Lakshya is an initiative by Club Kaizen which is our monthly supplement designed for people who dare to think above the average and believe in connecting the dots. In an age where technology has taken over every sphere, information is abundant and data is omnipresent, we have conspired to bring to you a collection of thoughtfully created and carefully curated pieces of work by some bright aspiring minds of ICFAI Business School, Hyderabad on the current trends and hot topics in the field of Operations Management and their relevance in different Industries. Everything is growing at the pace of nanosecond and hence it is quintessential to know about every minute change in the eco system. With Lakshya we aim to present our readers with compact yet explicit articles on vivid topics such as Internet, Banking, IT, IoT, etc. A fair share of this edition focuses majorly on the banking systems and payment gateways. With the constantly evolving technology it will be interesting to ponder over changes that could be seen in the near future. We look forward to providing the students with some valuable insights and inculcate the passion for reading once again within our readers. Lakshya is an amazing platform for readers as well as aspiring readers to showcase their talent and pen down their thoughts which in turn will be a gold mine for information for the students of not only IBS but from the outside world too.
KAIZEN’SOPERATIONS&RESEARCHENTITY
1
OUR KNOWLEDGE PARTNER
Club Kaizen is privileged to have The International Supply Chain Education Alliance (ISCEA, USA) as the Knowledge Partner from Lakshya’s 24th edition. To be a single source for Total Supply Chain Knowledge through Education, Certification, and Recognition is the mission of ISCEA. Many workshops/events are conducted by ISCEA to improve the knowledge of manufacturing and service industry professionals. ISCEA provides a platform to explore leadership potential to the aspiring leaders in the supply chain industry while developing the skill sets and knowledge desired by corporations, through SCNext (ISCEA Young Supply Chain Professional Association). Some of the internationally recognized certification programs developed by ISCEA include1. Certified Supply Chain Analyst (CSCA). 2. Certified Demand Driven Planner (CDDP). 3. Supply Chain Case Competition. To know more about ISCEA, visit http://www.iscea.net/india. We look forward to working with ISCEA in spreading knowledge and reaching greater heights together.
KAIZEN’SOPERATIONS&RESEARCHENTITY
2
EDITOR’S LETTER “Today a reader, tomorrow a leader” Colleges are the best part of our life and magazine is its powerful tool and an integral part of the overall infrastructure and the vision of the college. Magazine becomes a platform for all the students and faculty to express their literary and artistic talents. It also ignites young minds. I feel extremely honoured by my association with the 24th edition of "LAKSHYA" Club Kaizen’s monthly supplement designed for people who dare to think above the average and believe in connecting the dots. As the editor, it has been a combination of fun, work, meeting, discussions, surfing, browsing, typing and so much more! I congratulate the entire editorial board for their excellent team work and unflagging efforts for successfully compiling the magazine. This wonderful edition would not be possible without the support of the team. Hard work and dedication of many people have gone in its making. I was very thrilled to receive informational articles from you all showcasing your writing skills and brilliant creativity. I hope you enjoy reading as much as we enjoyed framing it and have a delightful experience as you flip through every page of this issue. Please let us know if there are any subjects you'd look forward to being addressed in upcoming editions. Please write to us and become a part of this discussion. Email ID: kaizenclub.ibs@gmail.com Happy Reading!
GARIMA SONI JOINT SECRETARY INTERNAL AFFAIRS & ADMIN Kaizen – IBS Hyderabad Batch 2020-22
KAIZEN’SOPERATIONS&RESEARCHENTI TY
3
CONTENTS
S. NO.
TITLE
PAGE NO.
1
From the Mentor’s Desk
5
2
Can we make India corruption free?
6
3
Artificial Intelligence and Its Influence in Banking Sector
9
4
Clarity and Focus
12
5
International Production and Operations Management (IPOM)
14
6
International Market & Current Trends
16
7
Pros and Cons of Stock Market
19
8
Cold Supply Chain
21
9
Management in Our Daily Life
24
10
Cyber security on IOT
26
11
Production Planning and Control in Times of Covid-19
31
KAIZEN’SOPERATIONS&RESEARCHENTITY
4
From the Mentor’s Desk In the era of competition, it is imperative for students to be prepared for the ever-changing business environment. Knowledge creation plays an important role to learn to tackle the dynamic nature of business. I appreciate and congratulate the initiative of club KAIZEN for bridging the gap between corporate world and academia through LAKSHYA which is an excellent platform where industry practitioners, academicians and researchers can share their knowledge and experience, acting as a beacon guiding students to reach their goal. My best wishes to club KAIZEN in their endeavour of knowledge creation through LAKSHYA.
Nishit Kumar Srivastava Mentor, Club Kaizen
KAIZEN’SOPERATIONS&RESEARCHENTITY
5
Faculties Insight Mr. Prashant Yadav Assistant Professor - Production Department Bharati Vidyapeeth College of Engineering, Pune
Can We Make India Corruption Free? When I think about corruption, I think about me and you, I think about us and the society, and I also think about those corrupted persons, who are fighting for the corruption. Corruption is not a pebble that you can pick it up and throw it, like it is nothing. Corruption is one million times bigger than Everest, and the same amount of times, deeper than the deepest oceans. But as a matter of fact, corruption is not a physical structure and is now in our DNA and is flowing within us, in our blood and our heart is pumping it, loving it and nurturing it like nothing else. By looking at others we cannot see corruption rather we have to look within us to see the mightiness of corruption. The entire body of the society is corrupted, and just we cannot alone blame the politicians, executives, judiciary, business persons or anyone else for promoting corruption.
1. Change in Law
Can we make India corruption free? Can we really fight against us? Well, likewise thousands of questions are raised every day by you and me. And the answer is, yes! We can but not a big YES. Yes! We can eradicate corruption from India. But let me make it crystal clear to you that we cannot just eradicate it, by changing laws, by doing hunger strikes, and street fighters on the road, nor we eradicate it by the virtue of some persons who are fighting for removing corruption from India. And let me also tell you that all the dramas you watch on television and stories you read on the internet are not and never going to help in any way to fight with corruption. So, what to do? How to eradicate corruption from India? Well, let me suggest to you some of the possible ways to fight and win over corruption.
Some people believe that by making certain changes in LAW and refreshing the old law with
KAIZEN’SOPERATIONS&RESEARCHENTITY
6
new twists, we can diminish the tower of corruption. Well, I believe it will help at least .05 % or even less. There are many holes in Law and these holes are for eternity, so just by tweaking from here and there nothing great could be achieved. But definitely it will help, so we must bring the necessary changes to our municipal law.
