MBAEx

BUSINESS REVIEW
SIXTH EDITION CLASS OF 2025

HORIZONS OF

CHANGE
 TABLE OF
CONTENTS

01 03 05

MESSAGE FROM PROFESSOR’S FROM CLASSROOMS

DIRECTOR-IN-CHARGE PERSPECTIVES TO BOARDROOMS

Followed by a Nuggets of wisdom Articles from the

message from the from the eminent faculty class of 2025
MBAEx Chairperson members of IIM Calcutta
and the Editors

40 46

ECHOES OF WHEN TIME STOOD

EXPERIENCE STILL

Insights from our Glimpses into the

distinguished alumni MBAEx Life
Scan for references

Disclaimer: The opinions presented in this magazine are solely those of the authors and do not necessarily reflect the views of IIM Calcutta or its leadership.
From The Helm: Messages From Our Leaders

It gives me immense pleasure to present the sixth edition of our

student magazine, MBAEx Business Review. Its theme,
Horizons of Change reflects on the next waves of
organizational transformation sweeping across India and the
world. The theme represents the intellectual curiosity, creativity,
and forward-thinking spirit that defines our institution and its
remarkable community of students, faculty, and alumni.
As the world continues to navigate unprecedented
complexities, organizations across industries embrace profound
transformations to adapt and thrive. This magazine delves into
the evolving paradigms of change—from the integration of
cutting-edge technologies and sustainability initiatives to the
redefinition of leadership and the dynamics of organizational
culture. Through these lenses, our contributors have sought to
capture the essence of what it means to be at the forefront of
Prof. Saibal
innovation and resilience in today's ever-changing world.
Chattopadhyay
I invite you, dear readers, to completely immerse yourselves in
Director-in-charge, IIM Calcutta
the pages of the MBAEx Business Review. Let it inspire you to
think differently and challenge the status quo. Together, let us
take charge of shaping the next wave of organizational
transformations.

MBAEx Class of 2025 exemplifies practices of ecosystem

management through their intellectual endeavour in the
magazine; they locate their organizational analysis at the
intersection of management, administration, business and
technology, truly embodying the Systems-Thinking spirit of an
industry mindset transition. The editors, Rajat and Sibashis
have judiciously curated a hamper of best organizational
practices from a catholic batch – the range of industry
experience, domain expertise and intellectual capital being
remarkable – as witnessed in the diversity of the articles
presented in the magazine.
In the words of Klaus Schwab, “There has never been a time of
greater promise, or greater peril.” And Batch 18 through this
magazine is a testimony to the perils of greater promises and
the promises of greater perils, where, if I may add, both Dr. Pragyan Rath
promises and perils are both disruptive and sustainable at the MBAEx Chairperson
same time.

1
 From the Editors’ Desk

SIBASHIS MAHAPATRA RAJAT JOSEPH K

As the Co-editor of MBAEx Business In these pages, we explore the horizons of

Review, I’m proud to present the 6th edition change—charting the course through
which captures diverse insights from the waters of sustainability, digital evolution,
brilliant cohort of the 18th batch of MBAEx, and human-centric leadership. The journey
IIM Calcutta, along with enriching is as much about rediscovering purpose as
perspectives of esteemed professors and it is about embracing technology. It is a
alumni of the program. dance between preserving legacy and
reimagining futures.
The Magazine isn't just about the business
As the Class of 2025 pens these
world but takes the reader through the
narratives, we offer more than mere
memory lane of the current batch of the
reflections — we extend invitations.
MBAEx program.
Invitations to challenge norms, reframe
strategies, and embrace the unknown with
Crescit Eundo! courage and conviction. After all,
transformation is not a destination; it is a
perpetual journey—one navigated best with
open minds and bold hearts.

2
 PROFESSOR’S PERSPECTIVES

Digital transformation is no longer a choice but a

necessity for organizations. It goes beyond the adoption
of new tools and technologies; it requires reimagining
business models, enhancing customer experiences, and
fostering a culture of innovation and agility. The next
wave of Digital Transformation will be driven by the
integration of AI, data-driven decision-making, and
seamless automation, enabling businesses to become
more adaptive and resilient.

However, organizations must navigate emerging

challenges around data privacy, cybersecurity, and the
ethical use of AI to ensure a sustainable and inclusive
digital future. Moving forward, those who can effectively
blend technology with human-centric values will
redefine customer-centric excellence and drive
Prof. Saravana Jaikumar
meaningful impact. Marketing Group

Sustainability transformation in India is rapidly gaining

momentum as businesses recognize the need to
balance growth with environmental stewardship. The
rise of renewable energy, circular economy models, and
sustainable supply chains are driving this shift. However,
the challenge lies in embedding sustainability into the
core strategy rather than treating it as a compliance
obligation.

As India's economy expands, aligning corporate goals

with the national agenda of climate action and resource
conservation will be critical. Organizations that embrace
sustainability not only mitigate risks but also unlock new
growth opportunities and long-term resilience.

Prof. Bodhibrata Nag

Operations Management Group

3
 PROFESSOR’S PERSPECTIVES

That digital is dematerializing the economy by facilitating

the supply of digital goods and services is a well-known
fact. ‘Digital for Sustainability’ is emerging as the new
paradigm every organization should strive to achieve.
“Are we ready for it?” is the first question they are
asking themselves. Because unless you are digital-
ready, you can’t become digital-native, which should be
the ultimate goal for any business in today’s world.

In this long journey, they desperately need help from

techno-managerial experts. Our MBAEx participants are
rightly poised to provide that much-needed consultancy.

Prof. Debashis Saha

MIS Group

Rapid technological progress can make the world

smaller, smarter, more integrated and homogenous.
However, growing inequality of opportunity may create a
digital divide, which may restrict the positive spillover of
these technological improvements. On the other hand,
politics is leaning more towards national objectives and
domestic compulsions.

Countries are using their domestic policies to become

self-sufficient in strategic technologies and in critical
sectors. Such developments may end up creating
national or, at best, regional silos. There are growing
signs that global business may get fragmented along
geo-political alliances. Such developments may offset
some of the gains promised by technological
Prof. Parthapratim Pal developments.
Economics Group

4
 FROM CLASSROOMS TO BOARDROOMS
ARTICLES FROM THE CLASS OF 2025

1. 2.

DIGITAL TRANSFORMATION SUSTAINABILITY TRANSFORMATION

3. 4.

INDIA’S TRANSFORMATION WORKPLACE TRANSFORMATION

5
 Why the aviation industry is facing
'turbulence' in adopting AI?
by Namit Pandey

The aviation industry has been at the forefront of

technological excellence for decades. From leading
the development of GPS, radars, and composite
materials to the early adoption of semiconductor
technology, the industry has consistently pushed
the boundaries of innovation. However, it has been
exceptionally cautious in adopting artificial
intelligence, arguably one of the most disruptive
technologies of the 21st century, and with good
reason.

The aviation industry is one of the most regulated

industries in the world. Building and operating an
airplane involves integrating highly complicated
components, systems, and processes which are
rigorously tested to meet the safety standards set
by the regulations. The safety of the passengers is
of paramount importance in air travel, and this has
been vigorously enforced for decades, making air
Unlike previous technologies, AI has introduced a
travel the safest mode of transport (the probability
unique set of challenges. First is the black box
of a car accident is more than 1000 times that of
problem. AI models (especially neural networks) are
an airplane).
highly opaque, making it difficult for even their
developers to understand the rationale behind the
These regulations are established by means of a
model’s decision-making.
“certification” which is a formal process of verifying
that the aircraft meets the required quality and
Second is the problem of instability in machine
safety standards. All the details regarding the
learning models. Due to the statistical nature of the
testing standards, evaluation methodologies, and
models, there can be a risk of high output variability
verification process of the aircraft must be
for even slight variations in their inputs. Verifying
transparent to the regulatory authorities, which is
the stability and robustness of AI applications is
where we run into problems with AI.

Digital Transformation 6
challenging, as the verification’s completeness
seems currently impossible.

The third is the dependence on knowledge bases &

datasets to develop the models. The quality of the
datasets is essential for the effectiveness of the
models, which is difficult to track. A lack of Similarly, the two largest aerospace manufacturers
traceability of the dataset used for training the have launched digital transformation initiatives
model, which will influence the output, is a centered around Artificial Intelligence.
significant cause of concern.
So, it’s clear that the industry is ready to embrace
These factors make it difficult for regulatory the new transformation, just not at the expense of
agencies to assess and sometimes even safety at its core!
understand the testing, evaluation, and verification
process involved in AI models. This lack of
transparency is a persistent obstacle for an industry
that prides itself on maintaining a high safety
standard. Who will be responsible for an accident if
a decision taken by leveraging AI turns out to be
inaccurate? A similar debate was observed in the
2018 car crash in Arizona, where a self-driving
Uber crashed into a passenger due to an incorrect
assessment by the algorithm.

So, does it mean that the most disruptive

technology of the 21st century will not transform
aviation?

On the contrary, there is a call for a human-centric

approach to AI in aviation. EASA (EU Aviation
Authority) and FAA (US Aviation Authority) have
both released their roadmaps for AI in aviation,
where the development of a human-centric AI
trustworthiness framework remains a high priority.

Namit Pandey
Ex - Airbus, Mercedes Benz

Namit Pandey is driven by a passion towards

complex engineering marvels with 8 years in
Digital Transformation
safety for Mercedes Benz & Airbus.

7
 The fusion of Artificial Intelligence and
Fintech: Revolutionizing finance
by Nipun Juneja and Shivam Julka

Artificial Intelligence (AI) is no longer just a personalisation of financial advice by analysing

buzzword; it has become a transformative force individual spending patterns and risk tolerance,
within Fintech, fundamentally changing how creating custom investment plans, and reshaping
financial services are delivered and consumed. This how financial advice is delivered.
integration goes beyond mere technological
advancement—AI is shaping a future where finance Improving Customer Experience
becomes more personalised, efficient, and Beyond investments, AI is revolutionizing customer
accessible. It represents not just a shift in service in banking. AI-powered chatbots, such as
operations but a reimagining of finance that is more Bank of America’s “Erica” and JPMorgan Chase’s
human-centric, responsive, and democratized. “Coin,” provide 24/7 support, handling millions of
customer inquiries without human intervention.
These tools improve convenience and drive
significant cost savings for financial institutions. By
2024, AI chatbots are projected to save the global
banking industry over $7.3 billion in operational
costs while enhancing customer satisfaction.

These systems continuously improve by utilising

Natural Language Processing (NLP), providing
more accurate and contextually aware responses.
This ensures a seamless user experience, reducing
wait times and providing instant solutions to
everyday banking needs.

Democratizing Financial Services

One of AI’s most significant impacts on Fintech is
democratizing financial services. Historically,
sophisticated financial tools and personalised
advisory services were reserved for high-net-worth
individuals (HNWIs) due to high costs and complex
requirements. However, AI-powered platforms,
such as robo-advisors, are breaking down these
barriers, offering tailored financial strategies to the
average user at a fraction of the cost.

