Companies Archives - GUJRAT INDIA

Services Offered by Net Development Services and Mobile Apps Development Companies

In the vast sector of information technology there are many services offered by net development and mobile apps development companies. Many companies offer a wide range of services like end-to-end development solutions, Web development, Client – Server application, Custom application development, and Desktop application development, Platform OS Migration or Enterprise Mobility Solutions

Complete and integrated process covering development, testing, debugging, and promotion of all applications on different mobiles like iPhone, Blackberry, Android are undertaken by these service providers which makes it easy consumers. With the mobile app developers’ programming skills, businesses can launch mobile solutions and web interfaces optimized for mobile viewing. Making web application accessible on different mobile platforms and through different technologies makes it more user-friendly and this can mean better profits, loyal and happy customers. Mobile application development services include business software and solutions Productivity apps, utilities and solutions, Mobile client software, Games and multimedia apps, Internet apps, Porting web applications to mobile platform other iPhone, Android, iPad, BlackBerry and Windows Mobile solutions. Financial, money management, payment transferring applications, Advertising like corporate, promotional and coupon apps News apps, Medical and fitness applications are all part of mobile apps development.

Net development applications and custom software development services include everything from a simple content web site application to the most complex web-based internet applications, electronic business applications, and social network services, including website design and development, software consulting, application integration, and application maintenance services are all undertaken to make it a one-point stop for all technological needs of a customer.

The reason why companies go to net development services companies is because they help save employee time and effort while companies save money by incorporating easy-to-use and convenient applications to manage company documentation, processes, and workflows. They also help create ecommerce sites that enable companies or even individuals make money on the Internet through an auction web application, custom online store application, or huge ecommerce portal. With their innovative ideas people can convert business idea into an elegant custom web application using the combination of technical expertise and business domain knowledge.

These days, finding the mobile apps development companies is not difficult. The only difficult thing is to get the best company that will suit all your needs. Before you hire any company; make sure you have all the knowledge about what exactly you want to get developed, as well as who can be your potential vendor, so that you do not have to regret later. Thus, whom ever you chose, just pick the correct one!

Corporate Social Responsibility of Private Companies in Natural Disasters

1. INTRODUCTION:

1.1. THE ABC of CSR:

History is the sole witness to the phenomenon of shift in priorities in Business. There was a sudden lateral shift, wherein the focus drastically shifted from profit maximization to welfare of the society. This in terms of various management Gurus was the era of ‘Corporate Social Responsibility.’ CSR can be defined as ‘bringing corporate behaviour up to a level where it is congruent with the prevailing social norms, values, and expectations of performance.’

By Indian Companies Act, 1956, Section(3) (1) a company means a company registered under companies act, like any juristic person company is a legal entity. By this act it acquires a legal status muta mutandis to that of a person, one who is capable of having his own Rights and duties. CSR is nothing but a way to accomplish the fundamental duties prescribed in the constitution of India which a normal legal person is suppose to follow.

According to Berle ‘Company’ is not merely a legal institution rather a device for attainment of socio economic end. In layman’s term Corporate Social Responsibility (CSR) is an obligation rather a mandate that a corporation needs to abide to in order to maintain a perfect equilibrium between the 3Ps i.e. Profit maximization, people’s right, and the planet. Nothing in this world comes for free, CSR is the opportunity cost that the company has to pay in order to exist in this society.

Archie B. Carrol (1979) defines social responsibility as a four step scale. He feels the company apart from economic and legal responsibilities also has ethical responsibilities. Several scholars tried to develop an integrated model to define the perfect structure of CSR, however no one has successfully propounded one.

Modern business organisation is nothing but a hub of socially conscious people who constantly make an effort to align their profitable opportunities and ventures with their social industries and values intact. CSR provides a skeleton of boundary for free market to operate in a responsible manner. It is an undisputed fact that the legal framework of India has empowered the companies to the heights of zenith, but one must never forget with great power comes great responsibility.

To conclude this section, It may be noted that CSR is not a modern discovery and certainly not a discovery that can be accredited to the economically developed nations around the globe. Altogether CSR has travelled a long way, from the lines of philanthropy to a legal mandate; it has incorporated several changes in itself. Hopefully the noble concept of CSR doesn’t disappear midst the urban blight.

1.2. CSR and Natural Disasters: A brief idea

There has been a rapid growth in the facet of CSR for disaster management and combating techniques. India has been customarily susceptible disasters on account of its unique geographical dimension. In view of India’s high vulnerability profile, the recurrent phenomena of a range of geophysical as well as hydro-meteorological hazards impact millions across the country leaving behind a trail of heavy loss of lives, property and livelihoods. Many Areas tend to lose their development gains due to these draconian events. The economic and social losses caused by natural disasters continue to scale year after year as disasters occur with unswerving regularity encircling every possible segment of the nation including the industrial and corporate sector.

Comprehensive risk management activities is an inalienable part of Corporate Social Responsibility. Corporate Sector in order to comply with this obligation has started exploring its precious mine of knowledge in order to obtain paradigms to avoid disasters. The Research and Development team of several companies have actively tried to adopt measures which would mitigate the risk of the disasters. In addition to this, the corporate sector can be a precious source of technical knowledge, as for example in the case of identification and research on technological solutions to prepare for and respond to natural disasters. On the whole, corporate sector has the prospective for fortification of its own safety and protection against natural cataclysm as well as in assisting the community in reducing its vulnerability to the disasters.

2. DISASTER MANAGEMENT AND PARTICIPATION OF THE BUSINESS HOUSES:

2.1. Brief Idea:

Despite of all the debates in the society it is an undisputed fact that Business houses can prove to be of immense significance in disaster management. After all the root of proper business development lies in the well-being of the society. A disaster doesn’t spare any strata of the society. When a disaster strikes, the first thoughts those race to all our mind is the – what is government doing? Where are the NGO? Where are the social support organisations? Business houses take a backseat and come to mind only as a source for fund raising. Unlike what we think and believe There is a lot more to Disaster Management (DM) than just providing monetary support. Many of the business needs like “Proactive support” is applicable in the areas of disaster management also. While government has responsibilities on one side the business also has equal responsibilities if not more to the society in such situations of dire needs. After all the business happens only due to existence of such societies and business needs shoulder its share of responsibilities.

Can business houses contribute more to disaster management that just provide money? Can there be a better proactive role that business houses in India can play in such disaster management situations? A vaccine is nothing but a proactive measure taken to avoid possible damage due to onset of a disease (when disease itself cannot be stopped). This is precisely what each business is trained for and focuses to do – to avoid future pitfalls and protect itself against future uncertainties.

