Jan
29

Continuous Learning- Polishing Human Skills Is As Crucial As Technological Innovations

The 21st century organizations must be innovative, adaptive and ever-growing in order to withstand the ruthless competition in the global marketplace. With the focus on gaining the possible attributes of a ‘market warrior, market survivor and market leader’, organizations must constantly seek better opportunities through constructive skills. The unbeatable combination of state-of-the-art skills and in-depth knowledge could be found in the progressive batch of workforce. But, the alarming question is, “How does an organization get this kind of workforce to begin with? Or better yet, “How does one have a workforce that keeps evolving with the volatile market?”.


Enough has already been expressed about human skills being replaced by machines at work. A recent study by Forrester says that 10% of US jobs will be automated this year, so the reality is that even if we choose to believe it or not – machines are already learning faster than individuals are. Individuals need to rethink the impact they create at workplaces and adapt themselves to this ever-evolving world; not just individuals, but organizations also need to relook its processes and the sustainability of its strategy. 

There is no shade of doubt that technology and machines have transformed the world. Hassle free public routines, promising quality of education, accessible scope of communication and safety while travelling are just a few examples of technological benefits. But no matter what, the presence of robotics in the commercial world will never match or overpower the depth and after effect of human warmth even at the millionth attempt! This is the reason why employees must be given the scope and opportunity for Continuous Learning to take their soft skills to the next level. 

There are multiple benefits of Continuous Learning and as a manager you must not miss out knowing about them. 

For the organization

Workforce stays updated with the environmental whereabouts:

The more an employee will know about the current market scenario the better and lucrative decisions s/he will make. This will eventually uplift the revenue graph of the organization. 

Cost effective:

Investing in the search for a new employee, then developing his/her skills calls in expenses. It is economical to retain and train the existing employees for the ultimate benefit to the organization. 

Helps in gaining employees’ trust:

When an organization invests in an employee, it ensures the employee that s/he is valued. With the support shown to the employees by nominating them for Continuous Learning workshops, organizations basically show genuine concern for the employees’ career development. This cuts down the employee attrition rate significantly. 

For the employee

Polishes performance:

New skill development helps an employee to perform better in the workspace. It also helps an employee to create better self image. 

Develops career and growth scope:

New skills help an employee to generate fresh and creative ideas. This takes the employee’s corporate identity and reputation to higher levels. 

Calls in for incentives and promotions:

Obtaining new knowledge and watering new skills multiplies the chances for an employee to get a promotion or financial incentives. This is because the employee gains the potential to perform creatively yet logically and vice versa. 

Updates an employee’s licenses or certificates:

In order to climb the ladder of competitive business knowledge, it is crucial for an employee to bag in licenses and certificates of skills that are in market demand.

There are several organizations and institutes which are aware of the impact of human contact over robotics intelligence. One of them is FIIB. It is a 25 year old premium institute with an MBA accreditation. It provides specialization in fields that are looked forward to by world leaders for global welfare. Thus, FIIB has come up with several Executive Development Programs to provide soft skills with new and progressive versions. The institute has recently conducted a successful workshop on Design Thinking on 23rd and 24th of January 2020. Design Thinking helps an individual to look at everyday problems through a fresh perspective. That perspective helps in creative, time & budget friendly problem solving. Let us see what the participants have to say about the Design Thinking Bootcamp. 

Design Thinking Bootcamp improved the way we look at a problem. Most of the issues we identified during our bootcamp were within the teams and the organization. It taught us that If internal problems could be resolved, we will be better prepared for delivering better customer experience.” 

Mr. Rahul Soni | Design Thinking Bootcamp

“The pace of the workshop is exactly the way we wanted – fast enough to cover the crucial skills that young managers need to enhance, and structured enough to understand the concepts and practice them well.”  

Mr. Dipesh Jain | Capacity Building for Young Managers

“The workshop was very informative and the methodology immersive. This workshop helped us upgrade our knowledge and align with the market requirements”

Surbhi Kohli | Business Financials Foundation

On a closing note….

