5 Ways CEOs of Infra Project Developers Can Use Digital Technologies to Augment Safety at Road Construction Sites
5 Ways CEOs of Infra Project Developers Can Use Digital Technologies to Augment Safety at Road Construction Sites
Road construction sites pose significant risks to the safety of both workers and the general public. Safety should be the utmost priority for CEOs of infrastructure construction project developers in India to protect lives and ensure the smooth progress of projects. Reports suggest that more than 40,000 injuries happen in road construction each year. This makes it crucial for the construction industry to adopt modern and safe approaches in their day-to-day operations.
Source: https://workzonesafety.org/work-zone-data/worker-fatalities-and-injuries-at-road-construction-sites/
The above data represents fatality experienced at road construction sites.
In recent years, the construction industry has witnessed a revolutionized and digital shift that is transforming the way the construction industry operated previously, offering innovative solutions to enhance the safety of its workers. In this blog, we will explore five ways CEOs of infrastructure project developers can harness the power of digital technologies to augment safety at road construction sites.
- Sensors and IoT Devices: Environmental sensors can monitor the weather conditions and temperatures to identify any alarming aspects that could pose worker risks. Workers can wear smart helmets or vests with sensors to track vital signs and detect fatigue, ensuring they are fit for their job and reducing the risk of accidents like cardiac arrest or falling unconscious due to weakness.
- Drones for Aerial Surveillance: Another promising digital technology for enhancing safety at construction sites is drones. Drones with high-resolution cameras can offer real-time aerial surveillance of the entire construction site. It also allows CEOs, engineers, project owners, and safety teams to observe operations, identify potential hazards, and assess the overall safety of the construction site. Drones are a new-age addition to the construction site as they can quickly cover large areas and provide valuable data to prevent accidents and improve safety protocols.
- Train Workers with Digital Materials: Recent studies have revealed that about 90% of construction site accidents happen due to unsafe behaviors and environments. These incidents often occur due to a lack of training regarding the safety protocols among on-site personnel, insufficient safety understanding, and a general unawareness of established safety guidelines. Even though safety protocols are in place and safety training is available, they often fall short of ensuring that all site workers are adequately informed.
To overcome this challenge, digital content can assist business leaders in guaranteeing that every on-site worker can easily access this vital information at any given moment.
- Real-time Data Analytics for Predictive Safety: Real-time data analytics is an excellent addition to the infrastructure industry, as CEOs can create predictive safety models that help identify and mitigate risks before they escalate. By collecting data from various sources, such as weather forecasts, equipment telemetry, and worker behavior, intelligent algorithms can analyze trends and issue warnings or recommendations to ensure safe working conditions. Predictive safety measures can significantly reduce accidents and downtime.
- Reduce Onsite Work by Expanding Modular and Offsite Fabrication: Shifting to modular and offsite fabrication methods in construction represents a strategic approach to curbing onsite labor requirements. By embracing these techniques, construction projects can substantially reduce the need for extensive and time-consuming work at the site. As per a recent survey, about 65% of building professionals reduced the project’s construction cost. These prefabricated construction modules can then be swiftly assembled onsite, reducing the duration of construction activities and the associated labor costs. A report suggests that 66% of building professionals experienced faster project completion with smart construction. This approach enhances project timelines, safety, and quality control, making it an increasingly appealing choice for the construction industry.
Source: https://www.intertek.com/blog/2021-07-20-modular-construction/
Conclusion
Ensuring safety at road construction sites is a moral and legal responsibility for CEOs of infrastructure project developers. By embracing digital technologies, CEOs can fulfill this responsibility, enhance project efficiency, and reduce costs associated with accidents and delays. Moglix Business construction safety solutions are trusted and utilized by over 20 of India’s foremost enterprise-level infrastructure project developers. We are the top construction raw materials suppliers in India. Some of our best-quality construction raw materials include TMT bars, structural steel, electricals & cables, ductile iron pipes, and more. As technology advances, the scope to foster preventive safety measures at construction sites will only expand, making it a worthwhile investment for any infrastructure project developer.
For more information on procurement of construction raw materials such as steel, crash barriers and bitumen , explore Moglix’s infrastructure solutions.
Write to us at info@moglixbusiness.com
How Can CTOs of Infrastructure Project Developers in India Reduce Cost Overruns in Road Construction Projects?
How Can CTOs of Infrastructure Project Developers in India Reduce Cost Overruns in Road Construction Projects?
