G.L. Bajaj Institute of Management & Research. PGDM Institute, Greater Noida conducted Virtual Business Summit 6.0 on "Opportunities for Businesses with IT Adoption in post Covid19 Era” on Saturday, August 22, 2020 under the patronage of Mr. Pankaj Agarwal, Vice Chairman, GL Bajaj Educational Institutions and in the insightful headship of Dr. Ajay Kumar, Director, GLBIMR.
The panel of the summit was graced by the esteemed presence of renowned industry leaders like Mr. Vineet Suri, Ex. Vice President, Dish TV and Tata Sky, Mr. Murty Indrakanti, CEO, Lave Solutions & Chairman at AP Chambers of Commerce and Industry Federation, Mr. Priyabrata Sarangi, Chief Information Officer, DCM Shriram Industries Ltd., Mr. Mudit Agarwal, VP-IT, UFLEX Group, Ex Unilever, Domino's Pizza, Airtel and Tata Teleservices, Mr. Rahul Bajaj, Chief Digital & Transformation Officer, DiGiSPICE & Mr. Manoj Kumar, Associate Director, KPMG India.
The event started with invocation of Goddess Saraswati. Dr. Ajay Kumar, Director, GLBIMR shared that Covid-19 has majorly hit the IT sector and tech giants like Apple, Google and Amazon are grappling with unexpected challenges to continue their business. Twelve high profile technology conferences have been cancelled which resulted in economic loss of $1 billion. He also highlighted that $190 billion IT services and BPO sector will lower their discretionary spending, hence posing a challenge to the industry for at least a couple of quarters. He concluded that sincere human efforts and contribution of companies are required to revive the economy faster.
During the session, the expert speakers shared their viewpoints:
1. Mr. Vineet Suri discussed various innovative IT based solutions such as Virtual meetings, Virtual governance, Shared Spectrum, AI/ML based Communication, IoT Solutions, Chatbots and Bot Buddies which companies are using during and post Covid-19. He also shared the 5P’s of a dynamic platform ecosystem i.e. Proposition, Personalization, Market responsive Pricing, Cyber Protection and Power of Partners. He also shared career opportunities in IT sector like AI in Retail, Healthcare, Banking, Food Industry, etc and concluded that opportunities will gain momentum in the future.
2. Mr. Murty Indrakanti shared that Covid-19 has changed our attitude towards technology innovation and we should be creators rather than users. He also shared the new 4P’s of Marketing i.e. Profiling, Personalization, Platform and Privacy. He also suggested the participants to develop expertise in areas like Coding in Python, GO language, Cloud Computing, Gaming, etc.
3. Mr. Priyabrata Sarangi discussed the role of technology in manufacturing sector and appreciated the role of Cloud Computing and ERP in its digital transformation during Covid-19. He added that Artificial Intelligence is the catalyst which will change the face of manufacturing in India.
4. Mr. Mudit Agarwal discussed The VUCA World which is Volatile, Uncertain, Complex and Ambiguous and shared its similarity with Covid-19. He also discussed about shifts due to Covid-19 opportunities such as shift from Touch & Feel shopping to Contactless Delivery, Cash to Cashless financial transactions, OPD to Telemedicine, etc.
5. Mr. Rahul Bajaj shared that Covid-19 pandemic is like a Black Swan moment as propounded by Dr. Nicholas Taleb which will metamorphosis the entire business model of the world. He also discussed the importance of operational resilience in all sectors of the economy.
6. Mr. Manoj Kumar discussed that companies are working on new AI based model for their businesses. He added that new digital malls are going to open soon that will use AR/VR glasses to create a 3D view of the mall. He also stated that Cyber crime or Dark web is the new reality and maintaining cyber security is everyone’s responsibility.
After the discussion, GLBIMR Finance Club - The Number Crunchers launched their e-magazine - “e-volve”.
Around 276 registered participants from different parts of India and abroad participated in the event. It was a thought provoking session which gave a new perspective to understand various aspects of IT sector and also enhanced the knowledge of the participants. Finally the session concluded with Vote of Thanks.