Published on: 20 December 2019
Last Updated on: 10 September 2024
In recent times, supply chain management (SCM) has had a huge impact on global business. The presence of an efficient SCM system can directly improve customer service, benefiting the producers and distributors simultaneously. This article talks about the operations that supply chain management encompasses and the advantages that it comes along with.
Supply chain management ꟷ definition
Supply Chain Management (SCM) is an important part of every business organization, no matter the size. It refers to the effective management of stock chain activities to maximize customer benefit and gain a sustainable competitive benefit in the international marketplace. In addition to this, SCM also deals with the movement and storing of materials needed to create the final product, inventory management and keeping track of finished goods.
Another important aspect of SCM is the strategic alignment of end-to-end business processes to determine market and economic value. Keeping a good supply chain management system in place can drastically improve the efficiency of plants, warehouses, and transportation vehicles. In brief, SCM plays a crucial role in the final standing point of a company.
The importance of employing supply chain management to business
Supply chain management has turned out to be an essential part of a business and is crucial to every company’s progress and customer comfort. This is because SCM has the power to increase customer service and reduce operating costs. It also improves the financial position of a company. The following pointers explain how supply chain management helps a business to execute all of this:
Meeting customer expectations to deliver the correct product mix and quantity to be delivered on time, in the right location;
Providing efficient follow-up support right after a sale is made;
Decreasing the purchasing and production cost, for example, quick distributions of costly products and raw materials;
Setting up a proficient SCM system to design a network that meets customer service goals on behalf of wholesale manufacturers and retailer suppliers;
Assisting businesses to control and decrease supply chain expenditures, thereby increasing profit leverage;
Reducing the use of large fixed assets such as plants, warehouses and transportation vehicles, which can essentially diminishing cost;
Enhancing cash flow by contributing to the speed of product flows to customers.
The structure of an SCM degree curriculum puts emphasis on leveraging the effects of the operations, as well as the effects of supply chain management on business performance and its objectives. Choose to obtain knowledge with Diploma in Supply Chain Management today and gain a fundamental understanding of company SCM from a global perspective.
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We have already stepped into the digital era. And when we are talking about the digital era, we are talking about all the digital information audiences consume every day, and all the data companies collect daily. All these data fall under an umbrella term, Master Data.
Over the last couple of years, companies had a hard time managing all the data effectively. As most companies are taking the digital approach to engaging with their audiences, data has become the only source of information to understand their audiences better.
Master data is the most powerful asset of the company that helps the company make business decisions. All the collected data are categorized and pruned according to the need. Then the data are filtered out department wise.
Given how effective data has become in the modern era, Master Data Management has become an important aspect of business irrespective of any size.
The whole process deals with the need to end data monitoring. The process starts with collecting the data from the relevant sources, and then the data are categorized according to the needs—these data are then used in the business strategies.
How Can Master Data Management Help Businesses?
Master data management helps the business to come with effective strategies that can perform well in the market. Here are the benefits that you can reap after integrating Master data management in your business.
Improved Data Quality
As the MDM streamlines all the data and forces it to go through a single pipeline, it eliminates all the unnecessary data. As a result, the user can work with the current data that is of high quality. MDM acts like a database or a single source of information. This helped the business solve all the confusion that had been a part of the spreadsheet.
Reduces Cost And Time
It can be challenging for companies to manage all the data collected every day without master data management. The complexity of data management is very challenging, and it also takes up a lot of time. However, with the gartner MDM, you can leave all the work to the data management software.
Avoid Data Duplication
While you are working with the decentralized application, redundancy can be one of the major problems. This can lead to lots of confusion and can create a crisis for your business. As data-driven businesses are directly dependent on the data, it becomes necessary that you take extra care of the master data.
Increased In Data Accuracy
Data is of no use if it is not relevant to your business. MDM helps to prune out all the unnecessary data. As the discrepancies can create a ripple that can damage the business's efficiency, it is crucial to get it right at the master data level. Once you can do this, the data accuracy will get a significant boost.
Easy Data Edits
Without the master data management tool, there is a chance that the users will record data in multiple locations. This can really affect the business in the worst ways. If that happens, then the data will remain isolated from the users and will create inconsistency issues. However, if you have MDM, any changes you make will directly reflect the respective data locations. You will not only be able to do a custom edit. But you will also be able to filter out the relevant data.
Master Data Management: A single Source Of Truth
Effective data management needs lots of hours before you can actually use the data. However, with master data management, you can easily overcome challenges like managing data manually, redundant data, and data discrepancies are solved in one go. You can break free from the cumbersome sheet, and complex data structures used to eat up lost time.
What are your thoughts on master data management? Have you ever used this method for your business? What was your experience with master data management?
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There are all kinds of businesses for which individuals have to fill out applications. You might have a banking app, for instance, and someone wants to fill out an application so they can purchase a CD or open a new checking account. You might have a website set up with a paywall, and some individual is trying to apply for membership.
There are many more business models where people try to fill out applications to become members, purchase things, get in line to buy new products coming out, and more. If they can fill out an application with no issues, it benefits them since they can get what they want, and it helps the business since it can generate revenue.