Companies like Betterment and Wealthfront

exemplify this shift, using AI algorithms to provide
low-cost automated financial planning services. As
Enhancing Risk Management
of 2023, these companies collectively manage over
AI has also transformed risk management and fraud
$43 billion in assets under management (AUM),
detection, which are traditionally reliant on rule-
underscoring AI’s role in broadening access to
based systems that are prone to errors and delays.
investment services. AI enables mass

Digital Transformation 8
Today, AI algorithms can analyze vast amounts of Addressing Challenges
real-time data to detect fraud more accurately and While AI offers tremendous benefits, it also
swiftly. presents particular challenges. Data privacy
concerns and the potential for algorithmic biases
For example, Mastercard uses AI to monitor over are critical issues that must be addressed to
75 billion transactions annually, significantly ensure widespread trust in AI systems. As AI
reducing false positives and enhancing security. increasingly influences financial decision-making,
This ability to prevent fraud without disrupting the Fintech companies must prioritize transparency,
user experience is critical in today’s fast-paced fairness, and ethical design in their algorithms to
financial environment. avoid reinforcing inequalities.

The Future of AI in Fintech

The global Fintech market is projected to grow at a
compound annual growth rate (CAGR) of 18.5%
from 2023 to 2028 (as per a report by “Industry
ARC”), and AI will be a driving force behind this
expansion. The future of finance is set to become
even more personalized, responsive, and human-
centered as AI-driven innovations continue to
evolve. This ongoing transformation presents vast
opportunities, making finance smarter, more
inclusive, and more aligned with the needs of
modern consumers.

Shivam Julka
Ex - Punjab National Bank

Shivam, a banking professional with a keen

interest in macroeconomics, is deeply engaged
in exploring how technological innovations are
reshaping and revolutionizing the financial
landscape.

Nipun Juneja
Ex - Amex

Nipun is a financial analyst with a passion for

digital transformation and is focused on how
automation and strategic initiatives drive
Digital Transformation
efficiency and innovation in finance and
accounting.

9
 Pixels and Profits: The future of AI-driven
gaming markets
by Somendra Sharma, Kuldeep Kaur Makhija and Aditya Pathak

Nvidia CEO Jensen Huang, in a recent Q&A is very similar to the actual game, with only 58-60%
session in March 2024, envisioned that video of human-raters (surveyed) able to distinguish
games with real-time content generated by AI are between the two (Figure 1).
only 5-10 years away. This means that each of the
6-7 million polygons, a standard for modern AAA
games, will be generated by deep neural networks
60 times a second on your screen, providing you
with a novel experience each time you fire up your
gaming device! The technology can prove to be
disruptive to the 230-billion-dollar video game
industry as generative game engines not only make
each playthrough unique but also greatly reduce
the game development workload, lowering cost and
enabling game studios to focus on the narrative
Figure 1
and creative design. While AI can render short
videos, the computer resources and accuracy The challenge of generating enough computing
required to generate real-time game-level design power to unlock such new possibilities with AI is
and maintain it for the duration of an average already being addressed, with Nvidia leading the
gaming session without hallucinations seem race to the top with its Blackwell GPU. Tech-giant
unrealistic at best. Capgemini further argues that Moore’s Law is
undergoing a transformation fueled by
However, technological innovations continue to advancements in semiconductor manufacturing
surprise us. Days before writing this article, we find technology and shall hold for the foreseeable
that the gaming community’s favorite ultra-violent future. Adding to it, the video games market is
video game - DOOM, rips and tears once again, forecasted to grow at an annual rate of 8.76%
with innovation as it becomes the first ‘first-person between 2024 and 2027, resulting in a projected
shooter’ trained on a generative diffusion model market volume of US$363.20bn by 2027 (Figure
GamenGen (pronounced: game-engine). 2)
Developed by researchers at Google and Tel Aviv
University, it is the first game engine powered It is not hard to imagine that the market growth and
entirely by a neural model that enables real-time technological advancement mix will create a
interaction with a complex environment over long massive value proposition for businesses. This
trajectories at high quality. essentially means the generation of new supply
chains, distribution channels and platform
The model reduces auto-regressive drift, which development, investment opportunities, intellectual
leads to the degradation of generated frames by property, business models, integrated marketing
using noise augmentation (adding a certain amount strategies, media content, and skilled human capital
of noise to the training model, which preserves requirement – an opportunity that must not be
frame quality). This means the generated gameplay ignored by anyone who is in the business.

Digital Transformation 10
 Figure 2

India’s Gaming-landscape Transformation by Bain & Company puts it, Gamers collaborate,
Asian games market intelligence experts Niko socialize, create UGC, shop, and consume game-
Partners posit that India’s gaming industry will grow related content. They like to have interoperability
at a 5-year CAGR of 11%, catching up to the across devices and single marketplaces. This
developed markets of Asia - China and Japan - by creates a more significant opportunity not only for
2028, making the Indian gaming community an core gaming software but also for products
untapped consumer base offering US$1.40bn in targeted at the millennial and Gen-Z demographic.
revenue. Attributing to low disposable income, Instead of focusing solely on cultivating new
“Mobile games in India will continue to dominate expertise to compete with global leaders, Indian
the gaming pie by spending, accounting for 77.9% businesses must also gear up to scale with the
of total revenue, followed by PC (14.5%) and rising gaming industry through complimentary
console (7.7%)” (Source: India Games Market offerings, which may already have a better rate of
Reports Series: NIKO Partners). Hyperscalers return than the current market risk.
enable development studios to build & deploy
gaming products and assets while being cost- We finally ask a fundamental question: Does
effective to tap the growing consumer base. The gaming increase welfare?
Indian government’s Semiconductor Mission Is gaming any good? – During our childhood,
(Semicon India) scheme further accentuates the spending time glued to the screen was no less than
likelihood of the emerging market for video games a bane to our parents. Video games have been
and processing/computing capabilities by accused of non-productivity, violence and overall
supporting up to 50% of project cost for setting up degradation of brain power, yet technological
semiconductor fabs in India, on a pari-passu basis milestones such as CUDA (parallel processing),
upon approval. Can we conclude that businesses CGI innovation, AR & VR, and motion capture stem
should invest in mobile game development from video games. Gamers employ quick reflexes,
capabilities? It turns out that ‘gaming’ is about split-second decision-making, resource
more than gameplay; as the Gaming report 2024 management, profit maximization and teamwork to

Digital Transformation 11
achieve their goals and together stand firm. This captures the very essence of the video game
community perfectly: a group of no-good
Illustrating this, is Nier: Automata – a third person wallflowers who come together to achieve great
action RPG – that challenges the player with an things, and many among us will be tomorrow’s
offer to prevail against insurmountable odds in its leaders. Therefore, this article's objective was to
final battle, should you accept the offer, all your make incumbent business leaders cognizant of
game progress will be lost but other players who changes in emergent gaming industry to initiate a
sacrificed their gameplay before you come to your reckoning to survive in the era ushered in by video-
aid, suddenly, making the fight much easier! (Figure game community.
3)

PS: The title of this article is AI generated, in the spirit of granting an AI model the right to name
a piece written on it.

Figure 3

Somendra Sharma Kuldeep Kaur Makhija Aditya Pathak

Ex - Accenture Ex - AjnaLens Ex - Roche | Ex - MuSigma
Game nerd, AI enthusiast and An accomplished Project Manager Analytics consultant with ~ 7 years of
storyteller with deep expertise in specializing in successful AR/VR experience in data science and analytics,
strategy consulting, analytics, product launches, adept at exposure to Fortune 500 clients in diverse
program management, ERP transforming complex technical industries such as pharma, hospitality,
implementations and on-site requirements into market-ready real-estate and FMCG.
execution in the Water Treatment spatial computing solutions.
and Oil & Gas sectors.
12
Digital Transformation
 The Tera-Era of Mega Projects: Digital
transformation in construction
by Yugant Kapur

“Nothing is so painful to the human mind as individuals to undertake ambitious ventures they
a great and sudden change.” might otherwise avoid—a phenomenon Flyvbjerg
describes as “survival of the unfit.” Yet, despite
Mary Shelley’s words from Frankenstein poignantly technological advances that have improved our
capture the tumultuous nature of progress we ability to estimate and manage costs more
observe in today’s monumental projects. accurately throughout the construction phase, the
Historically, mega projects were defined by million- sector still encounters significant hurdles.
dollar budgets, but the post-World War II era According to a McKinsey report, the construction
ushered in ‘gigaprojects’ with billion-dollar price industry lags behind other sectors in digital
tags, exemplified by the Manhattan and Apollo transformation, primarily due to persistent
programs. Despite this shift, the term ‘megaproject’ traditional practices and a lack of awareness about
has persisted. new technologies, particularly in regions like India.
This digital adoption gap means that the
We now stand on the threshold of what Bent advantages of modern cost-prediction tools are not
Flyvbjerg has aptly called the ‘Tera Era’, where fully leveraged. Given the increasing complexity of
projects have escalated to trillion-dollar scales, now today’s projects, it is crucial for business leaders to
known as ‘teraprojects.’ These ventures are no embrace these disruptive digital tools to ensure
longer merely large; they rival the GDPs of entire projects are completed on time, within budget, and
nations, comparable to the economies of Australia with high standards of quality and safety.
or Canada. This relentless quest for ever-greater
scales reshapes project management, introducing Let us explore some tools that have begun to leave
profound challenges and unprecedented their mark in the construction sector and are seeing
opportunities. As we navigate this new era, the increasing adoption.
discomfort of transformation is inevitable, but the
potential for revolutionary advancements is equally Building Information Modeling (BIM) is the
profound. process for creating and managing digital models
of buildings and other physical assets. BIM’s ability
The break-fix model in megaproject management to generate 4D and 5D models, integrating project
underscores this as a paradox: despite their dimensions with schedules and costs, offers
growing scope and complexity, megaprojects often stakeholders enhanced visibility. Despite its
falter due to initial misinformation, unrealistic benefits, BIM’s effectiveness hinges on client-
estimates, and flawed feasibility studies, resulting in driven adoption, which is still developing in the
costly interventions when projects inevitably Indian infrastructure sector. Projects where the
struggle. government is the client seldom incorporate BIM
capabilities as a contractual condition. However,
Survival of the Unfit positive changes are underway as some
In contrast to Adam Smith’s "invisible hand" in government clients increasingly demand BIM
economics, Albert Hirschman’s "Hiding Hand" models, especially for Metro projects construction
principle posits that a lack of awareness about the to facilitate better project monitoring. BIM also
true costs and challenges of large projects can fosters collaboration among various stakeholders.
sometimes be beneficial. This ignorance can drive

Digital Transformation 13
In megaprojects, numerous subcontractors often becoming standard practice. Some advantages
work independently, potentially causing interface include tracking the real-time availability of
clashes or conflicts. BIM’s clash detection feature components, streamlining the assembly of
is invaluable in mitigating such issues and can components, and reducing manual effort.
cause potential savings in reduced reworks.
In conclusion, once seen as a laggard in digital
The Internet of Things (IoT) is also transformation, the construction industry is now
revolutionizing the construction sector. IoT devices making remarkable strides. The increasing
track machinery and workers, collect data that willingness of professionals to embrace new tools,
improves machinery utilization, identify theft (such growing investment from businesses, and the
as diesel), and monitor worker activities at enhanced decision-making capabilities provided by
construction sites. these innovations signal a promising future.

