Top IoT Connectivity Management Platforms- 2024

WWW.THEENTERPRISEWORLD.COM | AMERICAS EDITION | JANUARY 2024

IoT

CONNECTIVITY MANAGEMENT PLATFORMS

REVIEW GreytHR

Allen Boone CEO / Co-Founder

Journey to the Trans-Himalayan Jewel: Mustang Valley

CASE STUDY Hermes: Crafting Success in the World of Luxury Fashion

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UPSHOT

Lakshadweep: A Hundred Thousand Islands

SIMETRIC

MASTERING DIGITAL INNOVATION IN IOT AND EDGE TECHNOLOGY

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From Editor’s Desk

Dear Esteemed Readers, Greetings from The Enterprise World!

We are thrilled to present the latest edition of our B2B digital business magazine, where innovation converges with connectivity in the spotlight feature, "Top IoT Connectivity Management Platforms-2023(America)," graced by the eminent presence of Simetric on the cover.

In an era marked by the pervasive influence of the Internet of Things (IoT), this issue navigates the dynamic landscape of connectivity management platforms that underpin the seamless functioning of IoT ecosystems across the Americas. Simetric, a visionary leader in the field, takes center stage as we unravel the intricacies of their contributions to shaping the future of IoT connectivity.

As we delve into the magazine's pages, we invite our readers to explore the transformative impact of Simetric's innovative solutions, their role in advancing IoT connectivity, and the broader implications for businesses in the Americas. This issue serves as a gateway to understanding the evolving ecosystem of IoT connectivity management platforms, emphasizing the critical role they play in driving efficiency, scalability, and connectivity in diverse industries.

At The Enterprise World, our mission is to spotlight enterprises that not only redefine industry standards but also contribute significantly to the ever-changing business landscape. Simetric's dedication to excellence and pioneering spirit aligns seamlessly with our commitment to showcasing leaders and organizations that drive progress and innovation.

We extend our heartfelt gratitude to our readers for being an integral part of our journey.

Your curiosity fuels our passion to deliver content that informs, inspires, and catalyzes positive change.

Wishing you an insightful and enriching reading experience!

Warm Regards

Shalmali W.

The Enterprise World, 1985, Henderson Rd, Columbus, Ohio, 43220

Follow Us On: For Editorial Concerns: editors@theentetpriseworld.com For Sales & Branding Enquiries: sales@theenterpriseworld.com For Subscription: info@theenterpriseworld.com Publisher The Enterprise World Creative Content Editor

Marketing Coordinator (Americas)

Shalmali W.

Peter J.

PR & Marketing Coordinator

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Amanda V.

This list is NOT a ranking. The companies on listed in magazine serve different aspects of the market, making ranking them in any order except revenue impossible and unfair.

We try to bring a perfect platform for business organization to showcase their valued products/ services.

Copyrights © The Enterprise World | 2019. All Rights Reserved. The images and content included in this magazine should not be copied, transferred or reproduced in any form or by any means, electronics, mechanical, photocopying, recording, otherwise, without proper permission from The Enterprise World.

The Enterprise World solely owns all the reprint rights.

Simetric had a unique vantage point to realize that IoT was a widely used technology landscape that helps enterprises run sustainable businesses that currently do not have standards. Many legacy technology leaders have pursued proprietary standards that would only require everyone to throw away what they have invested in and start a new one. Simetric created an extensible platform to unify network and device controls. The company envisioned that the control should be in the hands of the customer for their own digital transformation and that of legacy IoT was a critical issue to address.

Since the beginning, the mission of the company has been centered on helping customers address, manage, and simplify the highly redundant and complex landscape of legacy IoT efforts. Simetric helps customers to achieve adoption and growth of new IoT and Edge devices along with their legacy deployments that are a result of having multiple, disparate carrier platforms where no industry standards exist. Now, with Simetric’s solution, it is unified IoT and Edge device control that solves the fragmentation and creates a standard way of operating in a single pane of glass.

LEADERS IN SPOTLIGHT

For the cover read about

CONTENTS

12

SIMETRIC

Journey to the Trans-Himalayan Jewel: Mustang Valley

UPSHOT

Hermes: Crafting Success in the World of Luxury Fashion

CASE STUDY

18 30 BLOG

Lakshadweep: A Hundred Thousand Islands

38 product Review

greythr

26

NEWS Citigroup Announces Major Restructuring Plan with 20,000 Job Cuts and Cost Savings READ MORE

Uber Shuts Down Drizly Alcohol Delivery App, Prioritizes Consolidation within Uber Eats Uber has announced the closure of its alcohol delivery app, Drizly, just three years after acquiring it for $1.1 billion. Despite Drizly’s significant growth during the pandemic-driven surge in at-home deliveries, it will officially cease operations at the end of March 2024, according to Uber.

Originally positioned as the largest online marketplace for alcohol in North America, Drizly operated as a standalone app. However, as part of Uber’s strategic consolidation, Drizly’s marketplace was intended to be integrated into Uber’s primary delivery app, Uber Eats.

Shedding light on Uber’s rationale behind this move In a statement, Pierre Dimitri Gore-Coty, Uber’s Senior Vice President of Delivery, emphasized the company’s decision to concentrate on the “core Uber Eats strategy of helping consumers get almost anything – from food to groceries to alcohol – all on a single app.”

READ MORE

In a strategic move to enhance its financial performance, Citigroup Inc. (C) has revealed plans to eliminate approximately 20,000 job positions, excluding its workforce in Mexico, over the medium term. This decision follows the company’s announcement of a net loss of $1.8 billion for the fourth quarter of 2023. The restructuring initiative aims to yield savings of approximately $2-$2.5 billion over the medium term, positioning Citigroup for improved future results.

