Being a “software as a service” provider company, you must invest in marketing for your product as much as your competitors do. Every company regardless of what size it is and whether it belongs to the FMCG sector, electronic appliances, automobile, or any service sector, is going to need some sort of promotional function on its side. Public Relations is a good option. It’s a great way to get everyone talking about your product. Also known as PR, this is a fantastic way for many businesses to establish direct contact with their audience. But what does a PR firm do for a SaaS company? Let’s find out:
1. It Can Ensure More Credibility For Your Brand
If you are looking to create a more honest and reliable image of your company among your customers, public relations can help. Creating a positive image for your brand is a very vital component of public relations from the start and it has always been this way. When you are looking to increase the credibility of your company, you are also looking to invoke a sense of trust among your customers. This has to be driven by real opinions that are not biased at all. For this, you have to come across as a considerate brand. And to achieve this, you must connect with a reliable and skilled public relations company that understands your sector as much as you do, if not better.
2. It Is A Low-Cost Option
Who told you that PR is going to be expensive on your budget? Even the most elaborate public relations function is going to prove to be a low-cost option. This is because there are custom promotional campaigns available for small-size, medium-size, and large-size businesses. The implementation of a PR campaign can be as customized and streamlined as you want it to be. You can either pause it at your convenience or even keep it running for as long as you want. It does not necessitate for you to have a high monetary outlet. Most of the public relations functions that are recommended by marketing gurus use free media coverage which means that there is little to no investment from your side for the most part.
3. Don’t You Want To Become A Category Leader?
Becoming a category or industry leader is a dream come true for every SaaS company out there. You want to lead the innovation circuit. You want to become the pioneer in your sector. With public relations, you can establish a strong dialogue with your consumers. You can easily convince them to buy your product (and also ditch the offerings that are available to them via your competitors). But of course, this message is going to be very subtle and in a way that will help them understand just how skilled, experienced, and knowledgeable you are as a brand.
4. Great Reach At A Very Affordable Price
This is a very big reason that a lot of technology and solutions companies in the IT sector are aiming for public relations. The reach of these SaaS PR firms is phenomenal. It can help you connect with your target audience more easily. As a tech company, you are able to reach even the furthest corner of your target demographic by leveraging the popularity of these PR professionals. They help you understand the many ways you can use social media to widen your reach and gain more attention even internationally. Public Relations is not only a great way to create more awareness about your brand but also about the various offerings in your product portfolio that would otherwise go unnoticed by most of your prospects. Your campaign can be run on various mediums such as television, radio, podcasts, online news websites, print media, and a lot of other channels that you may have not even tapped into before.
5. Constant Activity
Just as pointed out above, this can be a constant exercise or it can be a periodic one. Depending upon your needs and your financial capability, you can choose to stay in the minds of your customers for as long as you want. It can be only for the duration of a project or up until the launch of your newest product/service.
Final Thoughts
Public Relations is critical to the success of your SaaS company. Almost everyone in your industry is already using it in some way or another. It is time for you to invest in it as well. The sooner you do it the better it is for you.
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Project management isn’t simple. People, resources, budgets and time need to work together. If something isn’t in place, it can slow down productivity and cost you more money. This post will show you how to manage a construction project successfully by using the right tools and staying organized. Check out our tips for successful construction project management below.
Be Prepared
Being fully prepared with the most information possible is necessary for a construction project of this scale. This can be difficult, especially when you’re trying to coordinate the schedules of multiple contractors, engineers, and other stakeholders. Most information can be found from clients, suppliers, and co-contractors; however, some information may need to be found with a request for information (RFI). This means you may need to ask for information from the other parties involved with your claim. To benefit, your RFI in construction should be specific and relevant to your case.
Set Realistic Budgets
Setting realistic budgets is essential to good construction project management —and it’s one of the most important things you can do to ensure that your project meets its budget. A budget is important because it helps you manage your construction project by defining how much money you have to spend so that you can manage your client’s expectations properly and they don’t end up with costly surprises. A good budget will help you manage your construction project because it forces you to think about how much money is available for each aspect of the project.
Plan Your Resourcing Correctly
An important part of project management is resource allocation. In construction management, resource allocation is essential for project success. If you don’t allocate your resources correctly, it can lead to delays and cost overruns that could have been avoided altogether. Resource allocation is one of the most important skills in construction management. It’s easy to understand how resource allocation can lead to costly mistakes if you don’t take the time to think through all the details before you start a project.