Artificial Intelligence (AI) and Machine As we embrace these technological advancements,

Learning (ML) are also making significant impacts. the construction sector is poised to overcome its
Computer vision, for instance, enhances human- historical challenges and unlock unprecedented
machine coordination, assesses bulk material opportunities, ushering in an era of efficiency,
stockpiles, and estimates quantities, among other collaboration, and groundbreaking progress.
applications.

Smart contracts facilitated by blockchain

technology offer a promising future in contract
management. These contracts enable automatic
transactions upon fulfilling specific conditions,
potentially boosting productivity.

3D printing is emerging as a transformative

execution method. For example, L&T in Bangalore
used 3D printing technology to construct a post
office, demonstrating its potential to address
temporary structure needs. It can also resolve
supply chain issues associated with producing
consumables, small tools, and tackles.

RFID tags for tracking precast members are

Yugant Kapur
Ex - L&T

An experienced professional specialising in project

management
Digital of large-scale infrastructure capital
Transformation
projects with key focus on digital transformation,
cost estimation and planning.
14
 The challenges of ERP implementation:
Navigating the path to success
by Aryan Adya

Enterprise Resource Planning (ERP) systems have ERP implementations. One of the most significant
become essential for large businesses across issues is insufficient testing. Without adequate
various sectors, including banking, retail, testing before going live, organizations risk
automotive, insurance, pharmaceuticals, and e- deploying a system that is not fully functional or
commerce. These systems provide a unified fails to meet the required standards. This can result
platform to manage and integrate critical business in operational disruptions, customer dissatisfaction,
functions, encompassing finance, human and additional costs to rectify the issues.
resources, supply chain management, and
customer relationship management. As Another critical factor is the tendency to treat ERP
organizations grow in size and complexity, the need implementation as solely an IT project. While the IT
for a comprehensive ERP solution becomes department plays a crucial role in deploying the
increasingly apparent. However, despite the system, ERP implementation is fundamentally a
potential benefits, the path to successful ERP business-wide initiative that requires collaboration
implementation is fraught with challenges, with across all departments. When ERP is treated as
many projects failing to achieve their intended just another IT project, there is a risk that the
outcomes. system will not fully address the organization's
broader business objectives. This lack of alignment
The alarming failure rate of ERP projects can lead to suboptimal outcomes and failure to
According to Gartner, 55–75% of ERP projects fail realize the full potential of the ERP system.
to meet their objectives, and approximately 70% of
ERP implementations do not achieve their expected The involvement of top management is also crucial
outcomes. These statistics highlight the difficulties for the success of ERP projects. Studies indicate
organizations face in deploying ERP systems that 64% of ERP projects do not have executive
successfully. For instance, 75% of ERP projects support throughout the implementation process.
exceed their budget, leading to significant financial Without strong backing from senior leadership,
strain. Additionally, only 27% of ERP these projects may lack the necessary resources
implementation projects are delivered on time, and authority to overcome challenges and drive the
causing delays and disruptions in business necessary organizational changes. This can lead to
operations. delays, cost overruns, and project failure.
The reasons for these failures are varied and
complex. The misalignment between the Moreover, ERP implementation often involves
organization's needs and the ERP system's significant changes to business processes,
capabilities is a critical factor. According to studies, workflows, and job roles. However, 53% of ERP
31% of ERP projects fail due to a lack of alignment projects face resistance from employees reluctant
between business processes and the ERP system. to change their work processes. This resistance
This misalignment can lead to inefficiencies, can hinder the adoption of the new system and limit
reduced productivity, and, ultimately, the project's its effectiveness. Effective change management,
failure to deliver the expected benefits. including clear communication, training, and
support, is essential to overcome this resistance
Key factors contributing to ERP project and ensure a smooth transition.
failures
Several factors contribute to the high failure rate of

Digital Transformation 15
Data migration is another critical challenge in ERP facing challenges maintaining data accuracy post-
implementation. Many organizations experience implementation. Poor data management can
data migration difficulties while deploying their ERP compromise the integrity of the ERP system and
system. Moving large volumes of data from legacy limit its effectiveness.
systems to a new ERP platform can be complex
and error-prone. Poor data quality or incomplete Conclusion
data migration can lead to operational disruptions ERP systems can transform large organizations by
and undermine the integrity of the new system. providing a unified platform for managing business
processes and resources. However, the high failure
The Consequences of Poorly Planned ERP rate of ERP projects underscores the importance of
Implementations careful planning, execution, and management.
The consequences of failed ERP implementations Organizations must address the factors
can be severe. Cost overruns are common, with contributing to ERP project failures, such as
75% of projects exceeding their initial budget. insufficient testing, poor change management, and
Additionally, 57% of ERP projects experience lack of top management support. By doing so, they
scope creep, where the project’s objectives expand can increase their chances of a successful ERP
beyond the original plan, leading to further delays implementation and fully realize the benefits of
and increased costs. These financial challenges these powerful systems. Despite the challenges,
can strain the organization’s resources and with proper planning and execution, ERP
negatively impact its bottomline. implementation can be a valuable investment that
drives efficiency, productivity, and growth in large
System downtime during and after ERP businesses.
implementation can also be a significant issue.
Delays in deployment can disrupt business
operations, leading to lost revenue and customer
dissatisfaction. Furthermore, several ERP projects
fail due to inadequate vendor support, which can
leave organizations struggling to resolve issues and
maintain the system post-implementation.

Security breaches and data privacy concerns are

also notable risks. Inadequate planning and
implementation can expose the organization to
security vulnerabilities, leading to potential
breaches and legal ramifications. Data accuracy is
another critical concern, with 37% of organizations

Aryan Adya
Ex - Genpact | Ex - Deloitte USI

Techno-functional SAP consultant and S/4

HANA specialist with over 6.6 years of
Digital Transformation
experience leading process optimization and
digital transformation initiatives through
design thinking and workstream management.
16
 How can the Indian economy help
incentivize climate-conscious entities?
by Aditya Shukla and Bhawanshu Singh

Imagine you're a young child perched high up in Building Consumer Awareness

the branches of a big, old banyan tree. This tree The most crucial aspect of realizing our vision lies
isn’t just any tree—it's your special place to with the consumer; consumer behaviour must shift
observe the world around you. From your leafy towards sustainability. The Indian economy can play
spot, you see nature’s stories unfold. Ants march in a pivotal role here by supporting campaigns that
a straight line, working together, while butterflies educate consumers about the environmental
flutter by, their colourful wings brightening the air. impact of their choices. Imagine a future where
And suddenly, your grandfather’s words come to every product carries a climate impact label,
mind: "Learn from the tree, from nature. It’s the empowering consumers to make informed
best lesson you’ll ever have." decisions. Businesses that adopt transparent, eco-
Just as the banyan tree offers a unique perspective, friendly practices could be rewarded with stronger
the ever-evolving landscape of global economics brand loyalty and market share.
reveals a clear truth: the future belongs to those
who innovate, and today, innovation can only be Furthermore, the rise of eco-conscious
green. As we gaze into the ‘Horizons of Change’ consumerism can create a feedback loop where
from our symbolic tree, India is at a crucial turning demand for green products drives further
point. With the climate crisis looming large, the innovation and investment in sustainable practices.
Indian economy can be uniquely positioned to lead The Indian economy stands to benefit enormously
the world in nurturing climate-conscious from this virtuous cycle, as it will position the
businesses. But how do we ignite this country as a leader in the global green market.
transformation?

The Economic Imperative of Going Green

With its vast and diverse economy, India has
always been a land of opportunities. However, with
rapid urbanization and population growth, it faces
unprecedented environmental challenges. The
clock is ticking, and the need to incentivize climate-
conscious entities has never been more urgent. But
this isn’t just about avoiding catastrophe; it’s about
seizing an opportunity to reshape the economy for
sustainable growth.
The key to unlocking this potential lies in
understanding that the green economy is not a
burden but a boon. By incentivizing climate-
conscious entities, India can not only mitigate the A Roadmap to Incentivization
impacts of climate change but also stimulate 1. Tax Incentives and Subsidies: The Indian
economic growth, create jobs, and enhance global government has already begun laying the
competitiveness. groundwork with initiatives like the Production
Linked Incentive (PLI) schemes for renewable
energy.

Sustainability Transformation 17
Expanding these incentives to include tax breaks
for companies adopting sustainable practices can
be a game-changer. Such fiscal incentives would
encourage industries to pivot towards greener
alternatives, thus embedding sustainability into the
core of business operations.

2. Green Financing: Access to capital is often

the biggest hurdle for climate-conscious startups
and businesses. India’s financial institutions need to
step up by offering preferential lending rates for
green projects. Furthermore, developing green
bonds and climate bonds could mobilize much-
needed capital for large-scale environmental Conclusion: A Green Horizon:
projects. Public sector banks now offer Green Imagine standing at the edge of a vast field; the
Financing under priority sector lending and various horizon ahead is not just a distant line but a
other schemes based on ‘Green Score’. promise within reach. The Indian economy, with its
boundless potential and vibrant entrepreneurial
The Role of Public-Private Partnerships: spirit, stands poised to lead the way into a
Public-private partnerships (PPPs) have the sustainable future. By supporting and encouraging
potential to accelerate the green transition. By climate-conscious businesses, India can create a
aligning the interests of the government and the robust green economy that not only tackles the
private sector, PPPs can pool resources and share urgent issues of climate change but also paves the
risks, making large-scale environmental projects way for a prosperous future for all its citizens.
such as Pavagada Solar Park in Karnataka more
feasible. Moreover, collaboration between As we look ahead, the real question isn’t whether
government agencies, private companies, and we can afford to embrace sustainability but whether
research institutions can foster innovation and bring we can afford not to. The choices we make today
cutting-edge green technologies to market faster. will shape the economy of tomorrow. Let’s make
India has a vibrant and growing tech ecosystem those choices wisely, moving toward a green
that, if properly harnessed, can be at the forefront horizon that offers not just survival but a flourishing
of the global green tech revolution. future for generations to come.

Aditya Shukla
Ex - Canara Bank

Professional with 7 years of extensive

experience across the finance and
healthcare industries.

