning to develop an AI mobile app, here are a few interesting suggestions that may help you capture the world of AI apps.

  • AI content creator
  • AI Personal Trainer App
  • AI Travel Assistant
  • AI-based brand monitoring app
  • AI-Based Easy Checkout App
  • AI-Based Image Analysis App
  • AI-based maintenance app
  • AI-based manufacturing app
  • AI-based recruiter
  • AI-based research app
  • AI-based training app
  • AI-Enabled Text Extraction

Listed below are the 9 best Artificial Intelligence Apps that are redefining human lives this year:

  1. Alexa– an AI powered virtual assistant from Amazon
  2. Google Assistant– an AI driven virtual assistant developed by Google and is primarily available on mobile and smart home devices
  3. Siri– works on using voice queries and a natural language user interface
  4. Socratic– one of the most common AI-based applications for Android and iOS that can assist students with their tasks by providing educational resources
  5. Cortana– aka Microsoft’s virtual assistant
  6. Replika– Well recognized as the best AI friend and makes a conversation with its users much like a human being
  7. ELSA Speak– a popular AI-enabled app to learn how to speak English
  8. Wysa– an AI-powered conversational agent that helps improve mental health
  9. FaceApp– a photo and video editing application for Ios and Android that helps convert an actual photo into an amazing one

Blockchain Apps
Blockchain apps not only run on one server but also harness the additional features of thousands of computers around the world. This modern app deals with properties, your most valuable immediate items which needs massive protection.  When these types of apps are controlled by automation software, we can measure business outcomes and get proofs and evidence authentically. With a lot of highly useful safe and resilient functions, blockchain apps function like an operating system. In the future, the tasks-related to every domain will depend on blockchain apps if they want to get evidence-based outcomes.

Some Blockchain-based app ideas

  • Evidence-based Advertising App
  • Anti-money laundering tracking App
  • Cross-border payment App
  • Cryptocurrency exchange App
  • Personal Identity Security APP
  • Real estate processing App
  • IoT-based Blockchain App
  • Medical data Sharing App
  • Supply chain and logistics monitoring App
  • Online Voting App

IoT Apps
Internet of Things is expected to touch economic impact of $3.9 trillion to $11.1 trillion by 2025. Hence, IoT apps are also one of the major sectors in the corporate world which mainly focuses on revenues from the digital world. IoT apps can provide smart security solutions for healthcare systems, smart home, smart roads, smart parking, wireless sensor systems, quality control, etc. bringing immense value into our lives. It allows devices to interact, team-up and learn from each other’s experiences just like people do.

Some IoT-based app ideas

  • Smart Home Function App
  • Cloud-enabled IoT App
  • Healthcare App
  • Data Analytics App
  • Smart City Function App
  • Smart University Function App
  • Smart School Function App
  • Smart Industry Function App
  • Smart Energy and Resource Management App
  • Smart Retail App

On-demand Apps
Over ten years, on-demand apps have evolved swiftly since almost every business model such as food delivery, healthcare, retail and home services provide their services with the support of on-demand apps. These apps help them boost and marketing and branding at the same time.

Since everybody reaches for their mobiles to make their lives more comfortable, an on-demand service app can be the best choice. On-demand apps enhance the services with vastly sophisticated functions. These functions are highly essential because they offer: order tracking, order scheduling, multiple payment modes, alerts and notifications, customer feedback, dynamic analytics, in-app messaging among clients and customers, on-demand transportation, fast payments, real-time tracking and visible pricing.

Some on-demand app ideas

  • Car Wash App
  • Live Video Consultation App
  • Food Delivery App
  • Healthcare App
  • Grocery App
  • Taxi Service App
  • Beauty App
  • Logistics App
  • Online Coaching Mobile App
  • Mobile Game App
  • Ecommerce App

Conclusion
So, this is the list of innovative mobile app development ideas. Mobile apps play on social and commerce platforms that mainly focus on the life of the present and upcoming generation. Nowadays an app-based business development has become a buzzword in the global economy. There will be around 7 billion mobile users in the world by the end of year 2021.

Developing mobile apps and how they perform in a digital world plays an important role in today’s digital economy. Several disruptive app-based business models have already occupied the market and a huge number of apps are emerging to dominate the consumer world. However, there is still big scope in mobile app development. If you want to become a trendsetter in mobile app development, you can focus on any niche market.

Want to know more about app-based business opportunities? Join us for a free Public Companies Prosperity Boost (“PCPB”) videoconference NOW!

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Component No. 1. GROWTH: Public Companies Business Opportunities
We provide public listed companies, large companies and SMEs powerful resources for business breakthrough and growth, strategic business partnership, new ventures, vertical and horizontal expansion opportunities, increasing market value and capitalization and more.

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Our experts, great minds and resources would be able to help you to grow your business in multi perspective ways, channels, methods and strategies.

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Component No. 6: Market Success
Appoint our affiliate company to explore Asia / China / India / Malaysia / Singapore market opportunities for you. Our business network might open a door for you to start venturing into the market of these regions.

Component No. 7: D.H. Unicorn Discovery
In the world of D.H. Unicorn Discovery, discover the future Amazon, Microsoft, Netflix, Alibaba, Zoom, Tencent, Tesla, Google, Baidu, Facebook and other billion dollar companies during their infancy and early stages, identify investment opportunities and invest in future Unicorns, Decacorns and Hectocorns.

Component No. 8: Business Excellence Summit, Conferences & Reports
Global Business Excellence Summit will be one of the world’s most important business events for entrepreneurs and companies around the world. It is an inspirational business event with 100 targeted notable speakers and will attract participants from 7 continents of the world.

Conferences include Public Listed Companies International Conference and C-Suite Officers International Conference that will be organized multiple times annually. The conferences are essential for your company to gain new bright ideas, insights, and problems solving.

In Global Business Reports, there will be important business surveys will be conducted by Dhunicorn and shared with companies.

Component No. 9. Global Golden Business Awards
Dhunicorn believes in upholding the highest business practices. Hence, we believe in honouring successful companies coveted global golden awards. The awards qualifications will be determined by a panel of top business professionals and business peers.

 

Syed Abdul Kader 0 Comments
Apr 28 2021
Future of Food and FoodTech Business Opportunities

“Civilization depends on our expanding ability to produce food efficiently, which has markedly accelerated thanks to science and technology” – Nina Fedoroff

FoodTech companies have revolutionized the way people consume food around the world. The future of food processing sector will play a key role in the economy of country since it connects agriculture with processed food products.  Several unconventional start-ups in Foodtech industry are disrupting the world with novel food products that come from modern food-processing technologies. In fact, large companies use disruptive business concepts in order to grow stronger. The advent of innovative food technology, which includes cultivation, growth, distribution, production and food processing, helps us be more conscious of how we consume food. We now have a better understanding of how we should eat, what we eat and why we eat.

Currently, the world produces more than enough food items to feed everyone in the world. However, according to the United Nations, 815 million people (approximately 11% of the population of the world) went hungry in 2016. Hence, we need to adopt new technologies and food processing methods to solve global food scarcity crisis.

Food processing sector is highly important for the development of any country because, with the modern lifestyle, there is a rising preference for packaged foods among consumers. With the world facing several biggest challenges – climate change, stagnating resources, overpopulation, covid-19 outbreaks and ever-changing consumer demands – food start-ups will work on discovering disruptive foodTech concepts to make our foods more efficient, resourceful and sustainable in future. Let us explore the world of food technology a little deeper.

Food Processing Technology

Food processing technology, with an algorithm of methods and techniques, converts raw ingredients into various forms of food for consumption. Food processing method normally takes fresh and harvested crops or butchered and slaughtered animal meat, and processes these raw food items to manufacture marketable, attractive and often long-life food products.

Some Processed Foods

  • Bacon, sausage, ham and salami
  • Bread and cheese
  • Breakfast cereals
  • Cakes and biscuits
  • Crisps, sausage rolls, pies and pasties
  • Drinks, milk or soft drinks
  • Microwave meals or ready meals
  • Tinned vegetables

Objectives of Food Processing

  • Food processing method has particular objectives such as:
  • Boosting the shelf life of food products.
  • Converting raw food materials into consumable products.
  • Food storage and Transportation.
  • Preventing food-contamination.
  • Providing employment to a large population.

Food Processing Methods

  • The following processing methods are adopted during the processing of food.
  • Adding a gas in bread or soft drinks
  • Chopping or slicing
  • Cooking
  • Emulsification
  • Fermentation
  • Liquefaction
  • Mincing
  • Mixing
  • Packaging
  • Pasteurization
  • Peeling off the outer layers of any raw materials
  • Proofing
  • Spray drying

These food processing methods can also create new business opportunities if each type of food process becomes a type of business opportunity. Public companies may adopt these future foodTech business opportunities to provide safe and hygienic food-processing methods for foodTech disruptors who aim to solve global food scarcity in future.

FoodTech Business Opportunities

According to WHO, consuming a healthy diet helps us to prevent malnutrition in all its forms. Hence, foodtech manufactures should be aware of healthy diets that the world need now before they plan any new business process. Here are some of the best food business ideas.

Bakery and fruits

Bakery is one of the typical food processing business opportunities in the world. Choosing a right food product with an innovative marketing strategy is a major factor in having a success in the bakery business. If bakery products are connected with the elements of fruits, some disruptive bakery food products will evolve. For example, if a donut is connected with a flat peach, an innovative donut, a donut with the taste of flat peach, will come to market. In the same manner, big bakery companies can create various food products mixed with fruits. And also, the bakery industries can produce fruits-shaped bakery products that would impress every foodie.

Biscuit and sports

Traditionally, biscuit making is a lucrative business since they are cheap and available with many varieties. Even after different types of modern biscuits, there is still a large room for innovative ideas. Let’s find out an innovative idea here. If the shape of biscuit is connected with sports, sports equipment-shaped biscuits can come to market. As most of the biscuit consumers are teenagers and children, these types of biscuits can easily occupy the biscuit market.  And also, with the connecting idea of biscuits and sports, biscuit manufacturers can produce innovative specialised energy biscuits for sports stars, artists, business persons, scientists and professionals. In future, biscuit industries would rely on innovating biscuits since existing biscuit products are gradually lacking interesting elements and not focused on specialized consumers.

Chocolate and fruits

Chocolate making is one of the most promising and profitable food processing businesses. In market, we can get several varieties of chocolate. However, if food processing companies are ready to set a goal to make new chocolates for future chocolate lovers, they should connect chocolate with fruits. Eventually, the essence of fruits-added chocolate will become a major part in the life of children.

Specialized Energy drink

Energy drink is a modern option to have a relief from stress. At present, the energy drink production is one of the trending and profit-making businesses. Companies can develop specialized energy drinks based on professions. For example, a specialized energy drink for teachers and a specialized energy drink for sports stars.

