E-Com : a new digital form - M.Ravichandran

E-commerce, as the meaning of the word suggests, transforms the commerce into the daring new digital form. 

Ecommerce is nowadays becoming a more popular form of market than yesteryears. Everyone can have a mobile or tab with internet. So it is easy to buy or sell any product or service and transfer of money or data to execute a trade with simply one touch or without touching the gadget.

Various kinds of e-com way

As commerce transforms into e-com, so do the ways that it’s carried on. Some of the most conventional forms of e-com models:

B2C: It is the most trendy e-com model. It means that the sale of a product is taking place between a business entity and a consumer.

B2B: It refers to a business entity selling a product or service to another business entity, like a manufacturer and wholesaler, or a wholesaler and a retailer.

D2C: It is the newest model of e-com. D2C means that a product or service is selling directly to the end customer. There is no retailer, distributor, or wholesaler.

C2C: It refers to the sale of a product or service to another consumer. Consumer to consumer sales take place on eBay, Etsy, Fivver, etc.

C2B: Consumer to business is involved while an individual sells the product or service to a business entity. It covers photographers, consultants, freelancers, etc.

 

Here are some more forms of e-com:

Retail sale: It includes the sale of a product directly to a consumer without an agency or intermediary.

Dropshipping: The sale of products that are manufactured and shipped to consumers via a third party.

Digital products: Downloadable items like templates, courses, e-books, software, or media that must be purchased for use. 

Wholesale: Products sold in bulk. Wholesale products are usually sold to a retailer, who then sells the products to consumers.

Services: These are skills like coaching, writing, influencer marketing, etc., that are purchased and paid for online.

Subscription: A popular D2C model, subscription services are the recurring purchases of products or services on a regular basis.

Crowdfunding: Crowdfunding allows sellers to raise startup capital in order to bring their product to the market. 

 

Benefits of e-com

A lot of benefits is there to cultivate:

Online stores are open 24/7: Some of the stores even offer 24/7 customer support.

Cost saving: Operating an e-com website is substantially lower cost than constructing a brick-and-wall storage building. This reduces the selling prices of the products.

Comfortable comparisons: All the websites are just a few touches away. It’s much comfortable to make comparisons of brands, quality, reviews, prices, etc.

Time saving: Buying whatever you want is just with a few clicks. It surely avoids the driving to the store, picking the products, standing in queue and driving back to home.

Easy to find a product: Just enter the product name in a search engine. At once it displays the top websites. It can even show a way to order internationally.

Offers: Sometimes there are different offers are lining up, as the retail seller offers free shipping.

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BTC – an unimagined growth - M.Ravichandran

The idea of the Bitcoin, the first blockchain-based cryptocurrency, was conceived by Satoshi Nakamoto in 2008. The short name of the Bitcoin is BTC.

It is a decentralized virtual currency. There is no single administrator. It can be sent from user to user on the peer-to-peer bitcoin platform without any intermediaries.

A Research carried out by Cambridge University finds out that in 2017, there were nearly 6 million individulas having a cryptocurrency wallet, most of them trading BTC.

Some economists, including several Nobel laureates, have characterized BTC as a speculative. BTC has also been utilised as an investment, while several regulatory agencies have indicated investor alerts about BTC.

In 2011, the price started at $0.30 per BTC, growing to $5.27 for the year. The price rose to $31.50 in June. Within a short span of a few months, the price fell to $4.77.

In 2012, BTC prices started at $5.27, growing to $13.30 for the year. And then it crashed by 49% to $3.80. The price then rose to $16.41 in August, but fell by 57% to $7.10 immediately.

In 2013, prices started at $13.30 rising to $770 by January 2014. In 2014, prices started at $770 and fell to $314 for the year. In 2015, prices started at $314 and rose to $434 for the year. In 2016, prices rose and climbed up to $998.

Prices started at $998 in 2017 and rose to $13,412.44 in January 2018, after reaching its all-time high of $19,783.06 in December 2017. The BTC prices then fell from $9,052 to $6,914 in February 2018.

On 1 July 2018, BTC's price was $6,343. The price in January 2019 was $3,747. By June 2019 the price had recovered to $13,000.

During the week of 11 March 2020 as a result of the corona virus, Kraken, a crypto currency exchange saw an 83% increase in the number of account signups over the week of BTC's price collapse, a result of buyers looking to capitalize on the low price.