2.2. The Indian Perspective And Role of Companies:

The companies in India have closely weaved philanthropy in their business schedule and most importantly, they never tried shying away from the moral and ethical obligation they have as responsible part of the country. ‘N’ number of example can be quoted from our day to day life where such mega mammoths have come up for help, times when they were needed the most. Gandhi described large business as ‘trusts’ of the ‘wealth of the people’ and thus emphasized on the larger social purpose that industrial wealth should serve in India. Following the same ideology a number of companies have taken the front seat and tried mitigating risk at large. The Companies that have taken a lead are:

• The Birla Group: Birlas have opened the Aditya Birla Centre for Community Initiatives and Rural Development with focus areas of sustainable livelihoods and environmental sustainability. Specific projects include developing and building capacity through Self-help groups, SGSY – dairy, readymade garments, jute project, basket making, aggarbatti (incense sticks) making, bee keeping, durries making, check dam, irrigation, land development, Soil and water conservation, Pasture development, Social forestry/ plantation activities/ nursery, Horticulture, Farmer training etc. The foundation also stresses on infrastructure development by focusing on creation and maintenance of Roads, Dams, Community centers, water channels and culverts.

• The Bajaj Group: JBGVS, a Registered Society and a Trust, is an apolitical and secular organisation which aims to act as a catalyst for rural and urban development. It assists the resident community of the selected villages and areas, in integrated development, making their villages and areas into models of excellence for others to emulate. JBGVS works with the participating rural community in the selected villages to improve their quality of life. Stress is laid on alleviation of poverty, health care, education, empowerment of women & gender justice. JBGVS relies on a participatory approach in implementing all its projects and also that of the local elected bodies like the Gram Panchayat (village council), Co-operative Societies, Self Help Groups, Women and Youth Clubs in decision making. JBGVS works at the grassroots level in 33 villages and hamlets of Khed and Maval Talukas of Pune District and 11 villages of Aurangabad district, Maharashtra. The integrated development activities under implementation include women empowerment, income generation, health programmes, agricultural extension, animal husbandry, watershed development, drinking water schemes, sanitation and education. 5600 families comprising a rural population of about 30,000 people are co-partners in these development activities. An HIV/AIDS Awareness, Prevention and Care Programme called ‘Project JEEVAN’ was launched in September 2004, with the aim of generating awareness about HIV/AIDS, thereby, arrest further spread of disease and help those affected to lead a comfortable life. It covers 33 villages in Pune District and slums of Pimpri Chinchwad Municipal Corporation (PCMC) area.

JBGVS has been implementing Drought Prone Area Development Project of Zilla Parishad in 7 villages of Pune District since 2003. The overall project cost is Rs.2.10 crores and it includes watershed development work over 3,500 ha. 22 farm ponds, 3 diversion bunds, 4 soil nala bunds and 3 cement check dams have been constructed till April 2008. The activities carried out under this programme helps increase water table in non irrigated area, wells and thereby increase crop yield.

• The Reliance Group: The Reliance Rural Development Trust (RRDT) works to improve the rural infrastructure under the Government of Gujarat’s rural development plans. RRDT created 760 facilities in the rural areas at a cost of Rs. 24.07 crore. The facilities included 247 concrete roads, 465 anganwadis, 38 drinking water facilities, 1 panchayat office, 2 community halls, 5 check-dams and 2 other amenities in the rural areas of the State of Gujarat. RRDT has turned out to be an exemplary corporate NGO implementing government’s developmental plans for rural areas of Gujarat. It is a unique synergy between a corporate giant like Reliance Industries Limited and the Government of Gujarat, formed to carry out rural development projects in private public partnership.

• The TATA Group: The Tata Group instituted the Tata Council for Community Initiatives (TCCI) to work out a comprehensive plan for its social and community initiatives. TCCI acts as a facilitator for the entire group’s social initiatives. It is the umbrella agency that guides and supports Tata Group companies with their community development initiatives. Reinforcing the implicit beliefs the Group brings to its mission of sustainable development with an explicit set of structures, TCCI has a charter that embraces social development, environmental management, biodiversity restoration and employee volunteering. The Tata culture in this critical segment of the overall corporate sustainability matrix – inclusive of working for the benefit of the communities in which they operate, of building India’s capabilities in science and technology, of supporting art and sport – springs from an ingrained sense of giving back to society. In collaboration with the United Nations Development Programme (India), TCCI has crafted the Tata Index for Sustainable Human Development, a pioneering effort aimed at directing, measuring and enhancing the community work that Group enterprises undertake. The Index provides guidelines for Tata companies looking to fulfil their social responsibilities, and is built around the Tata Business Excellence Model (TBEM), an open-ended framework that drives business excellence in Tata companies.

• Infosys: Infosys Foundation has made significant contributions in disaster relief and rehabilitation. It has worked in the tsunami-affected areas of Tamil Nadu and the Andaman Islands, earthquake-affected areas of Kutch, cyclone-devastated areas of Orissa, tribal areas of Kalahandi in Orissa and drought-hit areas of Andhra Pradesh. After the Indian Ocean Tsunami, the Foundation helped victims in Tamil Nadu and the Andamans at various stages.

• The Oil & Natural Gas Corporation (ONGC): The corporation organizes health and community welfare programs in the neighbourhood. Major emphasis has been given for promotion of education, health and community development and in times of natural calamities such as floods, cyclones, earthquakes, landslides, etc. Priority is given to areas around the projects with the following themes:

Education, Promotion of literacy and higher education, Grant of scholarship & assistance to deserving young pupils of weaker sections of society, Facilities for constructing schools, renovation of school buildings, other infrastructure, Healthcare & Family Welfare, Medical camps, Mobile dispensaries, Supplementing the efforts of already existing health centers in the rural areas, Health care for women, children and disabled.

• ICICI Bank Ltd: Its work is focused on four distinct areas:

Sustainable development: To provide the poorest of India’s households access to technology and services that improve livelihoods while conserving natural resources and protecting ecosystems.

Climate change:To promote investments, policies and research that reduce the impact of harmful climate change, improve India’s ability to adapt to climate change and explore linkages between poverty and climate impacting behaviours

Responsible Investment:To encourage policy makers, financial institutions, corporations and individuals to incorporate long term thinking on environmental impacts into investment decisions and to measure quality in green investments.

Accountability:To engage in research and policy advocacy to improve environmental governance and encourage accountability for environmental degradation.

Apart from these there are several others who have effectively tried evolving ways to mitigate disasters and their effects. Others that follow closely behind are Mahindra and Mahindra, Eicher, DCM Shriram etc. A glimpse of such an unending list gives us a feeling that we do reside in a nation where not only people but also the corporations keep their schedule in line with philanthropy and ethics.