Meat processing and nanotechnology

Growing demand for meat products, increasing competition and health-conscious lifestyle have led meat industries on discovering a new approach in meat processing. Meat industries across the world are reeling without novel meat products ideas that meet consumer demands. Hence, if nanotechnology is connected with meat processing, it will make a significant impact on meat processing industries that will provide products with improved antimicrobial effects and targeted delivery of bioactive compounds.

Packaged spices and herbs

Companies can look into the processing of mixed blends of herbs and spices. Some important spices to explore are: garlic powder, ginger powder, cloves, cardamom, cinnamon, cayenne pepper, cumin, coriander, fennel, fenugreek, and nutmeg. And also, companies need to manufacture packaged spices and herbs for any particular treatments. It would be more helpful for medicinal purposes, especially for those who like alternative medicines.

[ According to AFN (AgFunderNews), top 10 foodTech companies in the world are: AeroFarms TIPA Corp, Bowery Farming, Agrivi, JIMINI’s, Notpla, Agrilution, Growing Underground, PicoBrew and Naio Technologies ]

 

Conclusion

Food processing sector is one of the successful business opportunities that anyone can venture into. This is the technology which grows forever and everyone needs. If you are able to discover a lucrative foodtech business, you can manufacture a food product that is a must for human being. Food technology not only helps in increasing food availability, but also helps to reduce food waste, conserve, and improve the quality of manufactured food product.

The processed food industries are valued at over $2 trillion dollars worldwide and comprise more than 400,000 companies. The market of food processing is expected to reach an estimated $4.1 trillion by 2024. By 2050, China, India, Pakistan, Indonesia and Philippines will represent over 50% of the population of the world. Hence, footTech companies can mainly focus on providing specialized future food products for the people of these countries.

Syed Abdul Kader 0 Comments
Apr 28 2021
Blockchain Business Opportunities on Business Process – Next Unicorns?

“Without transforming the business process, Blockchain only offers the potential of incremental value in reducing TCO.” ― Tom Golway

A business process consists of a series of actions with required steps to achieve an expected outcome. Every process is structured and repeatable. All the employees in an organization have to go through the same process. If a type of action is unperformed, the entire workflow might become a fiasco. Hence, streamlining a business process is the key aspect for an organizational structure. With a structured business process, every employee can recognize their responsibilities and reduce errors to achieve an added productivity.

CRM and Business Process
With the purpose of accelerating business functions, CRM (Customer Relationship Management) software is used to upgrade the workflow of organization. From strategies, techniques, tools and technologies, all mentioned are used by businesses for acquiring and maintaining customers smoothly and efficiently. Over the years, CRM, a single and multidimensional platform, helps companies to get things done better in the following ways.

  • It enhances the collaboration of all the departments in a company.
  • It tracks down only the potential customers and converts the leads to sales.
  • It enables sales representatives to manage their deals.
  • It manages all the data coming from every action.
  • It creates a team spirit among employees.

Blockchain coupled with CRM
Blockchain technology has opened up a new world of possibilities with revolutionary opportunities. Around the world, Blockchain service providers offer novelties on every business function. In the same manner, this technology can also transform Customer Relationship Management service to attain a more effective outcome. CRM Database and Blockchain is an excellent combination for business and customers.

What is Blockchain?
In a nutshell, a block chain is an ever-growing list of interconnected records. Each record is called block. These records are cryptographically resistant and secure since it functions without any possibility of tampering. As an open and decentralized platform, blockchain interconnects distributed records between users in an everlasting and provable way. If blockchain technology is coupled with CRM, this combination can offer a combined and precise status of a user’s personal details, transaction records, and other important data. Blockchain is also highly-regarded as an enhanced security of the CRM database. Here are five most important benefits that a company can gain from blockchain-combined CRM technology.

Transparency-centred efficiency
As a distributing platform, blockchain technology allows a company to securely and transparently manage customers without the support of any financial institution. The elimination of this middleman procedure brings a greater transparency-centred efficiency in all dealings.

Cryptographically secure
Each block contains transaction records since a blockchain is a chain of blocks and each block has transaction records. Cryptographical technology connects every block with the support of network keys so that any user or hacker cannot tamper or alter any records. CRM databases function as a centralized system on a single cloud server. However, blockchain technology-fused CRM is a decentralized and distributed network and reduces chances of repudiation and fraud.

Overcoming the problem of outdated data
Across the world, CRM users deal with outdated data whenever they work. Blockchain technology in CRM makes users get rid of outdated data since this technology depends on blocks that present the precise and unified 360-degree view of data. As a result, connecting Blockchain with CRM technology lets companies overcome the problem of storing outdated data.

Blockchain as a service provider
Blockchain-as-a-service (BaaS) has started occupying the corporate world as a safe distributing platform like Software as a Service (Saas) and plays a vital role in IT. Nowadays BaaS enters into various domains such as Fintech, healthcare, research, IoT, supply chain and telecommunications to offer safe and viable distribution services. Let’s see some of the best service providers that help companies realize their blockchain ambitions.

Factom
Location: Austin, Texas
Types of Solutions: Audit History, Automation, Compliance, Data Integrity, Decentralization, Digital Identity, Evidence Capture, Proof of Existence, Proof of Process, Public Witness, Secure Exchange and Tokenization

Symbiont
Location: New York, New York
Types of Solutions: Guaranteed consistency, Superior privacy, True decentralization, and robustconsensus

Blockstream
Location: Mountain View, California
Types of solutions by product: Liquid Network, Aqua, Blockstream AMP, Blockstream Green, Blockstream Explorer, Blockstream Satellite, Blockstream Mining, Lightning Network, Elements and Cryptocurrency Data Feed

Paystand
Location: San Francisco, California
Types of solutions by product

  • APIs
  • Billing and receivables
  • Enterprise blockchain
  • Integrations
  • Payments
  • Software platforms

Types of solutions by department

  • Accounts payable
  • Accounts receivable

Types of solutions by industry

  • Construction
  • Food and beverage
  • Insurance
  • Manufacturing
  • Medical suppliers
  • Renewable and environment

Bloq
Location: Chicago, Illinois

Infrastructure solutions for DeFi projects, Cryptocurrency Enterprises, Blockchain Protocols, Staking and Developers

Some other blockchain service providers are: Altoros, AmazonAws, Appinventiv, Fluence, Cryptowerk, Clovyr, Kaleido and Innominds.

Blockchain-as-a-service platforms offer different types of companies the opportunity to experiment with blockchain services such as enhanced trust minimization, data security, accountability and transparency. Consequently, companies don’t require developing their own blockchain system with costly in-house computing resources.

Business Opportunities and Business Process
As a rising star in the corporate world, Blockchain-as-a-Service (BaaS) will be the future players that will make next unicorns. Since unicorns are consumer-focused, these blockchain enterprises, disruptive and innovative game changers, can create a new market on providing customer-friendly services that improve the business process of any public sector.

Problems of Public Sector
Public sectors face several defects and demerits even after tremendous achievement and progress. Delayed decisions and inefficient management are major shortcomings that hinder the further progress and scope.

Delayed Decision-making
Delayed decision-making is one of the key factors that roam among public companies all over the world. Due to lack of timely response, most of the directors of public sectors are not well-informed to take responsibility for making immediate decisions that are based on promising projects. Here, blockchain-integrated CRM technology comes forward to make directors alert on ongoing projects, and connect them in a single multidimensional platform. Enhancing data structures with more reliable sources in a convenient way are highly important for a data-enabled informative decision-making.

Inefficiency in Management
When it comes to operational decisions, most managers lack of taking quick decisions. Most of the mangers, chair­persons, bureaucrats and managing directors, are not skilled enough to run industrial enterprises, and they are not technically strong enough to suggest any technology-driven management approaches. Blockchain-connected technology supports the management of public sectors to achieve a technology-based management where every decision can get started with the support of all types of experts.

Other problems
Public enterprises suffer from some other problems as follows.

Lack of an accurate criterion and flaws in project planning
Investment decisions in public sectors are not taken under proper evaluation of cost-benefit analysis, demand and supply and technical possibility. Lack of an accurate criterion and flaws in project planning makes delayed decisions and increases costs in the commissioning of projects.

Lack of innovation
Lack of innovation among public sectors brings poor infrastructure between different undertakings in the domains of finance, personnel and materials management. Expected outcome is not achieved with outdated information and materials.

Less touch with employees and consumers
In public sectors, there is little incentive to work hard and advance efficiency. Public sectors lack a personal communication with employees and sensitivity to the needs of consumers.

Conclusion
Blockchain will not only transform how we use CRM but it has the potential to primarily reinvent and redesign business operating models on the whole. Every business function is based on a certain process which needs more authentic data management for solving problems. Hence, Blockchain providers can focus on solving problems of public sectors. Start-ups, which aim to become next unicorns, should rely on providing blockchain-centred services that help public companies achieve an efficient management and innovative infrastructure.

 

Syed Abdul Kader 0 Comments
Apr 27 2021
Humongous Opportunities of Fintech Business: Insights and Foresights

“Fintech, a must-have tech to speed up and ease all the financial activities in the world, unleashes unlimited business opportunities for disruptors”

Fintech service companies are accelerating the means that consumers and companies conduct transactions for a long time and transforming the structures of financial services. Consequently, there are humongous opportunities in the Fintech sector for entrepreneurs and investors. Ground-breaking Fintech disruptors who offer speedy and errorless financial services have achieved a wide-ranging impact in every sector. In addition, among all the financial transaction issues in the era of Covid-19, for all sorts of transactions, Fintech service companies play a major role to fill the space left by traditional institutions of financial services.

Top benefits of Fintech
A rapid growth of Fintech in several sectors has resulted in many benefits that include:

Accessibility and approval
The key benefits of vendors are faster accessibility and speedy loan approvals. Because of a quick and hassle-free process, vendors become more adaptable to this new technology.

Better experience and convenience
In a single platform, consumers enjoy a very convenient payment method and feel a better experience when they process any payment from devices such as Smartphone and tablet.

Chatbots and Robo-advisors
Several latest systems depend on chatbots and robo-advisors to help users understand their finances. As Fintech is a very low-cost option, people get more useful information.

Better payment systems
Fintech is powerful software which is very helpful for companies to collect payments accurately. It also helps everyone to know their updated account status.

Here are some of the most promising verticals that generate ever-growing business opportunities for financial technology disruptors who want to Fintech the world.

International Money Transfer Services

Costly and time-consuming international money transfer services survive for a long time. These money transfer companies charge from five to eight percent. Fintech companies, who provide the services of international money transfers, offer faster process charging less expensive fees. This is one of the best categories for generating Fintech businesses as this service can unlock global opportunities.

Fintech-based lending

After the dawn of Fintech companies, the process of lending has successfully entered into the next level. Nowadays borrowers don’t contact banks or credit unions for availing any lending-based services. Most of the Fintech lending companies provide services directly to consumers who request loans online. Fintech lenders measure the credit worthiness of borrowers very quickly with the support of automation and process the procedures of lending immediately. Hence, there are unlimited business opportunities for disruptors who are ready to focus on providing specialized sector-based lending services.

