What is Portfolio Management? Definition, types, and benefits Managing financial investments is a crucial task for both individuals and organizations alike. It requires a solid understanding of the financial assets and identifying strategies to manage them effectively to maximize returns. This is where portfolio management comes in. Simply put, it is working the investments of an individual client or those of an organization to help them achieve their respective financial goals. This blog discusses in detail the Portfolio Management meaning and its importance for clients to meet their long-term financial objectives. Portfolio Management meaning Let us begin by understanding the definition of Portfolio Management. It refers to the process of choosing, prioritizing, and managing a collection of investments or financial assets/projects for individual or organizational clients to help them meet their financial objectives. The aim here is to maximize returns or profits on the investments within a specified period of time. Certain individuals are capable of handling well the role of portfolio management, meaning they are equipped with thorough knowledge and understanding in the domain to make informed decisions regarding buying and selling of financial assets. For others, however, the role of a Portfolio Manager is rather crucial and comes in handy. They assist clients (individuals and organizations alike) in making informed investment decisions concerning their financial assets or funds. They are responsible for designing and executing investment processes and strategies to help clients achieve their financial goals in the long run. Portfolio management, in general, aims to meet certain key objectives, some of which are defined below: Minimize risks for investors Maximize returns on investment for individuals and organizations Maintain financial liquidity Help achieve long-term financial goals for the investors Expand the investment base across varied financial assets Ensure consistent growth of investment returns in the long run The next section details the Portfolio Management strategies overview for your better understanding. Types of Portfolio Management Listed below are the various types of Portfolio Management strategies that Portfolio Managers execute to help their clients meet their desired objectives: Active portfolio management: This is one of the key methods that feature in the Portfolio Management strategies overview. Active Portfolio Management is more hands-on and the Portfolio Manager is responsible for actively overseeing and making appropriate adjustments to the portfolio, working in the role of a financial advisor. Passive portfolio management: Contrary to active portfolio management, passive portfolio management does not involve the regular purchase and sale of financial securities. It is also a low-cost strategy and thus appears attractive to budget-friendly clients. Discretionary portfolio management: This is yet another key technique in the Portfolio Management strategies overview where the Portfolio Manager is entrusted completely with responsibility for making investment decisions for the investor. In this case, the manager is responsible for creating a portfolio on the basis of the time frame, personal goals, and risk tolerance of the investor (client). Non-discretionary portfolio management: This is the last of the many types of Portfolio Management strategies. Unlike discretionary portfolio management, in this case, the investor holds the final decision-making power but the Portfolio Manager still plays the advisory role, offering financial guidance and assistance to the investor, as necessary. However, the manager must get the final approval from the investor. Benefits of portfolio management Portfolio Management plays an integral role for every individual and business organization alike. Listed below are some of the top benefits of Portfolio Management: Effective risk management: The importance of Portfolio Management can be determined by its ability to reduce and prevent risks related to investments. A well-managed investment portfolio helps investors assess potential risks and take timely corrective measures to prevent them. Professional guidance: Portfolio Managers are experts in their domain, offering guided assistance to investors with limited experience in the field. Through their professional services, investors are better able to make informed investment decisions. Diversified investments: This is one of the top benefits of Portfolio Management. It helps investors diversify their financial assets by lowering risks and optimizing returns or profits. Investors are better able to spread their investments across various sectors and classes, thus maximizing returns for optimal growth. Role of a Portfolio Manager We discussed the importance of Portfolio Management in the above section. Portfolio Managers play a key role in offering expert guidance to investors, helping them make informed investment decisions, reducing potential risks, and maximizing returns. Let us further understand the role of a Portfolio Manager. They inform their clients about the various investment tools available in the market, thus helping them make informed decisions on which investment plan would be most suitable for them. They are responsible for designing customized investment solutions for their clients as per their specific financial needs. A Portfolio Manager offers professional expertise and guidance to clients from time to time, enabling them to choose the best investment plan to increase their financial asset base. The average annual salary of a Portfolio Manager in India is approx INR 18,80,000 per annum. Conclusion The importance of Portfolio Management cannot be stressed enough for any individual or business organization. The expertise and knowledge that these professionals possess in their domain can be of immense help to make informed investment decisions and enhance the value of your financial assets. Take the first step to a rewarding career in Portfolio Management with an online MCom degree from Sikkim Manipal University. The institution offers this course on the reputed Online Manipal platform, allowing students to choose Portfolio Management as one of the electives in the program. Sikkim Manipal is an A+ NAAC-accredited university and all its online degrees are entitled by the UGC.
Recruiting vs Talent Acquisition: Key differences Recruiting and talent acquisition are two common terms seen on any job board or platform. However, the two terms are often confused with the other, as they are used interchangeably. The fact is that they are not the same. It is important to understand the differences between recruiting and talent acquisition so that you are not mistaken about the two processes the next time, whether you are an applicant or on the hiring side. This blog discusses recruiting vs talent acquisition in detail for better understanding. What is recruiting? To better understand the differences between recruiting and talent acquisition, let us begin by learning the meaning of the term ‘recruiting’. It refers to the process of identifying and hiring human resources to work for an organization. Recruiting is an integral part of Human Resources Management (HRM) and can be a rather elaborate process. What is talent acquisition? Moving on in the recruiting vs talent acquisition debate, let us explore how the latter is different from recruiting. Talent Acquisition refers to the process of identifying, analyzing, hiring, and also following best practices to retain the hired talent in an organization. As is evident, it is a relatively more complex process than recruiting, which is more than just hiring people to fill vacant job roles in a company. Key differences between recruiting and talent acquisition The table below summarizes recruiting vs talent acquisition using different parameters: Parameters RecruitingTalent acquisitionFocus Hiring for immediate job vacanciesHiring for the long runEngagement of candidatesImmediate and specific only to the job roleFocus on building relationships for the long termAssessment of talentBasic evaluation to determine whether a candidate is fit for the roleComprehensive evaluation to determine fit for long-term organizational goalsApproach Transactional Proactive Timeline Immediate/short-term Continuous Organizational brandingLimited focusStrong focus on brandingSelection criteriaSpecific to immediate requirements for the job rolePotential, skills, alignment of role with candidate’s values and ethics When to choose talent acquisition over recruiting? Now that we understand the key differences between the two, let us determine when to choose talent acquisition over recruiting, or vice versa. To put it simply, recruiting is a handy approach that you can use when you need to fill in an immediate job role. The role also generally involves standard skill sets. Talent acquisition, however, is the best technique when you or your organization has a more long-term plan of hiring qualified candidates for roles requiring specialized skills. This is because the prime focus of talent acquisition is to facilitate overall organizational growth in the future by aligning people to the company’s long-term goals. To better answer the question, “When to choose talent acquisition over recruiting,” here are some pointers that can help you decide: Consider the talent competition in your industry: Talent acquisition strategies are generally ideal when your industry is facing a shortage of top talent. In this case, hiring the best talent using a strategic, long-term approach may prove to be more beneficial in the long run and help you stand out as a leading recruiter in the industry. Consider your annual turnover: If your company has a low turnover and you hire only a small team every year, then recruiting can be sufficient to fill in the desired requirement. However, in case of high annual turnovers, you can consider investing in talent acquisition to build a significant pool of talent for long-term growth. Consider your business objectives: They play a key role in deciding which hiring strategy to use. Recruitment is the most ideal approach to follow if you want to meet more pressing hiring demands in the organization and long-term growth isn’t really your priority. If it is the latter, talent acquisition is of course the best move. Why talent acquisition is critical in modern workplaces This blog aimed at highlighting the key talent acquisition vs recruitment strategies that different organizations follow and understanding which one is ideal in what situation. It can thus be safely concluded that talent acquisition is perhaps one of the best bets in modern workplaces. This is because this strategy enables organizations to not only attract and hire top talent but also retain them for the long term. Such companies follow best talent acquisition practices to retain employees for the longer run, thus contributing to overall organizational growth. When deciding between talent acquisition vs recruitment strategies, the former inevitably stands out as it is integral to maintaining industry competitiveness, improving productivity and efficiency, and achieving long-term company objectives and growth. Conclusion Both recruiting and talent acquisition are important to every organization in their own unique ways. Which one to use though largely depends on the goals and priorities of the company. While recruiting is ideal to fill in short-term hiring requirements, talent acquisition is a more long-term approach to retaining top talent for overall growth and efficiency. This is why most modern workplaces allow scope for key recruitment and talent acquisition roles for suitable candidates. Learn more about both these techniques in Online MBA – Human Resources from Sikkim Manipal University. The course is available online on the Online Manipal platform and covers all integral topics such as recruitment, performance management, talent acquisition, employee relations, and more. Completing the course opens up key recruitment and talent acquisition roles in various industries and organizations.
