Internet based software technologies have enabled every company, whether small or big, to use from the metropolitan city on the planet. The most recent web based trucking software has taken in regards to a revolution within the transportation industry. This technology has widened growth opportunities for smaller trucking companies; as now trucking companies aren’t restricted by the boundaries of merely one nation. While using internet based trucking software an ambitious trucking company can now spread its scope of activity, so far as possible. With the help of this new software, a trucking company can manage all its business activities, anywhere from the world, online. Internet based trucking software hasn’t only overcome the irksome tasks from the trucking business, but has additionally given a fare degree of mobility towards the those who own trucking business.

Transportation industry has always acted as an essential aspect of globalization. Web based software technology has brought about an extraordinary alternation in the global business logistics industry. Its convenient methodology has brought a high level of efficiency in the system of economic logistics. Web based features of software technology is having a baby to new innovations around the world. New ways of transportation functioning are being based on fraxel treatments. It’s further pushed forward the process of globalization, by intruding in a variety of conventional and traditional industries around the world.

Technologies have chose to make this world a synchronized global village. Web based software technology has given a new direction of movement towards the whole corporate system. The successful implementation of internet based trucking software in the trucking industry is the best example which depicts the potentiality of the technology. The way forward for the business enterprise relies on the fact that, how well the net based software technology is harnessed to enhance the process of innovation.

In the past different physical location, different culture and even different climate have experienced a lot to do with what people were dressing themselves. Today with globalization on every corner people increasingly more wear similar as well as completely identical outfit. This is not only the situation with clothing but also with shoes, jewelry, hair style, constitute and other fashion items. Is this phenomena bad or good? With the peoples and nations wearing exactly the same things all over the world, life and fashion could become somewhat dull. Young adults today are completely ignoring their very own style and therefore are actually expressing their appreciation for the styles and fashion imposed by Television shows and Hollywood movies. If you’re not wearing what they say it’s in, it’s trend to put on in gossip columns and on TV, then you’re not modern and you’re some type of an outcast. In fact this effect isn’t just known in fashion and clothing industry, it’s influencing all industries and walks of life. Globalization is slowly but persistently annihilating local tradition, knowledge, skill, artisans and values. It make take some time prior to the bad sides of globalization are fully understood but this method is relentless!

Who is to benefit the most from this process in the fashion and clothing world? The answer is easy, the biggest piece of cake will go to big fashion related companies. Companies which are already established along with the powerful worldwide machinery only will drown all of the local fashion based on tradition. This can be a bad thing to happen because plenty of quality local ideas and lots of local creativity will discover it hard arrive at the top, and can simply be put in a corner, not to be developed to its full potential. Some say that quality will always find its way. This really is only partially true because globalization in the essence implies that big players may have more effective and much more widespread control on all aspects of their interest. When it comes to fashion this means that if big companies say something is modern then that exactly is what it will likely be considered modern, if they say something is garbage then that is what people will consider it. It’s difficult to see some talented designer imposing his idea, regardless of how good they are, if the idea is the opposite of the interest of current trend imposed by big fashion names.

Globalization is unstoppable and also the most visible manifestation of the power of this method is clothes people are wearing in completely different areas of the planet, countries and cultures. People, clothes and fashion are becoming increasingly more alike, while traditional diversity and individualism are shamefully being put aside!

The term “Fear” has only four alphabets like love but both of them have very different e meaning. Whatever man (malor female) does for that passion for their families always begins with the backdrop of fear. Generally so often we’ve been asking our selves that, what’s going to happen if we weren’t there, but we keep on asking rather then doing something for this. Time is precious, it never stops for just about any one and we live in the field of uncertainty; the uncertainty of job, the uncertainty of money, the uncertainty of property and like this the story goes continuous for the whole lifetime of a guy.

