Utkrishta, the Management Conclave of Institute of Management, Nirma University is organized by five prominent clubs of IMNU namely: Clique – The IT and Analytics Club, Niche – the Marketing Club, Imprintz – the HR Club, Optimus – the Operations Club and Finesse – the Finance Club of IMNU. As prospective managers, it is important that the students are well versed with changes in the highly dynamic corporate environment. Thus, the conclave seeks to acquaint students with the ever-evolving cultures in the domains of IT, Marketing, Finance, Human resources, and Operations. The shift from learning about business management to learning how to manage a business needs the student to revisit the learning process of the previous phase, and perhaps unlearn most of it. Enabling this shift is a challenge that business schools face. “Utkrishta” is one such initiative in this direction of enabling the shift. At this forum, structured around a contemporary theme each year, thought and practice leaders representing different organizations and disciplines within management are invited to share their experiences with the management students.
TECHNOLOGY BASED startups and BUSINESS TRANSFORMATIONS
India has seen a significant increase in technology usage over the last few years. The Indian Startup Ecosystem claims that India has the third-largest startup ecosystem in the world, with YoY growth of 12–15% anticipated yearly.Over 50,000 businesses were founded in India in 2018, with 8,900–9,300 of them being based on technology. There were 1300 new tech firms formed in 2019 alone, meaning that two to three new tech startups are founded daily. This acceptance has made it possible for service providers and customers to access the expansion of numerous sectors. In the never-ending pursuit of innovation and sustainable growth, organizations have traditionally looked at technology as a catalyst for achieving their goals. Whether the goal was to obtain data as the only source of truth or to determine analytics capabilities for decision making, technology has fueled value creation through business transformation. Business transformation is about making major changes to processes and models, building digital business models to reap significant gains in values well-defined digital transformation strategy is part of startups and business transformation in the digital age.
SUSTAINABILITY – A KEY DRIVER OF GROWTH
Customer responses are changing dramatically. In response, businesses have started adapting to sustain in the long run. Corporations are coming up with creative technologies like AI, machine learning and IoT, etc to ensure sustained growth. It applies to every aspect of business focusing particularly on Research and Development, marketing strategies, and management styles. Business innovation is a state of constant creative thinking to counter future challenges and find relevant solutions. These solutions manifest themselves in terms of redesigning the products as per the demand of the marketplace. Managers have to think outside the box to keep their businesses in the competition. Diversity at the work is also critical to strategy and implementation that produce sustainable results.To make an economically sustainable model, business cooperatives have started environmentally friendly practices too. Digitization in another factor in business models have proven to be a big step toward long-term growth. It has improved the efficiency in the manufacturing and operational processes and decreased business costs.
To sum it up, businesses are deviating from traditional marketing practices to foster competitive advantages. If we apply Darwinism in business, only those businesses will sustain who use innovation to constantly evolve their business model.
BUILDING BUSINESSES THROUGH INNOVATION
As Theodore Levitt once said “Creativity is thinking up new things. Innovation is doing new things.” When the same gets applied to the field of finance, it does wonder. Currently, industries are working in four main areas- precision, speed, vision, and scalability for achieving efficient organizational and operational management coupled with early warning systems to prevent any upcoming crises.
One of the innovations creating disruption in the financial world is private funding or crowdfunding which helps charities and entrepreneurs by raising small amounts of money from large groups of people. Another is algorithmic trading strategies which involve making trading decisions based on pre-set rules that are programmed into a computer using an application programming interface.
System transformation is also a major innovation in finance like MIS which manages enormous databases, allowing businesses to store, arrange, and access financial data. Robotic process automation, in which bots gather data connected to sales, organize it, and do analysis before sending the finished report to stakeholders automatically, is one of the primary system changes.
The advent of smart analytics allows financial services companies like BFSI, IB, Investment Funds, and others to mine the wealth of consumer data to understand and service customers better. Another innovation is the development of better payment systems, which is a key challenge for organizations. The Idea of NEW UMBRELLA ENTITY demonstrates the change in the dynamics of digital payments which emphasizes how innovation and system transformation conjointly open numerous future opportunities.