Bhawanshu Singh
Ex - PNB | Ex - SBI | Ex - Wipro

Digital Transformation
Professional with 7+ years of banking and
IT experience in retail and digital
segments. 18
EV industry in India: A positive disruptor
by Abhishek Raj and Deepak Rohilla

India’s electric vehicle (EV) industry is rapidly Challenges in the EV Industry and AI-Driven
evolving and emerging as a significant disruptor in Solutions
the automotive sector. With the Indian
government's ambitious target of achieving 30% The EV industry in India, despite its growth
electric vehicle adoption by 2030, alongside potential, faces three significant challenges:
increasing environmental consciousness and 1. Battery Manufacturing Insufficiency
technological advancements, the industry is poised 2. Inadequate EV Infrastructure
for substantial growth. In the first half of 2024, the 3. Provision for Disposal of Used Batteries
Indian EV market expanded by 155% compared to
the same period in 2023, according to the Society 1. Battery manufacturing insufficiency
of Manufacturers of Electric Vehicles (SMEV),
indicating strong momentum in the sector. Problem: The reliance on imported battery cells
leads to supply chain vulnerabilities and cost
The Indian government’s support has been crucial uncertainties. For example, disruptions in imports
in this expansion, as evidenced by the 2024 Union from China in 2023 resulted in production delays
Budget allocation of INR 8,000 crore and increased costs for Indian EV manufacturers.
(approximately USD 1 billion) towards subsidies for AI Solution: AI can optimize the battery supply
EV manufacturers and buyers and INR 2,500 crore chain by predicting the best times to purchase raw
(approximately USD 310 million) for the materials based on market trends and historical
development of charging infrastructure. Despite data, minimizing costs and reducing reliance on
these positive strides, the industry faces several imports. Amara Raja Batteries is exploring AI-driven
critical challenges that must be addressed to strategies to enhance battery manufacturing
sustain growth and achieve widespread adoption. efficiency and reduce import dependency.

Here is the snapshot of a porterian analysis we we 2. Inadequate EV infrastructure

did on India’s EV industry:
Problem: India’s EV infrastructure is still
underdeveloped, with approximately 20,000 public
charging stations, far below the requirement for
widespread EV adoption. This shortage affects
consumer confidence and limits the growth of the
EV market.
AI Solution: AI can analyze traffic patterns, vehicle
density, and power grid capabilities to optimize the
placement of new charging stations. Lithium Urban
Technologies uses AI to identify the most strategic
locations for charging stations, maximizing
efficiency and reducing installation costs.

Sustainability Transformation 19
3. Provision for disposal of used batteries Mahindra Electric uses AI-driven demand
forecasting to adjust its production schedules
Problem: The disposal of used batteries poses a dynamically, ensuring optimal inventory levels,
significant environmental risk. Without proper thereby reducing waste and improving service
recycling and disposal methods, toxic materials levels.
from batteries can contaminate soil and water
sources, as seen in urban areas like Delhi and Implications of AI integration in the EV
Mumbai. industry
AI Solution: AI can enhance recycling processes
by optimizing collection routes and improving 1. Integrated value chain: AI enables a more
sorting mechanisms to increase the recovery rate of integrated value chain, reducing costs,
valuable materials. Attero Recycling is leveraging AI enhancing efficiency, and improving
to improve battery recycling techniques, reduce responsiveness to market changes.
environmental impact, and promote sustainability. 2. India’s transformation and positive
externalities: AI can enhance the cost-
competitiveness of India's EV industry by
creating jobs, driving innovation, reducing fossil
fuel dependency, and improving public health
and air quality, thereby uplifting society.
3. Meeting increased electricity
requirements through renewable sources:
With the rising adoption of EVs, there is a
growing need for sustainable energy solutions
to meet increased electricity demand. AI can
optimize the integration of renewable energy
sources, such as solar and wind, into the grid,
ensuring a stable and green electricity supply
for EV charging stations. Companies like
ReNew Power use AI to manage energy flow
Optimizing service levels with the efficiently from renewable sources to meet the
Newsvendor Model growing demand for EV charging.
The Newsvendor model is a decision-making tool
used to determine optimal inventory levels by Financial aspects and capital structure
balancing the costs of overstocking and optimization
understocking. In the context of the EV industry,
this model can help manufacturers and suppliers 1. Opportunity to optimize financing costs
optimize service levels based on fluctuating
demand and dynamic market conditions. Tax breaks and incentives: The Indian
Use Case: Optimizing Inventory with AI and the government offers various tax incentives for EV
Newsvendor Model manufacturers and buyers, including reduced
Challenge: Optimizing inventory costs while GST rates and income tax rebates. These
abreast with emerging technologies and increasing incentives lower the effective cost of capital for
brand equity. EV companies, making financing more
Solution with AI: AI can enhance the accessible and affordable.
Newsvendor model by incorporating real-time data
analytics and machine learning algorithms to
predict demand more accurately. For example,

Sustainability Transformation 20
 Inflation: High inflation rates can increase the Risk management: AI algorithms can assess
cost of raw materials and labor, affecting the the risk profile of different financing options,
overall cost structure of EV manufacturing. helping companies choose the best mix of debt
However, with effective financial planning and and equity based on their risk tolerance and
cost management strategies, companies can market conditions.
somewhat mitigate the impact of inflation.
Interest rates: Lower interest rates in Conclusion
countries allied with India, such as Japan and
the EU, allow Indian EV companies to secure The EV industry in India is at a pivotal moment, with
cheaper loans and financing options. By significant potential to reshape the country's
leveraging these low-interest environments, automotive landscape. While battery
companies can reduce their financing costs manufacturing, infrastructure, and sustainability
and invest more in R&D and infrastructure challenges persist, AI integration offers innovative
development. solutions to these problems. By optimizing demand
Geopolitical status: India’s stable forecasting, enhancing value-added services, and
geopolitical relationships with key countries improving supply and manufacturing capabilities, AI
provide a favorable environment for attracting helps create a more integrated and efficient value
foreign investments. The expected conclusion chain.
of the Free Trade Agreement (FTA) with the EU This transformation brings substantial economic
will likely open up opportunities for Indian EV benefits, including job creation, environmental
manufacturers to access technology and sustainability, and new growth opportunities for
capital at reduced costs, enhancing global MSMEs. By strategically leveraging AI and focusing
competitiveness. on renewable energy, India can lead the global
transition to electric mobility, ensuring a sustainable
2. AI's role in capital structure optimization: and prosperous future.
Dynamic financial modeling: AI can create
dynamic financial models that consider demand
forecasting and responsiveness to the VUCA
environment.

Lt Cdr Deepak Rohilla (Retd)

Ex - Indian Navy

Military veteran with 10 years of techno-managerial experience,

adept at strategizing complex engineering operations, managing
contracts, implementing digital solutions, and leading teams in
VUCA environment to enhance the operational capability of key
assets.

Abhishek Raj
Ex- Deputy Director (GoI) | IES

IES Officer with 8+ years of leadership experience in project

management, digital transformation, strategy formulation,
Digital Transformation
and operational excellence. Demonstrated success in
driving efficiency, stakeholder engagement, and impactful
policy implementations across diverse sectors.
21
 Indian MSMEs are pampered by startups
with B2B e-commerce platforms, but are
they interested?
by Ajay Athreya

The 2010-2020 decade saw the rapid rise of The MSME sector mostly used Tally for essential
consumer internet mobile and desktop applications. accounting work, Excel for managing business, and
To understand this phenomenon, we need to go a combination of WhatsApp and email for most of
back to 2007, when the iPhone was launched. The their communications.
iPhone became the first mainstream successful
smartphone between 2008 and 2010, leading to Suddenly, MSMEs that could not afford expensive
the popularization and commoditization of ERP implementations provided by the likes of SAP
touchscreen-based smartphones by 2010. The and Oracle found themselves flooded with offers
adoption of these devices led Apple and Google to from startups to try out all kinds of software
open their app platforms, the App Store and Play applications that claimed to make their lives easier.
Store, on iOS and Android platforms, respectively. Startups like Zoho and Vyapar targeted small
Independent developers, startups, and enterprises shops and business owners who typically needed
alike developed mobile apps to solve every mobile apps that complemented their frequent use
conceivable problem consumers face. This of WhatsApp and traditional calling. These startups
phenomenon was global, and India enjoyed the provided cost-effective solutions to manage
benefits equally. Social media platforms like procurement, billing, inventory, and accounting.
Facebook and video streaming sites like YouTube Raw materials procurement challenges are being
led the way to India-native products across e- uniquely handled by startups such as OfBusiness,
commerce, travel, gaming, payments, and personal Infra.Market, and JSW One MSME. Raw materials
finance. usually form 30-50% of total costs for MSMEs, and
material prices swing up and down based on
macroeconomic trends and local demand. These
startups have enabled MSMEs to track daily raw
material and reserve prices, bid for the best
suppliers, and even avail embedded financing to
ensure their working capital is not eroded. And all
of this happens with just a click on a mobile app.

Talking about accounting, as the Indian government

increased the compliance push for transactional
documents such as e-invoices, e-way bills, and
GSTR, startups were quick to integrate workflows
While this revolution was taking place in the B2C that seamlessly made API calls to government
space, technological innovations were moving at a portal gateways and generated authenticated
snail’s pace in the B2B sector, specifically for transactional documents. Software today has
Indian MSMEs. Most Indian businesses, except evolved beyond just helping with filing IT returns.
large enterprises, continued having websites that Platforms such as Zoho and ClearTax make AP
looked like they were developed in the 1990s. (Accounts Payable) and AR (Accounts Receivable)
Moreover, their adoption of technology was still related jobs easier with WhatsApp-integrated
minimal. notifications and reminders.

India’s Transformation 22
The real highlight of B2B digital transformation annually and profits in the range of 80 - 100 crores.
comes in finance and financing. Today, the ‘India A meager number because there are over 633.9
Stack,’ i.e., technology enabled by open-source lakh MSMEs in India, and at least 50% of them use
government platforms such as UPI, ONDC, etc, is Tally!
facilitating the development of financial products
unlike anything seen in the past. POS, QR codes,
and payment gateways have already seen adoption
at scale. The ONDC platform streamlines business
registries, market access, order management, and
credit facilitation, enabling MSMEs to get a level
playing field with large enterprises.

Startups are, therefore, avoiding subscription-style

monetization and instead charging in less
noticeable areas such as commissions,
platform/service fees, etc. Multiple surveys indicate
that most MSMEs prefer to reinvest profits into
business expansion rather than invest in efficiency
optimization via high-tech software.

The Indian government’s increasing adoption and

mandating of digitalization have made it clear that
digital adoption by MSMEs has to be the way
forward. However, it remains to be seen whether
MSMEs will adopt technology as it is currently
being fed to them or if they will redefine the rules of
the game.
This brings us to the heart of the matter: Indian
MSMEs are pampered by startups with B2B e-
commerce platforms, but are they interested? More
importantly, are they willing to pay for software?
Tally Solutions holds the lion's share of the
accounting software market at 70-80%. Yet it
reports revenue of approximately ₹580 crores

Ajay Athreya
Ex - AirAsia, Bizongo

A professional with 7+ years of experience

building software products for startups and
Digital Transformation
enterprises. Apart from work, he is passionate
about music and volunteering.