For the year 2024, Citigroup anticipates adjusted expenses to range between $53.5 billion and $53.8 billion, a decrease from the previously projected $54.3 billion. This reduction is attributed to benefits from organizational simplification, the exit from various international businesses, and the elimination of non-viable segments such as municipal business and a subset of distressed debt trading. These cost-saving measures will be partially offset by increased investments in risk and controls.

Raise severance costs and incur additional expenses The overhaul includes the layoff of around 5,000 employees in managerial positions, which is expected to raise severance costs and incur additional expenses ranging from $700 million to $1 billion.

CVS to Close Dozens of Pharmacies Inside Target Stores Amid Industry Challenges

READ MORE

In a strategic move to optimize its store footprint and adapt to evolving market dynamics, CVS announced on Thursday its decision to close numerous pharmacies housed within Target stores early this year. The closures, scheduled to take place between February and April 2024, are part of CVS’s broader initiative to reevaluate store distribution, acknowledging shifts in population, consumer behavior, and anticipated healthcare needs.

Amy Thibault, a spokesperson for CVS to Close Pharmacy, explained in an email to CNN, “These closures are based on our evaluation of changes in population, consumer buying patterns, and future health needs to ensure we have the right pharmacy format in the right locations for patients.” The decision reflects a broader trend within the US retail pharmacy sector, grappling with challenges in the prescriptions business and a changing workforce landscape.

Major drugstore chains The retail pharmacy industry has faced profitability challenges, exacerbated by declining foot traffic due to the ongoing impact of the COVID-19 pandemic. Consumer preferences have shifted towards online prescription services, leaving traditional brick-and-mortar pharmacies to adapt or face financial difficulties. Last year, Rite Aid, one of the country’s major drugstore chains, filed for bankruptcy, underlining the industry-wide struggle.

Despite these challenges, CVS reported robust third-quarter earnings, primarily attributed to the company’s strategic diversification away from its traditional retail focus in recent years. Sales in CVS’s health care benefits division surged by nearly 17%, while health services experienced an 8.4% growth. This shift aligns with the broader trend of pharmacies expanding their service offerings beyond traditional prescriptions.

Y R O T S R E V O C

Allen Boone CEO / Co-Founder

12 | January 2024

SIMETRIC MASTERING DIGITAL INNOVATION IN IOT AND EDGE TECHNOLOGY

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he future is being shaped by the synergy between IoT and Edge technology. The formidable presence of IoT companies in the areas of technology stands as one such precedent for upcoming organizations. While the world becomes increasingly interconnected and reliant on data processing, Simetric has emerged as a relentless force to redirect the revolution in IoT and Edge Technology. The visionary leadership of Simetric's tenured leadership team, including Kevin Bandy (President and Chief Strategy Officer) featured in this article. has spearheaded Simetric's journey toward innovation and excellence.

Unifying IoT Ecosystems and Workflows Allen Boone, the CEO and co-founder, established Simetric in 2017 when the team recognized an underlying and critical need in the IoT industry. It identified a lack of support and expertise in IoT cellular connectivity management and created a unified management pane for companies of all sizes to centrally manage all IoT connectivity devices. The company started developing in 2018 and looked broader at what the next phase of IoT could become. This was to strengthen connectivity and device performance to enable companies to not only unify non-conforming IoT platforms and ecosystems but also move IoT business process execution to devices and workflows effortlessly across the abundance of operator IoT platforms.

Helping Companies Sustainably Evolve Simetric had a unique vantage point to realize that IoT was a widely used technology landscape that helps enterprises run sustainable businesses that currently do not have standards. Many legacy technology leaders have pursued proprietary standards that would only require everyone to throw away what they have invested in and start a new one.

Simetric created an extensible platform to unify network and device controls. The company envisioned that the control should be in the hands of the customer for their own digital transformation and that of legacy IoT was a critical issue to address.

Since the beginning, the mission of the company has been centered on helping customers address, manage, and simplify the highly redundant and complex landscape of legacy IoT efforts. Simetric helps customers to achieve adoption and growth of new IoT and Edge devices along with their legacy deployments that are a result of having multiple, disparate carrier platforms where no industry standards exist. Now, with Simetric's solution, it is unified IoT and Edge device control that solves the fragmentation and creates a standard way of operating in a single pane of glass.

www.theenterpriseworld.com | 13

Kevin Bandy President and Chief Strategy Officer

Global Management of Cellular-Enabled IoT Devices Simetric offers an industry-first, IoT lifecycle platform that enables the discovery and management of all cellular IoT and edge devices, split across carrier and satellite networks, in one unified workflow management pane. However, the company faced some challenges at the time of its establishment. Having a unique perspective from the leadership team's careers at various companies like Cisco and Microsoft, its team saw first-hand how many companies were aggressively running businesses through IoT and Edge technologies, yet every carrier and tech OEM had very disparate offerings Moreover, enterprises had no unified controls for business-critical operations. No company was approaching the market with a holistic solution that solved the challenges of the day, much less for scale and to plan for future growth.

As one of the leading companies in IoT Connectivity Management Platforms, several factors differentiate Simetric from its competitors. The company offers global, instantaneous discovery and management of cellular-enabled IoT devices across carrier, Edge & satellite networks. It provides a patented workflow that automates expense management for 'prescriptive' like budgetary controls and bulk device actions, as examples, across networks. The API architecture of the company extends the programs seamlessly into services offered by partners (i.e., ServiceNow, Cradlepoint) to bring the entire IoT ecosystem into a unified workflow.

14 | January 2024

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Enriching IoT Security With Device Compliance Configuration Simetric focuses on addressing and enriching IoT security to protect data and devices for enterprises of all sizes.. Unfortunately, the fragmented landscape of IoT plays well for cybersecurity vulnerabilities. Although there are some phenomenal end-point and IoT security companies, Simetric is an additive layer of protective value with its workflow and platform architecture.