Revaluate Project Plans
Even the best-laid plans can go awry, so keep an eye on your plans and update and adapt where necessary. Check in with your team to see how they are doing so that you know what time targets you’re hitting, and if you’re missing any find out why. If you have a to-do list, make sure that it’s up-to-date and complete. If you don’t, start using one! It will help keep your plans clear so you’ll know if anything is falling through the cracks.
Communicate Continuously
You need to communicate with your team members and clients on a regular basis so that everyone is on the same page. Communication should be open, clear, and concise. Many construction projects are large and complex so it’s vital to have the latest information from all parties involved. Your job managing the project is to be the glue that holds everything together.
Do you run successful construction projects? Share your tips in the comments to inspire others.
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In today’s fast-paced economy, businesses can’t take a solo flight and achieve business goals. To achieve perpetual growth and increase revenues, businesses need to work closely with all parties involved in fulfilling core business operations. This includes a business’s suppliers, logistics partners, warehousing, distribution, retailers, and end-users or customers. Increased sales can be directly attributed to how successfully a business collaborates with the entire supply chain.
Supply chain management has immense potential to enhance business operations, improve productivity, and increase a business’s agility to changing market trends and customer demand. This article sheds light on the importance of supply chain management and its effective role in the corporate sector.
Understanding Supply Chain Management
Every product that reaches the customer is a result of a chain of activities, starting from acquiring raw materials from nature to processing, producing, and distributing finished products. Various entities work together to convert an idea into a product and ensure it reaches the intended customers acting as a loop in the chain. A single missing loop can disrupt the entire chain of businesses. These entities combine to form what we call a supply chain. Supply chain management (SCM) entails the optimal execution of all these events in a sustainable, cost-effective, and efficient manner using technology to cater to customers’ demands and minimize delays.
Since businesses rely heavily on supply chain experts to make sourcing strategies, forecast production, and maintain a balance between product supply and demand, they hire MBA in SCM graduates as logistics managers, supply chain managers, logistics analysts, procurement managers, and director purchasing. Due to its increased demand, educational institutes now offer degree programs, diplomas, and courses to equip students with conceptual and technical knowledge of SCM. Students can also choose an online MBA in supply chain management as a way to learn and work at the same time. MBA graduates with a concentration in supply chain management can use various strategies, tools, techniques, and methodologies to source, produce and distribute products.
Scope of Supply Chain Management in the Corporate Sector
No matter the nature of the business or which type of market a business operates in, it cannot exist in the fiercely competitive market without effective supply chain management; no company in the supply chain environment can exist long-term without SCM. This is why supply chain management’s scope, role, and significance cannot be overlooked. Here’s why supply chain management is gaining tremendous importance in the corporate sector today:
Reducing Operational Costs
SCM lowers the cost of operating a business by reducing the cost of material acquisition, production, and distribution. While specialized intelligent SCM systems play an important part in optimizing business processes, the right supply chain strategy by supply chain experts helps businesses choose the best supplier, minimize sourcing delays, and reduce the overall operational cost of production. Most supply chain strategies focus on optimizing supply chain entities and sourcing directly from ground-zero suppliers instead of third-party vendors. This increases sourcing efficiency, reduces operational costs, and improves product manufacturing and dispersal cycle.
Increase Cohesion and Interconnectivity
Supply chain management is about increasing cohesion between all parties involved in conducting core business functions. Supply chain management allows increased cohesion and interconnectivity between all parties involved, including suppliers, logistics, retailers, and consumers. Increased communication between these parties is vital for a business to increase market agility and reduce production and dispersal delays. It addresses significant difficulties related to corporate development, business partnerships, outsourcing, brand awareness, and product line expansion.
Operational Visibility
One of the major challenges for any business is enhancing its operational visibility in complex supply-and-demand structures. Operational visibility refers to an organization’s capacity to clearly understand how its major operations are functioning, and this is only possible by effectively monitoring all processes involved in the supply chain.
Effective supply chain management systems combined with business intelligence and data analytics equip supply chain experts with the right tools and knowledge to get an insight into business performance, market trends, and product performance. These tools allow them to better grasp the supply chain’s strengths and limitations and discover changing market trends that help them make better strategic decisions.
Decreased Disruptions
The more complex a supply chain network is, the more vulnerable it is to source and supply disruptions and market risks. Integrated SCM systems allow experts to study past data and analyze and predict future patterns. This helps businesses minimize disruptions in production, logistics, and distribution. Businesses can predict potential disruptions like price hikes, shortages of raw materials, increased market demand, or changes in transport routes.
Integrating Technology to Increase Agility
Businesses must implement agile supply chains to stay ahead of their competition and ensure the product maintains a supply-and-demand ratio in the market. Businesses achieve this by implementing integrated supply chain management systems that bring all entities involved in a supply chain to a single technological platform.