However, application fraud does exist, and it can harm a business entity significantly. In this article, we’ll explain what application fraud is, and we’ll go over some reasons it can devastate a business if that company can’t figure out a way to identify and block it.
What Exactly is Application Fraud, and Why Does It Happen?
There are all kinds of ways to block application fraud, such as AI machine-learning fraud protection. Before we talk about any of that, though, you should understand exactly what we mean when we use the term “application fraud.”
Application fraud occurs when a malicious individual or entity tries to sign up for a new account. They might do so on a website or through an app. They will usually use stolen or synthetic identities to do so.
They might sign up for a single fraudulent account, or they might create and run programs that try to activate hundreds or even thousands of new accounts at the same time. But why would anyone do that?
Profit is one reason. Someone might sign up for thousands of fraudulent accounts and then use the dark web to sell those activated accounts for a much lower price than the business would charge.
Mischief is another reason. Someone might try to activate all of those new accounts because they like destroying a company and tearing down what the business has tried to build. Some hackers are essentially anarchists, and they try to demolish legitimate businesses for no other reason than because they can.
Now, let’s examine three potential application fraud impacts.
A Company Can Lose Money When This Happens:
Let’s say that a hacker creates a program that tries to open thousands of new accounts at one time. The accounts they create give those who utilize them access to exclusive website content behind a paywall.
If the hacker is successful and sells those active accounts to dark web users, they will start using those accounts. The website, or site network, can potentially lose thousands of dollars or more. If they cannot generate revenue through legitimate, active accounts, then they may have to shut down eventually.
Their Site Can Crash:
A hacker might also create a program to try to open up lots of fraudulent accounts at the same time, and the website has safeguards in place that can identify and nullify the attack. However, the program might be so pernicious that it overwhelms the website’s defenses.
The hacker might not be able to get all of the active accounts that they wanted, but the company’s site can crash. When that happens, it might take their IT department several days to get it up and running again.
They Might Have to Pay for Tons of Overtime Hours:
In the scenario we just described, the company might have to pay their IT staff lots of money for the overtime hours they are putting in to get the website running once more. They might not even have a regular IT department, in which case, they will likely have to reach out to web developers or IT specialists via Upwork or some other freelancer platform.
This will ultimately cost the company money, and though they might have blocked the hacker’s attempt at stealing accounts, that hacker will have the last laugh. The company must still expend both cash and resources trying to bring their site back online.
Application fraud can be problematic, but entities do exist that can help companies that are dealing with it. For instance, you can reach out to an entity that has AI-enabled software that can detect these attacks as they happen. They use advanced algorithms to zero in on the attack and stop it before it can go into effect.
The Role of AI in Detecting and Preventing Application Fraud
Application fraud is a problem that every business faces, regardless of size. Whether it’s a person using fake or stolen information to open an account or a hacker trying to create thousands of fraudulent accounts at once, the impact can be significant.
And Artificial Intelligence (AI) is helping businesses more effectively detect and prevent application fraud than ever before. But what is AI? And how does it stop fraud?
How AI Helps Prevent Application Fraud
Fraudsters often try to trick systems by creating fake accounts, using stolen identities, or running automated programs that generate multiple applications at once.
Traditional methods of fraud detection, like setting up rules that flag suspicious behavior (e.g., if someone opens multiple accounts in a short period), can catch some fraud, but they often fall short. Fraudsters are always coming up with new tricks to bypass these rules.
AI, on the other hand, also analyses but not according to strict pre-determined rules. It analyses real-time patterns and can catch even the tiniest of hastily hidden needles that may escape older systems.
Here are some ways how AI can stop application fraud:
Real-Time Detection
As applications come in, AI analyses them and looks for mismatched personal details. This could be within themselves or from other sources. For example, strange relationships between entities, strange activity, or use of synthetic identities (fake identities created based on stolen/made-up information).
Since AI can analyze fast enough, it flags these suspicions in real-time and helps companies shut down a fraudster before they have a chance to attempt fraud.
Recognizing Patterns of Fraudulent Behavior
AI learns from past incidents of fraud.
For example, if fraudsters often use certain email domains or apply for accounts at specific times of the day, AI can pick up on these trends and flag them in the future.
The more data AI systems are exposed to, the better they become at spotting fraudulent behavior, even if the fraudsters change their tactics.
Blocking Automated Fraud Attempts
Some fraudsters use bots (automated programs) to create thousands of fake applications in a short time.
AI can easily spot when an abnormal number of applications are coming in from a single source. Or, when bots are generating these applications based on behavior patterns that differ from human activity.
Once it’s been determined that fraud is occurring, AI can block these attempts so that you don’t have to deal with this type of fraud further down in your process.
Improving Over Time
AI’s biggest advantage is its ability to learn and improve. The more it is exposed to fraud, the more it understands new types of fraud.
Traditional methods require manual updates and are often redundant when confronted with evolving fraud.
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Which product was originally marketed as an esteemed brain tonic & intellectual beverage?
