AI in digital marketing: Future of AI in the marketing industry? Posted on July 31, 2022June 13, 2023 by Online Manipal Editorial Team As they say, ‘necessity is the mother of invention’, and we have witnessed prompt and prodigious advances in the digital marketing industry. Likewise, the hype for artificial intelligence seems to get cosmic every year. But do you know the impact of AI on shaping the future of digital marketing? According to a survey conducted by Fortune Business Insights, the annual AI in business and marketing growth is expected to be 32.2% between the years 2020-2027. Digital Marketing is the perfect platform for artificial intelligence, given its ability to generate enormous data and its establishment in working with them. AI consistently continues to upswing, and it will gain an inevitable role in the future of the advertising world. What is Artificial Intelligence (AI) marketing? Have you ever used Google Assistant, Siri, or even Bixby in your life? Maybe you would have instructed Google to set your alarm for six the next morning or might have asked Siri about the latest news on NASA. And as your digital personal assistants, they will respond with relevant information by either going through your device or searching it on the internet. This is one of the simple examples of Artificial Intelligence. In simple words, Artificial Intelligence or Machine intelligence is the process of building and managing a system to make decisions autonomously and carry out various functions on behalf of a human being. How does AI help marketing? Artificial Intelligence has been covering an enormous part of our daily life activities. Similarly, businesses are taking steady yet significant steps in adapting AI in digital marketing. It has already modified the way brands communicate with customers and how campaigns are made and managed, from assisting businesses in developing effective strategies to influencing the customers’ life through chatbots. Here’s how Artificial intelligence is impacting the marketing industry. Enhance productivity You can implement the AI algorithm to automate numerous, monotonous activities. It will increase your productivity and save your precious time and money. Boost efficiency Offering AI-powered support tools to the staff will allow them to boost the quality and quantity of their work. Artificial Intelligence helps the staff handle repetitive tasks like identifying and separating leads from campaigns, answering the FAQs from customers, data input, and more. Increase ROI As many activities are automated with Artificial intelligence, it will lower the costs and increase profitability. The role of AI in the organization will facilitate a better decision-making process and aid in creating higher-converting content. What will the impact of AI be on the marketing industry? Recent analyses have even predicted that It will revolutionize the way digital marketing is being used in the future, thereby optimizing the creation of marketing campaigns, streamlining them, and preventing human errors. The scope of advanced AI in marketing companies is massive due to its ability in various aspects, from producing targeting interactive intelligence advertising to automating time-consuming tasks. Even though artificial intelligence is a powerful tool in the digital marketing industry and has ultimately aided in the overall process, it still has to reach a long way in terms of convenience and efficiency. How will AI shape the future of marketing? The development of AI is still underway in the marketing field, and there will be a positive impact. Although it can handle any complex task, what is the future of AI? Increased applications of AI across marketing don’t reduce the employment chances of individuals. Instead, it will enhance the job description with smarter data that needs smarter employees. And it ultimately improves the customer experience and boosts the brand’s profitability and productivity. Considering such benefits, various business verticals, from finance to technology and even retail, have begun to experience powerful artificial intelligence to predict and forecast future trends with the relevant data and identify potential threats. Despite their impressive features, AI technologies are still in the beginning stages. With this tremendous potential, AI is expected to contribute $15.7 trillion to the global economy by 2030, based on PwC’s Global Artificial Intelligence Study. 11 ways AI will change the future of marketing As we live in an age where industries constantly evolve, artificial Intelligence is still an unclear tech word for many. The rise of AI in digital marketing is upon us. Smartwatches to self-driving cars can stimulate human experience to new heights. Future of AI in business & marketing Content creation The secret of successful marketing doesn’t rely only on finding and reaching appropriate customers but also reaching them with the right message at the right time. It can be accomplished by undergoing effective marketing research to understand the customer’s standpoint, including their needs, age, group, education, and more. This is where Artificial Intelligence becomes important in delivering content like landing pages and consumer blogs with pinpoint precision that will likely capture the customer’s attention and enhance customer journey. Moreover, brands can promote their content marketing strategies and better personalize marketing messages. Predictive analytics Predictive analytics can be applied to the data organized from social media or web matric to build a better product or service. With growing technological innovations, artificial intelligence can successfully predict the changes in digital marketing to improve the advertising campaign. AI can process millions of social media trends and posts and find similarities in the used texts, images, and even hashtags. Even though it still needs some human effort to interpret the finding, the application is subtly fascinating. This will allow the marketers to adapt whenever there is a change in market behaviors, improving the brand’s performance as more data emerges. Better advertisements According to the Garter Analysis, 50% of the analytical decisions will be made over simple verbal interaction within the next five years. Unlike the traditional marketing approaches, AI-induced marketing will enable businesses to adapt to the changes in marketing and classified approaches. AI in digital marketing holds a colossal role in the growth of start-ups, allowing them to explore various opportunities. AI aids them in working on different thought processes, innovating new solutions, and delivering better marketing advertisements. Product recommendations Product recommendations are one of the most common uses of AI in digital marketing. Even though it was initially used in music content sites, it has extended its presence in most industries, given its exemplary growth advantages. Here, the AI combines humans’ tech intelligence and creativity to engage with customers at a personalized level to make them feel compelled to engage with your brand. Nevertheless, the AI in digital marketing knows about users’ preferences and pushes the product in front of their eyes that will exactly fit the preferences. This will not only help you craft better target content but also greatly cut down the bounce rate and increase the chances of conversions. Better customer service Many people are on social media, which pushes businesses to take place online with social media marketing. In digital marketing, one of the important aspects of attaining success is understanding the customers’ behavior and needs precisely. Artificial intelligence plays a significant role in helping marketers take customer service to the next level by leveraging more data insights. It also allows entrepreneurs to offer a more personalized experience to their customers. AI can quickly identify and adapt to the information pattern of the customers, including their past shopping history, preferences, credit scores, and more. With actionable sales intelligence, AI stimulates customer engagement in a real and impactful way. When you have communication with such prospective buyers, the entire sales process and customer service will be as smooth as possible. Augmented and Virtual Reality marketing Augmented and Virtual Reality or AR/VR modes of marketing have been in use for a while, but still, they are somewhat considered to be a novelty among consumers. However, in the future, these innovative technologies will not only rule the entertainment world but also be used in the practical application of the marketing world. Nowadays, we can see more companies embracing AR and VR, realizing how impactful they can be in terms of their marketing strategy. For example, certain furniture shops allow their customers to fix their choice of furniture in their own homes in the virtual world before buying it in the real world. Similarly, several fashion brands and opticals adapted to AR/VR by creating apps for customers, enabling them to try different options in the comfort of their homes. Voice search using NLP The world is moving to mobile, and AI-powered virtual assistants are growing proportionally. According to a recent survey, around 60% of customers prefer to use voice search to find information about a business, while half implement voice-based search to identify the local business to fulfill their needs. Since people want to switch over to a hands-free method of data input and are comfortable using voice commands, AI technology has been designed to understand human speech using machine learning algorithms. For instance, Google’s algorithms are proven to recognize human speech with an accuracy rate of 95%, similar to the same intellectual level as another human being. Automated decision making There are many challenges when it comes to making decisions in marketing. To make the best one, you need to discover and understand the customers’ specific needs, desires, and behavior. It is also crucial to alter the desire or needs of the consumers, which will guide you to make the best marketing decisions in both the short and long term. With Artificial Modelling and simulation techniques in digital marketing, it will be possible in the future to enable reliable insights into your customer personas. This will ultimately help predict an individual’s behavior and support decisions through up-to-date and real-time data gathering, analysis