The platform offered by the company delivers enhanced visibility into wireless network utilization. Increased awareness of network activity and the ability to establish customized device protocols contribute to the unique ability of enterprise customers to identify and address individual device anomalies. Simetric process automation rules can not only alert device administrators but also can execute actions automatically and in unlimited bulk by temporarily disabling cellular network access of the affected device

Simetric Platform Features

Interoperability and Integration “Data security and integrity are crucial for handling Industrial IoT data transport, management, and analysis. The Simetric platform ensures data security in motion using application gateways and web application firewall technologies, as well as TLS and OAuth-secured web services. The wide area network is unable to access and decrypt data at rest due to encryption and isolation measures implemented by the Simetric platform.

IoT ecosystems often involve diverse devices and protocols. The platform bestowed by the Simetric ensures interoperability and integration with various IoT devices and technologies. However, it does not operate on the business payload and therefore does not limit its ability to run bi-lateral APIs to the network and to the devices. The company witnessed the limits of the OEMs and set out to establish an infinitely horizontal platform that enriches workflow in both directions. This affords the enterprises the unified control they desire on existing investments and relationships as well as gives them control on how and when they migrate IoT devices for full lifecycle management.“ says Kevin Bandy, President and Chief Strategy Officer.

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Customer-Led Innovation Kevin Bandy, the President and Chief Strategy Officer of Simetric, dedicates his attention to customers, partners, and product development on a daily basis. Customer-led innovation means every team member is accountable for results and staying in front of the needs of the market. While talking about team achievements, Kevin says, “I am pleased and thoroughly impressed by the accomplishments of our team. The Simetric platform is uncontested in its value and abilities. We are doubling YoY in devices under management, but what we have built also has a broader vision.” The fragmentation of the IoT landscape was something his team truly desired to resolve, so he set a goal to be strategically linked to other technology leaders to bring a uniform, extensive workflow to the entire IoT ecosystem. Now, it is delivering on that vision and the industry is noticing.

Being recognized as one of the “Top IoT Connectivity Management Platforms- 2023”, Kevin says that this acknowledgment is an appreciation of the efforts of every employee of Simetric. The acclamation is for each member of the Simetric who is working for its sustainable success.

The Global Platform for the Edge-First Enterprise

Control & Insights for Industry Partners 16 | January 2024

Melody Brown Chief Revenue Officer Striving for Continuous Improvement Kevin prefers to stay updated with the ongoing industrial trends and developments. Simetric is fortunate to be integrated with 250+ carriers, and 2,500+ customers along with industry-leading companies that it has strategic partnerships with.

The input received by the company is multifaceted and shows up as workflow and continual additions to the feature set in the platform. To be a customer and partner-driven company comes at the core of its culture and commitment to striving for continuous improvement and operational excellence.

The company will continue its active partnerships with the likes of ServiceNow, Cradlepoint, AT&T, Tata Communications, and others to bring IoT and Edge technologies into a seamless, unified workflow. Those collaborations will have direct benefits to every company, regardless of size, as well as differentiating enablement for the managed solutions the carriers will be able to offer across IoT and efforts like connected auto.

Being a successful leader in the field of IoT and Edge technologies, Kevin says,

“IoT and Edge technologies will redefine every business procedure in the coming years. Bringing what is in use today into a unified workflow is not only the best execution strategy for how any business evolves but also the best way to harvest the budget wasted on legacy approaches. The returns Simetric customers see on unified IoT workflow are routinely 15:1 and higher.”

www.theenterpriseworld.com | 17

18 | January 2024

M

ustang is a Tibetan word that means, “Plain of aspiration”. The Mustang Valley is located north of Annapurna in Nepal and it is very close to the Tibetan plateau (China). It is divided into two parts that are “Upper Mustang” and “Lower Mustang” which was once the former kingdom. The Valley is an isolated and remote place in Nepal. Despite being a remote location, the Valley is visited by thousands of tourists yearly. Most of the people in Mustang live along the banks of the Kali Gandaki River.

Mustang Valley has been a part of Nepal since the 18th century but its location and its status as a ‘forbidden kingdom’ have protected it from the influences of the Western world. Before it became a part of Nepal, this region was part of the Lo Kingdom, so many historical sites are located in the valley.

In the early 1960s, the Khampa people joined with other local forces in the Mustang region and started fighting against the Chinese government. As a result, China requested the Nepali government to restrict the entry of any tourists to the Mustang region as it was a link to Tibet. In 1962, all tourists were banned from entering until 1992, when the doors were reopened to tourists.

In the following article, you will find detailed information on culture, climate, famous foods, how to reach Mustang Valley, and top attractions in the region.

www.theenterpriseworld.com | 19

Mustang Valley is known for its unique culture, history, and geography.

Healing Ritual Culture: A minority of people in Mustang practice Tibetan Buddhism, and there are several monasteries and chortens (Buddhist stupas) in the region. The most wellknown and oldest monastery is the Lo Gekar Monastery.

Mustang is also known for its shamanistic beliefs and practices. The shamans, or bönpo, are highly respected in Mustang, and their healing rituals and ceremonies are an important part of the culture.

Their cuisine is also unique and reflects the region’s geography and climate.

Climate: Mustang Valley has a cool, semi-arid climate, similar to that of the trans-Himalayan region.

The region's daytime average annual temperature is approximately 10.9 °C. It is Located in the shadow of the Annapurna region, Mustang receives about 307 mm of average rainfall each year.

20 | January 2024

Thakalis are the local people of the Thak Khola region of Mustang district in Nepal.

Thakali food consists of dal, bhat, tarkari, (Lentils, rice, and vegetables), with meat for nonvegetarians, and pickles.

Thakali Food

Thakalis are the local people of the Thak Khola region of Mustang district in Nepal.

Thakali food consists of dal, bhat, tarkari, (Lentils, rice, and vegetables), with meat for nonvegetarians, and pickles.