3. RECOMMENDATIONS:

Companies should concentrate on disaster mitigation, i.e., minimizing the potential risks by developing disaster early warning strategies, preparing and implementing developmental plans to provide resilience to such disasters, mobilizing resources including communication and tele-medicinal services, helping rehabilitation and post-disaster reduction.

There are three main ways in which corporate sector contributes to the process of disaster risk reduction:

• Corporate Social Responsibility (CSR) in supporting relief, rehabilitation and risk reduction activities;

• Redefining the business continuity plan to factor in hazards, risks and vulnerabilities;

• New business opportunities created in disaster reduction due to the increase in emphasis on risk reduction.

In many countries, big business houses have their own non-profit organizations which run range of social projects on education, health, community development and entrepreneurship development etc which reduce disasters in the long run. Smaller business houses mainly contribute to projects run by NGOs. Government can create an enabling environment for greater corporate sector investment in disaster risk reduction activities through innovative partnership.

How Can Mobile Software Development Companies Help Small Business?

Today, most of the businesses, be it an eCommerce website, or a bank, a school or a cab service provider, everyone needs a mobile app to expand their reach and grow their business. Even the business owners, who once did not consider having an online presence for their business, are now looking at creating one for it.

Mobile Experience to Users

Mobile apps offer a personal and quick experience to users. Eventually, use of desktops and laptops are getting replaced by tablets and mobile devices, for most of the activities, which people carry out online. Given the busy schedules of people, they prefer to have facilities like to book travel tickets, pay bills, book a cab for travel, or book a table in a restaurant right from their fingertips. Thus, without a mobile app, businesses are incomplete, and are always at a high risk of losing their customers to their competitor, for their businesses.

Role of Social Share in Mobile Software

Social media software has become one of the vitals for very mobile applications now. Anybody who owns an account in any of the social media networks, like Facebook or Twitter, are always on their toes, to share whatever they are passionate about, with their friends on the same social media network.

Social share feature in the Mobile app allows users to like, comment and share. This calls for a very good strategy to get customer feedback for eCommerce business owners. Based on the number of likes and shares for a product, they can easily find out, which are the products that are in high demand.

Apart from the eCommerce websites, social sharing is effective for news and magazine apps also. Even the news and magazine business owners, and bloggers, do prefer to have social sharing integrated into their mobile app, in order to encourage sharing of news and articles among their readers.

In this manner, social sharing plays a vital role in taking a mobile app wider and farther, ultimately increasing the users.

Vowing to all the aforesaid reasons, the earlier exclusively web development service providers, are widening the scope of their service offerings, by adding Mobile software development to them. These companies usually specialize in mobile technologies, which help in developing cutting edge mobile apps for every business requirement.

From business perspective, these companies very well understand how mobile apps can rightly complement with the existing web application or portal of a business, in order to increase the leads. They also do understand that social sharing is one of the enticing features, which should not be missed out on a mobile app at all.

They usually follow the right procedure for their mobile development process. They clearly understand your business requirement, and come up the best solution for the mobile. Of course, there are a few limitations, But there are many advantages as well that lack on the other platform. They analyse the most important functionalities within your website or online portal, which are most likely to be used by your site visitors on the mobile app.

What Percentage of MLM Companies Are Disreputable?

The key objective of collaborating crowdfunding with DNB MLM software is to catch the attention of a large fraction of individuals towards the MLM business without investing a lot of money.

Crowdfunding primarily focuses on pre-launching an MLM business that is looking to extend its awareness through crowdfunding groups. The upcoming MLM companies are pre-launching with a crowdfunding platform for effective involvement of the public. This is made possible by collaborating crowdfunding with Multi Level Marketing. The collaboration allows all the contributors, no matter how big or small they are, to have a crowdfunding web page of their own.

How crowdfunding works

The process includes three stages:

Venture Plan

In this stage, a basic strategy for the venture is formulated. An elementary plan, the objective and projected cost of the venture are determined during this stage. The majority of the crowdfunding ventures are founded on contributions as it holds better chance to effectively drive additional funds.

Venture launching

In this stage, the designed venture is introduced to the public requesting them to contribute funds. This stage marks the endorsement of the venture on online and offline platforms.

Fundraising

This is an important stage for a fund raising company. Here the essential funds are raised from a group of people or individuals.

Difference between MLM and Crowdfunding

The latest trend combines the two most crucial business structures – MLM software and crowdfunding. Crowdfunding involves registering a new member in side or downline expansion. Unlike MLM, here a downline member (new member) is introduced or added through crowdfunding platforms. In this arrangement, a new entrant is not ‘literally’ added but he/she becomes a part of the crowdfunding venture with his/her share contributed to the venture. Usually, there is no fixed initial cost for a crowdfunding venture, but sometimes, they may ask for 3 to 5 percent of the fund as a fee. The venture managing company raises the finances from the public; therefore, introducing the venture to more number of people increases its probability of success. The success of a crowdfunding platform depends on the genre of the venture. Generally, the ventures involve some charity programs that generate social awareness. The benefit of such ventures is that they get support without any endorsement tools, and a greater number of individuals will be willing to contribute to this charity program thereby, making it bigger and better in terms of profit.

In most of the crowdfunding MLM companies, participants can pay one time or monthly subscription fee to access a ‘special’ platform with an adaptable web page in which to generate their venture. After the venture page is generated, a participant can earn money by referring other individuals to the company. In some crowdfunding MLM companies, you can earn remuneration from successful referrals even if you don’t utilize the platform or raise funds for a specific venture.

DNB combines MLM software with crowdfunding to make MLM businesses more effective and established. Owing to its simple plan and uncomplicated features, it inspires more people to join and become a part of a charity project. DNB MLM software is capable of boosting MLM businesses efficiently.

Crowdfunding requires a bunch of people who want to earn big in a short span of time. Each person donates a few funds to receive lots of money for their efforts. Crowdfunding is completely effective with MLM business plan, where top MLM leaders can begin their independent crowdfunding business with their own set of networkers who donate a small amount to get lots of funds in return from crowdfunding business.

How can crowdfunding impact ventures in a wrong way?

Undeniably, crowdfunding has transformed the way business owners organize and raise funds for ventures. A large number of people are willing to invest in ideas that haven’t been turned into real products yet. Crowdfunding has emerged as a powerful mechanism for business entrepreneurs who want to launch newer consumer products. Some campaigns are quite appealing and are inspirational but raising funds through this mechanism has received so much attention that sometimes, people tend to overlook its harmful effects. In situations when some ventures are able to raise huge funds and fate or career of a large number of people relies on the month-long campaign, not every venture can end up the way people expect. There are many ways in which crowdfunding can negatively impact the venture development landscape. Here are some scenarios worth a mention, where crowdfunding can impact ventures in a wrong way:

First come, first serve

More often than not, crowdfunding obliges the groups who approach first to launch their venture rather than the groups who conduct proper research before developing a quality product. When a team develops a product within a company, it recognizes its potential of reaching a sizeable market, so they undergo a more meticulous design screening procedure. Seeing that the success of crowd funded ventures cannot be confirmed right from the launch, companies can’t do much to equip them for success. Since sponsors invest their funds upfront before the product actually turns into reality, extra design attention is given to grabbing the attention of prospective crowdfunding groups rather them contemplating about the utility of the venture.

