No matter which industry it may be, enterprise braves so many challenges in its journey in the form of inflation, crippling supply chain and scarcity of skilled workforce (not the case in India) and more factors can be added further.
Occasionally, the response lies in the shrinking of activities by the business in a bid to control costs but this can jeopardize growth severely.
But then, when a business operates through the cloud, such can never turn out to be an ideal option.
I enlist 5 actions which small business enterprises look for, to reduce costs and to emerge more efficient, a big thanks to AWS.
1). Let Data Guide And This Is Key:
To keep an eye on costs, data collection practice should be distilled to gain meaningful insights.
For meticulous data management, tech solutions should be relied upon and a common threat should be created among diverse consumer attitudes to garner insights which would let us make effortless profits.
We have the instance of Gourmeat, a retail point for meat, which relied upon MS Excel to regulate exclusive inventories in a manual way. But they had to invest 4 hours’ worth of effort every week to draw out the needed reports.
Later they opted for an integrated inventory application on AWS and they got reports in just 20 minutes every week.
Tech news updates in India that you can trust.
Besides, data got updated in real-time as multiple access was managed simultaneously.
This helped Gourmeat to better utilize its assets, choice shipments to retail centres as well the enhanced shelf life of its meaty items.
Tech news updates in India to help you initiate wisely.
2). Workforce Is A Critical Asset:
By making our workforce more trained in office and industry automation, professional excellence can be brought into operations and we can reduce costs too alongside managing risks and taking on new threats too.
Cloud tech framework is worth learning in order to flatten the obstacles and thrive. Smart employees can anticipate, explore and adapt to newer scenarios.
Here, I would like to pin down Paymerang, which is a fintech group that went for upskilling their workforce with AWS Training and Certification, following which, they registered lesser time in providing service, a great decrease in recovery time and this infused a feeling of job satisfaction among the employees and resulted in customer retention too.
3). Adopt Automation For Repetitive Tasks:
In today’s world, employees are put to high-value project tasks and by aligning with the premium technology, productivity is refined. We have ML (Machine Learning) which fuels extensive automation and lies in our easy reach.
AWS has numerous pre-designed AI services for revamping applications and workflows and such are easy to use and manage.
Tech news updates in India when it comes to deciding judiciously.
Numerous enterprises across industries get a set of queries which are commonly asked by first-time customers initially and such is time-consuming and tedious in nature.
But to unclutter this menace, they can simply deploy chatbots to take over the call-centre work on AWS and this will make most of the employees free and they would work on high-worth tasks and serve customers more efficiently.
A business suffers when customers turn their back on it and this simply is a nightmare for small businesses. As such, it is always fruitful to have knowledge about customers’ issues and how the price hike hits them and accordingly, businesses can unroll flexible payment options before them.
As such, when a business serves the customers with personalized touch and sensibility and by keeping their problems in mind, they can simply expect deeper customer loyalty.
Cloud framework becomes more promising here and with sufficient skills and knowledge, the workforce can tackle challenges and tread the path to occupational glory.
A shining example is Desygner which houses premium apps for graphic designing and it managed to double its users count which resulted from AWS’s marketing communication software.
Tech news updates in India to help you lead from the front.
With this software, they created emails personalized to each customer with contents of their interest and such is what effective communication is all about, aimed at problem-solving and making customers gleam with delight.
5). Abandon Capital And Opt For Operational Expenses:
In general enterprise management, we confront the term capital expenses, referring to business processes machinery and which calls for investment and maintenance, but such are expanded or contracted as demand fluctuates.
But then we have their counterpart, operational expenses too, and business management are protected from making huge investments for a longer duration while the factors of maintenance and scaling up or down never bother them.
Tech news updates in India to help you look beyond.
This is the reason why AWS Cloud set-up is a hot favourite among business executives and they pay as per their usage per minute.
No matter whether peak season arrives or departs, AWS charges for the time executives use their service for customer communication.
In the broader scope, companies are saved from coughing-up huge amounts for call-centre maintenance and they focus on more critical aspects of the game, like improving customer service and their experience. AWS takes care of the rest.
Finally dear reader, in testing times, enterprises fail to look beyond and feel exhausted, as if they have run out of options but with a focused approach, they can act judiciously and can take appropriate decisions timely.
To ensure profitability, leaders can look up to several tools lined up before us and tech innovation simply unlocks light to us, when we find our vision blurred.
With empathy and by realizing the worth of our crucial assets, i.e. customers and workforce, choices spring before us, swiftly.
In India, the 2000 rupee note is of the highest denomination (as of now) which will vanish from our sight and at every Indian site soon, as RBI has decided to purge the economy from such currency.
The RBI decision has invited trouble and controversy. The central bank maintains that the 2000 rupee notes were pushed to fuel the money circulation in the Indian economy, which was shot in the arm following the demonetization.
The central bank has emphasized time and time again that it tends to choke the circulation of high-value notes.
These have been four years since the printing of these notes has been halted.
Congress party veteran P. Chidambaram took aim at the move and claimed that the 2000 rupee denomination has always been favourite among those hoarding black money, given the ease of maintaining high value.
Tech news updates in India to unroll the elbow-room to think and evolve.
The government has been tight-lipped about the timing of the move but the thinkers credit this to the state elections which were due in Karnataka and the upcoming general elections and we unearth high-decibel use of cash in such times.
But dear reader, decades ago, even before the 2000 rupee note was introduced, there floated a 10,000 rupee note across India.
RBI had supported the idea of supporting such notes into circulation again, i.e. 5000 and 10,000 rupee notes when Dr Raghuram Rajan used to be the RBI governor.
RBI notified the Public Accounts Committee that the central bank had zeroed in on the idea in October 2014 while this got space in TOI (Times of India) in 2017.
Tech news updates in India to empower you digitally.
They planted the reason that the Rs 1000 rupee note had lost its value amid the rising inflation.
After some 18 months, the government put into RBI in May 2016 about its willingness to issue Rs 2000 rupee note and that the printing presses were instructed to go ahead in June 2016, simply to empower households.
Late Jaitley, who used to be the finance minister at that time, announced the government’s rejection of the recommendation for 5000 and 10,000 notes, as they wanted the currency to be made instantly available to the common man and therefore, 2000 rupee note was admitted into the system.
However, Dr Raghuram Rajan was also apprehensive of the counterfeiting and said, “Given that we are in a somewhat difficult neighbourhood, there is some concern on the extent of forgery that will take place if we do too large value notes,”
“There have been arguments that we now carry very thick wallets because we need very many notes to make ordinary payments,” but also pointed out that 10,000 rupee notes augment the value which comes from forging it and one enjoys incentive on investments, which is related to the act of forging.
This was in 1938 that India had Rs 10,000 note and this was nullified in 1946 it was again introduced in 1954 and remained in circulation till 1928.
We identify the countries with extremely high inflation as the lands which have high denomination currency in circulation and as the value melts, the households still feel resilient to complete effortless purchases.