A thriving insurance sector is of vital importance to each modern economy. Firstly since it encourages the habit of smoking of saving, secondly since it supplies a back-up to rural and urban enterprises and productive individuals. And perhaps most significantly it generates long- term invisible funds for infrastructure building. The character from the insurance clients are so that the money inflow of insurance companies is constant while the payout is deferred and contingency related.

This characteristic feature of the business makes insurance providers the largest investors in long-gestation infrastructure development projects in all developed and aspiring nations. This is actually the most compelling reason why private sector (and foreign) companies, that will spread the insurance coverage habit within the societal and consumer interest are urgently needed in this vital sector from the economy. Opening of insurance to private sector including foreign participation has resulted into multiple options and challenges in India.

LIFE INSURANCE MARKET

The Life Insurance market in India is definitely an underdeveloped market which was only tapped by the state owned LIC till the entry of non-public insurers. The penetration of life insurance products was 19 percent of the total 400 million from the insurable population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection. Most customers were under- insured with no flexibility or transparency within the products. Using the entry from the private insurers the guidelines of the game have changed.

The 12 private insurers within the life insurance coverage market have previously grabbed nearly 9 percent from the market in terms of premium income. The brand new business premium from the 12 private players has tripled to Rs 1000 crore in 2002- 03 over this past year. Meanwhile, with regard to state owned LIC’s new premium business has fallen.

Innovative products, smart marketing and aggressive distribution. That’s the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who’ve always seen life insurance like a tax saving device, are now suddenly turning to the non-public sector and snapping in the new innovative products on offer.

The growing popularity of the private insurers is evidenced in other ways. They are coining profit new niches they have introduced. The state owned companies still dominate segments like endowments and cash back policies. But in the annuity or pension products business, the non-public insurers have previously wrested over 33 percent from the market. As well as in the popular unit-linked insurance schemes there is a virtual monopoly, with more than 90 % of the customers.
The non-public insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 50,000. Which has risen to around Rs 80,000. However the private insurers are ahead within this game and the average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh- way larger than the average.

Buoyed by their quicker than expected success, nearly all private insurers are fast- forwarding the second phase of the expansion plans. No doubt the aggressive stance of private insurers is already paying rich dividends. But a rejuvenated LIC is also trying to fight back to woo new customers.

INSURANCE TODAY

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R. N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was setup with the objective of complementing the reforms initiated in the financial sector.

Using the setup of Insurance Regulatory Development Authority (IRDA) the reforms started in the Insurance sector. It’s became necessary as if we compare our Insurance penetration and per capita premium we are much behind then your rest of the world. The table above gives the statistics for that 2000.

With the expected increase in per capita income to 6% for the next Ten year along with the improvement within the awareness levels the interest in insurance is likely to grow.
According to an independent consultancy company, Monitor Group has estimated a growth form Rs. 218 Billion to Rs. 1003 Billion by 2008. The estimations seems achievable because the performance of 13 life insurance coverage players in India for the year 2002-2003 (up to October, in line with the newbie premium) is Rs. 66.683 million being LIC the largest contributor with Rs. 59,187 million. As of now LIC has 2050 branches in 7 zones with strong team of 5,60,000 agents.

IMPACT OF GLOBALISATION

While nationalized insurance providers have done a commendable job in extending the amount of the business, opening insurance sector to personal players would be a necessity in the context of globalization of monetary sector. If traditional infrastructural and semipublic goods industries such as banking, airlines, telecom, power etc., have significant private sector presence, continuing a situation of monopoly in provision of insurance was indefensible and therefore, the globalization of insurance continues to be done as discussed earlier. Its impact needs to be observed in the type of creating multiple options and challenges.

China has recently a break down quantity of embarrassments stemming from poisoned milk, lead in toys, and a slew of other qc problems in many Chinese products. Most recently auto industry leader Toyota has issued a significant recall and apology after a major recall due to brake systems failure across their most popular models. Many analysts think that the chance for domestic product to increase and make the most of what’s perceived as a decrease in the demand for imported items. Wouldn’t it make sense to buy only US made goods given the current economic circumstances?