In March 2020, the price fell below $4000 during a broad corona pandemic related market selloff, after trading above $10,000 in February 2020.

In August 2020, MicroStrategy invested $250 million in BTC as a treasury reserve asset. In October 2020, Square, Inc. invested approximately 1% of their total assets ($50 million) in BTC.

In November 2020, PayPal announced that all users could buy, hold, or sell BTC using PayPal. In November 2020, bitcoin hit a new all time high of $19,860. 

Now the price of one BTC is going forward beyond $24,000.

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TRON – A Beauty of the Crypto Currency - M.Ravichandran

TRON is one of the crypto currencies. It works on block-chain based decentralized platform. The short name for Tron is TRX. 

TRX was founded in 2017 by Justin Sun and his team of Tron Foundation. It is a Singapore based non-profit organization.

TRON’s total market cap was about $1.6 billion in 2019. TRX can be purchased on exchanges for crypto currency like ETH or BTC. It can be stored on wallets. TRX was ranked 15^th on the list of largest crypto currencies by market capitalization in 2018.

The long-term vision for TRX and low-cost digital orientation makes it a capable venture in the block-chain arena. It started racing from USD 0.002, now its price is around USD 0.03. It is predicted that it will be rising over USD 0.15 in 2021 and USD 0.65 by 2025.

As it works on decentralized platform, it has full control of the data network. So there are no middlemen for hosting. Every data will be stored securely through block-chain technology. It allows investors to take wholesome gains. 

There are various TRX pathways. It includes 6 phases from Exodus, Odyssey, Great Voyage, Apollo, Star Trek and Eternity. Now it is in the phase of Exodus which provides free peer to peer platform.

In the phase of Odyssey, it will facilitate economic incentive to boost up content creation. In Great Voyage, it will deal with income payment and dividend management. In Apollo, it will handle with its own token to improve economic vitality. In Star Trek, it will be moved into decentralized gaming network. In the final phase known as Eternity, it will encourage crowd-funding.

If all the phases are achieved well in advance, the TRX crypto currency would be in peak of wealth creation apart from the risks laid along the pathway.

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Lean Manufacturing - M.Ravichandran

Lean manufacturing is a series of methods, philosophies and tools used to eliminate waste or defects in a business while productivity is improving.

“Going lean” starts with eliminating waste to focus on added value to the process. There are several types of waste:

•  Defects
•  Overproduction
•  Waiting
•  Non-utilized talent
•  Transportation
•  Inventory
•  Motion
•  Extra Processing

 

Let’s have a look at lean tools and techniques to minimize waste and maximize production.

 

Kaizen: The “Kaizen” means the “change for the better.” The idea of Kaizen is continuous improvement. It makes teams work together proactively and take responsibility for the respective areas within the business.

 

5s System: The 5S system is a method deriving from five Japanese words: seiri, seiton, seiso, seiketsu and shitsuke. These words mean to organize, tidiness, clean, standardize and sustain.

 

Kanban: Kanban eliminates waste from inventory and overproduction by following a method for streamlining the flow of inputs.

 

Heijunka: Heijunka is a Japanese term for “leveling.” Leveling is a kind of process that manufactures products in smaller batches by sequencing varying products in the same process.

 

Just in Time (JIT): Just in Time is a management theory involving only on manufacturing a product when customer needs it without it being hung up in stock.

 

SMED: Single-minute exchange of dies (SMED) is a process used to greatly reduce the time it takes to complete equipment changeovers.

 

Poka-Yoke: Poka-Yoke – a Japanese term for "mistake proofing" – is a technique used to ensure lean process manufactures quality products. Its purpose is to minimize or eliminate defects by preventing, correcting, or bringing to light any human errors that are occurring.

 

While considering the implementation of lean manufacturing, it's essential to keep the lean manufacturing cycle in mind: Identify value, Map the value stream, Create flow, Establish pull and Strive for perfection. 

Minimalism - M.Ravichandran

As we grow up, the desire to get such signs of success – be it a sophisticated villa, a luxury car or a business with revenue in the millions and customers around the globe – grows all the more enthusiastic.

Consequently, we are relentlessly striving for more: more money, more business, more assets, more luxury items, more of anything and everything.

But perhaps the ball is now returning back. It seems that more people are playing with the concept that excess does not necessarily go ahead to genuine satisfaction.

Contrary to popular belief, minimalism is not simply a case of ridding yourself of your possessions, moving into a tiny house, having a piece ‘capsule’ wardrobe or living a nomadic lifestyle.

