New Era of Performance Management

With every passing day, technology is changing many aspects of business industry. Performance

management is one of those aspects to establish a successful business organization. Performance management is a process where managers and employees assemble to plan and review employees’ job objectives. It’s a persistent process having prime target to increase employees’ efficacy.

Over the years the organizations are looking for a best performance management system that could really boost its productivity. A such system that would be able to stimulate feedback and review system in real-time. According to Global Human Capital Trends 2018, the world of work is demanding more customized and connected network of team. Therefore most of the organizations are saying good bye to performance appraisal system. We are not wrong If we say this is a new era of performance management.

Many organizations adopted “Human Capital Management (HCM)” and they really felt revamping in their performance management techniques. This article will mainly focus on how HCM help organizations to establish a successful beginning.

1. Goal Alignment and Setting

Before measuring employees’ performance, it’s a good practice to inform them what actually the need of organization. HCM performance management tools allow to set goals for whole organization or for specific working team. Even an employee can set his/her individual goals to keep align with goals set by stakeholders. Employees can review their goals as many times as they want so distracting from track will not be possible.

2. Multi-Rater Tool

Feedback process has its own importance in analyzing the performance and attitude of an employee. If this process depends upon single manager then possibly you could miss the precious information. Bringing feedback from co-workers or even from clients can give a more comprehensive information about your particular employee. HCM provides a 360° review or feedback assessment tool which gives more comprehensive analysis of behaviour and attitude of an employee. Employees need to give their feedback on observed behaviour. Based on these managers can create a concise and relevant opinion.

3. Performance Reviews and Tracking

HCM gives access to managers to monitor performance of every employee on daily, weekly and monthly basis. Analytical figures based on the performance data help managers to track success and error rates for a given task. Reviewing of both positive and negative feedback about the employees in the entire year gives more clear picture of performance efficiency. The HCM provides a self assessment feature which enable employees to see their day to day activities. Hence they can measure their own performance and key responsibility area (KRA).

These performance reviews have prime importance to understand the full potential of working group. This is basically a form of feedback system which communicates with organization’s employees, what is expected of them, where is the gap in performance and how they can fill the gap.

4. Development Tools

One of the best way to inflate performance of employees is to empower them through training and development material. This can be achieved by on-boarding process. HCM has made the on-boarding process effortless and pleasurable. Now employees can access important information like message from CEO, online and offline training videos and recorded presentations that are relevant to their scope of work

How can Tally ERP help feedlot

Tally is one of the most popular accounting software. Now, it has got the ERP feature. It finds its use in many businesses. In India, over 90% of businesses use it as their primary accounting software. It is probably the easiest accounting software. This helps Tally to penetrate to any area of business. Because, you don’t need a high qualified techie to operate it. Anyone can learn Tally quickly. Many businesses like schools, associations, malls, etc use Tally. In this article, we will discuss how feedlots can get benefit from Tally.

In a feedlot, there are many variables and factors that need tracking to increase the profitability. A feedlot or feed yard is a type of animal feeding operation (AFO) which is used in intensive animal farming for finishing livestock, notably beef cattle, but also swine, horses, sheep, turkeys, chickens or ducks, prior to slaughter. So, the variables that are tracked are food or grains eaten by livestock, weight gain, meat produced, sales, etc. In order to track all these variables, a software should have a good input interface, portability, remote access and community support. Tally provides all these features in the simplest way possible. Places like feedlots spread over several acres of land. Thus, they may require multiple data entry stations.Tally Server serves as a backbone to this type of distributed systems.

Multiple users with multiple machines can access the same software and data from different endpoints. Moreover, Tally can maintain records of salary detail, payslips , sales transactions and so on. The latest version of Tally has the GST feature which completely eliminates the extra work.You can manage payment information, cheque and so on. This makes Tally really cool for such areas where multiple types of data are managed simultaneously. It also has the feature of zero value transaction like donations.

Another most important feature of tally is it can provide graphical view of the data. This helps in quick observation of data. For an instance, the user wants to find the relation between the food consumed by livestock and the revenue generated. Tally will create a graph for the representation of the data. Thus, the user can easily understand the result.It also helps the user to keep in track of the other expenses on the livestock. All these features contribute to the profitability of the livestock farm.

Coming to the conclusion, Tally is very helpful software in different areas of business. Also, it is very easy to use. Another important feature of Tally is it supports multiple currencies. This can be the biggest reason behind it’s immense popularity. Other accounting that can substitute Tally are Microsoft Dynamics NAV( now Microsoft Business Central) and Microsoft Dynamics AX.