2. Introduction of New laws At present, many power thirsty persons are shouting and roaring like injured lions, to introduce new interactive laws to uproot the roots of this evil. But by just introducing a new law, nothing will happen because at present we have a handful of laws for punishing and tampering the murders, rapists, dacoits etc. And every day thousands of cognizable offences are committed and due to lack of evidence, loopholes in law and more because of the broken pillars of our judiciary system, the accused are released free. Day by day the pillars of our judiciary system are diminishing and if this quake continues then the entire system will break down within the next 10 years, as a house made of sand, slopes down, by the slight of a breath. No amount of punishment, no amount of penalties can engulf corruption from head to toe. First, we need to set back the broken pillars of the judiciary system, and make sure that the already established penalties are implemented in the right way, Murdered, dacoits, rapists should be published. Every person who does cognizable offences should be punished without delay.
Indian, with the blessings of GOD, are much more aware about corruption than many western countries. In fact, that day when people will say, ‘What is corruption? Pardon, we have never heard of it, will be the day of wisdom for India. We must not create awareness about the evils of corruption, we must not ask our students to write an essay or give a speech on corruption. Because the more we talk and learn about corruption, the more we will attract corruption towards us. But does this mean that we should not speak anything about corruption? Is it physically possible to shut our mouth towards corruption? No, but we must. Well, the above points will just touch corruption, but will not even pinch it. The nuclear bomb or in local words BRAHMASTRA that can completely eradicate corruption is this:
4. HATE and ABANDON Well, we need to hypnotize ourselves, our society, men and women, children’s and every breathing soul of India, not to hate corruption, because we all hate corruption, but to hate the corrupt people. I think this is the wisdom of the day. We should hate and treat the corrupt people in the very same way in which our ancestors (high class people) were treating the untouchables, at that frame of time. Every corrupt person should be treated as an untouchable person and every innocent person of the society should hate the corrupt person from within the deep cores of his heart.
3. Bringing awareness among people
The family of a corrupt person should be looked as an alien family, and the basic facility of education, services and business licenses should not be provided to any of his family persons, unless and until they themselves eliminate and abandon the corrupt person from their family.
We must bring awareness among people about corruption. Well, this seems to me a big joke. We
In simple terms, things should be done in such a way, so that the non-corrupt persons should hate
KAIZEN’SOPERATIONS&RESEARCHENTITY
7
the corrupt persons. And the good news is that more than 80 % of our population are in no way corrupted. So, when the majority of the innocent population will abandon the minority of the corrupt population, the rules of science will win, the majority will crush the minority, but again not at
the stroke of midnight, but eventually. For this someone, at some point of time, but no one in isolation, must promote and cultivate hate in the minds of the common uncorrupted minds of India, towards the corrupt minds.
About the Author: Mr. Prashant Yadav He is an Assistant Professor in Production Department in Bharati Vidyapeeth College of Engineering, Pune. He is having 10 years of teaching experience.
KAIZEN’SOPERATIONS&RESEARCHENTITY
8
Corporate Angle
Mr. Amanpriya Singh Data Engineer - DCB Bank Ltd
Artificial Intelligence And Its Influence In Banking Sector Artificial intelligence (AI), from time to time called machine intelligence is simulation of human intelligence in machines. It is the intellect exhibited by machines, in contrast to the natural knowledge demonstrated by humans. From Siri to self-driving cars, AI is progressing at a rapid pace. Artificial Intelligence in finance is more than about chat bots. This Article mainly focuses on the concept of AI in the field of banking, how it has brought revolutionary changes in banking and its impact on human manpower. As we are aware that humans tend to commit errors, but the world is evolving so does the innovations, there is lack of skilled talents required to handle the automation. Several routine and manual tasks which were earlier performed by the humans are now being replaced by the automated machines with advance technology.
INTRODUCTION Artificial intelligence is now becoming more widespread in the current market. It is used in various sectors; banking industry is one among
them. Banking industry is using AI in a very innovative way which save plenty of time and money. The banks use algorithms to generate accurate results which in turn help in enhancing customer service and generate better sales performance to deliver profits. AI includes machine learning and profound learning which helps to reduce errors caused by emotional and psychological factors. One of the most important task AI performs is to channelize key information from wide variety of data and draw conclusions.
EVOLUTION While we have only recently experienced the implementation of AI, the history of AI dates back to the 1950s, when Alan Turing published a paper on the possibilities of machines with true intelligence. It was just the establishment of Artificial Intelligence as a term, but no application of the case or Artificial Intelligence method was carried out until the late 1990s. Artificial Intelligence speed only picked up after 2011, after major tech giants like Facebook, IBM, Microsoft and Google started engaging in Artificial
KAIZEN’SOPERATIONS&RESEARCHENTITY
9
Intelligence and Machine Learning for business applications. Today, AI implementations range from data mining to a variety of methods such as algorithm monitoring, facial detection, optical character recognition. AI is now being applied in a variety of business industries, including advertisement and targeting, accounting, insurance, internet, transportation, aerospace, agriculture and genetics. In 1990, new technologies focused on work in the AI field, expanding the potential for natural language analysis, image recognition, deep learning, voice recognition and emotions.
ARTIFICIAL INTELLIGENCE IN BANKING Drive thru Banking: Drive thru banking allows you to do banking transaction without getting out from car. There is lane where the customer can do transaction through a window. Voice AI system is being developed to replace humans in drive thru banking. Bank Stations: Banks can incorporate artificial intelligence at the front office, middle office and back office. The bank stations are a system of selfservice terminals that delivers a wide range of value-based e-services to consumers example bill payments, government e-services etc. Passbook updation kiosks: The Indian banking industry has been evolving from people driven to machines controlled in the past few years. Passbook printing kiosk is an automatic kiosk which enables customers to print their passbooks. Indian banks such as SBI and Bank of Baroda have installed this facility in a big way. They have installed self-service passbook kiosks wherein customers can print passbooks on their own. Chatbot-The Intelligent Banking Assistant: Chatbots or virtual assistants are new tools designed to simplify interaction between humans
and computer. Chatbots are examples of AI in banking that are replacing the front-desk scenes at the banks. These AI-led machines provide next level digitized and customized interactive experiences to the customers. Cash Deposit Machine: The Cash Deposit Machines are self-service terminals which allow to deposit cash at any time. This facility ends the problem of standing in long queues at banks to deposit cash. Banks offer the fastest and most reliable way to deposit cash round the clock. Both state-owned and private banks offer this facility where account balance is credited instantly. ATM Machine Helpline: These help the customers to contact their respective banks in case of emergency these helplines are provided in ATMs. AI has been introduced in ATMs too. The following segments have been introduced in ATMs: Machine learning for cybersecurity in ATMs, machine vision ATM cameras, facial recognition for security and improving customer experience, predictive maintenance of ATM machines, forecasting ATM cash demand. Mobile Banking: Mobiles are becoming smarter globally. Millions of people depend vigorously on mobile banking, which means that AI-powered banking mobile apps strongly attract them. Consumers have moved to mobile banking effortlessly. Having personal virtual assistant is very attractive no matter whether it is Siri from Apple or Alexa from Amazon. It has been widely accepted and welcomed by users across the globe. There are intelligent apps that can track the user ‘s behaviours and give them customized tips and insights on savings and expenses. Blockchain Technology and Banking: Blockchain is distributed, decentralized and digital ledger. It is digital information (block) stored on public database (chain). Blockchain is
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 10
used to store encrypted data and Artificial Intelligence is the brain or engine to enable decision making and assists in analysis of data collected. AI-based Algorithms and Fraud Detection: AI revolves around algorithms. Machine learning is made up of series of algorithms. Algorithm is a set of rules, instructions or other problem-solving operations to be followed by computers. AI is very effective in finding patterns in real time. It uses additional behavioural indicators to spot suspicious activity and offer suggestions for mitigating risk. Fraud detection is one of the fields which has received massive boost in providing accurate and apt results with the intervention of artificial intelligence. Fraud has been the major issue in the financial sector and fraud detection is one of the crucial areas in banking sector where artificial intelligence systems have excelled the most. AI helps to gain a better understanding of customer ‘s behaviour thus helps in better detection of new and emerging frauds.
