Introduction of various initiatives using Data Science such as grading of MCCs & Representatives and Forecasting of SMP Price - have helped the Organisation in taking data driven decisions. BI Dashboards have been deployed covering all major functions such as; Sales, Procurement, Finance, Production, Purchase & Stores and Human Resource. Heritage CLapp (Customer Live Application) & DMS (Distributor Management System) have given an edge in terms of streamlining the primary and secondary sales process from Distributor, Agent level up to the counter sales level in an authentic manner. Vet+ app continued to widen its user base and the range of services helping the Farmers with hassle free veterinary services and eventually enhancing their income. All the IT related initiatives combined have helped the organisation in being consumer centric and farmer friendly while making Heritage as the best place to work with for its employees. As part of Digital Transformation for business operations your Company has migrated its IT infrastructure to AWS cloud using Well Architecture Review Framework which enhances scalability, reliability, and security w.e.f. November 1, 2023. as per below table. This transition reduces operational costs, improves system performance and provides access to advanced services like machine learning and big data analytics, driving greater business agility and innovation. Till October ’23 end Post Migration Primary Data centre (SAP ERP) Colocation Space Ctrls Data center Pioneer towers, Inorbit Mall Road, Madhapur Hyderabad, Telangana 500081, India AWS Cloud located in Amazon Development Centre (Hyd 11) Jayabheri Orange Towers, Jairaj, Rd Number 2, Financial District, Nanakramguda, Hyderabad, Telangana - 500032, India Disaster Recovery centre (SAP ERP) Colocation Space CTRL S DATACENTERS LIMITED Plot No. 15/A SY No-21, Electronic City,, West Phase, Bengaluru, Karnataka 560103, India AWS Cloud located in Amazon Web Services India Pvt Limited, Godrej One, 11th Floor, Pirojshanagar, Vikhroli, Mumbai, Maharashtra -400079, India By leveraging the power of analytics and insights generated your Company is able to unlock business opportunities in Sales, Milk procurement and Planning areas. Your Company also streamlined Its customer payment process by moving to 100% digital payments and also automated key activities in Procure to Pay, Order to Cash and Quality management processes. Cyber Security The Company has established requisite technologies, processes and practices designed to protect networks, computers, programs and data from external attack, damage or unauthorized access. The Company is conducting training programs for its employees at regular intervals to educate the employees on safe usage of the Company’s networks, digital devices and data to prevent any data breaches involving unauthorized access or damage to the Company’s data. The Information Technology Department of the Company is in a constant process of taking feedback from the employees and updating the cyber security protocols. The Risk Management Committee and the Board of Directors are reviewing the cyber security risks and mitigation measures from time to time. Board Diversity Board diversity offers several advantages. Here are some of the key benefits of having diverse boards: Enhanced decision-making: Board diversity brings together individuals from different backgrounds, experiences, and perspectives. This diversity of thought and expertise can lead to more robust and well-rounded decision-making processes. By considering a wider range of viewpoints, boards can avoid groupthink and make more informed and innovative choices. Improved corporate governance: Diverse boards can contribute to better corporate governance practices. When a board comprises individuals with diverse skills, knowledge, and experiences, it ensures a more comprehensive oversight of the company’s activities. This can help in addressing conflicts of interest, promoting transparency, and ensuring accountability. Increased creativity and innovation: Diversity stimulates creativity and innovation within organizations. By incorporating diverse perspectives, boards can foster a culture of openness, collaboration, and inclusivity. Different viewpoints can challenge existing norms, encourage fresh ideas, and lead to more innovative solutions and strategies. Enhanced problem-solving: Diverse boards tend to be more effective in addressing complex problems. The varied backgrounds and experiences of board members enable them to approach challenges from multiple angles. This diversity of perspectives can result in more effective problem-solving and better outcomes for the organization. Better understanding of customers and markets: India is a diverse country with a wide range of cultures, languages, and consumer preferences. Having diverse boards can provide valuable insights into the diverse needs and preferences of customers in different regions and segments of the market. This understanding can help companies tailor their products, services, and marketing Board's Report STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 64 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD
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