Supply chain management systems are important in increasing communication among entities and integrating major business functions. For example, suppliers can monitor a business’s raw material inventory and are instantly notified when inventory reaches replenishment points. Similarly, these integrated systems can generate automated purchase orders to vendors for approval by purchasing officers. Integrated SMS systems help businesses remove inefficiencies, optimize business processes, and improve agility in the supply chain to respond efficiently to changing market demand.
Businesses can detect problems and discover suitable solutions by optimizing and simplifying business processes. Businesses can use intelligent SCM systems with big data analytics to run what-if analyses and predict business performance under various unprecedented scenarios to examine alternatives and discover the best possible solution for a particular situation.
Final Thoughts
Supply chain management acts as a backbone for businesses to survive in the increasingly competitive global marketplace. To achieve perpetual growth and increase agility in a dynamic market, businesses need to incorporate the latest technology tools in their existing supply chain management systems and make smart use of supply chain analytics. When a business effectively reduces operational costs and improves cohesion among all supply chain entities, it reflects on its financial position and product or service quality. With smart SCM tools, businesses can improve revenues, meet production and sales targets, and achieve perpetual growth. Integrated supply chain management systems take all stakeholders on board and benefit each supply chain entity individually and collectively. We hope this article will help you recognize the importance of supply chain management and its role in business success and growth.
https://www.strategydriven.com/wp-content/uploads/delivery-g00c09d871_1280.png9151280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2022-12-28 13:00:582022-12-28 11:35:46The Scope of Supply Chain Management in the Corporate Sector
Undoubtedly, digital marketing techniques are ruling the technological space. Moreover, some of us believe that traditional marketing has lost its charm. But that’s nothing more than a myth. The biggest evidence of it is the latest metrics. As per the recent trends, the marketers clarified that the spending on traditional marketing techniques would increase by 3%. It certainly means the marketers are moving back to basics.
The leading companies in this ongoing shift are B2C, which offer different services. On average, B2C service companies spend around 10.2% on traditional marketing. The numbers are expected to increase rapidly in the future. The second runner-up leading the shift is none other than the B2C product companies. Over 12 months, the companies will certainly increase their spending budget on traditional advertising forms.
After reading the above metrics, you might ask why marketers are shifting to using traditional advertising. Hold on; we are here to answer your questions in this blog with solid reasons.
Long Lasting and Highly Sustainable
One of the biggest drawbacks of digital marketing is the need to serve the audience with something new daily. You tend to feel overwhelmed when you constantly try to win the attention of potential customers. You may post around 3 to 4 times on social handles to stay on the audience’s mind. The hassle of coming up with new content pieces every day is troublesome.
Traditional marketing methods eradicate this issue smoothly. For a while, take the example of TV ads for businesses; they are sustainable and stay engraved in mind. There are still a bunch of timeless TV ads, and you still remember them even after years of launch. Think of your childhood days, how you used to sing every TV ad word by word.
Fresh Approach Compared to Existing Digital Clutter
Daily, consumers are bombarded with hundreds of ads. When your target consumer repeatedly watches one ad, their frustration levels will rise. Although you were looking to crack a deal, the recurring digital ads left a negative impression on them.
Consumers have become numb to the ongoing trend of showing ads. Digital clutter is so much on the rise that all you find are ads everywhere. It is one of the reasons why around 57% of individuals disliked ads that played before the video, and 43% of them paid no attention to ads. Considering these metrics, it means your efforts are going in vain.
Under such circumstances, running traditional ads is the right escape. The majority of consumers still love to watch TV ads for businesses. They read print ads and rely on TV and radio channels to engage with brands. Traditional methods are still capable of outperforming digital ads. Also, the cost of running traditional ads is much lower than digital ones.
Leverage Consumer’s Trust & Establish Credibility
When you look at the top forms of marketing which consumers trust, the majority of them are traditional. Your potential consumers still prefer trusting traditional modes of advertising for making purchase decisions. Also, trust works like a currency, and it’s the only thing you need to convert the lead into customers.
Also, traditional tactics seem more reliable to your audience than digital ads. Consumers nowadays will choose a business over others if they are genuinely interested in it. As a result, traditional ads allow you to leverage trust and establish long-lasting relationships. Even TV ads for businesses place your brand in the heart and mind of the local audience, which means attracting more customers.
Clubbing Digital With Traditional
What if you combined digital marketing with traditional tools? The results would be awesome, powerful, and surprising enough. Think of podcasting and direct mailing for a while. These traditional marketing techniques are still popular but with a new twist. Companies these days send direct mailers with QR codes attached. By scanning the code, the consumers get to know more about the sender. Also, marketers can collect more robust data for creating more targeted ads and boosting ROI.