India’s 5.89 million km road network is facing a management crisis. According to a report by Economic Times, a stark 871 projects need to catch up: 169 for up to a year, 157 for up to two years, 414 are delayed for up to five years, and a critical 131 projects are overdue by more than five years. This is not merely a delay; it’s an emergency. CTOs, armed with data, are tasked with navigating this challenging terrain.
With technology’s growing role in construction, strict oversight on spending and strong alliances are paramount. This article stresses the urgent need to address road construction delays in India and underscores the crucial role of CTOs in this crisis.
Pain Point of Infra Project Developers
Managing multiple construction sites poses significant challenges for infra project developers. One primary concern is the lack of accessibility, given the constraints of on-site resources. Multiple sites demand substantial manpower, funds, and logistical support, like vehicles. Moreover, handling numerous purchase orders (POs) exacerbates these challenges. POs are crucial for budget adherence, but they add to the overwhelming volume of paperwork, including notices, payment applications, lien waivers, and change orders. This barrage of documentation hinders operational visibility, essential for excellence.
Furthermore, a study highlighted that construction projects in India experienced an average schedule overrun of 55% compared to the planned duration. This alarming statistic underscores the urgent need for addressing these pain points, especially in highway and road projects.
One Dashboard
In response to the challenges faced by infra project developers, a unified solution emerges: the ‘One Dashboard’ system. This cloud-hosted platform streamlines procurement through catalogue-based buying. Seamlessly integrating with a developer’s ERP system, it offers an integrated view of all project-related transactions.
Furthermore, the inclusion of APIs consolidates procurement spending data into a singular data lake. Beyond merely centralising data, this reservoir allows for controlled access, granting only CXOs and pertinent stakeholders need-to-know basis entry, guaranteeing both security and strategic insight.
Spend Tracking & Reporting
Through the catalogue-based buying solution, expenditure is clearly displayed, both categorically and site-wise. This ensures transparency in financial transactions, allowing stakeholders to promptly identify spending trends and anomalies. The system, in essence, becomes the single source of truth for all parties involved.
Centralising financial data removes ambiguities, strengthens stakeholder trust, and encourages forward-thinking decisions, all vital for the fiscal stability of expansive infrastructure projects.
Conclusion
Moglix Business’s catalogue-based buying solution provides enhanced visibility and precise control over procurement expenditure. For a comprehensive understanding and further insights, refer to Moglix Business Solutions.
How CFOs of Infrastructure Construction Project Developers in India Scale 8X Working Capital Growth in 1 Year?
How CFOs of Infrastructure Construction Project Developers in India Scale 8X Working Capital Growth in 1 Year?
Construction project developers must secure ample working capital to avoid liquidity issues that can impede payments to subcontractors, suppliers, and employees. It rings particularly true for CFOs of infrastructure construction project developers in India dealing with leveraged balance sheets and milestone-driven cash flows.
This article discusses a few strategies to scale working capital growth to maintain the crucial triage of cost-quality-time.
3 Effective Strategies to Boost Working Capital Growth
Generally, CFOs can improve their working capital by either reducing project expenses or delaying payments to have cash on hand. We delve into the finer details below.
#1 Problem: Fragmented Supplier Base
The high complexity of infrastructure projects causes severe fragmentation and communication concerns at the contractor-subcontractor-design interface. Different project phases require multiple specialized suppliers for procuring construction raw materials, such as TMT bars, structural steel, fabrication, electricals & cables, ductile iron pipes, etc. The vendor base may split further for developers constructing several projects at diverse locations, necessitating relationships with local suppliers.
Solution: Vendor Consolidation
Reducing the number of vendors to a select few can simplify supplier management and facilitate the associated procurement process and staff costs by almost 2%. It also fosters stronger supplier relationships and increases supply chain visibility.
#2 Problem: Inconsistent payment terms
Another pitfall of a fragmented supplier base is the sheer breadth of the corresponding payment terms and conditions. As different suppliers have their own custom quotes and payment cycles, a lot of time and effort is spent on staying on track of payments while throwing cash flow monitoring for a toss.
Solution: Payment Terms Standardization
A better way to optimize working capital is to extend and homogenize payment terms across all suppliers while keeping them aligned with cash inflows and project milestones. So, rather than sticking to a 30-day cycle, negotiate for a 45-day working capital rotation period and clear invoices at once, eliminating repetitive tasks and streamlining cash flows.