First a comprehensive cost analysis could be required to make an informed decision. Let us take a closer look in the apparel and accessories industry where almost all merchandise is now outsourced. There are macro costs that need to be analyzed carefully. Price of materials, cost of manufacturing (labor), and import (transportation and duty) costs. What analysts do not realize is migration of the apparel industry resulted in a specialization in other markets as demand has ramped up. China for instance has become the textile factory around the globe. The haute couture houses in the United States and Europe crease the designs and patterns. The sketches are sent to fashion manufacturing hubs in Hong Kong, Shanghai. Once sampled and approved they eventually find themselves in your Nordstrom’s or Bergdorf Goodman’s.

Overseas laborers also have become skilled craftsmen within their trade, outperforming their American and European counterparts in output and productivity. This specialization results in higher efficiency and quality in construction. Goods produced overseas offer more affordable finished goods. In certain categories 40 to 50 % less expensive than if manufactured domestically. This savings will be passed on to the end consumer. On a good Handbag Sale for instance, someone can purchase 2 items instead of just one. It is important to remember that as the economy continues to globalize, lines which were once drawn have dissipated. Manufacturing is performed in China, but the design is within Europe, the sales are in the US. In the jeans industry, the material originates from Asia, they are cut and sewn in Mexico or Columbia and also the finished good is shipped across the globe.

Human languages mainly includes words and sentences. Apart from word and sentences there are lots of other kinds of communication too, such as postures and gestures by which we can communicate our thoughts to a different person.

Due to the spread of internationalization and much talked globalization the types of communication has improved a lot. Translation is recognized as one of the most effective means of communication in the era of globalization. Translation works well for bridging the space between the speakers of two or multiple languages and it removes the communication gap by translating the document from the source language towards the target language. Language translation service have become popular in each and every corner around the globe. Moreover, the translation companies are closely associated with the globalization and localization community to remove the communication barrier and make business more easier.

In recent years Language Translation Services in India has bloomed in a full fledged manner. There are lots of translation agencies providing a myriad of language services which includes language translation, interpretation, transcription, voice-over, subtitling and several other language related services. Especially the development of Japanese language providers in India have raised manifold within the recent few years. The real key behind this is the growing presence of Japanese multinational companies in India requiring more Japanese language professionals. The translators and interpreters of the reputed language translation service providers help their clients to bridge the communication gap between two business entities or individuals. This leads to smooth interaction between two persons who are speaking in two different languages, helping in successful business establishment.

Constantly challenged by aggressive global competition and a “need it now” economy, leveraging technology such as video and web conferencing, provides manufacturing companies with a way to not only survive, but to thrive. These tools equip businesses with a solution to drastically reduce operating costs by giving them options to maintain sustainability and further expand business into a global market. Video and web conferencing can be used to:

Conduct training sessions with distributors – There is no need for training teams to spend time and money travelling around various parts of the world to inform distributors on production line status updates and changes. Training staff can stay in-house and use video and web conferencing to conduct one large training session with all distribution locations at the same time.

Collaborate remotely with suppliers and vendors – Instantly connect manufacturing locations with suppliers and vendors. By keeping the information moving between them, there is less chance of supplies running out, ultimately reducing the product’s time to market.

Oversee product production and life cycles – Management teams and executives can use video conferencing to participate in product inspections, remotely track product development progress and make sure things are running smoothly without having to physically be there.

Educate, train and update staff – When employees are spread around different locations, it is hard to keep everyone on the same page. Holding regular online meetings, whether to release updates, train new staff members or for general education unites staff members and builds employee moral.

Connect inaccessible teams for brainstorming sessions – Development teams in Los Angeles can sync up with teams in London to go over product design progress, development problems and work together on new ideas.

Reach out to experts for advice – When a problem arises in development or production, video and web conferencing provides flexibility to immediately maximize expert resources without waiting for them to come to a specific location.