Similarly, Podcasts are coming back in trend. In recent times, podcasts experienced a rise of around 51%, with the number of listeners still growing rapidly. Running podcast ads is effective in such cases. Also, people often listen to podcasts while commuting or travelling elsewhere. Like TV ads for businesses, podcast ads can potentially gain the target market’s attention.
Final Words
For quite a long time, digital pundits have been preaching the death of traditional marketing methods. But the good news is, like a phoenix, the traditional ads are back in trend. The majority of marketers are even questioning the effectiveness of digital ads. Even after spending so much, the ROI is not that much.
Look at all the above pointers, which clarify why traditional advertising is rising. It not only helps in winning trust but also turns buyers into recurring customers. Rethink your marketing strategies now and leverage the effectiveness of traditional ads.
https://www.strategydriven.com/wp-content/uploads/pexels-kindel-media-7688440.jpg8541280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2022-12-28 12:00:072022-12-28 11:17:57Traditional Marketing Strategies on Rise – Reasons Behind This Trend
Running a hospital is more than offering a top-notch quality of care to your patients at all times. Of course, it is the mainstay of operations, but you also need to focus on revenues to keep things on track. Whether you run a small private practice or a large multi-specialty hospital, improving revenue cycle management should be your priority. Essentially, it is about streamlining your payment processes, reducing payment lags, and limiting rejected claims. Covering these fronts increases the efficiency of your hospital and brings more money for it. Although you may have a revenue cycle management process in place, the New Year is the best time to improve it. Here are some measures you can embrace in 2023 to facilitate the system.
Step up appointment scheduling
Stepping up the appointment scheduling process gives you a good start with enhancing the revenue cycle efficiency of your hospital. After all, you must ensure that the right number of patients step in at a point in time. Stretching your schedules can affect the quality of care and increase the burden on providers. Conversely, not getting enough patients in appointment slots translates into a loss of revenue. Improving appointment scheduling by letting patients schedule their own appointments can address the concern. Also, implement a system to send out reminders to minimize no-shows and missed appointments. Consider upgrading your practice management software this New Year to streamline the scheduling function.
Automate verification of patient eligibility
Another measure to get better with hospital revenue cycle management is to automate the verification of patient eligibility for claims. Ensuring that your patients are eligible beforehand enables you to reduce claims rejections down the line. It also eliminates one of the biggest pain points of the billing process. Additionally, automation boosts employee productivity as they can skip all the repetitive tasks and focus on more critical aspects of running the practice. Your hospital staff will be in a better place to provide quality care instead of wasting time on verification and paperwork.
Bring transparency in payment processes
Besides streamlining appointment scheduling and eligibility verification, you must focus on bringing transparency to payment processes this year. Ensuring healthcare cost transparency is a trust factor for patients as they know their financial responsibility before committing to the treatment plan. It also benefits your organization by reducing bad debts down the line. You can go the extra mile by giving patients the option to pay their bills online, as it is convenient and encourages timely payments. The overall objective is to make your payment process simple, transparent, and more accessible.
Modernize claims processing
Modernizing claims processing should be next on your checklist to improve the revenue cycle management for your hospital. You can do it by implementing a software solution to handle claim documentation and calculations instead of relying on the conventional manual process. The switch helps in ensuring the accuracy and completion of claims before submitting them to insurers. It boosts the chances of prompt payment and limits the risk of rejection of claims for your hospital.
Manage claim denials
Denied claims are an integral part of the business, so you cannot sideline them completely, no matter how efficient your process is. But careful planning and attention to detail can help you minimize them. Outsourcing your revenue cycle management to specialists ensures the highest first-pass acceptance rate. Also, follow up on denied claims instead of losing track and not resubmitting them. You can always send such claims for review and resubmission to get a second shot.
Outsource medical billing
Another simple step to enhance hospital revenue cycle management is to clean up your medical billing practices. The best way to do it is by outsourcing the process to an expert as it reduces your workload and prevents errors and inefficiencies in medical billing. A specialist can also help you improve the process efficiency to get you paid faster and increase your revenues in the long run. Moreover, your staff can concentrate their energy on patient care without worrying about long and complex billing processes.
A healthy revenue cycle is key to the success of a hospital as it keeps the money flowing and boosts profits in the long haul. But you cannot take a set-and-forget approach to revenue cycle management because things can easily go out of control if you are complacent about billing, payments, and claims. Follow these easy steps this New Year to keep track of dollars, ensure timely payments, and stay ahead of denied claims in 2023 and beyond.