Business Economics: Definition, types & importance Business Economics is a branch of applied economics that analyzes business operations using quantitative methods and economic theories. Through this analysis, organizations are better able to make informed business decisions. Thus, there is an increased demand for Business Economics, meaning several students are interested in learning more about the subject in the hope of rewarding career prospects. This article details everything you need to know about Business Economics, its meaning, types, and importance in business applications. Business Economics overview Let us begin by understanding Business Economics meaning and definition of the discipline for general understanding. Business Economics refers to a branch or field of Applied Economics and focuses on the various issues that organizations face concerning finance, the environment, and the market. Business Economics overview covers the detailed study of certain factors that impact organizations with the help of quantitative methods and economic theory. Business Economics includes the study of a wide range of topics, some of which include production and cost analysis, profit management, inventory management, resource allocation, and the like. All of these factors impact corporations and are thus covered in the Business Economics overview in relevant courses. To further understand this field better, we must gather a fair idea of the key principles defining Business Economics: Cost and benefit: This is one of the most important factors that consumers take into consideration when making an informed buying decision. It is thus covered in Business Economics studies. Incentives: This principle is based on the premise that consumers generally respond favorably to incentives offered by corporations. Incremental principle: It is also known as the principle of marginal analysis. According to this, all decisions must be based on a comparison between the cost incurred and the corresponding revenue benefits. Types of Business Economics Business Economics has many subfields within the main discipline that focus on different aspects. Listed below are the different types of Business Economics: Macroeconomics: It focuses on identifying the larger picture of a country’s economy and analyzing specific aspects that affect society at large. The metrics for Macroeconomics are inflation, GDP, and the rate of unemployment in the country. All of these have an impact on government policies concerning spending, taxes, and availing loans. Macroeconomics takes into account how these factors have an impact on both individuals and organizations and vice versa. Microeconomics: Contrary to Macroeconomics, this field of study focuses on the finer details of the national economy and is one of the most important types of Business Economics. It is also commonly referred to as the “analysis of individual economic agents’ behavior.” It studies the interaction of individuals and organizations with each other in the market economy. International Economics: As the name suggests, International Economics or Global Economics refers to the study of economic activities between different nations across borders. It specifically studies the interaction of countries with each other via the exchange of capital, goods and services, and labor in a global economy. Managerial Economics: The last on the list of types of Business Economics studies is Managerial Economics, also called Corporate Economics. It helps managers make informed decisions by analyzing a product’s demand-supply dynamics and its impact on profits for the organization. Importance of Business Economics Business Economics plays a key role in every organization in the decision-making process. The importance of Business Economics can be summed up in the following points: Business Economics offers assistance to managers in framing different policies. These include cost and pricing policies based on economic findings and analysis. Different concepts of Business Economics help managers determine and analyze problems and find appropriate solutions. These concepts include short-run and long-run costs, demand-supply analysis, and the Law of Diminishing Marginal Utility. Business Economics helps define relationships between varied economic factors, including profits, income, losses, and market structure. It enables managers to make informed business decisions. It also helps managers identify several internal and external business factors as well as their impact on the running of the company. It enables companies to forecast predictions based on the study of different economic variables. These include business capital, production cost, revenue generated, and the like. Business Economics applications in the real world Now that we understand the importance of Business Economics, let us look at a few Business Economics applications in real work environments. The study and knowledge of Business Economics can be practically applied to benefit in several ways, some of which include: Airline industry: Pricing strategies based on Business Economics can be applied to adjust the prices of tickets according to the availability of seats and real-time passenger demand. Manufacturing industry: This is yet another example of Business Economics applications in the real world. In the manufacturing sector, the cost of production can be analyzed using Business Economics to identify potential areas for lowering costs and improving operational efficiency. Retail industry: Sales data can be analyzed using Business Economics principles to forecast seasonal demand and optimize inventory for products such as holiday items, clothing, etc. Conclusion Business Economics plays an important role in every business organization, enabling corporations to make informed decisions and choices by bridging the gap between cost and revenue. By using Business Economics principles, businesses can thrive, improving operational efficiency, lowering costs, and increasing profits. Learn more about Business Economics in the online MCom course by Sikkim Manipal University. Offered on the Online Manipal platform, the course is designed to acquaint learners with the foundational concepts in Economics for managers and business and economic laws for smooth functioning of businesses in the real world.
New batch of Manipal University Jaipur’s online learners graduate with pride December 7th, 2024, was one of the most exciting days for our online students, because they were going to become GRADUATES! This was the 3rd Convocation for the online graduating batch of students of Manipal university Jaipur. This convocation was extra special, because for the first time, the undergraduate learners also received their certificates in-person, in the Manipal University Jaipur campus in Jaipur. After days of constant motivation and hard work, our online learners set foot into the real world. This was the third successful in-person Convocation held by Manipal University Jaipur for its online graduates. A total of 4,015 students of MBA (Master of Business Administration), MCA (Master of Computer Applications), MCom (Master of Commerce), and MA JMC (Master of Journalism and Mass Communication), Bachelor of Business Administration (BBA), Bachelor of Computer Applications (BCA), and Bachelor of Commerce (BCom) marked this milestone in their academic journey. The rest of the achievers, who couldn’t make it in person, will receive their well-deserved certificates both digitally and in hard copy. With more learners, the Convocation Day was bigger, brighter and better. Learners dressed in their best attires entered the sprawling MUJ campus to not only receive their degree certificates but also enjoy this milestone with their friends and family. Soon after a delicious spread for lunch, learners began prepping to receive their certificates. This time the stage was bigger too! Dr N N Sharma, who attended his first Convocation as the President, Manipal University Jaipur, addressed the batch of online graduates and said, “At MUJ, we prioritize our students’ overall development by providing access to affordable, online education. As of today, 78,000 students have taken admission for our online programs, of which over 6,000 students are from different countries. In addition to our existing offerings in Management, Commerce, Computer Applications, and Mass Communication, we are excited to launch more forward-looking certification programs. I take this moment to congratulate all our online graduates and wish them all the success in their professional endeavors. I am honored to say that we will continue to be a part of your future journeys.” Congratulating the online graduates, the Chief Guest, Mr Anil Vohra – Managing Director, Accenture, said, “My hearty congratulations to all passing online graduates of Manipal University Jaipur. Today is a day of reflection, as it marks the end of an era, and the beginning of something new. On this occasion, I would like to say that whether you are studying, working, researching, or running a business, excellence should be the word people should use to describe you. I would say, don’t just excel in your work, excel in your lives as well.” The online learners who attended the graduation comprised of freshers, working professionals from diverse backgrounds & industries and entrepreneurs. The convocation became an opportunity for learners to meet, network and connect with their peers. For the graduates on campus, the day was a thrilling celebration as they walked across the stage and proudly received their hard-earned degrees. Beyond the ceremony, students from diverse backgrounds united, forging lasting friendships and unforgettable memories.
What is a marketing consultant and how to become one? In today’s world, nearly every field and product’s success depends on how well it is marketed. The role played by marketing consultants in helping businesses improve their marketing strategies cannot be understated. They offer professional counseling on how to hit target markets, increase sales volumes and consolidate brand presence. This article explores what a marketing consultant does and how to become one. This will also help you gauge why it might be the right career path for you if you have all the necessary skills for this role. What is a marketing consultant? Marketing professionals work on planning to address the needs of the target audience of a particular company, recommending ways to attract customers and turn them into loyal ones. These duties are close to those of a marketing coordinator or marketing manager. Moreover, all of them require a degree or training in advertising, some skills and experience in the area of trade relations with customers. What does a marketing consultant do? Marketing consultants offer strategic advice to businesses on improving marketing tactics and growing. They are usually charged with evaluating current marketing programs and then pinpointing areas that require changes before proposing solutions that can help achieve these objectives. Here’s an overview of what marketing consultants do: Analyzing market trends and competition — Consultants analyze industry trends, consumer behavior and competition strategies to provide insights that could be useful in enabling their clients to remain ahead. Developing marketing strategies — Becoming a marketing consultant isn’t easy — developing comprehensive strategies that are customized to the company’s needs requires a comprehensive knowledge of the brand and exceptional work ethics. This may even involve digital marketing and other traditional methods – or a mix of the two. Optimizing digital marketing efforts — A digital marketing consultant focuses specifically on online marketing. They might also be required to be adept at helping businesses leverage the latest tools to optimize SEO, social media, email marketing, and paid ads — all to increase visibility and sales. Offering recommendations for improvement — They suggest ways to improve product positioning, branding, and customer engagement, ensuring that businesses achieve optimal results. Marketing consultants come with a view driven by data, ensuring that the information they share enables companies to make sound decisions that would improve their profitability. How to become a marketing consultant If you are thinking of becoming a marketing consultant or a digital marketing consultant, follow these steps. Get an education — While there isn’t a one-size-fits-all path towards becoming one most marketers have at least a bachelor’s degree in the field of either marketing or business studies. Many consultants also pursue advanced education through an online program from Manipal University Jaipur (MUJ) through Online Manipal’s platform, which offers flexible, UGC-entitled degrees. This program can equip you with both foundational marketing knowledge and specialized skills. Gain experience — Initially work within organizations’ marketing departments, managing campaigns, freelancing, and so on until you garner enough experience which may necessitate venturing into self-employment and starting your marketing consultancy. This way, you can best serve different customers because you have seen it all when operating from various industries. Choose a niche — Marketing is a huge field with aspects such as SEO, and branding content development among others. Focusing on just one area like becoming a digital marketer sets you apart from other consultants, thereby making it easier for you to attract clients looking for specialized expertise. Make a portfolio that showcases what you’ve done — It is important to have a strong portfolio that will give you credibility. This may call for documenting all successful marketing campaigns while also looking into the development of strategies that have worked wonders in the past before presenting these tangible results. This step will make sure that potential clients can reach out to you. Be aware of trends — The world of online marketing is continually changing. Attending webinars, reading publications related to this industry as well as taking courses like those provided by Online Manipal would keep you in pace with emerging trends on how best should be done marketing using online avenues. Skills required to succeed as a marketing consultant A successful marketing consultant needs technical expertise and creativity combined with interpersonal skills. Some critical ones include: Analytical thinking — The capacity to scrutinize numbers for patterns alongside assessing current promotional activities. Communication abilities — Enterprises call for a clear message delivery system among stakeholders, be it face-to-face or written way of relaying information. Innovative solution finder — Specialists in promoting products/services come across unusual scenarios that demand inventiveness and presence of mind on their end. Managing projects — When undertaking several assignments for numerous clients at the same time, managing time to meet deadlines is essential while supervising many sales plans or advertising campaigns concurrently also requires this skill. The ups and downs of business marketing consulting Business marketing consulting is full of opportunities but it’s not without challenges. Consultants often work with businesses dealing with different marketing challenges – ranging from customer acquisition to increasing brand awareness. Here are some of the pros and cons associated with such careers: Pros: Demand for marketing knowledge is high across industries. They can offer their services to various clients and sectors, hence increasing flexibility. Individuals who have expertise in certain areas may earn high revenues through offering consulting services. Cons: High expectations of delivering desired results for clients. It is very competitive. One needs to keep on improving oneself as well as networking. Why choose Online Manipal for your marketing education? As one embarks on the journey towards being a marketing consultant, consider joining an online degree program through Online Manipal. The platform provides courses from reputable universities such as Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ), and Sikkim Manipal University (SMU). Through them, you can access content that is industry-focused without necessarily being in a class setting. There are also online scholarships that will assist students when they require funding assistance. This way, it becomes accessible to everyone who dreams of becoming a successful market consultant but may not afford higher education due to their financial situation. Online Manipal also offers benefits like scholarships, placement assistance, as well as networking avenues that ease the transition into marketing consulting. When you take part in webinars organized weekly by eminent industry heads, your skills remain up-to-date because you are informed about any emerging marketing trends. The bottom line What marketing consultants do is essential for businesses aiming to improve their marketing strategies and overall marketing performance. If you’re interested in becoming a marketing consultant, you’re in for a ride. By gaining specialized knowledge, through an online program via Online Manipal, you’ll be well-prepared to offer valuable insights and solutions to businesses. It’s a career that requires both, education and hands-on experience. Start your journey today and explore the potential of a marketing consulting career that can offer flexibility, high earnings, and the opportunity to make a significant impact. 