Robotics will take a command and will deliver the desired results as well. But, to become successful in this cut throat competition, presence of mind, critical thinking, effective communication and creative approach towards puzzling situations are required. A human brain is way more adaptive and flexible compared to robotics. Thus, the importance of human emotions will ever have an edge over machine excellency. 


Jan
29

Industry Loves Happy, All-Rounded Candidates Who Know How to Effectively Work with People from Other Cultures

Besides looking for technical skills, employers across the world look for if the candidates have participated in some co- and extra-curricular activities, as such experience makes the candidates hiring-friendly, agree all HR professionals. Hiring managers strongly believe that candidates with such experiences are well-groomed and happy personalities and they have strong employability quotient, which help their organizations develop and grow constantly.

Socio-cultural activities strengthen the life skills, including leadership and organizational skills, of the participating students, help them in developing interpersonal communication skills and prepare them to face unexpected situations in life. Academia world over has acknowledged the importance of participating in various cultural activities and programs, which are extra-curricular in nature but eventually help in preparing for curricular roles and responsibilities. Studies reveal that students who keep participating in such events are generally good at team skills, meticulousness, enthusiasm, cooperation, sportsmanship and competitiveness.

Through such activities and programs, students get an opportunity to develop a range of skills relevant for existence, survival and growth, through an exposure to the lives of other fellow students coming from other socio-cultural backgrounds. Such opportunities help them in developing aesthetics for life, bring in them a sustained focus on character-building, nurture their social, civic and moral values, while enhancing their psychological health and teaching the joy of co-existence and working together. A Chinese proverb says: I hear I forget, I see I remember, I do I understand. Then somebody confirms the same and says: Tell me and I forget, teach me and I may remember, involve me and I learn.

Employers and HR professionals love hiring candidates who understand their times, who know how to work with individuals from other cultures, who love working in teams, who are generally happy and enthusiastic about everything around them, who are capable of welcoming the unexpected and unknown, and who love sharing their experiences and knowledge with others. Often, hiring professionals draft their strategy to check the presence Vs absence of community skills in their candidates, which let them nurture their own organizational vision of a sustainable future.

That is why, various institutions and colleges globally have been very keen on organizing such cultural activities in campus in order to provide healthier perspectives in academic learning to their students. Such co- and extra-curricular activities play a vital role in the life of students, while working wonder for overall development including their mental health and creativity. Social fabric of the students gets strengthened through these extracurricular activities, as they get a platform to interact many other students fostering new relationships and networks with those with different knowledge, passions, creativity, preferences and cultures.

Students learn how to work in a team for a set of common goal and objectives, which in fact instills accountability and responsibility in their character. They learn how to cooperate and work with people from other cultural backgrounds. Apart from creating physically and mentally fit individuals, these activities make them happy individuals—quite tolerant and accepting on the one hand and adds to their willingness to take risks and grow on the other.

Recently, FIIB (Fortune Institute of International Business) had hosted a mega cultural event Samavesh 2020 in their campus, where about 1000 students from more than 80 institutions and universities had participated a range of 21 cultural activities, where the cultural activities on the occasion included, and not limited to, solo songs, nukkad natak, rangoli, tattoo-making, face-painting, group dance and music, musical bands, and the games of table tennis, polo, chess and carom. The event made the whole FIIB campus and its atmosphere happy, positive, colorful and vibrant.

Jan
28

Towards an Entrepreneurial Dream: Why is it crucial to be a student of your craft?

They say long-term success comes to those who stick to a plan, follows a strategy, and practice routinely. But, what nobody talks about is what sustains long-term success, which is continuous learning.” – Jatin Nanda, FIIB Student

Starting a business is not easy. Over the past few months, Jatin had been constantly working hard to turn one of his many startup ideas into a reality. In November 2019, he finally decided to have that ‘entrepreneur’ tag in his bio and started his run with his business idea. Initially, Jatin was under the impression that learning only happens in classrooms, but as he continued with his entrepreneurial journey he realised that learning is a constant no matter what. 