of the latest trends, and forecasting. Email optimization AI helps businesses to personalize their email marketing efforts with better content, maximizing their marketing success that is designed to based on user preferences. It will allow the brand to deliver relevant emails to customers’ inboxes triggered by their actions and behavior. They can use various tools to analyze and optimize the campaigns to reach the right customer at the right time with the relevant messages. It can also allow you to design an email with subject lines, product recommendations, designs, and images to get the best results. Bidding on programmatic media buys Online advertising has evolved from a simple transition to a complicated one due to today’s huge ad network. The combination of Artificial Intelligence custom bidding and programmatic buying will unlock the true potential in digital marketing. Unlike non-AI algorithms, AI can readily learn and adapt to the actions based on the new marketing patterns, which are highly suitable for the real-time environment of programmatic advertising. When they are combined, it will be easy to drive efficiency through data analysis, campaign, and AI-based custom bidding algorithms. Dynamic pricing model The dynamic Pricing Model benefits customers as well as businesses when the demand for a product or service is down. AI’s role in pricing strategy involves the determination of a product price based on the demand and supply. A chatbot in an app or website will monitor the predictive analysis through cookies, history, searches, and other activities to deliver you real-time pricing. For instance, when it comes to marketing unoccupied hotel rooms, dynamic pricing can offer competitive pricing compared to other brands to attract customers. Challenges in adopting AI for marketing AI is becoming more accessible to the advertising industry today, enabling it to grow the brand and meet the expectations of target audiences. However, it is also irrefutable that AI has to face some challenges to keep the brands in the high ranks. Some of them are listed below, Access to high-quality data AI may not have the capacity to know to take the actions automatically to achieve overall marketing goals. It will take time and high-quality data to learn the goals, customer preferences, and trends. If the AI marketing tools are trained with high-quality, timely, and accurate data, they tend to make less optimal decisions and decrease the value of the technique. Balancing accuracy Just because they are advanced technology, the predictions from AI don’t need to be as accurate as possible. It means that a wrong prediction can be extremely expensive in some cases. Likewise, precise forecasts can create more value in some conditions than in others. But this issue is often overlooked, leading to expensive mistakes which can be avoided by selecting the right approach. Detecting problems for business As mentioned above, AI could be a distinctive marketing tool, but it cannot identify and provide solutions for every problem. If you are integrating AI into your business without any insights and objectives, it will lead to failure. Hence, be sure to add the technology with clear objectives to achieve success with relevant metrics. Complexity Time and complexity have a prominent role in marketing using AI technology. Brands need a lot of time to build and sustain machine learning solutions. If the data is scattered, you need to combine it by successfully extracting, clearing, and reformatting the data, eventually removing the complexities. Model deployment and operations AI is still a new tool in digital marketing. The initial model deployment and operations costs will be higher, and the teams will need more time and training facilities to drive the best outcomes from it. Maybe we can say that AI is still in the stage of growth, which has a long way to go. Lack of AI professionals As AI technology brings more success to marketing, it requires the support of highly efficient employees to operate and match the information required to perform functions effectively and efficiently. However, there are not enough skillful individuals to think, learn and operate these smart tools. Resource investment Resource investment has always been an issue in the AI marketing sector due to its expenses and execution. AI is not channel-based but case-based. Hence if you want to run a search engine on your site, an effective algorithm would be the best choice for marketing. IT infrastructure insufficiency AI forms a huge amount of information that demands a strong IT framework. Moreover, an effective AI-driven marketing procedure needs high-performing hardware, frequent updates, and maintenance to assure the results. Therefore, insufficient IT infrastructure could be a hindrance, especially for small businesses. Learn M.Sc in Data Science from Online Manipal Enroll in the brilliant Master’s Program in Data Science offered by the Manipal Academy of Higher Education (MAHE) with Online Manipal. The course is led by expert educators who thrive on equipping the students with the latest skills and knowledge in the industry. During the course, you will be trained to become highly proficient in Data Science, which will have a positive impact on your career goals. There are various predictions made by professional experts about the role of data science in revolutionizing Artificial Intelligence and machine learning soon. With our comprehensive curriculum and world-class facilities, we ensure to create an enriching learning experience and exposure for the students, helping them to gain a competitive edge in the AI marketing platforms. Key takeaways: AI has dramatically reshaped the landscape of marketing and will increase the opportunity for marketers to transform the dynamics of digital marketing in the future. This latest technology unveils that there is still untapped potential in advertising and marketing a brand. Is Artificial Intelligence the future of marketing? Since technology transforms too fast, it is difficult to predict the future. However, it is well-known by now that Artificial intelligence can significantly aid and enhance the future of marketing in India. Therefore, AI in digital marketing will continue to evolve and change the way businesses advertise their brand. In this fast-paced world, it is important to stay ahead with the latest trends and embrace new technologies today to reap the greatest benefits tomorrow.
How a degree in journalism would benefit in a fast-changing media scenario Posted on July 30, 2022January 11, 2023 by Dr. Shabana Mansoor Are you at the crossroads after class 12? Or yet to decide upon the stream of your choice that would ensure professional satisfaction? A small introspection would do. What are your academic inclinations – arts, science, maths, or commerce? Would you prefer augmenting it with creative thinking and media specialisation? If yes, let’s discuss this further. An oft-heard statement about journalism in the past is that ’journalists are born and not made‘. It doesn’t truly hold good in this era of citizen journalism and social media. Yes, some people who stand out are those who have an innate skill in communication and delivery of information. But for a majority, education in the right direction, proper training and hands-on experience help them mould their skills in the media. That lays emphasis on the importance of understanding the various avenues of mass communication and journalism and the myriad possibilities it opens in the professional arena. Over a period, the term media has become synonymous with entertainment. Now, Media and Entertainment is the most preferred career choice. Earlier, it was the traditional media which ruled the roost. The electronic media encompassing radio and television and the print co-existed with one complementing the other for decades. An inquisitive and alert mind and a passion for writing, photography or videography made one a media professional with no major qualification in the discipline. The craft was primarily mastered hands-on during those days. Transformation in the Media & Entertainment industry Technological advancements have made a remarkable change in the media scene. With the advent of the internet and smart devices it collaborates with, it is the infotainment platform which has benefited the most. Marshall McLuhan’s ‘Global Village’ assumes greater connotations in this age of information revolution. It is in this context that the relevance and importance of a profession in the media world gain momentum. Unlike the traditional media where there are gatekeepers for every bit of information disseminated, the digital domain offers an open world to the self-proclaimed writer, blogger or citizen journalist. The news dissemination power of social media needs to be reckoned with, even while not overlooking its shortcomings, such as fake news and disinformation. For the same reason, it makes it least mandatory for anyone to be qualified in the journalism discipline to be a storyteller or news disseminator on social media. It is here that systematic training in the theory and practice of mass communication and journalism comes to the fore. Though waning in popularity against the overpowering digital media, the traditional media competes with the former with its fact-checking, objectivity and ethical features. Demand for skilled professionals is on the rise A few statistics from the Indian Media and Entertainment (M&E) industry will throw light on the importance of acquiring a degree in Media Studies / Mass Communication and Journalism. The growth rate of the M&E sector in the country stood at 9 per cent, while the GDP growth of the nation was at a staggering 4.2 per cent in 2019. This indicates the great opportunities offered by the media industry for future journalism and mass communication professional in the country. Quality content is what firms and agencies look for, and proper orientation and training in media studies will help you earn the skill. Continuous research, fact-checking, and editing skills can be mastered once you adapt to the journalism stream. Since a degree course brings a broad spectrum of professional spheres such as print media, audio-visual communication, digital media, photography, videography, content writing, public relations, corporate communication, advertising, data journalism, film studies, script writing etc, to name a few, a media aspirant is provided with diverse