Launching too many ventures

Lowering the entry barrier can result in too many ventures racing to be launched one before the other. This implies that there will be just too many ventures awaiting their launched that is crowds the platform, making it difficult for your venture to stand out. There may be different companies or groups working on extremely similar ventures and launching them on the same day, even without knowing about one another. This will result in a big loss for either of the companies who worked hard to turn their ventures into a reality.

Unrealistic ventures may get funds

Unlike feasible ventures that are considered as boring, unrealistic products often get funded as they seem more interesting, just like videos that go viral all over the internet attract more viewers than a practical proposition should. Looking at the list of crowd funded ventures; one may question the applicability of the product. Surprisingly, many industrialists who attempt crowdfunding have discovered that it distorts product development to focus on an affluent section of society who have disposable income to spend on ventures or products that are yet to be launched in the market. Leaving aside a few reasonable and mass market products, crowdfunding emphasizes on sophisticated and expensive ventures.

Potentially hazardous and unlawful venture may get support

When popular companies create a new venture or service, they put in a lot of effort to ensure the safety of the venture before releasing it to customers. Usually, a panel of advocates will verify if the product conforms to all the rules and intellectual property rights. Whenever it seems doubtful that a campaign will succeed, the creators are persuaded to address to all the problems that might crop up later. However, several products that approach the crowdfunding platform with huge funding goals are either unsafe or may attract legal troubles when they come in the market.

Autonomous product development

Sometimes, crowdfunding raises funds to launch non-specific products. Only a handful of entrepreneurs can establish the need of the customers and therefore, use their expertise to come up with a unique solution to a problem by designing a neat venture, distributing it in the market and keep on developing the product. However, customers may ignore these fine distinctions of venture development and go for the gaudiest gadget that happens to resolve the most pressing issue they have. One of the best ways to discover about a new venture is to have it recommended to you by other people who have used the product and loved it too. The probability of such an occurrence is quite bleak with crowdfunding as the majority of ventures are still hypothetical.

Crowdfunding indeed has its benefits, but there are implications that accompany this method that often go unnoticed. The companies should be conscious of the ways these platforms influence how a venture may be developed, targeted, and promoted. DNB MLM new venture development designs and concepts are based on a correct analysis of consumer desires, needs, and expectations. A company launching a new venture concepts and promotion systems must suitably position the venture to create interest among its distributors. The MLM Crowdfunding strategy is gaining popularity among current business scenario across the world. An individual can begin his/her own crowdfunding company and earn millions in a very small period of time. DNB offers the best online crowdfunding MLM software to operate and manage crowdfunding business.

World’s Top 10 Textile Companies

Clothing and fashion are the basic human needs irrespective of the sporadic changes in the technologies happening all the time. The fashion has changed a lot over the last few decades. All across the world, there are thousands of companies and brands that work day and night to bring the latest fashion to their customers. Textile is the soul of every fashion. Let us discuss the Top 10 Textile Manufacturing Companies that are ruling the fashion world for decades.

1. Arvind Limited: This is an Indian textile manufacturer and the flagship company of Lalbhai Group, founded in 1931 in Ahmedabad. The company has been establishing trendsetting styles for decades. It focusses on making finest fabric and unique styles. The company holds the license for the populous international brands like Arrow, Tommy Hilfiger, Cherokee, lee, wrangler and owns brands like Flying Machine, Newport.

2. Dorothy Perkins: This is a US-based fashion manufacturer and retailer that is world-famous for its lingerie, tights, and sleepwear collections. The company designs clothes in different styles and offer a wide range of facilities and outfit ideas on their online stores. The brand is one of the favourites among women.

3. Bombay Dyeing: The Indian flagship company of Whadia Group is a leader in home textile industry. The company is redefining home fashion for last so many decades. It offers some of the finest products like linens, bed sheets, curtains, comforters, blankets and a whole range of other products.

4. Agile: Established in 1853, the French company delivers quality footwear and textile products. The company is renowned for its chinos, bias ribs jumper, essential 5-pocket trousers, long warm parka, padded winter jackets, and heathered jumper.

5. Canterbury of New Zealand: Established in 1904, this is a UK-based sports clothing company focussed on rugby football. Their tagline reflects their dedication towards the business: “committed to the game”. The company is also the official sponsor of New Zealand and Scotland cricket teams. It has also sponsored many rugby football clubs and nations like England, Georgia, Japan, Poland, etc.

6. Admiral Sportswear: This UK-based company is dedicated to manufacturing sportswear related to football and cricket since 1914. The company is mainly focussed on three genres: football sports performance, retro-inspired sports fashion, and casual sports-inspired fashion.

7. Ashworth: This is a US-based golf apparel company established in 1987. Initially, they were dealing in golf-based goods and then later shifted in designing other clothes as well. Golf players endorse their products as their ambassadors. The company has been acquired by the Taylormade (Adidas). Now, the company focusses on both traditional and modern clothing.

8.Bruno Banani: Established in 1933, it is a Germany-based clothing company that is involved in the manufacturing of men’s and women’s clothing and undergarments. They are also involved in some fashion accessories such as belts, wallets, shoulder bags, handbags, and perfumes as well. One of the major breakthroughs brought by the company is in the form of eco-friendly fibre – biophys.

9. Cone Mills Corporation: This Germany-based company is the leading producer of denim. The corporation owned Asheville Cotton, Minneola Manufacturing Company, John Wolf Textiles, American Spinning Company. etc., which were later acquired by W.L. Ross. However, they are still ruling as one of the biggest producers of denim.

10. Cotton Corporation of India: This is an Indian Government undertaking, managed by Ministry of Textiles. The corporation is mainly involved in the importing and exporting of cotton and cotton related products across different nations around the world.

What to Expect From SEO Packages Offered by Indian SEO Companies

Business owners around the world are turning towards India to get their search engine optimization needs fulfilled. SEO services in India are appreciated at the global level and there are no significant cases of scam or inefficiency associated with them. One significant way to choose an SEO company in India is by considering the SEO packages it offers. Here are few things one can expect from the SEO packages offered by the Indian SEO companies.