23
 India's Supply Chain Transformation:
Strategies for global impact
by Dharam Pratap Singh, Diptarka Moitra and Sourav Kumar Kar

India's path to becoming a global supply These efforts are essential for positioning India as a
chain hub global supply chain hub that provides reliable and
As global firms explore ways to mitigate risks cost-effective logistics solutions.
associated with over-reliance on China, complete
decoupling is seen as challenging due to the Concurrently, a policy for developing a program
intricate interdependencies within global supply structure to impart supply chain and logistics
chains. However, de-risking — by diversifying training, in consultation with premier institutions like
suppliers and production bases — seems to be a the IITs, IIMs, etc., is needed (along the lines of the
more practical approach. India is at a critical stage collaboration between the Indian Ministry of Skill
in its economic growth, aiming to become a strong Development and Entrepreneurship and Flipkart’s
alternative to China in the global supply chain for Supply Chain Operations Academy). This initiative
companies looking to diversify risks while staying could address several critical areas:
operationally efficient. However, integrating into
global supply chains comes with unique challenges Skilled workforce development: The proposed
that demand a strategic approach to operations program could focus on building a highly skilled
and supply chain management. This article supply chain and logistics workforce. By
discusses a few strategies that could eventually collaborating with leading academic institutions, the
contribute to the broader socio-economic training would incorporate the latest industry
transformation. trends, technologies, and best practices, ensuring
India’s supply chain ecosystem is unique, and that professionals are well-prepared to tackle future
simply replicating strategies from other regions may challenges.
not be effective. Factors such as infrastructure,
labour market dynamics, and regulatory Sustainable practices: The program could
environments differ significantly from those in include modules on sustainable supply chain
countries like China. Therefore, India must create a practices, promoting eco-friendly logistics solutions
distinct value proposition that encourages global that align with global sustainability goals.
firms to integrate it into their supply chains. This
requires implementing policies that support Rural and regional development: Training
infrastructure development and nurture could also cover the importance of enhancing rural
technological capabilities to enhance supply chain connectivity and developing regional logistics hubs.
integration and foster interdependence. Enhancing rural logistics through the program
could drive more inclusive economic growth,
Role of government initiatives ensuring benefits reach every region and also
Government policies, especially the PM Gati Shakti supporting the broader goal of equitable
initiative, are pivotal in transforming India’s logistics development.
and infrastructure landscape. It integrates various
modes of transport, optimizing the movement of Role of data analytics
goods across the country, reducing logistics costs Similarly, data analytics will likely play a critical role
and improving the overall efficiency of supply in enabling Indian firms to optimize their operations
chains. The Union Budget 2024 also prioritizes and supply chain strategies. It allows businesses to
capital expenditure on infrastructure, supporting the
development of multimodal corridors and
enhancing rural connectivity.

India’s Transformation 24
make informed decisions from vast datasets, term strategy of maintaining premium product
leading to more accurate demand forecasts, quality and consistent delivery while reducing
optimal inventory levels, and agile, cost-efficient dependency on single regions or suppliers.
supply chain operations. Predictive analytics
minimizes stockouts and overstocking, enhancing Mature Indian companies can also consider setting
overall supply chain resilience. Big data analytics, up joint ventures with suppliers to transfer
powered by IoT devices, improves supply chain knowledge, creating opportunities for growth and
visibility, optimizes transportation routes, enhances innovation. Understanding how suppliers work,
supplier selection, ensures traceability, and respecting their capabilities, and committing to
supports real-time decision-making. Data-driven mutual prosperity help cement long-term, trusting
insights are crucial for effective supplier relationships. Quality control becomes more
performance management, fostering strategic efficient as trusted suppliers with proven track
partnerships, and reducing risks. records require fewer checks. Risk is mitigated
Analytics tools also promote data sharing and through built-in compliance and risk management
collaboration within supply chains, increasing features, ensuring suppliers meet regulatory
transparency and supporting cost reduction. One requirements and industry standards.
recent example of this is the Unified Logistics
Interface Platform (ULIP) developed by Govt of Indian firms may also align their vendor capability
India. ULIP uses analytics to optimize freight costs development efforts with CSR activities to build
by assessing the most efficient transport modes long-term, trust-based relationships with their
across rail, road, sea, and air. It also enhances vendors, wherein vendors might be less hesitant to
compliance and risk management through data- share their data to be used for Data Analytics.
driven insights, ensuring regulatory adherence and Analytics in vendor capability development involves
streamlining insurance management based on the leveraging both external and internal supplier data
risk profiles of goods in transit. Such to improve vendor performance and mitigate risks.
democratization of technology should enable Using external data, companies can track key
smaller vendors and suppliers to integrate performance indicators (KPIs) such as delivery
effectively, strengthening the supply chain’s time, quality, cost, and service level compliance to
resilience. evaluate vendor performance objectively.

Vendor capability development Integrated planning tools enhance alignment by

The third strategy we propose is vendor capability sharing real-time demand and supply data. Gap
development. Companies like Toyota and Apple analysis prioritizes development programs, while
offer valuable lessons in this regard. Key strategies sustainability and carbon footprint analytics ensure
used by Toyota include conducting joint compliance with environmental goals.
improvement activities, such as sharing best
practices and initiating Kaizen projects at supplier Social and economic impact of strengthening
facilities. These initiatives foster a culture of supply chain capabilities:
continuous improvement and learning.
Similarly, Apple’s investments in its suppliers The strategic development of India’s supply chain
strengthen its supply chain by ensuring high-quality capabilities is not solely about fostering economic
components, increased capacity, and innovation, growth but also critical in driving social
which lead to greater control over production transformation across the country. By
timelines and costs. By fostering close ties with key strengthening vendor capabilities and enhancing
suppliers, Apple mitigates risks, enhances workforce skills, job opportunities could be
operational efficiency, and gains competitive expanded, particularly in manufacturing, logistics,
product development and market responsiveness and related sectors.
advantages. This approach supports Apple’s long -

India’s Transformation 25
These new job opportunities should aid in reducing Government initiatives like PM Gati Shakti are
unemployment and underemployment, thereby critical enablers, supporting the infrastructure
contributing to social stability and economic development needed to enhance connectivity and
security for millions of Indians. As employment logistics efficiency. By aligning these strategies
rises, so should wage growth, particularly in the with targeted workforce development, data-driven
industrial sector, where demand for skilled labour decision-making, and sustainable practices, India is
could drive up salaries. Higher wages and poised to boost economic growth and foster a
improved employment conditions should lead to an broader socio-economic transformation. Ultimately,
increase in per capita income, which in turn should these efforts will position India as a critical player in
raise the standard of living and reduce poverty the global economy, ensuring its long-term
levels across the nation. These comprehensive competitiveness and resilience in an increasingly
efforts contribute significantly to transforming India interconnected world.
into a fully developed economy by 2047.

Conclusion:
India’s journey toward becoming a global supply
chain leader hinges on its ability to craft strategies
that leverage its unique strengths and position itself
as a reliable alternative for global firms seeking to
de-risk their operations.

India can attract international businesses while

mitigating supply chain risks by focusing on de-
risking rather than complete decoupling. The key to
this effort will be investing in vendor capabilities
and embracing advanced analytics, both of which
are essential for building a sustainable and resilient
supply chain ecosystem.

Dharam Pratap Singh Diptarka Moitra Sourav Kumar Kar

Ex - Wipro Coal India Ex - Honeywell

Consulting professional with Professional with 13+ years Business consultant with 7+
14+ years of experience in IT in the operations, years of experience in
Strategy & Operations. procurement and corporate Analytics and Operations.
governance domains.

26
Digital Transformation
 Transforming education: An essential
milestone on the Vishwaguru Expressway
by Srinivas Emani

The 21st century is hailed to be the Asian century. It would be fair to say that access to world-class
The world has been looking towards Asia to lead education coupled with the ability to speak the
them through this new millennium. While the rise of Queen’s English has played a pivotal role in the
China is already propelling this prophecy towards post-1991 growth story. The illustrious IITs and
its fruition, how much of an Asian century it would IIMs have not just been temples of learning but
turn out to be will also depend on how India, the have also been the preparatory grounds to sharpen
world’s largest democracy, rises to this occasion. one’s skills by cooperating and competing with the
After all, one in three Asians are Indians. world's finest minds. These and many other such
premiere institutes across different fields have been
The Indian growth juggernaut that rolled into motion very successful, albeit in the limited scope of
with the LPG reforms of 1991 has transformed the students they can accommodate. The bigger
country beyond recognition. The optimists, question, however, is whether the Indian education
however, say this is just the beginning. Picture abhi landscape is prepared to help India truly leverage
baaki hai (The story isn’t over yet), as the dialogue the demographic dividend. To what extent is this
of a famous Hindi film would go. Some would argue high-quality education accessible to all? After all,
that the juggernaut will not stop until India reaches the difference between a demographic dividend
its rightful place of Vishwaguru (teacher to the and demographic liability is the population’s
world) in the world order. While the aspirations are preparedness.
commendable, the proof of the pudding would be
in the eating. As India bets on its demographic The government’s own Economic Survey pegged
dividend to make the transformation, it becomes that about half the graduates in the country are still
imperative that we study the preparedness of this not employable. While that does look bleak, let us
dividend to take on this mantle. dig a little deeper.

India’s Transformation 27
How are the future graduates, who are currently in Leveraging AI and the Digital Revolution
schools faring? While the EdTech revolution is still far from
delivering on its promise, it does not take away
The Annual Status of Education Report from its transformative potential. With the invention
(ASER,2023) found that 25% of students between of newer technologies that are making many jobs
14 and 18 years of age struggle to read Grade-2 and skills obsolete, the writing on the wall is clear:
text fluently. Given such harsh reality checks, it AI and Technology will continue to be a part of our
should not require a consulting project by an MNC lives and are here to stay. They also provide a
to establish that we have a problem at hand to pathway to bring joy back to learning.
solve, one that we have known for a long time yet
have not been able to solve. While the astronomical Integration of Indic Education System
growth of the EdTech industry did raise hopes of a Over the last decade, protectionism has been on
revolution in education, the unceremonious the rise across the globe. It has also led to the rise
downfall of some of its brightest stars has of nationalism or patriotism. One of the outcomes
shattered a dream too many. of these changes is the debate on the (de)merits of
the Macaulay Education System. The voices that
As we stand at these known crossroads, staring at ask for more Bharatiyata (Indianness) in the
a responsibility as big as the opportunity, what Indian education system, keep getting louder each
should be the path ahead for us? day. While the argument needs to be evaluated
without political colour, what is undeniable is that
Bringing back the joy in learning Yoga, Pranayama, and Ayurveda, among others
The disproportionate importance given to entrance offer solutions to some 21st-century problems. If
examinations for the most prestigious universities is the purpose of education is to improve the quality
the direct consequence of the quintessential supply of life, would it not be logical to integrate them into
and demand problem. Far from making learning our education system?
joyous, we have created factories that manufacture
exam preparedness and not learning. Factories that While we have a quarter of a century to keep up
suck out the joy of learning. While we continue to the promise we have made to ourselves to
set up newer institutes, we should also revisit how transform India into a developed nation, what I do
we decide the criteria for admission to such know is that no Amritkaal (golden era) will arrive
institutes. We need to look beyond examinations unless we transform our education system. The
and push for holistic learning environments. Only a time is ticking.
holistic evaluation for admission of our premiere
institutes would make for a holistic learning
environment in schools.

Srinivas Emani
Ex - LEAD School, Teach for India

Engineer by qualification, educator by choice.