The Rise of Fintech and Personal Finance

The rise of Fintech market has transformed the entire structure of personal finance. Some years ago, people met financial advisors at banks if they require any financial advice. At present, Fintech apps have mushroomed here and there and offer financial advice for budgeting anywhere at any time. Fintech companies who want to enhance the world of personal finance can develop niche apps that will provide advice on personal finance for a wide range of professionals.

Opportunities in Equity Financing

Fintech service sectors have also entered into the world of equity financing. When it comes to macroeconomics, Fintech companies support all the sectors to raise money providing fast and reliable approaches. With simplified fundraising process, investors carry out every process online without delay. So Fintech disruptors can provide equity financing services based on the type of business sector.

Fintech-centric Payments

Fintech-centric payment is one of the fastest growing categories in financial technology markets. Fintech companies offer payment services for senders and receivers so that they don’t rely on banks. Since banks charge excessive fees for simple payments, Fintech companies help consumers send money cost effectively and quickly. To generate business opportunities in this category, both investors and entrepreneurs should discover the types of consumers, who largely depend on payment services, and provide services based on a type of consumer.

Insurtech

Fintech or Insurtech companies have gradually occupying the insurance market. The rise of Fintech has totally disrupted the insurance industry. Because of rapidly growing situation and aggressive claim by consumers, several insurance companies are partnering with Fintech companies that offer solutions for quicker transactions. This category is also one of the best options for Fintech disruptors who want to transform the world of insurance with sector-based insurance services.

Apart from the above existing types of services, Fintech can open the doors for new disruptors in finance business process and public finance for emerging markets.

 

Finance business process

A finance business process, a chronological set of tasks that deals with various data-based procedures, includes different types of processes on a daily, weekly, monthly, quarterly and annual basis as follows.

  • Accounts payable
  • Accounts receivable
  • Asset management
  • Billing and credit
  • Budgeting
  • Capital expenditure
  • Employee reimbursements
  • Expense management
  • Inventory management
  • Payroll system
  • Procurement management
  • Retail and wholesale management
  • Safeguarding assets
  • Taxation
  • Travel management
  • Treasury management
  • Working capital management

Established Fintech companies or start-ups can create micro opportunities for providing services based on each process of finance business process. In macro economics, Fintech service providers can create opportunities for providing services appropriate to the management of finance business process of a particular sector.  In every sector, as start-ups keep evolving, there will be new opportunities forever.

Public finance

Public Finance deals with government financial activities that manage government revenue, expenses, and debt.  Major aspects of Public Finance encompass:

Public Revenue

Tax Revenue encompasses corporate tax, excise duty, goods and services tax, income tax, taxes levied on imports and exports. Non-tax revenue encompasses surplus of public sector undertakings, income from fees, capital receipts, grants, fines, and central bank revenue.

Public Expenditure

Components of public expenditure include defence activities, provision of social security, economic development, healthcare and medical research, infrastructure development, and maintenance of the government.

Public Debt

Major public debts include:

  • Compulsory and voluntary debt
  • Funded and unfunded debt
  • Internal and external debt
  • Productive and unproductive debt
  • Redeemable and irredeemable debts
  • Short-term, medium-term and long-term loans

Established Fintech companies or start-ups can keep eye on creating micro opportunities for providing services based on each public finance process such as revenue, expenses, and debt. In macro economics, Fintech service providers can create opportunities for providing services appropriate to the public finance management of a particular country.

 

Conclusion

Financial technology companies provide a broad landscape of business services such as financial management, personal financial control, business receipt solutions, digital bank account, credit card and machine, payments, debt negotiation, loans and investments, and insurtech. Some of the Fintech companies include:

  • Alternative lending marketplaces: LendingClub, Prosper, and OnDeck
  • Blockchain technology: LeewayHertz and Consensys
  • Cryptocurrencies and digital cash: BitGo and Bitcoin
  • Financial cybersecurity companies: EverCompliant, Forter, and CrowdStrike
  • Insurtech companies: Lemonade, Oscar Health, and ZhongAn
  • Money transfer and remittances: PayPal, TransferWise, and Venmo
  • Mortgage lending: Better Mortgage and LendingHome
  • Neobanks: N26, Chime,and Monzo
  • Online business loan providers: Kabbage and Lendio
  • Robo investment advisors: Wealthfront and Betterment
  • Stock trading apps: TD Ameritrade, Robinhood, and Schwab

The technological revolution, especially cloud computing, has digitalized business functions across all types of industries. In the same manner, Fintech, one of the modern service sectors, has transformed financial and banking sectors and made financial procedures customer-friendly and corporate-friendly. Since it supports both consumers and companies to save time and efforts by offering fast-paced solutions, it will keep bringing business opportunities forever.

Syed Abdul Kader 0 Comments
Apr 20 2021
Recent Trends in Foreign Direct Investments in India

India is the second-most populous country in the world with a population estimation of 1,380,004,385 people in the year 2020, which is about 17.7% of the total population in the world. When the pandemic hit the country, being very densely populated, it had no other option but to go through a strict lockdown to control the spread of the virus. It was the world’s largest lockdown & withstood several phases. The consequence was that it brutally affected the economy of the nation.

To recover its economy the country took several bold steps & came up with “Atmanirbhar Bharat Abhyaan” which literally translates to the Self-Reliant India movement. This campaign targets to convert the crisis caused by the deadly pandemic into an opportunity. If the country becomes self-reliant, by boosting the local business & local production of the goods & services while lessening the dependency on other countries, it would ultimately improve its economy. It is high time that India stops depending too much on other countries for its goods & services necessities. The goal behind this ‘pursuit of self-reliance’ is to develop the nation to be a significant part of the global economy.

According to the Indian government making India self-reliant does not involve restricting the FDI, at all. On the contrary, by enhancing the domestic manufacturing capacity, the country would be not only self-sufficient but also build its export capacity & stable position in the global economic map. So, India appreciates & welcomes foreign investors in many sectors with open arms.

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Currently for India, improved FDI inflow is highly indispensable as it needs huge investments to revamp & boost the growth of its numerous sectors. FDI being very crucial for the growth of the Indian economy, the government of India came up with several reforms in its FDI policy to attract foreign investors.

The Department for Promotion of Industry and Internal Trade, Ministry of Commerce, Industry, Government of India presented ‘Consolidated FDI Policy’ which is effective from October 15, 2020. As per this policy, any non-resident entity is eligible for investing in any of the FDI permitted sectors in India if in acquiescence to the FDI policy. However, any investor or beneficial owner or entity belonging to the land bordering countries of India can invest in India only by the government route. In other words, they need permission from RBI or the Government of India before investing in India. The list of these countries includes China, Pakistan, Nepal, Myanmar, Bhutan, Afghanistan & Bangladesh. Out of these nations, mainly any citizen or entity of Pakistan cannot invest in defence, space, atomic energy in addition to the FDI prohibited sectors of India. This regulation is to check any opportunistic takeovers/acquisitions of Indian companies by its neighbouring nations.

The ‘Consolidated FDI Policy’ also lists out the prohibited sectors for FDI, which means no foreign investors can invest in the below-listed sectors of India.

  • Lottery sector (includes both government & private lottery and also online lotteries, etc)
  • Gambling & Betting Sector
    (Every type of Foreign technology collaboration in the Lottery Business, Gambling & Betting sector such as licensing for franchise, trademark, brand name, management contract is as well prohibited in India)
  • Chit Funds
  • Trading in Transferable Development Rights (TDR)
  • Manufacturing Cigars, cheroots, cigarillos, cigarettes, Tobacco, or tobacco substitute goods
  • Nidhi Company (A kind of Non-Banking Financial Company)
  • Activities/sectors that not open to private sector investment such as Atomic Energy, Railway operations, etc.
  • Real Estate Business or Construction of Farm Houses
    (Real Estate Business does not involve the development of townships, construction of residential /commercial premises, roads or bridges, and Real Estate Investment Trusts (REITs) registered & regulated under the SEBI (REITs) Regulations 2014.)

The policy further lists out the permitted sectors.

(Note: FDI in India is allowed through two routes:

  1. The Automatic Route – No need to take approval from the Reserve Bank of India (RBI) or the government of India for investing in India
  2. The Government Route – Necessitates taking approval from the Reserve Bank of India (RBI) or the government of India before investing in India.)

As the Government of India opens up its diverse sectors for FDI & eases regulations to attract foreign investors, it is obviously creating huge promising opportunities for the foreign investors. Apart from that, India has a potent market size & its consumer market is anticipated to grow four times by the year 2025. Cheap human resource availability, abundant resources & suitable geographical settings are also a few reasons that grab the interest of foreign investors in India.

Do you aspire to explore the world’s fastest-growing market? SIGN UP & JOIN OUR FREE PUBLIC COMPANIES PROSPERITY BOOST (“PCPB”) VIDEOCONFERENCE, to discover the benefits of our powerful component “MarketSuccess India” as well as our other PCPB components in detail.

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Arti Mudaliar 0 Comments
Apr 20 2021
Achieving PROSPERITY with DHUNICORN Public Companies Prosperity Boost

DHUNICORN is a comprehensive solutions provider for companies to build, improve and achieve successful businesses.

Our aim is to boost the growth and prosperity of public listed companies across the world in 2021 and beyond.

We offer powerful and effective business services to public listed companies across the world. Our products and services are strategically developed by our professional experts with 9 core components that focus on the vigorous growth & success of a business.

 

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Has five powerful resources to help the public listed companies connect with other companies internationally: 

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Helps business development by improving sales via its global B2B portals, sales leads referral services, sales and marketing team training, the portal to find strategic business partners around the world, and etc.

 

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Offers professionally developed robust online training courses and business courses by international world-class speakers. Our courses play a vital part in strengthening and elevating the knowledge, skills, values and abilities of the companies’ workforce, thereby help companies improve performance and business growth!

 

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Corporate officers experience a lot of challenges & issues in their business operations. This component helps them get business advice, solutions & consultations from a team of business experts, specialists, advisors, and consultants.

 

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Allows businesses to have an opportunity in becoming a member of one of the world’s most prestigious business clubs. It gives chance to connect, discuss, share knowledge, and build meaningful collaborations through a network of the world’s top business elites.

 

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Dhunicorn 0 Comments
Apr 20 2021
IoT (Internet of Things) business opportunities

“The Internet of Things has the potential to change the world, just as the internet did. Maybe even more so.” – Kevin Ashton

If any device can be connected to the internet & interconnected with other things or gadgets wirelessly, then the entire system is termed as IoT or Internet of Things. The things in this system can transmit and receive data with each other.

IoT enables smart work and smooth management of life. It aids in improved business process insights. It also helps in cutting down operational costs & downtime as well as enhances overall efficiency and productivity.

IoT is a profit promising arena for start-ups as well as existing companies.