Find and screen offshore partners – Hold video interviews with potential partners who may be located over seas. Get a better sense for their business environment as well as provide access to virtual equipment demonstrations and plant tours.

Gain new customers and retain old ones – Being readily available to a customer builds up a businesses brand. When customers need help or need to have items repaired, technical staff members can immediately conduct a visual diagnosis as well as offer remote instructional support.

Globalization in India started in the early 1990′s. Industrialization is the reason behind globalization. Business is the key. When a company operating in a home nation establishes its subsidiary in other nations (host nations), it becomes an MNC and there starts the process of globalization wherein a local company serves the entire world with its products and services. The advent of Internet and the ensuing “new economy” has opened up a plethora of new business opportunities – and an “inevitable” number of business casualties. Shapiro and Varian (1999) argue that while technology changes – economic laws do not. This is globalization in company’s perspective. Globalization in India has transformed the country’s system. Presently India is regarded as an economy dominated country rather than politics driven, as it was earlier. Political dominance has fallen significantly these days. Adoption of Globalization in India and liberalization principles has widened the horizon of country’s Consumers worldwide. Consumers in India have become more conscious. Market information in India has become clear.

Liberalized policies have led the industrial sector to grow at a faster pace. BPO, IT, ITES, Retail and Insurance sector have performed well. Both male and female have got equal opportunity in that sector. The success for India is the reduction in gender inequality in India. More over, development in education and awareness is largely marked in the country in the era of Globalization in India.

INDIAN ECONOMY – HIGHLIGHTS

India is among the five countries sharing 50 per cent of the world production (or GDP).
FDI inflows have jumped by almost three times to US$ 15.7 billion in 2006-07 as against US$ 5.5 billion in 2005-06.
The aggregate income of the top 500 companies rose by 28.4 per cent in 2006-07 to total US$ 469.51 billion.
India’s National Stock Exchange (NSE) ranks first in the stock futures and second in index futures trade in the world.
Twenty Indian firms have made it to the list of Boston Consulting Group’s 100 New Global Challenger Giants list.
According to a study by the McKinsey Global Institute (MGI), India’s consumer market will be the world’s fifth largest (from twelfth) in the world by 2025.
The number of companies incorporated has increased at an annual average of 55,000 companies in the last two years to 865,000, from 712,000 companies at the end of 2005.
Four Indians and seven Indian microfinance companies make it to the Forbes list of Top10 world’s wealthiest CEOs World’s Top 50 Microfinance Institutions, respectively.
India has the most number of private equity (PE) funds operating amongst the BRIC markets.
Mumbai has been ranked tenth among the world’s biggest centres of commerce in terms of the financial flow volumes by a survey compiled by MasterCard Worldwide.

Another significant aspect has been the broad-based nature of the growth process. While new economy industries like Information Technology and biotechnology have been growing around 30 per cent, significantly old economy sectors like steel have also been major contributors in the Indian growth process. For example, India has moved up two places to become the fifth largest steel producer in the world. And with its manufacturing and service sectors on a searing growth path, Lehman Brothers Asia estimates India to grow by as much as 10 per cent every year in the next decade.

CONTRIBUTION OF INDUSTRIES TO INDIAN ECONOMY

Industrial revolution is the stepping stone for globalization. In India, the contribution of different sectors is immense and all contributing to the fast growth of the Indian economy.

The IIP data show that during April-November 2007, cotton textiles grew by 5.5 percent. During 2006-07, textile exports recorded an increase of 6.9 per cent over 2005-06. During April-October 2007, textile exports increased marginally by 1.49 per cent on year-on-year basis. Indian Government has given a lot of subsidies to the textile industry through various fund schemes and textile parks. The rate of growth in the paper industry picked up to 8.7 per cent during 2006-07, but dropped to 1.6 per cent during April-November 2007.