Customized Packages

SEO services in India take different approaches to optimize the websites belonging to different industrial domains. There may be a big difference in the level of competition, business keywords and audience preferences from different websites. The SEO packages from India are highly customized to meet the specific optimization and online promotion needs of these websites.

SEO Expertise

Every SEO company in India designs its SEO packages taking advantage of their expertise in the industry. These companies have teams of experts who are highly qualified and experienced in handling different types of optimization tools and strategies. SEO experts working with these companies ensure that the set SEO goals are met without any deviation in the plan.

Communication and Customer Support

The SEO companies in India establish a strong channel of communication with their clients to ensure that information is exchanged in the best possible manner. The client communicated his or her requirements and makes suggestions from time to time. At the same time, the SEO company keeps the client informed about progress in the project. Reporting is an important aspect of SEO services in India to ensure that the client’s expectations are met. The SEO companies ensure that they are accessible round the clock to handle the queries coming from their clients.

Local and Global Optimization

An SEO company in India ensures that the target audiences of their clients’ websites are entertained locally as well as at the global level. Depending upon the nature of business, a client’s website may have audiences scattered in different parts of the world. As a result, there is need to research keywords for audiences speaking different languages and searching in different ways. The expert SEO providers from India ensure that local and global optimization needs of websites are fulfilled.

Timely Results

Search engine optimization is a continuous process, but there are some significant goals that must be reached within specific period of time. The companies offering SEO services in India set the deadline after conversation with their clients and leave no stone unturned to meet them. In other words, time-efficient approach if followed by these companies.

Cost-Effective Solutions

One can easily find a SEO company in India that offers affordable SEO packages to their clients. These packages are meant for small and medium-sized business owners who have a tight budget to spend on search engine optimization. These companies ensure that there is no compromise with the quality of services that are offered at affordable price tags.

Finally, the SEO services in India are meant to offer lifelong support to their clients so that their websites are able to maintain their search engine standing forever. The SEO packages from these companies are geared to achieve and maintain the success in one’s respective niche.

Make sure that all such expectations from SEO packages are met before you choose a SEO company in India. Investing in one of these packages should help your website to enjoy good reputation among search engine results and targeted audiences alike.

IT Outsourcing, Philippines – Helping Companies Cut Costs And Enhance Productivity

In the old times, most businesses used to conduct all their major functions through an in-house department or service provider. However, with the recession hurting the pockets of many corporations and medium-sized firms, many have begun transferring some of their “non-core” functions to third-party providers. Today, the concept of outsourcing has spread like wildfire among companies in the developed world; hence the birth of the term BPO, or business process outsourcing. Here’s a quick look at how outsourcing can help a company cut costs, and increase productivity at the same time.

The Benefits of Outsourcing

Business process outsourcing offers a wide array of benefits to overseas companies. It allows them to transfer some of their non-core company processes to external providers, who are often referred to as BPO firms. Many companies based in countries like the US, Canada, Australia and Europe have now outsourced a number of their core and none-core operations to countries like India, the Philippines and China, where labor costs are low, and there’s a large supply of talent. These countries are known for providing, and maintaining, good-quality output, and are preferred because they easily conform to strict international standards.

The Services Offered By BPO Companies

Business processing outsourcing firms offer a wide array of services. They provide software development, animation and content development, technical support and customer service, medical and legal transcription, finance, logistics, accounting, account management, accounts receivable collection, insurance claims processing, engineering and design, payroll processing, human resource, financial analysis and auditing, data processing and other essential back-office functions.

IT Outsourcing Philippines – The Advantages And Perks

The Philippines ranks high when it comes to the realm of business process outsourcing. The country currently ranks in the top 3 preferred global outsourcing destinations, which include India, China and others. The company consistently ranks as a favorite outsourcing destination because it has a large volume of English speakers, and it also churns out a large number of college graduates annually, who are proficient in information technology, business, accounting, and other skills. The country also is also seen as a better alternative to India because it offers more affordable operational costs.

Outsource Philippines has steadfastly clung to its reputation as one of the top business process outsourcing destinations in the planet. The country’s BPO industry has risen by 46 percent yearly, and the boom is mostly driven by the establishment of offshore call centers. According to the country’s Board of Investments, the BPO output for 2008 alone was a whopping $6.1 billion. In 2009, the nation’s BPO sector was forecasted to rake in from $7.2 to $7.5 billion in revenues. The IT outsourcing Philippines sector is expected to earn as much as $11 to $13 billion in 2010, and employ an additional 900,000 people.

To sustain the growth of the Philippine outsourcing industry, the government has offered a wide variety of fiscal and non-fiscal incentives to attract more foreign direct investments. The Board of Investments has also drafted an Investment Priority Plan, which focuses on the further development of the BPO sector, and other major industries.

Role of Budgeting in Planning, Control, and Resource Allocation Process in UAE Companies

Budget

Before understanding the key concepts of budgeting, it is important to understand the meaning of budget. A budget is used to make a documentation of the translation of plans into money. So, the amount of money that needs to be spent in the planned strategies of the company would lie under the budget of that company. These planned strategies include the expenditure that a company incurs and also the income that the company predicts to make. So, in other words, a budget helps one to make an estimation of the amount of money that would be required for the company to handle the projects undertaken by it. It must also be understood that a budget is not made permanently. There are conditions under which a company can make changes in the budget and go as per as the needs of the market. As for example, if a company sees that the use of computers is not as had been planned in the budgeting; it would either replace it with something or not make any investment at all in the field. This is where the utility of controlling comes into the picture. Other than this a budget is also significant from other perspectives. If one talks about the resource allocation, budget has an equally important role to play in it. The reason for the same is that let’s say that a company has budgeted that it can afford a certain amount of power supply for a certain project that is conducted in a village. Under the conditions, the amount of human resource that would be required to carry out the project can be determined from the budget itself. Normally a budget is of three types. They have been mentioned as follows:

Survival Budget: This form of budgeting is important in the boundary conditions. It estimates the minimum resources so as to complete a particular project. So, if a company has a look at the survival project, there is one obvious analysis that can be done. This is that under the most optimistic of the situations, the resources allocated would be sufficient. There would be very little margin of error under the conditions.

Guaranteed Budget: This budget is formulated when there is a guarantee of a particular amount of income at the time of formulation of budget. So, when a budget is made from this perspective, this income is taken into consideration. If somehow, the debtors are not able to provide the income that the company used as guarantee before making the budget, it would have to switch over to the survival budget formation.

Optimal Budget: The third form of budget is the optimal budget. This budget is used under the conditions when there is extra money in the company accounts or else the company feels that it could raise extra money from the market. So, if the position of the company is good then this form of budgeting can be applied. As for example if we consider a very famous company in the infrastructure sector, Emaar, we would find that the company has the ability to raise a lot of extra capital from the market. So, Emaar can hope to use it in utilizing the money to plan a few more interesting projects like it had made the longest mall in the world and the tallest tower in the world. Both these projects were outcomes of an optimal budget made by the company.