 

Smart Home 

The smart home also known as home automation or domotics is the most popular application of IoT. It is all about controlling the electrical & electronic devices of the home either automatically or with a centralized device that has an easy-to-use interface or with a smartphone, tablet, or computer. It has a huge array of products such as:

  • Smart Lighting Solutions
  • Smart Home Security
  • Smart Sprinklers
  • Smart Pet Care
  • Smart Entertainment Devices
  • Smart Home Appliances

Smart homes are popularizing these days as they make life smooth, convenient, comfortable, and safe. It also helps in making efficient use of resources like energy & water.

 

Remote Work 

Ever since the coronavirus pandemic hit the world, companies could no longer carry their office work in their traditional office settings. Many companies have proposed to execute ‘work-from-home’ post-pandemic too, to cut down their overhead costs. Applying IoT for a smooth remote work process helps the employees to do their work without being physically present in the office. It also allows the management to monitor the performance of employees no matter where they are. With the revolution of remote work, there is a huge scope of IoT business in this arena.

 

Remote Healthcare

There is a huge demand for remote healthcare, especially at the times of pandemic, when there is a problem of shortages of beds in the hospitals, almost in every country around the world. With IoT, remote patient monitoring is feasible. With the aid of cloud-connected IoT devices, healthcare professionals can track the real-time data of the patients, based on which they can diagnose them precisely & give them the right healthcare in a virtual way.

 

Elderly care

IoT solution is a blessing for senior citizens, as it helps them to be safe & independent. IoT-based wearables have an accelerometer in them to automatically detect falls, with a provision to contact emergency help. These wearables are waterproof that can be worn to the bathroom where the majority of accidental falls tend to happen. IoT devices help the caretakers of the senior citizens to remotely monitor blood pressure, blood sugar levels & pulse rates & ensure that they take their medications as prescribed without fail. IoT-based devices help the elderly who can not move around the house to control switches, A.C., thermostat, door locks, etc. just at the place where they are. With an increasing number of senior citizens living on their own, there is an enormous opportunity for IoT business for elderly care.

 

Manufacturing Industries 

IoT is applied in the manufacturing industries to enhance the speed of the workflow while maintaining its quality thus productivity of the workers is improved. It helps in cost-cutting as well. IoT is also applied to keep track of the quality of the products produced. This supports appropriate modification of the manufacturing process for optimal output & eliminates any chances of failure. This is particularly helpful for the industries that can not take any chance in their product quality such as food industries & pharmaceutical industries.

IoT assists in predictive maintenance or determining machinery will break-down before it does. This helps in cutting down the operational expenses significantly.

 

Agriculture

IoT solutions in the Agricultural industry is specifically helpful to get high yields and profits. IoT-based smart farming solutions have sensors that keep track of the factors that impact the crop yield such as light, humidity, temperature, soil moisture, etc. Thus farmers can monitor the condition of the growing crops remotely. Also, these IoT based devices employ an automatic irrigation system.

Ground-based and aerial-based drones help in-field analysis, plantation of crops, evaluation of crop health, irrigation, spraying process of fertilizer & pesticides, etc. IoT in Agriculture is massively evolving & has an excellent prospect for business.

 

Hospitality Industry

IoT solution in the hospitality industry cuts down costs & enhances the guest experience. Hotel rooms that have smart lights, smart thermostats, smart A.C. just as smart homes do, make a very convenient & comfortable stay for the guests, particularly when these features can be controlled by their mobile phones. With the use of IoT, hotels can send guests, digital key cards to their mobile phones. Apart from that hotels can offer their guests, IoT-enabled voice-controlled room assistant, for requesting room service, booking a table at the hotel’s restaurant, simply by speaking to the device.

 

Energy Industry

In the energy industry, IoT is applied to keep an eye on the energy generating equipment, to improve its functioning, competence as well as to maintain it smoothly. Applying IoT for these applications make it easier than the manual method apart from reducing the downtime & enhancing the operation efficiency. IoT solutions in the energy generation unit, prevent possible operational risks by sensing & notifying any damage or leakage in the plant. Thus, helps to keep both the powerplant and the people safe.

IoT business is all about delivering innovative value to its customers by offering round the clock connectivity to the customers with IoT solutions. IoT, by revolutionizing all the sectors of life today, brings in numerous profitable business opportunities in the coming times.

 

Arti Mudaliar 0 Comments
Apr 20 2021
New Materials – The Open Door to Lucrative Business

“To raise new questions, new possibilities, to regard old problems from a new angle, requires creative imagination and marks real advance in science.” – Albert Einstein

New materials, innovated and developed by researchers, exhibit distinctive properties and so can be used in many leading-edge applications. Thus, the innovation of new materials positively impacts the development of many industries and businesses.

Let’s discuss some interesting new materials and the huge opportunities they create for making a profitable business.

 

Graphene 

This nanomaterial is an allotrope of carbon and is the strongest & thinnest material in the world. Some distinctive properties of graphene make it ideal for versatile applications in diverse industries.

Biomedical Industry

Advanced developments in the biomedical industry by using graphene creates a room for profitable business possibilities.

  • Drug Delivery

Graphene, due to its structural features like a high surface-to-volume ratio and solubility, serves as an excellent drug carrier, specifically ideal for the treatment of cancer.

  • Biosensor

Graphene has high sensitivity and exceptional electrochemical & optical properties due to which it can precisely detect biomolecules. Graphene-based electrochemical biosensors have a huge scope in the biomedical industry.

Tissue Engineering Owing to its mechanical strength & stiffness, biocompatibility, and extraordinary electrical conductivity, graphene is highly suitable for tissue engineering applications

  • Medical Devices

Graphene is used to create an antibacterial surface on medical devices and thus prevent infections that are caused at the time of healthcare procedures.

Electronics Industry

The electronics industry anticipates a huge scope for development and profit using graphene.

  • Wearable technology

Graphene has more flexibility & stretchability than rubber. Also, it is the thinnest material possessing high conductivity property. Hence this material has an excellent prospect in the production of thin & flexible, high-performing wearables.

  • Transistors

The unique physical properties of graphene can aid in making the smaller size transistors with enhanced performance in the circuits. This also gives a scope for the production of next-generation miniaturized devices.

  • Semiconductors

Graphene being the thinnest material with excellent electrical conductivity can be used to produce semiconductors to miniaturize the size of the electronic gadgets and create super-fast chips than the existing ones.

Sports Good Industry

  • Sports Gear

Graphene can endure high impact at high speed while being very lightweight, flexible as well as durable. Hence sports gear manufacturing industries apply this material for the production of sports goods like tennis racquets, skis, etc.

  • Sportswear

Graphene being super thin & ultra-lightweight is preferred in making sportswear, as it helps with easy body movement & keeping the right body posture for the sportsperson. Apart from that graphene being the strongest material can well-endure the physical wear during sports activity.

 

Self-Healing Materials 

Self-Healing Materials are synthesized such that they can repair & restore any physical damages in them on their own with no need for human interference. 

Textile Industry

Fabrics with self-healing coating react to heat & friction and self-repair any damages on them. They are also highly stretchable and extremely durable. Self-healing fabrics can create a huge demand in the military, medical & industrial sectors.

Construction Industry

Self-healing materials have a massive demand in the construction business.

  • Road Construction

Self-healing Asphalt if used in road constructions can self-repair the potholes, cracks on the roads. It can prevent accidents, cut down road repair & maintenance expenses, and reduce traffic problems during road maintenance work.

  • Building construction

Self-healing concrete when used in construction, can repair cracks without the need for construction workers, for years and years and thus improve the life span of the building.

Electronics Industry

  • Self-healing circuits

A circuit with self-healing components in a smartphone, computer, laptop, tablet, etc, due to its self-healing property, continues to function fully even when it breaks. This improves the functionality & durability of the devices.

  • Self-healing smartphones

Self-healing smartphones can fix any scratches and cracks on them by themselves. They would generate a huge demand in the market creating scope for a highly profitable business.

Automotive & Aircraft Industry 

There is a growing demand for self-healing-based products in the automotive and aircraft industries.

  • Self-healing paints

Self-healing paints if used to coat automobiles, can fix the scratches & scuff marks by their self-healing characteristics utilizing the natural heat source of sunlight. This keeps the vehicle’s body well-maintained like new, for a very long time.

  • Self-healing composites

Certain defects like cracks can occur on the structures of aircraft that are hard to detect & repair, failing its different parts. By using self-healing composites while manufacturing an aircraft, not only its lifespan improves but also its maintenance cost can be cut down considerably.

 

Liquid Glass

Liquid glass, a nanotechnology innovation, which when sprayed on a surface makes it moisture, heat, acid, UV, dirt, and bacteria resistant. Different companies see this material as highly profitable due to their practical applications in their respective industries.

Textile Industry

Liquid glass coating on fabric makes it greaseproof, waterproof as well as stains, dirt, abrasion & UV proof without changing the color, feel, and breathability of the material. It has wide applications like coating bags, apparel, footwear, etc. to make them easy to maintain & last durably.

Electronics Industry

Liquid glass coating on the screens & surface of devices like mobile phones, computers, laptops, tablets, camera lenses, drones, etc. makes them waterproof, scratch & abrasion proof without affecting the screen resolution or clarity. It is easy to use and can protect the device for a very good amount of time.

Healthcare Industry

Creating antimicrobial surface is the need of the healthcare industry today. Liquid glass coating on a surface makes it self-disinfecting because of its antimicrobial property. It prevents mold & dust mites and also facilitates easy cleaning of the surface. It can be used to coat medical devices & instruments, walls & floors of the hospital rooms and clothing, etc.

 

Aerogel

Aerogel is an artificially made new material, obtained from a gel by substituting its liquid part with gas while retaining its gel structure. It is ultralight, porous, and has very low density.

Petrochemical Industries

This new material has exceptional insulation for very high temperatures. And so, it is applied in the industries like refineries, petrochemical, and gas processing plants for insulation purposes.

Paint Manufacturing Industries

Paint manufacturers use aerogel as additives in their formulation to fortify their paint with the thermal insulating property. This serves as an energy-saving solution in the buildings of very hot climatic regions. It also makes the paint water repellant preventing any weather damage to the building while retaining its pleasant appearance.

 

Silicon X

Silicon X is a new material created by mixing silicone and graphite in a certain ratio.

Batteries made with silicon X have almost 500% more capacity than the regular ones. Such batteries eliminate the discomfort of frequent dying of batteries in electronic devices. There is an enormous possibility of transforming the electronic device and gadgets industry by making use of this new material.

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Apr 19 2021
The Post-Pandemic World: Silver Linings for Business

“Out of Adversity Comes Opportunity.” – Benjamin Franklin

At the beginning of the year 2020, no one had the faintest idea of the paradigm shift it would bring in the business world. On one end the pandemic crashed in-person businesses but on the other end, it opened a world of opportunities. One of the most dramatic changes caused by the pandemic is the acceleration of digital transformation across all sectors. As consumers massively adapt to the pandemic life by adopting the online platforms for their entertainment, shopping, education, health & fitness, there unravelled a gamut of business opportunities.

