“Constant innovation increases competition”: Monu Ratra, CEO, IIFL, Home Finance Limited, speaking about future of business at the corporate conclave on Industry 4.0 at LBSIM
1. Inaugral Session
Lal Bahadur Shastri Institute of Management organized the inaugural session of Corporate Conclave 2018 on Saturday, 13th October 2018 on the theme: "Technology, Finance, Analytics, and Entrepreneurship: Making India ready for Industry 4.0"
The inaugural session started with the lightening of the lamp by Dr. G L Sharma along with various other guests and dignitaries.
This was followed by the welcome address given by Dr. D.K. Srivastava, Director of the Institute, who emphasized the importance of journey of Industry 4.0 and talked about the inaugural of a conference that cuts across all functional conferences organized by the Institute.
Mr. Monu Ratra commenced the session by talking about the penetration of data analytics into various sectors of the economy. He stated how reset of a mindset is required to enter into Industry 4.0. Constant innovation increases competition and someone who is open to ideas will be the future leader.
The session was carried on by Mr. Amit Agnihotri who stated the importance of being human in future because of constant replenishment of humans by the advent of technology. He talked about industries that would be affected due to automation by 2025 and skills required to be successful by 2020 as per the world economic forum. He ended the session by saying "Technology is only trying to replicate humans so our job is not to be overtaken by machines."
Mr. Yogesh Rao talked about big data and high-performance analytics and key entrepreneurial challenges being growth, cost efficiency, and increased compliance. The analytics-driven digital economy is the new solution and highlighted the importance of credit decision-making. He talked about the theory of everything and the theory of relativity.
He ended the session by quoting: " Data refineries beyond humans will be needed very soon."
2. Technical Session 1
The second spell of the corporate conclave was a technical session wherein Mr Aakashdeep Chakraborty talked about the importance of data collection and protection. He started his talk with an interactive session with the students and thereby explained the core system integration in logistics. He also talked about how the 4th industrial revolution will increase efficiency for the public at large only when distortion in terms of leakage and usage of data must be taken care of. He encouraged data mining to reduce cost and maximise efficiency.
He was followed by Mr Sanjeev Misra who talked about the use of data analytics in credit risk modelling in the banking and financial sector. Finance and banking is the only industry where they must market their raw material as well. He also stated differences in human decisions and software decisions that create a problem in arriving at desired results. He talked about the future of the banking industry by 2030 and the use of data analytics in banks.
Mr Omveer moved to the dais to talk about the innovations in delivering education through technology. He also talked about the importance of bridging the digital divide which is essential for integrating the rural and digital ecosystem. The prime objective of industry 4.0 is to revive Indian manufacturing ecosystem by making tangible improvements in efficiency, safety, profitability and performance while minimizing environmental impact.
He was followed by Mr Vineet Kaler who introduced his session on "The Development of Financial Services through Technology". He talked about the innovations that took place in the commodity exchange market for better connectivity in a single market across the nation. He compared India with the global market where India stands largest in equity followed by forex, debt and commodity at the end whereas on the contrary forex stands first on the global market and equity stands last.
The session ended with a vote of thanks from Ms. Shivani Bali wherein she appreciated efforts of all the dignitaries present in the auditorium and applauded them by citing various instances from their presentations. She also appreciated the students for their patience and support throughout the session. The last technical session has seen speakers from IBM, SME Globex and SAP India.
3. Technical Session 2
The third spell of the Corporate Conclave 2018 commenced with a Technical Session wherein Mr. Loveneesh Chanana, Vice President, Digital Government, SAP India Private Ltd, discussed about Industry 4.0 and how it has a different perspective and identity for different people. According to him, it is not a revolutionary but an evolutionary era. What differentiates this revolution from others is the factor “us’’, as we become a part of the product in this. He also talked about challenges that the enterprises are facing in the era of digital disruption.
Following him, we had Shri. Mohit Massey, Director, SME Globex, who focussed on innovation by technology and how that can lead to job creation in the economy and elaborated on the innovation for small and medium enterprises.
The last speaker for the day, Shri Mani Madhukar, IBM talked about the Blockchain technology and its future effects to make India ready for the upcoming Industry Revolution 4.0. The session ended with a vote of thanks from Dr. Anuj Verma and a small token of appreciation by offering mementos to the speakers in gratitude for gracing us with their presence and sharing their thoughts and experience with the faculty and students.
The session overall was an enlightening one for the students as well and the conclave ended on a positive note for the entire team with all their hard work sparkling into flying colours.
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