CONCLUSION The world of banking is shifting faster than ever, with Artificial Intelligence (AI) leading the way in bringing in sea change in the banking industry. Various AI technologies have been applied in banking in fields such as core banking, operational performance, customer support and analytics. For AI, banking is no longer just physical branches, but a brand-new world of modern banks. The introduction of new banking services by modern day banks is helping them to grow and expand. Technology is enabling increased penetration of the banking system, increased cost effectiveness and is making small value transactions possible. Effective use of technology has a multiplier effect on growth and development of banks. Hence with the introduction of artificial intelligence, more customers are attracted, and it is helping the banks to grow more.
About the Author:
Mr. Amanpriya Singh Data enthusiast with almost 5 years’ experience in the Banking sector and Big Data. Currently working as a Data Engineer in DCB Bank.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 11
The Corporate Angle
Ms Vinita Surana Executive Director, Surana Group of companies
Clarity And Focus So many decisions would be made differently if we kept our clarity continuous and coherent. What do I mean? Do you remember the time when you think at night that I am going to wake up early tomorrow? Or the time when you said you won’t touch sweets just to remember this resolution only after a dessert or chocolate bar is down your throat? Or you said I am going to end this toxic relationship and kept going to back to people with the same traits if not the same person? This is because somewhere along the way we lose our intention Our focus Our clarity The thing that we promised ourselves we would do for ourselves Acceptance: So what is the contingency plan? How do you always remain clear and focused? Accept that some days you are going to slip, you are going to forget and yes you are not going to be
your ultimate best. It’s just not possible, take athletes for example even when they are playing the same opponent, they have different performances Accepting makes you plan better and not get off guard Silver lining: When you are going down the negative spiral there will come a time after a few hours, few days or few weeks when you are not able to live like that anymore. This is called your threshold capacity This is when you will seek help, do the research and put in all your efforts to change yourself and be obsessed with your goal. Or in other words be very clear of your ‘why’ Daily grind & consistency: That’s one way to do it - you can call that the cure. Let’s try another one. Maybe precaution is better than cure one.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 12
Show up and remind yourself everyday what your intention is. When you have a brain fog, when you blank out, when you’re lazy, when you’re bored, when you’re tired and most importantly when you doubt the goal (or yourself). Show up regardless. And do your craft. Maybe it won’t be your best work but the showing up counts, not in the moment but in the collection of moments. Stay consistent through rain, sunshine and snow.
Grounded and Humble: And finally, don’t let the wins cloud your ego, or the losses bring in insecurity. Both are fatal. The only way to survive this is surrender. Surrender the wins and losses to something greater than yourself. In other words, have immense faith in something. That something will save you and keep you humble and consistent on your path. So, you don’t break the loop of coming back to clarity and focus no matter what.
About the Author: Vinita Surana - Executive Director, Surana Group of companies Vinita Surana is an MBA from Wharton School, University of Pennsylvania, USA and MSc from Manchester Business School, UK. She is also the Executive Director, Surana Group of companies; managing the business development, expansion strategy and general management of companies in the energy, real estate and finance sector. Working in the group conglomerate in various functional verticals from HR, business development, marketing and finance. Founder of Vinvinsituation.com and an executive coach who conducts training sessions, motivational and leadership speaker sessions, corporate coaching and wellness blogging
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 13
Corporate Angle
Mr. Nissan Vatsa Assistant Manager at Saint-Gobain
International Production And Operations Management (IPOM) As IPOM is dynamic in nature, organization has to design it strategic objectives which cover International production and operations following points: management deals with production of goods and services in international locations and markets. It Meeting international quality standards involves management process which has to take Forecasting demand and production design into consideration local production market (labor Profitability and capital) and international customer Minimum production cost requirements. Adaptation to modern available technology Introduction
Nature of IPOM The foundation for international production and operations is no different to domestic production and operations management. But there are certain aspects which make international exposure a challenge for an organization. The very 1st difference is international business environment where not just economics but also international quality standards have to be maintained. The 2nd aspect is the international stint makes the company more aware of its surroundings thus making it more competitive.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 14
Market Segmentation: Domestic POM is around local market where as IPOM has to developed and Organization has to clearly identify challenges it is diversified market. likely to face in an international environment. Those challenges can be categorized as follows: Usage of resources: Domestic POM has to deal with in-flexibility of moving around of resources Culture: Domestic POM has to content with within one location while IPOM has advantage of homogenous culture where as IPOM has to content moving around of resources from high-cost market with multi-culture multi-ethnicity scenario. to low-cost market. Business Environment: Domestic POM has to consider local economical and social factors whereas IPOM has to deal with economical and IPOM Strategies social factors across geography and countries. Organization needs to consider the following point Quality Standards: Domestic POM has to look at while developing IPOM strategies: single local market therefore not much variation in quality standards whereas IPOM has to consider Production/Factory Location: The choice of different international markets with different location for the production facility depends on its proximity near to the market and cost of quality standard requirements. production (labor) in that particular environment. Pricing: Pricing for Domestic POM may not be a challenge as competition would also operate in the Factory design, layout and quality standards: same environment. IPOM has to consider the Organization need to standardize design and layout customer paying capacity which may vary from across their production location as to minimize production planning process, provide flexibility in developed country to developing country. sharing technical knowledge and manpower. Technology: In domestic environment innovation vendor and procurement: and usage of technology is much more comparable External among competition. For IPOM owing to different Organization needs to finalize the vendors to quality and pricing requirements investment in provide raw material as well important components required to complete the final product. technology becomes important. Also, procurement schedule has to be finalized as Economies of Scale: Domestic POM has to deal not to hurt production. with limited local market, hence limiting scope of economies of scale whereas IPOM has to access to larger market thus providing a change of achieving larger economies of scale. Domestic POM and IPOM