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Application of data science in healthcare In recent years, data science has emerged as a transformative force in healthcare, revolutionizing how medical professionals diagnose, treat, and manage diseases. By harnessing the power of data analytics, machine learning, and artificial intelligence (AI), healthcare providers can unlock valuable insights from vast amounts of healthcare data, leading to improved patient outcomes, reduced costs, and more efficient healthcare delivery. In this blog, we will understand scope, applications, roles & responsibilities, and top Indian companies in the sector. You may like to read who should pursue an MBA in healthcare management. What is data science in healthcare? Data science in healthcare refers to the application of data analysis techniques, algorithms, and statistical methods to extract insights from the vast amounts of data generated within the healthcare system. This interdisciplinary field combines principles from statistics, computer science, and domain expertise in medicine to improve patient outcomes, streamline operations, and enhance decision-making processes. Why data science in the healthcare industry? Data scientists are in high demand in healthcare because most data in this sector needs to be more structured and easier to access and evaluate. Data science has simplified the handling of a vast amount of information in the healthcare industry, including but not limited to electronic medical records, clinical trial data, genetic information, billing data, wearable data, care management databases, scholarly journals, etc. 4 Pillars of Data Science Domain KnowledgeBusiness Knowledge, Expert Systems, User TestingMath & Statistics SkillsLinear Algebra, Calculus, Descriptive StatisticsComputer ScienceBig Data Technologies, Programming, DatabaseCommunication & Visualization Storytelling Skills, Visual Art, Engagement with Seniors The application of data science in healthcare has benefited the creation and assessment of policies to improve accessibility, equality, and the general caliber of care given. Data science has immense potential in many fields, including the following: Prevention plans Diagnosis of diseases Delivering more precise prescriptions and customized care Post-care monitoring Hospital operations Application of data science in healthcare with examples 1. Clinical Decision Support: Data science is enabling the development of clinical decision support systems that help healthcare providers make more informed decisions about patient care. These systems analyze patient data, medical literature, and best practices to recommend personalized treatment plans, predict disease progression, and identify potential risks. 2. Disease Surveillance and Outbreak Prediction: Data science is playing a crucial role in disease surveillance and outbreak prediction. By analyzing data from various sources, such as electronic health records (EHRs), social media, and public health reports, data scientists can detect patterns and trends that may indicate the emergence of infectious diseases or other health threats. This early detection can help public health officials take timely action to prevent the spread of disease. 3. Personalized Medicine: Data science is driving the advancement of personalized medicine, which aims to tailor medical treatment to individual characteristics such as genetics, lifestyle, and environment. By analyzing patient data, including genetic information, data scientists can identify biomarkers that predict how a patient will respond to a particular treatment, leading to more effective and targeted therapies. 4. Healthcare Fraud Detection: Data science is helping to combat healthcare fraud by analyzing claims data to detect patterns of fraudulent activity. By identifying outliers and anomalies in billing patterns, data scientists can help healthcare organizations prevent fraud and abuse, saving millions of dollars in healthcare costs. 5. Remote Patient Monitoring: Data science is enabling remote patient monitoring, allowing healthcare providers to track patients’ health metrics in real time from a distance. By analyzing data from wearable devices and other remote monitoring tools, data scientists can detect changes in a patient’s condition and intervene early to prevent complications. 6. Drug Discovery and Development: Data science is accelerating the drug discovery and development process by analyzing large datasets to identify potential drug targets, predict the efficacy of new drugs, and optimize clinical trial designs. This can lead to the faster development of new treatments and therapies for a wide range of diseases. 7. Population Health Management: Data science is helping healthcare organizations improve population health management by analyzing data to identify at-risk populations, predict future health trends, and design targeted interventions. This proactive approach to healthcare can lead to better health outcomes and lower costs. You may like to read who should pursue an MBA in healthcare management. Real-world use cases of data science in healthcare Data science is making significant strides in healthcare, with various organizations applying advanced analytics to solve real-world problems. Here are some notable examples: 1. Predictive analytics Use Case: Mount Sinai Health System Description: Mount Sinai uses predictive analytics to identify patients at high risk of hospital readmission. Example: By analyzing patient demographics, medical history, and social determinants of health, they developed a model that helps healthcare providers tailor post-discharge care. This initiative has led to a marked reduction in readmission rates. 2. Personalized Medicine Use Case: Foundation Medicine Description: Foundation Medicine specializes in genomic profiling for cancer treatment. Example: They analyze the genomic data of tumors to match patients with targeted therapies. This personalized approach has improved treatment outcomes for many patients with specific types of cancer, enabling oncologists to choose the most effective treatments based on individual genetic profiles. 3. Drug Discovery and Development Use Case: Atomwise Description: Atomwise uses AI and machine learning to accelerate drug discovery processes. Example: By analyzing molecular structures and simulating interactions, Atomwise has helped identify promising candidate compounds for diseases like Ebola and multiple sclerosis, significantly reducing the time needed for drug development. 4. Operational Efficiency Use Case: Cleveland Clinic Description: Cleveland Clinic employs data analytics to improve operational efficiency and patient flow. Example: Using predictive modeling, they forecast patient volumes in various departments, allowing better staffing and resource allocation, ultimately improving patient wait times and service delivery. 5. Population Health Management Use Case: Geisinger Health System Description: Geisinger integrates data science into population health management strategies. Example: They analyze health data to identify at-risk populations and implement targeted interventions, such as their ProvenCare program, which offers bundled payments for specific procedures, improving care consistency and outcomes. 6. Clinical Decision Support Systems (CDSS) Use Case: Epic Systems Description: Epic Systems provides electronic health record (EHR) software with built-in CDSS functionalities. Example: Their system alerts physicians about potential drug interactions or allergies, enhancing patient safety and ensuring evidence-based clinical decisions. 7. Remote Patient Monitoring and Telehealth Use Case: Philips Healthcare Description: Philips offers remote monitoring solutions for patients with chronic diseases. Example: Their wearable devices track vital signs and send data to healthcare providers. This allows proactive management of conditions like heart disease, where deviations in monitored data can trigger early interventions. 8. Natural Language Processing (NLP) Use Case: Mayo Clinic Description: Mayo Clinic utilizes NLP to extract insights from unstructured clinical notes. Example: By applying NLP to analyze physician notes, they can identify trends and improve patient care strategies based on findings from the narrative data. 9. Operational Risk Management Use Case: Intermountain Healthcare Description: Intermountain Healthcare employs data science for operational risk assessment. Example: They analyze historical surgical data to predict potential complications, allowing them to implement preventive measures and improve surgical outcomes. 10. Fraud Detection Use Case: Optum Description: Optum, a healthcare analytics company, uses data science to detect fraud in healthcare claims. Example: By analyzing billing patterns and claims data, they employ machine learning algorithms to flag suspicious activities, helping reduce fraudulent claims and save costs. Roles & responsibilities of a data science professional in healthcare The efficiency of healthcare workers is increased due to the constant improvements and innovations in the industry. The important role of data science in healthcare is crucial to integrating data modeling methods throughout the industry. Data scientists can make use of the available data to draw conclusions and develop models for the future. A data scientist’s primary functions in the healthcare sector include the following: To gather patient information or data. To assess the needs or requirements of the hospital. To organize and classify data so that medical practitioners can use it. To execute data analyses using a variety of tools. Implement various methods to draw insights from unstructured or raw data. Using the assistance of the development teams to create predictive models. Data scientists assist healthcare providers by giving them the knowledge they need to treat patients effectively. Top Indian companies in healthcare Manipal Hospitals Manipal Hospitals is a chain of multi-specialty hospitals located in India. It is known for providing high-quality medical care and advanced treatments across a wide range of specialties. The hospitals have a team of experienced doctors and healthcare professionals who use the latest technology and equipment to provide a wide range of services, including diagnostics, outpatient care, inpatient care, and surgeries. The hospital also offers a variety of programs and services that are designed to help patients and their families manage their health and wellness. Some of the key specialties offered by Manipal Hospitals include cardiology, neurology, oncology, orthopedics, and urology. They also have a strong focus on providing patient-centered care and making healthcare accessible to all. Apollo Hospitals Enterprises Ltd. It is a chain of Indian hospitals established in 1983, with its headquarters in Chennai. Hospitals, pharmacies, and diagnostic facilities are its products. Apollo Hospital is the leading corporate hospital in India and a pioneer of the private healthcare revolution. Aster DM Healthcare Ltd. Aster DM Healthcare, one of the top healthcare organizations in India, was established in 1987. Its main office is in Dubai. The corporation runs hospitals, clinics, diagnostic facilities, medical centers, and pharmacies in the Middle East, India, and the Philippines. Dr. Lal PathLabs Ltd The headquarters of Dr. Lal PathLabs Ltd. is in Delhi, India, and the company was established in 1949. The business offers diagnostic and related medical testing and services on a global scale. Currently, the firm operates several laboratories and provides a variety of additional health examinations and tests. Conclusion Applications of data science in the healthcare system are numerous. Patients and doctors are increasingly making use of this technology’s potential. Data scientists play a crucial role in the healthcare system, and you ought to be qualified for this position. Additionally, you can advance your career in this industry by completing online data science courses. At Online Manipal, you can find the best online data science courses from the prestigious Manipal Academy of Higher Education (MAHE). Graduates of this data science program will be well-equipped to take the next step in their careers. Thanks to this curriculum, you’ll gain the technical know-how to stand out in data science. The program aims to equip you with the analytical and leadership skills necessary to succeed in various fields by combining machine learning, big data analytics, and statistics. Head to Online Manipal to learn to apply machine learning and predictive modeling, work effectively in teams, create strategic and tactical suggestions, and manage processes, projects, and people using real-world data. Key takeaways: Medical imaging, drug development, genomics, predictive diagnosis, and other areas of healthcare rely heavily on data science. Medical facilities can use data science and analytics to improve patient care by reducing wait times for diagnosis and delivering more effective, safer treatments. Undoubtedly, future data science applications will be more beneficial than current ones, as they are already doing wonders for society.