Even some of the most renowned entrepreneurs and greatest business people never stopped their quest for new ideas, new concepts, and new routines. To stay relevant to the world you’ve never travelled is indeed an art. Isn’t it? To be honest, “I genuinely believe that success sometimes lies in the things we don’t know and, in a way, we’ll never achieve it if we don’t strive to learn it.

Here’s the gist of Jatin’s entrepreneurial journey so far in his own words:

1. What was in your mind while planning to do an MBA?

We live in a competitive environment where the irony is “9-5” and only the fittest survive. I really had no clear plan or strategy to enter an MBA program. I gave MAT exam but that was not a part of any plan either. The only thing I’d spent my entire graduation planning was a venture in Mumbai. And it didn’t take off as I thought. So all my plan B’s came into the play. 

It was meant to happen that way I guess. I’m glad it happened and as I mentioned no strategy can also be a great place to start with. I am 21 right now, I have my whole life in front of me. And I have been that guy who likes to have his hands full of work. MBA has been an eye-opener, you are introduced to a world that is entirely different and as I mentioned, only the fittest survive. 

2. How much of a plan did you have when you began Instock?  

An online e-commerce website was a tough decision as we knew the stakes and the ocean couldn’t get any redder. Industry leaders were in the news for M&As, reporting losses and whatnot. Initially we also struggled to build a revenue model strong enough for the tides. And there was a very slim chance that we could pull this off. Instocks catapulted the growth sooner than we expected. We are in the third month of our existence and we enjoyed the winter sprees with 44.7% spike in our sales. This being said I’d be lying if I make it sound easy. 

This calls for a lot of sacrifice, no matter how modest I may sound. Life is tricky and the only time you encounter opportunities is when you are not ready for them, and they require you to get out of your comfort zone. So studying something is like flexing muscles, learning them is putting stress on them, and Implementing them in your life is where the actual growth is. And like they say, “no pain, no gain”. 

3. Have you felt any shift in your business strategy after joining the PGDM program?

Yes, I believe there has been a drastic impact on my learning in FIIB. In fact, I got the much needed courage of starting Instocks after joining the PGDM program. Undoubtedly, being an FIIB Racer is quite motivating; the kind of mentoring faculty offers here is no less than a support system. We often get chances to meet with industry experts through guest lectures, conclaves and career enhancement training sessions, which for me has literally been a great source of gathering industry insights. For instance, I learnt during Marketing Conclave that there’s a certain psychology that goes behind in the mind of the buyer during purchase. And, now my e-commerce website shows the price of a particular item as “599” and not ‘570’ or ‘600’. So, yes there is a huge shift in Instocks strategies and all thanks to FIIB for that!

4. How do you manage to handle the pressure of it all?

So everything about doing a business is filled with rejections. So much so that you reach a saturation level, and with the MBA going on, you almost reach the edge – 4 lectures every day (1.5 hours each), the deadlines for submitting assignments, group projects, and whatnot. The rejection can come from all the possible places you can imagine and to say that you don’t care about what other people say is simply naive. B’cause then you start living in your own bubble and trust me, that’s the last thing you want to do. 

MBA is not a joke and by all means the stakes are high and there is no room for ignorance or complacency. Period. I genuinely feel that it is good to have both negative and positive criticism as it somewhere gives you new perspective and better ideas. Trust me, convincing your ego to bleed is the best practice to have while shooting for entrepreneurial dreams. It’s not as self-destructive as it sounds (chuckles). Have a vision and trust yourself. Your determination depends on how badly you want it.

5. What has been the biggest struggle with your start up so far?

Well, as a starter, it’s been a struggle in terms of funding and expenses. And in such circumstances thinking creatively is a must. To be honest, I just love my standout ideas! So, I usually look around to make the best use of the available resources and search for whatever else needed. I remember shooting a creative brand video for Instocks with my fellow mates that too in FIIB campus, the output of which constantly makes me realise that all you need is passion and open communication.

Concluding the discussion, Jatin summed up the essence of his ongoing entrepreneurial journey with a thoughtful one-liner, “Those who are not a student of education will still always remain a student of life.” 
Link to the Instocks website: bit.ly/discountinstocks

Jan
27

There is no better specialization than International Business!