#3 Problem: Bulk Payment for Raw Material Procurement
Given the colossal requirement for natural or semi-processed raw materials, such as concrete, earthworks, cement, and more, making bulk purchases has become the norm in the construction industry. However, this feature entails further scope for cost savings.
Solution: Discount for Early Payments
While unit costs for construction materials, reduce when purchased in huge quantities, project developers can further lower the expenditure by negotiating for early payment discounts, preferably approximating about 10% on the invoice value.
Example: CFOs Scaling Working Capital Growth by 8X
- Assume a construction project developer follows the strategies outlined in the text and avails of a Rs. 1.5 crore credit from the supplier of raw materials by making early payments.
- Further, the company follows a 45-day payment cycle, which results in 8 (=360/45) working capital rotations in a year.
So, the business manages to unlock additional working capital of Rs. 12 crore (=1.5×8), which can be deployed in other projects as well.
Optimize Supply Chains to Enhance Working Capital Availability
Infrastructure construction companies can improve liquidity, navigate market uncertainties, enhance profitability, and unlock business value by optimizing their working capital and procurement processes. Consolidating vendors to a select group of top construction raw materials suppliers in India and negotiating better terms are some such ways that can be carried out effectively using Moglix’s EPC solutions.
For more information on procurement of construction raw materials such as steel, crash barriers and bitumen , explore Moglix’s infrastructure solutions.
Write to us at info@moglixbusiness.com to learn how our solutions can help you streamline your operations.
How CPOs of Infrastructure Construction Project Developers in India Can Reduce Costs by 11%
How CPOs of Infrastructure Construction Project Developers in India Can Reduce Costs by 11%
Given their complexity, unique site conditions, massive scale, and long timelines, infrastructure projects often entail the potential for cost overruns—as seen in over 50% of Asian construction projects1. So, optimizing costs without compromising quality and duration is indispensable for the CPOs of infrastructure construction project developers in India.
This article discusses a five-pronged strategy to reduce infrastructure construction project costs by 11%.
Strategy Spotlight: The 5 Pillars
As outlined below, reducing project costs is a practice of streamlining key construction cost drivers.
Material Costs (↓ 0.02%)
One of the biggest reasons for project cost escalation is the rise in the prices of construction materials, especially crucial components like structural steel and TMT steel bars, which account for almost 40% of these costs. Strategically consolidating the vendor base and forging stronger partnerships with a single supplier is one avenue for saving nearly 5% on material costs, potentially lowering the total project cost by 0.02%.
Civil Work Costs (↓ 0.04%)
Encompassing several activities, including excavation, site preparation, and reinforcement installations, civil works constitute approximately 20% of project expenditure. Here, too, by following the vendor consolidation approach, especially for suppliers of earthworks and foundations, infrastructure developers can save an additional 2%, which translates into a noteworthy 0.04% total cost reduction.
Procurement Process Costs (↓ 0.03%)
Representing over 10% of your bill of quantities (BoQ), delays in quote solicitation, order placements, and material deliveries can significantly inflate project estimates. By adopting catalog-priced pricing, which standardizes order and inventory management while easing payment processing, CPOs can downsize their massive procurement teams to 3, yielding 30% cost savings on labor expenses. This will rein in the project costs by an additional 0.03%.
Project Finance Costs (↓ 5%)
Considering how most infrastructure development projects are financed using debt—at times, to the extent of 80% of the project cost–at high-interest rates, with the ballpark figure averaging 10% compound interest, minimizing these interest payment outflows is another option. Embracing pre-engineered and pre-fabricated buildings is one way out. While initially, these innovative buildings will raise material costs by 10%, they will also help complete the construction schedule at least 10-15 weeks ahead of schedule. By saving 10% on 4 months of project finance costs, you stand to realize a substantial 5% net savings on project costs.
Indirect Procurement (↓ 5%)
Cost savings can also be achieved by bringing down indirect procurement costs involved in the acquisition of safety goods, electrical & cables, ductile iron pipes, and other items that support the core construction process. Consolidating the vendor base by singling out a single provider from the top construction raw material suppliers in India can save an additional 5% in costs after accounting for their 20% share in the project costs.
