IILM Graduate School of Management

Greater Noida

IILM CAFE

The Business School community building starts with the cafeteria.

Blog Catgeory, Campus Blog Category, IILM Graduate School of Management, Uncategorized, ,

A blog post by Avani Natani (PGDM 2018-20- IILM GSM)

Have you ever wondered how a college would be without a cafeteria?

Exactly! A feeling of monotony strikes you with a grimacing face, how could someone just depend on mess food. But at the same time, the college cafeteria isn’t only about food or an excuse from the mess, it is much more than that. It’s a place holding a million memories that remain enshrined in everyone’s heart and soul even after we bid goodbye to our college but we carry along with those souvenirs of utmost happiness that remain fresh every time we think of college days.

It has rightly been said canteen is not just a place but an emotion where the probability of finding students is always greater than finding them in the classrooms. After all, it’s an easy way for the students to abscond from lectures to explore campus life. It’s also a respite from tedious long-lasting, and day-long lectures.  We have numerous reasons to believe that the college canteen is the best place for all. It’s a place where we see our student community being built up and the same is reinforced through love or hate or scuffle or debate. The sounds of everlasting conversations and gossip can be found echoing across the walls of the cafeteria.

“I have 50, you have 100”, perhaps only the canteen watches us silently what actual efforts we friends make to pool in for one appetizing and leisurely meal. Amidst all the chaos and disturbance this is the only place that every student finds comfort in all the projects and assignments related discussions. With every sip of tea, it somehow skips their mind how time is passing by, after all this is the place where bonds are not just created but are reinforced with every indulgence and conversation, shuddering the walls with their boisterous laughter.

No matter how strong your resolution of “Kal se fast food band”, the college canteen would break that too, as the aroma of paratha, chilly potato, cheese sandwich, samosa, and Maggi reach your nostrils.

Canteen is all about friends and foods the best duo anyone would ever come across. Be it an occasion of someone’s birthday, a treat from someone getting placed, canteen is always the perfect ambiance for such rendezvous where we brush aside all our hassles of monotonous and mundane life.  Be it Dominos or KFC, even a lavish dinner at Taj could not match the taste of that morsel of food that we snatch from our friend’s hand which is almost about to enter his mouth, and gobble them up. Fighting for that tiny morsel with our squad is indeed a true satisfaction.

Long after once they have left the college, this would be a place where they would shed tears remembering those precious moments with friends spent here.  Canteen culture is an important culture and an integral part of every college as it is not just a place to satisfy hunger but it also creates an environment for students to interact with each other, learn life skills, get along with each other, and finally become a family. The process of building the second family away from home starts from here.

 

 

 

 

Fundraising Spree on for Indian Banks

Career Development (Placement), Faculty, General Blog, IILM Graduate School of Management, Uncategorized

Profitability and NPA are the two extremes that need to be balanced for banks. Since a long Indian banking sector is on a continuous fight to draw a balance between them. Recently the Central Bank decided to take control over NPAs with a huge capital infusion into the banking sector. But the outbreak of COVID-19 derailed all efforts and the problems of NPAs have been resurfaced and touched the new height which seems to be very difficult for the Indian economy to stand with.

Stress in the Banking Sector

The Indian banking sector is reeling under stress for a long time. Indian banks have been tested over the past few years after the RBI forced them to review their assets under strict criteria that eventually resulted a surge in bad loans. To add their woes, borrowings have also slowed due to lockdown. These stresses are more apparent in state-run banks than in the private sector.

Reason for Stress

According to a few economists, the primary cause of this situation that has slammed all banks are the fall of IL&FS in October 2018 and the ongoing pandemic. India is expected to fall into a recession this fiscal year due to COVID, which has affected over 2.6 million people and caused 70000+ death in the country. It is the most discussed and worrisome topic in the Indian economical circle that there are chances of getting caught in the recession since 1979.

According to RBI, the ratio of non-performing assets total advances could soar to over 12.5% by March 2021 from 8.5% as of end-March this year, prompting the country’s central bank to push banks to raise capital, which now totals over 1 trillion rupees ($13.4billion). Additionally, the Financial Stability Report (FSR), noted the NPA ratio could jump as a high level as 14.7% in the event of severe stress.

Fundraising a Way out

RBI Governor advised all banks to improve their governance and sharpen risk management skills. Banks need to raise capital on an anticipatory basis instead of waiting for an adverse situation. It is necessary for both public and private sector banks to build up adequate capital buffers.

As a result, financial institutions are on a fundraising spree via debt instruments and equity offerings. The latest bank to join the fundraising spree is Axis bank which on said had raised 100 billion rupees by issuing shares to Qualified Institutional Buyers for INR 420.10. Other financial institutions, mortgage lenders, HDFC also closed a deal to raise INR 140 billion via various instruments. At the same time, the largest private bank of India, ICICI bank also wishes to raise INR 150 billion. Later State Bank of India, India’s largest lender also joined the league and announced to raise INR 250 billion to maintain its capital requirement. Not only banks but similar signals are also been sensed from Non-Banking Financial Companies which might have to raise money. In total, it is approximately $13 billion could raise to tackle the NPA challenge.