choices, either interconnected or individually distinct. ALSO READ: Why choose a Master’s in Journalism and Mass Communication Specialisations in exclusive fields like international communication, health communication, educational / development communication or in various beats such as political, crime, sports, investigative, business, courts and others further widen the spectrum of choices. Know-how of different yet related streams will equip you well for any future challenges. Wading through report writing for production, management, PR, and marketing, the fluid form of the discipline prepares one for an array of professional skills. The area of specialisation may be zeroed in on depending upon one’s passion and interest and then a related profession identified to perform to the best of your abilities. It may be recalled that even during the days of the pandemic when many mainstream businesses and ventures faced closure, new tools and forms of communication emerged. The increased media consumption at home unravels new opportunities and possibilities in the realms of communication and media. Having said that, one needs to be extra vigilant before deciding upon an institution which offers bachelor’s and master’s degree programmes in journalism and mass communication. Recognising its wide possibilities, journalism courses are being offered by higher education institutions in all nooks and corners. Full-fledged studios, exposure to different streams of the discipline, hands-on training with industrial experts, and intensive theoretical and practical coaching by academic experts are critical parameters that determine the quality of a media institute. An earnest mind, boundless energy, inquisitiveness to know and learn new things, adaptation to fast-paced technological changes and proper guidance from the experts will do the rest. So, stay focussed, and take a plunge into your career of choice!! References: https://www.stoodnt.com/blog/future-communication-pr-journalism-digitization-social-media/ https://www.allartschools.com/5-reasons-journalism-degree-matters/ https://www.greatvaluecolleges.net/lists/5-ways-journalism-has-changed-over-the-years/ https://comm.stanford.edu/journalism-masters/
India: A start-up-friendly nation for youth Posted on July 30, 2022November 16, 2022 by Online Manipal Editorial Team Gone are the days when educated youth were targeting only salaried jobs for a peaceful and stable life. With the onset of globalisation, entrepreneurship has opened new opportunities, which have seen further momentum with the advent of cutting-edge technologies. Entrepreneurship is not a new passion for many as they have family roots, but a typical Indian family remained hesitant about starting a business enterprise. Marwaris, Gujaratis and Punjabis are among a few who are known for their business skills and risk acumen. Entrepreneurship for nation-building As we know, the social environment also plays a crucial role in the growth of entrepreneurship vis-a-vis the positive political and technological environments. Families are now supporting first-generation entrepreneurs, and individuals from various walks of life are coming up with innovative ideas to start their own start-ups. Today, after graduating and post-graduating from premier institutions like IITs, IIMs and others, many individuals start their own business enterprises confidently. Entrepreneurship is essential to solving many social problems like unemployment, substandard products, overpricing, monopoly etc. It also contributes to nation-building. On one hand, entrepreneurship provides an excellent opportunity for growth, and on the other hand, entrepreneurs remain independent. Many young people have joined this field to convert their passion into a profession or to contribute to socio-economic development. An entrepreneur is an individual who is ambitious, knowledgeable, risk taker, leader, innovator, hard worker, and passionate. Such individuals have the zeal to achieve and contribute back to society. In the twenty-first century, there is an encouraging scenario for business enthusiasts to become entrepreneurs. Government interventions and growth potential Despite a significant presence of Indians in the world economy, the western world came with innovative technologies, ideas and products and dominated world trade. Central and state governments in India implemented various policies to create more and more opportunities for Indian innovators and entrepreneurs. Various schemes such as MSME RuPay Credit Card, Pradhan Mantri Mudra Yojana (PMMY), Multiplier Grants Scheme (MGS), Credit Guarantee Fund Trust for Micro and Small Entreprises (CGTMSE), Software Technology Park (STP) were introduced in this regard. The Venture Capital Assistance Scheme (VCA) are playing a significant role in entrepreneurship development. As a result, from about 750 recognised start-ups in 2016, we have over 60,000 start-ups in the year 2021. Department for the Promotion of Industry and Internal Trade (DPIIT) is optimistic about creating 2 million jobs in the coming years through these start-ups. Along with all traditional areas, sectors like tourism, automobile (especially EV), textiles, social ventures, software, engineering goods, retail, healthcare, fitness, education and training etc., have enormous potential in Tier-II and Tier-III cities. In 2020, the travel & tourism contributed USD 121.9 billion to the GDP with an annual growth rate of 10.35%. This sector accounted for 8% of total jobs in India (about 39 million jobs). The Auto & Auto Component industry contributes around 7% to the country’s GDP and is expected to grow 12%, as per the Automotive Mission Plan 2016-26. Accordingly, the electric vehicles industry is likely to create five crore jobs by 2030. Similarly, in textile, almost four crore people are employed across the textile industry across the country, and the current size of the industry is INR 10 lakh crore. The sector has potential to grow to INR 20 lakh crore in the coming five years. Courses to build future entrepreneurs Several universities and institutes have started programmes in entrepreneurship to shape the future of budding entrepreneurs. Master of Business Administration (MBA) is the most coveted programme that help candidates gain all the business and management skills to realise their entrepreneurship dreams. Even though most MBA programmes include some elements of entrepreneurship in the curriculum, entrepreneurship is now an independent specialisation.
Use of Blockchain in Supply Chain Management Posted on July 28, 2022May 12, 2023 by Online Manipal Editorial Team Blockchain technology in supply chain management is a distributed ledger technology used to record and store transactions. It is an innovative solution for many industries, including supply chain management. Blockchain technology is making waves in the supply chain management industry. This digital ledger system has many uses, but one of the most interesting and potentially disruptive is its ability to track when a product was shipped, where it went, and what’s happening with it now. It is no secret that supply chains are complicated. They involve multiple parties working together to get products from A to B. But with blockchain, those parties can work together more seamlessly and effectively. Blockchain technology can help businesses manage their supply chains by providing an immutable record of all transactions that occur along the way and it allows them to do this without having to trust each other or depend on a third party for verification. This makes it possible for businesses to maintain complete transparency in their operations while remaining flexible enough to adapt if necessary. Blockchain also offers cost reduction, improved visibility into supply chain activities, and reduced fraud risk through increased transparency into transactions between partners (and suppliers). It also delivers increased speed services when it comes to the time needed for payment processing or delivery confirmation by eliminating manual steps involved with traditional systems. Blockchain can also be used as a distributed database that can be used to store information and cryptocurrencies. Blockchain technology in supply chain management is a digital ledger that records all transactions in a network. It works as a public ledger where everyone can see the transactions, but no one can alter or delete them. Unlike traditional databases, the blockchain has no central copy or administrator, and it’s not kept on any single computer but instead shared across many computers in the network. ALSO READ: Supply Chain Management and Industry 4.0 What is blockchain technology? Blockchain technology is the backbone of all bitcoin transactions. It is a decentralized public ledger that lets users track digital currency transactions. This technology has many applications beyond bitcoin and its use in cryptocurrencies. Here are some examples of how this technology can be used in Supply Chain Management: Supply chain management (SCM) often involves multiple parties, including buyers, suppliers, manufacturers, distributors, retailers and others. The supply chain process begins when an organization receives an order from a customer and ends when it ships the product to the customer or delivers it to another party along the supply chain. Therefore, companies need to maintain visibility throughout the entire process to avoid delays or additional costs due to bottlenecks or changes in demand. Blockchain technology can help organizations achieve this goal by providing real-time visibility into each step along the supply chain and allowing them to store records securely on an immutable ledger that cannot be tampered with once data has been entered into it (e.g., using consensus algorithms). The use of blockchain technology in supply chain management for tracking shipments across borders has been limited because of issues related to regulations around privacy laws; however, new rules have recently been put into place that allow the tracking of objects till they reach their owner. Blockchain technology has many applications in supply chain management (SCM). In fact, SCM professionals have been exploring ways to use it since before it was even named “blockchain.” Some of the ways SCM professionals are currently using this technology include: Managing physical assets through smart contracts Ensuring product integrity through tracking systems Verifying shipments and