About the Author: Mr. Nissan Vatsa He is currently working with Saint-Gobain as an Assistant Manager with an experience of 7 years overall in construction and building materials.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 15
Corporate Angle
Mr. Nikhil Adhav Sr. Executive – Program Management, Flex
International Market & Current Trends The international trade has been growing faster than world output indicates that the international market is expanding faster that the domestic markets. There are indeed many Indian firms too whose foreign business is growing faster than the domestic business. Business are indeed becoming global and competitive. These companies rely on global strategies to succeed in today’s world. That calls on a company to think of the world as one market instead of as a collection of national markets and sometimes requires decisions as unconventional as accepting projects with low ROIs because of their competitive payoff. An organization with such a global focus formulates long-term strategy for the company as a whole and then orchestrates the strategies of local subsidiaries accordingly. Understanding the essential principles of competitive advantage is important for creating an effective business strategy, investing successfully, and understanding the economy on a national and global scale. Though competitive advantage is a basic economic concept, it is also one of the most important. It is the ability of organizations to
produce goods or services with a favorable quality-price ratio that guarantees good profitability while achieving customer preference over other competitors. Competitiveness ensures that the company is sustainable and durable. Competitive advantage can come in a variety of forms, ranging from expert branding to intelligently designed distribution networks. Often there are multiple factors that combine to create competitive advantage, such as:
Product quality Strategic pricing Customer service Market positioning Distribution networks Innovation and access to new technologies
Various trends in international business help your business react quickly to change to remain relevant, improve customer acquisition and retention, and save your company valuable time and money. Here are a few of the trend’s experts anticipate for 2020 and why they’re important for international business.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 16
Gig Economy Grows Gig workers are independent contractors, online platform workers, contract firm workers, on-call workers and temporary workers. Gig workers enter into formal agreements with on-demand companies to provide services to the company's clients. The need for skilled workers in foreign countries increases as businesses expand globally. Luckily, according to a report issued by BCG Henderson Institute, gig platforms increase access to a variety of talent difficult to source through traditional labor markets. This is especially true in emerging countries where gig work has grown by more than 30%. Those living in the region often have advanced skills and in-depth area knowledge. Many countries are focusing on a national workforce and impose legislative barriers on foreign workers. In 2020, expect to see more freelance and contract work as it often preferred by workers and business. Tailored Artificial Intelligence Platforms Many companies already use AI or are considering it because it can improve business operations and customer service. Until recently, most companies could only afford to access AI through broad as-aservice platforms that required expensive custom engineering to meet a company’s specific needs. In 2020, companies can expect to see a larger pool of providers other than the current tech giants. They’ll offer tailored services and applications for specialized or specific tasks, making AI available to SMEs too. According to Adobe’s 2019 CIO Perspectives Survey, almost 80% of chief information officers at U.S. companies plan to increase the use of artificial intelligence and machine learning in 2020. IDC predicts 75% of enterprises will embed intelligent automation into technology and process development by 2022 and
by 2024 AI will be integral to every part of their business. Adoption of 5G No company can afford to ignore mobile technology, and 5G is likely to be very popular as it delivers more speed, reduced latency and a smoother online experience. Ericsson reports the uptake of 5G is happening more quickly than expected. They predict 5G networks will carry 35% of the global mobile traffic by 2024. Broader Blockchain Application Initially, blockchain technology supported Bitcoin. Today, it demonstrates many other uses for business due to its enhanced security and decentralized ownership. In 2019, Gartner predicted “the business impact of the blockchain will be transformational across most industries within five to 10 years.” Banking, investment services, and retail are most likely to show interest, but McKinsey & Company suggests it could benefit any business. Blockchain can improve efficiency and secure smart contracts and transactions, regardless of the number of contracts or cross-border payments. It can also increase supply chain transparency and counteract theft and fraud. Gartner suggests blockchain will support the movement and tracking of $2T of goods and services annually by 2023. Environmentally Friendly Technologies With growing focus on climate change Local, state and federal governments continue to strengthen environmental measures. Going green now may help a business get ahead of the curve, and they may enjoy tax benefits when they adopt innovative techniques and processes now, instead of later. Besides regulatory compliance,
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 17
environmentally friendly technologies can also lead to long-term savings. They help companies being energy efficient, minimize waste and adopt newer technologies. Greater Need for Data Privacy & Protection The growing threat of cybercrime makes the protection of data more important than ever. Companies must take proactive measures if they want to gain new clients, retain their existing client base and meet ever-increasing data privacy regulations. In 2020, cloud and mobile security measures will take the forefront as business and consumer rely more heavily on off-site storage and mobile devices. Building consumer trust and effective customer relationship management remain paramount for business success. Single-Firm Outsourcing Most companies see the benefits of outsourcing many of their in-house functions such as payroll, accounting and HR. However, few have the time or inclination to juggle multiple companies. It makes lateral communication and reporting almost impossible. As a result, in 2020 we can expect to see more companies turning to a single company to provide multiple services. They have one point
of contact with their outsourcing partner and this company is responsible for performance and delivery. This leads to greater efficiency and transparency, quicker response times and more accountability. A single-source model also offers cost savings as everything is executed by one company. This simplifies processes and often includes lower prices than if the company sources services from multiple companies. This allows the business to leverage better economies of scale, which can lower consumer end price. Optimization Business optimization is the process of identifying and implementing new methods that make the business more efficient and cost effective. Optimization plays very important roles especially in business because it helps to reduce costs that can lead to higher profits and to success in the competitive fight. So, how to optimize the competitiveness of the company? Here’s how… 1. 2. 3. 4. 5.
