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T A Pai Management Institute Manipal, Karnataka
About TAPMI T. A. Pai Management Institute (TAPMI) is a premier management institute situated in Manipal and is well known for its academic rigor & faculty-student interaction. The Institute has been recently ranked amongst the top 1 per cent of B-schools in India & 2nd in the South Zone by The Week Magazine. Founded by the visionary, Late Shri. T. A. Pai, TAPMI’s mission is to provide much needed impetus to the task of building professional management capability in the country. In the process, it has also played a role in strengthening the existing educational and health infrastructure of Manipal.
Our Mission “To excel in post-graduate management education, research and practice” Means: •By nurturing and developing global wealth creators and leaders •By continually benchmarking ourselves against best in class institutions •By fostering continuous learning and reflection, achievement orientation, creative interdependence and respect for diversity. Value Bounds:
•Holistic concern for ethics, environment and society. PRATIBIMB | September, 2016| 2
DIRECTOR’S MESSAGE
Dear Students, At TAPMI, we have belief in shaping our students into transformational leaders. They learn managing, not to maintain the status quo more efficiently, but to question it and cause for the better. This involves their willingness to negate what is, and progress towards what can be. The academic rigour, the industry conclaves and the plethora of activities, all help in moulding our students into making them truly transformational leaders of this kind. It is in this context that the role of our inter B-school magazine “Pratibimb” becomes more pertinent. The magazine acts a window to the intellectual discussions among the academic circle within the campus and also encapsulates the prevailing thought process in the corporate world. This month’s issue is of particular importance as it covers one of the most important topics “Creative Destruction” as the central theme. More than just throwing renewed challenges, creative destruction is also fundamentally reshaping the way in which the art of management is being practised. I am sure that the editorial team has succeeded in bringing forth different perspectives about this and make it an insightful read for all the readers. Wishing all the very best to the Pratibimb team.
Dr. R. C. Natarajan Director, TAPMI
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Editor’s Message It gives me great pleasure in welcoming you to the first issue of PRATIBIMB for the academic year 2016-17. The theme of this issue is “Creative Destruction” – a concept that is identified with Australian American economist Joseph Schumpeter. With technology evolving at a rapid pace, old school approaches and methodologies are becoming obsolete and new ones are emerging at a lightning speed. Innovative thinkers are coming up with new business models that are threatening existing players from the least expected corners. Thus, it is absolutely essential for the
leaders of companies to stay on top of their game and be adaptive and supportive of innovation at the same time. This edition contains opinions and articles from B-School students from both inside and outside TAPMI. In addition, it includes comments from industry experts about the Creative Destruction and the impact that it has made in their respective fields. It also involves the opinion of Mr. Sanjay Thirumalai, Managing Director – Grant Thornton Shared Services Center. In an interactive session with the students on “Future Proofing Your Career”, Mr. Thirumalai spoke about disruptive technologies in-depth, how it has rapidly evolved over the years and its impact on the future.