Best jobs in IT sector that don’t need coding skills The field of Information Technology (IT) has long been hailed as one of the most lucrative and sought-after domains for career growth. The rapid advancement of technology and the increasing reliance on digital solutions have led to a surge in demand for IT professionals. However, there’s a common misconception that a successful career in IT requires advanced coding skills. The truth is, that not all IT jobs require programming expertise, and there are plenty of non-coding IT jobs with high demand and high earning potential. Benefits of pursuing a career in IT Before delving into the specific skills for non-developer roles in IT, let’s first understand the broader advantages of pursuing a career in the IT sector. Here are some key benefits: Lucrative salaries: IT professionals are among the highest-paid in the job market. Even non-coding roles in IT offer competitive salaries that can lead to a financially rewarding career. High demand: The IT industry constantly evolves, creating a perpetual demand for skilled professionals. Non-coding IT jobs are no exception and often face a shortage of qualified candidates. Career growth: The IT sector offers a clear path for career advancement. With experience and expertise, you can climb the corporate ladder and take on leadership roles. Specializations: IT encompasses a wide range of specializations, allowing you to choose a career path that aligns with your interests and strengths. Continuous learning: Technology is always changing, and the IT sector requires professionals to stay updated. This constant learning ensures that your skills remain relevant and in demand. Flexibility: Many IT jobs, including non-coding roles, offer flexible working arrangements, such as remote work options and flexible hours. Global opportunities: The IT sector transcends geographical boundaries. Your skills can be in demand worldwide, providing opportunities for international careers. Innovation and problem-solving: IT professionals are at the forefront of innovation. You’ll have the chance to work on cutting-edge solutions and tackle complex challenges. Also Read: 10 reasons why you should choose an online MBA in India Top IT jobs that don’t require coding Now that we’ve established the numerous advantages of pursuing a career in IT, let’s dive into the specific non-coding IT jobs with high demand. 1. UX Designer UX, which stands for User Experience, focuses on the interaction between humans and technology. UX designers work to ensure efficient communication between users and digital interfaces, whether it’s an app, website, or software. They conduct user research, design intuitive interfaces, and enhance the overall user experience. Skills needed: User research, wireframing, prototyping, usability testing, proficiency in tools like Adobe XD, Figma, or Sketch. Salary: INR 20 L per annum 2. Technical Writer Technical writers are crucial in producing brief and clear documentation for goods and services. For certain audiences, they provide user guides, technical reports, and documentation. Working with subject matter experts, this function entails gathering knowledge and turning it into user-friendly documentation. Skills needed: Excellent writing skills, knowledge of style guides, ability to work with subject matter experts, and adaptability to various writing formats. Salary: INR 13 L per annum 3. Graphic Designer Graphic designers focus on the visual aspects of products and services. They are responsible for creating visually appealing designs, whether it’s for product packaging, advertisements, websites, or branding. While coding skills can be beneficial, many graphic designers work in supporting roles without extensive coding requirements. Skills needed: Graphic design software proficiency (e.g., Adobe Creative Suite), creativity, and an eye for aesthetics. Salary: INR 6.5 L per annum 4. Data Analyst Data analysts gather, clean, and interpret data to provide valuable insights for decision-making in organizations. They work across various industries, helping businesses understand customer behavior, trends, and more. Data analysis involves using tools and statistical methods to extract meaningful information from datasets. Skills needed: Data analysis tools (e.g., Excel, Tableau), statistical knowledge, data cleaning, and visualization. Salary: INR 11.5 L per annum 5. Business Analyst Business analysts bridge the gap between customer expectations and technical feasibility. They thoroughly understand customer requirements and ensure that they align with technical capabilities and constraints. This role demands a strong grasp of technical fundamentals and the ability to recommend effective solutions. Skills needed: Business acumen, requirements analysis, communication, and a good understanding of technical concepts. Salary: INR 15.2 L per annum 6. Digital Marketer Digital marketers are responsible for promoting businesses and brands through various online channels. They use digital communication channels such as social media, email, and web-based advertising to generate leads and enhance brand awareness. While smaller organizations may have generalists, larger ones often employ specialists for specific digital marketing channels. Skills needed: Digital marketing strategies, content creation, social media management, and SEO knowledge. Salary: INR 18.4 L per annum 7. Network Administrator Network administrators oversee the maintenance, security, and troubleshooting of computer networks within organizations. Their responsibilities include configuring network hardware and software, setting up virtual private networks, and ensuring network security. Skills needed: Network configuration, troubleshooting, network security, and knowledge of network hardware and software. Salary: INR 9 L per annum 8. Software Quality Tester Software quality testers ensure that software applications function correctly by developing test scenarios, identifying risks, and documenting issues. They work closely with developers to ensure the efficiency, effectiveness, and security of the source code. Skills needed: Test case development, risk identification, and familiarity with programming languages. Salary: INR 7 L per annum 9. Project Manager Description: Project managers oversee specific projects, manage cross-functional teams, and ensure project success. They require in-depth domain and business knowledge and often work with developers, designers, and testers. While coding skills can be beneficial, project managers focus on budgets, timelines, and resource management. Skills needed: Project management, communication, leadership, and domain expertise. Salary: INR 28 L per annum 10. Scrum Master Scrum masters specialize in implementing Agile project management principles, focusing on collaborative work for complex projects. Originally associated with IT, Scrum masters are now sought after in various industries globally. While coding knowledge is valuable, it’s not a strict requirement. Skills needed: Agile project management, team collaboration, and leadership. Salary: INR 26 L per annum These career paths for IT professionals without coding offer competitive salaries. While foundational knowledge of technology is beneficial, these roles provide ample opportunities to learn and grow on the job. JobKey responsibilitiesRequired skillsUX DesignerConducting user research, designing intuitive interfaces, and enhancing the overall user experience.User research, wireframing, prototyping, usability testing, and proficiency in tools like Adobe XD, Figma, or Sketch.Technical WriterProducing brief and clear documentation for goods and services.Excellent writing skills, knowledge of style guides, ability to work with subject matter experts, and adaptability to various writing formats. 1Graphic DesignerCreating visually appealing designs.Graphic design software proficiency (e.g., Adobe Creative Suite), creativity, and an eye for aesthetics.Data AnalystGathering, cleaning, and interpreting data to provide valuable insights for decision-making in organizations.Data analysis tools (e.g., Excel, Tableau), statistical knowledge, data cleaning, and visualization.Business AnalystBridging the gap between customer expectations and technical feasibility.Business acumen, requirements analysis, communication, and a good understanding of technical concepts.Digital MarketerPromoting businesses and brands through various online channels.Digital marketing strategies, content creation, social media management, and SEO knowledge.Network AdministratorOverseeing the maintenance, security, and troubleshooting of computer networks within organizations.Network configuration, troubleshooting, network security, and knowledge of network hardware and software.Software Quality TesterEnsuring that software applications function correctly by developing test scenarios, identifying risks, and documenting issues.Test case development, risk identification, and familiarity with programming languages.Project ManagerOverseeing specific projects, managing cross-functional teams, and ensuring project success.Project management, communication, leadership, and domain expertise.Scrum MasterImplementing Agile project management principles, focusing on collaborative work for complex projects.Agile project management, team collaboration, and leadership. Progress in your career with online courses on Online Manipal Are you ready to take the next step in your IT career without extensive coding skills? By pursuing various courses online from prestigious Manipal universities through Online Manipal, you can advance in your chosen field. Here are some key benefits of choosing Online Manipal for your online education: The online courses are delivered through a state-of-the-art LMS, ensuring a seamless and engaging learning experience. Online Manipal provides placement assistance to help you secure your dream job in the IT sector. You’ll learn from industry experts and experienced faculty members who bring real-world insights to the virtual classroom. Also, one can gain valuable insights from industry leaders through webinars and guest lectures. You can also read the MBA Operations Management course guide Conclusion The IT sector offers a multitude of non-coding career paths with high demand, competitive salaries, and growth opportunities. Whether you’re considering transitioning into the IT industry or seeking to advance your existing career, the diverse world of non-coding IT jobs holds immense potential.Explore the online programs available on Online Manipal and take the first step toward IT career growth opportunities sans coding. Remember, the IT industry is not just for coders but anyone with a passion for technology, problem-solving, and innovation. Embrace the possibilities, upskill, and unlock a world of opportunities in the IT sector.
