Sambalpur: IIM Sambalpur, one of India’s premier management institutions, hosted a two-day flagship event – Marmagya 8.0, an annual business conclave on the theme ‘Catalyzing Business Resilience by Leveraging Convergence’. Highlighting the importance of leveraging convergence as a powerful catalyst for businesses, the conclave encapsulated the integration of diverse resources, technologies, and strategies to create a robust and adaptive framework that can withstand disruptions and foster growth for businesses.
The event witnessed as many as thirty Pan-India business leaders, thought leaders, industry experts and decision-makers, who explored strategies and best practices for enhancing business resilience through the power of convergence during the various panel discussions.
The first day of the event began with the inaugural ceremony. On the occasion, the Chief guest, Mr. Kailash Pandey, President and Cluster Head, Hindalco Industries, shared insights on the challenges and opportunities related to digitalization, sustainability, and workplace culture. Speaking about the digitization, Mr. Pandey said, “We have a blend of old and new technology. Old technology where connecting the data or finding and utilizing the real-time data is extremely difficult. Therefore, now we are using digitalization, AI, and machine learning to facilitate communication. We capture data from every machine center in real-time, utilize that data, and predict failures before they actually occur.”
Prof. Mahadeo Jaiswal, Director, IIM Sambalpur, in his welcome address, discussed the evolution of their organization, known as Gen 3.0 and highlighted several key achievements and initiatives undertaken over the past eight years such as Inclusiveness, Support for Small Businesses, Digitalization and Innovation. Prof Jaiswal further shared insights about their efforts to promote inclusiveness, citing the work of Nobel Laureate Professor Claudia Goldin, who focused on gender economics. The director mentioned their efforts to promote inclusiveness, particularly in educational institutions, where they have significantly increased the participation of female students in MBA programs.
Keynote speaker Rajiv Bhalla, former MD, Barco Electronics Systems, discussed the significance of business resilience through the lens of convergence. He emphasized the unpredictability of the future and the need for businesses to adapt to rapidly changing and complex environments.
By giving an example of the smartphone, he explained about the convergence in computing, communication, and entertainment. He said, “Convergence has revolutionized our world in many ways. Therefore, convergence has become an important part of business strategy, it is that strategic element of a successful business.”
The keynote speaker Mr. Rachit Pradhan, Director of Business and Marketing Analytics, Zee 5, encouraged businesses to respond to market changes, stay relevant, and leverage convergence for competitive advantage to remain resilient in a dynamic environment. Mr. Pradhan talked about the SATP framework, which stands for Sense, Adapt, Thrive, and Transform, highlighting the key elements of agile leadership. He said, “An agile leader can sense what’s about to come and able to adapt strategy, thrive by moving quickly from assessment to action, using growth opportunities, transform to deliver, impact and sustain their success.”
The inaugural ceremony concluded with a vote of thanks proposed by Prof. Sudhendra Hanumantha Rao.
Later during the day, panel discussions on topics, “IT & Consulting Panel – Leveraging Convergence for Digital Transformation”; “CEO/CXO Panel-Global Vision and Local Action Through the Prism of Convergence” and “Finance Panel- Fintech Frontier: Bridging Technology & Finance for Future Financial Services” were held.
On the 2nd day of the Annual Business Conclave, the panel discussions on the following topics: “HR Panel – Adaptive HR Practices for A Converging Business Environment;” “Operations Panel – Impact of Convergence on Sustainable Delivery of ESG Goals;” and “Marketing Panel-Revolutionizing Marketing Via Convergence of Technologies” were held.