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5 Reasons Using A PR Firm For Your Business Should Be On Your List In 2023
/in Marketing & Sales/by StrategyDrivenBeing a “software as a service” provider company, you must invest in marketing for your product as much as your competitors do. Every company regardless of what size it is and whether it belongs to the FMCG sector, electronic appliances, automobile, or any service sector, is going to need some sort of promotional function on its side. Public Relations is a good option. It’s a great way to get everyone talking about your product. Also known as PR, this is a fantastic way for many businesses to establish direct contact with their audience. But what does a PR firm do for a SaaS company? Let’s find out:
1. It Can Ensure More Credibility For Your Brand
If you are looking to create a more honest and reliable image of your company among your customers, public relations can help. Creating a positive image for your brand is a very vital component of public relations from the start and it has always been this way. When you are looking to increase the credibility of your company, you are also looking to invoke a sense of trust among your customers. This has to be driven by real opinions that are not biased at all. For this, you have to come across as a considerate brand. And to achieve this, you must connect with a reliable and skilled public relations company that understands your sector as much as you do, if not better.
2. It Is A Low-Cost Option
Who told you that PR is going to be expensive on your budget? Even the most elaborate public relations function is going to prove to be a low-cost option. This is because there are custom promotional campaigns available for small-size, medium-size, and large-size businesses. The implementation of a PR campaign can be as customized and streamlined as you want it to be. You can either pause it at your convenience or even keep it running for as long as you want. It does not necessitate for you to have a high monetary outlet. Most of the public relations functions that are recommended by marketing gurus use free media coverage which means that there is little to no investment from your side for the most part.
3. Don’t You Want To Become A Category Leader?
Becoming a category or industry leader is a dream come true for every SaaS company out there. You want to lead the innovation circuit. You want to become the pioneer in your sector. With public relations, you can establish a strong dialogue with your consumers. You can easily convince them to buy your product (and also ditch the offerings that are available to them via your competitors). But of course, this message is going to be very subtle and in a way that will help them understand just how skilled, experienced, and knowledgeable you are as a brand.
4. Great Reach At A Very Affordable Price
This is a very big reason that a lot of technology and solutions companies in the IT sector are aiming for public relations. The reach of these SaaS PR firms is phenomenal. It can help you connect with your target audience more easily. As a tech company, you are able to reach even the furthest corner of your target demographic by leveraging the popularity of these PR professionals. They help you understand the many ways you can use social media to widen your reach and gain more attention even internationally. Public Relations is not only a great way to create more awareness about your brand but also about the various offerings in your product portfolio that would otherwise go unnoticed by most of your prospects. Your campaign can be run on various mediums such as television, radio, podcasts, online news websites, print media, and a lot of other channels that you may have not even tapped into before.
5. Constant Activity
Just as pointed out above, this can be a constant exercise or it can be a periodic one. Depending upon your needs and your financial capability, you can choose to stay in the minds of your customers for as long as you want. It can be only for the duration of a project or up until the launch of your newest product/service.
Final Thoughts
Public Relations is critical to the success of your SaaS company. Almost everyone in your industry is already using it in some way or another. It is time for you to invest in it as well. The sooner you do it the better it is for you.
How To Manage A Successful Construction Project
/in Project Management/by StrategyDrivenBe Prepared
Being fully prepared with the most information possible is necessary for a construction project of this scale. This can be difficult, especially when you’re trying to coordinate the schedules of multiple contractors, engineers, and other stakeholders. Most information can be found from clients, suppliers, and co-contractors; however, some information may need to be found with a request for information (RFI). This means you may need to ask for information from the other parties involved with your claim. To benefit, your RFI in construction should be specific and relevant to your case.
Set Realistic Budgets
Setting realistic budgets is essential to good construction project management —and it’s one of the most important things you can do to ensure that your project meets its budget. A budget is important because it helps you manage your construction project by defining how much money you have to spend so that you can manage your client’s expectations properly and they don’t end up with costly surprises. A good budget will help you manage your construction project because it forces you to think about how much money is available for each aspect of the project.
Plan Your Resourcing Correctly
An important part of project management is resource allocation. In construction management, resource allocation is essential for project success. If you don’t allocate your resources correctly, it can lead to delays and cost overruns that could have been avoided altogether. Resource allocation is one of the most important skills in construction management. It’s easy to understand how resource allocation can lead to costly mistakes if you don’t take the time to think through all the details before you start a project.