Tell us something about your journey in FIIB. What made you choose International Business?

“FIIB gifted me the best two years of my life. It had designed me the way I am today. I was from a small town, Odisha. The exposure to a cosmopolitan city helped me to meet and understand people from different walks of life closely. My professional skills were polished here and I learnt how to keep calm in stressful situations. The time which I had invested in FIIB is giving me dividends till date to my overall life. 

When I had joined FIIB for my postgraduate degree, it offered only the specialization of International Business. I must say that if one specializes in International Business, he s/he is bound to get several opportunities to make a remarkable career.”

“…I must say that if one specializes in International Business, he s/he is bound to get several opportunities to make a remarkable career.”

What were your expectations from your career, did they differ from reality?

“Well, the process of IB is self-explanatory. But after the US attack in 2001, there was a big crisis. Only a few overseas organizations were ready to work with foreign firms. This lead to a global downfall. So,  there was no specific difference in what I learnt in class and what happened in the outside world. I can say, I had the right exposure and learning at FIIB.  It was just the global situation that made all the unpredictable differences.”

“So, there was no specific difference in what I learnt in class and what happened in the outside world. I can say, I had the right exposure and learning at FIIB.

 What fond memories did your visit to FIIB awaken?

“FIIB will forever hold a special place in my heart. This institute shaped my personality and my overall approach towards my professional life. The memories that were awaken were several. This is the place that shaped my personality and my approach towards corporate life. I was extremely lucky to have the writers of Export Policy of India as my professors. These fortunate memories will stay with me forever.” 

“I was extremely lucky to have the writers of Export Policy of India as my professors.”

 What advice would you offer to students who take #NoHypeMBA at FIIB?

“For International Business ‘Sky’s The Limit’. Indian economy is slowly turning into an export hub. With ‘Make In India’, the Government Programme, India is and can further look forward to several opportunities in International Business. Learning International Business in PG level, will provide you dividends throughout life, just as it has done to mine. Learning International Business at PG level will provide dividends throughout life. One can get into the aviation industry, can become an entrepreneur and can also be a successful entrepreneur. I would say that there is no better specialization than International Business.

Jan
20

Alumnus Turned Recruiter for FIIB: A Bond That Pronounces ‘Constant’

An educational institute gets considerable reasons to be proud of its current student batch and of its alumni. It sometimes gets to see students who were never enthusiastic to attend classes on time becoming the top-notch domain experts of their respective specializations in the corporate register. The students who were frequently scolded by their professors are now redefining the worldview in their workplace through their professional expertise. Time does fly and brings in numerous favourable changes in an individual. These are such changes that are always noted with appreciation both by the institute as well as by the parents.

FIIB has been fortunate enough to behold the progressive transformation of students from being talented individuals to being supremely successful corporate personalities. There is another aspect for which FIIB feels both fortunate and supported in its mission of 100% placement is because of the alumni. Yes, that is correct. Somewhere in between running to the Career Management Center for placements and coming back to the campus as recruiters for providing placements to the students, FIIBians have progressed far along their professional path.

One prime example of an alumnus cum recruiter is Mr. Santosh Kumarfrom Nalsoft. He is an alumnus of 2009 batch. He has been a great student and was noticeably serious about his studies since the beginning of time. He took up International Business as his specialization and made sure to meet all deadlines for assignments and presentations. Eventually with the flow of time, he started working with Nalsoft. There, the then Nalsoft recruiter was hiring B.Tech students to meet the organizational requirements to reach the ultimate business goals. Unfortunately, those students did not match up to the organizational expectations. This glaring fact made Mr. Santosh Kumar realize that MBA students can better shoulder the challenging and volatile responsibilities of Nalsoft.

Now, let us have a slice of the conversation with Mr.Santosh Kumar and know more about what happened next…..

So, Mr.Santosh, what steps did you take to reconnect back with your B-school? Well, there were no specific steps that I had to take to reconnect with my very own B-school. It was my campus. I simply walked in there one day and reached the FIIB placement cell and expressed about my current organizational scenario to the respective individuals. Eventually, I found students who were interested in the job role that I was providing them in Nalsoft.