Extract maximum milk yield from your livestock

One of the most important income sources from livestock is diary. Milk is the major part of our diet and it is always on demand. Due to the abundant nutrients in milk, it is consumed worldwide. From ice cream to cheese to butter, some of the finest things in life are made from milk.In 2017, the volume of the dairy market worldwide was estimated to be about 216 metric tons, which is projected to grow to 234 metric tons by 2021. Perhaps unsurprisingly, liquid milk takes up the highest share of the global dairy market at 54 percent as of 2017, followed by yogurt and other products.In this article, we will discuss how to increase milk extraction from livestock.

The most important and effective way to increase milk yield is to feed them correct.Each mouthful of TMR feed that an animal consumes contains the right amount of ingredients for a balanced ration. For animals fed with this special ration it has been observed that the milk production increases to five per cent more than those fed with commercial or conventional feeds.However green grass is a must for the animals along with this feed. An animal weighing 300 kg and yielding 20 litres of milk per day requires 13-14 kg of TMR and five kg of green fodder.

The buffalo should be dried off approximately 2 to 3 months before expected calving. The dry period is valuable to the buffalo, she may rest and the udder tissue is repaired.In a high yielding herd (above 10 kg per day) the buffalo should be dried off when the daily yield falls below 2.5 kg, even if it is still more than 3 months to expected calving. This goes especially for machine milked herds. An alternative to drying off is to use the buffalo as a foster mother to newly born calves. One buffalo may serve one newborn calf or two older calves which receive additional feed. Care should be taken to dry her off completely no later than 2 months before calving.

Another important step is to maintain rumen health. Provide a flake of alfalfa/grass hay for the first five days after calving. Early lactation diet should contain plenty of good quality digestible fiber (31 to 35 percent neutral detergent fiber). Maintain fiber mat with consistent feed intake and avoid empty bunks. Provide free choice buffer, and monitor buffer intake. Minimize the risk of slug feeding or diet sorting that may result in rumen acidosis (low rumen pH; sour stomach). Feeding correct amount of antioxidants can also boost milk yield.Antioxidants (for example, vitamin E and selenium) help reduce the impact of oxidative stress. Oxidative stress could be too much fat mobilization, poor air quality or injury. These all decrease the efficiency of immune system function.

These were some steps to maximize milk yield from your livestock. These processes are based on generalized parameters. They may require a change depending upon the atmosphere. Thank You.

Effectiveness of IoT in livestock management

In today’s world, IoT needs no introduction. It finds its utility in almost every areas of our life. Furthermore, in the previous four years, we have managed to find more complex integration of IoT to make life easier. In this article, we will discuss about effectiveness of IoT in livestock management. When the context is livestock, the main goal is to be more and more efficient and productive.

Also, there is a lot of manual work involved including driving out pasture several times a day. So, some works like monitoring herd and feeding livestock can be managed from a remote area using IoT. Because IoT enables farmers to watch remote locations from one centralized location, they can more efficiently watch a larger number of livestock and get more detail on each individual animal using the data collected. Farmers can choose to watch everything from each animal’s health, location, eating habits and reproductive cycle to the herd’s grazing and movement patterns in a pasture.

Health is a major concern when it comes to livestock management. IoT solutions let farmers closely watch the health of their livestock, which can be an effective way to prevent losses. Solutions generally employ livestock wearable’s that stream data to the cloud. Connected sensors in the wearable can watch blood pressure, heart rate, respiratory rate and other vitals. These data allow a farmer to get an alert at the first sign of illness. Without IoT monitoring, problems like a feed issue or illness in a herd may go undetected until one or more animals require veterinary care. With sensors continuously measuring each individual animal’s condition and behavior, farmers can avoid those costs by taking corrective action sooner.

Another major concern is, milking the livestock. Modern, smart and intelligent machines can milk the cows and can save a lot of time. IoT device around a cow’s neck alerts the robot to the identity of the milking cow, individualizing the session for her. Moreover, when the animals spread over multiple acres of land, location tracking becomes important. Tracking location allows a farmer to immediately locate a sick animal or an animal who has gone into heat and separate it from the herd to provide treatment.

IoT also plays a major role in monitoring the reproductive cycles in livestock. It makes it easy to track the reproductive cycles especially when the farm covers several acres of land. If the cows are in from the field, a more advanced system with IoT-controlled fencing can automate the process of corralling the cow in heat away from the rest of the herd and into a chute for artificial insemination. When the cow goes into labor, an IoT sensor can send an alert to the farmer, making the calving process safer while eliminating the need for the farmer to continually check on the cow to see if she has started calving.