In between editions, TAPMI was host to some major events such as Atharva, Manthan, and COBCAM. The second edition of COBCAM, which is the annual Banking and Finance Conclave, was held in Mumbai and was a great success. Last, but not the least, our very own TAPMIans share their opinions about Creative Destruction on “The Whiteboard.” Enjoy the read. Mayukh Bhattacharya, Chief Editor, Pratibimb
Student Editorial Board : Aditi Nishtala, Nayan Saraf, Rashi Priya, Sreehari N Design Team : Aparajita Paul, Sreeram T M Ex-Officio Editor – in – Chief : Prof. Aparna Bhat Faculty Advisory Board : Prof. Sham Ranjan Shetty, Prof. Kedar P. Joshi, Prof. R. C. Natarajan PRATIBIMB | September, 2016| 4
Expert Speaks
MANAGING DIRECTOR – GRANT THORNTON SHARED SERVICES CENTER
In an interactive session with the students at TAPMI, Mr. Sanjay Thirumalai explained a topic close to his heart Future proofing your career. He divided the session into three sections- “Disruption”, its implications on career and the tips to navigate. Mr. Thirumalai started off by explaining disruption and that it has multiple dimensions. For further clarity, he mentioned VUCA (volatility, uncertainty, complexity and ambiguity) and that the Brexit is a symptom. He then showcased a New York Times video- ‘A Day in the Near Future’ by Carla Diana, to shed light on a possible future and its technologies. He further listed different types of disruptive technologies- artificial intelligence, 3D printing, robotics, self-driven car, gene-editing, MOOC (Massive Open Online Course), wearables and Internet of Things. As for its implications on us, he stressed on the impact that disruptive technology will have on jobs by illustrating of how driverless cars could affect the automobile industry. Another example regarding how PC companies such as IBM, HP, and Dell were overshadowed by software companies such as Microsoft and Google, put further emphasis on the issue. An Oxford report on probability of job losses by profession and a McKinsey report on how 45-60% of the work could be automated by 2030 were also shown. Moving ahead, he explained how artificial intelligence will play a major impact on the knowledge world. He explained how smart machines can pose a threat for us. He explained how WATSON health developed by IBM, is regarded the world’s leading oncologist. He emphasized that early stage diagnostic results for lung cancer was 90% by WATSON whereas only 50 % among human doctors. Another IBM product- ROSS, an artificial intelligence lawyer can complete work which takes weeks for humans, in some minutes. He also named KENSHO and Narrative Science which
can do work of financial analysts and journalist respectively. Robotic Process Automation is used by
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Expert Speaks “...it is an important issue now because of three factors- exponential pace of change, scope ranging across industry and its impact on knowledge workers…”
Grant Thornton for repetitive tasks. Mr. Thirumalai stated that it is an important issue now because of three factors- exponential pace of change, scope ranging across industry and its impact on knowledge workers. With reference to a study, he stated that a technological change is evident when it has affected approximately 25% of the U.S population. Listing various technologies, he explained how the duration for the affect was reducing with each innovation from 46 years for
electricity to 3.5 years for social media. He stated that technology has now started competing with highly skilled professionals. To conclude the section, he used the quote of the famous baseball player Yogi Berra- “It’s tough to make predictions, especially about the future.” Moving ahead, he listed the jobs which will remain unaffected as Geeks (engineers, technologists, scientists/ researchers), Creatives and Performers (designers, sportspersons, entertainers, etc.), Empathizers (counselors, facilitators, relations/experience manager), Technicians and Domain Experts (machine operators and specialists), Thinkers and Leaders (big picture problem solvers, motivational leaders, etc.), and Capitalists who can fund the above. He further stated the possible scenarios as Utopian-unleashing human potential or Dystopian-chaos and destruction. The Dystopian world scenario predicts unemployment and inequality, cyber-attacks and robot errors, and singularity (robots against humans). On the other hand, the Utopian scenario predicts abundance and safer world, wherein people work for pleasure which could lead to breakthroughs in scientific
research. He concluded that the reality is somewhere in between. On what measures can be taken, he suggested the introduction welfare measures to tackle inequality and unemployment by Governments, the re-skilling of workforce in companies, and
multi
-disciplinary conceptual or experimental learning and creativity and critical thinking in the schools and colleges. As for individuals, he suggested employability in creative problems and finding purpose and happiness beyond work. He also quoted Voltaire- “Work saves us from three great evils: boredom, vice and need.” to showcase how individuals nowadays focus too much on work at the cost of happiness. Additionally, he added another quote that “Paradox of work is that many people hate their jobs but they are considerably more miserable doing nothing”.
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Expert Speaks Further, he stated that an individual should look for happiness and success. Firstly, he differentiated happiness (liking what you get) from success (getting what you like). He later listed eleven parameters to describe happiness and success. He hand-picked ‘Gratitude’ as the parameter that leads to happiness and is the base of happiness. He classified the rest of the parameters-five each for happiness and career success. He listed the five parameters for career success as responsibility, empathy, curiosity, humility, and resilience whereas the five for happiness as experience,
relationships, purpose, humor, and health and mindfulness. He stressed on the importance of how one should not forget happiness while running behind career success. To end with, he spoke of a personal experience when he met with an accident and realized his purpose was more important than career.
