There are various benefits for large corporations in adopting Predictive
Maintenance (PdM). However, PdM has two major drawbacks: cost of
monitoring and data processing; and lack of statistical models on which PdM can be based, making PdM inaccessible to small and medium-scale organizations. The first paper, “Development of a Predictive Maintenance Model Using Modified FMEA Approach”, by Nishit Kumar Srivastava and Sandeep Mondal, makes an attempt to develop a PdM model to minimize the use of technologies, and hence extends the application of PdM to small and medium-scale organizations. They have developed a new method, modified Failure Mode and Effects Analysis (FMEA), and the model is validated on a palm oil extraction unit.
The second paper, “Application of Process Maturity Model: A Case Study in the Services Industry”, by Niraj Vyas, Mayur Tripathi and Dipali Gupta, emphasizes the need for coherent workflow, employee skillset and adoption of appropriate technology for an organization’s success. These need to be institutionalized and continued to avoid obsolescence. While organizations choose from a range of process improvement models, it is important to assess the maturity of the end-to-end processes, identify potential gaps and tailor solutions in order of criticality. This paper studies the implementation of a process audit tool in a functional unit within the service industry for measuring process maturity and examines the benefits and challenges of implementation.
The case study, “Mexico’s Softtek: Success Through Nearshoring”, by Debapratim Purkayastha and Syed Abdul Samad, discusses issues in nearshoring. Many companies opt for out-of-the-country outsourcing, divided into two categories: nearshoring and offshoring. Nearshoring is transfer of work within the region by working in close proximity to a company’s clients’ location. Softtek was a global provider of process-driven IT solutions. The company derived benefits from its nearshoring activities, succeeded in implementing its concept and gained a global presence across 20 countries. But it faced many challenges, including challenges from its local governments and in gaining a talent pool. There was apprehension that these factors could hinder its future growth. The case study enables readers to analyze critically the situation and frame strategies for growth of the organization.
Automated Teller Machines (ATMs): The Changing Face of Banking in India
Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.
The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario
If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.
Indian Scenario
The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.