Digital Transformation
Worked with thousands of students and teachers
to provide quality education.

28
From “Make in India” to “Assemble in India”:
A Strategic Shift for Economic Growth
by Aditya Pathak

India’s “Make in India” initiative, launched in 2014, scaling up its assembly operations. One of the
was a bold step toward transforming the nation into primary obstacles is the relatively small size of its
a global manufacturing powerhouse. The initiative manufacturing sector compared to countries such
sought to foster innovation, boost skill as China.
development, and create millions of jobs, all while
increasing the manufacturing sector’s contribution For instance, India's share of value-addition to GDP
to GDP and reducing reliance on imports. from manufacturing is smaller than that of China,
However, despite progress, evolving global supply Bangladesh, Vietnam, and Turkey. This highlights
chains and shifting economic dynamics necessitate the need for substantial growth in India’s
a new strategic approach—transitioning from manufacturing capabilities to achieve economies of
"Make in India" to "Assemble in India." This shift is scale similar to its competitors.
not just a change in focus but a critical evolution for
India to integrate more deeply into global value
chains, particularly in labour-intensive sectors, and
capture a larger share of global exports.

"Make in India" has attracted substantial foreign

direct investment (FDI), streamlined regulations,
and improved ease of doing business. Key sectors
such as automotive, electronics, and
While "Make in India" laid the groundwork, the next
pharmaceuticals have grown considerably. Notably,
phase requires India to focus on assembling
the Production Linked Incentive (PLI) schemes
complex products that can be exported globally.
have been instrumental in attracting investments in
The "Assemble in India" strategy leverages the
electronics and mobile phone manufacturing,
country’s potential as a critical player in the global
positioning India as the second-largest mobile
assembly line, particularly in electronics,
phone manufacturer globally. Despite these
automobiles, and textiles. India can attract global
achievements, the manufacturing sector's
manufacturing giants by capitalizing on its vast
contribution to GDP has stagnated at around 15-
labor force, geographical advantages, and
16%, far short of the targeted 25%. Infrastructure
improving infrastructure. This approach mirrors
bottlenecks, complex land acquisition processes,
China’s success, where large-scale assembly
and rigid labor market regulations have hampered
operations have driven the country to the forefront
progress. The COVID-19 pandemic exacerbated
of global trade.
these issues, disrupting supply chains and delaying
many projects. These persistent challenges
However, India faces significant challenges in

India’s Transformation 29
highlight the necessity for a strategic shift towards Additionally, India needs to invest significantly in
large-scale assembly operations, which can better skill development to ensure its workforce can meet
integrate India into global supply chains and the demands of modern manufacturing processes.
enhance the sector’s overall contribution to the
economy. India’s manufacturing sectors present a mixed
picture of challenges and opportunities. Thanks to
A comparative analysis of India and China reveals favorable policies like the PLI scheme, the
significant insights into the differences in their electronics sector has made notable progress,
industrial strategies and outcomes. China’s growth particularly in mobile phone manufacturing.
trajectory, particularly in the manufacturing sector, However, the sector remains heavily reliant on
has been fueled by a high level of investment and imports for critical components, which limits
savings, allowing for substantial industrial domestic value addition. Increasing local
expansion. In contrast, India’s lower levels of production of these components is crucial to
investment and savings have constrained its reducing dependence on imports and enhancing
industrial growth and limited its ability to scale the sector’s contribution to GDP. India’s
manufacturing operations to the levels seen in automotive sector, one of the largest globally, faces
China. challenges in transitioning to electric vehicles (EVs)
and overcoming global supply chain disruptions,
Furthermore, China’s emphasis on R&D and particularly in semiconductor availability.
technological innovation has been a critical factor
in its industrial success. China’s gross expenditure Addressing these challenges will require
on R&D, at 2.2% of GDP, is significantly higher coordinated efforts between the government and
than India’s 0.9%. This has enabled China to industry stakeholders to ensure a smooth transition
develop a robust domestic technology base, which and maintain global competitiveness. The textile
supports its manufacturing sector and allows it to sector, historically a significant employer, is
produce high-value-added products for export. In struggling against competition from countries like
contrast, India’s lower investment in R&D has Bangladesh and Vietnam, which offer lower
hindered its ability to innovate and move up the production costs. India can regain its competitive
value chain in manufacturing. edge in the global textile market by focusing on
high-value-added products and modernizing
As global companies seek to diversify their supply production processes. India’s pharmaceutical
chains to reduce risks, India has a unique industry, a global leader in generic drug
opportunity to position itself as a major assembly manufacturing, must increase research and
hub. The “Assemble in India" strategy aims to tap development (R&D) investment to move up the
into this potential by emphasizing the country’s value chain and develop innovative products that
comparative advantages in labour-intensive can compete globally.
manufacturing. For example, the electronics sector,
where components are sourced globally and To successfully transition from "Make in India" to
assembled in concentrated locations, presents an "Assemble in India," a multi-pronged approach is
ideal opportunity for India to emerge as a preferred necessary. Policy reforms that enhance the ease of
destination for manufacturers looking to diversify doing business, particularly in labour laws, land
away from China. However, to realize this potential, acquisition, and taxation, are crucial. These reforms
India must address several critical challenges. should reduce manufacturing costs and make India
Infrastructure development is a significant concern, an attractive destination for global companies.
as India’s infrastructure still lags behind global Additionally, significant investment in infrastructure
standards. Developing industrial corridors, logistics is critical for supporting large-scale assembly
parks, and port infrastructure is essential for operations. This includes physical infrastructure like
supporting large-scale assembly operations. roads and ports, and digital infrastructure to

India’s Transformation 30
facilitate smart manufacturing and efficient The shift from "Make in India" to "Assemble in
supply chain management. Skill development is India" represents a strategic evolution in India’s
also essential to create a workforce capable of industrial policy. By focusing on large-scale
supporting modern manufacturing processes, assembly operations, India can better integrate
with public-private partnerships playing a into global value chains, create millions of jobs,
pivotal role in this effort. Finally, increasing and significantly boost its exports. However,
investment in R&D is vital for India to develop achieving this vision requires overcoming
indigenous technologies and create high- substantial challenges, particularly in
value-added products that can compete infrastructure development, regulatory reforms,
globally. By boosting its R&D capabilities, India and skill enhancement. With the right policies
can build a robust innovation ecosystem that and investments, India has the potential to
supports its manufacturing sector and drives emerge as a global manufacturing
economic growth. powerhouse, driving economic growth and
improving living standards for millions of its
citizens.

The journey from "Make" to "Assemble" is not

just a transition in strategy but a commitment
to building a resilient, competitive, and
forward-looking manufacturing ecosystem
capable of sustaining long-term economic
prosperity.

Aditya Pathak
Ex - Roche | Ex - MuSigma

Analytics Consultant with ~7 years of experience

in Data science and Analytics, exposure to
Digital Transformation
Fortune 500 clients in diverse industries such as
pharma, hospitality, real-estate and FMCG.
31
 India’s development through microfinance
institutions and loans
by Vipul Ranjan Khare

India gained independence in 1947, and as I write living at the margins to go for high-interest loans?
this article, we are in the 78th year of To overcome such issues, one crucial step which
Independence. But India’s per capita income is at the RBI (Reserve Bank of India) can take is to
around just Rs 1.72 lakh in 2022-23. As per the tighten the screw around commercial banks (both
UN’s HDI index 2023-2024 report, India is ranked public sector and private sector) to make sure that
among the bottom-most nations at 134th position these banks also actively participate in giving loans
out of 193 countries. Keeping in mind our target of along the lines of microfinance institutions. Also,
becoming ‘Vikshit Bharat’ by 2047, I would like these banks should work together to ensure that
to outline one key policy measure that could go a the rate of interest is brought down to affordable
long way in achieving that target. levels of around 10% to 12%. Ultimately, if millions
continue to live in poverty, India cannot truly aspire
India’s development through strengthening to become a prosperous nation. After all, it is
of Microfinance institutions and loans human capital that drives transformative progress in
The modern microfinance institutions and loans any society.
came into prominence after the establishment of
Grameen Bank in Bangladesh by Muhammad Giving such loans will ensure that marginalised
Yunus in 1976. For his pioneering work, he was people find different avenues that would help them
awarded the Nobel Peace Prize in 2006. to come out of poverty. Once lifted out of poverty,
Microfinance loans are one of the essential tools to these people can create remarkable opportunities
ensure the development of the last mile. This model for themselves, society and for the nation. Indeed, it
of Microfinance institutions, if extensively is a risky proposition for any bank to offer loans to
implemented and penetrated across the length and destitute individuals, as most may lack a good
breadth of India, has potential to pull millions of credit history. But as with any system, here also we
people out of poverty in the next 15 to 20 years. can have certain checks and balances which if
Despite the presence of many microfinance diligently implemented, will keep NPAs (Non-
institutions, penetration of microfinance loans in performing assets) at a controlled level.
India is really low, which is a great cause of
concern. We also need to remember, poverty is not created
by the person who is poor but by the system, i.e., it
In India, the biggest issue with microfinance loans is an externally imposed phenomenon. So it
is that both public and private sector commercial becomes the obligation of the system to alleviate
banks hardly focus on such loans. There are some poverty. Human creativity and human capacity are
microfinance institutions that give loans in these limitless and people deserve a fair platform that
segments, but their rate of interest is exorbitant, enables them to realize their potential. This is only
hovering around 25%. The biggest irony here is possible once they are pulled out of poverty.
that when even a well-to-do affluent person would Strengthening microfinance infrastructure in India is
not think of taking any loan with such a high rate of one of the most important ways that will definitely
interest, then how can we expect people who are make India developed and prosperous, and thus
realize our dream of ‘Vikshit Bharat’ by 2047.

Vipul Ranjan Khare

Ex -Nagarro | Ex- Deloitte | Ex- Accenture

A professional with 13 years of experience in IT in the field of

Middleware iPaaS Integration. Expertise in implementing
platform as a service component of cloud computing. Love to
spend time playing badminton and swimming. 32
 New era in India’s Space Odyssey:
The rise of the private sector
by Bhargav Addagulla

Primer on the global space-tech landscape Towards this end, the India National Space
The Cold War era (1945-1991) witnessed a Promotion and Authorization Centre
‘Space Race’ where the two blocs constantly (InSPACe) has been established. In the last five
pushed the envelope of technology. From artificial years, 200+ space tech start-ups have been set
satellites to landing on the moon, this period up. This is in addition to ISRO’s existing
spurred development in rocket propulsion, which contractors who have invested in producing their
demonstrated that no distance is beyond reach. own space assets. Investors have responded
The unhindered Space Race raised fears of an positively, with these start-ups receiving $330
arms race since the devastating atomic bomb million cumulatively in FYs 2022,23 & 24. The
explosions in 1945 in Japan had an indelible impact government released the Indian Space Policy 2023
on humankind. With the intervention of the UN, the and a new FDI policy for space (in March 2024),
Outer Space Treaty 1967 came into being, allowing Non-Governmental Entities (NGEs) to
successfully preventing a full-fledged space war. participate in all domains of space activities.
Despite these circumstances, India pioneered a
space program through the Indian Space Research
Organization (ISRO) that was focused on applying
technologies to real problems of society.