Budgeting Responsibilities

Owing to the circumstances under which a budget is fruitful, the organizations should be highly selective in handing over the responsibilities of making the budget. There are a few pre-requisites of making a budget. They are as follows:

The concerned employee should have a clear understanding of the company’s values, strategies, and plans that lie in the near future.

The employees must know the importance of cost-efficiency and cost-effectiveness.

Also, the concerned employee must have knowledge about the resources that would be used to generate and raise funds.

The above pre-requisites are essential for the company if they have the motive of using budgeting in the planning, controlling and resource allocation purposes.

So, it is generally recommended that a company has a budgeting team that has an optimal size so as to prevent any discrepancy with the formation of the budget. Under all situations where the concerned members of the finance department have difficulties in planning the budget, they would have to consult the board of members for the same. For a situation like this to arise, the planning in the company must certainly have been wrong. So, we can see that the new planning would depend solely on the fact that budget allows the same to happen. Under all other conditions, the estimated plan would have to change. (Budgeting, 2010)

Role of Budgeting in Planning

Here we are taking the telecommunication giant, DU into account to understand the role played by budgeting in the planning process. It was only about a couple of years ago that the company introduced its new plan. This new plan was about introducing the pay-by-the second plan amongst the services of the company. This was done as per as the optimal budget plan of the company. DU had formulated a budget where it got the option of introducing a new facility with the extra money that it hand in hand. As the company analysis shows that DU was climbing the ladders of success even then, so this was certainly a major step in the making. Moreover, the funds that had been allocated in the budget were enough for the fact that the company could start this service any time it wanted. So, it chose the time when the nearest rival company Etisalat had screwed up its plans after introducing the Blackberry services. As an optimal budget is that which allows the time for starting a new investment, this was just the time and DU made the most of the opportunity. Today this plan is among the most revenue-fetching plans that the company had ever introduced in its services. So, budget played an extremely important role in the planning of this success of the firm. Had the company planned to use the extra money as a surplus or retained or reserve, it would never have been able to introduce this service. So, one can see the importance of making the right budget at the right time can help in planning for great successes in a company. There are other examples also where one can see the planning being aided by preparation of budget. The tourism department of Abu Dhabi was guaranteed of the fact that it would have a considerable amount of income from the flourishing tourism in the country due to the onset of some of the most peculiar activities in the country. Under the situation, the department used the guaranteed budget to enhance the cultural activities of the country. A number of museums have been renovated because of a planned budgeting under the guaranteed budget plan. The department had planned that with the money they would have from the already existing resources in tourism, it would evoke a cultural feeling in the country and its natives, It has been able to do it successfully as per as the statistics of the museums of the region are concerned. So, once again we see that budgeting has helped in planning of such an important landmark in the country.

As in general one can say that budgeting is about aiding a company to make plans for the future. It is that process where a company can be assured of the fact that it would have enough money so as to carry out the requisite projects. We are all acquainted with the fact that the world is about competition as of today. Every company needs to plan new projects so as to show its core competency. Under the conditions, no company can automatically start investing on its research and development. It has to come through a substantial degree of planning which could only be possible after the budget of the company allows it to do so. In all other situations it would finally have to terminate the services with an excess of demand or supply.

There are also other instances where a company can use the principles of budgeting in order to carry out its planning. This can be seen in the case of training. Every planning of training has to be supported by budget. This is one of the foremost criteria of training. There are a number of instances in the country where the Government is implementing programs like Emiritzation. If the budget of the company does not support such plans they would certainly not be executed. The loss can be huge under the conditions. The first case would be a monetary loss as an incomplete training would actually be of no used as it would be insufficient to fulfill the company’s criteria. If some small companies do place employees with an incomplete bit of training, it would make the company even smaller!

So, we can see how budgeting governs this chain of planning which of not executed in a suitable manner could bring about adverse results. (The Importance of Budgeting, 2010)

Role of Budgeting in Controlling

As in the case of planning, budgeting also has a special role to play in controlling of an organization. We have seen that a plan would simply lay the conditions of taking on a particular activity. What follows is its controlling in the implementation phase. Let’s say that a company wishes to promote its products or services in the trade fare of Dubai. This is one of the places where controlling comes into play with respect to budgeting. Dubai Trade Fare is one of those occasions when a number of companies use the best of means to promote their products. With an adequate amount of control, the companies would never be able to compete in the pool of so many. So, a budgeting has to be done to choose the HR and marketing department which would be responsible to control the scenario.

Without a proper budgeting in this respect, the company would make inefficient decisions and after a while, there would be no control over the promotional measures of the company.

There are also a number of chances where a company goes with leisure expenses. It does increase the value of the company for a particular period of time but after a while there has to be an end to it. Now, with a planned budget under the conditions, the companies would be able to restrict themselves from over-spending as the budget would not suit their expenditure. This requires the company to make a survival budget. As we can see a survival budget would certainly take care of the budgeting requirements of the company. If the employees are aware of the fact that they would not be able to complete their respective projects with the type of expenditure they are doing, they would certainly shift to other economic reasons. This way a company can also control the activities of the employees. Once a planned budget is produced the whereabouts of the employees can also be checked as they would be on a hire. The amount of time given to them in the budget would be fixed. If they are unable to finish their respective works in this stipulated time they would see the effect on their salaries or wages. So, this way, the company’s activities, employees, time and money can all be under control with the introduction of budget in the company’s financial plan. The company would certainly become more efficient if it works in a controlled manner. So, this would be for the mutual benefit of both the employees and the company as well. (Controlling a Budget, 2010)

Role of Budgeting in Resource Allocation

A company’s success is highly dependent on the resource allocation. This has to be done optimally so as to complete a certain project. The law of economics suggests that a company has the least resources and has to make the most of it. So, only an appropriate resource allocation would help this happen. This would be in terms of human resource, raw materials, equipments, money, time and all other attributes that take for making a project successful. Here again, the budgeting of the company plays an important role to play. The reason for the same is that in all the sectors that have been talked about here, only a planned budget could decide the maximum a company can afford. Let’s say that ADNOC has the plan of staring a new subsidiary. Under the conditions, it would have to make a budget where the company could allocate the amount of human resources in order to make this happen. Not only this, there are a series of activities that would have to be done in the process. Much of the time, there would be two processes going on and at times even one. So, a planned budget would estimate the amount of money that the company can afford throughout the process. Based on this, the processes would have to be allocated in a manner where the company can make the best use of the human resource available. If ADNOC has 200,000 AED for the purpose, and there are 10 slots, rather than allocating 20,000 AED per slot, the company would have to see the priorities of each slot. If a particular slot requires double the number of processes than the others, the resources would have to be allocated accordingly for the same. Now this can only be possible with an appropriate amount of budgeting. If the budget of the company does not allow double resource allocation for a particular slot because of other activities, then the company would have to come up with other alternatives. Had there been an inability of a budget, the company would allocate double resources and finally land up with none available for a process that has little requirement. So, we can see that even the process of resource allocation requires budgeting to a large degree.