Joshua Becker, the best-selling author of several books on minimalism and the man behind the widely popular blog Becoming Minimalist, shared his own definition:

“Minimalism is the intentional promotion of the things we most value by removing anything that distracts us from it. Please take note that minimalism is not about reducing the amount of everything. Quite the opposite: it is about reducing distractions to maximise more important pursuits.”

This distinction can play a pivotal role in how an organisation is run.

Often, business leaders plug away under the premise that bigger is always better. As such, they strive for expansion into new territories, branch out into different industries and expand their workforce in the hope of netting greater profits and more apparent success.

Put simply, bigger business can involve bigger risk. A higher profile inevitably leads to more exposure – which is not always a positive thing. Being thrust into the limelight can force ruffled rivals to investigate nooks and crannies, finding weaknesses or flaws to counter or highlight.

Higher exposure can also encourage more competition and a throng of copycats, some of which could ultimately do a better job. Further, more customers require more support, but rising costs don’t always correlate with growing profits.

Indeed, bigger can mean more expenses and more investment, which can dent profit margins rather than widen them.

Apple serves as a brilliant example of how this approach can also entail a decisive refocus on a few key products.

Writer and brand strategist Wesley Gant elaborated further: “One of the most notable turnaround stories in the history of business was Steve Jobs’ return to Apple in 1997, when the company was only months from bankruptcy.

“One of his first moves was to completely eliminate whole divisions, and reduce the product line to just four products: one desktop and one laptop for the casual user, and the same for the professional user.”

“That was the start of a course that would lead Apple to become the most valuable brand in the world. Jobs followed a minimalist, ‘zen’ philosophy, and Apple’s approach – to business and to products – became an influential case study for not only Silicon Valley, but entrepreneurs, designers and CEOs everywhere.”

Theory of Constraints - M.Ravichandran

The Theory of Constraints is a way towards profit.

At least one constraint shall be there in every business. Constraint limits the system from getting more of whatever it strives for, which is in fact a profit. 

The theory defines a method that can be in force to manage constraints, thereby increasing profits.

Most of the businesses yet considered for a chain of processes that transform inputs into saleable outputs.  

It is realized that conventional accounting systems do not support TOC, or lean-based efforts. It proposes replacing all traditional measures derived from the "product cost" accounting paradigm.

The following measures are the only way to increase profit through TOC:

Throughput: For which price the organization generates money through sales. Throughput represents all the money coming into an organization.

Inventory: All the money the organization invests in things it intends to sell. Inventory represents all the money tied-up inside an organization.

Operating Expense: Operating Expense is all the money an organization spends turning Inventory into Throughput. It represents the money going-out of the organization.

All three of these measures are interdependent. This means that a change in one will result in a change in one or more of the other two. 

Therefore, to improve organization using TOC, we as the change agent would adhere to the following formula:

Maximize Throughput while Minimizing Inventory and Operating Expense.

Relationship between Human and Robot - M.Ravichandran

Robots play well to achieve the tasks in most of the shop floors. Human resources need to take training for more tech savvy roles in designing and programming.

By the way, the relationship between human and robot has to be strong enough as well as safe.

Deep focus required for new developments in artificial intelligence, facilitating robots to play more cognitive tasks and make more independent decisions.

The story can include data describing restrictions and various parameters such as material types, available production methods, budget limitations and time constraints.

The algorithm explores every possible configuration, before homing in on a set of the best solutions.

The proposed solutions can then be tested using machine learning, offering additional insight as to which designs work best.

One of the major advantages of this approach is that an artificial intelligence algorithm is completely objective – it doesn’t default to what a human designer would regard as a “logical” starting point.

No assumptions are taken at face value and everything is tested according to actual performance against a wide range of manufacturing scenarios and conditions.

Artificial intelligence algorithms can also be used to optimize manufacturing supply chains, helping companies anticipate market changes.

This gives management a huge advantage, moving from a reactionary/response mindset, to a strategic one.

Artificial intelligence algorithms formulate estimations of market demands by looking for patterns linking location, socioeconomic and macroeconomic factors, weather patterns, political status, consumer behavior and more.

This information is invaluable to manufacturers as it allows them to optimize staffing, inventory control, energy consumption and the supply of raw materials. 

From the designing process and shop floor, to the supply chain and administration, artificial intelligence is destined to change the way we manufacture products and process materials forever.