Top HR activities: Guide to HR functions The most important asset of an organization is its human resource, i.e., its employees and workers. The Human Resource Management activities include the activities of recruiting, training and development, performance appraisal, compensating, rewarding, and ensuring the safety and welfare of the human resource. In this article, we will see the top HR activities. LIST of top HR activities Alignment and integration of organization plan with the Human Resource requirements Planning of Human Resource Recruitment of Human Resource Regular evaluation and monitoring of performance Taking steps to keep the employees motivated Training and development Rewards and compensation Ensuring safety and well being of the employees Organization development Involving the employees in the decision-making process Providing job security and growth opportunity to the employees Change Management Work-life balance Conflict resolution Compliance 1. Alignment and integration of organization plan with the human resource requirements The top-level management must ensure that the HR activities and requirements are considered while preparing the organization plan to achieve the organization’s overall objective. The integration of the plan with human resource requirements is essential because the execution of plans in their intended manner depends on the effectiveness and efficiency of the human resource. 2. Planning of human resource Human resource is a vital factor of an organization that needs planning for its procurement and deployment. The dynamic business environment where the technology is bringing new changes in the organization’s way of working has made it necessary to plan HR activities properly. The HR management must anticipate the kind of human resource needed by the organization and accordingly plan for the procurement criteria, salary, training and development, appraisal, performance bonus, promotion and other benefits to applying to its human resource. 3. Recruitment of human resource The organization’s employees must be carefully recruited as their performance is directly linked with the organization’s success. The HR activities include conducting a recruitment process for selecting the most eligible candidate who can add value to the organization. The human resource management activities include a personal interview, aptitude test and other methods to evaluate the knowledge, learning ability, leadership qualities, teamwork spirit and other parameters. 4. Regular evaluation and monitoring of performance Another core human resource management activity is to keep a check on the performance of the employees continuously. The HR management shall perform activities to monitor and compare the employees’ performance and the target performance and take corrective actions to fill the gap. The flow of communication and information among the management and employees shall be free to achieve better and timely results. 5. Taking steps to keep the employees motivated Human resource management activities shall also focus on maintaining and increasing the motivation level of the employees. The employees shall be timely, rewarded for achieving targets within the predetermined deadlines. Monetary benefits such as bonuses, incentives, promotion, and non-monetary benefits like the best performance award, recognition, and creative innovation can keep the employees motivated to give their best for the organization. 6. Training and development The continuous updating of the knowledge and skills of the organization’s human resource is an important factor for its success in the long run. The development of human resource is an important activity performed by human resource management. Regular training of employees enables them to actively update themselves with the changing needs of the business environment. 7. Rewards and compensation Employees shall be adequately rewarded for their efforts through justified salary, bonus, incentives and other monetary benefits. Non-monetary benefits like the best performance award, recognition to creative innovation, trophies can keep the employees motivated to give their best for the organization. This human resource activity is crucial as if the employees are not happy with the compensation and benefits that they receive for their work, and then it can adversely affect their performance. 8. Ensuring safety and well-being of the employees The human resource management shall perform all activities which are necessary for ensuring the safety and well-being of its human resources. It is the organization’s responsibility to provide a healthy and safe work environment, proper safety measures for work that require exposure to hazardous situations and adequate health care facilities for the employees and their families. 9. Organization development This management activity involves preparing a strategy as per the nature and size of the organization to build a working environment where employees can give their best efforts. Effective coordination and cooperation among the human resources employed at different levels of the organization results in the development of both the employees and the organization. 10. Involving the employees in the decision-making process The management shall keep the employees well informed about the organization’s functioning so that they can effectively participate in the decision- making process. The support of the employees’ union can help in encouraging the participation of skillful employees in decision making. 11. Providing job security and growth opportunity to the employees Human resource management is necessary for the organization’s growth, but it should also contribute to the professional development and growth of the individual employees. 12. Change management: Change management involves preparing, supporting, and helping individuals, teams, and organizations in making organizational change. This might include changes to business processes, systems, technology, job roles, and organizational structures. Effective change management involves clear communication about the change and its impact, training and support for employees, and strategies to manage resistance to change. The goal is to ensure that the organization can adapt smoothly and successfully to the change, with minimal disruption to business operations. 13. Work-life balance: Work-life balance is about creating a harmonious balance between an individual’s work and personal life. Organizations support work-life balance by offering flexible working hours, remote work options, family leave policies, and wellness programs. Promoting work-life balance helps employees to reduce stress, increase job satisfaction, and improve overall well-being. It also leads to higher productivity and retention rates as employees feel more supported in balancing their professional and personal responsibilities. 14. Conflict resolution: Conflict resolution in the workplace involves addressing and managing disagreements and disputes between employees, teams, or departments. Effective conflict resolution strategies include active listening, empathetic communication, and collaborative problem-solving. HR plays a crucial role in mediating conflicts, ensuring that issues are resolved fairly and amicably, and maintaining a positive work environment. Resolving conflicts promptly and effectively helps to prevent escalation and promotes a culture of respect and cooperation. 15. Compliance: Compliance in HR refers to adhering to labor laws, regulations, and company policies to ensure fair and ethical treatment of employees. This includes compliance with laws related to wages, working hours, health and safety, anti-discrimination, and employee rights. HR is responsible for staying updated on legal requirements, implementing compliant policies and procedures, and conducting regular audits to ensure adherence. Non-compliance can result in legal penalties, financial losses, and damage to the organization’s reputation. Must read: Navigating the modern HR landscape with HR analytics Why should you enhance your HR capabilities with MSc in Business analytics from MAHE? Pursuing an MSc in Business Analytics from MAHE helps HR professionals’ become data-driven decision-makers along with boosting their competitiveness and career growth, while also providing cost-saving and strategic HR benefits in the rapidly evolving field. This program offers the opportunity to gain a global perspective, valuable networking, and continuous learning in HR analytics. Enhancing your HR capabilities with an MSc in Business Analytics from MAHE can be a strategic move to adapt to the changing landscape of HR and data-driven decision-making, offering personal and professional benefits, including career advancement, skill development, and a deeper understanding of HR processes. It’s essential to evaluate your career goals and the specific offerings of the program to determine if it aligns with your objectives. CONCLUSION An honest, hardworking and skilled employee is the most valuable asset of an organization. Thus, HR activities must be planned and performed in a manner such that it contributes to creating maximum value for both the employee as an individual and the organization as a whole.
What is the data science lifecycle? As the world enters the era of big databases, modern lifestyle produces more and more data at an unparalleled speed through apps, websites, smartphones, and smart devices. Hence, the need to store data has also expanded as the main challenge and concern among modern enterprise industries. Data science is the future of AI algorithms to overcome these challenges. It is a blend of various tools, algorithms, and machine learning life cycles with the primary goal of discovering hidden patterns from raw unstructured data. Data science focuses on a more forward-looking, innovative approach, ensuring to evaluate historically and compare it with present data to make better decisions and future predictions on behaviour and outcomes. From healthcare and finance to cybersecurity and automobiles, data scientists significantly contribute to various breakthroughs across verticals. Read on to learn more about the different stages in the data science lifecycle that require different skill sets, tools, and techniques. Data science lifecycle explained A data science lifecycle is defined as the iterative set of data science steps required to deliver a project or analysis. There are no one-size-fits that define data science projects. Hence you need to determine the one that best fits your business requirements. Each step in the lifecycle should be performed carefully. Any improper execution will affect the following step, ultimately impacting the entire process. Data Science is key to achieving a perfect data science process here. The main aim is to build a framework and solutions to store data. Since every data science project and the team is unique, every specific data science lifecycle is different. How many phases are there in the data analytics life cycle? Below we have explained the different phases of data science life cycle PhasesDescriptionIdentifying problems and understanding businessDiscovering the answers for basic questions including requirements, priorities and budget of the project.Data CollectionCollecting data from relevant sources either in structured or unstructured form.Data processingProcessing and fine-tuning the raw data, critical for the goodness of the overall project.Data analysisCapturing ideas about solutions and factors that influence the data life cycle.Data modellingPreparing the appropriate model to achieve desired performance.Model deploymentExecuting the analysed model in desired format and channel. Identifying problems and understanding business Like any other good business lifecycle, the data science lifecycle also starts with ‘why?’ Identifying problems is one of the major steps necessary in the data science process to find a clear objective around which all the following steps will be formulated. In short, it is important to understand the business objective early since it will decide the final goal of your analysis. This phase should examine the trends of business, analyse case studies of similar analysis, and study the industry’s domain. The team will assess in-house resources, infrastructure, total time, and technology needs. Once these aspects are all identified and evaluated, they will prepare an initial hypothesis to resolve the business challenges following the current scenario. The phase should – Clearly state the problem that requires solutions and why it should be resolved at once Define the potential value of the business project Find risks, including ethical aspects involved in the project Build and communicate a highly integrated, flexible project plan Data collection Data collection is the next stage in the data science lifecycle to gather raw data from relevant sources. The data captured can be either in structured or unstructured form. The methods of collecting the data might come from – logs from websites, social media data, data from online repositories, and even data streamed from online sources via APIs, web scraping or data that could be present in excel or any other source. The person performing the task should know the difference between various data sets available and the data investment strategy of an organisation. A major challenge faced by professionals in this step is tracking where each data comes from and whether it is up-to-date. It is important to keep track of this information throughout the entire lifecycle of a data science project as it might help test hypotheses or run any other updated experiments. Data processing In this phase, data scientists analyse the data collected for biases, patterns, ranges, and distribution of values. It is done to determine the sustainability of the databases and predicts their usage in regression, machine learning and deep learning algorithms. The phase also involves the introspection of different types of data, including nominal, numerical, and categorical data. Data visualisation is also done to highlight the critical trends and patterns of data, comprehended by simple bars and line charts. Simply put, data processing might be the most time-consuming but arguably the most critical phase in the entire life cycle of data analytics. The goodness of the model depends on this data processing stage. Data analysis Data Analysis or Exploratory Data Analysis is another critical step in gaining some ideas about the solution and factors affecting the data science lifecycle. There are no set guidelines for this methodology, and it has no shortcuts. The key aspect to remember here is that your input determines your output. In this section, the data prepared from the previous stage will be explored further to examine the various features and their relationships, aiding in better feature selection required for applying it to the model. Experts use data statistics methods such as mean and median to better understand the data. In addition, they also plot data and assess its distribution patterns using histograms, spectrum analysis, and population distribution. Depending on the issues, the data will be analysed. You may be interested in knowing more about time series analysis. Data modelling Modelling Data is one of the major phases of data processes and is often mentioned as the heart of data analysis. A model should use prepared and analysed data to provide the desired output. The environment needed for executing the data model will be decided and created before meeting the specific requirements. In this phase, the team works together to develop datasets for training and testing the model for production purposes. It also involves various tasks such as choosing the appropriate mode type and learning whether the problem is a classification, regression, or clustering problem. After analysing the model family, you must choose the algorithms to implement them. It has to be done carefully since extracting necessary insights from the prepared data is extremely important. Model deployment Now, we are at the final stage of the lifecycle of data science. After a rigorous evaluation process, the model is finally prepared to be deployed in the desired format and preferred channel. Remember, there is no value for the machine learning model until it’s deployed to production. Hence machine learning models have to be recorded before the deployment process. In general, these models are integrated and coupled with products and applications. The stage of Model deployment involves the creation of a delivery mechanism required to get the mode out in the market among the users or to another system. Machine learning models are also deployed on devices and gaining adoption and popularity in the field of computing. From simple model output in a Tableau Dashboard to a complex as scaling it to cloud in front of millions of users, this step is distinct for different projects. RELATED ARTICLES Data scientist job role and description Data science projects you should try Who all are involved in the data science lifecycle? Data is being created from individual level to organisational level, gathered, and stored in substantial servers and data stores. But how are you going to get hold of this vast storage of data? It’s where the data scientist comes into play, who is an expert in the art of extracting insights and patterns from unstructured words and numbers. Here we have listed out different job profiles of the data science team involved in the lifecycle of data science. Business Analyst The role of a business analyst is to understand the business requirements in the identified domains like Banking, Healthcare, education, and more. The responsible person can guide in planning the right solution and timeline to perform the analytics in their business analytics lifecycle. Moreover, they should also find the right target customers and analyse the effectiveness of various campaigns to create plans and smoothen business processes. Data Analyst A data analyst is a data science expert who has extensive knowledge and experience in working with huge data. They can map the solution and analyse what data is required to generate the required solution. Data Analysts are required to format and clean the raw data, interpret and visualise them to perform the analysis and provide the technical summary of the same. Data Scientists Data scientists take another step down in the lifecycle of data science, and their main task is to improve the quality of machine learning models. In general, they divide their work into two blocks – Work with the finished model of the project to assess the quality continuously and identify the areas that need to be improved. Gather online and offline metrics to find new architectures and signals for predictions. Data Engineer Data Engineers focus on technique optimisation and data construction in a conventional manner. They are in charge of preparing data for subsequent analysis, gathered from social networks, websites, blogs, and other internal and external web sources. It will then be formed into a structured form so that it can be shared with the data analyst for further steps. Data Architect The primary role of the Data Architect is to integrate, centralise, safeguard and maintain the data sources of the organisation’s life cycle. They have to work with the latest technologies to ensure the business stays on top and relevant. In addition, data architects also have a significant role in creating a blueprint for database management, organising data both at macro and micro levels. Machine Learning Engineer A job profile of a machine learning engineer involves the responsibility of providing advice on which model can be applied to acquire the desired outcomes and build a solution to offer accurate output. They have to design and implement machine learning-related algorithms and applications, including prediction, and anomaly detection, to address the business challenges. They collaboratively build data pipelines, benchmark infrastructure, and A/B testing. Conclusion When it comes to better decision-making, data is inevitable. This is also true on an organisational level, where the majority of today’s businesses rely on data-driven decisions and strategic plans to achieve their long-term goals. Implementing a perfectly defined data science lifecycle will help you optimise and streamline business operations. Enrol in the Master’s Programme in Data Science provided by the Manipal Academy of Higher Education (MAHE) through Online Manipal, which will help you boost your intelligence and hone your skills in data science, allowing you to emerge as a competent individual in the industry. In a nutshell, due to the accelerating rate of data sources, data science has become one of the fastest growing fields, enabling businesses to interpret data and provide actionable insights to improve outcomes.
