Tag: audit

  • After Sebi Investigation, BluSmart Selects Grant Thornton for Forensic Audit

    Following a regulatory investigation into co-founder Anmol Jaggi’s suspected financial fraud, electric taxi service BluSmart has hired Grant Thornton. According to a media agency report on 23 April, Grant Thornton will perform a forensic audit of BluSmart’s business operations.

    The action follows Jaggi’s exclusion from the securities market by the Securities and Exchange Board of India (Sebi) due to allegations that he had misappropriated money intended for the purchase of electric vehicles. According to a media outlet, Grant Thornton will be looking into BluSmart’s financial situation, paying particular attention to how money is moved and used.

    The report went on to say that the company’s cash balance looked worrisome and suggested fraud. The auditing firm’s nomination represents the company’s effort to rebuild trust and transparency in the face of growing scrutiny.

    How Sebi Detected the Fraud?

    When Sebi discovered that Jaggi had allegedly diverted money from his publicly traded company, Gensol Engineering, an EV procurement company that leased cars to BluSmart, for personal expenses, the crisis broke out.

    In addition to other indulgences like international travel, golf equipment, luxury goods and payments to family accounts, these included the acquisition of a lavish flat in Gurgaon’s DLF Camellias for INR 42 crore. The alleged fraud stems from a loan of INR 978 crore that was given for the purchase of 6,400 electric vehicles by the state-backed organisations Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (Ireda).

    Only 4,704 were purchased, according to the market regulator’s findings, leaving an INR 262 crore gap that is thought to have been stolen. In India, BluSmart, a new ride-hailing company that competes with Uber and Ola, ran more than 8,000 electric cabs and built a sizable charging network in Bengaluru, Delhi, and Mumbai. It claimed a 9% market share in the capital city in 2023.

    BluSmart a Sinking Ship

    Numerous senior officials at BluSmart resigned after the scandal at Gensol Engineering. Many users who still had money in their app wallets were left in a state of uncertainty when the company abruptly stopped providing taxi services. The business has made an effort to reassure clients that they will be operational once more.

    BluSmart has not yet released an official statement regarding the situation. Important backer BP Ventures, a division of the British energy behemoth BP, had also said nothing about the events. The scope of financial violations should be clarified by the forensic audit, which will also assist in deciding the best course of action for the struggling taxi app.

    However, Eversource, a private equity firm, has made an offer to purchase BluSmart for between INR 800 and 1,000 crore. Eversource Capital is a climate-focused investment platform. If the purchase goes through, BluSmart’s last known valuation of $300 million (about INR 2,561 crore) would be at least 60% lower.

     According to the media filings, Eversource intends to combine BluSmart with Lithium Urban Technologies, a company in its portfolio, and invest roughly $100 million in the resulting company.

  • What is Reputation Audit and How you can do a Reputation Audit For Your Brand?

    The reputation of your brand will have a direct impact on your sales. Analyzing what people think about your brand is very important.

    If people are talking negative things about your brand or even worse, not even talking about it then you are in serious trouble.

    Your brand name should generate excitement or a sense of trust in the minds of people.

    Taking feedback, improving your brand presence on the internet and building long-term relationships with your customers are important aspects of any business.

    A reputation audit of your brand will help you to grow your business.

    Don’t know how to do the audit? Keep reading this article and I will guide you through all the steps.

    What is a Reputation Audit?
    Why is Reputation Audit Important?
    Know your Target Audience
    Steps to Conduct a Reputation Audit

    ‌What is a Reputation Audit?

    A reputation audit will help you in understanding what people think about your brand.

    It will give you an in-depth review of where your brand is positioned in the market.

    You will understand the strengths, threats, and weaknesses of your brand.

    You will also get an idea of who your competitors are and how you are performing against them.

    Why is Reputation Audit Important?‌

    If you do a reputation audit you will understand how your brand is communicating with your target audience.

    Gone are the days when marketing was a one-way route. Nowadays, people share their experiences on social media. If you don’t answer their grievances and treat them well your business won’t grow and eventually fall.

    If you understand the relationship between your brand and the audience, you can understand flaws and work on them.

    You can find out why your sales are not going up. You can make effective strategies to skyrocket your sales and improve your company’s presence.

    If your online visibility is low and your reviews online are not good, your company will face a dull future.