Governance

At present, Indian banks are in dyeing need for reforms. The Bank exposure to stressed sectors, loan-loss cover, and pre-provision earnings determine the urgency of their capital requirements, which is more pronounced for state banks. Recently 5 members committee has been formed by RBI under the Chairmanship of former CEO of ICICI bank, Mr. KV Kamath. This committee makes recommendations on the required parameters to be factored into the resolution plans. A resolution to the problem of the corporate debtor insolvency and its consequent inability to pay off debts. The committee will submit its recommendation to the RBI. The central bank will then notify the same along with modification including the restructuring of loans if any in 30 days.

Support from Government

Over the last five years until March 2020, India had pumped around 3 trillion rupees into banks to remain capital requirements. In the future, we may expect more infusion of cash from the government eventually to support the banks and consequently to save the economy.

 

Aditya Verma

PGDM 2020-22

IILM, Greater Noida

 Dr. Kumar Saurabh

Asst. Prof-Finance

IILM Graduate School of Management, Greater Noida
Marketing 4.0

Social Networking In Education

Blog Catgeory, IILM Graduate School of Management, , ,

Written by:- Ms Manika Mahajan (PGDM 2019-21, IILM Greater Noida Campus)

Social networking has become one of the most popular communication tools to have evolved over the past decade, making it a powerful new information-sharing resource in society. In every aspect of our lives, social networking becomes a part of nowadays. Some of the widely used social networking sites(SNS) are Whatsapp, Facebook, Instagram, LinkedIn, Twitter, Youtube, etc.

We cannot deny ever since social media came into our lives, it has changed the pattern of living- the way we socialize, interact, plan, or execute. Social networking has widely become a part of our education system now. Starting from elementary school up until university graduation, social media has the role to empower parents, students, and teachers on how to use new ways of sharing information and build a community. From finding a summer internship to promoting a success story about how to win the student-loan battle or collaborate on international projects, everything is made possible with these community-building sites. Collective intelligence has become a hashtag trending episode for today’s student-teacher relationship promoting collaboration and sharing of knowledge. Today’s youth is already well equipped with these sites and use this space for building a conducive learning environment and this gives educators a platform to create an online framework for education system #Education 4.0. Users are not just passive observers now, rather they became collaborators and contributors to new sites and fresh content across all platforms. The internet is a research network now which creates knowledge through shared experiences and collaboration of its users.

Chalk and Blackboard form the two most important elements of a classroom in our education system for decades. A teacher seems to be incomplete without these. Education 4.0 says “My lord, this statement is not true”. A teacher may ask its students “Discuss the Impact of covid19 on the Indian economy” on twitter by using two hashtags. Won’t it be a more innovative, up to date and interesting way for students to learn? There is always a complaint by parents “My son spends a lot of time on Facebook”, pondering on it Education 4.0 says “why not take Facebook as a source for learning?”. Facebook has many pages related to courses or areas of interest of students. Teachers and students can both join that page and debate on the posts in the comment section. Is it not helpful for collective intelligence? The answer is yes, it will help the student to be in touch with teachers and the latest updates in the mode they are comfortable at. In this way, they will learn and retain more.

The use of social media in education provides students with the ability to get more useful information, to connect with learning groups of their interest and other educational systems that make education convenient. Online classes on YouTube to web-based courses are helpful to create an anywhere- anytime learning environment for students. All it requires is the student’s own efforts to use these tools to learn beyond the classroom too. Social networking helps to reduce stress and increase satisfaction among students. It allows each student (slow or quick) to study at their own pace and speed (self-pacing). It helps in building strong teacher-student relationships as the student becomes more comfortable with interacting with teachers in both online and offline platforms. Allowing the use of technology and social networking sites in the classroom to read content and participate more is still not applicable in every school/college’s education system because of the fear that it would distract the student. And it is true in some cases but to focus on the purpose of using it in the desired way depends upon student’s willingness to learn and improve.

To hear some scholars speak we have-The use of social networking tools has impacted positively through creating diversification between different categories of people and has supported them in both their personal and academic lives . There are four fundamental social software tools: 1) Connectivity and social rapport, 2) Collaborate information discovery, 3) Content reaction, and 4) Knowledge and information aggregation and content modification . These affordances have helped learners access their knowledge easily and share them anytime and anywhere. Social networks, such as e-learning technologies, provide an opportunity for educators to revise their content quickly and maintain control over it, learn the sequence pace of learning, time – and often media, which allows them to gain experience to meet their learning objectives . Klamma illustrated that one of the most important advantages of social networking is the ability to manage knowledge and learning by connecting with different experts and knowledgeable people to share common processes, activities, tools, concepts, etc.