“Work saves us from three great evils:
boredom, vice and need”
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Students Speak
Anil Shankar, TAPMI
Although Schumpeter is credited with the coining of the term, creative destruction was vividly described in Hinduism. According to this religion, among the pantheon, there are three all-powerful gods: Brahma, Vishnu and Shiva. Brahma is the creator of the universe-the supreme architect, Vishnu is the protector while Shiva is considered as the personification of destruction. Once Brahma creates the universe Vishnu protects it for a period, and when the time comes, Shiva destroys the creation so that Brahma can again start the creation. Now this cycle of creation, preservation and destruction is a never ending process. We can find similar concepts in other cultures too. The Greeks believed in a mythical bird, called Phoenix, which was said to have a life span of 500 years. Once this span was over, the bird would build its own funeral pyre and be consumed in it. But from the ashes, a new phoenix bird would rise and the cycle would repeat. The famous nineteenth century philosopher, Friedrich Nietzsche, also introduced the idea of creative destruction in his work Zarathustra. But it was Werner Sombart, the famous German economist, who first used the term creative destruction. It might have been possible that both Schumpeter and Sombart were indirectly influenced by Nietzsche’s work, although no concrete proof exists to prove the same. The concept of creation and destruction is the underlying principle in almost all walks of life In fact, it’s an essential feature without which, our entire system might collapse! When it comes to our daily lives we often witness the decline of products or technologies, so that a better one can take its place, the examples of which are many. There are also examples of companies forgoing their
traditional
business overtime to become a market leader in a new and more promising area. Clayton Christensen, who coined the word “disruptive innovation”, observed that there are business units which find it difficult to go around disruptions. According to him, an established player always finds it difficult to change his entire product or service range to go after the disruptive innovation that
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Students Speak challenges them. This is because of the fact that to go after the disruption would mean to walk away from a product which has been very profitable and had a large customer base. But some companies countered this problem by starting another business unit within itself to go after the disruption, and let the existing ones continue making profits. Eventually, the old units would succumb to disruptive innovation from the new business unit, as the company as a whole undergoes creative destruction. It
is under these scenarios wherein the concepts of disruptive innovation and creative destruction are closely tied.
‘Netflix’ started off its business by mailing DVD’s to its customers. Customers could choose the movie they wanted to watch (on Netflix’s website) and the ordered DVD would reach the customer via mail. Now this was a disruptive innovation and enterprises like Blockbuster were badly hit. Netflix had taken the market by storm which led to the bankruptcy of several enterprises like Blockbuster. Reed Hastings (the CEO of Netflix) foresaw that selling movie DVD’s would soon be replaced by streaming of the movies via internet. Netflix slowly changed its strategy and shifted their whole business from selling DVD’s to streaming of movies online. This change of strategy helped Netflix to dominate the industry. The case of Netflix is hence a perfect example of both creative destruction
and disruptive innovation going hand in hand. Another great example is that of Kodak. Kodak was the market leader when it came to cameras in its ‘heydays’. But it misjudged its customers very badly. Kodak did not anticipate the rate at which consumers would adapt to digital cameras. In fact, one of the first digital camera was invented by an employee of Kodak, named Steven Sasson. But even though Kodak tried to adapt by embracing digital photography, it realized that it was too late. They found it very difficult to change their whole product line which eventually led to its decline. It is here wherein the genius of Netflix should be admired. Unlike Kodak, Netflix saw the writing on the wall. They knew that in order to survive and be
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Students Speak a market leader, they had to constantly adapt themselves. It’s clear that enterprises which adapt themselves to changes succeed and the ones who neglect disruptive innovation and concentrates on short term profits, succumb to the dark side of creative destruction. Creative destruction does have its negatives. For example, the emergence of Netflix caused Blockbuster to go bankrupt. The DVD technology literally wiped out the video tapes rental business. In the US, the Bureau of Labour Statistics estimated that the video rental business had created about
80000 jobs by 1985 which increased to 170000 by 1999. Blockbuster, which was the dominant player in the industry, created around 60000 jobs by 2004. They had more than 9000 stores during the same period and was at its zenith before things started falling apart. As enterprises like Blockbuster started closing down, it resulted in huge unemployment. But in the long run, the customers were the ones who benefited the most due to availability of better services/products for cheaper prices. And hence, even though creative destruction does lead to short term turbulences, in the long run it benefits the market. If we look from an eagle’s point of view, any change which requires new structures to be built, the old
ones have to be demolished. And this transition is generally accompanied by short term losses which is a price that one must pay. The best example is the whole process of evolution. Dinosaurs once ruled the earth. But it was the extinction of these species which lead to evolution of humans. Again, the transition wasn’t easy. But that short term loss, was a necessity for evolution to take place. Creative destruction is a never ending process and is an ingrained characteristic of nature itself. Just like the legendary phoenix bird, sometimes somethings have to be burnt so that a better structure may rise from the same ashes. And hence creative destruction!