Did you choose other B-schools other than FIIB to meet your organizational purpose?

Yes, I did scan other B-schools other than FIIB. But, that does not cancel out the reality that FIIB was on the top of my list. To favour the reality and the requirement of the organization, I actually saw potential in some FIIB students who were befitting the requirements of Nalsoft.

How excited are you to come back to the campus to hire students in the future as well?

I am looking forward to hire FIIBians. I have discussed the areas of improvements with the CMC in order to jet set into the future Nalsoft endeavour with the FIIBians without any hiccups.

Any suggestions or areas of improvement for students?

Be it for the FIIBians or for the students from other B-schools, I notice one thing that is common in all. They ‘generally’ try to reflect on what they studied inside the four walls of the classroom in the corporate landscape. This might cause some difficulties. This is because the corporate world is volatile, harsh and requires several stronger, practical and logical versions of the student’s current intelligence level to stand up taller to the expectations of the organization. Hence I took the decision to guide the FIIB students so that their skills and potential could shine better.

Jan
17

The Pursuit of Study Overseas – How I went beyond the curriculum to fulfil My Dream?

Studying abroad is something that I aspire to fulfil since my school time. Throughout my ‘turning into an adult’ stretch, I used to quest for study abroad adventure stories that would fire up my wanderlust of travelling overseas. Yes, you got me right here! The whole idea was to fulfil my desire to travel overseas without giving up on my studies,” says Saurav Barman, 2021 student of MBA-Operation, FIIB.

Basic things first

What should anyone who has a dream to study overseas do to make it happen? Study hard, appear in IELTS, hope for good test scores, and it’s done! Right? No, not always. In my case, it was a bit different. I knew from the beginning that there would have to be a cut-through to the road of my dream. So to accomplish my dream, I quickly started preparing a list of top B-Schools in Delhi that had strong international connections. At that time, my main focus was to get myself enrolled in a college that followed an industry-relevant and global curriculum.

While giving direction to my future study plan, I got to know that FIIB has good connections with some of the prominent business colleges around the globe. So I made up my mind to pursue MBA from here and grab the opportunity to study abroad for a semester through the Student Exchange Program. 

Don’t pretend you’re enjoying the ride if you are frightened

I still remember that day when I was feeling so clueless about how to balance my on-going MBA classroom assignments with my exchange program studies. I almost decided to let someone else have this opportunity. But as destiny would have it, I had to visit my faculty mentor on that very day, and while discussing what challenges I’m facing in the second semester, I shared my dilemma with him. 

My mentor asked me whether I ever got a chance to enjoy a roller coaster ride to which I said “yes, many times!”. He then said, “think of the time when you are on a roller coaster ride pretending to your friends that you’re having great fun. But in reality, the ride has literally scared the living daylights out of you!”

Pro tip? This whole ‘making it fake’ attitude is something that you have to get rid off if you really want to fulfil your study abroad dream. 

My wanderlust ride has taken its full speed right from that moment and there’s been no looking back after that. Honestly, that small little change in my perspective, of considering the whole balancing puzzle of a roller coaster ride and staying honest with what I’m feeling, actually helped me conquer my ‘a semester abroad’ dream.

A right action plan leads you to your desired goals

I often wonder how some people achieve their desired goals within a set timeline while others find it hard to even figure out where to start? One day while attending a training session, I asked Dr. Sangeeta Chopra, our Student Exchange Program Coordinator at FIIB, precisely this question and she introduced me to the concept of creating an action plan to unleash the desired success. Following a set routine has never been my cup of tea, but anyhow I prepared a time table to ensure that nothing gets out of my control. 

From attending MBA lectures, participating in college events, working with fellow mates on a group project, to refining my communication skills, seeking guidance from my student exchange program coordinator, to give my best shot for the IELTS – everything was listed in my action plan. Luckily, I prefer to value smart work over hard work and that literally kept me enthusiastic and motivated to achieve my desired results. 