Coca Cola
Pepsi
Sprite
Thums Up
Correct Answer: Coco Cola
The success and failures of an organization depend on its marketing strategies. The strong marketing plans are, the rapidly you will observe growth. It is basically a summative master plan drafted by specialists in an organization to reach a maximum number of prospective leads.
The final goal is thus to convert those leads into potential customers in the long run. Therefore, brand message and taglines are two of the most crucial components of marketing. Without a quirky marketing tagline, it is possible to capture a market after a particular stage.
There are some unique brand taglines that the world would remember forever. One such tagline is “Esteemed Brain Tonic & Intellectual Beverage.” But do you know which company or brand marketed their products with this tagline? So, today, in this article, we will answer Which product was originally marketed as an esteemed brain tonic & intellectual beverage?
Which product was originally marketed as an esteemed brain tonic & intellectual beverage?
You must have searched this question multiple times on the Internet but failed to receive a confirmed and suitable answer, right? Well, you now are at the right place because, in this segment, we will answer which product was originally marketed as an "esteemed brain tonic & intellectual beverage"?
So the famous brand that initially marketed its products with the slogan "esteemed brain tonic & intellectual beverage" is Coca-Cola. Yes, you heard it right, it is your favorite drink only! It has changed its slogans several times since its inception. However, this was the original one when it arrived in the market for the first time.
Some Hidden Facts
Here are some trivia about Coca Cola which we bet nobody knows. However, through extensive and in-depth research about the brand, we have become able to extract this information. So brace yourself to get some fantastic surprises.
During its first hit in the market of the United States, the company advertised it as an "Esteemed Brain Tonic and Intellectual Beverage." In addition, it was also marketed as a ”brain nerve tonic” as well as an “Intellectual beverage.”
In the beginning, it also promised to “cure headaches, relieve exhaustion, and deliver you with exhilarating and invigorating joy.” Moreover, it was beneficial for women and said that “ladies, and all those whose sedentary employment causes nervous prostration.”
You will be surprised to know some sources state that it was accessible only in the pharmacy shop during its initial days. But later, with time, it has made its way to the restaurants, food outlets, frozen food shopsç, etc., as a soda-based carbonated soft drink.
Brief Description Of Coca-Cola
Just the name of the brand and some facts are not sufficient enough to answer this question - Which product was originally marketed as an "esteemed brain tonic & intellectual beverage"?. So we have elucidated the history and present marketing tactics that the company adheres to at present.
Coca-Cola is actually a carbonated soft drink found by The Coca-Cola Company. As we have seen in the previous section, initially, it was a patent medicine and a temperance drink. Then, at the end of the 19th century, John Smith Pemberton founded this company while contemporary business tycoon Asa Griggs Candler bought it.
It is said that the marketing principles of Candler led Coca-Cola towards what it is today. This soft-drink giant uses two critical ingredients among many to prepare the drink: Kola nuts and coca leaves. Nevertheless, the formula of Coca-Cola is intellectual property, and therefore, it is a trade secret.
Coca-Cola introduced a plethora of variants all over the world. There are fruit flavors apart from the caffeinated version which is pretty popular. Some of the other quirky versions are Coca-Cola Zero Sugar and Diet Coke, Coca-Cola Vanilla, Coca-Cola Raspberry, etc.
The marketing tricks which Coca-Cola adopted to take these products nearer to the customers are incredible. It is their marketing tactics that have made them stand steadily amidst a severely competitive market even after series of criticisms.
Marketing Strategies Of Coca Cola
There is much more in this article rather than simply answering Which product was originally marketed as an esteemed brain tonic & intellectual beverage? By now, you must have understood that when it comes to marketing and branding, Coca-Cola ranks higher in position than many of its competitors. One of its prominent examples is its first marketing message - “esteemed brain tonic & intellectual beverage.
Let us now take a detailed look at their marketing strategies today:
Product Strategy: In terms of products, the brand is highly versatile as it has released a range of innovative drinks in the market: Sprite, Fanta, Diet Coke, Minute Maid, Fuze Tea, Powerade, Coca-Cola, Simply Orange, etc.
The Bottle: The design of Coca-Cola’s bottle is one of the defective marketing strategies. The bottle design is itself a part of the logo and is an outcome of a contest arranged in 1915.
Pricing Strategy: Its pricing strategy is one reason why they are a rival of many other leading brands. For 73 years from 1886-1959, they kept a fixed price and that is 5 cents. Later the price upgraded with the economic changes but still, it is a really affordable purchase in the market still now.
The Final Words
As you have arrived at the final stage of the article, you have not got a clear idea about, Which product was originally marketed as an esteemed brain tonic & intellectual beverage? There is no limitation on to what extent a brand can frame its marketing strategies. But whatever they design, those must be effective enough to catch the attention of a considerable customer base.
If you have any other ideas on this topic, feel free to leave a comment. Also, forward this message to anybody who wants to enhance their knowledge through this little fact about Coca-Cola. Finally, if any question pops up in your mind, do not forget to let us know by posting it in the box below.
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