SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

This category contains articles submitted by site users and imported from other sites on Continuous Process Improvement 

Business Success under GST

GST regime necessitates a high level of synchronization between tax payer’s application, invoicing software, and  GST system, which without automation would be difficult. These include item level detail in invoices, maintenance of trail of all amended entries, reconciliation of sales and purchase register between vendors and buyers on a minimum three monthly returns and other events such as auto reversals demand or automation of tax compliance process within any tax entity. If anything is a miss, it will directly impact the business’s compliance rating and act as a deciding factor for the buyers, lenders and insurers, whether to deal with that business or not. Till now, Goods and Services Network (GSTN), a private company set up to provide IT infrastructure to the government, taxpayers and stakeholders for GST implementation have appointed 34 GSPs which will offer support and services in form of GST APIs to help tax payers and businesses in compliance. Functionalities available through GST APIs includes registration of tax payer and consultants, return filling , payments, ledger maintenance, etc. Factors such as intuitiveness of reconciliation, validation and tax determination engine, data security, storage and privacy policies etc. should be taken into consideration by taxpayers while choosing the right technology vendor to ensure smooth compliance. Read more at https://www.entrepreneur.com/article/297632

 

 

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How to attract more customers

Every business wants to improve its customer experiences and they want to turn its ordinary customers into a loyal customer. In order to make a fabulous customer experience there are 4 ways to attract customers and foster lifelong loyalty. 1) Use Technology to provide Top-Notch Customer support- Customer is needed to provide with mobile customer support, live chat, self-service management, social media support and Omni channel support.  2) Create Personalized Experiences-Customers are needed to be treated in the more personalized manner, or by catering messaging, offers and creating more communication. 3) Leverage Big Data to Get to Know your customer on an Individual level- Understanding the customer on different levels- behavioral, contextual, service-interaction ,social and consumption  4) Reward Customer Loyalty to Foster Brand Ambassadorship- Customers are needed to be given loyalty awards through brand leveraging loyalty programs. These all over enhance the customer experience and the business will able to get loyal customers. Read more at: https://www.ngdata.com/ways-to-improve-customer-experience/

 

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How Machine Learning Helps Companies In Eliminating Decision Biases

According to authors, modern-day marvels are the result of machine learning, which are programs that combine through millions of pieces of data and start making correlations and predictions about the world , by using machines that uses cold hard data to make decisions that are sometimes  more accurate than a human’s, thereby reducing biases. Computers don’t hold any inherent biases, as machine  knows only one approach i.e. the objective analysis and are capable of analyzing massive amounts of information, thus having  a distinct advantage over humans.  Utilizing the data for machine learning, can uncover contradictory and surprising results by  making data more accessible, more understandable and  enabling the organization to achieve a new level of business intelligence, thus empowering decision makers at all levels with a powerful tool. Read more at https://aitrends.com/machine-learning/machine-learning-cure-decision-bias/

 

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PROCESS IMPROVEMENT TRENDS SETTING BENCHMARKS

According to the author, those firms which have incorporated lean six sigma in their businesses, are growing by leaps and bounds. Following are the strategic process improvement trends in the top-notch firms, extracted by the author: 1) Creating the best process practices for future, rather than absorbing the best practices from other firms. 2) Introducing the new technologies in the firm for the convenience of the clients. 3) Adapting to the changing technology and artificial intelligence and being updated about the frequent changes. 4) Eliminating the complexities and switching to simple, hassle-free and practical ways, by embracing lean six sigma. Read more at http://www.boomer.com/single-post/2017/05/18/5-Process-Improvement-Strategy-Trends-of-Future-Ready-Firms

 

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Secret To Entrepreneurial Success

According to authors ,  a recent global survey  from the medical industry workforce, threw light on the following for a business to flourish:

1)80% of the workforce in the remote counterparts,  pointed out that  Management/Managers should stay in touch with them, via instant messaging apps and frequent conversations  over phone

2)56% of them, stressed on video calls once a week .

3) Mandatory  face-to-face interaction, via  attending monthly meetings with managers .

4) Utilizing IT system for both tracking and measuring productivity per worker.

5) Research and evaluation of tools and techniques on a regular basis to stay notified about the new techies .