Pro tip? Setting big goals is easy but following those goals to turn them into a reality is a bit difficult. So, try to list smart goals rather than hard goals. 

Tasting the result of dedication

I started off by applying for the semester exchange program at SAM Walton Business School in August 2019, got my IELTS cleared, went through the exchange program procedure and now I’m here, finally attending classes at Sam Walton (University of Arkansas). I’m grateful to FIIB for providing me such a wonderful platform where I can have global exposure to both academics and different cultures, and above all for helping me to achieve my dream of studying abroad. 

Jan
17

Shift Your Focus To Practical Learning

Please tell us why you chose Logistics and Supply Chain Management as your career? Walk us through your FIIB journey.

“When I joined MBA I wanted to map my career around Marketing as it requires generating fresh and unique ideas for competition survival. I knew that I am a creative go-getter and will come up with praiseworthy ideas to shape the market better. But, eventually, when I studied Operations, my thoughts regarding the ‘What-s, Why-s, When-s, How-s, Where-s and To Whom-s’ of Logistics & Supply Chain took over me. With every class/session that I attended, my curiosity became noticeable and there was no turning back from there. This was despite the fact that Marketing provides multiple career options, but I just wanted to get into something that required immediate presence of mind to avoid industry losses.

I scored better in Operations in every semester. To add to this, I was blessed to have an amazing mentor having Operations as his background. His vision for Operations was matchless. Till date, I am grateful to have met him. We used to have discussions about Supply Chain and Operations which contributed to my broader understanding and limitless zeal to get into Operations & Supply Chain Management. I ended up getting a Gold Medal in Operations during my FIIB journey in fact. I simply wanted to implement all that I read about Operations in my real life. I was aware that there will be challenges and several unpredictable situations but that did not mellow my fire. My perception about production, manufacturing, logistics became clear and I am at complete bliss with my choice of career.”

“…my thoughts regarding the ‘What-s, Why-s, When-s, How-s, Where-s and To Whom-s’ of Logistics & Supply Chain took over me”

What fond memories did FIIB bring back when you entered the campus after so long?

“The basic structure of the college is just the same. Just because the professors who taught me are no more in the campus, the connection was a little lesser. I just missed the faculty of my time. Rest, the memories were there for sure to warm my heart in this Delhi cold. Sharad sir was serendipity actually and this made my day.”

“Sharad sir was serendipity actually and this made my day.”

Any suggestions for the FIIB students who want to take up Operations?

“Logistics & Supply Chain Management are not monotonous. If they are, then they are not what you think you have put yourself into. Individuals who can handle challenging situations with sheer confidence are the superheroes here. Please note that there will be challenges which will definitely make you question your potential frequently. But these challenges will hone your skills and will provide you with countless opportunities to step out of your comfort zone. Follow your curriculum like your Bible. At times try your best and shift your focus more on practical learning. This will always keep you a few steps ahead of the crowd. Last but not the least, be ready to roll up your sleeves to get the work done!”

“Please note that there will be challenges which will definitely make you question your potential frequently. But these challenges will hone your skills and will provide you with countless opportunities to step out of your comfort zone.”

Jan
15

India will emerge powerful globally—Say the Experts from Indian Financial-Services Sector

Key Takeaways from Finance Conclave 2020 @FIIB

For years, risk management has been an exercise undertaken in fear, as a means to address compliance-driven activities. Perceived in the past as an act to protect the organization, the viewpoint has shifted to that as an opportunity to create value and drive organizational performance. Risk management is a performance enabler and a powerful tool to derive utility across various spheres of functioning and services, ranging from product cross-selling, financial crime management and regulatory compliance management.

Over the years, various economic positions, changing international relations, trade competition and war, and changing government policies and compliance frameworks globally have made India prone to risk across various sectors of businesses, particularly in its financial services sector. While the Indian banking and financial services sectors play a crucial role in boosting the consumption, saving and investment, the ability of doing a tradeoff between risk and return plays a major role in retaining the profitability and customer satisfaction—making the risk management a performance enabler.