Explore interesting MBA case studies for real-world insights Case studies are an integral part of business school education. Real-world experience is used to develop a study method that helps students understand business scenarios. Harvard Business School was the pioneer in using the case study method, and it is now a common feature in all business schools around the world. You could use hundreds of case studies to learn how managers tackle different situations, from mergers and acquisitions to the launch and success of a new product line to branding strategy. Case studies allows students to understand real-world business solutions and provide them practical experience in decision making, problem solving, critical thinking, collaboration, and leadership. They help them develop the necessary skill sets to succeed in the business world. This article will cover some of the most important aspects of MBA business case studies, such as why they’re important and some case study examples. What is an MBA case study? Case studies are real-life business situations or hypothetical business scenarios used in MBA course to facilitate some elements of experiential learning. A business case study will present you with a business issue, a conflict to be resolved, or an impending decision that needs to be made. In most cases, a case study focuses on a specific company and a seemingly difficult management issue. In many cases, this is a problem that the company’s upper management (CEO, CFO) is dealing with. Following that, a slew of objective and subjective facts are presented. There may be information about the company’s history and financial data relevant to the case study example (balance sheet, profit, and loss account). Additionally, there could be information demonstrating the company’s size (for example, the number of employees, locations, and products). Also read: MBA Course Details As a management student, you are expected to read the case, analyse the issues presented, evaluate the underlying issues, and present solutions to the case’s problem. When writing an analysis, you should provide a realistic solution and explain why this solution will help your organisation achieve its objectives. Finally, your analysis should include detailed plans for implementing your proposed solution. Why are MBA case studies important? When combined with in-class discussions, case studies help students develop their critical thinking and problem solving skills, which aid in formulating better approaches to problems. From eliciting student-led debates to deciphering complex business concepts, cases are powerful pedagogical vehicles for fostering students’ confidence, problem-solving, and reasoning abilities. A case study is an important part of an aspiring manager’s curriculum because it requires the use of critical thinking while solving a problem. Each situation requires a different approach to reading and interpreting information and, ultimately, a different way of thinking. When you tackle a case study, it will test your analytical, reasoning, leadership, and decision-making abilities. The case study method helps you apply your theoretical knowledge and practical application in a dynamic and VUCA (Volatility, Uncertainty, Complexity, and Ambiguity ) world. List of Top 25 MBA case studies everyone should know Followings are some of the interesting case studies for MBA students: The Mumbai dabbawala story Many business schools in India and abroad, including Harvard, use this well-known case study in operations and supply chain management. Dabbawala model was applauded by the likes of Prince Charles and Richard Branson because of its Six Sigma level of accuracy. What makes this case so special and appealing? Let’s take a look at this: They collect hot meals from customers’ homes across the city and deliver them to schools and workplaces throughout the day. Known for its smooth, dependable, and long-lasting delivery system, they have a long track record of success. Their operation is intertwined with the rail network in Mumbai, which sets the pace and helps with the delivery schedule. The dabbawalas use a simple coding system that is easy and convenient for everyone. In addition to having a specific code for the neighbourhood where the Dabba will be delivered, they also have characters indicating the delivery address and who will be making the delivery. They work in self-organised teams of 25 people each. While delivering their dabbas, the most experienced ones serve as supervisors. Every dabbawala negotiates with his customers on an individual basis. It may seem surprising, but one of the reasons for their success is their reliance on human capital rather than technology. They are highly motivated because they understand how important their work is. If they don’t deliver, someone somewhere will miss his lunch. For them, delivering food is akin to serving God! In a first, Flipkart has teamed up with the Mumbai Dabbawalas to deliver goods to customers in the city. Shopify support for building online stores From sole proprietors to multinational conglomerates, businesses of all sizes have used Canada-based Shopify’s SaaS (Software as a Service) e-commerce platform to launch online shops. Web builders, safe payment methods, templates, search engine optimization (SEO), analytics, and a slew of other tools were all available through the company. Shopify’s web builder was easy to use, even for people with no coding or e-commerce experience. Despite offering a feature-rich solution, Shopify has received criticism for the high costs that merchants must bear to set up a website of their choosing. However, Shopify by 2020 was hosting close to 377,000 online stores and boasted customers like Budweiser, World Wildlife Fund, GE, Amnesty International, Tesla, and Encyclopedia Britannica. The case is set up to accomplish the following teaching goals: E-commerce sites have specific business goals, system functionality, and information needs. The quality of an e-commerce website may be affected by the features offered by e-commerce solution providers. Flipkart Flipkart, the first Indian e-commerce company valued at a billion dollars, was founded in 2007 with a small investment of Rs 4 lakhs. Flipkart exploited a large group of consumers eager to experience the convenience of online shopping. Flipkart’s success is largely due to the following factors: Its warehouse and inventory management system give it a solid backend to work from. Focus on resolving delivery and defective product issues promptly. The company’s co-founders believe that discounts are not enough to satisfy the customer’s expectations of timely service and efficiency. Next, we’re going to see a lot of innovation. Cash-on-delivery and credit card payments at the doorstep are additional options that give customers more flexibility and convenience. Flipkart added the ‘surprise and delight’ factor to customers’ shopping experience. They were given offers that Flipkart tailored to their specific needs and preferences. That’s what the company’s Big Billion Sale was all about. In the eyes of many, the retailer was accused of making a hasty leap into the unknown. Flipkart maintained its goodwill by sending an apology and explanation letter to all its customers for its mistakes in managing site traffic and the demand-supply gap for its products. It made enough amends to regain the trust of its supporters. Samsung: Going from `Make for India` to `Make for the World` This business case study discusses how Samsung’s manufacturing and R&D strategies formulated for India can help it succeed internationally. When Samsung launched its “Make in India” initiative in the mid-2010s, it took advantage of government SOPs to encourage multinationals to establish manufacturing facilities in India. In addition, its Indian R&D centres came up with innovative products after studying Indian customer needs and taking into account customer feedback. The case discusses some of the products launched under the “Make for India” initiative and describes their impact on the company’s market position in great detail. As a result of these and other government incentives, Samsung ramped up its domestic production over time. With its “Make for the World” initiative, Samsung announced that it would relocate its manufacturing operations from other countries to India, where it would ship its products worldwide. Is it likely that Samsung will make India its sole Asian manufacturing hub in the future? Is it possible that its customer-oriented products will help it outperform the rest? The case is set up to accomplish the following teaching goals: Build international brands by devising strategies. Examine the government’s methods for promoting domestic manufacturing. Recognise the significance of multinational corporations (MNCs) being aware of the specifics of the local market when expanding into new regions. Importance of product globalisation to capture market share. Recognise the importance of product design innovations in the global marketplace. Supply chain management issues. Locate opportunities to reduce costs and speed the launch of new products in the market. A study of multinationals’ perspectives on the advantages and disadvantages of domestic manufacturing. Kingfisher Airlines – A lesson from failure Vijay Mallya’s dream bird, “Kingfisher”, was devastated by some reckless and risky decision-making on Mallya’s part. Due to bankruptcy and non-payment of loans, Kingfisher, operating since 2005, was forced to shut down at the end of 2012. The airline owed a debt of $1 billion to a consortium of 17 banks. How did the glitzy airline go out of business despite its increased brand recognition and loyal customer base? When Kingfisher was first launched, Mallya intended to be a value-added airline. After launching Kingfisher Red, the airline later positioned itself as a low-cost carrier (the spun-off fleet of Air Deccan). Air Deccan’s acquisition for the start of operations was a failure. In most cases, attempts to gain visibility on high-traffic international routes (like Bangalore to London or Bangalore to Silicon Valley) failed. The takeover of Air Deccan, which had been in crisis for three years, resulted in a loss of more than INR 10 billion (US$160 million). As a result of the frequent changes in senior leadership and the absence of a long-term CEO or MD, the airline suffered. Many of the airline’s planes were grounded in 2011 because of engine problems. However, even as the company overhauled the engines, market conditions and rising fuel prices significantly impacted yields. Customers would rather fly with other low-cost airlines. Hence, withdrawing from the low-cost segment (Kingfisher Red) was ineffective in attracting new customers to the company’s premium segment (Kingfisher). The airline continued to lose money year after year due to external and internal issues. It wasn’t just a lack of a clear vision and a firm positioning strategy that kept the airline from resuming operations; a lack of understanding of consumer behaviour led to Mallya’s various decisions, such as suspending international operations and raising fuel surcharges. IPL – The right pitch at the right time The Indian Premier League (IPL), conceived in 2007, is a perfect example of controversial marketing. BCCI’s Indian Premier League (IPL) generated excitement usually seen in basketball, soccer, and baseball franchises. In addition to attracting cricket-crazy Indians, what else did the Indian Premier League do to become a global brand? Fast-paced action and 3.5 hours of movie-like entertainment are the key selling points. Twenty20’s commercial potential has been demonstrated by the IPL’s involvement in high-stakes matches. Indian Premier League (IPL) is popular worldwide, and the presence of international star players influences the level of support and interest. In Australia, for example, Shane Warne’s contribution to the success of the Rajasthan Royals is widely recognised. The IPL’s popularity can be attributed largely to its coverage in the media. All year long, the season is covered by local, national, and international media outlets, even when the season is closed. The involvement of celebrities such as Shah Rukh Khan, Preity Zinta, and Shilpa Shetty as franchise