    Know your Target Audience‌

    You should know who your target audience is before making the reputation audit. You can look at Google Analytics and other tools to know who your target audience is.

    You should know what your customers want and how you are fulfilling their wants.

    To make things easier for you answer the below questions to know your target audience:

    • My products are made for which age group? OR Who can use my products or services?
    • What is causing my audience to demand those products or services?
    • How is my product helping them?
    • What actions do I expect my audience to take?
    • What audience my competitors are targeting?

    Once you found out who your target audience is ask these questions to niche down:

    • What are the demographics of my audience?
    • What are their interests?
    • Where do they hang out online?
    • Who is the decision maker?
    • What are their income and expenditure?

    If you already have customers to whom you are selling your products you can create survey forms.

    In this way, you will get a better understanding of what your customers want and how you can help them in an efficient way                                                                    ‌‌

    Steps to Conduct a Reputation Audit:

    Think of words that people might use when they talk about your brand. Do a brainstorming session with your employees and then select 15-20 words that are closely related to your brand.

    2)Time to Use Those Words:

    Search those words on Google and check if your business website or your business name is appearing in the search results or not.

    Check the first 3 pages. Review what people are saying about your products or services.

    Also, keep an eye on how many times your website is appearing in the search results.

    Then check out of all those visitors how many people actually click on your Website’s link. You can use Google Analytics for this purpose.

    3)Check Review Sites:

    Hop over to review sites where customers leave reviews about your product and service. Web Pages that appear on page one of Google for your company name or product keywords are very important.

    Check if there are any negative reviews about your products. Understand what is lacking in your product or service.

    Reply to those negative reviews politely. Tell them that you will improve things or explain why that particular thing went wrong.

    Offer them a good reason to try your product or service again. If you have a lot of negative reviews then it is a big problem.

    Understand what are the majority of complaints about (poor customer service, bad product quality, shipping delays, rude staff) and improve those things immediately.

    If there are any negative reviews on an influencer’s website then contact them and thank them for their honesty. Ask them to try the improved version of the product.

    Make sure this time you make them happy and provide them with a memorable experience.

    If they are happy they might write another article praising your products.

    If you find negative reviews in magazines then it is very tough to make magazines change their mind. In this case, make sure other magazines are praising your products.

    4)Use Your Loyal or Satisfied Customers:

    Make sure your loyal or satisfied customers leave a positive review. These reviews should be on Google and various other social media handles. Remember lots of positive reviews will have a positive impact on your brand.

    5)Review Your Social Media Handles:

    Search what people are saying about your brand on various social media handles.

    Nowadays, people tag brands whenever they mention them so it would be easy for you to collect the data.

    Understand for what product or service they are mentioning your brand and how many people engage on your social media handle.

    Read the comments present in your posts. This will help you to get a better understanding of whether people are liking things that your brand is doing or not.

    Check how many times your content has been shared on social media. You can use Instagram Analytics, Facebook Tools, or LinkedIn Automation Tools to get all the necessary data.

    If you have a YouTube Channel check how many views are there on your videos.

    Understand which videos are getting the most views. You can use YouTube Analytics to review these things.

    6)Review Your Collected Data:

    Now, it’s time to review the data that you have collected till now. You remember why we have collected this data right? To understand what people think about your brand across the web.

    After collecting this data you will find yourself in these 4 situations:

    No Web Presence – There is very little information about your brand on the web. People don’t know about your brand.

    In this scenario, your main focus is to create a web presence and interact with customers online.

    Less Web Presence – You do have information about your brand but it is from your website itself. This usually happens when you have recently started to create a presence online.

    You need to make sure customers talk about your brand on various websites and on social media.

    Negative Perception – There is a lot of information about your brand on the internet, but people don’t like your brand. You have tons of negative reviews on various platforms.

    Don’t get shocked or sad. Relax and understand what things people don’t like about your products or services.

    Improve your product and services and you will soon get positive reviews.

    Positive Perception – People are impressed with your services. Everything is positive but don’t get too excited. You need to keep growing.

    Add more features to your existing products. Remember if you are careless, a positive web presence will soon turn into a negative one.

    Conclusion

    As you can see online reputation audit can be very helpful for your business. Most importantly, you can do the audit yourself.

    Remember analyzing your reputation online is as important as other things.