In today’s society, we face differences between Generation Y(the students who grew up using upgraded technology) and Generation X(the teachers who were forced to use this technology). Being a generation gap between the two brings forward different mindsets and perspectives. The famous author Blankenship,believes that technology in education should be focused on what students use instead of what the school or teachers want. He also believes that when the students become the stakeholder, it will be geared towards their needs, avoiding the need for collaboration between different generations of educators and students. Social networking becomes a medium for such integration. There may be certain training and time required for teachers and students to get well equipped with this new education system, but once applied the efforts are worth it.

Social networking in education also proves to be a good medium in times of emergency. The best example is the current scenario of the Covid-19 pandemic spread across the world. The situation has forced us to stay home but it didn’t force us to stop learning. Social networking sites became the medium to study far from institutions too. It helped teachers and students to stay connected and complete their studies and even learn more than the school/college curriculum. Live online lectures, recorded online video classes, new online courses, online assignments and projects have helped students and educators to not let the studies and careers of students get harmed in these tough times.

Some may highlight the cons of social networking by saying it can be a reason for the distraction of students, privacy, and security issues are there, internet connectivity may be a challenge at remote locations, etc. To some extent their concerns are right. But with the improvement in technology day by day strict privacy and security are being taken in making the applications more safe and secure. And as far as the distraction of students is concerned, educators should channelize student’s skills and energy in a more productive way that they tend not to be distracted. They can be given challenging tasks from their area of interest and the online/offline platform they are comfortable at to prove their worth and can be equally appreciated and awarded for their performance. This will build up their morale and boost enthusiasm.

Student interaction is at the core of a constructive environment and Social  Networking Sites provide a platform for building collaborative learning communities.  By their very nature, they are relationship-centred and promote shared experiences. A range of activities should be inculcated in the education system where students get to interact more and gain experiences. Knowledge and shared experiences become a base for students to develop and social networking is the channel for building that base. Both students and educators have to understand that social networking is not merely a leisure facility but it is much more than that. They should find out the deep potential which this facility holds so that it can be used in the best and most productive way possible. And this has to be done now because we are rapidly moving to a fully digital era and this potential is to be used now to be a helpful tool for the future years. At IILM campus, we have such networking amongst students, alumni and professors through various virtual networking applications. Thus, Education 4.0 is the superman for the youth of today. If its powers are well researched and presented to students and teachers, they are going to be the biggest fan of it.

IILMGSM

INDIA – AN OPPORUNITY IN CHALLENGE

Blog Catgeory, Campus Blog Category, Faculty, IILM Graduate School of Management, , , , ,

Blogpost By:- Prof Sonika Sharma (OB & HR), sonika.sharma@iilm.edu

Ongoing pandemic has changed our world in many terms. The community of nations has come to realize, how vulnerable it is to a crisis like COVID 19. Despite having all the economic muscle, robust industrial ecosystem and military might, the powerful and mighty countries are found helpless and they are forced to have a rethink about their capabilities. This crisis has blurred the stereotype distinction between developed, developing and non-performing economies. Needless to say here, India is not left untouched by the impact of COVID 19. A country which was on its way to address the core problems like basic education, health for all, raising farming income, rural infrastructure and employment generation has been distracted from its path.

As the old adage says, there is an opportunity in every crisis. India is given a chance to remodel its policies and strategy about developing its huge human resources. A population of 1.35 billion with over 65% under the age of 35 is wealth in real tangible terms. If we take our lessons well from history, we find that Europe rose from the ashes after the Second World War. Japan became an economic powerhouse after nuclear destruction and South Korea joined the club of the developed world.

This pandemic has provided a window to us for raising the quality of our educational institutions who are preparing our students in the fields of scientific research, engineering, medicine, agriculture and management as these are the core areas where a lot of qualitative changes has come and still yet to come. If India desires to be counted amongst the nations having a world-class workforce, this is the time for a serious re-look at our education sector. Best of our students get admission in the premier colleges and universities across the globe and this is a testament to their mettle.

The demand for domain experts will give birth to a whole new class for employment. Students from engineering, medicine, manufacturing and management sectors will have immense opportunities as both government and private sector employers will be willing to pay better remuneration to the aptly skilled manpower.

India can only go upwards from this level of economic health in every sphere. It will be logically correct to say that a whole generation of working professional shall be rendered useless when faced with the new, demanding technological advancement in every field. Revolutionary up gradation in skillset will be the key to success for growth and survival. A very promising future awaits the management students, equipped with the right kind of knowledge and specialization. Next three decades and going to be the growth period for service and manufacturing sectors in India and resultantly the country will become a big employer.

Since 1993, IILM is contributing to India’s growth story by providing responsible education across its 6 campuses with a global alumni network of over 12,000+ members. Today, after 25 years of its inception, IILM has been delivering superior quality education consistently and incessantly. The IILM ethos is focused on identifying and nurturing the next generation of thought leaders through intuitive education and experimental learning.