Define your value proposition well Make sure communication is smooth Define a good Risk Management strategy Invest in the right technology Pay a lot of attention to customers
About the Author: Mr. Nikhil Adhav Nikhil Adhav, PMP® has over 10 years of experience working in various industries / projects in the fields of fiber optics, telecommunications, Information Technology and Medical Devices. He is currently working with Flex as Senior Executive in program management, Pune.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 18
Corporate Angle
Ms. Pradnya Santosh Koyande Portfolio Business Analyst, Bank OZK, Georgia
Pros And Cons Of Stock Market The stock market is one of the primary sources of revenues used by individuals or corporations to expand or run their business entities. It plays an important role in the health of the economy; the economy has to be strong for a country and its citizen to prosper. An economist uses something called the technical analysis method and people who use these methods are also called chartist because they use charts to find trends in the stocks. Stock exchange is an important constituent of capital market. It constitutes that part of the capital market which is concerned with purchase and sale of the industrial, government and other securities. One primary advantage of stock trading is associated with superior long-term outcomes. Although it is very hard sometimes to predict the market price trends over a long time, for example, more than one trading quarter, stock market investments have high returns that can be informed of dividends or capital gains, as compared to bond and certificate of deposits. This is made better by
the fact that the amount of loss from stock procured with cash is only limited to the aggregate sum of the early investment. Historically, stocks have averaged an annualized return of 10%. The stock market makes it easy to buy shares of companies. You can purchase them through a broker, a financial planner, or online. Once you've set up an account, you can buy stocks in minutes. Some online brokers such as Robinhood let you buy and sell stocks commission-free. The stock market allows you to sell your stock at any time. Economists use the term "liquid" to mean you can turn your shares into cash quickly and with low transaction costs. Although stock trading has numerous advantages, proper use of appropriate economic policies can help to mitigate their effects. It is a very risky adventure, because of the volatility of market prices. Hence, unless individuals make correct predication before trading in their stocks, likelihoods of entities suffering great loses are
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 19
high, as most factors that cause these fluctuations cannot be control by an investor. If buying stocks on your own, you must research each company to determine how profitable you think it will be before you buy its stock. You must learn how to read financial statements and annual reports and follow your company's developments in the news. You also have to monitor the stock market itself, as even the best company's price will fall in a market correction, a market crash, or bear market. Stock prices rise and fall second-bysecond. Individuals tend to buy high, out of greed, and sell low, out of fear.
own stock indirectly through their holdings in pension funds. Now that the market has become the prime source of a second income for many Americans, they are increasingly asking a puzzling question: What makes the market go up—and down? With so many people and so much money involved in investments, the market is inevitably fluttered by politics at home and alarms abroad, by racy tips and wild rumors that whisper along Wall Street. In many cases, such "inside" information reflects a broker's rationalization, a story confected for customers to account for a swing in paper profits.
It has been rightly said that the modern capitalistic economy cannot exist in the absence of wellorganized stock exchanges. It is because stock exchanges facilitate the necessary mobilization of capital required by companies in the business sector. In the modern times, a stock exchange has come to be recognized as the barometer of the economic progress of a nation. A stock exchange provides a ready market for the sale and purchase of existing securities. This facilitates the steady marketability of shares and debentures. It also provides price continuity to the investors regarding the securities they hold or intend to purchase.
Consider Walmart, Amazon, and McDonald's. Walmart was originally a single-store business in Arkansas. Amazon.com began as an online bookseller in a garage. McDonald's was once a small restaurant that no one outside of San Bernardino, California, had ever heard of. How did these small companies grow from tiny, hometown enterprises to three of the largest businesses in the American economy? They raised capital by selling stocks.
In a time of high and rising taxes, investment in stocks is one of the few ways by which a wage or salary earner can hope to become rich. As a result, the number of Americans who own shares has risen to 24 million. An estimated 76 million others
In conclusion, although investing in the stock market can be a risky and time-consuming investment venture, it is important for individuals to note that it is one of the best investment opportunities because individuals can easily access and exit the stock market with easiness, regardless of the economic situation of a country.
About the Author: Ms. Pradnya Santosh Koyande She is an Indian residing in Georgia, United States. Previously worked at Accenture, went masters in US and now working at Bank OZK as a business analyst. She hold almost 5 years of experience in IT, management and analytics field.
KAIZEN’SOPERATIONS&RESEARCHENTITY
20
Emerging Managers Mr. Abhinav Tamrakar MBA, Batch 2020-2022 NITIE Mumbai, India
Cold Supply Chain Definition: A cold chain is a temperature-controlled supply chain. An unbroken cold chain is an uninterrupted series of refrigerated production, storage and distribution activities, along with associated equipment and logistics, which maintain quality via a desired low-temperature range. It is used to preserve and to extend and ensure the shelf life of products, such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical products. Such products, during transport and when in transient storage, are sometimes called cool cargo. Unlike other goods or merchandise, cold chain goods are perishable and always en route towards end use or destination, even when held temporarily in cold stores and hence commonly referred to as "cargo" during its entire logistics cycle. Uses Cold chains are common in the food and pharmaceutical industries and also in some
chemical shipments. One common temperature range for a cold chain in pharmaceutical industries is 2 to 8 °C (36 to 46 °F), but the specific temperature (and time at temperature) tolerances depend on the actual product being shipped. Produce Unique to fresh produce cargoes, the cold chain requires to additionally maintain product specific environment parameters which include air quality levels (carbon dioxide, oxygen, humidity and others). Vaccines The cold chain is used in the supply of vaccines to distant clinics in hot climates served by poorly developed transport networks. Disruption of a cold chain due to war may produce consequences similar to the smallpox outbreaks in the Philippines during the Spanish–American War, during which the distributed vaccines were inert due to lack of temperature control in transport.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 21
For vaccinations in particular, there are different types of cold chains. There is an ultralow, or deep freeze, cold chain for vaccines that require -70 degrees C. The Ebola and Pfizer–BioNTech COVID-19 vaccines require this level, as do some animal vaccinations, such as those for chickens. Next the frozen chain requires -20 degrees C. Varicella and zoster vaccinations require this level. Then the refrigerated chain, which requires temperatures between two- and eight-degrees C. Most flu vaccinations only require refrigeration. In 2020 during the COVID-19 pandemic, vaccines being developed may need ultracold storage and transportation temperatures as cold as −70 °C (−94 °F), requiring what has been referred to as a "colder chain" infrastructure. This creates some issues of distribution for the Pfizer vaccine. It is estimated that only 25 to 30 countries in the world have the infrastructure for the required ultracold cold chain.
Technology (NIST) traceable depending on the body monitoring the cold chain. Sectors using cold supply chain:
Agriculture Pharmaceutical Floriculture Poultry Dairy
Challenges in the Cold Supply Chain:
Preserve the adequate Storage & Handling Conditions (temperature) throughout the Cold Supply Chain. Document the Storage Conditions (temperature) throughout the Cold Supply Chain. Maintain the Product Safety throughout the Supply Chain (temperature, counterfeiting).
Validation
General Principles:
The cold chain distribution process is an extension of the good manufacturing practice (GMP) environment that all drugs and biological products are required to follow, and are enforced by the various health regulatory bodies. As such, the distribution process must be validated to ensure that there is no negative impact to the safety, efficacy or quality of the drug substance. The GMP environment requires that all processes that might impact the safety, efficacy or quality of the drug substance must be validated, including storage and distribution of the drug substance. A cold chain can be managed by a quality management system. Temperature data loggers and RFID tags help monitor the temperature history of the truck, warehouse, etc. and the temperature history of the product being shipped. They also can help determine the remaining shelf life. Also, temperature sensors may need to be National Institute of Standards and
The good quality of Cold Chain Products must be maintained throughout distribution networks. The Quality Control/Assurance service must make sure that conditions of storage are observed at any moment, including transport. Standardized Operation Procedures (SOPs) should describe all operations likely to affect the quality of Cold Chain Products or the distribution, including the reception of deliveries, storage and recording of storage conditions. Instruments and equipments used should be adequate to ensure a good conservation and distribution of Cold Chain Products.