owners and promoters added a lot of glitz and glamour to the show. The auctioning off of players and franchises, using cheerleaders, the opening ceremony, and live concerts, are all part of the IPL’s marketing strategy. The IPL has expanded by leaps and bounds, but the IPL has also been embroiled in several controversies involving corruption, match-fixing, and mismanagement. The BCCI can sustain IPL success with improved administrative efficiency, strict oversight, and increased player awareness. Procter & Gamble – “Double Down’ Strategy during COVID-19 Pandemic” According to this case study, Procter and Gamble used the strategy of “Double Down” during the COVID-19 pandemic to increase its brand visibility. When the US government implemented a lockdown after the coronavirus outbreak, people began stockpiling essential supplies in anticipation of a lockdown. As a result, retailers could not keep enough of the most popular products in stock. Businesses reduced their media spending in anticipation of the economic downturn. However, despite the uncertainty, P&G decided to increase its marketing investment to increase its brand visibility. Though the market and economy were slowing, did P&G’s advertising strategy succeed? The case is set up to accomplish the following teaching goals: Understanding consumer behaviour and the reasons for panic buying is critical to better understanding your customers. Consumers’ behaviour patterns change during times of crisis. To remain competitive in the event of a pandemic, assess the company’s business strategy. Analyze the company’s media strategy to increase media expenditures, especially during the pandemic. Investigate the issues and difficulties that the company might have encountered in implementing its strategies. Hindustan Unilever Limited: “Providing the Right Work-Life Balance” HUL, India’s largest Fast-Moving Consumer Goods (FMCG) company, has implemented several programmes to help its employees achieve a healthy work-life balance. HUL’s HR policies are examined in depth in this case study, which shows how they aided employees in carrying out their professional and personal responsibilities more effectively. HUL’s efforts to meet the diverse needs of its female employees are explained in great depth. There are references to the company’s efforts to stay on top of new-age employees’ evolving needs. Will HUL continue to be an ‘Employer of Choice’ in India?’ The case is set up to accomplish the following teaching goals: Understand the term “quality of work-life” (QWL). Look for new developments in the QWL field. Investigate the effect of allowing employees to work from home on their overall satisfaction with their work schedules. Develop strategies for retaining and managing talent. Create a plan to increase the diversity of your workforce. Examine HR policies to stop discrimination based on gender. Byju’s – A leader in EdTech The case concerns the rapid expansion of the Bengaluru-based Indian e-learning platform Byju’s (Think and Learn Private Ltd). Founder and CEO of the EdTech start-up, Byju Raveendran previously worked for Pan Ocean Shipping, a UK-based shipping company. For 12 long years, Raveendran helped his friends get through the Common Admission Test for Management Courses in India and then built Byju’s learning app. BYJU – The company’s main product was the Learning App, which users could download on Android devices from Google Play and iOS devices from the Apple App Store. The app provides comprehensive learning programmes and special programmes for students preparing for competitive exams and for students in grades 6 to 12 in India. Since its inception in 2015, the startup has received funding from the Chan Zuckerberg Initiative and Chinese internet giant Tencent. Byju’s turned profitable in 2019 after three years of annual growth of 100% (2016-18). In July 2019, its valuation increased to US$5.5 billion, making it the world’s most valuable EdTech company. It remains to be seen if Byju’s strategies that worked in India would be successful in other markets as the company enters international markets. The case is set up to accomplish the following teaching goals: Realise the importance of educational technology in India’s educational system. Observe the business models of educational technology start-ups. Determine whether or not educational technology in India is well-accepted. Oneplus – A Chinese success story in India The focus of this case study is the success of Chinese smartphone maker OnePlus in India. In December 2014, OnePlus launched its first smartphone in India, and within four years, it had become the country’s most popular premium smartphone brand. According to the case study, OnePlus’s strategy in India was to launch high-end smartphones at affordable prices, build a strong community, focus on customer service, and use clever marketing techniques. Obsession with product design and quality, branding, and customer engagement was OnePlus’s core strength. An emphasis on viral marketing and community interaction, including social media, to spread the company’s message. OnePlus faced several challenges, despite its phenomenal success in India. Competition, scaling offline, price-sensitive Indian consumers, low smartphone penetration, and an economic slowdown were all factors that contributed to the decline. Furthermore, OnePlus risked losing price-conscious customers as its phones became more expensive. Vikas Agarwal , OnePlus India’s General Manager, faced several challenges as India remained a critical market for the company. These included increasing the adoption of OnePlus devices in India, expanding offline, crushing competition, and maintaining OnePlus’ dominance in India’s premium smartphone segment. The case is set up to accomplish the following teaching goals: Evaluate the expansion and entry of OnePlus into India. Recognise the significance of India as a market for OnePlus. Find out what helped OnePlus become so popular in India. Consider OnePlus’s key growth market, India, and the issues and challenges it faces there. Consider how OnePlus can maintain its position as a leading player in the Indian premium smartphone market by looking at the company’s plans. Tesla’s convertible bonds This business case study looks at how Tesla, Inc., a company with a credit rating below investment grade, has successfully issued convertible bonds and funded its electric car business at a low-interest rate since 2013. However, things changed over time. Tesla’s stock price soared, and some speculated that this could spell the end of the company’s use of convertible bonds. A new low-cost, long-term source of financing for Tesla’s business is now on the CEO’s radar. The case is set up to accomplish the following teaching goals: Become familiar with convertible bonds and other financial instruments. Bonds and debentures are two different types of investments. Recognise the benefits and drawbacks of long-term financing via convertible bonds. Look into the various funding options available to startup businesses. Malden Mills Case In some situations, making the right decision can be compared to financial benefits, as Malden Mills has firsthand knowledge of. The industrial facility was set on fire two weeks before Christmas in 1995, and the management told employees that they would be out of work until they rebuilt the processing plant. On the other hand, CEO Aaron Feuerstein of Malden Mills increased the number of representatives by 90 days at full pay and 180 days with benefits for $25 million. Collaboration and profitability reached a new high, with 40% more business and 95% client and representative retention. After they modified the processing plant, the majority of the uprooted specialists were rehired. Each week, the amount of yardage created increased from 130,000 to 200,000. As a result, Malden Mills has gone through three rounds of the bankruptcy court, with a significant portion of the debt being tied to a reimagining of the industrial complex. Business students should consider this case to see if engaging in humanitarian activities will satisfy their needs in the long run. Starbucks and Exclusivity In 2008, Starbucks announced that it would be closing 600 of its locations in the US. Starbucks stores had been gaining new features, such as wi-fi and music, but they had begun to lose their warm “neighborhood store” feel for a chain store persona. According to the Harvard Business Review, Starbucks is a mass brand attempting to charge an exceptional price for an event that is not any more extraordinary. As a result, to compete with its price-conscious customers, Starbucks would have to either cut costs or reduce the number of stores to regain its image selectiveness. Starbucks’ growth has been hampered by three issues, according to the HBR study: alienating early adopters, attracting an excessive amount of attention, and moving too slowly forward with new locations and products. According to Harvard Business Review, Starbucks should have remained a privately held company and grown at a moderate pace to maintain its status as a top brand. https://youtu.be/nN58DnGX-gg Retirement revolution study: American Express With the retirement of senior employees comes the loss of knowledge and experience in the organisations. Retiring workers leave the workplace with a wealth of knowledge and experience in their wake. American Express came up with a pilot programme to retain this. American Express created a group of workers who would gradually take over some of the day-to-day responsibilities of retiring employees. In return, the individual would devote some of their free time to mentoring and teaching future generations. This resulted in phased retirement, allowing employees to leave gradually and enjoy the extra time while still receiving a portion of their previous salary and regular benefits. This also meant that some employees stayed a year or more past the traditional retirement age. With this programme, AMEX believes senior employees can enjoy their final years of work in an unrestricted capacity while educating the current workforce for future success. Ad spending study There are times when an organisation’s financial situation does not allow it to spend large sums of money on advertising. However, forgoing advertising in favour of higher profits can be costly. Experts recommend expanding your marketing strategy to reach a wider audience when you’re in a slump. During a recession, this is especially true, as many organisations cut back on their ad spending. Firehouse Subs’ boom petered out after seven years of expansion from 30 to 300 locations. The company’s leadership realised they needed to find a solution. As a result, they gave back the fees franchisees had paid for local advertising to take control of their local marketing. Since sales continued to decline, it became clear that this was an ineffective strategy. Firehouse reclaimed its local marketing fee and allowed franchisees to participate in a new marketing campaign. This required them to pay double for local marketing but included them in an $8 million advertising campaign poised for success. Experts applaud Firehouse for having the fortitude to ask franchisees for more money where it was needed, even during difficult times. Tylenol’s 1982 scandal Seven people died in Chicago in 1982 after taking Tylenol after an unknown suspect laced the capsules with cyanide after it hit the shelves. Even though the problem was limited to the Chicago area, Tylenol’s domestic market share dropped immediately from 37% to 7%. Tylenol was not responsible for the product’s tampering. Still, to maintain the product’s reputation, Johnson & Johnson removed all Tylenol from the shelves, incurring a loss of more than 100 million dollars. Tylenol was successfully reintroduced to the medical community with tamper-resistant packaging, sales presentations, and discounts. Johnson & Johnson’s quick action and effective public relations saved the brand. Market expansion via partnership Expanding beyond a company’s initial customer base is usually a daunting task for small businesses to support new growth. On the other hand, businesses greatly benefit from collaborating with a well-established market leader. Diagnostic Hybrids, a company specialising