Talking about the company Emaar, as per as the organizational size of the company, there has to be a proper budgeting done. The reason for the same is that every department requires an adequate amount of human resource and funds. If the company’s budget for a particular project is 200 million AED, the company would also have this budget divided into different departments. Every department would have to use only the allocated funds to support its human resource and all other requisites prior to conducting the project. If the construction department spends so much that the company is not able to use any funds for its advertisement, in this world of competition, even a company like Emaar would have to bow down to others in the league. There are so many options that people have for residents that promotion under forced conditions could change every profitability ratio of Emaar. So, here again we see the hierarchy that could be affected because of the inappropriate use of resources that would result from the non-availability of a budget that could suit the purpose. (The Basic Budgeting Problem, 2010)

Conclusion

So, one can see that a budgeting process has a number of utilities in the projects of a company. This could be from the perspective of planning, controlling or resource allocation. Every company has the desire to be at the top. Finance has a special role to play in the same. Te steps of laying down an appropriate budget are as follows:

Firstly, the concerned person should lay down all the places of investment with respect to a particular project.

Next, make an estimation of the unit cost of every product that would be manufactured in the process.

Next, analyze the resources that would be sufficient to provide for the unit costs found.

Next make a proper budget format so that it is clear to all the departments and they the amount of allocation for them in all the respects.

It is also advisable to make notes so as to be able to explain the budget better.

Next, it is required to take a feedback on the budget so as to see whether it is applicable to all the departments or not. If not, then it would have to be re-planned.

Finally, make the final documentation so as to be able to help in planning, controlling and resource allocation as has been suggested earlier.

With all the above processes followed, a company can afford to perform all the financial activities in its respective projects. It must be remembered that only a systematic design of budget as has been concluded could be used for the mentioned cause.

Insurance Companies Listings and Ratings Guide For Insurance Agents & Brokers

Here is the newest, revised version of the best insurance companies listings. These are compiled in a top 100 ratings guide format. The listings are in alphabetical order helping insurance agents & brokers locate an insurer. Find out how your opinion compares. How can you possibly rate an insurance company? I will mention briefly the various ways, show you the method I is used for this article, and why.

BY NUMBER OF AGENTS

This ratings guide listing method evaluates the insurer by the sheer number of insurance agents & brokers currently licensed and under contract. with carrier. I feel this evaluation to be worthless for a multitude of reasons. First of all there are a number of career health and life insurance agencies that have thousands of representatives. However, of these,up to 80% of the total agents are relatively new in attempting to establish credibility in the industry. Four years down the line only 6% of many an insurance company agency force will maintain enough production to stay career representatives.

Moreover, my findings uncover inaccuracy of this method due to licensing renewal process state insurance departments impose on the insurer. Most state departments of insurance send the renewal report forms on a yearly basis. There is a fee to be paid by each ins agent renewed. What makes it difficult is the variation of different paperwork procedures by individual states for removing non-active ins reps. The paperwork consists of costly, time consuming forms and procedures for the insurance company to make any changes. Renewing all the sales representatives is often cheaper, and thus the route the insurer frequently takes. This also gives the insurance company bragging rights to how many sales people write for them.

Personally I was shown in state insurance department records as licensed for 11 years after I wrote my last case.

INSURANCE CO FINANCIAL RANKING LISTINGS

There are four or five top independent firms that employ this insurer rating of a company based on a multitude of financial factors. A lot has to do with projecting the financial stability of the insurer. This is accomplished by closely dissecting past and present financial history. It covers how the insurer investments perform, and the rate of return. An insurance evaluation also takes in consideration the amount of cash on hand, and how much exists in reserves to pay present and future claims.

There is a consensus among life insurance association members into believing that the highest rated insurers are the best of the bunch. Yet association members make up less than 12% of the total producer base. The other insurance agents and brokers, (the majority), do not agree that these are always the best ones to use for their client’s needs. Logic tells you that a newer quality insurer does not have past history to start out top ranked. In my situation, clients bought what I presented them. Nearly half the time it was NOT the highest rated company by the rating firms. I however sold the client what their emotional needs demanded. Many past insurance companies with rankings in the best 100 later financially failed, and still frequently do in today’s world.

BY RANKING OF PREMIUMS COLLECTED

This is a very common type of insurance company listing & ranking to produce. Insurance companies are rated by total number of premiums they collected that year. It seems rather unfair to mix annuity premiums in with all dollars collected. Producers know it is easier to sell a $20,000 annuity than a $20,000 premium term insurance policy. The other fault I find with using total premiums collected is with who actually contributed a chunk of the premiums collected. With some companies an enormous amount of these premiums were not collected by the average sales person. A lot of institutional buyers directly bought hundreds of thousands of dollars of annuity premiums.

BY RATINGS IMPORTANT TO HEALTH & LIFE SELLERS

This is my way. As fair and balanced from an sales representative perspective as feasible. Premiums are collected from the 1,500,000 agents, trying to make a living by selling insurance policies in this industry. Often these sales are done one by one. Plus, of this 450,00 independent brokers, semi-independent agents and some career reps write, depending on which company, 50% to 100% of that insurance co business.

This rankings method is imposed because I find the insurance companies listing is intended to be a beneficial directory. One that independent brokers, semi-independent representatives, along with some career reps can turn to. This is a guide directory to other insurers that you may consider writing production for.

The insurance companies listing and ratings guide to the top 100 is purposely placed in alphabetical order instead of by premium or financial data. You may not agree completely with the listing, because we have left in some companies with a strong percentage of business sold in annuities, and investment products.

In the eyes of a typical health and life broker, this guide is of health and life insurance companies is about as accurate as possible.