How to reach cold chain compliance
Regulatory Gap Analysis
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 22
Personnel Training Review and Writing of SOPs (related to Cold Chain, Storage & Shipping) and Documentation Temperature Mapping of Warehouse and Storage areas Qualification of Storage Equipment (Refrigerators/Freezers) Temperature Profile Studies in Transport (for uncontrolled transports) Test, Design and Qualification of Cold Chain Packaging Systems (outermost) Monitoring Solutions for Storage Conditions of Cold Chain Products Maintenance of Cold Chain Management and Compliance.
Regulatory gap analysis
The purpose of the cold chain gap analysis and its documentation is to verify and establish the pertinence of the cold chain regulations to the audited facility. Verifications are made through a close collaboration of the Logistics, Quality Assurance, Quality Control and Shipping/Receiving depts.
Human Resources (Personnel) • Documentation • Procedures (SOPs) • Warehousing & Storage Area • Shipping and packaging methods • Monitoring & Environmental Controls Quality Agreements (e.g., Transportation Contractual Agreements
PERSONNEL TRAINING Training on GMP and Cold Chain aspects, handling and storage of drug products Trainings should be ensured by qualified people Trainings should be in conformity with a written established program and training activities should be consigned in files The effectiveness of the continuous training should be evaluated periodically Staff working in areas where active, toxic, infectious or sensitizing products are handled, should receive a specific training for this purpose Formation of contractor’s personnel (transporters…)
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 23
Emerging Managers
Mr. Prakhar PGDBM, Batch 2018-2020, NMIMS.
Management In Our Daily Life Management is just not the topic to study, learn and implementing in our daily life. But it also plays a vital role in our daily lives as well. If we see in our home, we will find from our mother to housewife, they too are managing various things without the knowledge and studying about management. As the word itself represents managing the things or activities, it means that a work should be managed to reach to a certain goal or the ways of carrying out that activity to achieve the goal. Considering the situation, when our mother goes for shopping on every first day of the month, her primary goal is to purchase all the necessary stuffs at a reasonable price. She has a few questions build up in her mind like-what she should buy? From where to buy? How to reach there? Will she be able to reach back on time? And so on. To make her shopping success, she should think of these questions well in advance and these are a part of management. If we take another example of housewives, as soon she gets up in the morning, she has a number of activities to be performed alike house to be
cleaned, clothes to be washed, her children to be helped in getting ready for the school, breakfast to be prepared, packed and handed over etc. If in the family, she may also have 3 persons to help herher servant, mother-in-law, daughter. So, her aim will be to divide the work among those three in such a way all the work gets done in the right way and within appropriate time. So, we can learn how housewives are acting as a perfect example of Management, taking together all the people, to achieve the aim, to do the right things in given time. Above 2 examples we can conclude that management is very useful in day-to-day activities. Somewhere or the other we are using it – from preparing the exams, planning the holidays, studies, preparing home budget, celebrating social functions and so on. If we see than we all are the managers in some or the other way. At some areas there may be situations in the dayto-day activities where a manager may not find it useful to apply the known methods and principles and they may have to understand the nature of the situation and of the problem and then act or take a
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 24
decision after careful thinking on the nature of the situation and the problem. They just need to apply their skill and judgement rather using any method or principles known to them. Management means getting the things done with the active co-operation of the others. One must take a series of decisions to manage the activities properly. And it is not only a goal-directed activity or concerned with the co-ordination of work of different groups but also it is an economic activity and involves creative thinking. Similarly, for today’s college going students too need to balance their life with the help of Time Management.
day, but only a few can ignore distractions and focus on significant tasks to complete.
Decision-making: Which task to do, whom to meet, which essay to write today – persuasive or expository, what courses to start this month. Your every decision affects you and the world around you. If you can’t make decisions, you won’t understand the time and resources you’ll need to succeed.
Planning: Your ability to plan gives you an idea of how much time you’ll spend on each task and how to organize your day, week, or even month accordingly.
Communication: It enables you to build relationships with people, explaining to them why you can’t do this or that right now and delegating some tasks when possible.
Stress management: Your ability to understand when it’s better to prevent the problem than deal with it after it’s occurred saves time by far.
Organization: Time management is also about deciding the right thing to do at the right time. When you’re not organized, you don’t know where to start and how to use time effectively.
Patience: Your ability to work with no rush matters, too. Let’s face it, we often have to spend even more time on revising something we did on-the-fly in the hope of time-saving.
“Time and Tide wait for none.” This is a well-known proverb, which means a lot in life, especially for a Students’ life. As it shapes young minds into the sense of duty & directions of the discipline. How important is time management for students?
Goal setting: You need to base your every decision upon what you want to achieve in life. Clear goals make solutions faster to come.
Prioritization: You’ll always have tons of things to do, but not all of them should be done right here and now. Your ability to prioritize tasks and ideas is what helps to manage time wisely.
Self-awareness: Time management activities for college students are many, but none of them will work for you if you don’t know who you are and what you want from life. The more you know about yourself, the easier you’ll decide how to manage time best. Focus: Your problem is not lack of time but lack of direction. All people have 24 hours in a
We can see how management is needed in everyone’s life and how it helps each one of us, despite his profession, nature of work, his education etc.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 25
Emerging Managers
Mr. Sanjeet Mehta MBA, Batch 2020-2022, IBS Hyderabad, India.
Cyber Security On IOT Abstract: Importance of Cyber-Security on Internet of Things (IOT) explains the danger of cyber-attack on a completely automated IOT environment in conglomerate, cooperates, industries and even our homes. This paper is meant to give you a glimpse of a dangerous and vulnerable world when IOT system is not completely secured. In this paper, you’ll go through different case studies about attack on an IOT environment which lead to disaster & also my research about how an IOT environment can be secured & what measures can be taken to avoid such attacks in future. This paper is not meant to give a bad impression of the great technology named IOT, but it is meant to give you the exposure of necessity to implement security in the system. If security is not kept as a priority then the company manufacturing it, the organizations which have implemented it & the users of those
organization, all three come in great danger. As DATA IS NEW OIL, it’s very precious to secure it. I’ll discuss various points to implement security and ways to make such systems less vulnerable. It’s the duty of both user & companies to be aware of the attacks & the impact it leaves behind. Data leaks of big companies can lead to bankruptcy & loss
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 26
of trust of users. The damages can be anything from an increase in electricity bill in IOT homes to destruction of entire smart cities.