Written By:-

Prof Sonika Sharma (OB & HR)

sonika.sharma@iilm.edu

Global Production

Will India Emerge as the Global Production Hub?

Faculty, General Blog, IILM Graduate School of Management, IILM Institute for Higher Education, IILM University

Will India Emerge as the Global Production Hub?

Due to the COVID-19 pandemic that originated in Wuhan, China, the world is facing a major existential crisis. This virus has led to massive destruction and deterioration of resources across the world. It poses the biggest threat to humanity as the number of deaths is increasing at a rapid pace each day. The Governments of all countries are trying to cope with this crisis in the best possible way.

Shifting of Manufacturing Base

Amid all this, there has been a shift in the mindset where big companies or Multinational Corporations (MNCs) are planning to de-risk their supply chain and shift their manufacturing bases from China. The major reason for this is the massive disruption caused to businesses due to actions taken in the wake of the outbreak. Globally, business houses are considering India as an ideal place for shifting their manufacturing setups. They are exploring the option of relocating their supply chains to diversify their business operations. This could be seen in the case of the tech giant Apple which is planning to shift one-fifth of its production capacity from China to India.

Moving out of China

Even though, India ranks at number 63 on the global index on the ease of doing business and China stands at 31 which is way ahead of India. But still, the Governments of various countries are expressly promoting the idea and encouraging a production shift by including it in their economic packages. They are actively assisting firms that are taking action to move their manufacturing units to other countries. For instance, Japan is ready to spend a hefty amount of around USD 2 Billion to support its firms for changing their locations from China to other countries or Japan itself. Also, as the President of the US has explicitly blamed China for this pandemic and global suffering, so the other countries are also unanimously supporting this view.

India a Favorable Alternative

India is being considered as a favorable alternative to China, and the Indian Government is planning on measures that could be taken to attract foreign investment. For the purpose, a committee of bureaucrats and joint secretaries of various ministries and departments has been set up. The Government had announced various schemes in March 2020 which are inclined to give incentives for boosting manufacturing setup in India. The propaganda is to reap the greatest benefits during this time due to this shift in mindset where India is becoming an upcoming choice for most multinational organizations. Because of its market size and being a potential hub for exports, along with quality personnel and talent India has a golden opportunity to take advantage of such manufacturing migration.

Diversify

There has been a huge dependence by developed countries like Japan, the US, South Korea, etc. in China because of the availability of cheap labor. There is a popular saying that “Never put all your eggs in one basket.” So, these countries are rethinking and reapplying this strategy and are now expected to help India in the forthcoming years. There are almost 1000 foreign firms that are considering India as a potential destination for their manufacturing setups. Most of these firms deal with mobiles, medical devices, electronics, and textiles.

Relaxing the Norms

If India is going to substitute China as a manufacturing hub in the coming years, then major reforms in the structure need to be implemented and relaxing the norms and regulations for carrying out businesses with ease. The problem that India faces is the lengthy rules and red tape that deters potential investors from grabbing opportunities and taking actions for establishing production hubs. It is a time-consuming process for getting licenses and approvals for starting a business in India. Therefore, there is a need for certain relaxations in these proceedings so that there is a fair chance of attracting business opportunities to the entrants and has the scope to expand and diversify existing businesses. This would boost companies in making their businesses flourish.

India, having foreseen this golden opportunity needs to move faster in this direction and must improve the infrastructure that is a pre-requisite for any upcoming development. The authorities can take pro-active and prompt decisions so that India does not lose this fair chance as it is not alone in this race to attract investment. Many other countries are eagerly looking to grab this opportunity. It is the right time for India to sustain and populate its “Make in India” scheme and become self-reliant or “Atmanirbhar” as proposed by our Honorable Prime Minister. This is the time to join hands and fighting this pandemic to come out of it stronger and prosperous. This crisis has pushed the economy by many years but this single chance of reviving it by becoming the global manufacturing hub ought to be grabbed with both hands.

What are your suggestions for India to capitalize on this golden opportunity to attract investment from global MNCs? Do comment.

Deeksha Garg

PGDM Student

 Dr. Kumar Saurabh

IILM-GSM

The Future of Financial Analytics

Alumni, IILM Graduate School of Management, , ,

The industry has become so competitive; newfound ventures are posing a challenge to the old giants. Time duration has shortened to achieve targets of becoming a billion-dollar company. It took years for Tata, Birla and Mahindra to join the billion-dollar club whereas Flipkart became a $15.5 Billion company in just 13 years. Innovations in computer and IT fields have changed the way we see a business in the last few decades. The Internet is generating data in Gigabytes every day. Financial analysts explore the financial data and use financial ratios to generate meaningful reports for the company and the competitors. In a VUCA, world businesses want to make the strategy for tomorrow with more accuracy. Analytics answers these business queries. A combination of statistical models and computer software with financial analysis can add cherries in the financial reports. Note that, I am not denying or minimizing the relevance of financial ratios or financial analysis.