Charting a Cost-Efficient Course in Infrastructure Construction
Identifying the potential causes of cost overruns is important for CPOs of infrastructure construction projects to implement efficient plans and drive business growth. By executing vendor consolidation strategies, adopting catalog pricing, and using pre-engineered buildings, they can improve their bottom line by a colossal 11%. Moglix can help you achieve this and more through its EPC solutions, which end-to-end automate your source-to-site procurement processes for all types of infrastructure projects.
Write to us at info@moglixbusiness.com to learn more.
5 Ways CEOs of Infrastructure Construction Project Developers in India Can Improve EBITDA
5 Ways CEOs of Infrastructure Construction Project Developers in India Can Improve EBITDA
CEOs of infrastructure construction project developers in India face many hurdles in running their businesses, including cost escalation, quality issues, project delays, and regulatory hurdles. This can severely impact the company’s EBITDA (earnings before interest, taxes, depreciation, and amortization), a key profitability and efficiency indicator.
This article will discuss five ways CEOs can optimize their procurement processes to improve their EBITDA margins further.
5 Strategies to Boost EBITDA for Construction Project Developers in India
A higher EBITDA signals a better capacity to generate operational profits and cash flows and can be improved through the following methods:
Vendor Consolidation
Reducing and consolidating the supplier base available for procurement of construction raw materials, such as TMT bars, structural steel, fabrication, and ductile iron pipes, can help achieve economies of scale. This translates into lower logistics expenses without compromising the supply’s quality, leading to better profitability margins and a simplified contract management system.
Digital Project Management
Implementing digital project management tools like a RACI (Responsible, Accountable, Consulted, and Informed) matrix can facilitate better construction schedule mapping and reduce task redundancy, stemming cost overruns. Using the matrix; the project developers can distinctly define the roles and responsibilities of their suppliers, establishing clear communication, transparency, and accountability among all the stakeholders.
Supplier Capability Mapping
Thoroughly assessing India’s top construction raw material suppliers and their capacities before awarding the project is another way to improve EBITDA margins. Supplier mapping involves a comprehensive evaluation of the vendor’s competence, delivery timelines, quality standards, and compliance records, which enables improved decision-making and risk management. By further defining the credit terms and payment cycles, developers can minimize supplier disputes and cash flow problems.
Inventory Optimization
Another way to enhance profitability is to optimize the inventory levels of the construction raw materials and semi-finished goods and reduce their holding costs by fully utilizing the limited storage space. Inventory management techniques like just-in-time (JIT) for pipes, electricals, and cables can reduce wastage and product obsolescence by closely matching the inventory levels to the production schedule, supplier capacity, and product demand, eliminating the risk of stock-outs that can delay the project’s completion.
Pre-Engineered Buildings (PEBs)
Unlike conventional buildings, PEBs are factory-made, standardized structures assembled on-site, sometimes shortening the project schedule by almost 10-15 weeks. Using them can result in significant cost savings, better quality control, and higher energy efficiencies, crucial in raising construction EBITDA by a colossal 10-15%.
Achieve Operational Excellence with Moglix
Adopting the outlined strategies, including supplier mapping, inventory optimization, and digital management, can aid infrastructure construction companies in improving their business performance.
However, an easier way to gain a competitive edge is to implement Moglix’s EPC solution, which end-to-end automates and streamlines your supply chains, enables vendor consolidation and catalog-based buying, and centralizes all procure-to-pay processes on a unified platform.
Write to us at info@moglixbusiness.com to learn how we can take your business to new heights.
Top 10 Corporate Gifting Ideas That Can Never Go Wrong
Top 10 Corporate Gifting Ideas That Can Never Go Wrong
The corporate gifting market is currently worth $242 billion and is expected to exceed $3 billion within the next two years. It not only retains customers but also leads to new customers—27% of organizations say that giving gifts led to their clients referring their firm to other people.
Additionally, 70% of the individuals are more likely to work harder if they receive a holiday gift from their employer. In fact, holidays are the most popular business gift-giving occasions (51%), followed by customer appreciation (34%), and employee recruiting (27%).
But what do you give your employees and clients to drive these results? Read along as we talk about the top ten corporate gifting ideas that can never go wrong.
10 Corporate Gifts that Boost Brand Equity
Gift cards, spa products, food and wine, and co-branded items are among the most popular categories of corporate gifts. Moreover, gifts such as power banks, notebooks, caps, and T-shirts provide the greatest return on investment in terms of engagement on social media.