Newari Food

Thakalis are the local people of the Thak Khola region of Mustang district in Nepal.

Thakali food consists of dal, bhat, tarkari, (Lentils, rice, and vegetables), with meat for nonvegetarians, and pickles.

Local Wines

Thakalis are the local people of the Thak Khola region of Mustang district in Nepal.

Thakali food consists of dal, bhat, tarkari, (Lentils, rice, and vegetables), with meat for nonvegetarians, and pickles.

Tibetan Bread Thakalis are the local people of the Thak Khola region of Mustang district in Nepal.

Thakali food consists of dal, bhat, tarkari, (Lentils, rice, and vegetables), with meat for nonvegetarians, and pickles.

FAMOUS FOODS

Khapse Defining the region from the food choices, different people from different ethnicities have different food choices in Nepal. As Mustang Valley is rich in culture and tradition, where different cultural groups are located, you must try the local cuisine of those places.

www.theenterpriseworld.com | 21

How to reach Mustang Valley?

22 | January 2024

To reach Mustang, tourists can take a flight to Pokhara from Kathmandu. From Pokhara, they can take a bus, or taxi, or rent a bike. It takes around 6-8 hours to reach Jomsom, which is the starting point of the Lo Kingdom in Upper Mustang via Prithvi Highway.

Top Attractions in Mustang Region: 1) Kali Gandaki River: The Kali Gandaki River also known as Mustang Khola Nhubine Himal Glacier at the border with Tibet at an elevation of 6,268 metres (20,564 ft) in the Mustang Valley of Nepal. The Gandaki River is the deepest river of Nepal. This river is considered as one of the holy rivers of Nepal.

2) Jomsom Muktinath Trek: Visiting Jomsom can be an unforgettable experience, offering beauty and unique cultural encounters. The trail offers wonderful sights of snow-covered mountains, including the Annapurna and Dhaulagiri ranges. It offers a unique symbol of the Tibetan-influenced culture. The Jomsom Muktinath Trek takes you through the deepest gorge in the world, the Kali Gandaki River Gorge.

3) Muktinath Temple: Muktinath Temple is one of the most important pilgrimage sites in the Mustang area of Nepal. It is also known as the “Place of Liberation”. The temple is situated at 3,800m above sea level and has a unique combination of Hindu and Buddhist architecture. The golden pinnacle of the temple represents the holiness of the place. The temple can be visited by trekking or by road and air transportation. Due to its restricted area in Upper Mustang, the temple needs a special permit for entry. The cultural harmony of Muktinath is a reflection of Nepal’s spiritual diversity.

4) Ghar Gompa: Ghar Gomba, also recognized as Ghar Monastery or Ghar Gompa, is a famous Buddhist monastery situated in the Mustang district of Nepal. Ghar Gomba is situated on a hilltop at an elevation of approximately 3,800 meters (12,467 feet) above sea level. The village of Ghar is situated in the upper Mustang area, which lies to the north of the Annapurna and Dhaulagiri mountain ranges.

5) Marpha Monastery: Marpha Monastery is Located at an elevated place, with calm surroundings, a holy ambiance friendly atmosphere, and impressive architecture. It is also known as Tashi Lha Khang Gompa which was built around 200 years ago and belongs to the Karma Pa sect of Buddhism. This monastery situated in Marpha is revered by Amitabha, Vajrapani, Avalokiteswora, and Guru Padmasambhava Rinpoche.

6) Upper Mustang: It is located in the northwest part of Nepal, on the border with Tibet. Also known as the “Forbidden Kingdom,” Upper Mustang was closed to tourists until 1992 and is rich in Tibetan culture and tradition. It offers an insight into the ancient way of life of the people. The landscape is arid, TransHimalayan, with vast desert plains and spectacular mountain views. The capital city of Lo Manthang is famous for its well-preserved Tibetan architecture and monastic sites. Upper Mustang is a restricted area and requires a special permit to enter. Tourists can visit the Upper Mustang on the trek to explore unique landscapes, orchards, and cultural treasures.

7) Thubchen Gompa: Thubchen Gompa is one of the oldest and most sacred Buddhist monasteries in the world. It is located at the heart of the Mustang Valley in Nepal. It is a classic example of traditional Tibetan Buddhist architecture, built in the Sakya pa style. It is still active today and is still visited by people who believe in Tibetan culture. The walls of the monastery are full of details that tell stories of different times and represent one of the greatest periods of creativity in the history of Tibet. A visit here is a peaceful experience that connects you to the culture of Mustang and to the long-lasting spiritual practices of the people who live there.

MUKTINATH TEMPLE

GHAR GOMPA

8) Bara Gaon: Bara Gaon means 'twelve villages' in Nepali, and it refers to the villages in the region generally known as Lower Mustang 9) Lowa Art Gallery and bookshop: It is the most attractive local Art Gallery of Tanka Art and Mandala Art and Book Store located in the center of Lo Manthang near the main monasteries.

THUBCHEN GOMPA www.theenterpriseworld.com | 23

Questions and Answers related to Mustang Valley: 1) Can you get to Mustang Valley from Nepal?

Ans: It is located in the northern-central part of Nepal and shares a border with Tibet. The most common way to get to the valley is to take a flight to Pokhara's Jomsom airport. However, some people prefer to trek to the valley from different areas of Nepal.

2) When is the best time to visit the valley?

Ans: The best times to visit the valley are during the spring and fall months when the weather conditions are more favorable. You must have a special permit to enter the valley, known as a "Mustang Reservation Area Permit".

3) What are the popular trekking paths in the valley?

Ans: Some of the most popular trekking routes in the valley are the Upper Mustang trek, Annapurna Circuit, etc.

4) Are there any lodgings or tea-houses near the valley?

Ans: Yes, there are guesthouses near the valley that offer basic lodging and meals.