Leather products, which contribute significantly to employment generation and export earnings, registered an impressive 12.2 per cent growth during April-November 2007. The chemical industry is growing steadily at 10%. The value of pharmaceutical output grew more than tenfold from Rs. 5,000 crore in 1990 to over 65,000 crore in 2006-07. India is now recognized as one of the leading global players in pharmaceuticals. While the production of rubber footwear grew by 4.7 per cent, sheets (PVC/rubber) grew by 18.8 per cent. PVC pipes and tubes, which have the highest weight in the product group, grew at 27 per cent during April-November 2007. Crude oil production during April-November 2007 was 22.69 million tonnes (MT) as against 22.56 MT during the corresponding period in the previous year, showing a marginal increase of 0.60 percent. In this sector, the demand will be always greater than the supply and India has to divest and encourage private players like Reliance to enter into the petroleum industry.

The cement industry recorded a growth of 7.72 per cent (provisional) during April-November 2007. The production increased from 99.99 MT during April-November 2006 to 107.71 MT during April-November 2007. Indian steel companies have marked their diversified presence in the global market, effected mainly through the establishment of the state-of the-art plants, continuous modernization, and improved energy efficiency of plants. Mittal Steel has created a buzz all over the world with its recent merger with arcelor. While overall industrial production grew by 9 per cent during April-December 2007, importantly capital goods production rose by 20.2 per cent compared to 18.6 per cent during same period in 2006. Services grew by 10.5 per cent in April-September 2007, on the back of 11.6 per cent during the corresponding period in 2006-07. Manufacturing grew by 9.6 per cent during April-December 2007, on the back of 12.2 per cent growth during same period in 2006-07. Core infrastructure sector continued its growth rate recording 6 per cent growth in April-November 2007. While exports grew by 21.76 per cent during April-December 2007, imports increased by 25.97 per cent in the same period.

ROLE OF INFORMATION TECHNOLOGY

The IT/ITES industry’s contribution to the country’s GDP has been steadily increasing from a share of 1.2% in FY98 to 5.2% in FY07; it has contributed to foreign exchange reserves of the country by increasing exports by almost 36% and its direct employment as grown at a CAGR of 26% in the last decade, making it the largest employer in the organized private sector in the country.

In the last two decades, the Indian IT/ITES industry has contributed significantly to Indian economic growth in terms of GDP, foreign exchange earnings and employment generation. The industry has been the trigger for many “firsts” and has contributed not only to unleashing the hitherto untapped entrepreneurial potential of the middle class Indian but also taking Indian excellence to the global market.

The current and evolving role of IT/ITES industry in India’s economy is well established. The sector is proving to be the major growth pole within the services sector, which in turn drives several economic indicators of growth in the country.Export earnings in FY08 stood at approximately USD 40.0 billion with a growth of 36%.Direct employment in the sector is expected to be 2.0 million by end of FY08 growing at a CAGR of 26% in the last decade, making it the largest employer in the organized private sector of the country. IT Industry is spearheading India global.

CONCLUSION

According to some experts, the share of the US in world GDP is expected to fall (from 21 per cent to 18 per cent) and that of India GDP to rise (from 6 per cent to 11 per cent in 2025), and hence the latter will emerge as the third pole in the global economy after the US and China.

Indian Economy experienced a GDP growth of 9.0 percent during 2005-06 to 9.4 percent during 2006-07. By 2025 the India’s economy is projected to be about 60 per cent the size of the US economy. The transformation into a tri-polar economy will be complete by 2035, with the Indian economy only a little smaller than the US economy but larger than that of Western Europe. By 2035, India is likely to be a larger growth driver than the six largest countries in the EU, though its impact will be a little over half that of the US.