Revaluate Project Plans
Even the best-laid plans can go awry, so keep an eye on your plans and update and adapt where necessary. Check in with your team to see how they are doing so that you know what time targets you’re hitting, and if you’re missing any find out why. If you have a to-do list, make sure that it’s up-to-date and complete. If you don’t, start using one! It will help keep your plans clear so you’ll know if anything is falling through the cracks.
Communicate Continuously
You need to communicate with your team members and clients on a regular basis so that everyone is on the same page. Communication should be open, clear, and concise. Many construction projects are large and complex so it’s vital to have the latest information from all parties involved. Your job managing the project is to be the glue that holds everything together.
Do you run successful construction projects? Share your tips in the comments to inspire others.
The Scope of Supply Chain Management in the Corporate Sector
/in Tactical Execution/by StrategyDrivenIn today’s fast-paced economy, businesses can’t take a solo flight and achieve business goals. To achieve perpetual growth and increase revenues, businesses need to work closely with all parties involved in fulfilling core business operations. This includes a business’s suppliers, logistics partners, warehousing, distribution, retailers, and end-users or customers. Increased sales can be directly attributed to how successfully a business collaborates with the entire supply chain.
Supply chain management has immense potential to enhance business operations, improve productivity, and increase a business’s agility to changing market trends and customer demand. This article sheds light on the importance of supply chain management and its effective role in the corporate sector.
Understanding Supply Chain Management
Every product that reaches the customer is a result of a chain of activities, starting from acquiring raw materials from nature to processing, producing, and distributing finished products. Various entities work together to convert an idea into a product and ensure it reaches the intended customers acting as a loop in the chain. A single missing loop can disrupt the entire chain of businesses. These entities combine to form what we call a supply chain. Supply chain management (SCM) entails the optimal execution of all these events in a sustainable, cost-effective, and efficient manner using technology to cater to customers’ demands and minimize delays.
Since businesses rely heavily on supply chain experts to make sourcing strategies, forecast production, and maintain a balance between product supply and demand, they hire MBA in SCM graduates as logistics managers, supply chain managers, logistics analysts, procurement managers, and director purchasing. Due to its increased demand, educational institutes now offer degree programs, diplomas, and courses to equip students with conceptual and technical knowledge of SCM. Students can also choose an online MBA in supply chain management as a way to learn and work at the same time. MBA graduates with a concentration in supply chain management can use various strategies, tools, techniques, and methodologies to source, produce and distribute products.
Scope of Supply Chain Management in the Corporate Sector
No matter the nature of the business or which type of market a business operates in, it cannot exist in the fiercely competitive market without effective supply chain management; no company in the supply chain environment can exist long-term without SCM. This is why supply chain management’s scope, role, and significance cannot be overlooked. Here’s why supply chain management is gaining tremendous importance in the corporate sector today:
Reducing Operational Costs
SCM lowers the cost of operating a business by reducing the cost of material acquisition, production, and distribution. While specialized intelligent SCM systems play an important part in optimizing business processes, the right supply chain strategy by supply chain experts helps businesses choose the best supplier, minimize sourcing delays, and reduce the overall operational cost of production. Most supply chain strategies focus on optimizing supply chain entities and sourcing directly from ground-zero suppliers instead of third-party vendors. This increases sourcing efficiency, reduces operational costs, and improves product manufacturing and dispersal cycle.
Increase Cohesion and Interconnectivity
Supply chain management is about increasing cohesion between all parties involved in conducting core business functions. Supply chain management allows increased cohesion and interconnectivity between all parties involved, including suppliers, logistics, retailers, and consumers. Increased communication between these parties is vital for a business to increase market agility and reduce production and dispersal delays. It addresses significant difficulties related to corporate development, business partnerships, outsourcing, brand awareness, and product line expansion.
Operational Visibility
One of the major challenges for any business is enhancing its operational visibility in complex supply-and-demand structures. Operational visibility refers to an organization’s capacity to clearly understand how its major operations are functioning, and this is only possible by effectively monitoring all processes involved in the supply chain.
Effective supply chain management systems combined with business intelligence and data analytics equip supply chain experts with the right tools and knowledge to get an insight into business performance, market trends, and product performance. These tools allow them to better grasp the supply chain’s strengths and limitations and discover changing market trends that help them make better strategic decisions.
Decreased Disruptions
The more complex a supply chain network is, the more vulnerable it is to source and supply disruptions and market risks. Integrated SCM systems allow experts to study past data and analyze and predict future patterns. This helps businesses minimize disruptions in production, logistics, and distribution. Businesses can predict potential disruptions like price hikes, shortages of raw materials, increased market demand, or changes in transport routes.