5) What are the top cultural attractions in Mustang?

Ans: It is famous for its ancient monastery, caves, and unique Tibetan culture. Lo Manthang is one of the cultural highlights of the valley.

6) How long does it take to trek to Mustang Valley?

Ans: The trek to the valley varies depending on the route you choose. For the Upper Mustang trek, it usually takes about 10-15 days.

7) Can I hire a guide and a porter for my trek?

Ans: Yes, you can hire a local guide and if necessary a porter for your trek.

24 | January 2024

Conclusion: In short, Mustang Valley is located at 3,840m above sea level in the northwest part of Nepal. It is a unique region with arid Trans Himalayan landscapes, rich cultural diversity, and a majestic environment. It is divided into Upper & Lower Mustang. The region is rich in tradition, topography, and natural beauty.

Muktinath temple is a famous pilgrimage place that attracts devotees from all over the world. Many passes within the area offer wonderful views for trekkers. Cycling enthusiasts are happy to explore the region’s valleys and landscapes on mountain bikes.

Ultimately, the Mustang Valley transcends its borders to become a symphony of natural beauty, culture, and adventure.

Nepal, and the Mustang region in particular, contributes to the beauty of our planet by creating an extraordinary piece of earth.

JANUARY 2024

www.theenterpriseworld.com

Review Establishment Year: 2009 Founder: Girish Rowjee Headquartered: Bangalore No. of Employees: 625 Website: https://www.greythr.com/

26 | January 2024

Overview: greytHR is a cloud-based payroll software that provides cost-effective solutions for managing the human resources of a corporate organization.

Companies in India and the Middle East make use of greytHR app, to make processes easier.

Payroll management, employee onboarding, expense management, HR payroll compliance, income tax processes, and much more are managed efficiently by the software. By implementing these functions, it becomes a lot easier for the organization to keep detailed records of their present and previous employees.

Its cost-effective nature and high-powered automated solutions have made it the go-to choice of 20,000+ brands. Reputed brands like Teamlease, Hexaware, and Volvo use the software to keep track of their employees’ performance and other details.

Core Features of greytHR:

greytHR Plans:

Ÿ Automated inputs: greytHR software can accept salary input data from Automated File Transfer Protocols (AFTPs) via other HR systems such as salary changes, recruitment, and onboarding portals.

Ÿ Starter plan: This one is a basic plan for organizations having less than 25 employees. A lot of features are limited in this plan but are enough for the organization to manage. At times, it may be a bit tedious due to the limitations that come in the way. If this prevails, the company can always opt for the next plan.

Ÿ Auto payslips: After the salary is credited to the employees’ accounts the next step that is served is the payslips are automatically received in their bank accounts. It serves as a means of communication.

Ÿ Essential plan: The essential plan is for organizations having an employee count of up to 50. With a price of Rs. 3495/month features like the mobile app for the employees, checklists for task management, An AI-powered chatbot, and features like business expense claims management are included.

Ÿ Automated accounting: greytHR software posts the entries in the company’s accounting system automatically. The manual mechanism involved in this gets eliminated and the possibility of errors gets highly reduced.

Ÿ Growth Plan: The growth plan includes a price of Rs.5495/ month. This one is for an organization whose employee count is 50. Add-on features like group company support, enterprise features, map-based attendance marking facility, and employee performance management are also tracked in this.

Ÿ MIS Reports: The next step of generating reports is also completed by the software. The system can create MIS packs each month which contain a set of standard reports and analyses to share with the authorized personnel. It can be done either by providing access for online viewing of the data or mailing it to the respective email Ids.

Ÿ Enterprise Plan: The enterprise being the most expensive one, the price is Rs. 7495/ month. For an additional employee, the cost for a single employee goes up to Rs. 100/ month. The addons in this plan are facial recognition-based attendance marking, geomarking i.e. attendance marking with location tagging for remote workers, and much more.

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Customer Reviews: Ÿ It’s a great tool for all your HR needs: “The fact that it has brought together so many aspects of business functions like HR, Payroll, communication, ESS, etc. in one place. Once you make sure you understand the importance of initial configurations, then it's a smooth journey ahead. So spend time at the start.” Ÿ A very easy-to-use portal for payroll and as an employee onboarding portal: “The Most important thing about greytHR is, it's very easy to use. Also, we provide the training only once to our new employees regarding this portal and they can implement all the processes easily without much difficulty.” Ÿ greytHR is very helpful in managing all the employee-related information: “The ease to download reports, analytics, Document access, and Upload. In short, every aspect of greytHR is awesome. It is very user-friendly, be it an Admin account or an employee account. You get access to change the settings as per your organization's needs.”

28 | January 2024

C A S E S T U D Y 30 | January 2024

CRAFTING SUCCESS IN THE WORLD OF LUXURY FASHION

W

e all dream of owning those popular luxury items, especially from the fashion capitals like Milan, New York, and Paris, where the most reputed fashion brands come from. Every brand has an inspirational story. Have you ever thought about the story behind these brands? The stories of their origin, the cities they came from?

When we talk about luxury, heritage, craftsmanship, and stylishness in ultraluxury leather and silk products, there's one name that easily comes to our mind – Hermes. In this article, we will get to know the story of this unique luxury brand.

Let's go through the deep story of the brand, from selling Haut à Courroies (saddle bags) to Hermès Birkin. In short, let's discuss the origin, history, marketing strategies, and market presence of the brand.