Especially in three areas which are very vital this Enterprise resource planning has played an important role in this business sector. For the betterment and interest of the business ERP has facilitated coordination between the insurer and agents by solving the problems of both the fields. ERP has provided the insurer and the agent a common platform. By this, now it has become possible to keep eyes on the agents and the ERP has eased the transaction process also. Insurance sector is famous for inefficiencies and procedural delay. ERP has helped this sector to curb this problem. ERP has helped the insurance sector on various issues. Some of them are-

Reducing the procedures-It was very difficult for the insurance companies prior to ERP to go ahead with procedures in time. It compiles the assessing damages, settling claims, difference between insured value and loss in time besides litigations. With the help of Enterprise resource planning software the data of different departments are integrated in one common data base. This has solved the problem of the tedious job. In insurance company the different departments like settling claims and litigations do not depend on each other due to which efficiency is improved in their departments.

Rectifying Information Flaw

In insurance sector executives are responsible for receiving the details of each and every minute process. If the processing information is delayed the executives can’t go ahead and do the needful.

Insurance companies are always at the court’s mercy and in a helm. Many claims of the insurance are at the courts intervention. They have to pay the cost of litigation even if the claims are in their favor.

ERP is able to solve these entire problems very easily and it also saves the money, and cost of information of the company. Insurance sectors are thereby helped by the ERP to remove all the set backs of the company.

Performance of the Agents are Checked

The important part of the insurance sector is the agency. Selling, marketing and giving service are the important aspect of an insurance agent. After the intervention of ERP each and every transaction is updated. This step has helped the insurer also. So after the intervention of the ERP now, there is a transparency in the insurance sector. Every one is getting the opportunity to know each and every thing about the insurer and the agent.

Law firms, court houses and advocates can order instant legal transcription services by using different cutting edge technologies. Dictations can be recorded on a tape or a recording machine or a PC, and the audio files are sent over the Internet for transcription. Or now it is even directly sent by just dictation via telephone. The dictations sent over the telephone get recorded at a different location which is immediately worked upon. They produce transcripts of high quality and works are supervised by legally qualified / experienced law professionals.

Outsourcing of legal transcription to countries like India allows for low cost transcription with rates as low as 8 (eight) cents per line of work. Most companies now take a lot of care about the security of documents that are sent online. This becomes possible by the encryption of all the files before being transmitted over the web. By offshoring / outsourcing legal transcription works to professional Asian firms who use cutting edge technologies US law firms are assured of benefits like,
Total security

Low turnaround time

High accuracy

Low price

Delivery in any format

Taking into consideration the beauty industry, the consumption there was at first oriented mostly to women. The beauty industry started its development in the early twentieth century when “making up became one of the tangible ways women in their everyday lives confirmed their identities as women: they became women in the application of blusher, mascara, and lipstick”.

The beauty industry was created for the purpose of attracting the attention of women and then, in order to develop this industry, marketers started to create a hidden influence by advertisements, influencing women’s minds by presenting them what they want to see.

At the turn of the twenty-first century, the consumer behaviour in the beauty industry changed dramatically.

There are substantial differences between the Western and Chinese consumers. The culture plays a great role in Chinese marketing strategies and hence in decision-making process.

The Chinese consumers “are different…. They value order…. They are, for the most part, atheistic, unified on a ‘spiritual’ plane by a belief in Chinese ‘culture’”.

Chinese consumers are faithful to the cultural tradition of Confucianism which has a significant impact on their choice and behaviour. Advertisement plays the most important role in the decision-making process in beauty industry. In the beginning of twenty first century the marketing experts imposed on Chinese consumers the point of view that advertised cosmetics are an important goal to achieve. These advertisement tricks worked because the consumers wanted to have physical beauty. In advertising Chinese marketing experts tended to create a response by making the consumer to feel less attractive in comparison with the models in the advertisement. However, currently there is a great influence of modernization, globalization and industrialization which put in question traditional Confucian values of Chinese consumers. Today the number of Chinese men caring for their appearance and using men’s grooming products is increasing. The same applies to the women’s beauty products. The consumption of women’s cosmetics is increasing every year in China. That means currently Chinese women become more and more affected by the globalization process and due to advertising they are appearance-conscious and they become fashion-oriented. The power of advertising is very significant in China. It can be suggested that without marketing strategies China would not have a consumer revolution as it has now.