6) Assuring full support and engagement of the employees in the remote areas.     Read more at https://www.processexcellencenetwork.com/pex-tools-technologies/articles/remote-control

 

 

 

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Prevention Is Better Than Cure

According to authors, digital disruption, is an unavoidable deluge of new digital tools  that is implemented to refine the business process on the digital front. Categorizing the vast arena of business, technology, industry and social changes and planning the technological stack to identify digital disruption over time, helps an organization in escaping its adverse effects as well as flourish. Following measures will nullify its adverse impacts:1) Maintaining  lean and agile technologies, thereby ensuring flexibility to adapt to the changing environment 2) Staying connected to market research, customers and business partners 3) Implementing formal innovation management programs must be prioritized 4) Regular brainstorming sessions across different departments and teams to strengthen cooperation 5)Provisioning the requisite internal resources to ensure compatibility between existing and upcoming systems. Read more at https://www.qmarkets.net/digital-disruption-businesses-can-best-leverage/

 

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Fixing a weak process culture.

The culture of an organization has a significant impact on the overall success rate of change initiatives. Weak process culture implies lack of proper teamwork.  The signs of a weak process culture includes no collaboration amongst different teams, morale is low, and process and change initiatives frequently seem to fail. One of its biggest cause is invisible leadership. Now, to turn around a weak process culture, the following steps maybe followed:

      1.  Demonstrate active leadership

      2.  Empower the real process owners

     3.  Sustain momentum – deploy into structured change

     4.  Provide process guidance

     5.  Sustain communication

With the building blocks for a strong improvement culture in place, teams will feel empowered to collaborate on improvement efforts. Engaged teams armed with the right attitude can take any tools and turn their efforts into real improvement for your customers and for your bottom line. Read more at  https://www.processexcellencenetwork.com/organizational-change/articles/how-to-spot-and-fix-a-weak-process-culture

 

 

 

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The Use of AI In The Shipping Industry

The Internet is changing style. Now physical stores are closing as fast as product review system on e-commerce sites are improving and growing. The shipping industry is growing steadily in the background because of all this. Tracking technology is gaining importance becasuse of AI. We now able to find out optimal route and load for any tour with the help of AI and there are various AI-powered robots working in the shipping industry, they are saving both money and time.Read more at:https://www.entrepreneur.com/article/292465

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Enterprise and Process Improvement!

According to the author,ten important steps to enterprise strategy alignment are as follows:                                                                                                                  

1)Several aspects like current results,loyalty,etc are evaluated by enterprise assessment.                                                                                         

2)Every enterprise should focus on their mission,vision and values.                  

3)Go-to-market strategy like target customer,value proposition and others.                                                                                                                   

4)Business Model Design like Metrics.                                                           

5)Revenue Plan like Customer Goals.                                                                   

6)Execution Plan and Improvement.                                                                     

7)Financial Budget involves financing capital,asset,cash flow.                            

8)Alignment of the systems and processes.                                                                 

9)Rollout,i.e. Distribution, Communication.                                                           

10)Monitoring -This includes process review,system review and strategy review. Read more at: http://www.businessmapping.com/blog/enterprise-strategy-alignment/

 

 

 

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Achieving a Continuous Improvement Culture

The reason behind continuous increase in efficiency and productivity for some businesses is their clear focus on a culture of continuous improvement and innovation. In majority of the cases, the reasons behind weak process culture are- lack of staff management, little or no collaboration among employees along with low morale, and unhelpful business process documentation. Fortunately, this weak process culture can be fixed. The fixing process starts with demonstration of active leadership. This requires some engagement and communication with the staff like celebrating the successes, making communication personal and fostering healthy competitions, and using discussion threads along with the ‘like’ button for feedback. The other fixing step is to Appoint Chief Process Officer(CPO) and process champions to communicate their vision of improvement to the entire staff, and substantiate it with evidences. All this can’t be successful until the real process owners, i.e., those responsible for operating the process efficiently, are not empowered. Read more at: http://www.utilityproducts.com/articles/print/volume-21/issue-5/feature-stories/secret-to-unleashing-an-unstoppable-improvement-culture.html

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10 skills that will boost your career

10 skills you need to stay ahead to get a good career. They are:

1) AI/machine learning researcher: A PhD in machine learning algorithms will be a hot skill in future. 2) AI software development: Developing the systems and infrastructure that can apply in machine learning to an input data set which includes program management and test. 3) Human interaction designer: A process in which designers focus on creating engaging web interfaces with logical and well-thought-out behavior and actions. 4) Machine learning applications: Applying machine learning to a specific problem in a different domain. 5) Full stack developers: The developer can work with databases, PHP, HTML along with venturing as far as converting Photoshop designs to front-end code. 6) 3D design 7) Content engineering: Content strategist targets the ‘who, what, when, where and why’ of content experiences and assets. 8) Data fluency: Employers are already looking to build a workforce with solid skills in data analysis and presentation. 9) Thinking out-of-the-box: Creativity will become one of the key skills employees will need to develop. 10) People skills: People management, coordinating with others, collaboration, etc. will be of utmost importance. Read more at : http://economictimes.indiatimes.com/jobs/in-the-world-of-digitalisation-these-10-new-skills-will-help-you-to-stay-ahead/articleshow/59008347.cms