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Students Speak
Diya Susan Mathew , Symbiosis Institute of International Business
From manual inventory management to SAP, from data mining to data analytics, from contract labor to artificial Intelligence, the world of supply chain management has undergone a radical shift over the last few decades. The industry has been quick in phasing out old and redundant practices while at the same time being extremely welcoming to new ideas and practices. The concept of creative destruction has never been more apt. The fall of industry bigwigs like Xerox and Kodak in the recent years is clear indication of the same. The industry has taken cognizance of the gravity of the situation and has been consistent in its efforts not only to streamline and optimize end-to-end operations but also to provide the customer with a satisfactory experience. The sheer complexity and the prominent role played by the supply chain in the profitability of the organization, makes it an extremely important function of the business. Several MNCs such as Mc Donald’s and Coca-Cola attribute their success to their emphasis on supply chain efficiency. Over the last few years, there has been a paradigm shift in the methods adopted for supply chain efficiency. Earlier, what came under the purview of ‘logistics’ and ‘operations’ and a host of other
The ”gale of creative destruction” is the process of industrial mutation that revolutionizes an existing structure from within, incessantly destroying the old form while creating a new one. In other words, the death knell will be sounded for any product, practice or company that fails to remain competitive— Joseph Schumpeter
smaller functions, has now come under the umbrella of “Supply
Chain Management.” This has empowered managers to look at the entire chain from a holistic perspective and focus on value addition
to
the
business.
Integration of the supply chain with various ERP systems for inventory
management,
production tracking and quality control has greatly improved the flexibility and responsiveness of
the system as compared to the age old manual entry methods. Companies earlier used to collect data from ERP systems but now they are learning to use the data to predict future trends and protect themselves from risk. Supply chain analytics or the use of data driven decision making in order to
enhance the efficiency and competitiveness of the supply chain is increasingly coming into focus. In
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Students Speak other words, the death knell will be sounded for any product, practice or company that fails to remain competitive. Reducing per unit scrap and ecological footprint, which were not even considered a few years ago, are the focal points of today.
The death knell will be sounded for any product, practice or company that fails to remain competitive.
The customer centric approach employed today would have been unthinkable as recently as a decade ago. Relying on traditional systems is becoming increasingly difficult as the complexity of supply chain operations increase. The mix of global operating systems, pricing pressures and ever increasing customer expectations along with economic impacts such as rising fuel costs, global recession and increased competition among several others is playing a prominent role in increasing the waste in the supply chain system. The need of the hour is a minimalistic yet comprehensive supply chain in order for companies to gain strategic advantage in this dynamic business environment. Getting rid of
the old and ushering in the new is the way forward. Only those organizations that can successfully destroy their outdated practices and creatively adopt new and better ways for their operations will remain competitive in the years to come.