The data which is being referred to in this paper are very technical data i.e., mainly hardware usage data, user login credentials, network or WI-FI passwords, computer passwords, data packets, voice recordings, restricted CCTV footage etc. Any confidential or military data is not in picture in this paper.
INTRODUTION: We are on the edge of IoT-related products and services. We all know that the Internet of Things (IoT) has started to disturb enterprises, governments and consumers and is covering the way of an systematic revolution. From connecting home to self-driving cars, From smart phones to smart buildings soon, we will be able to connect any devices and be able to control every aspect of life. Internet of things in layman’s language can be defined as taking a machine (washing machine, AC, street light, car, TV, etc.), connecting them to internet via various sensors, actuators, microcontrollers, etc. According to the American research and advisory firm Gartner, it’s been said that there are 9.85 billion devices & by 2022, it'll grow to 70 billion devices. If all these devices are connected & they talk to each other, then the industry will benefit a lot from these devices as they’ll work efficiently. By this, we can say that IoT will soon change our way of living, learning, working and more. As more devices get interconnected, securing them all will be the huge obstacle. Software, Hardware and their connectivity will need to be secure for IoT objects to work successfully. Any connected object, from Washing machine to manufacturing bots, all can be hacked if security is not implemented. Once hackers gain control over any device, they can
take over the object’s functionality and can steal the user’s digital data. Cyber security refers to the body of the technologies, processes and practices to protect computer networks, servers devices, programs and data from various numbers of attacks or unauthorized access. Cyber-attacks are the attacks on digital devices. Such attacks can also be done on an IOT environment which could result into huge destruction. Hence cyber-security is raising concern between manufacturers & companies using such technologies. Protecting the user’s data is the number 1 priority of all the companies. So, a proper implementation of security is required at any cost. Basically, there are 3 major ways a system could be hacked i.e. Via Network, Application or Human error. Network hacking means that the attack is done by entering into the user’s network by gaining unauthorized access. Once the system is being hacked by the hacker, the hacker is into user’s network and hacker can access everything on the network. Application hack means the application itself contains a virus or malware already built in. All the hacker that needs, is that the application to be installed on any system. Once the application is installed, the virus does its job & the complete control of any device is in the hands of the hackers. From downloading a malware-infected attachment to Failing to Use a strong password, user faces an attack which is called Human error. These are the most popular way to hack an organization as not everybody is cyber experts. One wrong access given to the app can lead to Data leak. According to a study by IBM, human error is the main cause of 92% of cyber security breaches. In other words, if human error was somehow removed completely, 17 out of 20 chances of cyber hacking can reduce at some point. Hacking is the action of identifying the weakness of the computer system or a network to exploit the
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 27
security to gain the access of the user’s data. Some devices have default password set from the manufacturer itself, which is a bug, as every device can be hacked using default password. Once the hacker has control of any 1 device, he can tell other devices what to do & what not. This is possible because that's what IOT is all about, devices talking to each other without human interventions.
Literature survey: We’ve all heard of cybersecurity concerns when it comes to IoT devices and there’s an intrinsic risk that comes with connecting more and more devices to the internet and to each other as well. Cyber security structure is some of the measures put forward to ensure that IoT is safe. Some several factors that might be the reasons for hacking the user’s device. These are: 1. Irregular update: Usually, IoT manufacturers update security patches periodically. The OS versions and security patches are also upgraded correspondingly. Therefore, hackers get abundant time to crack the security protocols and steal user’s data easily. 2. Embedded passwords: IoT devices store set passwords, which helps the support users to troubleshoot OS problems or install necessary updates unexpectedly. However, Hackers could use the feature for penetrating device security. 3. Automation: Often, Business and end-users uses the automation property of IoT systems for gathering information and data or simplifying business activities. However, if the harmful sites are not specified, integrated AI can access such information, which will allow threats to penetrate into the system. 4. Remote access: IoT devices uses various network protocols for remote access like Wi-
Fi, ZigBee, and Z-Wave. Usually, particular restrictions are not mentioned, which can be used to prevent cyber criminals. Therefore, Hackers could rapidly setup a malicious connection through these remote access protocols. 5. Wide variety of third-party applications: Several software applications are available on the Internet, which can be utilized by organizations to perform specific operations. However, the authenticity of these applications could not be identified effortlessly. If end-users and employees install or access such applications, the threat agents will automatically enter into the system of the user and corrupt the embedded database. 6. Improper device authentication: Most of the IoT applications do not use authentication services to restrict or maximize network threats. Thereby, Attackers enter through the main door and threaten privacy. 7. Weak Device monitoring: Usually, all the IoT manufacturers configure special device identifiers to monitor and track devices. However, some manufacturers or companies do not maintain security policy. Therefore, tracking suspicious online activities become quite tricky and difficult. 8. Mobile Devices and Apps: The rapid growth of mobile devices drives an exponential growth in security risks. Every new smart phones, tablets or other mobile devices, open another door for a cyber-attack as each creates an additional vulnerable access point to networks. This inappropriate action is no secret to hackers who are ready and waiting with particularly targeted malware and attacks recruiting mobile applications. Likewise, the perennial problem of lost and stolen devices will expand to include these new technologies
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 28
and old ones that earlier flew under the radar of cyber security planning.
Methodology: “EVERY DEVICE CAN BE HACKED”, if essential measures are not taken. Security is very important pillar of Internet of Things (IoT) along with Cloud, Sensors and Microcontrollers. IoT brought users massive benefits; however, some challenges come along with it. Cybersecurity and privacy risks are the foremost concerns of the researchers and security specialists cited. These two are creating a considerable issue for many business organizations as well as public organizations. 1. Reduce the vulnerability of all devices by changing their default passwords to passphrases in comparison with the latest National Institute of Standards and Technology (NIST) guidance. 2. Put up a firewall: Firewalls are productive gatekeeper between the computers and the internet, and 1 of the major hurdles to prevent the spread of cyber threats such as virus and malware. Set up a firewall device accurately and try to check them frequently to ensure that they have the latest software updates installed, or they may not be completely effective. 3. Control access: Make sure that an individual can only access data and services for which they are authorized, Restrict access to unauthorized users and Limit access of data or services through application controls. 4. Keep the software and systems Up to date: Usually, Cyber-attacks happen because the system or software are not fully up to date, leaving faults. Hackers exploit these faults,
so Cyber criminals utilize these faults to gain access to the network of the user. Once they are in – it’s generally too late to take preventive action. 5. Ensure Endpoint Protection: Endpoint Protection protects networks that are unexpectedly connected to the devices. Mobile devices, tablets and laptops that are connected to combined networks give access way to security threats. These ways need to be protected with endpoint protection software. References: 1. Hassan, W.H. Current research on Internet of Things (IoT) security: A survey. Comput. Netw. 2019, 148, 283–294. 2. Monther, A.A.; Tawalbeh, L. Security techniques for intelligent spam sensing and anomaly detection in online social platforms. Int. J. Electr. Comput. Eng. 2020, 10, 2088–8708. 4. 3. Makhdoom, I.; Abolhasan, M.; Lipman, J.; Liu, R.P.; Ni, W. Anatomy of threats to the Internet of things. IEEE Commun. Surv. Tutor. 2018, 21, 1636–1675. [CrossRef]. 4. Sadeghi, A.-R.; Wachsmann, C.; Waidner, M. Security and privacy challenges in industrial internet of things. In Proceedings of the 2015 52nd ACM/EDAC/IEEE Design Automation Conference (DAC), San Francisco, CA, USA, 8–12 June 2015; pp. 1–6. 12. 5. Izzat, A.; Chuck, E.; Lo’ai, T. The NICE Cyber Security Framework, Cyber Security Management; Springer: Basel, Switzerland, 2020; ISBN 978-3-03041987-5.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 29
Emerging Managers
Ms. Aaratrika Lahiri MBA, Batch 2020-2022, IBS Hyderabad, India.