packages through messaging systems 6 ways how can blockchain be used to support sustainable business practices AdvantageDescriptionMaking the process more efficientBlockchain technology is helping companies manage processes more efficiently by enabling them to maintain a secure and transparent record of transactions.Improves transparencyBlockchain technology is all about transparency and accountability. By creating an immutable record of transactions that cannot be altered or deleted, blockchain ensures that every transaction is permanently recorded for posterityCost-cuttingBlockchain can help you save money on all kinds of things, from processing payments to managing inventory and logistics.Enhance product traceabilityBlockchain technology has been used to track and trace products. This is done by monitoring the movement of goods from one location to another.Streamline product recallRegarding product recalls, blockchain technology can help streamline the process by providing a secure database that can be accessed by all parties involved in the recall. Reduce fake products/counterfeitingBlockchain technology helps reduce counterfeiting by ensuring that any product you buy has an unchangeable record of every step from production through shipping and sale. Blockchain technology in supply chain management is all the rage right now, and for a good reason. The technology has the potential to revolutionize everything from finance to manufacturing, and it is no surprise that it’s being adopted by businesses of all sizes and types. If you are a business owner who wants to make your company more sustainable, blockchain might be an ideal fit for you. In this article, we will explore six ways blockchain technology can help your company take steps toward sustainability. Making the process more efficient Blockchain technology is helping companies manage processes more efficiently by enabling them to maintain a secure and transparent record of transactions. Blockchain is a digital ledger system that sees to it that each transaction is verified by a group of participants in the blockchain, who must agree that the transaction took place, and then it is added to the chain. Furthermore, once a transaction has been recorded, it cannot be altered without altering all subsequent blocks, making blockchain virtually hack-proof. Blockchain technology can be used for any digital transaction, from currency exchanges to property transfers. It can also be used to track supply chains, verify identities and credentials, or even store medical records or other sensitive information securely and privately. Cost-cutting In our world of global trade and services, there is much to be said for efficiency. However, cutting costs is one of the most effective ways to get things done efficiently. This is where blockchain technology comes in. Blockchain has been used for almost a decade, but we are just beginning to scratch the surface of its potential. One of the most exciting blockchain applications is cost-cutting in the service industry. The reason why blockchain can help you save money on all kinds of things, from processing payments to managing inventory and logistics. Let’s say you own a business that sells widgets online. To sell the widgets, you must process payments through your bank or credit card processor, which means paying fees for each transaction made through your platform. However, these fees can be eliminated with blockchain technology because smart contracts handle transactions (instead of middlemen). You will also see cost savings while shipping products since these transactions are automated, too. You don’t need a warehouse or delivery trucks anymore! And because everything is stored as data on an immutable ledger (i.e., blockchain), it’s easier for companies like yours to keep track of what is happening with your supply chain at any given time. As such, by using blockchain technology, you can reduce costs significantly by eliminating third parties involved in facilitating transactions between two parties. This can also help improve efficiency by reducing time spent on reconciliation at every stage of your supply chain management process and improving transparency and traceability for all stakeholders involved in the transaction process. Enhance product traceability In supply chain management, blockchain technology has been used to track and trace products. This is done by monitoring the movement of goods from one location to another. This helps enhance product traceability, a key component of quality management systems. The process of tracking goods using blockchain technology involves the following steps: Put an RFID tag on the product. The RFID tag contains information about where the product was manufactured and when. Send this information through a blockchain network, which can be accessed by anyone who wants to access it via their mobile device or computer. Once this data has been sent through the network, there will be no need for any human intervention for it to be accessed. It is because all that needs to be done is for someone with access rights to request access to this data via their device or computer. Then they will automatically receive access to all kinds of information about where this particular product came from and when it was made, among other things. Streamline product recall Regarding product recalls, blockchain technology can help streamline the process by providing a secure database that can be accessed by all parties involved in the recall. This means that companies can enter data on their products and keep track of how many units have been recalled. In recent years, the number of product recalls has increased significantly. This is due to a combination of factors, including changes in supply management technology and regulations. While it is difficult to determine how many products have been recalled each year, there are an estimated 1,500 recalls per year. While product recalls are necessary for the safety of consumers, they can be difficult and expensive for companies to manage. In fact, the average cost of a recall is $10 million. In addition to being able to track products more efficiently, blockchain technology also helps companies avoid issues related to data management and privacy concerns because it does not require them to share sensitive information with third parties who may not be trustworthy or competent enough to handle such information appropriately. In simple words, there are three main ways blockchain helps streamline product recall: Blockchain makes it easier for companies to access their own data without having to rely on third parties such as manufacturers or distributors Blockchain allows companies to share this data with regulators without worrying about security breaches. Blockchain lets consumers securely access their own records if they ever experience an issue with their products or services. Reduce fake products/counterfeiting Counterfeiting costs businesses billions of dollars each year, and it threatens the livelihoods of workers who make those products by devaluing their work and deceiving consumers. Blockchain technology helps reduce counterfeiting by ensuring that any product you buy has an unchangeable record of every step, from production through shipping and sale. In fact, some companies have started using blockchain as part of their supply chain management system to track where their products come from and whether they’re authentic. Blockchain can help reduce the number of fake products on the market by allowing people to check whether their purchase is authentic. If a company uses blockchain technology, then they can provide information about their product’s origin and what materials they use in production. This information can be accessed by anyone who wants to know it when they buy something from that company. Improves transparency Blockchain technology is all about transparency and accountability. By creating an immutable record of transactions that cannot be altered or deleted, blockchain ensures that every transaction is permanently recorded for posterity, and that all parties involved in an exchange can verify each other’s identity and interests. This can help eliminate fraud and corruption in many fields, including finance and government. YOU MAY ALSO LIKE: Job opportunities for an supply chain management graduate Learn supply chain management with PGCP in Logistics and SCM from Online Manipal Learning blockchain and supply chain management with PGCP in Logistics and Supply Chain Management from an Online Manipal course is a great way to gain the knowledge you need to advance your career. Supply Chain Management (SCM) is integral to many businesses and can be challenging to learn. Many companies have large departments dedicated to SCM and the logistics management of their supply chain, so these skills are in high demand. If you are looking for a way to expand your knowledge base and improve your skill sets, consider taking an online SCM course. This will allow you to learn at your own pace while still meeting deadlines and other requirements set by employers. The benefits of learning blockchain and supply chain management with PGCP in Logistics and SCM from Online Manipal include: Flexibility: You’ll be able to study when it is convenient for you, whether during work hours or after hours. Convenience: An online course means no travel time or having to find childcare for the kids during class time! You’ll be able to complete assignments on your own schedule without needing help from anyone else (except maybe Google). Lower cost than most on-campus courses today thanks to lower overhead costs for students and instructors who teach professionally in an easy understanding way. Key takeaways: Blockchain is a distributed database that is used to create a permanent, tamper-resistant record of transactions. The technology can be used in many industries, including supply chain management. Blockchain was originally developed as the accounting method behind Bitcoin and other cryptocurrencies, but its potential applications are much more extensive than just digital currencies. Blockchain technology can be used to track the movement of goods through supply chains and to verify that products are authentic. This allows companies to reduce costs associated with counterfeiting, fraud and theft, while also increasing trust among consumers who might be concerned about where their products come from or who made them.