Here are some more trending gift ideas that you can use to strengthen client relationships and motivate your employees:
- Food baskets: According to a survey, 46% of the respondents said they have given food-based gift baskets as corporate gifts. Cookies, sweets, and chocolates are among the most popular food subcategories.
- Beverages: There’s a rising trend toward a more sober-conscious lifestyle, plus non-alcoholic drinks are easier to ship as a mocktail kit.
- Gift cards: Digital transactions have increased since the COVID pandemic. As a result, digital gift cards are one of the most popular gifts among employers — in fact, they are the most desired gift.
- Care Package: As remote work has become a significant part of the professional landscape, work-from-home (WFH) care packages and self-care gifts have emerged as standout corporate gift choices.
- Movie Night Box: Gifts that encourage increased family time are memorable. So, consider sending a budget-friendly gift package with a movie night theme.
- Tech-Savvy Gifts: Tech products such as Bluetooth speakers and wireless headphones have gained popularity over recent years.
- Personalized Stationery: Personalized gifts have shown a 17% higher response rate compared to non-personalized alternatives. So, you can customize stationery items to reinforce your brand identity among clients.
- Luxury Gift Basket: Over 45% of employees have reported that the value of the gift had a direct effect on their perception of the company. This demonstrates that investing in high-quality, valuable gifts can positively affect brand image.
- Sustainable and Eco-Friendly Gifts: Nearly 70% of US and Canadian consumers value a brand’s sustainable or environmentally friendly practices. An eco-friendly present not only demonstrates your dedication to environmental responsibility and fosters loyalty.
- Experiences: People value experiences over things. They are also usually budget-friendly, therefore. Some trending experience-based gift ideas are spa treatments, concert tickets, and wine tastings.
Source Trending Corporate Gifts from Moglix
While sourcing these trending gifts, consider the following factors:
- Market reputation
- Product quality
- Product price and delivery charges
- The variety of products available
- Last-mile delivery, pan-India shipping
Last-mile delivery is the process of moving a parcel from a transportation hub to its final destination — the customer’s workplace or the employee’s apartment. A smooth and effective delivery process helps improve your brand image and improves employee retention. So, make sure that your corporate gift provider offers features such as last-mile delivery, and pan-India shipping, among others.
Seal the Deal with a Corporate Gift
Corporate gifts allow companies to convey gratitude to their clients and employees, and build a stronger relationship with them. Furthermore, a corporate gifting provider such as Moglix ensures that you have a smooth gifting journey by providing over 100 gifting ideas, from 50+ brands, delivered across 25000+ pin codes all over India – on time every time, for your employees, clients, suppliers, distributors and dealers. Get a quote now for your corporate gifts.
Gifting Etiquette: Navigating the Do`s and Don`ts of Corporate Gifting
Gifting Etiquette: Navigating the Do`s and Don`ts of Corporate Gifting
You’re considering a corporate gift after sealing a deal with a top-tier client. Wise choice! A thoughtfully chosen gift expresses gratitude and fosters trust and loyalty; with Forbes highlighting that just a 5% rise in customer retention can amplify profits up to 95% and a resounding 80% of executives attesting to the positive ROI of business gifts, the importance is evident.
We provide some do’s and don’ts to boost your corporate gifting efforts.
Do’s for effective corporate gifting
- Prioritise thoughtfulness and personalization: Personalised gifts, like those sleek engraved pen sets or custom leather portfolios, show you’ve put in effort. They’re the essence of proper gifting etiquette that professionals often discuss.
- Embrace unexpected timing: There’s something delightful about receiving a gift on an unusual day. Think World Gratitude Day or a random Tuesday. It’s a fun twist on the standard corporate gift occasions and always creates a buzz.
- Choose quality over cost: Imagine the lasting impression a handcrafted premium watch or a fine cashmere scarf would leave. It’s this level of quality that truly exemplifies the gold-standard business gifting guidelines.
- Extend to the inner circle: How about surprising an employee’s family with a gourmet hamper or a movie night-in bundle? Doing so genuinely acknowledges all corporate gift recipients, fostering more profound connections.
- Value their time with practical gifts: Gifting items like a top-notch planner or a digital assistant subscription isn’t just thoughtful. It’s a nod to accurate professional gifting that prioritizes the recipient’s daily needs.
Don’ts for effective corporate gifting
- Avoid trend-driven presents: While tech fads come and go, a timeless leather-bound journal or an elegant desk piece endures. This strategy embodies the best proper gifting practices.