1. Aetna 2. AIG Life Insurance Company** 3. Allianz Life Insurance Company of North America 4. American Family Life Assurance Co of Columbus 5. American Fidelity Assurance Company 6. American General Life and Accident INS Co** 7. American General Life Insurance Co** 8. American Income 9. American Memorial 10. American National Life 11. Americo Financial Life And Annuity 12. Anthem Blue Cross 13 Aurora National Assurance 14 Aviva Life and Annuity Company 15. AXA Equitable 16.Bankers Life and Casualty Company 17. Banner 18. Beneficial Life 19. C.M. Life Ins 20. Colonial Life & Accident 21. Columbus Life 22. Conseco Life 23. Farmers New World 24. First-Penn Pacific 25.Forethought 26. General American 27. Genworth 28. Gerber 29. Great American 30. Great-West Life & Annuity 31. Guardian 32. Hartford Life and Accident Ins Company 33. Hartford 34. Homesteaders 35. Indianapolis Life 36. ING 37. Jackson National 38. John Hancock 39. John Hancock Life Insurance Company USA 40.. Kansas City Life 41.. Lafayette 42.. Liberty Life Assurance Co of Boston 43.. Liberty National 44.. Life Ins Company of North America 45. Life Ins Company of the Southwest 46. Life Investors Ins Co of America 47. Lincoln Benefit 48. Lincoln Heritage 49. Lincoln National 50. Massachusetts Mutual 51. Metropolitan 52. Midland National 53. Minnesota Life 54. Monumental Life 55. MONY – America 56. MONY – New York 57. National Guardian 58. National Life 59. New England Life 60. New York Life Ins and Annuity Corporation 61. New York Life 62. North American Co for Life & Health Ins. 63. Northwestern Mutual 64. Ohio National Life 65. OM Financial 66. Pacific Life 67. Penn Mutual 68. Phoenix Life Ins 69. Primerica 70. Principal 71. Protective 72. Provident Life and Accident 73. Pruco 74. Prudential – America 75. Reassure America 76. Reliance Standard 77. ReliaStar 78. Riversource 79. Security Life of Denver y 80. Standard 81. Stonebridge 82. Sun Life and Health 83. Sunset 84. Surety 85. Symetra 86. Transamerica 87. Transamerica Occidental 88. Trustmark 89. U.S. Financial 90. Union Central 91. Union Security 92. United Healthcare 93. United Ins Company of America 94. United Investors 95. United of Omaha 96. United States Life 97. Unum 98. West Coast 99. Western and Southern Life 100. Western Reserve Life Assurance Co of Ohio Note: Sagicor Life, Foresters, and Illinois Mutual should appear on the bottom 3 listings, replacing the companies listed above as #6, 2, and 7.

**AIG Life Insurance Company, American General Life, American General Life and Casualty Comments

This group of companies USED to be one the highest premium generating, and highest ranked insurance companies in the United States. Still, after two massive Federal Bailouts, the future is uncertain. Therefore, AIG Life is no longer deserving of being on this top 100 list guide.

GUIDE TO QUESTIONABLE LIFE INSURANCE COMPANY LISTINGS

The following insurance companies listings often could be included in different types of some top 100 Life ins company rankings IF you were evaluating premiums written. Sometimes the premiums consist of considerable amounts of annuity premiums. Also counted in would be insurers where a large portion of sales do not come from representatives and sales people. Instead it is written by security stock brokerage firms, and independent broker-dealers of variable investment contracts not governed by insurance departments. In other cases, products may be directly strictly toward teachers, the military, or credit unions. In a couple cases, there are companies with pending litigation. A representation of this mix of insurers is listed below:

1. Cuna Mutual 2. Genworth Life and Annuity 3. Harford Life and Annuity y 4. John Hancock Variable Life 5. Mayflower National 6. Metlife – Connecticut 7. Metlife Investors USA 8. MML Bay State 9. Nationwide 10. Nationwide Life & Annuity 11. NYLife of AZ 12. PHL Variable 13. Sun Life Assurance Co of Canada 14. Teachers Ins and Annuity Assoc of America 15. USAA 16. Shenandoah — financial difficulties

There is a grand total of over 600 Licensed Life/Health Companies “active” in every state of the United States. However, some are not currently writing new business. In addition, there are many active in only one or a few states, so you will find them missing from the top insurance company listings. Most states have a true actual listing count of 220 to 330 life and health home offices currently accepting new cases from licensed agents & brokers.

Advisor’s predition. If I choose from the provider listings above, Foresters would be my top pick as the next rising star. Its innovative niche products are starting to create a high demand. Also watch Genworth, its stock value has zoomed and the company is very adaptive to market opportunities.

Using Blockchain Technology Companies for Trade Finance

One of the most propitious industries for blockchain technology is trade finance. Many of the world’s largest banks are putting time into its research and development.

Thanks to a consortium of 71 global financial leaders, R3CEV, much has been uncovered about potential uses of blockchain technology.

Since 2016, R3 has executed several pilot runs in the marketplace to complement their research. They will continue to improve these strategies until ready to fully enter the market.

So, what are some of their findings of potential use? Here’s the future of trade finance with blockchain technology companies.

Monitor Real-Time Status and Condition

One of R3’s members, CBA, is a leading contributor to the research of blockchain technology. Currently, they are undergoing 3 different projects to analyze blockchain use.

They are conducting a trial run with exporters who ship cotton. A humidity monitor is placed inside the canister, which is linked to IoT and GPS.

This monitor allows consumers to track their shipments with real-time status. Also, they are able to evaluate the condition of their product as it travels through.

Other national blockchain technology companies are running pilots, similar to this study. In Singapore, Hellosent is conducting similar tests. However, they’re studying the import of French wine.

Eliminate Unpaid Settlements

A growing issue for grain farmers is a financial loss due to trade insolvencies. An estimated $50 million was lost in 2014 because of this activity.

It takes roughly 4-6 weeks for a farmer to receive payment for their shipments. At that, often times conflict arises between farmers and buyers over payment complications (failing to pay the appropriate amount, late payment, etc.).

Australian start-up, Full Profile, has taken matters into their own hands.

Their blockchain platform allows farmers to now receive automatic payment upon delivery of grains. This will significantly reduce the risk of dispute between farmers and buyers.

Once Full Profile’s application is fully functional in a domestic setting, they will expand on external trade.

Digitize

The use of blockchain technology can also be beneficial to reducing financial loss and risk. Upon further development, it will be able to digitize sales and legal arrangements.

Trade finance is an unwieldy industry, that relies heavily on settlements and contracts. Currently, most of these agreements are handled the old-fashioned way: paper copies.

Blockchain technology will remove the need for this paper-based system. This ultimately reduces the risk of financial loss as documents are often lost, mishandled, or tarnished.

Electronic documentation can be tracked much more efficiently. Also, it cuts out the need for a third-party verification system.

Interested in Learning More About Blockchain Technology Companies?

Blockchain technology creates transparency in financial trade between buyers and sellers. From the moment an order is made up until payment, blockchain is capable of simplifying the trade process.

Are you looking to jump into the world of international trade? You’re at the right place. It would be great to know your thoughts and comments.