The year 2020 started without any warnings of what will take effect in the Business World. It had a massive impact wherein a lot of business closed, retrenched and has been struggling up until today but on a slightly brighter note, it opened a world of new opportunities and possibilities amidst all of the challenges the humanity has faced. One of the most dramatic changes caused by the pandemic is the acceleration of digital transformation across all sectors. As the consumers massively adapt to the “New Normal”, several online platforms dominated to consistently sustain our lifestyle such as entertainment, shopping, education, health & fitness and an unravelled a gamut of business opportunities.

 

OTT

OTT is an acronym for ‘Over-the-top’. It means television or film content is delivered over the internet bypassing the necessity of traditional cable tv or satellite tv subscription services. Here the term ‘Over-the-top’ signifies the delivery of the content as per the choice of the customer over the top of the currently used internet services.

In recent years OTT gained huge popularity due to its wide variety of content, that can be personalized. It offers a video-on-demand service. Above all, it can be accessed from any device at any place & at any time.

The Pandemic accelerated the already booming OTT industry across the world. Lockdown, social distancing, and home quarantine caused by the pandemic left people no choice but to get stuck indoors with a limited options of entertainment. Also, transitioning from traditional TV to OTT did a very smooth process.

The catalyst factors that led to this shift include:

  • Increase in broadband penetration and 5G network during the pandemic due to necessities created by remote work, online education & online shopping, etc.
  • Increasing smartphone users around the world. 62 % of the global population, which means around 4.78 billion people are mobile users, out of which 3.8 billion are smartphone users.

As per a global market research report, the value of the OTT market was 101.42 billion in 2020 and may reach up 223.07 billion by 2026. This market is anticipated to grow at a CAGR of 13.87% from 2021 to 2026.

This means that OTT will prove to be a highly profit-generating business opportunity.

 

E-LEARNING

E-Learning or electronic learning is a form of training via electronic devices connected to the internet. 

E-learning is chosen over traditional brick-and-mortar learning for its aspects like the convenience of studying at anyplace & anytime at one’s own pace, access to extensive & updated resources, affordability, scalability and, a wide range of specialization, etc. These benefits are the reason why e-learning is gaining huge popularity not only among academic students but also with the employees who want to enhance their occupational skills, update their know-how in their work field, and advance in their career.

E-Learning has been way advance over the traditional and conventional brick-and-mortar learning for the advantages it offers such as the convenience of studying anytime and anywhere at everyone’s comfort, affordability, scalability and a wide range of specialization. These benefits are the reason why e-learning has gained huge popularity not only among academic students but also with the employees who want to enhance their occupational skills, update their know-how in their work field, and advance in their career.

Pandemic fastened the growth of the E-learning industry due to its safety and less risk factor. Schools, offices, shops took advantage of the E-learning industry for the sustainability of its customers and business owners. The global e-learning market is anticipated to grow up to $336.98 billion by the year 2026 with a CAGR of 9.1% from the year 2018 to 2026.

The e-learning industry has gained huge momentum because of the pandemic which secures its profitable future.

 

AI

AI or Artificial intelligence is the most recent form of technology that makes these man-made genius machines do those tasks that can be carried out only by human intelligence.

AI played an enormous role in the medical field all through the pandemic by offering an early warning, precise prediction of the infection rate, global real-time disease monitoring, quick decision-making in identifying the right treatment, drug discovery, etc. The covid-19 pandemic accelerated the implementation of workplace automation. AI helped several businesses function when there was high workforce absenteeism & social distancing due to the fear of contracting coronavirus.

With more & more industries and businesses embracing AI for their work, the AI industry is likely to flourish in the coming times.

The world-wide AI software market is expected to go through rapid growth, about 126 billion USD by the year 2025.

AI has wide applications in diverse fields like healthcare, fitness, travel & tourism, entertainment, education, manufacturing, e-commerce & retail, etc, thus offers a gamut of business opportunities.

 

FITNESS APP

Fitness apps or mobile applications are designed and developed for helping the user achieve their fitness goals. These apps help with setting fitness goals, keeping track of calorie intake, workout ideas & guidance, tracking progress, etc.

Pandemic affected the fitness industry immensely. Due to fear of coronavirus disease and social distancing gyms, sports, and fitness centers were closed. This resulted in more and more people seeking an indoor alternative to their fitness routine with mobile fitness apps. During the first quarter of 2020, there was a 42.88 % increase in health and fitness app installation.

AI-based fitness apps offer personalized training & guidance while monitoring the accuracy & pace of the exercise. These apps are effective, and also offer the convenience of doing workouts from any place at any time. During the post-pandemic times, fitness app will rescue people who want to be fit but have hectic schedules & time shortages.

This market valued about USD 4.4 billion in the year 2020 and is anticipated to grow at a CAGR of 21.6% from 2021 to 2028.

 

E-COMMERCE

E-commerce or Electronic commerce involves buying or selling goods & services via the internet.

The shutdowns and travel ban in most parts of the world made people seek and make use online media for their shopping. As per IBM’s U.S. Retail Index, the pandemic fast-tracked the shift from retail to e-commerce by about 5 years. The other factor for this huge growth is the increase in internet penetration during the pandemic.

The worldwide e-commerce market is predicted to grow at a CAGR of 14.7% from the year 2020 to 2027.

E-commerce offers a wide variety of scope to do business such as home products, online foods, and groceries, clothing and apparel, healthcare products, educational products, etc. Although E-commerce is a profitable business in the coming times, it demands the implementation of innovative ideas to be successful. E-commerce has sustained everyone’s lifestyle amidst the pandemic thus making businesses even more profitable since people slowly get used to not going out.

 

BLOCKCHAIN

It is a system of keeping digital records of data secured, transparent, and decentralized so that it cannot be changed, falsified, or hacked.

By the use of Blockchain, information is collected and grouped in blocks.

Here information is collected and grouped in blocks. (By the use of Blockchain, information is collected and grouped in blocks.) When the storage capacities of these blocks are full, they are chained on the earlier filled block, thus a chain of blocks is formed which is identified as a blockchain.

It offers limitless possibilities & solutions to diverse industries thus has generated a lot of interest over the past years. Due to the pandemic, companies are operating from home while being accessible to their customers. But they are facing many challenges with their digital operations. Blockchain technology is immensely helpful in easing the difficulties of operational method changes caused by the pandemic. Thus, the pandemic has surged Blockchain technology applications.

The worldwide market size of this industry is anticipated to grow from US dollars 3.0 billion in 2020 to US dollars 39.7 billion by the year 2025 at a CAGR of 67.3%.

Blockchain technology offers immensely profitable business opportunities in a wide variety of fields like Banking, Healthcare, IoT, Insurance, Electoral Voting, Online Advertising, Cloud Storage, Stock Trading, Real Estate, etc.

 

CHATBOTS

The chatbot is the latest trend of any Industry that needs interaction with customers for its operations and marketing.  Chatbots are virtual assistants that simulate real customer interaction via apps and websites. This is most importantly cost-cutting and profit-generating opportunity for wide sectors of Industry like retail, e-commerce, banks, healthcare, hospitality and tourism, online groceries, at-home services, food delivery service, and many more. Unlike a real human, a chatbot offers 24/7 customer support, creates lead generation, helps with marketing and selling of products, etc. Near 47% of Consumers across the world prefer chatbots for purchasing products.

The value of the global chatbot market can grow up to USD 1.25 billion by the year 2025 at a CAGR of  24.3 % which proves that this business has high profitability in the future.

 

DIGITAL MARKETING

Digital marketing has everything to do with marketing products or services on the electronic platform – which includes both online and offline media. The 9 major forms of digital marketing include:

  1. TV, Radio, Telephone & E-billboard
  2. Content Marketing
  3. Social Media Marketing
  4. Mobile Marketing
  5. Pay Per Click
  6. Affiliate Marketing
  7. Search Engine Marketing
  8. Viral Marketing
  9. Email Marketing

The pandemic has positively surged this industry. The worldwide digital marketing market is worth about US dollars 305 billion this year. (Upon my research, amid the COVID-19 crisis, the global market for Digital Advertising & Marketing estimated US$322.5 Billion in the year 2020 source : prnewswire.com)

This industry is anticipated to grow at a CAGR of 17.6% in the duration of 2021-2026.

This year, the digital advertising segment is anticipated to have a market value of 398,762 million USD. The largest segment of digital marketing is search advertising which is expected to have a market value of USD 171,641m in the current year. Digital marketing is undoubtedly the most profit promising industry in the coming years.

 

IoT

IoT or the Internet of Things has a wireless system of a device that has an internet connection as well as interconnection with other devices to transmit & receive data with each other.

The pandemic played a huge role in speeding up the application of IoT in business operations. As pandemic led to self-isolation globally, the companies had to look for ingenious solutions to keep their business running in the life-threatening times. As a result, companies took the support of IoT for their remote working operations.

Due to the pandemic, the international market of IoT is anticipated to grow from the current value of US dollars 150 billion to 243 billion at a CAGR of 13.7%.

The key benefits of IoT include cost reduction, business transparency, remote operations, automation of processes and is particularly getting popular in the Healthcare, Manufacturing Industries, and Retail industries.

 

WEB DESIGNING & DEVELOPMENT

Web designing involves the creation of the layout and visual features of a website whereas Web development is about developing the functionality of a website.

With the growth of different technology web designing and development has gone through the metamorphosis from the everyday website to a website with highly interactive features, responsive web elements, voice user interface, etc.

As the world becomes more dependent on Digital, a website plays a big part and says a lot in terms of the business’ element.  Without a website, any business will face challenges in terms of visibility, brand awareness and profitabilityThis was the scenario long before the pandemic. With the restrictions caused by the pandemic, the brick-and-mortar business is left with no other option than to move online. With this being said the scope for the web designing & development industry is growing at a faster rate.

The latest research mentions that this industry will grow from US dollars 131 billion to 295 billion from the year 2020 to 2025.

Surely the pandemic won’t be there for a lifetime but the ‘New Normal’ it has created during and even on the post-COVID19 era could be permanent. There is “no going back.”  Companies that understand and who are well-adapted to this fact are sure to find opportunities for high profitability, sustainability and growth. Thus there is such thing as Post-Pandemic : Silver Linings for Business.

Arti Mudaliar 0 Comments
Apr 19 2021
Opportunities in India’s Electric Vehicle Drive

“Electric vehicles are an essential strategy in the immediate term to reduce local emissions and help improve local air quality.” –  Kevin Emerson

An electric vehicle is a vehicle that is propelled by an electric motor instead of an internal combustion engine. As these vehicles use electricity rather than combustible fuel, they do not cause pollution, global warming, and depletion of natural resources.

 

The Scope for The Growth of EV Industry in India

The electric vehicle industry of any country can grow only by the factors like the high demand for energy-efficient commutation, the Government’s support with the electric charging infrastructure, favorable subsidies, tax reductions, etc.

India ranks as the world’s 4th largest automobile market & the 2nd largest two-wheeler market. And so, it is enormously dependent on oil imports. The rising price of petroleum products to run these vehicles has affected the consumers. EVs that need electricity to run will decrease the operating cost significantly.