All this IoT implementation can save a lot of time and man power. Consequently, the farmer or owner gets a lot of benefits from the livestock. Thank You.

How to build a successful team?

Every business need a group of individuals who could assemble their skills, talent and knowledge to work as a force to take business to the highest level in that particular industry. As a human resource (HR) manager, one knows how a right person with strategic abilities is fruitful for an organization. But this team building process is not as simple as it seems with limited visibility and lengthy manual procedures. So under extreme stress conditions, human resource teams are unable to find the right person with speed and efficiency. As a result they unintentionally become a cause of slow growth of a business.

In this article we will discuss the various features of “Human Capital Management (HCM)” software and will try to understand how HCM is helpful in making a best team that can make an organization more successful and profitable.

What is HCM Software?

HCM software is a set of applications which are designed with a purpose to help organizations to manage, develop and acquire employees. HCM makes HR process automatic and more smooth. It is very flexible with the capability of addition and removal of features depending upon the size and needs of an organization. It also consists of some advance features like performance management and employee management monitoring.

Main Parts of HCM

There are two main parts of HCM software

• One part is responsible for administrative works of HR department. It only deals with the management of employee’s attendance, payroll, time and on-boarding process.
• Second part deals with the recruitment and performance of employees as well as it manages employees’ data, HR computational analysis and manpower.

Some Key Features of HCM

Recruitment : Labour cost is usually the one of the lofty expenses of an organization. On the other side recruitment is a time taking and hefty procedure. HCM software provides robust talent management technology which makes this process fast and easy by automatically sorting the applications. HCM software has built-in tools which help managers of organization to oversee the recruiting process. They can see the number of candidates applied, read candidate’s profile, forward it to final procedure etc.

On-boarding : The process by which new employees become affiliated with the company. How quickly new employee become prolific for the company depends upon an intelligently designed on-boarding process. HCM software has made the on-boarding process effortless and pleasurable. Now employees can access important information like message from CEO, training videos, recorded presentations etc. They can also communicate with other colleagues as well as with managers in real-time.

Training : With training tools provided in HCM software, managers can identify the skills required from employees even before hiring them. Even manager are able to measure and compare the employee’s existing and required skills. As the HCM software is bundled with fully customize features. So as per requirements training programs can be designed to fill the skill gap.
Performance Monitoring : Performance of a good and skilled working team play pivotal role in the success of an organization. HCM software provides various tools to monitor the performance of employees even at individual level. Managers can set the time of particular task and watch the performance on regular basis without any inconvenience. This enables them to take necessary decision at certain points.

How Can Retailers Improvise Replenishment?

Running a retail business is no walk in the park. One of the major challenges of such a business is having to deal with stock-out or oversupply situations. Putting measures in place to curb these challenges defines the success of the retail. Proper inventory management and control ensures the business is on its toes and hitting those profit margins. To do this, retail replenishment has to be carried out the right way. Improvising replenishments can be done by;

USING MICROSOFT DYNAMICS 365 FOR REPLENISHMENT

Inventory data is important to the business’ development. The trend from the data will give insight into how the owner will take care of the demand of certain products without incurring losses. Microsoft Dynamics suite is business and enterprise oriented. This means that it is the perfect tool to store all the data and be used to analyze and forecast different scenarios. It is a centralized ERP system that should be used to manage the replenishment parameters.

UNDERSTANDING THE SUPPLY CHAIN

Businesses facing replenishment troubles probably do not understand the flow of items. To begin with, there are different distribution methods including the direct-to-store and cross-docking. These methods help the retailer to know the lead times in order to capture the right number of products to be stocked in accordance with when needed. Accuracy in calculating the lead times assists in planning and once one gets the number, continuous supply is guaranteed.

IDENTIFYING SEASONALITY

Particularly, taking note of the peak and the low season leads to organized inventory strategies.  Covering high demands will require collaboration with all stakeholders. The production, suppliers and retail professionals have to work together to aid in replenishment efforts. Identifying the seasons also points out promotions that affect the demand. Anticipating the demand for items is crucial in retail replenishment.

STOCKING TOP ITEMS

Really, it is quite simple. In a retail store, there are store keeping units that emerge at the top in terms of sales. The items in the units are the ones that contribute to the market share. If the units are not well stocked, the repercussion will be devastating. To protect your market share, the top items should be stacked at all times and just like that, the replenishment efforts receive a boost.

Additionally, item maintenance, the product’s sale rate and having deep knowledge of the supplier world are ways to improvise replenishment. Retailers are faced with the challenging task of keeping the store afloat. But with the above methods of replenishment, it becomes less haunting, it is up to the retailers to implement the right strategies for replenishments and help the business.