Production Planning And Control In Times Of Covid-19 The global production and supply chain system got severely disrupted due to widespread of the coronavirus pandemic (COVID-19). The COVID19 pandemic has affected most of the transportation links and distribution mechanisms between suppliers, production facilities and customers. Therefore, it became imperative to discuss sustainable production and consumption pattern in the post-COVID-19 pandemic era. Currently, most of the manufacturing and supply chain organisations are facing a lot of difficulty to anticipate the negative consequences of COVID19. Most of the global markets are shrinking, and industrial managers are looking out for new materials and processes to maintain production. This resulted in national and global closure, shutting down of many manufacturing units, markets, and other activities of the supply chain. The Fortune 2020 report claimed that 94% of the Fortune 1000 companies had been affected by COVID-19
driven supply chain disruption. After the normalization of the COVID-19 situation, the manufacturing and transportation industry would find an opportunity for a huge sustainable transition and development in business processes. As mentioned earlier, the post-COVID-19 period would push organizations to move or shift production and supply chain systems in a more sustainable way. Therefore, it is highly essential to formulate enough institutional and operational policies for overcoming the production losses and improving the consumption pattern, which would further boost the economy. The availability and production of many essential items such as food, grocery, and pharmaceutical products are drastically reduced, and a huge mismatch between supply and demand is observed. However, the supply chain network showed poor resilience to this pandemic, and nearly 35% of the manufacturer reported its supply chain network failure due to global coronavirus pandemic. Additionally, the supply
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 30
chain of raw and finished goods is also disrupted of the due to trade and transport restrictions. disruptive events, material shortage and delivery delays are often noticed in the downstream supply chain, causing the ripple effect and resulting in reduced performance in terms of service level, revenue, and process productivity. Mostly all of the global manufacturing leaders are relatively resilient enough to shift their production strategy to pandemic based requirements—the Indian government proposing various financial incentives for the development of the MSMEs in the post COVID era. The next significant obstacle among nations is related to the scheduling of the trained medical personnel, work allocation, and vehicle scheduling for the medical personnel as well as infected people. This has been complemented by another set of changes such as changes in production process and methods, and standard operating procedures to maintain social distancing at the workplace. This puts an extra strain on achieving productivity targets of each employees, as extra time is needed in order to follow the new regime. Therefore, an optimal and real inventory and work allocation is needed for the different phases of the pandemic. The evaluation phase of a pandemic is the most critical and needs proper mitigation strategies. The evaluation of any epidemic can be viewed from the perspective of future manufacturing strategies adoption, contract policies, and network design to support the industry viability. Because of COVID-19, a lot of the global or local manufacturing industries are in the need to revive their production capacity and raw material sourcing. Service organizations should move to using digital technologies for handling customer services. The implementation of digital technologies in the service industry helps to
reduce the chances of the contagion Due to COVID-19 This situation forces functioning with a reduced workforce or limited workforce, which reduces the productivity of the manufacturing process. Therefore, to improve the human side of the manufacturing process, adequate safety measures are highly required. The post-pandemic production system requires considering the social distancing at the workplace and adopts regular health monitoring for the workforce. The management of sustainable production and consumption of the essential and nonessential goods and services is a complex decision problem for industry managers and policymakers during the pandemic situation more than before. The post COVID era opens an opportunity window for the sustainable business transition, and raises the need to make supply and production system more resilient. The resilience of the firm's supply chain network and manufacturing system is required to tackle the epidemic or such disruptive events. Currently, in the production domain, the global and national production policies should be revised. The situation has forced the manufacturing organizations to pause the production system for a longer time and search for sustainable solutions to ensure smooth supply and operations from both the businesses and the customers' perspectives. The manufacturing plants should shift all their manufacturing capabilities to digital manufacturing to reduce the number of workforces and consonantly reduces the chances of the pandemic situation. The transportation industry severely faces a shortage of drivers and vehicle connectivity. Therefore, an optimize supply chain network is required to serve the future.
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 31
KAIZEN’SOPERATIONS&RESEARCHENTITY
32
ABOUT US The word “Kaizen”, where “Kai” = change, “Zen” = good, which signifies change for better. In its birth place Japan, the word Kaizen is imbibed as a process that many small continuous changes in systems and policies bring effective results than few major changes. This methodology is applicable to every department across different sectors. Kaizen – The Official Operations Club of IBS Hyderabad has always been aspiring “Constant Change ad Evolvement”. We, as an organization work to inspire and aspire the student community for the betterment of the future. KORE – Kaizen’s Operations and Research Entity, one of our primary wings provides the students a platform to improve and hone their technical competencies to meet the changing demands of the organizations. KORE’s sphere of influence includes Case Based Research, Consultancy, Live Projects and Workshop. LAKSHYA, an initiative of KORE focuses on improving the readers knowledge about Operations Management by providing insights in the form of articles on various operation techniques followed by different companies and also updating the emerging trends in the communities.
K PAVAN KUMAR REDDY EDITOR IN CHIEF - KORE Kaizen – IBS Hyderabad Batch 2020-22
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 33
LAKSHYA is an academic print and is not for any commercial sale. Reliability and Responsibility, for sources of data for the article vests with the respective authors. Please feel free to drop in your suggestions at kaizenclub.ibs@gmail.com KORE: Kaizen’s Operations & Research Entity. Kaizen – The Official Operations Club of IBS Hyderabad All Rights Reserved
Designed by
K A I Z E N ’ S O P E R A T I O N S & R E S E A R C H E N T I T Y 34