The country is also experiencing an alarming level of pollution. It is high time to reduce Carbon emissions. It is estimated that EVs can cut down carbon emissions by 37%. Hence there is an incredible demand for environment-friendly Electric vehicles in India. These reasons are pushing the Indian Government to promote the adoption of Electric Vehicles.

The biggest hindrance to the adoption of EVs in India is its high cost. To resolve this issue, the government came up with the Fame policy (Faster Adoption and Manufacturing of Hybrid and EV) which focuses on giving monetary incentives to the EV consumers to balance the price difference between the EVs and ICE vehicles.

In 2019, the government of India promoted EV adoption, by announcing a custom duty exemption as well as a 12 to 5% Goods & service tax reduction for Electric vehicles. Further an additional income tax deduction of INR 1.5 lakhs was offered on the interest paid for the EV loan. This led to a 20 % increase in the sales of electric vehicles (excluding sales of e-rickshaws) in 2019-20 as compared to the previous year, as per the report of SMEV (Society of Manufacturers of Electric Vehicles).

The Government also brought in FAME II which offers a total incentive of INR 10,000 crores from 2020 to 2022.  The Other incentives include exemption from road tax & registration fees.

To further improve the adoption of EVs all over the nation, the MORTH – Ministry of Road Transport and Highway declared that all the states & union territories of the country can register as well as sell EVs devoid of pre-fitted batteries.

The Indian Government has set a target of 30% electric vehicles by the end of this decade. Not just that, the Indian Government also aims to be the next EV manufacturing hub for the world. This goal can be itemized as sales of 70% of commercial cars, 30% privately owned cars, 40% of public transport buses and 80% of two-wheelers & three-wheelers must be in the EV segment by 2030.

India, with the progression of these goals, could have an EV market of 206 billion USD & have a total sale of 102 million vehicles by the end of this decade. Also, with the realizing of this goal India must own a network of over 2.9 million public charging stations by 2030.

A report by ISEA (India Energy Storage Alliance) mentions that this market is anticipated to reach over 6.34 million units per annum by the year 2027. This report covers the market spectrum of Electric Vehicles, EV batteries as well as the electric charging infrastructure and is anticipated to grow with a CAGR of 44% in the period of 2020-2027. Hence, this is a profit-promising industry in India.

India’s Challenges & Plan related to its ‘Electric vehicle Industry’

There is a limitation of the availability of lithium in India. Lithium is an indispensable element for the production of lithium-ion batteries used in Electric Vehicles. Importing this element from other countries escalates the manufacturing cost of EVs, as the battery is the most important component of EVs and its cost covers 40% of the total vehicle cost.

To combat this issue India has set up its first-ever lithium refinery in its Gujarat State. The leading companies in India such as the TATA Group, the Adani Group have planned to establish their lithium battery manufacturing plant here. The effort to be self-reliant for lithium element has led to the discovery of 1600 tonnes reserves of lithium by The Department of Atomic Energy, Government of India, in its Karnataka state.

India is also putting a research effort to find lithium-ion battery alternative technology like sodium-ion batteries to ensure its aims related to its EV industry are achieved smoothly.

The other important aspect that must be addressed to develop this industry is the electric charging infrastructure. So, the Indian government has planned to set up one EV charging Station every 25 Km with its FAME II program. The country’s Department of Heavy Industries (DHI) summoned companies with EoI (expression of interest) to put up around 1500 EV charging stations on the expressways & highways all across the country. This effort was taken to resolve the EV consumer’s concern that EVs are not appropriate for long-distance traveling. The DHI also permitted 2,636 EV charging stations in 62 major cities of all the states & the union territories under the FAME II program to make sure that there is at least one EV charging station in every 3 square km area.

This year, A company named Hindustan Petroleum Corporation Limited along with Magenta initiated a new idea of “Charge Grid flare EV charger” for the first time in India. It is an energy-saving efficient LED street lamp integrated EV charger. It is built to suit Indian weather conditions with online & remote monitoring feature. The company sets a target of more than 1000 units of installation of these Charge Grid flares by the end of this year.

 

The Effect of Pandemic on The Indian EV Industry

According to SMEV, the EV industry was on track of progress despite the covid-19 pandemic. In the fiscal year 2020 electric vehicle sales included 97.43% which equals 1,52,000 Electric two-wheelers, 2.17% (3,400) electric cars and 0.38 % (600) buses

This will continue to improve further in the fiscal year 2021, due to the right move by the government as well as the industry. This industry has a high chance of escalating in the post-pandemic times as compared to the badly affected segment of IC vehicles. This is because there is a high probability of people switching over from the over-crowded public transit to EV two-wheelers as the expense for both remains the same.

With the booming of this innovative industry, there opens a myriad of business opportunities in this segment. This includes:

  • EV Manufacturing/selling
  • EV Spare Parts Manufacturing/selling
  • EV Charging Station
  • Solar charging station
  • Portable Charging Station
  • EV Charging Station Management
  • Home Charging Station Setup Service
  • Charging Station Setup Training Service
  • Electric car battery manufacturing
  • Battery swapping
  • Services to convert ICE vehicles into EVs
  • Last-mile connectivity solutions

With a country like India where there is already a high demand for the EV sector, there is surely a reserve of abundant profit promising opportunities to unearth.

Arti Mudaliar 0 Comments
Apr 17 2021
Internet Businesses – Silver Linings in the Post-Pandemic World

“The Internet produces new business models and also reinvents traditional business models” – Marc Ostrofsky

The Covid-19 pandemic has forced people across the world to become internet users like never before in history. People have started spending more and more time online for working, buying essentials, entertainment, communication, education, news, and updates, etc. According to research, about 4.66 billion people, which means about 59.5% of the worldwide population, were found to be active internet users as of January 2021. With the downturn of the offline channel, businesses are left with no option but to move online for surviving and thriving.

Thus, we can say that the pandemic has revolutionized both: the behavior of the customers and the functioning of the businesses. And so, today internet is undoubtedly an avalanche of business opportunities.

Let’s discuss a few of them here.

Chatbot Business 
To run a successful business, it is important to stay on top of the latest trends in the industry.

Chatbots or AI-powered virtual assistant software simulate conversation via message apps, phones, websites, and mobile apps, etc. Today, they have become the essential requirement to the companies for 24/7 customer support, lead generation, scheduling interviews and to market and sell products, etc. About 47% of chatbot users prefer buying products using this medium.

Chatbots are much more efficient, error-free, cheaper, faster, and always available, unlike a human. Since one can rely on their pre-written commands and programs, they are widely preferred in the sectors of banking, real estate, retail, legal, healthcare as well as hospitality. It is expected that 90% of the interactions of the banks may be automated with chatbots by the year 2022.

The chatbot market across the world may reach up to USD 1.25 billion by 2025, with a CAGR of about 24.3 % which means that the chatbot business has a successful prospect in the coming times.

Box Subscription Business 
The subscription box is a strategy of marketing and product distribution that involves delivering a package of products and services directly to the customers periodically. As customers subscribe for the products/services for a certain period, this business generates a predictable revenue and there is no overstocking of inventory.

During the pandemic times, consumers mostly relied on box subscriptions for their entertainment, remote work tools, education, food products, health and wellbeing products, etc. due to the convenience it offers. With such changing trends the subscription business model is likely to grow in the post-pandemic period, unlike the one-time product purchase system.

Netflix is a classic example of the profitability of the box subscription business. The revenue of Netflix is completely influenced by its continuously expanding international subscription base that generated about USD 6.14 billion in the quarter of 2020.

Online Advertising Business 
Online or internet advertising is also known as digital advertising, is nothing but utilizing the internet as a medium for marketing and advertising to the consumers.  It is one of the most efficient and effective ways for businesses of all sizes to increase their reach, target new customers, and broaden their revenue streams. It incorporates different types of display advertising, SEM or search engine marketing, email marketing, social media marketing, etc.

With the transformation nudged by the pandemic, businesses are rushing to emphasize their online presence. This being said, there is no need to explain the importance of digital marketing and advertising in the changing times. To mention, the popular social media networks such as Facebook, Instagram, LinkedIn, Twitter, Pinterest, Youtube, Snapchat & TikTok cover almost all types of audiences that it can surely drive leads and sales for any type of business.

In the year 2021, ad spending in the online advertising market is estimated to go up to USD 398,762 million. The online advertising industry thus has an incredibly promising future.

Web Designing and Development Business
Web designing is about creating the layout and visual aspects of a website and Web development involves generating a functioning website utilizing the website design.

The demand for web designing and web development services has considerably grown in the pandemic times. With businesses embracing online channels, there is an inevitable need for new website design. Businesses already present online also seek effective redesigning of their websites with the latest features like highly interactive and responsive web elements, voice user interface, etc. as a competitive strategy during these trying times. Several small businesses that had to shut down their physical stores now solely rely on their websites to carry on their businesses.

Recent research says that the tech industry will have a market growth from USD 131 billion in 2020 to USD 295 billion by 2025.

With such dramatic transformations, the web designing and web development industry unquestionably will have a great opportunity for advancement.

Online Education Business
Online education or e-learning is preferred for its aspects like convenience, the flexibility of studying at one’s own pace, availability of wide resources, cost-effectiveness and, the broad gamut of specialization, etc. Learning via online medium is not just limited to students. Employees, also seek it to develop their occupational skills, for update themselves with the advanced systems related to their work to grow in their career.

Online education was rapidly advancing before the pandemic too but with the circumstances evoked by the pandemic, this industry is growing at an incredible rate. Schools, universities, and companies are functioning remotely and this heightened the preference for online learning.

With such a massive change, the future of education has permanently gained momentum towards non-traditional virtual learning systems, which promises the profitability and success of this business.

Research estimates that the global market of online education will grow up to USD 350 billion by 2025.

Affiliate Marketing Business 
Affiliate marketing involves promoting another company’s products and services and earning commissions from the sale of their merchandise.

Affiliate marketing is not dead as perceived by many business people across the world. During the pandemic, this industry has seen both upward and downward trends depending on the niche of products or services involved. Many affiliate marketers had to change their niche during the covid-19 pandemic, to survive the transformed market.

However, in the long run, the pandemic will turn out to be a boon in disguise for the affiliate marketing industry. In the post-pandemic world, affiliate marketers may view the cloud clearing-up scene and find that with the incredible number of businesses and consumers moving online, there are increased opportunities for growth in this industry. Not just that, there would be additional profit-yielding niches of the products and services, that either did not exist or were not much significant in the previous market.

Conclusion
For seeking growth and profits in any business, a thorough understanding of the contemporary trends and foresight of the prospects is inevitable. Flowing along with the current market trends is the most assured approach to seeking success in a business in any situation.

 

Arti Mudaliar 0 Comments
Apr 16 2021
E-Commerce Business Opportunities

“E-Commerce isn’t the cherry on the cake, it’s the new cake” – Jean Paul Ago CEO L’Oreal

E-commerce or Electronic commerce refers to the buying or selling of goods & services through the medium of the internet.