    If people are not talking about your brand online then your business will soon come to an end.

    The market has become very competitive and that’s why you need to be alert all the time. You need to constantly monitor and work on improving things.

    FAQ

    Why is a reputation audit important for my brand?

    A reputation audit will tell you what your target audience thinks about your brand.

    You will understand if your audience has a positive perception of your brand or negative perception. You will also understand where your brand stands in the market.

    Which are the best reputation audit tools?

    Some of the best reputation audit tools are Google Alerts, SEMrush, RankRanger, Social Mention, and SentiOne.

    What is the meaning of reputation audit in simple words?

    In simple words, a reputation audit is a way to understand what people think about your brand.

    Can I do a reputation audit myself?

    Yes, you can easily do a reputation audit by yourself. You don’t need to hire someone as the process is quite simple.

  • Deloitte Business Model – How Does Deloitte Make Money?

    Deloitte is a large professional services network. It was considered the 3rd largest privately owned company in the United States in 2020 by Forbes. In FY2021, the company generated a revenue of US $50.2 billion. Over the years, Deloitte has widened its reach globally and boosted its revenue continuously.

    But, what exactly is the business and revenue model of Deloitte that has made it the biggest financial firm in the world? Read this article till the end to find answers to this question.

    What is Deloitte?
    Target Audience of Deloitte
    Business Model of Deloitte
    What Makes Deloitte Stand Out in the Market?
    How Does Deloitte Make Money?

    What is Deloitte?

    If you are living under a rock, let me tell you Deloitte Touche Tohmatsu Limited which is popularly called Deloitte is one of the ‘Big Four’ accounting firms which is headquartered in London. The ‘Big Four’ is a nickname that is given to the four largest accounting firms in the United States. Deloitte offers audit and assurance, consulting, financial advisory, risk advisory, AI and analytics, cloud, tax, and legal services.

    Ernst & Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG) are the other three accounting firms. Deloitte operates in more than 150 countries. In 2021, Deloitte had a total of 3,45,374 working employees.

    William Welch Deloitte, a British accountant, founded this company in London in 1845. The company further made its footprints in the United States in 1890. In 1972, the company merged with Haskins & Sells and formed Deloitte Haskins & Sells. Later, in 1989 the firm merged with Touche Ross in the US to form Deloitte & Touch. In 1993, the firm was renamed Deloitte Touche Tohmatsu which is now popularly known as Deloitte.

    Deloitte provides its financial and legal services to Fortune 500 companies. But, the firm also provides its services to small and medium-sized companies and even startups. The firm’s major client base is in the American division.

    Business Model of Deloitte

    Let’s dive deep into the business model of Deloitte.

    Audit

    Apart from the traditional accounting and audit services, the firm also focuses on internal auditing, IT control assurance, and Media and Advertising Assurance. In FY2021, audit and assurance services resulted in a 6.1% increase in their revenue.

    Deloitte auditing services are more than just numbers. The company evaluates the relationships with your technology priorities, capital investments, inventory on hand, workforce, and growth strategies. This helps Deloitte in bringing valuable insights that connect with your brand vision.

    The firm explains where your company stands and how you can grow in the future. Working with Deloitte means that your company will get access to an experienced and highly skilled group of people that will provide you with deep insights. The firm uses cutting-edge modern auditing technology to deliver the most accurate results.

    Consulting

    The firm offers consulting in the following areas:

    • Strategy
    • Analytics and M&A
    • Customer and Marketing
    • Core Business Operations
    • Human Capital
    • Enterprise Technology and Performance

    The consulting team of Deloitte not only answers all your complex questions but gives you actionable strategies that boost your revenue and disrupts the market. According to Deloitte, the most important aspect of any business is people. So, the team will give you strategies that elevate your customer’s experience. It will make sure that your core operations are working smoothly. Their strategies will make technology your friend.

    Financial Advisory

    Risk & Financial Advisory

    Deloitte offers corporate finance services which include:

    • Commercial and personal bankruptcy
    • Advisory
    • Mergers & acquisitions
    • Forensics
    • e-discovery
    • Document review
    • Capital projects consulting
    • Valuation

    The highly skilled professionals will tell you the potential risks and opportunities for your business. The firm uses cutting-edge technology like cognitive intelligence, analytics, and robotic process automation to solve complex problems.