While the Finance Conclave 2020 on the theme of “Risk Management Practices in Financial Services Sector” held at Fortune Institute of International Business (FIIB), New Delhi, on 11th January 2020, deliberated the existing challenges in the Indian financial-services sector, and contemporary risk management practices, it provided on the sidelines a great networking opportunity too, to all the stakeholders that included industry experts, academics and students. Using the financial game, DARTFIN, students were able to express their financial acumen.

Across the board, the industry experts agreed that India with its sheer demographic dividend will emerge a major global power very soon, in the next decade to be precise. Already, the introduction of structural changes like demonetization and Insolvency and Bankruptcy Code, 2016, has strengthened the financial sector of the country. Moreover, due to the controlled fiscal deficit, low inflation and stable political situation, the fundamentals of Indian economy would remain robust and strong, felt the industry experts and academics alike. The representatives of Indian financial services sector further suggested that the asset-liability mismatch of the banks might be further improved by rapidly developing the bonds market. Investors who could hedge their positions through derivatives instruments, should not worry otherwise, since the external risks such as geopolitical situations are generally short-lived and, therefore, these wouldn’t come in the way of the country’s growth, said the leaders from the Indian financial services sector. All the present experts were of the view that the dream of becoming a $5 trillion economy is in fact a short-term goal for India and India has all the factors to go much beyond that dream.

Plenary Session of the Conclave that discussed the issues involving the risk management practices in the Indian financial services sector, was addressed by two financial-services securities experts, Chief Guest Dr. Naresh C. Maheshwari (Chairman, Farsight Group), and Keynote Speaker Mr. Sanjiv Bhasin (Director, India Infoline Securities Ltd., IIFL). Panel Discussion that followed the Plenary Session explored the veracity of our country’s dream of becoming a $5 trillion economy vis-à-vis the contribution of Indian financial services sector, with the help of four industry experts who joined the discussion, namely, Mr. Salman Ali Khan (Client Portfolio Manager, BOX PFA), Mr. Anuj Shyam (Associate Director—Business Head, North, JM Financial Services), Mr. Gopal Sharma (Co-Founder, FinAdvantage Consulting Private Limited, Gurgaon), and Mr. Kunal Kaushesh (Deputy Vice-President, Aviva Life Insurance).

Apart from sharing their insight with the stakeholders, the corporate speakers were able to gather enriching feedback from the academics present on the occasion and they further appreciated the FIIB for the knowledge and understanding of its students, who made an introductory but comprehensive presentation from the academic perspectives on the theme.

The occasion further proved to be an excellent opportunity for building and strengthening networks among the present stakeholders. While the academics were able to update on themselves on the existing industry practices in risk management, the students particularly benefitted in every way from discussion by the corporate speakers, which eventually would help them in refining their long-term goals.

Jan
13

The 7Ps of Upscaling Business Internationally

India is continually doing great things to stand its presence online, but the country still has to uncheck many toolkits to catch the speed of digitalization in which many technologically-strong countries have already been travelling.” –Dr. Justin Paul, Senior Associate Editor-University of Puerto Rico, USA

Dr. Justin Paul during FIIB’s 5th International Management Conference

It has now become crucial for India than ever before to extend its sight beyond a circle and bring the 7-P framework of international marketing or, we can say Internationalization into action. 

While talking about the extent to which other countries are evolving, Dr. Paul emphasised that most of the organizations today seek help from the basic 4-P framework of marketing or 7-P framework of service marketing, when it comes to reviewing the marketing strategies. On the contrary, what they actually need to focus on is a solid foundation that guides them to grow globally. 