The post-Cold War era saw unprecedented

cooperation between significant space-faring
nations, the most prominent example of which was
the establishment of the International Space
Station (ISS) in 1998. While this reinforced the
global relevance of space technology, a parallel
transformation was palpable with the onset of the
commercial era in the space sector. The last 25
years have witnessed the rise of non-state
commercial enterprises with adequate capabilities
to design, deliver, and operate assets in space and
offer these services commercially to users all
across the globe. Applications include location-
based services powered by navigation satellites like
GPS, DTH satellite capacity, satellite imagery that
powers weather forecasting, disaster management,
Key roles played by InSPACe
urban planning, etc.

India’s rising private space sector In the last two years, at least three Indian (private
The Government of India initiated space sector sector) entities have built their satellites, and two
reforms in 2020 to make the country’s private rocket-building start-ups have conducted sub-
sector a co-traveler in the national space odyssey. orbital launches of rockets designed and built on

India’s Transformation 33
their own. The Union budget of 2024 has allocated Conclusion
a ₹1000 crore VC fund for enabling start-up Over the last 70 years, space technology has
endeavours, perhaps the first for any sector. percolated across applications, from GPS to
weather forecasting and urban planning, invisibly
Space: A limitless export opportunity touching many facets of human life. ISRO’s recent
The tremendous success of ISRO’s Chandrayaan- socio-economic survey results have indicated that
3 mission with the Vikram rover soft landing on the for every dollar spent in the space sector, there
moon has only vindicated the belief reposed in the was a multiplier effect of $2.54 on the Indian
space program by successive governments. It also economy and that the sector’s workforce was 2.5
enables enhanced interest in the country’s talent times more productive than the country’s broader
and investment pool. Regarding funding, India is industrial workforce. These data points would only
the eighth largest space nation in the world and yet accelerate the participation of private-sector
only the fourth nation to land on the Moon. It is investors.
pertinent to mention that any space system India’s space sector is poised for a transformation,
designed to operate in space is a natural export with the private sector taking gradual steps to
opportunity. Space-grade hardware in one country spread and amplify the benefits & capabilities
would be space-grade in any other country, and the emanating from the state-led space program.
end deployment medium is the same, i.e., space.
Investors and start-up founders recognize this
potential, which is why the sector is poised for
growth on the back of an enabling regulatory
environment in India.

In addition, space tech applications encompass a

wide range of domains, especially sustainability. A
2018 study jointly undertaken by the UNOOSA
(United Nations Office for Outer Space Affairs) and
the European GNSS Agency (GSA) pointed out
that close to 40% viz. 65 out of the 169 targets
enunciated under the Sustainable Development
Goals (SDG) 2030 agenda benefit directly from
the European Space Agency’s (ESA) Copernicus
and European GNSS programs, which are earth
observation and geo-location services, respectively.
Considering that India has similar capabilities,
services emanating from the sector would be
globally relevant and find demand in use-case-
driven applications.

Bhargav Addagulla
Ex - Antrix | Ex- ISRO

A space sector professional with 9 years of

Digital Transformation
techno-commercial experience.

34
Fueling the Future: How Oil Marketing
Companies are transforming inside and out
by Debojyoti Hazra and Gautam Sharma

In the ever-evolving landscape of the oil marketing External Transformation: Harnessing the
sector, transformation has become more than a Power of Generative AI
strategic choice. It is a necessity for survival. Indian Externally, OMCs are revolutionizing their retail
Oil, Bharat Petroleum, Hindustan Petroleum, and operations by harnessing the capabilities of
other Oil Marketing Companies (OMCs) in India Generative AI. This cutting-edge technology, which
are at the forefront of this shift, embracing internal creates new content from existing data, offers
workplace innovation and external technological numerous opportunities for innovation in customer
advancements. engagement, operations, and sustainability.

Internal Transformation: Building the Personalizing Customer Experience:

Workplace of Tomorrow Personalization is critical to fostering customer
loyalty in the fiercely competitive retail environment.
Workplace transformation lies at the heart of OMCs use Gen AI to analyze customer data and
internal innovation within OMCs. The traditional generate highly personalized offers and promotions.
office environment is being redefined, focusing on For instance, a regular customer purchasing
creating agile, efficient, and employee-centric premium fuel might receive tailored discounts for
workspaces. This transformation is driven by the additional services like car washes or maintenance
convergence of technological advancements, checks. AI-driven chatbots enhance this experience
changing workforce expectations, globalization, and by providing real-time assistance and personalized
the lasting effects of the COVID-19 pandemic. recommendations, building stronger customer
relationships.
Implementing such changes is not without
challenges and is often met with resistance. They Streamlining Operations and Supply Chain
also require significant investment in new Management
technologies and must align corporate culture with
new operational structures. Efficient operations and supply chain management
are critical to the success of OMCs. Gen AI
However, those who adopt an employee-centric optimizes these areas by analyzing sales data,
approach, prioritise continuous learning, leverage weather patterns, and local events to predict
technology strategically, and maintain transparent demand more accurately. This predictive capability
communication are better positioned to overcome ensures fuel stations maintain optimal inventory
these obstacles. levels, reducing stockouts and excess inventory.
Additionally, Gen AI streamlines supply chain
Real-life examples of major digital transformation operations by generating optimized delivery
projects undertaken by OMCs, such as schedules and routes, minimizing transportation
implementing Customer Relationship Management costs, and reducing fuel consumption.
(CRM) systems as comprehensive management
tools, highlight how focusing on technology and Innovating Product Development and In-
employee engagement can significantly enhance Store Experience
operational efficiency and customer satisfaction. Fuel stations have evolved beyond mere refueling

Workplace Transformation 35
points into full-service convenience stores. OMCs schedules based on customer footfall and weather
are leveraging GenAI to maximize growth conditions. In supply chain management, Gen AI
opportunities within these spaces by generating can minimize emissions by optimizing delivery
personalized product recommendations and routes and schedules, reducing the distance
enabling dynamic pricing strategies. For instance, a traveled by delivery trucks, and lowering fuel usage.
customer who frequently buys beverages might
receive promotions for new drink offerings, while Conclusion: The Road Ahead for Oil
another customer who regularly purchases snacks Marketing Companies
could get discounts on complementary products. Integrating internal workplace transformation and
This targeted approach boosts in-store sales and external technological innovation is crucial for the
enhances the overall customer experience. future success of OMCs. OMCs are setting new
industry benchmarks as they continue to explore
Supporting Strategic Decision-Making with the possibilities of Generative AI. By embracing
Data-driven Insights both internal and external transformation, they are
OMCs generate vast amounts of data daily, from staying competitive and redefining what it means to
customer transactions to operational metrics. Gen be a leader in the retail fuel market. This holistic
AI transforms this data into actionable insights that approach to transformation is essential for building
support strategic decision-making. By analyzing a smarter, more connected, and sustainable future
trends in the market, social media activity, and in the ever-evolving landscape of oil marketing.
competitor behavior, Gen AI helps OMCs
anticipate changes in customer preferences and By leveraging the power of Gen AI and focusing on
adjust their offerings accordingly. This proactive internal workplace improvements, OMCs are
approach enables OMCs to stay ahead of the navigating the challenges of today’s business
competition and continue meeting the evolving environment and emerging as frontrunners in the
needs of their diverse customer base. industry’s transformation journey.
Advancing Sustainability
Given their role in the energy sector, sustainability
is an increasingly important focus for OMCs. Gen
AI supports sustainability goals by optimizing
various aspects of OMC operations. For example, it
can reduce energy consumption across fuel station
networks by optimizing lighting and heating

Debojyoti Hazra
Ex - BPCL

9 years of integrating data, technology, and domain

expertise to enable transformative and future-ready
business solutions in downstream oil & gas.

Gautam Sharma
Ex - BPCL

12 years of experience as a strategic architect

Digital Transformation
specialising in business and process transformation,
marketing excellence, and digital innovation to drive
impactful growth. 36
Revolutionizing Work: How technology today
is shaping the future of the workplace
by Abha Mehta and Anwesha Mukherjee

The world of work has constantly changed over the media profiles, and digital footprints to identify
last two hundred years. In the preindustrial era, candidates who are best fit for a role. AI tools can
work was primarily agrarian. The Industrial collect and evaluate vast amounts of data that may
Revolution in the late 18th century shifted the work exceed human analytical capabilities, allowing
dynamics to factory-based mechanization and mass recruiters to choose talents from a broader pool in
production. In the 20th century, electricity, less time. This significantly reduces the workload of
telecommunications, and computing advancements recruiters, and a shorter hiring cycle means that
further automated industries. The Information Age candidates do not have to wait weeks for a
in the late 20th century brought about a digital decision. So, AI, in a way, also improves the
revolution, where the service sector grew in candidate experience.
prominence, powered by the internet and personal
computing. However, potential downsides arise from a lack of
Today, in the 21st century, the world of work is human touch in the hiring process. AI tools are only
experiencing yet another transformation driven by as good as the data they are trained on. If the data
globalisation, digitalisation, and disruptive used to train HR models contains biases, the tool
technologies such as Artificial Intelligence (AI), will internalize and replicate them. AI tools can be
robotics, and remote work capabilities. These subjected to historical biases, such as gender or
advancements are changing how we work, racial discrimination, and the historical data fed into
redefining the very concept of work and leading to the algorithm may reflect societal biases. The AI
a more flexible, interconnected, and innovative algorithm will learn and perpetuate these biases.
workplace ecosystem. Over time, such perpetuating biases will only widen
social and economic disparities and also negatively
AI: The Catalyst for Workplace affect the future workplace. AI algorithms may also
Transformation be subjected to sampling bias, leading to
Artificial Intelligence (AI) has been affecting how underrepresenting certain groups in the training
we work for quite some time – automating routine data and resulting in a less diverse and lower-
tasks, allowing employees to focus on more quality workforce.
productive aspects of their work, streamlining job
application evaluations, and improving decision- For instance, Amazon introduced an AI system in
making with predictive analysis. While the potential 2014 to hire new engineering talent. Amazon’s AI
benefits of AI are undeniable, to do a was trained on the applicant’s data over the last 10
comprehensive analysis of the impact of AI on years. Most of these applicants had been male, so
workplace transformation, it is essential to consider Amazon’s AI was trained to believe that engineering
both the opportunities and the challenges applicants were predominantly men. The AI-based
presented by AI in the workplace. hiring tool thus downgraded resumes containing
the word “women’s” and filtered out women who
In talent management, AI is reshaping how had attended women’s college only. By 2015,
organizations attract, develop, and retain talent. Amazon recognized the flaws in this experimental
Recruiters and hiring managers can quickly recruitment tool, and by 2018, Amazon had
generate new job descriptions and align them with reportedly discontinued its use.
the organization’s skill needs. While traditional
methods often rely on the manual evaluation of The human element is also an essential part of
resumes, AI algorithms can analyze resumes, social recruitment that gives a candidate an early insight