Top business schools now not just focus on teaching financial analysis and financial analytics because the later one facilitates predictive modelling. In short, it tells us, what is going to be the next?

Financial analytics is a forward approach. It focuses on identifying the business problem first and provides solutions. Financial analytics is a great tool in the field of risk management and investment. Being In the domain of financial analytics, your concerns are not just finance but all the business operations.

Let us see the few aspects of financial analytics-

#1 News Analytics- Stock prices and investor’s sentiments are highly correlated. News is a powerful tool that affects an investor’s sentiments. For instance, analysts commented on the press conferences of President Trump making an upward move in the US stock market. An analyst needs to create a model that can infer the effect of the news. A business school or MBA program students looking for a career in financial analytics must have an insight into the effect of the news on the stock price.

#2  Credit Risk Analytics- Default of receivables affects the liquidity of the organisation. This branch is very useful for banks and NBFCs. It analyses and predicts the future chances of default and the possible clients that may become defaulter in the future. Lending institutions can take preventive actions for such clients.

#3  Revenue and Pricing Analytics– Pricing covers everything whatever an organization does. A small change in the pricing of the product can create drastic changes in the revenue. While changing the price you need to check how you can increase value to the consumer. And the price must be acceptable to the consumer. MBA in Delhi NCR and PGDM colleges are offering dual specialization. Students with dual degrees in finance and marketing can get good opportunities if they are also interested in playing with numbers in statistics.

#4 Cash Management Analytics- This is a proactive approach to forecasting the liquidity and working capital requirement. It is also helpful in inspecting the blockage of smooth flows of payment. It further optimizes and rationalizes the cash management process efficiently. Some management graduates don’t like to go in the field of the stock market and prefer to be in the area of accounting so they can join this field.

#5 Trade and Supply Chain Finance Analytics- MBA, PGDM or BBA students looking to work not in a specific domain but for a business as a whole can be a part of this field. Trade analytics is all about finding new territories and customers for the products. In marketing language, it is about finding a niche market. However, supply chain finance is related to logistics and financing of the supply chain. Businesses want to minimize the cost that results in a minimum price. An analyst in supply chain looks for the possibilities to minimize the cost of transportation.

We have just scratched the crust of financial analytics. There are several possibilities available for students for job opportunities and businesses to minimize the cost and maximize the profitability. Students facing phobia of mathematics and its related branches must understand that mathematics and its interdisciplinary branches will rule the world in industry 4.0.

In the coming times some people will be either making mathematical or statistical models while others might be implementing these models and take major decisions based on them. Keeping this in view, students looking for Business schools or MBA in Delhi NCR must prepare themselves for Financial Analytics as a career option. All they need to do is work hard and exercise effort while pursuing an MBA / PGDM program to gain expertise in financial analytics.

There is a lot to explore in this area, for more information on Financial Analytics & related readings follow my blogs on IILM Blog site https://blog.iilm.edu or write to me at ashutosh.singh@iilmgsm.ac.in. We look forward to students creating a difference.

 

 

 

 

 

The Many Hues of IILM

The Many Hues of IILM

Campus Blog Category, Campus Life, IILM Graduate School of Management, , ,

“East is East and West is West, And the Twain shall never meet.” This was what Rudyard Kipling had once said to highlight the difference between cultures and how they could never actually mix. The melting pot, that is IILM, runs contrary to what Kipling had said. In the world of IILM, one can see the seamless mixture of students from all over India. There are students from as far as Tamil Nadu in the South, Assam from the North East, the far reaches of Rajasthan, and the depths of Himachal.
Life at IILM is all about celebrating the customs of other cultures. Students participate with undiminished enthusiasm no matter what the festival – Onam or Baisakhi. The campus is abuzz with activity whenever a festival takes place. The capacity utilization of the auditorium is always high. There is a constant clamour to celebrate and share. The mess conjures up recipes of a distant land and the students revel in party and fun.
A typical class in IILM can be daunting at times because of the multitude of accents that descend on the unsuspecting mind. The southern drawl is interspersed with the distinct Bengali lisp. The ubiquitous Bhojpuri and the North Indian pun. However, in the midst of all this, it emerges a language so clear that a student never lacks clarity or flair. Even the teachers at IILM are a mixed lot. They are drawn from the vast reservoir of India. The Statistics class is the domain of “Majumdar sir” – where complex numbers get converted into simple solutions. The Economics class is the sole preserve of “Nair sir” – where the propensity to teach is anything but marginal. The Accountancy class is dominated by “Prof. Malarizvi” madam whose penchant for perfection leaves students in a daze. Walking down the corridor of the IILM classrooms can thus, be quite an education – different subjects and distinct personalities in charge of them.