The need of the hour is a minimalistic yet comprehensive supply chain in order for companies to gain strategic advantage in this dynamic business environment
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Students Speak
Kaveri Sinha , Wellingkar Institute of Management, Mumbai
Take a moment out of your smart-phones and think of the times when there were no smartphones, or rather no mobile phones at all. Go back to the times when there were no Uber or Airbnb or WhatsApp. You can think of those times because you have
lived that age without technology, but probably your kids wouldn’t know of that! For one simple reason that technology is getting on to our nerves and has made our lives bound to our smart-phones and internet. From buying vegetables to houses to luxury cars to expensive crystals, you name it and you will get it online. And so much for what – the answer boils down to only 3 things, firstly, new businesses, sec-
ondly, customer experience and thirdly, operational efficiency. Technology is now on
“...any business is set of to fill the need gaps of the people and make profit out it. So not just the IT companies but others have joined this race too because they have also identified that technology is the next big thing happening when it comes to customer experience and convenience”
a role to take over all the
businesses
in
almost every sector. It is more like re-shaping the world. Companies are
investing
in
superior technological infrastructure
and
human resources. IT
giants like Google and Facebook are paying millions of dollars to hire and maintain highly qualified engineers or designers to stay ahead in the race of technology. As a matter of fact, any business is set of to fill the need gaps of the people and make profit out it. So not just the IT companies but others have joined this race too because they have also identified that technology is the next big thing happening when it comes to customer experience and convenience. We all must be by now aware of
or at least heard of concepts like SAAS and PAAS but companies like John Deere and Caterpillar are
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Students Speak now coming up with machine as a service. John Deere already has digital laced tractors which identify the moisture in the soil and how much to water it. They have now identified that farmers don’t need these tractors on daily basis and thus may not be worth the cost for them. So they are giving out tractors as a service on hourly basis. Hence, new business-check, customer experience-check! Digitization in business should not be just confined to the businesses only otherwise they will not have much option left for scaling themselves up. The key point here is, to involve the whole eco-system, it should benefit two major stakeholders involved: the customer and the business. Startups like TRUCKSUMO, which aggregates the logistics business, and WowTables, which curate your menu at your choice of restaurant, are now setting on. Sectors like healthcare, banking, power, online shopping are all becoming a part of the technological environment. Yahoo, being a technological giant couldn’t survive and is now sold out to Verizon because it couldn’t match up to the competition that its other rivals had to offer to its customers. Similarly, Nokia faded out when smart-phone era came in and is now struggling to catch up. It is very important for the companies to realize the changing trends and move-on rather than being stubborn about their pet-project! Clothing stalwart, Zara has set benchmark in its customer satisfaction category and inventory management by the use of RFIDs. The tag at the side of every garment has a barcode which keeps a track of which garment has how many pieces in the stock, which garment is at which store, which piece just got sold, if the size of one particular cloth is not available at a store, which nearby store has its stock. So now if you don’t get your size jeans at Zara, Palladium, you can walk up to them and ask if it is available at Zara, Infinity2. PayTm is another example of technology at its best. Mobile to mobile transfer of funds not only to your friends but also your taxi driver and around the corner juice vendor is so convenient now. Basically all of them are trying to put customer’s convenience above everything else. Some companies are fore sighting these needs, and building their business on this anticipation. Virtual reality, augmented reality, analytics are few such things which are on its way towards their boom. These technologies are taking off from gaming consoles to simulation of jobs like open-heart surgeries and flying an aero plane. SAP is using augmented reality based assistance in warehousing. Airbus uses 3D real time factory simulation for design and monitoring. Ikea is conceptualizing on the idea of future kitchen, wherein if you place a vegetable or fruit on its slab, with the help of augmented reality, they will show you the nutrient content of the food and its benefits.
Also if you place 2 products it will additionally tell you the food to be prepared out of them. These -
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Students Speak technologies are driving us towards maker’s economy. These business models could be anything, ranging from rental economy to subscription to freemium to marketplace. The coming generation is going to have their world on their fingertips so getting customers on board would not be a challenge for the companies. The main roadblock could be infrastructure and its maintenance. But with the advent of cloud based services and crowd funding, that problem would also be solved. Sometimes companies fail to take a multi-dimensional view of their surroundings and so even if they start with a really great concept, they might not be able to survive it. In technology war space, every day they give have to come up with something new to keep the customers hooked on, or else they might end up being left out of the race. But have we thought, what will happen to the existing businesses if these technologies come in? What will be the future of ATM machine manufacturers, if we move towards a cashless economy? There is still a debate on the future of brick and mortar stores with so much of online shopping stepping in. Basically, the companies, irrespective of their industry, need to be on their toes and keep on innovating on how they cater to their audiences.