What is Data Science? Posted on July 28, 2022November 16, 2022 by Online Manipal Editorial Team Key takeaways Due to tremendous technological advancements, data science has become an essential part of many industries, including healthcare, e-commerce, finance, and gaming. The primary use of data science is to make predictive analyses and make appropriate business decisions. A data scientist collects, analyses, and processes organisational data to gain effective insights. A career in data science is highly in demand and is predicted to be the trendiest in the market in the upcoming years. Data science eligibility is not specifically defined. However, having a degree in data science, maths, or statistics may be helpful. Data science has a wide future scope as well as high-paying salaries. Coding is not essentially needed to start a career in data science. Data science: Explained What is data science? Data science is nothing but a blend of various tools such as machine learning, algorithms, automation, etc. It is a technological process that is used to derive meaningful data and helps in making business decisions. The technique allows businesses to analyse all the data using complex machine learning algorithms, which helps in building predictive business models. With the help of data science, businesses can effectively make appropriate decisions with a strategic project plan. Roles and responsibilities of a data scientist Now that you have understood what data science is in simple words let us start with the next point. So, what exactly does a data scientist do? The basic task of a data scientist is to analyse the business’s data to gain meaningful insights. The roles and responsibilities of these professionals may be different for every organisation. However, we have curated a list of the most common roles and responsibilities that they undertake. As the name suggests, a data scientist must work with the organisation’s data. So, all the roles and responsibilities of a data scientist revolve around the respective organisation’s data. From extracting the data to finding meaningful insights, a data scientist needs to process the data to complete the entire process. The roles that a data scientist needs to undertake while completing this entire process are given below: Collecting, preprocessing (structured and unstructured data), and analysing the data.Identifying the problems associated with the organisation.Build models and machine learning algorithms to showcase all the problems.Present all the data using various data visualisation techniques.Identify valuable data sources.Automate the data collection processesDiscover the business trends and patterns.Combine all the predictive models using various ensemble modelling techniques.Find out solutions and strategies for various business challenges.Collaborating with the product development teams. Application of data science with examples We have listed applications of data science in various industries. Sr. no.IndustryExamples1HealthcareMedical image analysis, drug development, virtual assistance/online chatbots, genetics and genomics, predictive modelling for diagnosis, etc.2Search enginesGoogle, Bing, Yahoo, Ask, etc.3TransportDriverless cars4FinanceRisk analysis automation5E-commerceFlipkart, Amazon, Myntra, etc.6Image recognitionAuto-tagging of images7Airline route planningPredicts flight delay, derives which tickets to buy, etc.8GamingComputer opponent9Delivery and logisticsDerives the best route for shipping, best mode of transport, etc.10AR and VRGames like Pokemon Go How to get into data science? Once you understand the roles and responsibilities of a data scientist, the next questions are how can one become a data scientist? What is the eligibility to get into data science? So, there are no specific criteria for who can get into a data science field. All you need is a degree and the required practical skills to assess with the same. QualificationSkillsMasters degree in mathematics, statistics, data science, computer science, or any other related field.– Strong maths and statistics– Strong analytical skills– Proper knowledge of various programming languages such as Python, SQL, and R– Well versed in using various data visualisation tools such as Tableau and Power BI– Good foothold on machine learningSoft skills (communication and presentation skills) The most important part here is to showcase your skills. So, try taking live projects and creating a portfolio of the same. Doing an internship will also be of additional benefit and help you land a good job. Apart from that, start networking with people already involved in the data science field. Note that networking is the key to a successful data science career. Is data science a good career path for you? First, find out whether you are passionate about making a career in data science. Start looking out for your interests and passions. If you are someone who likes Maths, Statistics, working with chunks of data, coordinating with a team, solving all business problems, etc., data science may be the right path for you to choose. Data science is gaining popularity day by day. The increasing advancements in data science have increased the future demand for the same. It is, therefore, one of the most lucrative choices. Why data science? After reading all the above points, you may now have a clearer picture of a career in data science. If not, we have another solid reason for you to know why data science is among the best career options. The forecast predicted by the US Bureau of Labour Statistics shows that the data science field is more likely to grow by 28% by 2026. The constantly increasing growth in the field shows the increasing demand trend. It shows the data science field’s durability, scope, and longevity. As a result, the salaries for any job role in the field of data science will go on increasing year by year. And the most amazing part is that you can also learn data science online through various platforms. Hence, if you want a secure, stable, as well as high-paying career, you can always choose data science as the perfect profession without any second thought. Does data science require coding? Many people in the data science field do not have a coding background. Recently, low-code and no-code data science platforms are getting popular. So, even if you do not have any prior coding experience, it is okay. You can still get into the field of data science. However, to keep making progress in your career, it is advisable to learn at least basic coding. As the data science job market has been in tremendously high demand, you need to know coding to be able to compete with the ones who are already well-versed in it. There are a lot of coding courses and boot camps available online, where you can learn all the basics of coding. You must then consistently practice, take up coding projects and internships to keep learning more about the same. What is the eligibility to get into the data science field? There are a few requirements for entering the data science field. A strong background in computer science and mathematics Data scientists have to be able to think abstractly and solve complex problems, so it’s important that they have a good understanding of how computers work and what makes them tick. Proficiency in analytics techniques and data mining techniques You must know how to take raw data from sources such as sensors or other systems, clean it up so it’s usable, then make sense of it by analysing patterns and trends. Knowledge of programming languages Finally, you’ll need experience with programming languages like Python or SQL (structured query language). These are used to query databases so you can ask questions about your data set, like “How many people bought Product X?” READ MORE: Top opportunities with M.Sc. in Data Science in India Pursue M.Sc. in Data Science from Online Manipal Today, data science is one of the trendiest career options in India as well as Abroad. Starting a career in data science without a relevant degree may not be easy. Most of you might be unsure of how to learn data science. You will need to learn various skills by taking up random courses online. However, Online Manipal has got it all for you under a single roof. Now, you can do an M.Sc. in Data Science from the prestigious Manipal Academy of Higher Education (MAHE). The intent of this programme is to create smart data scientists depending on today’s market needs.
Ways in which data science helps organisations Posted on July 28, 2022August 7, 2023 by Online Manipal Editorial Team Key takeaways: Data science is a dynamic discipline that can change the way organisations operate. Data science teams are tasked with finding new ways to use data to improve business processes, and they work closely with teams from other departments, such as technology, marketing, and human resources. Data scientists use machine learning algorithms to analyse large amounts of data and then use their findings to make predictions about future events. They also help companies understand how customers behave and what products or services they might want in the future. The most successful data scientists can communicate clearly with non-technical people in order to present their findings in a way that makes sense for business purposes. As a business leader, you know that data is the lifeblood of any organisation. But have you ever wondered how it affects your employees’ productivity and engagement? Or how it can be used to better serve clients? Businesses are built on relationships, which are built on trust. And trust thrives solely on knowledge. That’s where the benefits of data science come in. When companies have access to more information about their customers and their operations, they can make informed decisions about how best to serve those customers and improve their operations. Data science uses algorithms and statistical analysis to help companies make better decisions. It is a way for organisations to leverage their data, and their employees’ expertise to understand their customers, improve their products, and anticipate future trends. And it is not just for big companies either: small businesses can also benefit from using data science for decision-making! How is data science beneficial for your businesses? Data science is a powerful tool that can help organisations make better decisions, improve their products, and grow their business. It is no wonder that the demand for data scientists is growing by leaps and bounds. So what does data science do, and what are the benefits of studying data science? There are many ways that data science can help organisations: Assists with decision-making process The first and most obvious way data science helps businesses is by assisting them make more accurate predictions about the future. If you can predict what your customers are going to want or how many people will buy your product, then you can plan better, which will save you time and money. Data science can also help businesses in less obvious ways. For example, it can help them improve their processes by identifying bottlenecks and optimising them. Increases data security in the organisation Data security is an important part of any organisation. It is very essential to take care of the data and make sure that it is stored in a safe place. The security of data plays a vital role in increasing the productivity of an organisation. A proper way of storing data can also help you in making your business more efficient, accurate and effective. Data science helps in increasing the security of data by providing various tools that can be used by employees for encrypting their data. It also provides them with better ways to store their files on cloud storage platforms such as Dropbox, Google Drive etc. Helps sales and marketing with target group optimisation Data science helps sales and marketing professionals with target group optimisation by giving them the tools they need to collect, analyse, and apply data to their decision-making processes. This helps them better understand their customers’ preferences, buying habits, and needs so they can make more effective marketing decisions for their business. It can also be used to optimise your sales and marketing efforts by keeping track of your customers’ reviews and preferences. You can use this information to target your customers with relevant offers that they are more likely to respond to. This can help you close more deals, increase revenue, and reduce costs associated with customer acquisition. Optimise recruitment process by automation When it comes to recruiting, data science can help optimise the process by automating parts of it. For example, if you are using an applicant tracking system (ATS), the software may be able to automatically create a job posting based on your list of requirements and then automatically send out emails inviting candidates who meet those requirements to apply for the job. This saves organisations’ time and money by cutting down on manual labour tasks like copy-pasting job descriptions into emails or writing personalised emails every time you post a new job opportunity. Helps in business predictability Data science can help business predictability by helping to understand the relationship between different variables. For example, maybe you want to know if there’s any correlation between product sales and the number of people who visit your website. If you are using data science on this problem, you might be able to find out that product sales go up when more people visit the website. Or maybe they go down when more people visit the website! It all depends on what kind of data you have available and how you use it to create a model. Provides real-time business intelligence Data science helps in providing real-time business intelligence by creating a synergy between the data and business. It includes a combination of statistics, machine learning, and artificial intelligence (AI). Data science helps in gathering, analysing, processing and interpreting data to make decisions that are more informed and accurate. The benefits of data science can be understood by imagining a scenario where a company wants to develop a product that has never been developed before. In this case, the company will need to gather data about their users so that they can understand how people use the product and whether or not it will be successful. This process is called data collection which is an integral part of many businesses today. The collected data is then analysed by using statistical tools such as regression analysis and time series analysis which provides insights into what users really want from their products. Helps optimising organisation process and workflow Data science helps to optimise organisational processes by making better use of data. For example, if a company wants to improve its customer service experience, it can analyse customer complaints about its products or services using text analysis software. This analysis will tell them which problems their customers are having with their products or services, and how serious those problems are. Armed with this information, they can work on resolving customer complaints more quickly and efficiently than before by focusing resources on the most common issues first. Get a Master’s degree in data science with Online Manipal Masters in data science with Online Manipal is a great option if you want to boost your qualifications without having to leave your current job. Here are some of the benefits of this programme: It is flexible You can learn at your own pace, and there’s no need to commute to a physical campus. It is affordable Online MBA programmes offered by Manipal Academy of Higher Education are quite affordable than the regular on-campus MBA programmes. You will get a degree from one of the top universities in India Manipal Academy of Higher Education (MAHE) is ranked as one of the best universities in India by The Times Higher Education World University Rankings 2019. The programme is accredited by AICTE (All India Council for Technical Education), which means that it meets all Indian government standards for higher education institutions, including those for online education programmes. Nutshell We can research more in data science and apply the best methods to our current business model to make it more efficient. By making data-driven decisions, we can improve the efficiency of each department in our business and therefore increase revenue. We can also gain amazing insights into our product and, therefore, develop a more effective one. The next step would be how not to conduct all these in-depth mathematical analyses, so for this, we strongly recommend you consult a data scientist.Check out the MBA programmes offered by Manipal Academy of Higher Education (MAHE) for a deep understanding of data science.