 

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The Crucial One Minute

Before making any decision, recruiters scan the resumes foe barely a minute. A study by TimesJobs talks about what recruiters look for into the resume. Being specific to a job and highlighting the right ones is most important while applying for a job. Skills that one includes needs to be substantiated. Nearly 40% recruiters say, focusing on skills relevant to the job offered is the best way to be shortlisted. Another 36% say that analytical skills, leadership, teamwork help stand out your resume. 35% recruiters advise to include skills that provide value-additions to the job profile you are applying for. Substantiating skills and experience with measurable results is a good way say 21% recruiters. 20% of them advise to add relevant keywords for skills help increasing visibility.  60% managers say that soft skills and non-technical skills like communication, leadership, teamwork and collaboration, analytical, adaptability, planning and strategic thinking skills are crucial while hiring candidates. The resume is the first point of contact between a candidate and an employer - and making this first impression a good one is critical in getting ahead in one's career. Read more at : http://economictimes.indiatimes.com/jobs/a-resume-gets-only-a-minute-of-a-recruiters-time-says-timesjobs-study/articleshow/59017222.cms

 

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A step towards process improvement

Process improvement is an important part of powering business hubs towards success avoiding major hindrances and problems. Following a bad process often leads to stagnation and failure in business. So it's vital to know how process improvisation can boost efficiency and prevent disaster before they happen. Selecting the correct process in the first place is a difficult task as a wrong process may lead business succumbs to inefficiency and poor performance. It is not necessarily important for one to be a tech-wizard either- all you have to do is follow some basic steps:• Select a process you want to improve
• Define the intended outcome and objective of the process
• Draft and map the ways it can be improved
• Analyze the process and suggest improvement with the help of a team
• Test and deploy the changes .
In short, Process improvement not only boosts efficiency, but also effectively scale a business while staying consistent with your business model. Read more at: http://www.business2community.com/business-innovation/process-improvement-stop-bad-processes-killing-business-01847982#3LfPm82T1HxKGGfE.97

 

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A Lean way to Supply Chain Management 

Lean manufacturing techniques can be employed to supply chain management as well. Before that we need to have an overall view of priority and inefficient areas. Maintaining a minimal level of inventory by cooperating with suppliers and having accurate forecasts is the key. Efficient transportation system through long term contracts and shipping agreements is needed. Keeping up-to-date with latest Warehouse Management System (WMS) software to store and evaluate data.  Picking processes constitute a major portion of overall expenses thereby optimizing it would trigger shortened lead times and improved quality. Returns need to be managed properly in the supply chain management, especially for e - retailers. Lean requires discipline, potential investment in technology, and a continued commitment to its principles and approach.Read more at: http://www.sdcexec.com/article/12336165/eight-tips-for-running-a-lean-supply-chain

 

 

 

 

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Lean Six Sigma Green Belt Training

Lean Six Sigma Green Belt Training

Lean Six Sigma is a globally accepted set of tools, techniques and project management practices that can improve the performance of any process and is coveted by leading international corporations

Become a Lean Six Sigma Green Belt…gain problem solving skills; learn to leverage analytical tools; make your resume stand out from your peers.

Learn from the best in class – our trainers are certified Master Black Belts / Black Belts with international experience.

Contents: Lean and Six Sigma concepts; Group exercise and Case study; Reference Material handouts; Online access to key reference material

Our Key Differentiator: Post training access to online discussion forums and periodic Webinars, and 1 Green Belt project mentoring session by seasoned Black Belt..