“...coming generation is going to have their world on their fingertips so getting customers on board would not be a challenge for the companies�
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“Lot many things are happening in the digital space. OTT platform is just one such things. Virtual reality, which, right now, is picking up, could change the complete dynamics of this whole industry. In the future, you probably might not need theatres but just a head gear and enjoy the movie at home at best view and be part of the whole immersive process. There are expectations of many such things which would disrupt our industry. For example, linear TV is going out because of initiatives such as Tata Sky recorders now record the shows and you can watch it later. Also OTT platforms such as Eros Now, Hot Star, and Ditto are making TV redundant. By doing so, the Television is getting killed in the long-term, which already has started in India. TV also has now become smarter with apps that you can download, with which you can watch movies just like you watch it on mobiles. The full concept of TV might change into on-the-go as-per- yourwish content revolution. After 5-7 years, augmented reality might take over. Let’s see, it’s a whole volume space where you can’t really predict but just be a part of it and move with it.” ~ Mr. Dinesh Modi, CFO – Eros International
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“You have interesting developments like e-governance happening now. Across the country, you need to connect with every gram panchayat. Through Internet of things (IOT), every device will come with an internet ready feature. Most of the things we do today will be in the realm of IOT. Big data is going to enable huge amount of analytical ability in the industry. This data will be made available partly through IOT and partly through businesses which have been digitalized. In India, everybody is not yet internet savvy, and with this transformation, internet will become a part of our daily life.” ~ Mr. Venkatesh Bhat, CFO – Atria Convergent Technologies
“From the governments point of view, it is a creative destruction for traditional banks because in most cases we depend on banks for most payments. If payments banks provide a more convenient form of payments to vendors it will be a big threat for traditional banks. Banks must be innovative and come up their own solutions.” ~ Prof. Arup Choudhary, President – Acasia Global Consulting
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“E-commerce is not new. There are a lot of innovations that are happening. For example, the whole cash on delivery concept was an innovation because it was something the market needed at that point. There are a lot of innovations happening in the payment space, for example, how easy can you make it for the customer to complete the payment. Look at Amazon’s patented one click solution. If I am a customer and I want to buy something, everything is already mapped at the backend, I just press the button and it’s delivered. You don’t have to enter a lot of information or wait for things to happen. So, these are specific innovations that have already happened and of course there is room for more. There is room for innovation in terms of how you market to customers and also in terms of how you breach this online-offline barrier. People are a bit wary about going online so how you can encourage them to try more. So, these are small innovations. But if you ask me if there is a big disruptive innovation that is coming very soon and will change the game, I don’t see it coming.” ~ Mr. Pratham Hegde, Head – Devices and Global Advertising Analytics at Amazon
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Our very own TAPMI’ans pen down their thoughts on Creative Destruction –
"For me, creative destruction is a philosophical term rather than a
business jargon. It is a philosophy of having the need to create something new by destroying something old. This old could be anything such as thoughts, opinions, beliefs, theoretical frameworks and many more. In short, it is a complete reincarnation. Those who will imbibe this philosophy will rule the world, and those who won’t, would perish sooner rather than later." - Nayan Saraf, 2nd Year (PGDM-BKFS)
"When something is destroyed, it is only because something is
created! Our life has been revolving around creations and disruptions. The humble telegraph, which conveyed important short immediate messages was destroyed with creation of emails and the e-mails are slowly getting destroyed as instant messaging spreads its web. The Japanese creations like Kanban completely revolutionized the operations management area while destroying the age old established practices for the benefit of the mass. In the world of sports too creative destruction have taken over. The day is not far when technology will completely replace the on field umpires and referees who are officiating the games. And just as the Phoenix destroys itself to create a new one from its own ashes, creations will continue to occur from the destroyed parts of its older self. “- Krutarth Vashi, 2nd Year (PGDM)
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Our very own TAPMI’ans pen down their thoughts on Creative Destruction –
"The conspiracy of destroying the essence of what can be creatively
remodeled, to fit into the ever evolving world around us and then calling it ‘revolutionary’ and its previous version ‘outdated’. That is what Creative Destruction is through my eyes ." - Aditi Nishtala, 2nd Year (PGDM)
