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Sapience 2023
Techvolution: A Redefining Moment for Business
Great Lakes Institute of Management, Gurgaon, held its Annual Management Conclave - Sapience 2023, on September 13th and 14th, 2023. The theme for this year’s conclave was ‘Techvolution: A Redefining Moment for Business’. The opening Keynote Address at the event was delivered by Mr. Vimal Choudhary - Head & Board Member, McKinsey Knowledge Centre.
Businesses in modern times are witnessing a ‘Techvolution’ phenomenon characterized by profound and rapid changes in emerging technologies. This revolution spans a wide spectrum of technologies: artificial intelligence, machine learning, deep learning, blockchain, and the Internet of Things (IoT). Embracing disruptive change, Techvolution presents an array of unprecedented opportunities, while simultaneously exposing businesses to significant threats.
In the timeline of world history, we are standing at the pivotal point that will act as a runway to the new era of soaring business opportunities through the amalgamation of technologies like AI, Metaverse, and all the aiding technologies. Sapience 2023 threw light on the scope of the technological revolution and the changes it's bringing to businesses in these modern times. Discussions were held across six domain panels, that examined the ongoing ‘Techvolution’ in terms of opportunities and challenges it possesses.
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PANELS1
KEYNOTE SPEAKER20+
SPEAKERSKeynote Address
“We can automate anything but not leadership” - Mr. Vimal Choudhary - Head and Board Member, McKinsey Knowledge Center
The Keynote Address at Sapience 2023, delivered by Mr. Vimal Choudhary, delved into the profound implications of the rapidly changing technological landscape and its impact on businesses.
The Keynote Speaker articulated the importance of leadership, minimizing errors, maintaining a work-life balance focused on productivity, and the distinctiveness of leadership compared to technology. The address also emphasized the emerging role of long-distance leadership. Additionally, the speech underscored five influential forces driving transformation globally and in India. These included massive urbanization, disruptive technology and AI, shifting consumer behaviors, geopolitical dynamics, and the persistent threat of global shocks and disruptions. The central dilemma of businesses in the Techvolution context, balancing cutting-edge technological experimentation with effective risk mitigation was a key theme.
Mr. Vimal concluded by mentioning that in an era characterized by Techvolution, businesses must recognize the central role of leadership, remain attuned to the transformative forces shaping the world, and diligently balance technological experimentation with prudent risk mitigation. By following these strategies, organizations can position themselves for sustained competitiveness and success in an ever-evolving technological landscape.
Analytics Panel
The Entrepreneurship Panel was moderated by Dr. Jayatu Sen Chaudhary, Professor of Financial Analytics. The panel discussed the impact of AI/ML in the BFSI, healthcare, OTT, and content creation sectors and offered invaluable insights into the evolving technological landscape. The convergence of AI/ML with these industries was explored comprehensively, shedding light on its transformative potential. These discussions emphasized the significance of adaptability and innovation in navigating the dynamic landscape where AI/ML is redefining how business operates in these sectors. The key takeaways from the discussion underscored the transformative impact of AI/ML across diverse sectors and emphasized the need for businesses to adapt and innovate in this tech-driven landscape.
Key Takeaways
AI & ML are powering the OTT evolution and shaping entertainment's future - Parasana Sagar Maddu - President, Data Science, ZEE
AI and ML are crucial in BFSI as they promote financial inclusion - Priyadarshi Dutta, Chief Risk Officer, Stashfin
Generative AI is revolutionizing content creation by streamlining end-to-end execution - Ramkumar Sundaram - Director, Strategic Planning and Analytics, Adobe
AI is revolutionizing healthcare through early disease detection, data privacy & doctor efficiency - Ashish Singh - President, Platform and Tech Transformation, Innovacer
Entrepreneurship Panel
The Entrepreneurship Panel was moderated by Prof. SK Palhan - Professor of Operations Management and Prof. Haris Kumar - Assistant Professor, Marketing. Panelists discussed their paths to becoming entrepreneurs, their challenges, and how they overcame them to become what they are today. The rapid pace of technological change is creating new opportunities for businesses to innovate and disrupt existing markets. This is especially true for startups, which are often nimbler and more adaptable than larger companies. The panel discussed how technology is redefining the startup landscape with respect to their personal experiences.
