PINAKI MAJUMDAR
Jamshedpur, Oct 9: The consulting conclave Fulcrum- 2023 based on the theme “Unlocking value in a resource-constrained world” successfully concluded at XLRI Jamshedpur.
Kautilya Consulting Club of XLRI, Jamshedpur organized the Consulting Conclave with the theme “Unlocking value in a resource-constrained world”.
The event held on Friday featured a panel of senior executives from renowned consulting firms who delivered valuable perspectives on how organisations formulate effective strategies to thrive in the disruptive business ecosystem, with a focus on Industry 5.0, Generative AI, and other emerging concepts. Bhavna Rugmani Ramanathan and Rishikesh GR co-hosted the first part and Ashish Samuel and Mehak Singh co-hosted the second part of the event.
The conclave commenced with an inaugural address by Fr. Donald D’Silva, Prof Sanjay Patro and other esteemed guests.
The conclave saw the first keynote address by Navnit Singh, Chairman & Regional Managing Director, Korn Ferry (India).
He stressed on recognizing the importance of innovation, collaboration and the development of foundational skills in an environment where human resources remain the most constrained yet valuable resource, and where success is measured by the effort invested in the process rather than just the outcomes.
The second keynote address was delivered by Mr. Aditya Shangloo, partner, EY Parthenon on “India @100”.
He highlighted the importance of the startup ecosystem in India’s progress, addressing niche problems and expanding into complex industries. Initiatives like “Make in India” aim to revitalize industries, while improving Ease of Doing business, stability, contract enforcement, savings rates, education and reforming power sector. Consulting can aid in policy formation, roadmaps, talent development, and technology adoption to further these goals.
The first Panel discussion on ‘Industry 5.0: Transforming for Sustainable Growth and Change in Business Strategy’ was moderated by Prof. Sunil Kumar Sarangi, Faculty, General Management Area, XLRI.
Notable speakers, such as Inder Dua, Partner, Infosys Consulting, underscored the impact of pharmaceutical sector on Industry 5.0, emphasizing sustainability, as future consumers prioritize intangible aspects, ushering in an era of human-machine collaboration and mass customization.
Nikhil Kulkarni, Partner, Zinnov emphasized that in Industry 5.0, decision-making will see only slight changes, as unresolved issues from Industry 4.0, such as E-waste generation, will persist due to increased sensors and automation, keeping the fundamental challenges and decision-making principles largely unchanged. Mr. Rakesh Patro, Partner, Avasant, noted that Industry 5.0 revolves around human-centricity, sustainability, and resilience in the face of disruptions, signifying a shift from Industry 4.0’s technology-driven phase, while decision-making evolves with humans thriving alongside robots as collaborative partners.
The second panel discussion on ‘Navigating Commercial Excellence & Growth in the Resource Constrained World: Strategies for Success’ was moderated by Prof. Saurav Snehvrat, Faculty, Strategic Management Area, XLRI Jamshedpur.
Kiran Pudi, Managing Partner, Simon-Kucher, focused on pricing which emerges as a critical factor for sustainability as global standards and pricing levels continue to decrease.
Preeti Khattri, Managing Director, Accenture Strategy & Consulting, discussed how Accenture is modifying its business approach, leading to the relocation of jobs to regions like India with abundant human resources, necessitating the bridging of the gap between the existing talent pool and employer demands.
The conclave concluded with the announcement of the winning team of the Fulcrum- 2023 Case Competition, the winners being from the PGDM(GM) batch itself which delivered an engaging presentation on the case.