Integrating Technology to Increase Agility
Businesses must implement agile supply chains to stay ahead of their competition and ensure the product maintains a supply-and-demand ratio in the market. Businesses achieve this by implementing integrated supply chain management systems that bring all entities involved in a supply chain to a single technological platform.
Supply chain management systems are important in increasing communication among entities and integrating major business functions. For example, suppliers can monitor a business’s raw material inventory and are instantly notified when inventory reaches replenishment points. Similarly, these integrated systems can generate automated purchase orders to vendors for approval by purchasing officers. Integrated SMS systems help businesses remove inefficiencies, optimize business processes, and improve agility in the supply chain to respond efficiently to changing market demand.
Businesses can detect problems and discover suitable solutions by optimizing and simplifying business processes. Businesses can use intelligent SCM systems with big data analytics to run what-if analyses and predict business performance under various unprecedented scenarios to examine alternatives and discover the best possible solution for a particular situation.
Final Thoughts
Supply chain management acts as a backbone for businesses to survive in the increasingly competitive global marketplace. To achieve perpetual growth and increase agility in a dynamic market, businesses need to incorporate the latest technology tools in their existing supply chain management systems and make smart use of supply chain analytics. When a business effectively reduces operational costs and improves cohesion among all supply chain entities, it reflects on its financial position and product or service quality. With smart SCM tools, businesses can improve revenues, meet production and sales targets, and achieve perpetual growth. Integrated supply chain management systems take all stakeholders on board and benefit each supply chain entity individually and collectively. We hope this article will help you recognize the importance of supply chain management and its role in business success and growth.
Traditional Marketing Strategies on Rise – Reasons Behind This Trend
/in Marketing & Sales/by StrategyDrivenUndoubtedly, digital marketing techniques are ruling the technological space. Moreover, some of us believe that traditional marketing has lost its charm. But that’s nothing more than a myth. The biggest evidence of it is the latest metrics. As per the recent trends, the marketers clarified that the spending on traditional marketing techniques would increase by 3%. It certainly means the marketers are moving back to basics.
The leading companies in this ongoing shift are B2C, which offer different services. On average, B2C service companies spend around 10.2% on traditional marketing. The numbers are expected to increase rapidly in the future. The second runner-up leading the shift is none other than the B2C product companies. Over 12 months, the companies will certainly increase their spending budget on traditional advertising forms.
After reading the above metrics, you might ask why marketers are shifting to using traditional advertising. Hold on; we are here to answer your questions in this blog with solid reasons.
Long Lasting and Highly Sustainable
One of the biggest drawbacks of digital marketing is the need to serve the audience with something new daily. You tend to feel overwhelmed when you constantly try to win the attention of potential customers. You may post around 3 to 4 times on social handles to stay on the audience’s mind. The hassle of coming up with new content pieces every day is troublesome.
Traditional marketing methods eradicate this issue smoothly. For a while, take the example of TV ads for businesses; they are sustainable and stay engraved in mind. There are still a bunch of timeless TV ads, and you still remember them even after years of launch. Think of your childhood days, how you used to sing every TV ad word by word.
Fresh Approach Compared to Existing Digital Clutter
Daily, consumers are bombarded with hundreds of ads. When your target consumer repeatedly watches one ad, their frustration levels will rise. Although you were looking to crack a deal, the recurring digital ads left a negative impression on them.
Consumers have become numb to the ongoing trend of showing ads. Digital clutter is so much on the rise that all you find are ads everywhere. It is one of the reasons why around 57% of individuals disliked ads that played before the video, and 43% of them paid no attention to ads. Considering these metrics, it means your efforts are going in vain.
Under such circumstances, running traditional ads is the right escape. The majority of consumers still love to watch TV ads for businesses. They read print ads and rely on TV and radio channels to engage with brands. Traditional methods are still capable of outperforming digital ads. Also, the cost of running traditional ads is much lower than digital ones.
Leverage Consumer’s Trust & Establish Credibility
When you look at the top forms of marketing which consumers trust, the majority of them are traditional. Your potential consumers still prefer trusting traditional modes of advertising for making purchase decisions. Also, trust works like a currency, and it’s the only thing you need to convert the lead into customers.
Also, traditional tactics seem more reliable to your audience than digital ads. Consumers nowadays will choose a business over others if they are genuinely interested in it. As a result, traditional ads allow you to leverage trust and establish long-lasting relationships. Even TV ads for businesses place your brand in the heart and mind of the local audience, which means attracting more customers.