Importance of Business Intelligence in B2C companies Posted on July 27, 2022November 16, 2022 by Online Manipal Editorial Team We are living in a digital era where technological developments have completely revolutionised our everyday lives. If any business has to survive and progress, then the adoption of digital technologies is a must. Timely and accurate decisions are vital for any firm to become competitive in the market. Therefore, companies have to use data-driven tools and technologies which can help them know their customers and themselves better than ever before. These tools will help them design better strategies to not just serve their customers better but also improve their business processes. Companies can be benefitted by using business intelligence tools and platforms. What is Business Intelligence? in a way that it can easily be used by strategists in a business to take effective decisions. Business intelligence in consumer companies provides information that is critical to the success of multiple areas of business including sales, marketing, production, finance, etc. The benefits of business intelligence include empowering businesses with actionable data, providing prodigious insights into industry trends, and facilitating a more strategically geared decision-making model. ALSO READ: Business Intelligence vs Business Analytics: Simplified Benefits of Business Intelligence to consumer companies As we have understood what business intelligence is, let us now look at some of the business intelligence benefits: Gain customer insights: One of the primary reasons that consumer companies are using business intelligence tools is because it helps to provide the great ability to understand the consumers’ buying behaviour and trends. This information helps consumer companies to design products and improve the existing products to meet the customers’ expectations and needs. Once the customers are satisfied the consumer company’s business motive is fulfilled. Quick and precise reporting: All business intelligence programmes are connected with real-time data. Employees are provided with templates and customised reports to monitor the KPIs using a variety of data sources collecting data from sales, finance, operations and other departments. As these reports are generated in real-time using the most relevant data so the decision-making can be faster than ever before. The reports include easy-to-read visualisations, interactive tables, graphs, and charts. Competitive analysis: Business Intelligence can help you get insights into the competitors’ moves in the market, allowing your organisation to make informed decisions and plan for future endeavours. Therefore, it helps in attaining competitive advantage for businesses. Valuable business insights: Business intelligence tools help businesses to get internal insights about how the employees are performing, how the sales have been moving in the last few years, the revenue status as well as department-specific performances. So, the company’s strengths and weaknesses can be unveiled as BI tools facilitate consumer companies to understand what is working and what is not. Improve proactiveness: Due to the visibility of various business functions’ performance in the BI tools, the consumer companies have better control over their business processes and SOPs. The decision-makers no longer need to go through hundred pages of the report to assess the performance of their business rather they can just see the infographics provided in the business analysis dashboards and take the decisions. Therefore, BI helps organisations to become proactive rather than reactive by providing real-time and beforehand insights about the business and industry. Efficiency improvements: Another business intelligence benefit is improvement in efficiency. BI systems facilitate vital information sharing across various departments with ease and help save time on reporting, data mining, and interpretation. It further helps consumer companies eliminate redundant roles and duties. Now, the employees can focus on their primary roles rather than focusing on processing data. As a result, the operational efficiency improves which consequently increases productivity, and the organisation’s revenue also increases. Identifying market trends: Business intelligence benefits also include identifying market trends. Using the market data, consumer companies can identify new opportunities and build a strategy accordingly. This will help consumer companies build their existing business as well as expand their business in new markets, directly impacting long-term profitability. Employees can utilise external market data with internal data to find out new sales patterns by analysing customer data and market insights, as well as identifying business problems. YOU MAY ALSO LIKE: 5 ways how business analytics can help your business grow What are Business Intelligence tools? BI tools are types of software used to collect, process, analyse, and create visuals of large volumes of past, and current data to generate actionable business insights and predictions, produce interactive reports, and ease out the decision-making processes. These business intelligence platforms include vital features such as data visualisation, visual analytics, interactive dashboarding, and KPI scorecards. Additionally, they enable users to utilise real-time reporting and predictive analytics features, which makes the analysis process efficient. Some most popular Business Intelligence tools Tableau PowerBI SAS Business Intelligence Zoho Analytics Datapine Oracle Business Intelligence IBM Cognos Analytics Qlikview Dundas BI, etc. ALSO READ: 15 trends in Business Analytics for 2022 and beyond Conclusion In a nutshell, business intelligence in consumer companies provides organisations with market insights, competitors’ strategies, identifying new business opportunities, identifying strengths and weaknesses of the companies, and customers’ buying behaviours and market trends. This information can be utilised to make appropriate strategies and decisions, which leads to better revenue and growth for the company. By availing business intelligence benefits, consumer companies can create a competitive advantage.