Key Takeaways
Entrepreneurs are beginners who identify problems and solve them using a scientific approach - Manoj Dawane, Founder & CEO, VTION
Understand the significance of creativity and design in building customer loyalty - Rahul Bhattacharya, Co-Founder & Managing Director of Microgravity
Timing and adaptability are crucial in entrepreneurship - Sanjay Varnwal, Co-founder & CEO, SPYNE
The ‘WH4’ (Who, What, Why, When) questions should be continually reassessed - Santosh Nair, Founder & Director, Analytical Edge
Finance Panel
The Finance Panel was moderated by Dr. Kirti Sharma, Associate Professor of Accounting and Finance. The panel facilitated the discussion on how in the world of business, technology's constant evolution serves as a catalyst for growth. It sparks innovation, drives change, and powers organizations as they accelerate their expansion. To stay ahead, businesses must embrace this ongoing technological transformation, ensuring they remain agile and competitive in an ever-changing landscape. The discussion revolved around the following questions- What has been the significant mode of technology in organizations? How has automation streamlined the process and helped in decision-making? And will automation lead to gradual job loss?
Key Takeaways
We need to ensure that technology serves as a force for positive change rather than further harm - Shobhna Rajagopal, Group Finance Manager, Microsoft
With AI and technology, one’s capabilities are amplified, leading to streamlined processes and enhanced efficiency - Ashish Maheshwari, Chief Financial Officer, Apollo Health & Lifestyle
In today's dynamic business landscape, technology isn't a choice - it's the lifeblood that keeps organizations thriving - Kaustav Neogi, National Finance Controller & Chief Risk Officer, Indus Towers
Technology empowers global growth but cybersecurity is vital for secure digital operations. - Sonal Mehta Sabharwal, Global FP&A Lead, AMI
HR & OB Panel
The HR & OB Panel was moderated by Dr. Sanghamitra Bhattacharyya - Professor of Organizational Behaviour. The panel discussed how technology is playing a pivotal role in modern HR processes, from talent acquisition and recruitment to employee development and engagement. The panel discussed the pertinence of HR professionals' need to transition from transactional roles to more strategic and transformational ones. The panel concluded that empathy, strong interpersonal skills, and critical thinking capabilities are essential for success in today's technologically advanced environment, and are also important for fostering an inclusive workplace for all employees.
Key Takeaways
Integrating HR with corporate strategy is essential for achieving organizational goals - Ramakrishna V, CHRO, Home First Finance Company
HR should take ethics into account because it is a core pillar of the company - Jayati Dwivedy, Global Leader in Talent Acquisition, Philips
Mental well-being and employee engagement should be top priorities for organizations - Nandini Matiyani, VP, People & Culture, RateGain
HR professionals need to transition from transactional roles to more strategic & transformational ones - Terence Raphael, Head HR, JM Financial
Data security and privacy are paramount concerns, especially within BFSI - Sudhir Sharma, Head Talent Acquisition, Kotak Mahindra Bank
Marketing Panel
The Marketing Panel was moderated by Dr. Jones Mathew - Professor of Marketing. The panel discussion provided valuable insights into the evolving landscape of marketing and technology. The intersection of marketing technology (mark tech), advertising technology (ad tech), data privacy, AI, and automation was thoroughly explored. The discussion highlighted the importance of staying agile and creative in an increasingly tech-driven business environment.
Key Takeaways
A marketing campaign is an integration of Art and Science, Science being innovative and Art being creative! – Nipun Kaicker, Head TV Business – Ecomm & D2C Business, LG Electronics
One curse of digital is it is measurable – Sandeep Balani, Vice President, JioAds
The job of marketing is to make best use of what tech is giving – Neeraj Sharma, Senior Vice President, Strategy, Digital L&K Saatchi & Saatchi
Be ahead of the curve – Gurleen Saraon, Director of Growth, Identity & Digital Media Solutions, Epsilon
Operations Panel
The Operations Panel was moderated by Dr. Surya Prakash, Associate Professor of Operations. The panel discussion explored the impact of technology on business operations, with expert speakers sharing insights. Digital Twin technology, AI/ML, and Industry 4.0 were discussed as transformative tools. Challenges in technology adoption were highlighted. The discussions emphasized the need for businesses to adapt, embrace innovation, and leverage technology for enhanced efficiency. The panel discussion was followed by a Question and answer session for the audience to put forth their thoughts and queries to the panelists. The questions were centered around how the adoption of leveraging technologies can be increased and where India stands against other developing countries.
Key Takeaways
Tech accelerates global business decisions and communication in our interconnected world - Tavinder Jit Singh, President & Chief Business Officer Microlabs
Tech adoption on the procurement side has shifted demand-supply dynamics significantly - Lalit Upadhayay, Global Purchasing Lead, Federal-Mogul Goetze
AI & ML has helped in last mile distribution from a route and cost optimization in mind - Shweta Goela, General Manager (Strategy), Safexpress
With 5G acting as an enabler, AR/VR can change the entire customer experience game - Deepak Bajaj, Sales Director, AMDOCS
Closing Address
To express gratitude to the panelists, moderators, and audience, on behalf of Great Lakes Institute of Management, Gurgaon, Dr. VP Singh - Professor of Managerial Economics, presented the ‘Vote of Thanks’ and concluded Sapience 2023.
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