The covid-19 pandemic caused shutdowns and travel bans across the world. This forced consumers to choose online mediums over retail for their shopping. And so, the pandemic has caused a dramatic peak in the e-commerce business. Recent data from IBM’s U.S. Retail Index says that the pandemic fast-tracked the switch from retail to e-commerce by almost five years. It is also very likely that this revolution would be permanent.

Let’s discuss some promising opportunities in the e-commerce industry.

Selling Handmade Items
Many people with artistic skills need an online marketplace to sell their unique handmade kinds of stuff such as clothing, jewelry, paintings, sculptures, toys, soaps also candles, etc. find among the people who have a great interest in such products. Anyone who has a talent for producing handmade goods has huge potential to profit. You just have to find your expertise and partners and make sure that your uniqueness is your own selling point in this competitive business. Hence an e-commerce platform that sells handmade goods is highly lucrative.

Etsy is one such successful online marketplace that connects buyers & sellers around the world with its delightfully unique collection of custom-made & handmade items.

Selling Education Courses/Services and Products
Online education platforms offer several advantages like a flexible schedule, comfortable learning environment, pacing options, career advancement, skills enhancement, cost-effectiveness, etc. as compared to the traditional education system. According to the latest market research, the global e-learning market will make approximately $325 billion by 2025, which is and this apparent through the Compound Annual Growth Rate (CAGR) of 7.5%. Thus, it can be concluded that e-learning systems are becoming more essential in the educational sector as they give the students the flexibility of learning at one’s own pace & comfortable environment which has a positive impact on how they absorb information, which is vital for academic success.

Online Grocery Store
Before the pandemic, buying groceries via online stores was mostly preferred only by the Millennials. The COVID-19 shut down in the year 2020 has caused a revolution in grocery shopping. As a safety measure, people started purchasing their essentials via online medium. This led to a boom in online grocery selling businesses. To keep up with the competition, the retail grocery stores also started online sales, either by creating their websites and apps or by utilizing the prevailing delivery services.

As per research conducted by Mercatus and Incisive, online grocery sales will make about $ 250 billion by the year 2025. This means that there is a huge opportunity in the online grocery industry in the coming years.

Online Furniture Renting 
Furniture renting is a growing popular trend among the millennials and Generation Z, as they prefer hassle-free maintenance & management of furniture while cutting down the huge initial capital cost. Professionals who keep moving to new places find renting furniture as a money & time-saving, easy option. Renting gives choices in the latest designs for fresh looks every season. Work from home culture in the pandemic times further boosted the furniture renting businesses as people prefer having a comfortable & efficient work setting at home. These transformations are most likely to stay and grow further in the future, making the furniture renting business a highly promising opportunity.

Feather, CORT Global Network, Furlenco are some of the online furniture renting successful businesses. In the year 2020, IKEA the most successful furniture selling company also got into furniture leasing in 30 countries across the world.

Online Streaming
In recent years, the Cable-TV industry is taking a hit due to the popularization of online streaming businesses. Further, the pandemic has completely transformed the entertainment industry.  In China, Livestream e-commerce has been dominant in the last few years and is expected to yield more than $60 billion this year. With lockdowns everywhere around the world & strict social distancing methods, theatres, cinema halls could not function the way they used to. This further has made online streaming such as Netflix, YouTube TV & Amazon Prime, etc. more dominant sources of entertainment. Statistics confirm that the online streaming industry is anticipated to expand to $149.96 billion from 2020 through 2024 with a CAGR of approximately 18%.

Selling eBooks
For the past several years, e-books have already transformed the publishing industry. With all the aspects of life digitizing, physical books are not preferred by people anymore. Printed books are bulky, occupy a lot of space, are not easy to carry and maintain as well. Because reading is one of the favorite activities of humans & it can never go out of fashion, e-books have replaced the printed form of books. Technologically advanced reading devices offer an equivalent experience of reading a physical book. And so the e-books industry has a huge scope of growth. An e-reader is more handy and convenient to carry around than a book.

According to the latest research e-books industry can make USD17,723 million by the year 2025 with a CAGR of 3.2%. Fiverr, Google Play Books, Amazon, etc. are some of the e-books selling platforms that exhibit the lucrativeness of this industry.

Online Recommerce 
Online Recommerce or reverse commerce is nothing but selling used goods online. Selling used cars, used home appliances & tools, used apparel, used furniture & used electronics are gaining huge popularity in contemporary times. eBay, Amazon, Carvana, Flipkart, olx, are some of the popular e-commerce platforms that sell used items all around the world. According to a study, the market for used apparel has raised 21 times quicker than the retail apparel market in the recent 3 years and may reach $51 billion by the year 2023. Millenials and Gen Z are the ones who made the recommerce market boom. There is a huge scope for the online Recommerce business with millennials who prefer purchasing used items over the new ones for their affordability as well as their sustainability.

Conclusion
E-commerce is a fast-growing and versatile industry that offers huge scope for growth and success if approached with innovative ideas and well-researched moves.

 

Arti Mudaliar 0 Comments
Mar 28 2021
Components You Should Follow to Run a Successful Business

“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” – Richard Branson

Running a successful business needs several factors – analytical thinking, customer-friendly marketing approaches, detailed market research, and so on. To have a great success in your business, be flexible in planning and implementing. It’s important to be aware of strengths and weaknesses of your competitor since you play in a highly competitive world.

There have been thousands of books articles about how to run a successful business, but it is difficult to implement such things in the real time corporate world as business functions keep growing. However, tips and techniques from articles and books may help you think to create new strategies. Now let’s see some of the components you should follow to run a successful business.

Focus on Online Presence

Developing a dynamic corporate website is one of the key approaches that your business needs to capture a digital space. According to the E-commerce Wiki, almost 88% of consumers do research online before purchasing in a supermarket. A common website which shows pages with content like who you are, what you do, and why we differ will not suffice for many large businesses. To have a great online presence, your site should contain:

  • User-Friendly Website Navigation
  • Call to Action
  • Highlighting Your USP with Infographics
  • Creative Descriptions on Your Products or Services
  • Contact Information with Google Maps Link
  • Testimonials from Customers
  • FAQs Section

Apart from the content on your website, you have to use social media that can play a major role to promote your business. With pages in Facebook, Twitter, Instagram and other social media, improve online presence to make your services or products succeed in a digital world.

Customer Service

By and large, customers will not contact a company by which they had a bad service experience. If you have a good professionally trained customer service team, you can enhance your customer service team for providing customer-friendly service ahead of your competitors. Among the pool of customer service tips and techniques, find out some of them. Your customer service team should:

  • Always use positive words in communications
  • Give credence to customer complaints
  • Organize a team that can meet any challenges
  • Practice effective communication with customers
  • Provide customers statistics-centric data

Maximizing Marketing Efforts

Marketing plays a major role in business success. To get productive results in both the short- and long-term, maximizing marketing efforts is essential. There are several approaches to market your products and services. Here are a few that makes you think much more.

  • Advertising your business online
  • Use a creative marketing kit
  • Conduct free workshops related to your products or services
  • Have  a tie-up with professional organizations
  • Send out promotions with your invoices

Redesign Your Business

Your business infrastructure needs updating. So, focus on introducing latest technologies and innovative marketing strategies, create a new competitive advantage, find out a niche market and discover an investor. You should redesign your business model with the elements that can survive, evolve and succeed in any stages. When you redesign, market research and planned budget are essential to deliver a great service or product in the early stages.

Become a Trendsetter in Your Business

Once you start a business, you’ve already kick-started the journey of becoming a trendsetter. The corporate world is ever-evolving. Things that have a huge popularity now will no longer be in next years, months, weeks, and even days. Trendsetters often change the trends. Sometimes they go back to bring old wine in new bottles, but most of the times they want to make innovative elements in the trends they want to set. If you can be a trendsetter in your business, you can run a successful business. Asking the questions given below will help you develop ideas for becoming a successful business trendsetter.

  • How do I become a trendsetter in my business?
  • Where can I get ideas to know a present trend?
  • How do I spot and apply hot trends?
  • How can the financial crisis impact my business?
  • How will elements in my business affect the society?
  • What are good and bad trends?
  • What are the present trends in my business?
  • What types of trends are likely to affect my business functions?
  • What will be the next Tesla or Amazon?
  • What is the right time to introduce a new trend?

Conclusion

A combination of the above tips and techniques is absolutely essential if you want to run a business. In order to stay competitive in your business, you need a strong understanding of your business concepts. Based on the elements of key concept of business, you can market your business with the power of latest technology. Make sure to continue your efforts and stay positive even under risky situations. Time management is also essential. Whenever there’s a need for a sharp deadline, you should be ready to perform it within a given time. Apart from all these things, let’s see some other key elements that will make your business successful.

Money: Running a successful business needs an expensive budget. You need to focus on controlling and managing loans, investments, capital amount, and/or revenue to make financial function of your business go smoothly.

Pricing: Adopt a right pricing strategy. If your products or services are too high, you restrict your customer base. If they’re too low, your products or services may look substandard. So it is better to price a product or a service after a market research.

The right customers and clients: The most successful companies should be able to discover the right customers and clients as marketing their products or services is around them.

Less competition: As the market is already filled with several types of products and services, you should find out a less competitive product or service.

Need: If your product or service is not the choice of customer’s needs for the time being and in the long run, your business success may become a question. Diligent market research is essential to find out the needs of customers.

 

Syed Abdul Kader 0 Comments
Mar 18 2021
Business Opportunities in India for Foreign Investors

In the year 1991, India was faced with an economic crisis which led the government to initiate economic liberalization. Subsequently, FDI (Foreign Direct Investment) gradually escalated in India. 

The UNCTAD (United Nations Conference on Trade and Development), with its World Investment Report, 2020 states that India stood as the world’s 9th largest recipient of FDI in 2019 with an inflow of 51 billion USD.

As per the global investment trends monitor, No.38 by UNCTAD, the global FDI experienced a collapse in the year 2020. It dropped by 42% from 1.5 trillion USD (in 2019) to about 859 billion USD, by the effects of the pandemic. However, India defied this global FDI flow trend. In 2020, its FDI inflow grew by 13%, to 57 billion USD as compared to 2019. India was one of the only two countries in the entire world, that experienced an FDI rise in 2020.

So why is India becoming one of the top destinations of foreign investment?
The number 1 reason India is attractive to foreign investors is its promising market size. India is a rapidly growing economy & ranks as the 5th largest economy as well as the 3rd largest by purchasing power parity (PPP). It also has the 2nd largest population in the world, about 1.3 billion. The medical journal ‘The Lancet’ published an analysis that forecasted that in 2048 the population of India may peak to 1.6 billion. India is anticipated to have the largest working-age population by the year 2100, which would be about 578 million.

By 2025, the country’s consumer market is expected to grow four times. More and more foreign investors are realizing the consumer market size of India, the potential of rapidly growing Indian private companies as well as the benefits of its cheap human resource.