Hermès Birkin bag

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Moved to 24 Rue Du Faubourg SaintHonore in Paris in 1880

Hermes offered items that met society's needs during the interwar period in 1992

First men's ready-to-wear garments were introduced in 1925

The first silk scarf was made with Jeu des Omnibus et Dames Blanches in 1937

Tie was introduced in 1949

The start of success after The Kelly bag in 1956

The first women's readyto-wear collection was introduced In 1967

New Métier, Beauty Creation in 2020

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Birkin bag was introduced in 1984

Hermes opened its 19th leather workshop, located in Guyenne (Gironde) in 2021

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History of Hermes:

32 | January 2024

Challenges Faced By Hermes: 1. Continuous takeover interest from LVMH: The brand has faced persistent takeover interest from rival LVMH, which quietly acquired a 17% stake between 2002 and 2010. This led to a legal dispute, resulting in LVMH selling down its stake. The brand defends its independence through a private holding company with the first right of rejection for family share sales, preventing LVMH takeover.

In 2011, over 50 Hermès successors formed a co-operative named H51, holding 50.2% of shares and assuring not to sell it for two decades. Two family members outside the cooperative also resisted LVMH, ensuring that the brand operates independently.

2. Succeeding in China: The brand is taking a careful and creative approach to enter into China's luxury market. Despite being in China since 1997, they have opened only one store each year since 2015. They plan to make each store a special experience, highlighting craftsmanship and connecting with China's traditions. This is different from the developing shopping culture in Asia. In 2012, they also launched Shang Xia, a Chinese luxury brand that focuses on Chinese craftsmanship. The company keeps its brand exclusive by avoiding flashy displays, logos, and celebrity advertisements that are suitable with the government's restriction on excessive displays of wealth. However, whether this strategy works depends on how Chinese consumers view luxury Products.

3. Strengthening the Hermes brand equity beyond leather and silk: The brand is known for its luxury leather and silk products and is working on strengthening its brand in other categories. For example, its watchmaking division, La Montre Hermès, has a 90-year history but only contributed 3% to the brand's total revenue in 2019. The newly appointed CEO sees potential for qualitative growth but admits it will be a slow journey to establish the watchmaking division.

Similarly, other categories like perfumes and jewelry are growing in sales, but they haven't reached the success levels of the leather and saddlery products division. They aim to build stronger brand equity beyond its traditional strengths in leather and silk.

Strengthening the Hermes brand equity beyond leather and silk

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Y D U

1. Chanel: It is a private company owned by the Wertheimer family and the headquarters of the company is located in London. The brand specializes in women's ready-to-wear clothes, luxury products, and other accessories.

2. Christian Dior: The brand was established in 1946 and controlled and chaired by French businessman Bernard Arnault, The brand is famous for perfumes and cosmetics, watches and jewellery, and fashion and leather goods.

C

A

S

E

S

T

Top 5 Competitors of Hermes:

3. Burberry: The brand was established in 1856 by Thomas Burberry, and the headquarters of the brand is located in London. The brand designs and distributes ready-to-wear garments including trench coats, leather accessories, and footwear.

4. Ralph Lauren.: The brand was established by Ralph Lauren an American fashion designer in 1967 and the headquarters of the company is located in New York. The company produces products ranging from the mid-range to the luxury segments.

5. Prada: It is a luxury Fashion brand established in 1913 in Milan by Mario Prada. It is famous for its leather handbags, travel accessories, shoes, ready-to-wear garments, and other accessories

Hermès Birkin bag

34 | January 2024

Marketing strategies of Hermes: 1. Preserve the brand identity as a luxury brand while adapting to market trends and customer's needs.

4. The brand used social media to show its products, stores, and collaborations.

2. Various marketing strategies like branding with its classic luxurious products, advertisements, campaigns, and collaborations.

5. The brand has also collaborated with Apple to create a limited edition Apple watch for their customers.

3. The brand targets high-net-worth individuals who appreciate the quality of luxury goods

6. The brand's exclusive products help to maintain the brand's position as a symbol of luxury.

Well-known marketing campaigns of Hermes: 1938

Kelly en Perles

J'aime mon Carre Ka Maison des Carres Festival des Metiers

Leather Forever

2011

2015

Hermes Editeur Hermes Horse Exhibitions

2014

2012

Wanderland

2013

2018

Hermesistible

2016

The Gift of Time

Hermes Silk Mix

2020

Hermes Beauty

Hermes Upcycling

2019

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Market Value of Hermes:

As of January 2024, the brand holds a market capitalization of $211.87 billion, ranking as the 49th most valuable company globally. In 2022, it made a worldwide total revenue of approximately 11.6 billion euros and a growth of over 20% compared to the previous year.

11,602

15,000

8,982 2022

2021

6,389 2020

6,883 2019

5,966

5,549 2017

2018

5,202.2

4,841 2015

4,118.6 2014

3,754.8 2013

3,484.1 2012

2011

2,400.8

1.914.3 2009

2010

1.764.6

0

2008

2,500

1,625.1

5,000

2,841.2

7,500

2016

10,000

2007

Revenue in million euros

12,500

FAQs:

Source- Total revenue of Hermès worldwide from 2007 to 2022 - statista

1. What is the Hermes brand best known for?

Ans: The brand is famous for its exclusive handbags.

2. What is the price of a Kelly bag?

Ans: The Iconic Kelly bag comes in various sizes whereas Kelly 20cm would cost around $8,250.

3. What are the most popular Hermes bags in 2023?

Ans: Hermès Birkin 30 en Desordre was the most popular bag in 2023.

4. What is the cheapest Hermes-Paris bag type?

Ans: Aline Bag is the cheapest item worth $1,925.

5. Are Hermes-Paris bags an investment?

Ans: It is the best option if you are looking for the highest ROI on luxury goods.

36 | January 2024

38 | January 2024

Lakshadweep is like a real-life Avalon, a mysterious island from the Arthurian legend. Similar to the Avalon’s legendary charm, Lakshadweep islands are known for its beautiful and isolated coral atolls. It also features stunning lagoons that disguise many biodiverse mysteries beneath their surface. In Lakshadweep, cultural treasures and vibrant marine life create a unique attraction, making it a real-world counterpart to the legendary Avalon. It’s a place where time seems to stand still, and the boundaries between reality and fantasy blur. This article makes that boundary a bit clear and denes everything you need to know about Lakshadweep islands.

