Special Seminar Series, April 05, 2016 at IMS Ghaziabad, Guest of Honour - Prof. Rattan Sharma
IMS Ghaziabad under the chairpersonship of our esteemed Director, Prof. J.P. Sharma, organized Special Seminar Series 2016 for PGDM Students. Prof Sharma introduced Guest of Honor, Prof. Rattan Sharma, Former Prof. - IIM, MDI and SP Jain Institute (Mumbai) & Visitor’s Nominee (President of India) to Aligarh Muslim University (AMU), & FMS, Delhi University (Central University), to the audience and eulogized his enriched experience and vast knowledge.
Prof. Rattan Sharma reflected on the theme: “How to Face Challenges of Current Business Scenario?” He quoted Peter Drucker, famous Management Guru, “Business is for social good”. He traced the evolution of Business History of India since 1991. The term “LPG” ( Liberalization, Privatization & Globalization), when it was coined in India, lots of global development happened - Erstwhile Soviet Union broken into Russia & CIS countries, re-unification of East & West Germany happened , which had its own ramifications on business policies. Some developments, which happened in new millennium, like Great Recession in 2008 ,eruption of volcano in Iceland, which led to disruption of flights in Europe besides downturn of Chinese economy (growth rate going down), created chaos in the economy.
Prof. Rattan Sharma further explained globalization in terms of commodity prices, flow of funds, movement of people, digitization or cashless transaction and burgeoning competition. In his view, “Globalization is very ruthless” and hence businesses are competing with each other for more profit. He characterized the today’s world in terms of “VUCA- Volatility, Uncertainty, Complexity & Ambiguity”. However, he also emphasized “World of Contradictions & Paradoxes in Businesses”, where forces for decentralization and centralization happening simultaneously, people becoming individualistic while talking for team building, and because of technology, impersonal touch to customers happening.
Finally, Dr. Sharma quipped, “What to do?”. He advised developing core competencies, strengthening domain knowledge, making effective communication skills, use of technology and nurturing relations/ network. He suggested adopting “VUCA strategy” ie having a “Vision, Understanding the condition, Clarity of thought and Agility or Adoptability. The session was followed by ‘Question & Answer Session’