Industry Experts

  What do you mean by offshoring? Offspring is a business process whereby an entire business function is entrusted with an entity based in a foreign country. Call centers and KPOs are ideal examples of non-manufacturing offshoring.  Why do companies offshore important aspects of their businesses? Offshoring is primarily done by companies based out of established markets to lesser economies to take advantage of lower labour costs. However, some organisations may seek specialised skills in a particular country or may intend to build a presence in that country and offshoring could be the most viable means of achieving those objectives.  Who are offshoring consultants? Offshoring consultants  are agents or companies who act as your counsellor and guide in the offshoring process. They advise you on the best possible resources and business strategies to optimise your offshoring objectives.  What are the benefits of engaging an offshoring agency? Work with experts in t...

  What is medical equipment? Taking a cue from the definition of medical devices given by the World Health Organization, healthcare devices are instruments or machines used to diagnose and treat diseases. Medical equipment requires calibration, periodic maintenance, repairs, and technical training for practical usage.  Which are the most commonly used   hospital healthcare devices ? Hospitals are required to be well-equipped to handle various health hazards. The primary instruments and machinery needed to tackle simple to moderate complications include the following: Stretchers Wheelchairs Anesthesia Machines Defibrillators ECG Machines USG Machines Electrosurgical Units Sterilizers Patient Monitors Surgical instruments, such as scalpels, scissors, etc Surgical tables Though the list is in exhaustive, the devices mentioned above are mandatory to operate a hospital with the necessary care management. What are the latest trends in the medical device industry? Hospital produ...

  What do you mean by fashion accessories? Fashion accessories  are items worn or carried to complement your basic attire and enhance your overall appearance. These items can be broadly divided into two categories, namely, wearables i.e. products that are worn like belts, hats, scarves, stockings, sunglasses, high-heels, jewellery, watches, boots, etc., and things that are carried around, like handbags, wallets, pens, laptop bags, backpacks, key chains, umbrellas, etc.  Why are clothing accessories such a rage in modern times? Looking good is not only necessary at personal gatherings but your appearance can actually make or break a business deal. Fashion accessories give an insight into your character, your preferences, and even your mood. Dark sunshades with dark-coloured clothes may be a hint of a reserved personality, while a red handbag coupled with a red-banded wristwatch worn along with a white classy dress can denote a person of rich yet modern aesthetic background...

  What is sourcing? Sourcing refers to a business process of identifying, engaging, and procuring products or services from a third party, usually from a foreign country to facilitate your business requirements. While it is primarily used in supply chain management, it can also form a part of human resources and marketing functions. What do you mean by  B2B sourcing ? B2B sourcing is often a digital platform that brings buyers and manufacturers/service providers together to enable procurers to source products from suitable suppliers. The marketplace allows procuring companies to select the ideal supplier from a vast gathering of manufacturers. This ensures fair play for all the parties involved.  What are the key factors of B2B procurement platforms ?  Some of the vital features of a B2B sourcing platform are: a)  self-service enablement: an effective marketplace should allow buyers and sellers to engage in business dealings with transparency and free flow b) ...

Contract manufacturing is a form of outsourcing where the contractor undertakes to produce goods (or provide services) as per the specifications of the buying company. The latter focuses on assembling the parts of the products that has been outsourced and then marketing the same. Alternatively, if the entire production is taken care of by the contracting company, then the buyer can only concentrate on marketing and other business functions.  What are the advantages of contract manufacturing in textile industry? Among the several benefits of contract manufacturing, the key factors affecting the textile industry in particular are: a)  Quality assurance: Given their technical and technological expertise, you are assured to get ready-to-market high quality products. b)  Cost saving: You can save on high-investment factory set-up and machinery costs. You can either invest in an assembling unit or a warehouse for receiving and dispersing finished products. Certain contract manu...

A study by the US Bureau of Labor Research shows that 20% of startups close down within the first year. The figure for the second year is worse at 33%.  These figures alone emphasize the significance of engaging a business intelligence expert who can handhold you through the entire startup process and beyond.   Who is a Business Setup Consultant? Industry setup consultants  are individuals or organisations that specialize in building a go-to-market strategy for you, implementing the same, and monitoring the outcome over a period of time. They will further advise you on remedial measures and other action points as  the project progresses towards final completion and commencement of commercial operations.  What are the essential roles of an industry setup consultancy?  Provide an outsider’s perceptive to your business idea. Perform an in-depth SWOT analysis that reflects on your internal business management strengths and weaknesses viz-a-viz the market o...

  Manufacturing is an integral part of a product-centric business. However, not every entrepreneur has the wherewithal to proficiently run a production unit. While self-owned manufacturing facilities have their advantages, they also come with a host of challenges that can derail you from your overall business objective.   Contract manufacturing  is the answer to your production needs. A contract manufacturer is the one who undertakes to produce parts of your product that can be assembled at the assembling facility or delivers market-ready finished products to the warehouse or directly to the selling outlet. Types of contract manufacturing Private-label outsourcing:  In this arrangement, the buying company outsources the entire manufacturing responsibility to a third-party contract manufacturer. The contractor then produces the entire product based on the design and technical specifications given by the client. Component-specific manufacturing:  Some companies ma...

  A layman’s perspective of running a business may be a three-dimension approach; a) an office setup and administration to take care of the daily business activities, b) a factory unit where goods are produced, and c) a marketplace where the finished products are sold at a profit.  While these elements give a broad idea of the different aspects of business operations, there are several other nitty-gritties that go into running a profitable business. One of the key considerations is whether to run your own production unit or outsource the same.  Manufacturing consulting firms  are proficient in giving the appropriate guidance in this matter. Manufacturing industry scenario Out of India’s GDP of approximately $ 695 billion in the first quarter of FY22, the manufacturing sector accounted for nearly $77 billion. India is well-positioned to become one of the most sort-after global manufacturing hubs by 2030 with an estimated annual contribution of $ 500 billion to the glo...

  India’s sporting history goes back several thousand years. Along with indoor games like dice and chess, outdoor sports such as archery, wrestling, swordsmanship, and boxing can be traced back to ancient times.  It’s no wonder that  sports equipment manufacturing companies  have sprouted across the country in the past six decades. Sardar Ganda Singh Oberoi founded the first sports goods company in Sialkot (present-day Pakistan) in 1883. The company started exporting goods to England in the following year.  Post partition, Meerut and Jalandhar has emerged as the hub for the sports equipment manufacturing industry in India. Currently, these two cities and surrounding areas account for 75-80% of the country’s total production of sports goods.  The industry produces about 318 varieties of sporting equipment. The more popular ones are hockey sticks and balls, cricket bats and balls, fishing equipment, indoor games like carrom and chess, gymnastic and sportswear...