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HISTORY OF LAKSHADWEEP 40 | January 2024

Arrival of a Muslim saint Legend has it that a Muslim saint, guided by a dream of the Prophet, traveled to Lakshadweep to spread Islam. Initially rejected, a girl fell in love with him, leading to conflict. The saint's prayers caused temporary blindness, and when he left, sight returned. Through miracles, he won people's trust, and Lakshadweep embraced Islam, blending Islamic and Hindu traditions. Today, his grave on Andrott Island remains sacred.

The Race between India and Pakistan In 1947, right after India gained independence, Pakistan eyed Lakshadweep despite the geographical distance. Sardar Patel, the Home Minister, swiftly acted.

The Mudaliyar brothers from Malabar, with a limited battalion and scarce weapons, hoisted the Indian flag on Lakshadweep on Patel's orders. Just in time, a ship with a Pakistani flag approached, creating a nail-biting situation!

First humans to set foot on Lakshadweep King Perumal of the Chera dynasty is believed to have converted to Islam and left for Mecca from his Malabar empire in the 7th century. Hindu sailors who were searching for him landed on Bangaram island after their ship was wrecked in a storm near Lakshadweep. When they returned to Malabar, they explored other Lakshadweep islands.

Later, a group from Malabar, including sailors and soldiers, settled permanently on Amini Island.

The Portuguese & British invasion In the 1490s, the Portuguese attempted to colonize Kochi but were driven away. They then turned Lakshadweep into a seafarers' hub, exploiting coconut coir. Islanders cleverly ousted them later.

Over time, Lakshadweep's rule shifted among Malabar royal houses, eventually under the care of the Arakkal family. Dissatisfied with oppressive rulers, islanders sought help from Tipu Sultan in Mangalore, Karnataka. Following discussions, Tipu gained control over parts of Lakshadweep.

After Tipu's demise in the 1790s, the British acquired five islands under him. This might explain the rare presence of Kannada speakers in Lakshadweep.

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These points broadly summarize the history of Lakshadweep Islands. However there are many more such tales that define the mystique of this place.

ECONOMY OF LAKSHADWEEP ISLANDS Agriculture and shing: Lakshadweep relies on coconut palms for agriculture, exporting copra to the mainland. In certain areas, coral removal and organic fertilization enable the cultivation of bananas, vegetables, root crops, and millet. Fishing, especially for tuna, is a significant economic activity, with skilled navigators using traditional boats called odam to sail between islands and the mainland.

Manufacturing: Lakshadweep’s main industry revolves around fish processing, particularly tuna. Minicoy hosts a tuna cannery and follows traditional bonito drying methods. Other manufacturing activities in the region include coir production, hosiery production, weaving, and boat building.

Lakshadweep Tourism: Lakshadweep promotes responsible tourism with mandatory permits and governmentsponsored tour packages. Additionally, the islands boast vibrant coral reefs and pristine beaches, offering a unique natural experience.

Transportation: Lakshadweep is linked to mainland India by sea and air. The nearest seaport is Kozhikode and ships to the islands depart from Kochi. Agatti Island has an airport with regular flights to and from Kochi. Helicopter services connect the mainland and islands.

However, Lakshadweep has limited road infrastructure, with only a few miles of roads.

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Eco-System at Lakshadweep

Ÿ Why visit Lakshadweep?

Ÿ Land and Climate:

Just 10m from the shore, dive into turquoise waters to discover vibrant coral and Nemo (yes, the Clownfish).

The islands, surrounded by coconut groves, offer constant sea views as you drive. With a small population of 66,000, it feels like there are more coconut trees than people. Lakshadweep’s regulated tourism preserves its marine and land ecosystems, creating an eco-friendly haven. For an affordable beach getaway with India’s cleanest shores, head to the less-explored Lakshadweep.

Lakshadweep consists of small islands, without exceeding the width of 1 mile. The Amindivis are the northmost, and Minicoy is the southmost. Inhabited islands are mostly coral atolls, with higher eastern sides suitable for living and lagoons on the west protecting from monsoons. The sandy soils are coral-derived. Temperatures range from about 70 °F to nearly 90 °F throughout the year. Cyclones rarely make landfall on the Arabian Sea islands, but their associated winds and waves can alter the topography. Ÿ Plant and Animal Life: Lakshadweep Islands teems with coconut palms and diverse trees, including banyans, casuarinas, pandani (screw pines), breadfruits, tamarinds, and tropical almonds. Betel nuts and betel leaves thrive here. In the surrounding waters, sharks, bonitos, tunas, snappers, and flying fish are prominent, while manta rays, octopuses, crabs, turtles, and various gastropods abound. The islands also host a variety of water birds like herons, teals, and gulls. Ÿ People and Faith: People in Lakshadweep, except on Minicoy, trace their roots to migrants from the Malabar Coast in southwest India, arriving before the 7th century CE. These migrants, later converting to Islam, established the predominant religion in Lakshadweep. While Islam is the main faith, remnants of the original Hindu migrants’ religious and social practices persist, as seen in matrilineal kinship and caste-like groups. Malayalam is the primary language, with Mahi spoken on Minicoy and some Hindi speakers. The population is concentrated on Andrott, Kavaratti, Minicoy, and Amini islands.

What, Where, and Why Lakshadweep Islands? Ÿ What and where is Lakshadweep?

Located 500 km southwest of Kochi, the 4200 sq km lagoon land of Lakshadweep comprises 36 islands, of which only ten are inhabited, covering a total landmass of 32 sqm. Despite its political and historical connection to India, it remains somewhat isolated from mainland developments. The islands faced challenges due to the delayed communication of Gandhi’s assassination, which took 14 days to reach them. Primarily dependent on imports, from tissue paper to vegetables and electricity, everything comes from the Indian mainland, as the islands lack power plants for electricity generation.