India’s economic growth chiefly depends on the FDI investments hence it has liberal foreign direct investment policies. Several sectors in India have foreign direct investment raised to 100% which confirms that the government is keen on welcoming foreign investors to invest in most of the sectors.

India has a robust & diversified industrial base to produce a broad range of goods and components vital for several sectors like automobile, textiles, chemicals, consumer durables, FMCG, healthcare, etc.

The government offers easy access to credit as well as has simplified the approval procedure for forming and upgrading logistics for smooth transportation & exports.

The World Bank’s annual report of 2020 on The Ease of Doing Business (EOBD) mentions that India escalated by 14 points and positioned itself at 63rd rank amidst 190 countries of the world. The Indian Government’s focus on ease of doing business has significantly attracted global investors.

India ranks as the 4th largest foreign exchange reserves holder country in the world with 584,554 million USD (as of 26th February 2021). This country’s sturdy, escalating foreign exchange reserve ensures secured on-time payment for profit & portfolio outflows repatriation.

A Digital Revolution was instigated by the Indian government’s policy decision taken to boost electronic transactions. It also plays a vital role in attracting foreign investors.

 

Business Opportunities in India in Diverse Sectors

AUTOMOBILE
In 2019, India globally ranked as the 4th largest automobile market. India positions itself as the leading heavy vehicle manufacturer in the world. It is the largest tractor manufacturer in the world. It globally ranks as the 2nd largest bus manufacturer & 3rd largest heavy trucks manufacturer. By 2026, this Industry of India is anticipated to reach up to USD 282.8 billion. It has a 7% share in India’s GDP.

TELECOMMUNICATIONS
India stands as the 2nd largest mobile market in the world and has nearly 1.1518 billion mobile phone users. It also positions as the 2nd largest telecommunications market in the world, and it has a subscriber base of about 1.2 billion. It has a 7% share in India’s GDP.

E-COMMERCE
The Indian government’s ‘Digital India programme’ lead to a surge in the number of Internet connections in India which is nearly 760 million, as of August 2020. This ultimately led to a boost in the E-commerce industry in India.

The value of the Indian e-commerce market is 84 billion USD in the current year. India’s E-Commerce may grow up to USD 99 billion by 2024 at a CAGR of 27% from 2019 to 2024.  Online Retail and e-commerce together offer a 10% contribution to India’s GDP.

CHEMICALS
India ranks worldwide as the 6th Largest Chemicals Producer. The Market value of India’s Chemicals & Petrochemicals sector is about 178 billion USD and is expected to grow up to 300 billion USD by 2025. India is one of the leading dyes suppliers of the world and satisfies 16% of the global demand for dyes and dye intermediates

GEMS AND JEWELLERY
India is identified as the world’s largest diamond processing center, also accounts for around 95% of processed diamonds of the world. It plays as the largest cutting & polishing center for diamonds in the world and is fortified by the policies of its government. The gems and jewellery sector of India is one of the largest sectors of the world & has more than 300,000 gems and jewellery businesses that fulfill 29% of global jewellery demand.

India is considered the hub of the international jewellery market due to its low costs as well as a highly skilled labour force. This sector contributes nearly 7% of India’s GDP, also around 15% of the total merchandise exports of the nation.

TEXTILES & GARMENTS
Raw materials essential for the production of textiles and garments like jute, cotton, silk, wool, artificial fibers, are abundantly obtained in India. Hence, India is one of the largest producers of textiles & garments across the world. India’s Garment Industry is worth one trillion INR. Due to the favourable FDI policy of textiles in India, this industry is highly chosen by foreign investors. This year, India’s textile exports may reach up to 82 billion USD and are anticipated to grow up to 300 billion USD by 2024.

The domestic textile & garment industry has a 2% share in India’s GDP.

BIOTECHNOLOGY
India has around 800 biotechnology companies that play a vital role in the country’s economy.

By 2025, India’s Biotechnology industry is projected to grow up to 100 billion USD at a CAGR of 30.46%. India positions 12th in the global biotech destination & 3rd in the Asia-pacific region biotech destination.

PHARMACEUTICALS
India is the leader of the global generic drug market. This country is the source of nearly 60,000 generic brands within 60 therapeutic groups & it solely meets 40% and 25% of generic drug demand of the US & the UK respectively. It is also the world’s largest producer of vaccines & fulfills more than 50% of the vaccine demand of the world. It produces over 500 diverse Active Pharmaceutical Ingredients (APIs). India’s pharmaceutical exports were worth 25 billion USD in the year 2020.

In 2020, the International Monetary Fund (IMF), based on per capita income positions India at 142nd rank by GDP (nominal) also 124th rank by GDP (PPP). Almost 60% of the GDP of India is made by domestic private consumption, in addition to that, it is the 6th largest consumer market in the world

Arti Mudaliar 0 Comments
Mar 28 2020
Successful Start-ups during the Covid-19 Pandemic – A Hope for Economic Revival

“A pandemic will lead to permanent social, economic, and cultural changes. The key is to create good from a bad situation.” ― Wayne Gerard Trotman

At this moment covid-19 may be a reason of economic slowdown and financial crunches, but it is a fortune of virtual worlds that have opened up emerging opportunities for positive entrepreneurs, who dare to come out to fight against the pandemic, with disruptive technologies. These virtual worlds have surprised consumers with timely and customer-friendly online services. Especially, online gaming, Fintech, E-commerce and online delivery services, which occupy virtual environments, are luring consumers and investors as well. The answer of the question “if the world were not empowered with the internet, what would happen during the pandemic?” is really terrible. Even though the coronavirus has already led companies across several sectors to shut down their business operations around the world, many tech start-ups are coming forward to create a milestone even during the era of covid-19.

Among several start-ups with heavily impacted segments, some successful start-ups are resilient with the highest possibility of riding an economic downturn. These companies were successful since they think outside the box with pandemic-friendly products and services the world needed.

During the pandemic, the following are the major challenging elements that are based on the supply and the demand sides of the market.

  • Cash flow constraints
  • Consumer interests
  • Key parameters
  • Labour
  • Lockdown impact
  • Price variations of vital raw materials
  • Production shutdown
  • Supply chain disruption

Some successful start-ups have given a practical solution for all these elements. With some start-ups on the rise, let’s take a rundown at the sectors that show a brighter side of business growth.

 

Pharma and Healthcare

Both pharma and healthcare sectors are experiencing convulsive change during the pandemic. After the crisis of COVID-19, the majority of the human population would focus on healthcare-related services. Since the entire world looks for the best medicine and healthcare services, it has become a great opportunity for these sectors to survive among the users. Most of these sectors provide online-based healthcare and pharma services in order to defeat the sales impact of lockdown. Some of the pharma and healthcare industries which have come up with winning strategies include:

  • Animal healthcare
  • Biotechnology
  • Diagnostics
  • Healthcare equipments and services
  • Healthcare IT
  • Medical devices
  • Molecular diagnostics
  • Pet care
  • Pharmaceuticals
  • Therapeutics

 

Financial services

The financial impact of the COVID-19 pandemic continues to unfold worldwide.
Some consumers and clients are still looking for innovative options for financial transactions.  Moreover, GDP decline and economy fall in the upcoming days are inevitable. In such times, the updated and enhanced financial service providers are a must to lead the world with a constant cash flow. FinTech sectors across the banking and insurance systems are preparing to transform financial services with futuristic and disruptive technologies that can challenge any forthcoming pandemic. Some of the financial technology enablers cover:

  • Analytics and insights to identify and prepare for every transaction
  • Artificial intelligence-powered tools to deal with every issue
  • Interconnected smooth transaction with minimum errors
  • The capacity to facilitate any sector
  • Transaction with automation to ensure immediate availability of digital banking services
  • Video-banking features

 

Education Industry

The impact of COVID-19 has made schools across the world shut temporarily. Since covid-19 patients can be anywhere, parents are afraid to send their children to any educational institution. According to statistics, more than 1.2 billion school children are out of the classroom in the world. Here, online education and courses have entered into the need of the hour since schools and other educational institutions are not able to function regularly. Consequently, Covid-19 has changed the way teaching occurs for a long time with the unique rise of e-learning courses on various digital platforms. Hence, the online education start-ups have become a sudden surge to serve children from all walks of life, and function as alternatives of conventional studying and teaching systems. Future start-ups are expected to come forward for enabling students with powerful e-learning courses on unique digital platforms.

 

E-commerce and online delivery services

Predictably, the pandemic has increased a big market in e-commerce and online delivery sectors around the world. Basic needs of human being have turned their eyes to depend on these services. Consumers in lockdown have started to focus on online shopping in large numbers since people are not interested to gather up at markets, restaurants, grocery stores and public places. Essentially, people are ordering in an interconnected market world to keep social distancing. And also ordering online saves their valuable money and time. The rise of e-commerce or online delivery service sectors during the pandemic covid-19 has given a big hope among economists and entrepreneurs. The entrepreneurs, who wish to start new start-ups, may come up with innovative ideas that deal with e-commerce or online delivery services.

 

Remote working tools

The global outbreak of COVID-19 has made companies to redesign their company work places to prevent the spread of the pandemic. As employees and employers face the same issue of difficult in interacting each other, remote working tools have set a right path of success during the pandemic crisis. With the unpredictable possibilities likely to happen, remote working tools would facilitate any ongoing projects in major companies across the world and they can pave the road map for futuristic growth. Several IT-based companies, including Google, Twitter and Apple, are now providing remote work options for their employees. And also, these tools have forced companies to use innovative approaches of marketing their products and services to customers, which resulted in discovering new customers and skilled employees as well.

 

OTT platforms and online gaming

During this crisis, OTT platforms and online gaming services have achieved new records in providing digital ways of entertainment. With the closure of movie theatres, gaming hubs and other entertainments such circus, magic, zoo and amusement parks, these OTT platforms and online gaming service providers have captured a strong place. These services have provided cost-efficient version of the same experience and with the comfortable life of staying at home. In these two sectors, much more opportunities are waiting for entrepreneurs to open new start-ups because entertainment industry is ever-growing.

 

Conclusion

Conclusively, the future of global economy is bleak for the most of the entrepreneurs in the world. The economic crisis unleashed by the outbreak of COVID-19 is damaging all sectors, regardless of income level.  From start-ups to established corporate companies, there are unpredictable changes in recruitment, marketing, introducing new markets, selling stocks, expanding business operations, improving business performance and lots more. With widespread unemployment and shocking GDP decline, various sectors and industries are trembling to find a right path. However, these emerging and future start-ups show a brighter side of economic growth. Consumers are bombarded with a slew of digital products during this pandemic and they are gradually and positively addicted to these digital life. Large companies and digital giants such as Google, Amazon, Tencent and Alibaba have all geared their market with global disruption strategies. Hence, investors can gear up to focus on these types of business models that can cater to both the entire world and a particular nation.

 

Syed Abdul Kader 0 Comments