Samavesh 2018

Samavesh 2018

SPJIMR’S Post Graduate Programme in Management hosted a wide range of industry leaders and professionals for a series of five conclaves on May 18 and 19 centered around the theme 'Going Digital: Changing the way of doing business'.

The conclave series called 'Samavesh' is an annual event led by the PGPM students and hosted on the SPJIMR campus. Over the years, 'Samavesh' has grown to become a significant industry engagement platform that brings together industry and academia to help exchange ideas, share best practices and learn from each other.

'Samavesh' is a platform where practice meets theory. Business leaders bring in practical knowledge and academics come in with theoretical frameworks, a confluence that can open new avenues of learning and growth.

The five conclaves planned this year were the Consulting, Information Management, Finance, Marketing and the Operations & Supply Chain. Each conclave discussed how digitalisation is making an impact on business today, how business models are changing and the likely way in which these changes will play out in the future.

The first day of 'Samavesh', May 18, saw the inaugural Consulting Conclave around the theme 'Consulting Opportunities in the Digital Era'. The Information Management Conclave explored the various dimensions of the theme 'Digital Disruptions Leading to Innovation in Business Models'. The topic for the Finance Conclave, the last conclave on the first day, was 'Opportunities and Challenges in the Evolving Financial Landscape'.

May 19 opened with the Operations & Supply Chain conclave around the theme: 'Transforming the Supply Chain in Industry 4.0', also referred to as 'the fourth industrial revolution', which discussed aspects of disruptive changes of digitalisation in the supply chain industry. The final conclave on Marketing with the theme 'Digital Marketing: Is it the End of Traditional way of Doing Business?' delved into the different facets of digital technology revolutionising conventional marketing approaches.

List of Speakers at Samavesh 2018

In a world where adoption cycles are shortening, as frequent innovation becomes the new norm, consulting firms are helping companies migrate from the 'Industry era' to the 'Digital era' stopping them from losing ground to newer entrants and to new business models that are poised to disrupt the markets. 

Consulting opportunities in the digital era

The boundaries between the digital and physical worlds continue to blur with profound implications in the way we do business. Technologies such as mobile, cloud, big data analytics and AI can speed up activities and lead to cost savings in the company’s current business model. But these gains can be quickly matched by competitors. Instead, to be able to create and capture sustainable value, companies may have to re-think their business models to take advantage of the new opportunities presented by ‘digitalisation’. For example, Hilton took a century to build its portfolio of hotels; Airbnb capitalised on residential housing to build an even larger portfolio in just 5% of the time.

 

Demonetisation showcased how quickly a new payment model like Paytm was adopted and became mainstream, adding convenience and security, especially amongst millennials. A recent Forrester Consulting research study that asked decision-makers about strategic priorities for their businesses, found that the number one priority was improving customer experience, followed by growing revenues, improving differentiation and reducing costs. In the digital era, companies would have to do these things differently. What is the nature of work being done by consultants in this space? What opportunities do they see evolving? What innovative approaches to running businesses do they foresee? The consulting conclave gave valuable imsights while answering these questions. 

 

 

 

Are new age Technology firms ready for the implementation challenges in Artificial Intelligence and Machine learning to bring new age solutions?

Digital Disruptions leading to innovation in Business Models

Rapid consumerisation of IT has dramatically changed business operations, leading to an intense competition in the global marketplace. Because of emerging innovations in technology, business models now have much shorter lifecycles. With the advent of Cloud technology across all industries, organisations in different domains are growing exponentially. Technologies such as Artificial Intelligence and Machine Learning bring in fresh perspectives for the companies in this competitive environment. Also, with the proliferation of 'Smart IOT', Augmented and Virtual Reality, it is expected that a lot of this intelligence will collaborate and interact in the real world. In such a fast-paced world, organisations have to overcome the resistance to change and adapt to new age technologies to stay ahead in the game.

 

 

 

What are the opportunities and challenges for the financial intermediaries, posed by the advent of digitalisation?