- Refrain from offering low-quality items: People cherish flimsy trinkets. They can misrepresent intentions and can stray away from genuine gift etiquette rules.
- Beyond generic gift cards: How about gifting a boutique bookstore token or an artisanal workshop? Such gifts encapsulate the spirit of ethical gifting.
- Be mindful with food and drink: With the plethora of dietary preferences, it’s essential to tread carefully. It showcases a level of thought aligning well with the intricacies of gifting in the workplace.
- Steer clear of time-consuming gifts: Gifts that seamlessly integrate into daily life without fuss are ideal. They’re at the heart of a thoughtful corporate gifting experience.
To truly master the nuances of corporate gifting, one must know where to find the best options. And guess what? The wait is over. India’s most awaited corporate gifting festival is here. Dive into many remarkable choices at Moglix Corporate Gifting Festival, which is India’s Biggest Corporat eGifting Festival. Know more, select, and elevate your gifting game today!
How Should COOs of Infrastructure Project Developers Map Supplier Capabilities for Fabrication?
How Should COOs of Infrastructure Project Developers Map Supplier Capabilities for Fabrication?
Fabrication forms the heart of infrastructure development projects due to its outsized role in combining design engineering expertise, precision manufacturing, and quality assurance—elements vital for durable construction and manufacturing. However, it can be quite challenging as well because infrastructural projects require customized components that must strictly adhere to the scope of work specifications.
So, to avoid cost overruns and project delays and reduce information asymmetries, COOs of infrastructure project developers must essentially understand the specific capabilities of their suppliers to undertake streamlined operations.
This article outlines the main principles underlying supplier capability mapping for fabrication for better contract negotiation and project success.
4 Guiding Principles for Supplier Capability Mapping
Assessing supplier capabilities in terms of material quality, resource adequacy, and use of technology is crucial to maintaining efficient and resilient supply chains. The mapping framework must employ the following principles:
Approvals and Quality Standards
Undertaking quality assurance is paramount in fabrication to eliminate the use of subpar components and ensure the air-tight structural integrity of the entire project. COOs of infrastructure project developers should assess suppliers against the following standards:
- Quality Management System (QMS) (ISO 9001:2015): It is one of the most recognized ISO standards, which certifies that the vendors have implemented well-defined, efficient processes spanning laser cutting, forming, casting, welding, forging, and export crating to maintain the quality of fabricated components as per the applicable regulatory and customer requirements.
- Environmental Management System Compliance (ISO 14001:2015): As manufacturing supply chains entail massive resource movement, minimizing their environmental impact and waste is necessary. COOs can reduce their project’s ecological impact by choosing suppliers who follow environmental management standards.
- Occupational Health and Safety Management (ISO 45001): As worker safety is non-negotiable, COOs should ensure their suppliers are compliant with ISO 45001, which has recently replaced the BS OHSAS 18001 standard. It is the first international standard concerned with reducing workplace injuries and promoting occupational safety and worker health.
- Welding Standards: Supplier compliance with international standards such as ISO 3834 and AWS D1.1, which detail the appropriate quality requirements for welding metallic minerals and steel, respectively, and may even be stated as a pre-qualification requirement, assures COOs that they are sourcing structurally sound components.
- Fabrication Standards (IS 7215): It is ideal to select suppliers adhering to this local BIS standard, as it outlines the dimensional limits for manufactured steel structures and ensures all project specifications are met without disregarding compliance.
Credit Ratings
High credit ratings signify strong financial health, which is essential to support an uninterrupted supply of the requisite fabrication materials and prevent any undue delays or quality concerns. Project developers can evaluate their suppliers’ working capital availability and financial strength by scrutinizing their cash flow statements over the past six months.
Disruption Proofing
Given the long gestation period for infrastructure projects, COOs must account for supplier resilience in the face of unforeseen disruptions from natural disasters, conflicts, or pandemics like COVID-19. Metrics like Time to Sustain (TTS) and Time to Recover (TTR) help determine the vendor’s capability of withstanding extended periods of strain and the time required to resume normal operations after a disruption, respectively.
Geographical Coverage
As infrastructure projects are often spread across diverse geographical areas, including remote locations, COOs must assess whether suppliers can serve these challenging terrains cost-effectively, without compromising on project timelines. Multi-modal logistical support through roads, ports, airports, highways, and rail is a huge positive.