Ÿ How to reach Lakshadweep?

Start your Lakshadweep journey in Kochi, Kerala, accessible by cruise or flight. Kochi, a delightful blend of colonial and Malabar architecture, offers a fascinating start. Spend a few days exploring this vibrant city before choosing between a flight or cruise to Lakshadweep Islands based on your preferences. Once on the islands, walking is sufficient, as they are easily navigable. Boats are the primary mode of transport, and while there’s a chopper service, it’s pricier for island hopping.

Best Things to do in Lakshadweep: A Group of 36 Islands 1. Don’t miss the beautiful view during Agatti’s landing After landing at 30+ airports worldwide, most flights are uneventful. Ladakh stands out with its stunning Himalayan views, but nothing compares to Agatti’s runway, Measuring 7 km on Google Maps. A 120m-wide black runway, seemingly floating amid turquoise waters, bordered by green bushes and white sand. It is one of the most beautiful sights as your first glimpse of this island paradise is from the plane. Capturing the moment is like securing a Lakshadweep travel permit – challenging.

2. Go Scuba Diving and Snorkeling Dive into the wonders of Lakshadweep Islands through scuba diving and snorkeling. Although smaller than the Red Sea in marine life, it’s perfect for occasional divers.

Boats take you to prime diving spots, while just a short walk from your room unveils a psychedelic underwater world for snorkeling. Wear water-resistant shoes to explore sunken shipwrecks with metal plates underneath.

The underwater is covered with vibrant corals and fish, disconnecting you from the everyday hustle. Experience the magical transition from chirping birds to the soothing sound of flowing water. The diving instructors there can summon a school of fish with a snap, creating a mesmerizing underwater spectacle.

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3. Have a hammock dream.

Lie back and dream in a hammock amid the mesmerizing beauty of Lakshadweep. For non-avid sailors, the irresistible beachscape keeps us outdoors, away from our rooms. The soft sand is inviting, but locals frequent the beach in the evening. For a peaceful nap, savor your heavenly “Me Time,” observing palm leaves sway and the turquoise water transforms into golden hues.

4. Explore Islands and Fishing Adventures.

Fall in love with an island, where the coral world is a short walk away, and good food is always at your fingertips. The true charm, however, lies in scuba diving and boat rides.

Engage with local boatmen and learn the art of fishing with sharp hooks. Witness fishermen patiently waiting with widespread nets in shallow lagoons. Despite not spotting turtles while diving, the fishermen had caught one in their nets, releasing it back into the sea. As a seafood enthusiast, relish the delicious catch cooked by boatmen, offering an authentic taste of Lakshadweep. Experience island hopping, engage in fishing, and savor the best Lakshadweep cuisine.

5. Sunset Magic in Lakshadweep Islands Lakshadweep offers a unique sunset experience. There is no need to scout for the perfect spot, whether on the beach with kids flying kites or on a boat heading back to Kavaratti, facing west unveils a mesmerizing sunset. The sun, seemingly larger, paints the turquoise waters in shades of gray and copper. The beauty of Lakshadweep is that you can savor this magical moment without any prior planning.

Just face west and let the enchantment unfold.

Lakshadweep vs Maldives: A Closer Look into the Controversy The Indian Prime Minister, Narendra Modi’s recent visit to Lakshadweep on January 2, 2024, has triggered a significant shift in travel plans for many Indians, diverting attention from the Maldives. While this move is beneficial for the Indian economy, questions arise about Lakshadweep’s readiness for a sudden surge in tourism.

Obtaining a permit is a prerequisite for visiting Lakshadweep, even for Indian citizens, setting it apart from more accessible destinations like Andamans or Pondicherry.

Striking a balance, the local authorities must manage tourist inflow to prevent over-tourism and maintain the island’s unique charm.

With the local community’s pride and love for Lakshadweep Islands, there is confidence that conscious travel practices will be embraced. Tourists must view these

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places beyond being mere backdrops for Instagram selfies. As we advocate to “Save the earth,” let’s remember that nature has its ways of preserving itself, urging us to travel responsibly and respect the destinations we explore.

Why Choose Lakshadweep over Maldives?

Lakshadweep has a unique charm that might make it a preferred choice over the Maldives. Here’s why: 1. Less Crowded: Lakshadweep is quieter and less crowded than the Maldives. Strict entry regulations help maintain the islands’ pristine beauty, offering a more serene and secluded atmosphere.

2. Authentic Cultural Experience: Lakshadweep provides a genuine Indian cultural experience. Interact with local communities, learn about traditions, and immerse yourself in an authentic cultural environment.

3. Untouched Natural Beauty: Known for its untouched natural beauty, Lakshadweep boasts pristine coral reefs, lagoons, and marine life—ideal for nature lovers and those into underwater activities.

4. Biodiversity: Home to diverse marine life, including various fish, coral, and turtles, Lakshadweep is a paradise for snorkeling and diving enthusiasts.

5. Government Regulations: Strict government regulations in Lakshadweep preserve ecological balance and promote sustainability, making it an attractive destination for environmentally conscious travelers.

6. Less Commercialized: Lakshadweep is less commercialized than the Maldives, offering an off-the-beaten-path experience. Limited tourist infrastructure contributes to a more authentic and unspoiled environment.

7. Cost Considerations: Traveling to Lakshadweep can be more cost-effective compared to international destinations like the Maldives, eliminating the need for international flights.

Comparison of Trip Costs: Lakshadweep vs. Maldives Here is a detailed breakdown of the estimated expenses for a romantic getaway to the enchanting destinations of Lakshadweep and the Maldives. From flight costs to daily expenditures, this comparison aims to assist travelers in making an informed decision based on their preferences and financial plans.

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