The infrastructure of IILM GSM also breeds the unison for culture. The large green lush landscaped campus which runs over 27 plus provides students after class hours to play, mind storm, and debate on various contextual topics. Its a home away from home, kind of living in a prime suburban neighbourhood that one can dream of –amidst open spaces that encompass lawns, gardens and a driveway. The cafeteria at IILM is a big potpourri. The smattering of English or the whisper of Telugu – and many such wafts of conversation float lightly in the air. The food is quite eclectic too. It can be standard North Indian fare but equally South Indian as well. The different accents, expectations, and experiences converge into a larger whole. It is like the painting of a masterpiece. Different colours, hues and fragrances get mixed but come out as one. Truly – the world of IILM, is nothing but a masterpiece. A painting that has been made with love and care ….that seeks the world with glee.

If you have liked the content, do remember to like, share and comment on the comment section below

Authors Ishu Balia & Prof Anirudh Chakrabarty

Role of AI in Financial Services

Role of AI in Financial Services

Career Development (Placement), Faculty, General Blog, IILM Graduate School of Management, IILM Institute for Higher Education, IILM University, , ,

The emergence of automation has shifted the nature of jobs across sectors. So does the financial services. Financial services are also not immune to this development and are impacted by automation and artificial intelligence. Today, financial services are not limited to brick and mortar structure only. Traditionally, financial services used to be the job of a geeky person with a calculator. The financial industry used to be a paper-intensive industry.

But now, things have changed and the nature of the job has changed from bookkeeping to critical financial analysis. Even the Banking sector is technology-driven and gone the digital way. How one usually thinks about jobs in the financial services domain has already changed or in the process. Do you aspire to join financial services in the near future? What are the future job profiles for you? To answer these questions, one needs to understand how the increasing role of Artificial Intelligence will affect the future of financial services and how you can strive to stay relevant.

Impact of AI on jobs

Artificial intelligence AI will be the cause of great disruption for stable career choices of the financial services sector. According to one estimate, across the globe, about 1.3 million bank workers will lose their jobs. Traditional banking jobs like cashier, clerk, etc. are likely to be reduced by automation. All routine jobs are likely to go away with the increased interference of artificial intelligence/automation.

Artificial intelligence with a combination of Big Data is now even affecting jobs involving critical analysis. The combination of Big Data and AI enables us to make decision-based on humongous data and predict the future. This will thus affect the job of a financial planner, tax personnel, and others. One needs to consider this automation as a wakeup call and as an indication of the need to continuously enhance our skills to remain relevant in this fast-evolving dynamic world.

Emerging Profiles in the Financial Services Domain

On one hand, AI will cut routine repetitive jobs; and on the other hand, it will also create several jobs. It is estimated that in India, more than 50 lakh new jobs in the financial services sector will be created in the next ten years. Fintech is the new buzz word today. It is a combination of Finance with Technology. This Fintech sector will provide new job opportunities to aspirants in the future. ‘Finance Engineer’ and ‘Sustainable Wealth Manager’ are some job titles in the future.

Roles for personalized financial guidance will emerge in the future. Financial advisors who have analytical skills and the ability to translate data into relevant and meaningful stories will be in demand. Jobs in the field of blockchain, mobile wallet, and Robo advisors will flourish. Blockchain and apps developers, financial analysts, product managers, compliance experts, cybersecurity analysts, quantitative analysts, business development managers, and data specialists are few profiles that will be in demand.

Skills for Future Financial Services

The need for highly skilled and tech-savvy financial professionals is rising. In-depth and holistic financial knowledge will be the key to career success in this sector. Data analytics and sustainability are other important skills to sustain and thrive in the future market. ‘Superforecasting’ is an ability that is imperative in the domain of ‘Cryptocurrency’. Superforecasting means objective analysis of all present and past events and breaking down complex problems to smaller pieces.  Key requisite skills are business planning, data analytics, along with knowledge of C#, Java language, Murex language, Python, and other programming languages.

Contribution of IILM in your journey

The teaching pedagogy at IILM fosters a learning environment to enhance creativity, originality, critical thinking, and leadership skills in students. It also inculcates and equips students with future scoped skills.  The focus is two-pronged – traditional teaching to develop basics along with new-age electives like Fintech, Data Analytics, Python, R, etc. to give a perfect blend of modern and futuristic courses. IILM thus provides a complete package to students and makes them ready for financial sector jobs and thrive for career success.

Brand Communities

Nurturing Brand Communities

Blog Catgeory, Campus Blog Category, Campus Life, IILM Graduate School of Management, , , , ,

Humans, since time immemorial, have believed in the idea of community. Evolutionarily, early men lived together in caves in groups; from the hunting of wild to staying in groups helped them protect themselves from the attacks in the night. Even today, on one side the families are becoming smaller and nuclear, people still sought out for approvals from families and friends in any important decision making, be it a marriage proposal to style to buying anything expensive, everything in us is borrowed and is further, lent.