in medical nosology, collaborated with Quidel, a leader in rapid diagnostic tests, to achieve this goal. As a result of this partnership, Diagnostic Hybrids gained a larger market presence and a wider range of resources for research and development. As a separate subsidiary, the same company’s president and operations were allowed to remain as part of the acquisition strategy. You may enjoy reading top 10 blogs on marketing. Tesco’s Korean venture Tesco’s Korean venture is an excellent example of establishing a market share on a global scale. The company made some well-thought-out moves in its Korean expansion, notably partnering with Samsung, the largest Korean conglomerate. It embraced the Korean way of life by operating stores as nearby agencies and neighborhood centers. Tesco also made a wise decision by employing nearly entirely Koreans, with only four British employees out of a total workforce of 23,000. According to reports, Tesco’s well-planned strategy has gained customers in Seoul, with 25% of Koreans signing up for loyalty cards and earnings in the billions, finding success in “cracking[ing] the Asian tiger” where competitors such as Carrefour and Walmart have failed. The Uber way – “Forecasting in the Platform Economy” Uber’s forecasting process is examined in-depth in this case study. For forecasting, the company relied on its own Time Series data. Time Series is a type of dataset that includes data collected over a set amount of time. You can measure time in seconds, minutes, hours, days, weeks, years, and even millennia. Analysis of time series data and regression analysis were used to forecast demand for Uber cabs. Additionally, the use of different variables from different sources lends credibility. This analysis relies heavily on the selection of variables. It is important to combine data from various sources for the analysis to be useful. The case is set up to accomplish the following teaching goals: To gain a fundamental understanding of Uber’s business model and the platform economy. Learning how to wrangle data properly is the first step in data analysis. Importance of value forecasting. For a better understanding of how to use time series forecasting. To better understand how you can use various data sources to enhance the analysis. JPMorgan Chase & Co. – “Creating a Next-Gen Banking Experience Powered by Digital Technology” This business case study examines JPMorgan Chase’s digital initiatives to create a next-generation banking experience powered by technology (JPMC). JPMC employed 50,000 technologists worldwide and spent $11.5 billion on technology in 2019 to stay relevant in the face of shifting customer expectations and the growing popularity of digital banking. Jamie Dimon, CEO of JPMC, took on the challenge of increasing the reliance of banking operations on digital technology in 2006. JPMC’s digital initiatives included the “mobile-first, digital everything” strategy, which was an important part of the company’s evolution over time. Big Data, Cloud computing, Artificial Intelligence, Mobile and Electronic Payments, Machine Learning, Blockchain, Robotics, and Cybersecurity are discussed in detail by JPMC. With the help of several FinTech companies, JPMC has been working on various new technologies for its banking operations and preparing for future competition from both banking and non-banking entities. Amidst all of its technological innovation, JPMC faced an ever-increasing threat from banking organisations aligned with technology companies. As a result, it made a concerted effort to use digital technology to combat the competition. The case is set up to accomplish the following teaching goals: Use digital technology to examine the impact of traditional banking processes on the modern world In the present and future, how important is mobile banking? Recognise the methods financial institutions use to overcome the difficulties of implementing new technology. Explain the difference between incremental and disruptive/breakthrough innovation using the banking industry as an example. Twitter and the Creme Brulee Marketing is essential for any business, irrespective of the size and turnover. Marketing can cost a lot of money, but it won’t yield much return unless done correctly. Curtis Kimball, the man behind the Creme Brulee Cart, used Twitter to his advantage. He amassed many followers and expanded his commercial enterprise by allowing people to follow the cart online. Curtis developed personal relationships with his followers by soliciting their feedback on everything from flavour combinations to cart locations. Perhaps the most incredible aspect of this story is that Kimball has no advertising budget (Twitter is a free service) but enjoys a distinctly popular following and high Yelp ratings. Excessive variety leads to a revenue loss Hickory Farms began with holiday gift baskets containing sausage, ham, and cheese and eventually had a presentation of 2,500 special products. This stretched the employer and resulted in a loss of flavour with customers. Recognising this problem, Hickory Farms reduced its product line from 2,500 to 300, with more modern visuals, descriptions, and other features such as less packaging and more recycled content. In addition, the organisation revamped its website, making it easier to save online. This streamlining resulted in a 13 per cent cost reduction that Hickory Farms could pass on to their customers. Jennifer Woodbery, a brand strategist, believes that this was a wise decision, making the most of Hickory Farms’ trusted name and image through an effective rebranding of offerings. Employees maintenance It is common for your best employee to change after promotion. Such was the case at the cat shelter Paws Need Families, where Della, a cleaner, rose through the ranks to become an assistant manager and, eventually, manager. She began arriving late, allowing applications to sit, skipping inoculations, which were all serious offences. Meetings were held instead of confronting Della directly, and they hired an assistant manager to compensate for Della’s shortcomings. Della was eventually fired for failing to clean up her act. According to Ken Blanchard, co-author of The One Minute Manager, short meetings and a review system could have avoided this situation. With an effective employee system in place, we can identify problems before they become major issues. Supply Chain Disruption When a fire at Philips’ microchip plant occurred in 2000, the Nokia and Ericsson phone companies were affected. They responded in different ways, and ultimately Ericsson did not fare so well in the mobile smartphone market. Instead, the European customer market was taken over by Nokia. Nokia devised a new business model for snatching up spare chips from various suppliers and re-engineered some of their telephones to adapt to one-of-a-kind chips from new suppliers. At the same time, Ericsson decided to wait until the hassle was over. While Ericsson slashed its production and sales, Nokia was able to dominate the market. This incident and its aftermath are textbook examples of managing supply chain risk. Triumphant in International Market A British motorcycle manufacturer, Triumph began to fade from prominence three decades ago. It did, however, find a new life on a global scale. Triumph sold 7,562 bikes in the UK in 2010 but 50,000 worldwide, indicating that the company’s international expansion paid off. Triumph’s famous manufacturing plant in Warwickshire closed in 1983, but the Indian factory remained, and it is now very popular. With a six-month ready list and a new factory under construction, the company is struggling to meet demand in India, as the country has embraced the brand. You would like to read top 10 blogs on management. How to get started with MBA case studies? You cannot solve a case study with minimal effort. When you begin working on an MBA case study, you will develop your perspective. So, it is critical to do the following at the start: Study Contemplate Decide Execute The most difficult aspect of solving the case study is comprehending the case in which most students fail. To overcome this, the four stages listed above can be useful. Begin by comprehending how this case relates to the rest of the course. The first case is typically used to introduce you to the course and the material you’ll be covering, and the final case study summarises what you’ve learned and covered in the course. Steps to solve MBA case studies To solve an MBA business case study, you should follow the following general guidelines: Think of yourself as a manager or, as the Harvard Business School likes to say, as a protagonist. Define the issue or the problem you are dealing with as a protagonist. Take a closer look at what’s causing the problems and issues you’re having. You may uncover evidence that proves their case. Form your hypothesis. Create options within the scope of the organisation’s goals and objectives. Return to your original hypotheses and assumptions to determine the best course of action. You should back your solution or strategy with data from the exhibits. Put it to the people. Discuss. Brainstorm. Trade-offs for each alternative need to be identified Offer a final alternative and explain why it is a better choice. Make a note of any interesting/new/innovative solutions that others encounter during the case study discussion. Advantages of learning from business case study Management case studies are the best tools to understand the rapidly changing market realities and managerial challenges, shifting consumer expectations and the race to meet them. Some of the perks of using case studies are: Business leadership skills: Employers want people who can make quick, sound decisions that benefit the company. This is why case studies are so useful in preparing students for real-world business situations in the future. Confidence is essential in business because colleagues and business partners may not always share the same beliefs, and it is necessary to defend your thinking. This is achieved through the debating process, in which students defend their solutions to each case and attempt to persuade one another to support their ideas. Better than lectures: Case studies with a narrative arc appeal to students on an emotional and intellectual level. Solving a real-world problem gives them a feeling of accomplishment. This method encourages students to get emotionally and intellectually involved in each case. Holistic view of the company’s business: Candidates who complete the online MBA program are exposed to many domestic and international case studies, broadening their career options after graduation. Students will learn how to apply what they’ve learned from previous cases to any situation throughout their career. How to start your own case studies? Practice by putting yourself in the shoes of a business owner or manager, as it will help you become familiar with the various components of a case study. You should practice identifying relevant facts and critical issues while reading through cases. After reading the case, take notes to have a list of items and possible solutions to research. As you come up with solutions, make a list of the advantages and disadvantages of each one, and make certain that the solutions you come up with are attainable. Conclusion Through these real-world business scenarios, you learn various skills such as asset management, acquisition strategy, business administration, and so on, without having to bear any actual risks or potential losses as in real life. This promotes quick thinking and provides students with a good understanding of a challenging experience. Different ways of looking at the same business situation can yield very different results from the same data. Participating in case discussions with your peers will allow you to gain new perspectives on the company’s challenges, which you can then apply to your work. As a result, business school students significantly benefit from using case studies. If you wish to pursue an MBA, check out online MBA courses offered by prestigious universities at Online Manipal. You can find out online MBA program for working professionals, online MBA with dual specialization, and online MBA from Manipal University Jaipur.