Ensure Seamless Supplier Partnership for Project Success
Successful infrastructure project execution hinges on the COOs’ ability to strategically map supplier capabilities and relationships. Moglix Business’ one-stop custom manufacturing solution serves as a valuable tool for project developers seeking reliable suppliers that not only meet the necessary quality and regulatory requirements but also exhibit strong financial position, resilience, and overall EPC support.
Write to us at info@moglixbusiness.com to learn how we can collaborate to enhance your operational efficiencies.
4 Trending Corporate Gifting Ideas of 2023
4 Trending Corporate Gifting Ideas of 2023
The global corporate gifting market size was valued at more than $75,00,00 million in 2022, expected to reach $1,20,00,00 million by 2028. This growth is largely attributed to the fact that corporate gifting is no longer restricted to the holiday season.
Corporate gifts are now sent all year round as they help build professional connections and maintain relationships with employees, customers, and partners. In fact, most companies send corporate gifts to their existing clients as a token of appreciation (50%) or to acknowledge an employees’ milestones (65%) — the two most popular corporate gifting occasion.
But what do you give your employees or clients that is meaningful yet trending in 2023? Continue reading to know!
4 Top Trending Gift Ideas This Season
Virtual Experiences
In 2023, businesses will seek out virtual experiences to present as corporate gifts as remote work becomes more prevalent In fact, virtual experiences are among the five most popular corporate gift items.
Virtual cooking lessons, wine tastings, and team-building events will all be trending options as they allow teams to connect and bond even when they are not physically present.
Gift Cards
As experiences become more common, gift cards are growing in popularity. Gift cards, both digital and physical, are likely to dominate gifting categories over the next year.
Plus, retailers may be able to capitalize on a sizable untapped market by making gift cards more personalized.
Eco-friendly Gifts
There has been a change in recent years toward valuing sustainable processes and products, and eco-friendly business gifts will be more popular than ever in 2023. Almost 70% of consumers regard a brand’s environmentally friendly or sustainable initiatives.
Furthermore, by providing eco-friendly presents, businesses indicate that they care about more than just money. They convey a commitment to making a positive environmental effect and supporting sustainable practices.
Inclusive and Diverse Gifts
When you incorporate diversity, equity, and inclusion (DEI) concepts into your gifting strategy, you create an inclusive environment in which everyone feels noticed, appreciated, and respected.
Over 45% of the companies currently support DEI through corporate gifting. As a result, consider collaborating with local craftspeople and companies from varied communities to empower them and enhance your brand reputation.
How to Source Corporate Gifts?
Over 50% people outsourced part or all of their corporate gifting requirements. Organizations that manage end-to-end corporate gifting internally experience more obstacles than those that outsource (through a service provider or a gifting platform).
Outsourcing to a gifting service allows firms to centralize and streamline corporate gifting. It also reduces expenses and creates more engaging gifting experiences by easing friction points such as inventory management and shipping.
However, you should keep some factors in mind while choosing your outsourcing partner, such as:
- Access to multiple brands and retailers
- Personalization options
- Features to manage gift inventory, storage, and shipping
- Range of products
- Shipping options such last-mile delivery and pan-India shipping
Last-mile delivery refers to transporting the goods to the end consumers — usually their houses. It plays a vital role in corporate gifting, as a negative delivery experience can result in dissatisfied recipients, negative reviews, and the loss of future business opportunities.
While seamless and efficient last-mile delivery solutions can lead to enhanced customer loyalty, increased sales, and a competitive edge for businesses.
Get Trending Gifts Items with Moglix
Corporate gifting is no longer limited to the festive season. Instead, it now offers a year-round opportunity to create and strengthen relationships, which is vital in the current work culture.
A gifting provider such as Moglix streamlines your entire corporate gifting journey. It empowers decision-making and removes obstacles by offering features such as access to over 100 brands, pan-India last-mile deliveries, order tracking, and customer support. Get a quote now and start your corporate gifting program.
The Future of Personalization: How Generative AI is Shaping Customer Experiences
The Future of Personalization: How Generative AI is Shaping Customer Experiences
“Personalize or Perish.” One of the leading newspapers aptly summarizes the critical nature of personalization 2.0, or hyper-personalization for businesses.
We live in an era where customers expect businesses to understand their wants and needs. Today, companies must meet customers’ needs and anticipate and exceed them. And for this, they must pivot to a digital-first mindset to create stronger, more authentic customer interactions.
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