    Risk Advisory

    Risk advisory at Deloitte help you in evaluating the following risks:

    • Strategic and reputation risk
    • Regulatory risk
    • Project risk
    • Cyber risk
    • Enterprise risk management
    • Information security and privacy
    • Data quality and integrity
    • Business continuity management and sustainability

    The firm will help you in understanding the risk so that your company reaches its full potential.

    Tax and Legal Services in Deloitte include increasing the net asset value of the company, handling international tax activities, reducing the tax liabilities, undertaking the transfer pricing, and implementing tax computer systems.

    Specialists help private companies understand and plan effective business and tax strategies that help the company respond to the evolving market conditions.

    Artificial Intelligence and Analytics

    Deloitte’s artificial intelligence and analytics services reveal all the hidden relationships from all the data. Using the helpful insights the team will help you in implementing the right strategy at the right time using the advanced technology. The team will help you improve your outcomes in key areas of your business which will ultimately boost your revenue.

    Deloitte takes your data to the next level using the latest cloud-enabled platforms and big data architectures. The robotic and intelligent automation team will implement automated processes to make accurate decisions and judgments and find new ways to expand your business. AI insights and engagement tools will generate highly actionable predictions and insights using the data.

    What Makes Deloitte Stand Out in the Market?

    The four things which make Deloitte stand out in the market are their constant drive for innovation, highly skilled professionals, number of employees, and emphasis on making the customer experience more powerful.

    All their services revolve around finding creative solutions for their clients. To push the boundaries of innovation the firm has set up five innovation centers:

    • Deloitte U.S. Center for the Edge
    • Deloitte Center for Energy Solutions
    • Deloitte Center for Financial Services
    • Deloitte Center for Health Solutions
    • Deloitte Center for Regulatory Strategies

    The firm knows that if they have a huge workforce of highly skilled professionals they would be able to target a huge number of companies. Among the ‘Big Four’ Deloitte has the largest number of employees: 3,45,374.

    How Does Deloitte Make Money?

    As you saw above, the business model of Deloitte revolves around these 5 services: audit, consulting, financial advisory, risk advisory, AI, and analytics. They offer these premium services to Fortune 500 companies and earn huge revenue. Consulting is one of the major business units of Deloitte, accounting for 40% of total revenues in 2021.

    Half of their revenue comes from North and South America. In 2020, the financial giant generated 25.3 billion U.S. dollars from its Americas division. Deloitte has understood that its major client base is in the American region. To serve these clients the firm hired a lot of employees:156,000. Revenue from the Asia Pacific and Europe, the Middle East, and Africa (EMEA) regions accounts for 25 billion U.S. dollars.


    South Asian CEO’s | Top Asian CEOs of Fortune 500 Companies
    The CEOs of top companies are mostly South Asian mainly from India. So, Here is a list of South Asian CEOs of Fortune 500 companies.


    Conclusion

    If you see the business model of Deloitte closely you will understand that they provide a range of financial and legal services instead of just focusing on one service. This helps the company in earning a huge amount of profit. Most importantly, Deloitte has understood that the only way to thrive in the market is to constantly innovate.

    So, what did you learn from the business and revenue model of Deloitte? Hire specialized employees that have the courage to take risks. Remember, if you don’t have talented employees you will never succeed. Try to diversify your services. Always provide quality service to your clients and help them grow because if your clients make profits you will also make profits. You should always look for ways to innovate because this is the one thing that will help you grow.

    FAQs

    What is the core business of Deloitte?

    The core business of Deloitte revolves around audit and assurance, consulting, financial advisory, risk advisory, AI and analytics, cloud, tax, and legal services. Deloitte provides innovative solutions to their clients using advanced technology.

    Why is Deloitte so successful?

    Deloitte is successful because of its wide range of financial and legal innovative solutions, advanced technology, and a huge number of employees. Among the Big Four companies, Deloitte has the largest number of employees: 3,45,374. Their dominance in the American division is another reason why the company is still thriving in the market. In 2020, Deloitte generated 25.3 billion U.S. dollars from the American division.

    Who are Deloitte’s biggest clients?

    Deloitte’s biggest clients are:

    • Berkshire Hathaway
    • Microsoft
    • Starbucks
    • Morgan Stanley
    • Procter & Gamble
    • Apollo Global Management