Opportunities and Challenges in the Evolving Financial Landscape

Digital initiatives have made inroads into every industry and its integration into the traditional companies is changing the face of the workplace and defining the Industrial Revolution 4.0. Banks are undergoing major transformation given the digitalisation wave, and other plug-and-play service providers are taking over the financial services industry function by function. Banks are responding by improving payment systems with the introduction of UPI (Unified Payment Interface) and opening up to adopting the open banking ecosystem, giving access to application programming interfaces (APIs) for third-party payment providers. In terms of currency markets, we are seeing the evolution of crypto currencies. Corporates are witnessing newer ways of raising funds through crowdsourcing, blockchain based solutions for payments, tech-supported infrastructure for loan approval and disbursal, peer to peer lending and smart contracts for ensuring and enforcing performance among others. Customers are making payments using digital transfer apps created on top of distributed ledgers, which are enabling seamless payments possible amongst the payment cycle from customers to producers to finally suppliers.

From various corners of the financial world we are seeing unbundling of products, services and processes. Undoubtedly, being digitally-ready is touted as another performance benchmark for the survival and growth of corporates and banks. This new way of doing business brings about a new set of regulatory and security challenges. The broader question that we have to answer is, are we ready to embrace the new way of doing business?

The Finance Conclave at Samavesh 2018, answered some issues including the following questions:

  • What is the digital readiness of the finance function and services?
  • Are we prepared to handle the regulatory complications arising from going digital?
  • Which functions are more likely to get disrupted in terms of execution and delivery?
  • What is the future outlook in terms of jobs in the financial services space?

 

 

 

 

Challenges in implementing new age technologies to bring unique and customized solutions.

Transforming the Supply Chain in Industry 4.0

With the advancement of digital technology, supply chains are undergoing disruptive transformations. As we are in Industry 4.0, referred to as 'the fourth industrial revolution', people, devices and machines are connected in the virtual world by means of digital technology. Application of digital technologies such as Block chain, 3D printing, AI, Internet of Things, Automation, Human-Robot Collaboration (HRC) and Cloud computing has made supply chains more accessible and data driven.

 

As the thrust for customisation of products and services is gaining momentum, the use of these advanced technologies is the need of the hour for companies to stay relevant in the industry.

The pace with which these technologies are penetrating in businesses, it is imperative that modern day companies master the art of adopting digital technologies for supply chain & manufacturing processes.

 

 

 

 

 

We cannot look at digital marketing in isolation, but as a part of the overall marketing mix working together to help bolster the larger marketing mix.

The Changing Face of the Marketing Mix: Making Digital Relevant, Synergistic and Potent

The world today is witnessing an unprecedented explosion in emerging technologies, particularly in the digital domain. These technologies have had a colossal impact on the conventional way of doing business and have stirred the world of marketing as well. Over the past decade, digital marketing practices have unlocked several new avenues for revenue, growth and business expansion.

A lot of today’s marketing campaigns consist of social media campaigns, email newsletters, blog post writing and pay-per-click ads. While all this is great for reaching the tech-savvy individuals, a vast majority of the intended audience still remains unreached because if one takes a closer look, they will realise that not everyone is online. It’s difficult for digital marketing to replace the touch and feel aspect of conventional marketing.

With the advent of digital, it is no longer a simple mix of brick and mortar integration, or even bricks and clicks integration.

 

 

Rather, with the advance of social media, mobile media, always-on communications, the Internet of Things and multi-channel markets, the new catchphrase is 'omnichannel'. Some important questions that were answered at the conclave were:

  • Has digital marketing simply become a tool for cost cutting?
  • How do you determine the optimal marketing mix?
  • How do you assign focus and budgets to digital marketing vis-a-vis other elements of the marketing mix?
  • How do you make digital reinforce the other elements of the conventional marketing mix?
  • How does one figure out how and where customers want to buy from them? What is the right mix of customer interfaces?
  • How is omni-channel changing B2B markets?

 

 

 

 

Glimpses from Samavesh 2018

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