Heard of the famous quote “In God we trust, all others must bring data” by William Edwards Deming? Today is a data driven world. Organizations across the world are accumulating large volumes of data over the years, which can be used effectively to derive business insights. The power of analytics has transformed the way we do Internal Audit today.
Corporate compliance is an engaging subject at board meetings as the new Companies Act, 2013 now casts very specific responsibility on the directors of companies to ensure effective compliance management system. An increasing trend towards governmental regulation, the quest for transparency by various stakeholders, and the proliferation of social networks mark the next step in the evolution of compliance management. In the past as well as today, major cases—from Enron to Satyam—serve as drivers and catalysts for further emphasis.
There has been a lot of buzz around smart cities in India ever since the Narendra Modi Government announced an investment of $1.2 billion to create 100 of them. For the common man, a smart city is a settlement which overcomes day-to-day challenges, bridges the gaps between people’s needs and civic realities and enhances the overall quality of life; such as providing clean water, managing the growing mountains of garbage, treating sewage, building a robust public transport system, managing traffic jams and providing a safe and secure environment for women and senior citizens. Other significant elements to this model include citizen-centric administration, education, health care, public-private partnership, and regulations for commerce and utility services, etc. — all essential to the delivery of innovative smart cities of the future.
Proliferation of data and technology has molded how people consume content, communicate, and receive products and services. This new “digital” wave is also transforming how companies do business — disrupting their existing operating models and changing the way they interact with their customers, suppliers, employees, shareholders and the public at large. Research elucidates that digital disruption has led to more than 52% of the Fortune 500 companies either going bankrupt, closing down, or being acquired, since 2000. Moreover, the scale of this disruption is expected to impact companies across sectors. Amid this rapidly changing business environment, a company’s survival would be dependent on its response to the digital challenge.
Advancing technology, global competitive pressures and dynamic market expectations have made businesses realize that their sustainability depends on their ability to innovate. Although innovation flourishes in nearly every small and big organization, most of it is still done in isolation and is sometimes not even linked to the company’s strategy. Research elucidates that not all innovations are successful. The issue does not lie in innovating per se but arises from “how” companies manage their innovation process.
The Indian e-commerce sector is expected to grow 70 per cent in 2015 and cross $6 billion to become one of the fastest-growing e-commerce markets in the Asia-Pacific region. Market players are providing various incentives to lure customers in order to gain market share. They have adopted a low margin and high customer acquisition cost business model. However, players must focus on long-term value creation while racing for the bigger piece of the pie.
Dinesh Mishra, Partner and Customer Leader, EY and his team launched the second edition of their flagship thought leadership series “EY Social Media Marketing India Trends Study” the previous week. Continuing from the success of the first edition of the report (released in 2013), this edition continues to track how Indian marketers and organizations are using social media platforms and how social media initiatives are evolving.