How to join Infosys after a BCA degree? Posted on July 27, 2022April 25, 2023 by Online Manipal Editorial Team BCA is an undergraduate degree in computer application and opens many opportunities for higher education and job opportunities. One can pursue MCA as it is on par with a B.E. degree. Moreover, one can work in leading companies like Infosys and many other multinational companies. Infosys is an Indian multinational company that provides business consultancy services, information technologies, and outsourcing services. A variety of jobs for BCA freshers are available in the IT industry. This article will examine the minimum criteria, selection process, steps and a few probable interview questions to crack BCA jobs. These details can help you land a job in Infosys after your BCA degree. Infosys – an overview Infosys is operative in around 50 countries, with more than 310k employees working from across different nations. Seven engineers founded it in 1981 in Pune, Maharashtra, and later its headquarters was relocated to Bangalore. Infosys works in various sectors such as the banking sector, data security and privacy, cloud-based services, e-commerce, web development and digital marketing; and is one of the best employers in the industry. Infosys has solid core foundations, fundamentals, and work ethics, thus offering good future prospects for capable candidates. Financially it is estimated that Infosys’s revenue will increase by 14 -16% in 2022. Is Infosys a good place for graduates? Infosys is one of the best organisations to start one’s career. They provide freshers with the best training and help them hone and develop their skills. Thus, offering good opportunities for career growth to individuals. Infosys provides flexible working hours and a good working environment to their employees. From time to time, they provide training to employees to keep them up to date with current market changes, thus enhancing employees’ skills. They also offer other facilities like insurance, paid sick leaves, and many more benefits. Can I get a job in Infosys after BCA? BCA students can definitely apply for jobs at Infosys. The eligibility criteria for BCA students to land a job in Infosys are: The minimum qualification required is BCA (Btech, BE, MCA) At least 60% marks in 10th and 12th standards A maximum of 2 years gap in the education And 65% marks or CGPA 6.5 in graduation Should not have any pending backlogs at the time of appearing for Infosys selection process. Source: Conduira BCA is a three years undergraduate programme and stands for bachelor of computer applications. Under this program, students learn skills like programming, networking, data structure, programming languages like C, java, web development etc. These skills acquired by a BCA graduate will help them to land a job in the IT industry. Infosys will be a great start for a BCA student, and they can start their career as an Operating Executive and might be promoted to a Systems Engineer position eventually. Job roles a BCA graduate can find in Infosys BCA Jobs in Infosys are of various types and consist of different roles and responsibilities. Let’s look into some of them. Web Developer: A Web Developer creates and maintains websites and deals entirely with technical kinds of stuff like the amount of traffic a site can handle, its performance etc. Programmer: A Programmer writes code or the software. They check existing code and modify it as per the requirement or for bug removal. Systems Engineer Trainee: They work under their senior’s supervision and assist in the analysis, implementation or modification of the existing system. They attend meetings, take notes and make necessary reports required by the seniors. Technology Analyst / Associate Consultant: They work as the bridge between stakeholders, the system’s users and the developer. They communicate with the stakeholders and understand the requirements for the proper development of software or system. What is the salary for BCA graduates in Infosys? The average BCA job salary in Infosys for freshers is around ₹3.2 lakhs and usually depends on the skills and experience of the candidate. Key skills required to get into Infosys after a BCA degree BCA graduates should hold some vital technical and soft skills that will help them in getting a job in Infosys. Let’s look into a few of the skills: Technical skills: Technical skills will play a main role during the selection process. A candidate should possess desired technical skills that are in demand in the industry, specially the core knowledge. Technical skills like Java, Networking, C & C++, Database Management System, Data Science, Unix Programming etc., are a must-have. Every candidate should have good time management skills. Working in Infosys and in the IT world is all about delivering projects on time. A BCA graduate will have to spend a lot of time dealing with different stakeholders, understanding their requirements, making changes in the system accordingly, etc. Thus, good interpersonal skills are a must and will help them to strike a proper balance. The key to a successful career is to possess effective communication skills. Candidates with good communication skills hold better chances of selection as they would be able to present themselves better in selection processes and during work. Infosys selection process for BCA grads Every company has their own selection process, which is devised for recruiting the most capable candidates. Infosys’s selection process majorly includes the following stages. Online written test: The eligibility to appear in the written online test is a minimum of 60% in 10th and 12th and 65% in graduation. The written test is bifurcated into the following sections. AreasNumber of questionsTime allottedMathematical ability1035 minsReasoning ability1525 minsVerbal ability2020 mins Pseudo code510 minsPuzzle-solving510 mins Source: Freshers-Job Technical test: The next stage is the technical test or technical interview. During this round, the candidate will be asked about their technical knowledge, especially in regards to the job role for which the candidate has applied. The main purpose of this round is to check the practical knowledge and the ability of the candidate to apply skills for problem-solving in real-life situations. Sometimes as per role requirements, the company may conduct a group discussion round. It helps in assessing the candidate’s teamwork ability and how they represent their ideas and thoughts. The final stage of the selection process is the personal interview round. Questions can be asked about personal or family information as well as industry-specific questions. Questions are also asked regarding previous work experience (if the candidate has worked before), the candidate’s strengths and weaknesses, salary expectations etc., to assess the overall personality of the candidate. How can I go to Infosys after BCA? Tips to crack Infosys selection process The most important tip that you must remember to crack any selection process is to maintain self-confidence. Having deep knowledge of your field and area of work will give you an advantage. The technical knowledge will help you in qualifying for the written test. The rest of the rounds will test your technical and soft skills. Possessing good communication and interpersonal skills will be a game-changer . Steps to get into Infosys Let’s look into the steps that will help you get a placement in Infosys. Complete your 10 + 2 One of the basic requirements to apply for a job at Infosys is to have a minimum of 60% in 10 + 2. Earn a bachelor’s degree like BCA After completing your 10 + 2, one has to take admission into a BCA programme or B.tech programme. One can either opt for a regular BCA programme or can join online BCA programmes. Pursue an internship to gain practical skills During the BCA program or after graduation, joining an internship and gaining real-life experience will help in a better understanding of work and the field. Moreover, this experience will add bonus points to the resume. Get an entry-level job for some experience After graduation, you can join some small firms to get entry-level experience. It will provide the working experience and will further enhance the resume. Upskill yourself with some certification The IT world is dynamic and constantly upgrading. A candidate with the latest skills and additional certifications is more likely to be hired. Update your resume with all the work experience and certificates. Apply at Infosys Now you are ready to apply at Infosys. So, go ahead and apply for your dream job role. Infosys interview questions What are the different modifiers in Java? The different modifiers are public, private, protected and default. What are the different types of loops in Java? The different loops in Java are For loop, While loop, and do-while loop. What is RDBMS? A Relational Database Management System (RDBMS) is a set of program,mess that helps a developer interact with the database to create, update or delete data. What is a database schema? A schema is a logical database structure that tells how the data is organised, associated, and stored in the database. What is SDLC? Software Development Life Cycle (SDLC) is an end-to-end process that defines the flow of the development of a project from the requirements stage to the maintenance and support stage. What are the stages of SDLC? The stages in SDLC are requirements, planning, definition, design, development, testing, deployment, and support (maintenance). Do you know what a waterfall model is? Under this approach, the project is broken into different steps. Once a stage is completed, the next stage is taken up for work. Each step is dependent on the result of the previous step. Which is the most popular SDLC model? The two most popular models are waterfall and agile. What is the most difficult challenge you have faced working in a team/project? Share the project you felt was difficult and tell them how you resolved the issue. Tell me about yourself. You can give a short and crisp intro about yourself – your education, relevant work or project experiences. You may also like: How to get a job at Google after BCA? Prepare for Infosys with an online BCA from Online Manipal One can complete a three-year BCA programme at their convenience with placement assistance from reputed professors. Join the online BCA Programme at Online Manipal to avail the various facilities provided by them. The programme includes a Google Cloud Computing Foundations curriculum that will teach you the various concepts of cloud technology, an in-demand software technology. There is also a facility for attending live or recorded classes. The programme helps you to complete your BCA at your own pace and time. The course fee is around INR 1,20,000 which comes to approximately INR 20,000 per semester. The University also provides easy payment options and attractive scholarships to capable students. Conclusion Infosys is one of the top multinational companies, and it has a brand reputation which is valued all over the world. Not only will BCA graduates get the best opportunity in Infosys, but the experience at Infosys will also help them to advance their careers.