"New age, new innovations – through defining bold changes can come
and replace our lives as we are. Here we need to make tougher decisions of how to let or not to let our lives being affected. May be that is the only way we can create ourselves for better in future.” - Aparajita Paul, 2nd Year (PGDM)
"Change is the essence of an evolution. In the business world,
with the world changing around us every second, one needs to constantly create and innovate new business avenues to stay ahead in the game. Creative Destruction is one such trump card, which might destroy the existing but gives birth to a creation which can make you the ace of spades in the future “- Rashi Priya, 2nd Year (PGDM)
"Internet of Things, the very name suggests it magnanimity. Imagine
walking into a retail store and being exposed to smart shopping experience. Imagine being able to detect a heart attack hours before the situation worsens. Imagine a world where everything you own is “virtually connected” to help you save time, energy and lives!” - Sonam Singh , 2nd Year (PGDM)
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Our very own TAPMI’ans pen down their thoughts on Creative Destruction –
"We are living in a world where technological advancements are
happening by the minute. From telecom to automotive to even home appliances, there is virtually no sector which hasn’t been affected by this transformation. Shrinking product cycles, incessant product and process innovations, all are adding to the challenges faced by the decision makers at the helm of these industries. Hence, creative destruction as an economic construct is more relevant now than it was ever before.” - Sreehari Nandakumar , 2nd Year (PGDM)
"Pokémon Go is currently taking the world by storm, which is
nothing but an augmented reality Pokémon scavenger hunt. Virtual Reality Gaming is already trending in the market. The launch of Google cardboard and Daydream VR platform, and the much awaited release of VR headsets- Facebook’s Oculus Rift, PlayStation VR and HTC Vive have taken the medium mainstream. VR headset tracks the head movements in a three-dimensional world, making it ideally suited to games and even movies. This immersive technology will give us a gaming experience like never before and that is creative destruction in the gaming arena according to me.“- Rinky Sangtiani , 2nd Year (PGDM)
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The 29th edition of Atharva – the annual B-School Fest of TAPMI, was conducted on the theme – “Digitizing the Future”. It kicked off on 30th January, 2016 with Sankalp, TAPMI's business plan competition, which has stood true to its name by testing the determination and creativity of those who dream of treading the challenging path of entrepreneurship. The event tests the business acumen and feasibility of the plans through rigorous rounds that tests their application skills across all domains of management. This year, 81 teams registered for the event out of which the top 8 proceeded to the final round. The second event - inFINity is Atharva's premier Finance Event. Currently in its 5th year, inFINity has gained a reputation for being one of the most challenging financial management events in the B
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-School Festival circuit. This year, inFINity has sought to stretch the managerial skills of tomorrow's financial stalwarts to its limits. 2016 witnessed inFINity expanding into three rounds of competitions. While the first round consisted of an elimination-based online trading round, inFINity broke new ground with a Merger and Acquisition round and a Macroeconomics based round during the oncampus phase of Atharva. Third was Make your Mark, the flagship marketing event of Atharva, which provided a platform to the brightest minds in the country to battle it out to find out what it takes to excel in the field of marketing. The event has put to test the qualities essential to be successful in the world of marketing. This year Make Your Mark witnessed a whooping number of 260 participants from 36 of the best Business Schools of India. Next up was sHRishti -The HR extravaganza that offers a unique platform to students to taste the flavour of the corporate world. Started in 2015, the exclusive HR event is relatively new. This year
sHRishti expanded to 4 rounds making it more challenging for the participants. Xpressions - the lighter side of this management fest provided a platform for students to showcase their talent. It is one of the biggest cultural fest, gathering talent from all prominent colleges like MIT, SOAHS etc. Atharva was also successful in engaging the TAPMI student base by conducting intraTAPMI events like Khoj- a treasure hunt, Point and Shoot- a Counterstrike competition where the gaming wizards showed off their skills. Vibes hosted participants from colleges in and around Manipal like MIT, KMC, etc. Xpressions provided an opportunity for students to get together, cheer for
each other and have fun. As a part of it we had Vibes the Dance competition and Libaaz- which was a fashion show, where students demonstrated their creative side through fashion. The final performance was by TAPMI’s very own band – YTBN. These events were followed up shortly, by the run-for-a-cause–marathon, which once again witnessed hundreds of people running to demonstrate their solidarity towards a social cause.