Dr. Justin Paul who works as a Senior Associate Editor in the University of Puerto Rico, USA, presented his published paper on “7 P Framework for International Marketing” at FIIB’s 5th International Management Conference. “These 7Ps of marketing mix work as a guiding framework for all kinds of companies operating in different sectors to use this as a benchmark framework while preparing for the feasibility of entering into a foreign market and trying to strengthen their businesses globally,” he said. The 7Ps of marketing mix that help any business grow internationally consist of potential, path, pace, process, pattern, problems, and performance

On performing better in the era of globalization 

Performance of any business is equal to the functional output of the first 6Ps of this framework. While explaining these 6Ps, he suggested the following questions that businesses should ask themselves constantly to obtain an optimum functional output:

  • Potential: What kind of market potential do you have in different countries?
  • Path: What strategy does your company follow to grow in the market?
  • Process: What type of process does your company follow to cover a targeted area?
  • Pace: What action plan do you choose to speed-up your company’s operations?
  • Pattern: Does your company entertains the product diversification? Does your company follow a different approach on the basis of location pattern, product pattern and trend pattern?
  • Problems: Is your company anticipating problems timely? 

Listen to this video where Dr. Justin Paul explaining the 7 P framework for International Marketing.

On practising better performance even after going global

There has been a rapid increase in international transactions and, therefore, firms have to rethink their global strategy. In order to give a more substantial marketing edge to the companies operating in the developing countries, Dr. paul shared some of his key learnings from his research. One crucial step that he thinks every company operating in an emerging country should take to extend core business functionalities globally is to carry out an analysis based on the first 6Ps of International Marketing framework. 

On China mushroomed as the fastest growing economy in the world

The secret behind the success of Japanese companies is nothing but internationalization. What Japan did in the 1960s, 1970s and 1980s, Korea did the same in 1980s and 1990s, and its status has changed completely since then – from a developing to the developed country. And, what both the countries – Japan and Korea – possessing great technological expertise did since the 1960s, China has been doing for the last 20 years with the active support of its government.

Jan
09

How Can Design Thinking Help Your Business Strategy?

How many times a week do we attend meetings that discuss organizational challenges and ways to solve them? How many times did we actually think that we found solutions to these messy problems only to see them crawl back at our office desks? It’s frustrating, isn’t it? These problems range from improving customer experience to decreasing cart abandons to enhancing employee engagement to improve reporting formats – pick your poison.

Sadly, many approaches to problem-solving overlook various important factors. Problem-solving is at the core of any business, your products solve problems of your consumers, your processes solve your organizational problems. Both need timely innovation to create sustainable competitive advantage for your business. In this process, you’ll encounter certain challenges that are complicated in nature as they involve a diverse set of people, processes, and perspectives. Design Thinking is that rock-solid methodology that helps you get there.

Design Thinking circles back to the most important aspect of any organization – humans. Organizations are made of people, and they aim to solve the problems of people, hence Design Thinking teaches you to learn and apply human-centred techniques to solve problems in a creative and innovative way. Instead of focusing on parts of the problem, Design Thinking challenges you to think about what a solution would look like for the whole problem while focusing on the people who the problem affects. Keeping Design Thinking at the core of your strategy allows you to create a culture of being user-centric. And yes, it works for big or small organizations.

Here are some ways Design Thinking  enables your employees

  • Encourage asking more questions
  • Help identify problems better
  • Train to look at various perspectives of a challenge
  • Train to find the root cause(s) of the problem
  • Develop customer-centric thinking
  • Match outcomes and objectives
  • Enhance innovation and creativity
  • Encourage practical testing of prototypes
  • Implement an iterative problem-solving model

One of the key elements of Design Thinking is to think and ideate – it allows critical thinking, lets you organize information and ideas from a user’s perspective. Companies like Google reserve 20% of their employees time as thinking time. Even for smaller organizations, innovation has now become essential to grow, but Design Thinking is not a wonder-machine that can solve problems in a day. Design Thinking is an iterative process, and it takes time for your employees to start using it at work daily. That is why we recommend a Bootcamp that helps them understand the importance of Design Thinking, the essentials of the process, and how to inculcate design thinking as a way of life.

Since Design Thinking streamlines the way you innovate and problem-solve, soon it becomes a core strength to your company, slowly transforming into your sustainable competitive advantage. Such competencies are hard for your competitors to imitate, thereby building you a market share that sustains longer! So, what’s stopping you from implementing Design Thinking at work? Write to us at ceeinfo@fiib.edu.in to know more about how you can start.

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