Which B.Com subjects will help in ACCA? Posted on July 26, 2022January 11, 2023 by Ankit Sharma Bachelor of Commerce (B.Com) is a three-year undergraduate degree in commerce which equips the learners with essentials skills and knowledge to be competent and to succeed in the field of business and commerce. This degree gives the learners a wide variety of knowledge, students here learn how to analyse data, how to account for transactions in various types of businesses and prepare their financial statements, business and economic laws, enter affecting international trade and finance, management theories etc. B.Com degree is divided into three years of two semesters each. With each passing semester, students dive deep into theory of subjects like Accounts and Finance. The first semester is aimed at inculcating basic communication and entrepreneurial skills in students, while the sixth semester is aimed at inculcating the students with the knowledge of Audit principles, Income Tax Act, Advanced Accounting etc. While a degree like BBA is more management and entrepreneurship oriented, B.Com is more commerce-oriented and it gives students an overview of the various domains affecting businesses. B.Com is offered by various top tier universities in India. Due to the effects of the covid pandemic, many institutions have gone online to make it easy for learners living in remote areas to enrol themselves in a college. What is ACCA? ACCA, or the Association of Chartered Certified Accountant, is a globally recognised and respected qualification in the accounting domain which gives varied opportunities to the holders of this qualification in the private as well as the public sector. ACCA was formed in 1904 headquartered at London with its principal administrative office in Glasgow. ACCA institute offers the Chartered Certified Accountant qualification. The institute has 2,33,000 members and 5,36,000 prospective members spread across 178 countries. ACCA structure Just like the structure of the Chartered Accountancy (CA) profession regulated by the Institute of Chartered Accountant of India (ICAI), ACCA is also divided in three stages: Applied Knowledge Applied Skills Strategic Professional ACCA has 13 exams spread over these three stages. Apart from clearing these 13 exams and the three stages, professionals are also required to complete 36 months working experience in a role relevant to the profession. Why should you choose ACCA? ACCA qualification works on the basics to advanced levels of Accounting and Finance. Accounting and Finance being such broad domains, ACCA professionals have flexible job options across the domain. A person interested in Accounts and/or Finance domain should definitely check out ACCA. The following things make ACCA a sought-after qualification: Global recognition Industry relevant and current age curriculum Flexible examination schedule Varied job opportunities in different sectors across different countries Apart from these, an ACCA certified professional also gets these additional qualifications: B.Sc. in Applied Accounting from Oxford Brookes University M.Sc. in Professional Accountancy from the University of London Job options after ACCA ACCA opens a wide variety of sub-domains of Accounting and Finance for a professional to choose from, some of these options are: Accountant Auditor Bookkeeper Business Analyst Financial Analyst Financial Planning and Analysis Forensic Accountant Finance Manager Management Accountant Tax Services CFO CEO B.Com subjects helping in ACCA India has come a long way since the LPG policy of 1991 aiming to globalise India’s economy, the introduction of Ind-AS (IFRS affiliated Accounting Standards tailored specifically to the requirements of the various Indian Sectors) is another step to bring the accounting institutions and businesses in the country at par with others in the world. Because of this and the current age curriculum of B.Com degrees of the top-tier universities of India, an ACCA aspirant can get exemptions up to 4 out of the 13 subjects. Current qualification No. of exams to be given Exemptions received 12th Pass 13 0 B.Com 9 4 Exemptions are received in the following subjects of ACCA: Business and Technology (BT) Financial Accounting (FA) Management Accounting (MA) Corporate and Business Law (LW) Apart from getting these exemptions, students get the benefit of studying other subjects in B.Com which helps understand the basics of many other subjects of ACCA. Some of these B.Com subjects are: Organisation Management Principles of Management Basics of Cost Accounting Basics of Financial Accounting Business Law Income Tax – Direct Taxes GST – Indirect Taxes Financial Analysis and Reporting Financial Management Auditing Conclusion ACCA is one of the most respected accounting and finance qualifications in the world. If you are a commerce graduate or a commerce student in India and you are interested in Accounting and Finance domain, you should explore ACCA as a profession. Top-tier universities in India like the Manipal University Jaipur provides a base to clear the basics of more than 50% of ACCA subjects. After finishing your online B.Com from MUJ, you would not only get exemptions in 4 subjects, but you would find it relatively easy to study other subjects as well as you have already read some of them in your B.Com degree. References ACCA Global- Home | ACCA Global MUJ- Online Degree Courses – Online Manipal
A personal account of predictive and cluster analysis Posted on July 26, 2022May 23, 2023 by Sreeja Eranoor Jayanandan Recently I received a dump of data from a friend of mine who has an online store. As a data science enthusiast, I wanted to check for simple and common use cases. I wanted to understand What kind of predictive analysis can be done? Is there a possibility of applying clustering analysis techniques? I decided to begin with simple predictive and clustering techniques. This blog is a walk-through of my learning and observations. Prep work and Analysis Be it Predictive Analysis or Clustered Analysis, the first step is to wrangle the data or clean it. The data I received consists of products, customers, sales, inventory, and wastage. There were a good number of customers, unfortunately, recorded with different names many a time, or a salesperson typing her own name (instead of the customer), the date column missing, capital / small letters being used interchangeably, and so on. The first few days went into reconciling the data. Then we wrote a script that can create a pipeline to handle multiple scenarios and then deposit cleaned data into a new repository. Another important step for Predictive Analysis or Clustered Analysis is exploration. How much data is available? What is the distribution across categories? How many customers? etc. We identify some statistical information like – What does the average spend per customer? What does the average spend per item? What does the average spend per category of products? Is there a deviation in the sales across months, customers, etc.? What are the statistical values like mean, deviation, quantiles, etc? Calculate and append them to the existing data. Now, the data is ready for the next step. Predictive Analysis There are several predictive algorithms starting from simple logistic and linear regression algorithms all the way to the transformer-based algorithms to predict the next word or sentence. It could also be to predict the presence of cancerous tissue in an MRI image. Given the type of dataset, our use-case was to predict if a particular customer will buy or not buy a particular product. These types of Predictive Analytics are referred to as ‘Recommendations’. Typically, we use techniques like the Apriori algorithm and basic collaborative filtering. The count of the sales in some categories was disproportionately higher than that of other categories. So, these techniques performed poorly. Singular Value Decomposition (SVD) is another method to predict the probability of purchase. This is a popular technique used in movie or product recommendations. However, in this case, there were no ratings. So, to compensate, we calculated the number of times the product was purchased by the person out of all his visits and converted it to a rating of 1 to 5. The algorithm was able to predict a value of 1 to 5 for each product. 5 implies a definite purchase and 1 implies that the chances are low. We calculate the algorithm on the n-1 purchases of data and then predicted the probability for the nth purchase. If we set 3 as the threshold, the algorithm was able to predict with an accuracy of 60-70%. This was just a simple prediction and not tuned or optimized. Learn more about the role of predictive analysis in business analytics. Cluster Analysis I then decided to apply a few clustering analysis algorithms to the dataset. The simple and the most popular one is the K-Means method. In this, each point becomes part of a single cluster. The cluster of the point is decided such that the sum of the square distance from the point to the cluster’s centroid is at the minimum. The centroid is adjusted after each iteration and the process is repeated until the stopping condition is met. In our dataset, a mere count of the purchases or quantity of each product did not yield good results. However, once we started to add the statistical data, for example, the mean, median, deviation, and quantiles for each product and customer – there were some interesting clusters that began to evolve. Once we clustered the data, we calculated the cluster value for each row. We visualized them using simple plots. Figure 1.1 is a mapping of the Average Cost spent by the customer to the average days between two purchases. We used the cluster value as the ‘hue’. Figure 1.1 – Plot of ‘Average Spend by the customer’ vs ‘Average Days between Two Purchases’ with cluster name as the hue From the above image, we can infer that – there are many customers who spent an average of fewer than INR 1000 for every purchase. However, they were consistent and came frequently – (once every two weeks). There were a small set of people who are high-value and frequent (very important customers). There were a few customers who are not very frequent and of course, there was a set of non-returning customers. Figure 1.2 is another plot of the ‘Category of Purchase’ to ‘Average Spend’ by the customer. Again, we use the cluster value as the ‘hue’. Figure 1.2 – Plot of ‘Quantity of the Category-Vegetables’ vs ‘Average Spend by the customer’ with cluster name as the hue Interestingly, the high valued customers are more interested in vegetables than other categories of products. Clustering helped us to ask ourselves some very interesting questions There are a few customers who were frequent but not high valued. Can we get them to try products in other categories? There were a few customers who were not frequent. Is there a way they can be made more frequent? Are there any difficulties for them to access the store or the app? Conclusion Technology giants like Amazon use Transformer Bases Agorithms, as well as Bandit Algorithms (reinforcement learning), causal reference, etc to make better predictions. They extensively use clustering techniques to find interesting insights. Very often to improve the effectiveness of the predictive algorithms. (The purpose of this blog is to give readers a real-world application of predictive and clustering analysis. It tries to demonstrate how even simple and basic predictive and clustering techniques can generate some interesting insights.) References: https://scikit-learn.org/stable/modules/clustering.html http://surpriselib.com/ https://plotly.com/