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Manthan 2016, the annual budget conclave of T. A. Pai Management Institute, Manipal, was based on the theme “Is it the right time for India to lead global growth?” The session included brief speeches from Dr. R. C. Natarajan – Director of TAPMI and Prof. Madhu Veeraraghavan – T. A. Pai Chair Professor of Finance. The speakers for the discussion included Mr. Tamal Bandhopadhyay – Advisor, Strategy Consulting Editor at Bandhan Bank Live Mint, Mr. J. K. Vishwanathan – Chief Credit Officer at Development Credit Bank, Mr. Ashwini Mehra – Deputy Managing Director & CDO at State Bank of India, Mr. Vishwanathan Iyer – Director, Head of Institutional Banking at National Australia
Bank and Mr. Shreenivas Kunte – Director of Content at CFA Institute. The later part of the inauguration ceremony presented a platform for two of the SMIC teams of batch 2015-16 to present their reports and findings in front of esteemed panel judges: Mr. Anil Ghelani – CFA, Senior Vice President of DSP BlackRock, Mr. Rajesh Nair – State Head of BNP Paribas and Mr. Supreeth Shankarghal – Founder & CEO of QF Assets. The interaction between the teams with the panel opened a world of possibilities to potential investors. They spoke in detail about their investment strategies, choices of stocks, the uncertainties and restrictions involved, the returns obtained and were eventually questioned by the judges upon completion of their presentation.
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COBCAM (Confluence of Banking and Capital Markets) 2016, the annual conclave of the Banking and Finance (BKFS) program of T. A. Pai Management Institute, Manipal, was held on the 28 th of May 2016 at The Lalit Hotel in Mumbai. The event was attended by renowned guests from the banking and financial sectors. The Chief Guest for the event was Shri Deepak Mohanty, Executive Director of RBI. Dr. R. C. Natarajan, Director of TAPMI was also present for the event along with Profes-
sor Madhu Veeraraghavan and other faculty members of the institute. Shri Mohanty discussed about the importance of regulation in the financial sector. He stressed on the importance of transparency in regulation and stated that “Trust is the essence of finance.” He delved into the role of banks in the economy and highlighted the perils of overleveraging of bank balance sheets which led to the global crisis of 2008. He believed that not only quantity but also quality of capital is important for banks. He discussed about the challenges ahead for the Indian banking system in terms of maintaining and improving the asset quality. On a concluding note he said that “Financial inclusion is important for Social inclusion” and urged banks to include more people into the formal banking system.
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The Key Note Speaker for the event was Shri S. V. Murali Dhar Rao, Executive Director of SEBI. In his address, he spoke how the 2008 financial crisis was a big lesson for all countries and how it led to paradigm shifts in countries with regards to various aspects. He also spoke about the objectives for which SEBI was set up and how it has evolved since its inception. He took pride in the fact that the Indian securities market has become one of the most regulated and developed ones in the world. He also spoke of the various reforms that SEBI plans to undertake during the year while constantly aiming at creating and increasing investor awareness. The event also included two panel discussions on the topics – “The impact of Payment Banks on the
Indian Banking Sector” and “Taking advantage of the 7year cycle in the stock market.” There were special mentoring sessions for the Banking and Finance students followed by a presentation on Risk Management and Financial Risk Management (FRM) by Mr. Lalit Taneja, Regional Director of GARP (Delhi Chapter). To conclude things, Ms. Monica Veer, a BKFS student of TAPMI, gave a student perspective of the BKFS program to all the guests which was followed by the Vote of Thanks.
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Literary and Media Committee lime@tapmi.edu.in
PRATIBIMB | September, 2016