Clubbing Digital With Traditional
What if you combined digital marketing with traditional tools? The results would be awesome, powerful, and surprising enough. Think of podcasting and direct mailing for a while. These traditional marketing techniques are still popular but with a new twist. Companies these days send direct mailers with QR codes attached. By scanning the code, the consumers get to know more about the sender. Also, marketers can collect more robust data for creating more targeted ads and boosting ROI.
Similarly, Podcasts are coming back in trend. In recent times, podcasts experienced a rise of around 51%, with the number of listeners still growing rapidly. Running podcast ads is effective in such cases. Also, people often listen to podcasts while commuting or travelling elsewhere. Like TV ads for businesses, podcast ads can potentially gain the target market’s attention.
Final Words
For quite a long time, digital pundits have been preaching the death of traditional marketing methods. But the good news is, like a phoenix, the traditional ads are back in trend. The majority of marketers are even questioning the effectiveness of digital ads. Even after spending so much, the ROI is not that much.
Look at all the above pointers, which clarify why traditional advertising is rising. It not only helps in winning trust but also turns buyers into recurring customers. Rethink your marketing strategies now and leverage the effectiveness of traditional ads.
How To Enhance Revenue Cycle Management For Your Hospital In 2023
/in Managing Your Business/by StrategyDrivenRunning a hospital is more than offering a top-notch quality of care to your patients at all times. Of course, it is the mainstay of operations, but you also need to focus on revenues to keep things on track. Whether you run a small private practice or a large multi-specialty hospital, improving revenue cycle management should be your priority. Essentially, it is about streamlining your payment processes, reducing payment lags, and limiting rejected claims. Covering these fronts increases the efficiency of your hospital and brings more money for it. Although you may have a revenue cycle management process in place, the New Year is the best time to improve it. Here are some measures you can embrace in 2023 to facilitate the system.
Step up appointment scheduling
Stepping up the appointment scheduling process gives you a good start with enhancing the revenue cycle efficiency of your hospital. After all, you must ensure that the right number of patients step in at a point in time. Stretching your schedules can affect the quality of care and increase the burden on providers. Conversely, not getting enough patients in appointment slots translates into a loss of revenue. Improving appointment scheduling by letting patients schedule their own appointments can address the concern. Also, implement a system to send out reminders to minimize no-shows and missed appointments. Consider upgrading your practice management software this New Year to streamline the scheduling function.
Automate verification of patient eligibility
Another measure to get better with hospital revenue cycle management is to automate the verification of patient eligibility for claims. Ensuring that your patients are eligible beforehand enables you to reduce claims rejections down the line. It also eliminates one of the biggest pain points of the billing process. Additionally, automation boosts employee productivity as they can skip all the repetitive tasks and focus on more critical aspects of running the practice. Your hospital staff will be in a better place to provide quality care instead of wasting time on verification and paperwork.
Bring transparency in payment processes
Besides streamlining appointment scheduling and eligibility verification, you must focus on bringing transparency to payment processes this year. Ensuring healthcare cost transparency is a trust factor for patients as they know their financial responsibility before committing to the treatment plan. It also benefits your organization by reducing bad debts down the line. You can go the extra mile by giving patients the option to pay their bills online, as it is convenient and encourages timely payments. The overall objective is to make your payment process simple, transparent, and more accessible.
Modernize claims processing
Modernizing claims processing should be next on your checklist to improve the revenue cycle management for your hospital. You can do it by implementing a software solution to handle claim documentation and calculations instead of relying on the conventional manual process. The switch helps in ensuring the accuracy and completion of claims before submitting them to insurers. It boosts the chances of prompt payment and limits the risk of rejection of claims for your hospital.
Manage claim denials
Denied claims are an integral part of the business, so you cannot sideline them completely, no matter how efficient your process is. But careful planning and attention to detail can help you minimize them. Outsourcing your revenue cycle management to specialists ensures the highest first-pass acceptance rate. Also, follow up on denied claims instead of losing track and not resubmitting them. You can always send such claims for review and resubmission to get a second shot.
Outsource medical billing
Another simple step to enhance hospital revenue cycle management is to clean up your medical billing practices. The best way to do it is by outsourcing the process to an expert as it reduces your workload and prevents errors and inefficiencies in medical billing. A specialist can also help you improve the process efficiency to get you paid faster and increase your revenues in the long run. Moreover, your staff can concentrate their energy on patient care without worrying about long and complex billing processes.
A healthy revenue cycle is key to the success of a hospital as it keeps the money flowing and boosts profits in the long haul. But you cannot take a set-and-forget approach to revenue cycle management because things can easily go out of control if you are complacent about billing, payments, and claims. Follow these easy steps this New Year to keep track of dollars, ensure timely payments, and stay ahead of denied claims in 2023 and beyond.