This article is about how brands can shape, nurture, and mature indispensable communities, the kind of communities that offer worth impossible to capture anywhere else.

Any indispensable brand community are built on four pillars

  1. Members motivations for valuable contribution
  2. Define what engagement you want to create for your prospects
  3. The balance between what as a brand we want to achieve versus what members in the community want
  4. Make it easy for people to communicate with you. Communication = community

Member’s motivations for valuable contribution

What’s interesting about humans is that they cannot do without society and cannot do with society. We need our own space and despise the interference of others but we also need people to comfort us, care for us, talk and work with us and socialize with us. Even while making any decision or coming to a conclusion, we take into consideration the viewpoint of others. No matter how small or big the decision is, we have a reference group that we get in touch with and who influence our choices.

The reference group can be brand advocates, consumers who are motivated enough by the initial purchases that they ascended in the consumer journey to buy more or brands spokesperson themselves. The best place to start a brand community is by using company customer database and ranking them on their purchases. A consumer who had been buying for long and has been spending more can be taken as the master communicator in the community. A brand needs to be trying to turn members into allies by supporting them through their consumer journey of awareness, first purchase, engage, excite, repeat purchases, advocate, and promote. The best communities get their members to advocate, lead, learn, provide insights, educate others, support, and stand up for the brand when it is hit by negative commentaries.

Many renowned business schools are creating such communities in the form of clubs. For example, the IILM Graduate School of Management has over 30 offline traditional and online communities. From traditional clubs like sports and cultural clubs to more modern new age clubs like movies, digital marketing, economics, HR, and simulation clubs that connect with the students beyond classroom hours to make them learn class concepts through real-time practice and engage them more meaningfully.

Do visit IILM Graduate School of Management Facebook page (https://bit.ly/2Ywev2N) and site(http://www.iilmgsm.ac.in/) to know more about the communities inside the campus.

Define what engagement you want to create for your prospects

Every community has its own innate needs for engagement. Be it a small non-formal what’s app community of school friends or formal brand or consumer-driven social network sites like Facebook or LinkedIn communities. The innate needs of each community are so distinctive that brand engagement in each of these communities needs to be planned accordingly. Many of these consumer communities are an easy escape from the mundane impact of culture and society to follow one’s individual preferences and brands need to find these distinctive needs and position themselves strongly there. For example, in the climactic scene of the popular 2010 film, Sex and the City, the protagonist Carrie Bradshaw and her group of friends find themselves surrounded by many middle-eastern women who have kept themselves covered but they reveal they love New York and the fashion. They show their latest wardrobe which is the latest Spring Collection but keep this just among themselves as this won’t be accepted in their community. But again, these women have this close-knit community of theirs where their preferences and choices survive amongst themselves. Imagine brands like Victoria Secret, Rent the Runway, Rebag and MM.LaFleur could have got these middle-eastern women in their communities.

The balance between what as a brand we want to achieve versus what members in the community want

In 2009, the HBR published the famous story of the Harley Davidson Owners group. In the early 1980s, the besieged motorcycle company built a powerful network of Harley Davidson owners across America. This turned the company from the rim of insolvency into a company worth $7.8 bn.

Many times community members divulge into jokes and irrelevant issues over valuable content. Such communities fall from the ladder of valuable contributions and they find it very hard to climb back. Brands need to understand that the communities need to be driven towards a common purpose: The purpose of brand building, introducing new products or addressing issues.

So companies must try to find the following regularly.

  • How many community members are advocating and attracting new consumers
  • Are members buying more as a result of the community
  • Are members generating useful product ideas
  • Is the community solving other members product-driven issues
  • Is the sales increasing because of the advocates in the community
  • What is the ROI on driving such communities

Make it easy for people to communicate with you. Communication= community

Studies show consumers value human-like communication from brands.  Research shows that 57% of consumers have increased brand loyalty for the brand that shows humanistic behaviour (Andrew,2018).

Communication is the basis of all that a brand does, which means you need to make it easy for your followers to talk to you. At the same time, how a brand communicates on each networking channel needs to be different. The way you communicate on Facebook will evoke a different response if you tried the same method on Twitter. So it is important for brands that they are present in the desired network community sites where their segment audience is. Right from question stickers to stories all add up to drive a thriving community.

Though day by day we are turning inwards and maybe, introspecting ourselves, still we are by nature social and we like to have a sense of belongingness. Honestly, we wouldn’t even have realized it till now and now, there’s no better time than this when isolation from the community has started to look like a challenge and have started instilling  fear in us: fear of oblivion

References

https://www.thedrum.com/news/2018/11/20/study-shows-consumers-value-human-communication-brands

Authors:

Dr Sumanjit Dass

( Asst. Professor Marketing)

IILM Graduate School of Management, Greater Noida

Ms Medha Ghosh

(Management student of IILM GSM, PGDM Batch 2019-21)

 

 

 

Campus Placement

How to Get your Dream Job?