 

 

Eligibility: No pre-requisites. Students need ID proof to avail discount

Certification: GB Trained and Tested - On 100% Attendance of Classroom Session and passing Online Assessment. Certification means: Competent in basic Lean Concepts and Six Sigma analytical tools necessary for executing Green Belt projects. (If you complete our training and then do a live project, we also provide Green Belt Project Certification, on review of project report and Affidavit from your organization)

Register at: trainings@gosigmaway.com or visit: http://www.gosigmaway.com/events/lean-six-sigma-training/25-green-belt-training-delhi-india-19-22-december-2016

Date: 19th to 22nd  December, 2016, Delhi, India

Address: Unit - 603, DDA Building, District Centre, Plot No. 4, Laxmi Nagar, New Delhi – 110092

 

Investment for Students: Rs. 5,000 + 15% taxes

Investment for Professionals: Rs. 20,000 + 15% taxes

 

Early bird discounts also available! And progressive discounts for Groups (conditions apply)

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Ways To Ensure CRM Data Is Fit For Purpose

Constantly improvising on the quality of data is essential to remain ahead of business competition. However, failing to do so will result in a fatal erosion in the value of your most valuable asset, data, which is why it is vital to manage and maintain it effectively. 99% of marketers feel the urge to turn data into insights, yet 75% of organisations believe inaccurate data is undermining their ability to provide an excellent customer experience.

It’s impossible to provide outstanding customer experience with incomplete and incorrect customer data. However, improving the quality of your CRM data doesn’t have to be costly or time consuming.

 

Read here how you can effectively improve the quality of your CRM data: http://www.business2community.com/big-data/ensure-crm-data-fit-purpose-01706169#BufvU0yIxvoRxkdm.99

 

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Why Small Businesses Should Invest In Social Media Marketing

It has been estimated that an average person spends half an hour to one hour per day on various social media platforms, which amounts to almost two weeks in the course of the year.

This statement should provide enough incentive for businesses to get hold of the utilities of social media marketing; though at the same time it is necessary to consider that social media management is extremely tedious and time consuming. While maintaining the busy life of a small business owner, dedicating time as well as resources to advertise business on social media can prove to be costly.

Yet it is extremely necessary for small businesses to ensure social marketing to gain on various factors like developing connections or creating more promotional opportunities for customers to ensure advantage of business

 

Consider these four reasons given below as to why you should be using social media marketing for your small business: http://www.business2community.com/social-media/social-media-marketing-4-reasons-small-business-invest-01705099#jMzMGG2ZBxxrD10z.99

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Companies and Relationship Intelligence

How do companies attract and engage new clients while making sure the existing clients are happy? The simple answer to this question is, manage.

However, you will not find many executives who would respond to this conjecture candidly. You will, however, find plenty of companies that take the “we manage” approach with one of its most valuable assets: relationships.

While running any enterprise technology company, we’ve seen just how consistently data can be used to help improve sales. But we do know, all its good intentions to provide sales managers with a way to monitor pipeline and sales activity, CRM is still hugely inefficient. Representatives are required to spend time manually entering data, and then spend more time searching through it. While senior management clearly values the ability to monitor these representatives through CRM, the vast majority of sales people dislike the extra work and overhead it creates and generally use CRM begrudgingly – and rarely to its full potential.

Read more at : http://www.business2community.com/strategy/relationship-intelligence-companies-acquire-01702402#tAmo7XUOWfJJ6g3Z.97

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Incongruity experienced by Entrepreneurs

Many entrepreneurs who are about to launch a startup, at the very introductory stage think about what is going to happen at the end. The thought process includes how they will encash the funding in lavish parties or the big checks brought in when the company is bought under some stalwarts of the industry. While keeping up “high hopes” proves to be motivational for them, the experts have expressed this habit to be a mistake.

David Skok is a Boston area entrepreneur who has founded four start-ups and is a regular blogger touching on relevant topics reaching out to people just like him. Skok is one of the experts who is skeptical about using external factors such as accumulated wealth as a driving force for beginning entrepreneurs. He says - “The big lesson I learned was that, in the start-up world, if your primary focus is on making money, you usually won’t make money.”

Know more :  http://www.business2community.com/leadership/the-entrepreneurial-paradox-01689339#Mb6MJc1MVAxSYSjV.99

 

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Using Big Data with Account Management

We all get those helpless looks on our face when a stack of information and numbers are thrown right in front of us which are not only difficult to understand but includes intense labour in order to be managed.

People who are regular at managing and working with data can also get lost in this labyrinth of information and end up drawing farcical conclusions. However, such troubling days are finally over. As the ways to collect and process data increases, so does the insights. So, it is high time that we ditched the traditional method of basing decisions on past experience and anecdotes in order to sell a product, and used the art of big data management to ensure better product management

Read more at : http://www.business2community.com/big-data/use-big-data-sell-account-management-01679323#yhUtXuzWvCDbDYI4.99

 

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