Blog Catgeory, Campus Blog Category, Career Development (Placement), IILM Graduate School of Management, , , , , , ,

‘’Go confidently in the direction of your dreams. Live the Life you have imagined.’’ David Thoreau

Why do young students aspire to be part of a Top B-School? Do you remember the first time you were inspired to make it big in the corporate world? As a professor on the Industry track at IILM I am always amazed by the aspirations, enthusiasm that the bright young students bring to B-School when they step in at IILM – starry-eyed, big dreams! At IILM we try and give shape to these dreams, getting them ready for their next leap towards a successful career.

The first Job from campus is always the most cherished one and I still remember the day when I received multiple job offers during the two day placement season at the B-School campus placements during my MBA back in 2003. The year was still a recovery phase in several sectors as the economy was recovering from the Dot-com bubble burst in the year 2001. Circa 2020 and we are in the middle of looking up to the new normal that beckons at fresh graduates wanting to join the Economy in June – August Season. At IILM we believe in working with loads of passion for the students’ careers. A testimony to the statement can be found in the way the students and faculty mentors have engaged beyond the classrooms to get a whopping 430+ Job Offers including 225 Job Offers at IILM GSM Campus as part of the final placement cycle that turned out to be a success (sans the impact of COVID in Mid-March 2020). We would like to keep this article as a testimony to the hours spent in making the twines meet and for the future  batches at IILM in the new normal (Post-COVID)

  • Bringing attention from 150+ Companies: IILM believes and works in student based principles. Based on the emerging trends picked up during interactions with the students, the placement team has interacted with over 180+ companies during the run-up to the placement season beginning Early September 2019.
  • Great Candidates find a way to their dreams: The graduating batch saw several examples where students lived up to the challenge to find a way to landing their dream jobs in companies starting with Consulting Companies such as Deloitte, EY, CIAN Analytics, Benchmarking Six Sigma to the FMCG Majors and Retail such as Marico, ITC Ltd, Reckitt Benckiser Plc, Café Coffee Day, Colgate, Khimji Ramdas. The season continued to see a steady upswing in high CTC job offers from EdTech Majors with Byju’s (Think & Learn Pvt Ltd), LIDO Learning picking up students. New Sectors Companies included Square Yards, Future Generali, PhonePe, Wedding Wires, Regalo Kitchen. The BFSI Sector covering HDFC Bank, HDFC Ltd, ICICI Bank, IDFC First Bank, Axis Bank, Bandhan Bank made a significant impact on campus with more than 60 offers at Greater Noida and 120+ across NCR. The complete list can be accessed at http://www.iilmgsm.ac.in/about-placements/. This is also testimony to the HR professionals who have extended their working hours to conclude placement processes at IILM as part of their recruitment calendars. We wish to extend gratitude for their support
  • Salaries are an Outcome of the Roles: Salaries have gone up by 20% in several companies while the average salaries in the Top 50 percentile of Job Offers for the graduating batch also went up by 25%. This year also saw a new maximum of 8 international job offers for Team Leadership Roles. Based on the needs of the industry, CDC Team has continued to meet with stakeholders in the industry from August last year until the COVID lockdown stopped us in our tracks in ides of March. IILM spent over 2000+ man-hours in engaging with the companies to review the student resumes and select the best possible jobs for the students.

All this would not be possible without the tireless efforts of placement team, students and faculty mentors who to spend additional several hours guiding the students with the necessary skill sets that will make them industry-ready.

  • Student’s Goals: Placement cell engages the students directly in placement oriented activities that allow them to have a very direct understanding of the requirements in the companies as well as mapping the dream companies from the student’s journey from the first year into the second year post their internship. IILM strong focus on benchmarking its pedagogy with the best B-Schools provides the students with an ambient ecosystem for scaling up their skill sets to the next level.
  • Prepare, Prepare and Prepare: Every dream company on a student journey starts with a plan. At IILM, the placement team engages with the companies around the year through industry sessions from stalwarts in the industry beginning with the orientation course, the industry http://www.iilmgsm.ac.in/event/national-seminar-skills-employment-for-industry-4-0/ ; Principle of Responsible Management (PRME) and several more sessions through placement workshops which provide the building blocks for all students to listen and network with professionals, enhance their grasp of the industry. Students are also part of several club activities including a vibrant Student Committee on Placements (SCOP 2020) which worked with placement manager and placement heads to bring hundreds of job profiles that bring joy to the eyes of the students who believe they can be part of the India growth story.

IILM is a microcosm of One India covering the 18 states and over the last two years that the students have spent on campus preparing themselves for the job roles, we are more than happy to have been able to connect students with a company that becomes their new launchpad for their long career road map ahead.

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