Workplace Transformation 37
into the organization’s culture and values before unemployment, or is it a catalyst for new
joining. AI tools, on the other hand, rely on specific opportunities, redefining jobs and creating new
keywords to evaluate candidates and thus possess opportunities that we never imagined?
an inherent limitation in assessing intangible There is a general consensus that AI and related
qualities such as soft skills. The hiring process can technologies will profoundly impact both work and
eventually be frustrating and unengaging for the workers. Various research has been conducted to
candidates. Thus, striking a proper balance qualitatively and quantitatively measure and identify
between automation and the human interface is the jobs that may get replaced. One such study,
paramount in ensuring the quality of the workforce the Job Replacement Theory by Huang and Rust
selection and, thus, the future of the workplace. (2018), categorizes jobs based on four types of
intelligence: mechanical, analytical, intuitive, and
Another significant and multifaceted workplace empathetic.
transformation driven by advancements in AI and
robotics is the automation of repetitive, manual, and According to this theory, jobs that rely on
mundane tasks. Automation is already predominant mechanical intelligence – routine, repetitive tasks
in industries like manufacturing, where robots have that can be easily automated – and analytical
taken over assembly lines. AI is increasingly intelligence, which involves data processing and
deployed in packaging, quality control, and problem-solving, are moderately to highly
predictive maintenance. susceptible to AI-driven replacement. In contrast,
As AI continues to permeate the workplace, there is jobs requiring intuitive intelligence, such as
a widespread concern for AI, leading to massive creativity and abstract thinking, and empathetic
job displacement. A 2023 Goldman Sachs report intelligence, involving emotional understanding and
predicts that Generative AI could replace 300 relationship-building, are more resistant to
million full-time jobs. However, the same report also automation. A study by Frey and Osborne (2017)
forecasts a global GDP rise of 7%, driven by the to determine the impact of automation on
growing adoption of Gen-AI. employment highlights that routing tasks in sectors
like transportation, logistics, administration, and
So, the issue of the impact of AI on the workplace production are particularly vulnerable to
boils down to a critical question: Is the adoption of automation. On the flip side, advocates of AI argue
AI a threat? Is this new technological wave that jobs will be redefined and reshaped.
causing job displacement and contributing to

Workplace Transformation 38
The integration of AI is expected to drive demand adoption can lead to stress and anxiety due to fears
for highly skilled workers proficient in AI-related of job displacement. Additionally, the pressure to
fields, creating new roles such as AI trainers, upskill and reskill can be particularly daunting for
ethicists, and maintenance specialists. This shift those unprepared to adapt to the digital landscape.
toward more specialized skills will boost workplace To mitigate these concerns, employers and
productivity and efficiency, increasing individual educational institutions should collaborate to
wages and overall wage growth. Moreover, provide accessible and effective training programs
adopting AI will free up capital and labor, which can that help employees acquire the skills needed to
be reinvested in innovation, business expansion, thrive in an AI-driven environment.
and the enhancement of products and services, The impact of disruptive technology in the
contributing to GDP growth. workplace has largely been positive. Technology
has helped to increase productivity and efficiency,
improve communication and collaboration, and give
employees more flexibility and mobility. However,
the potential downsides of technology adoption
should not be neglected, and organizations can
mitigate the negative impacts by providing training
and support to employees and setting clear
expectations around technology use.

The ongoing evolution of AI necessitates a

continuous reskilling and upskilling of employees.
The growing dominance of AI in the workplace will
compel workers to develop AI fluency to remain
competitive and relevant in the job market.

A crucial aspect of implementing AI in the

workplace is its psychological impact on
employees. Research indicates that increased AI

Abha Mehta
Ex - KBR,Inc.

Experienced engineering and business

development manager in the oil, gas and
petrochemical sector.

Anwesha Mukherjee
Ex - AECOM
Digital Transformation
Experienced project planner driving
energy efficiency and sustainability in
infrastructure. 39
 Echoes of Experience

Insights from our distinguished alumni!

“Upon their shoulders, high we rise,

They built the path beneath wide skies.
With every step, their strength we feel,
Foundations firm, their vision real.

Their triumphs blaze a guiding light,

Turning our hopes from dreams to flight.
We honor those who led the way,
And shape tomorrow from today.”

40
 Workplace Transformation: The impact of
AI and Digitization on jobs
by Pawan Chiba

The rapid advancements in artificial intelligence (AI) Job Creation

and digitization are not just trends; they are On the flip side, AI and digitization are birthing new
catalysts reshaping the global workforce. These industries and roles, such as data scientists, AI
technologies are revolutionizing the way we work, engineers, and cybersecurity experts. According to
creating a profound transformation that is the World Economic Forum, AI will create 97
impossible to ignore. million new jobs by 2025, even as it displaces 85
million others. The roles emerging from this
The Rise of AI and Digitization transformation require specialized skills to develop,
Artificial intelligence, with its capacity to learn, implement, and maintain AI systems.
reason, and solve problems, is automating tasks
once thought to require human intervention. AI’s Moreover, there’s a growing demand for human
presence is expanding across industries, from skills that complement AI, such as interpreting
customer service chatbots to autonomous vehicles. insights generated by algorithms and making
Simultaneously, digitization is altering the informed decisions.
workplace by enabling remote work, streamlining
processes, and fostering cloud-based Job Transformation
collaboration. According to a 2023 report by AI is also augmenting human capabilities,
McKinsey, 60% of all occupations have at least enhancing decision-making, and automating tasks.
30% of activities that could be automated with For example, doctors using AI-powered diagnostic
current technologies. tools can improve their accuracy and efficiency.
However, this also means workers must
Impact on Jobs continuously upskill and reskill to stay relevant. A
The impact of AI and digitization on jobs is report by IBM indicates that 120 million workers
multifaceted. These technologies have the dual globally may need to be retrained due to AI and
potential to displace specific roles while also automation within the next three years.
creating new opportunities that demand a different
set of skills. The Future of Work
The future of work will be characterized by a
Job Displacement synergistic relationship between human and AI
AI excels in automating repetitive and data-driven capabilities. As AI continues to evolve, tasks
tasks, which has led to job displacement in previously considered exclusively human, like
industries like manufacturing and customer service. content creation or legal research, will become
For instance, AI-powered robots now perform tasks automated. Yet, humans will remain essential in
on assembly lines that were once the domain of areas requiring creativity, empathy, and complex
human workers. A study by Oxford Economics problem-solving.
projects that 20 million manufacturing jobs could
be lost to robots by 2030. However, as AI assumes Key Trends Shaping the Future
these routine tasks, there’s an increasing need for Several trends will define the future of work:
human workers skilled in critical thinking, creativity, 1. Increased Automation: More routine tasks
and problem-solving. Accountants, for example, are across industries will be automated, pushing the
now more focused on analyzing data with AI tools workforce to adapt.
rather than entering it manually.

41
2. Remote Work and Flexibility: Digital Conclusion
technologies will further enable remote work and The transformation of the workplace through AI and
flexible schedules, a trend accelerated by the digitization is profound and ongoing. While these
COVID-19 pandemic. technologies may displace some jobs, they will also
create new opportunities and necessitate the
2. The Gig Economy: Short-term, project-based development of new skills. By understanding the
work will become more prevalent, reshaping trends shaping the future and preparing
traditional employment. accordingly, individuals and organizations can
successfully navigate this new era of work.
3. Continuous Upskilling and Reskilling:
Workers must engage in lifelong learning to stay
competitive.

4. Human-AI Collaboration: Enhanced

productivity and decision-making will result from
closer collaboration between humans and AI.

Preparing for the Future

To thrive in this evolving landscape, individuals,
organizations, and governments must take
proactive measures:
1. Education and Training: Investing in programs
that equip workers with future-ready skills is crucial.

2. Lifelong Learning: Cultivating a culture of

lifelong learning will help workers adapt to evolving
job requirements.

3. Skill Development: Emphasizing skills like

critical thinking, creativity, and adaptability will be
key.

4. Policy and Regulation: Governments must

create supportive policies that help workers and
businesses navigate this transformation.

Pawan Chiba
MBAEx - Class of 2018

A veteran strategist and program manager

with a proven track record of driving success
across industries with recent stint in the
automotive sector.

42
 AI-Driven Insurance: Transforming the
industry with Digital Innovation
by Darshil Pandya

Artificial Intelligence (AI) is rapidly reshaping can go up to 6 weeks, due to human errors, missed
industries worldwide, and the insurance sector is communications, or administrative bottlenecks.
no exception. In an age where data is the new
currency, AI-driven technologies enable insurers to How is AI a game-changer for the insurance
transform their operations, streamline processes, industry?
and enhance customer experiences like never Now, imagine you don’t need to reach out to a
before. broker or an agent, rather start the process on your
mobile anytime and from anywhere. For Property &
Casualty (P&C) insurance, start by providing your
home address, answer a few basic questions and
that’s it – instantly get the quote within a few
seconds. This is what Lemonade Insurance
Company has achieved through the use of Artificial
Intelligence. Once the user has provided the
required details, AI analyses various factors such as
building age, building durability, distance from the
coast, and firehouse proximity, for risk analysis and
underwriting of the policy. The user can see all the
coverages and exclusions before binding and
paying directly using their credit/debit card from the
If one has experience of purchasing an insurance app itself. With zero hassle and zero paperwork,
policy in the pre-AI era, they would have navigated this process not only improves the customer
through often time-consuming and a series of experience but also reduces the expense ratio and
manual operations: improves the quote-to-bind ratio for insurance
Traditionally, customers apply for insurance firms.
through agents or brokers by filling out forms
(in person or via paper/email), providing From personalized policies and faster claims
personal, financial, and risk-related information. processing to predictive analytics that mitigate
An underwriter manually evaluates the risk risks, AI is unlocking new possibilities for
based on customer data, past records, and innovation. This digital revolution not only increases
general market information. This process can efficiency but also empowers insurance companies
involve reviewing medical records, driving to offer more tailored and responsive services,
history, or business operations. redefining how they interact with their customers
Once the risk is assessed, the underwriter and staying competitive in a fast-evolving market.
calculates the premium based on factors like
age, health, driving record, or the value of the As per Forbes, through the use of intelligent claim
asset being insured. validation software leveraging AI, claims accuracy
After negotiation and approval, the policy is can be improved by up to 99.99%, operational
issued, detailing the terms, coverage, and efficiency can be increased by 60% and customer
premium. experience can be improved by 95%. This
For simpler policies, this process would take 5-10 unprecedented change at the industry level will
days. However, for complex policies, the timeline

43
 Figure 1: AI Applications across the insurance value chain

mean both the incumbent and the insurgent additional internal (e.g., policyholder data, claims
organizations must evolve and adopt this history) or external data (e.g., weather, social, and
integration of automation, deep learning, and telematics data) is needed. In addition, Data
external data ecosystems. Integration and establishing robust Data
Governance practices is crucial to ensure data
Core elements for defining successful AI quality, consistency, and security. This includes
strategy setting up policies for data privacy, compliance with
Insurers must follow a thoughtful approach that regulations (e.g., GDPR), and maintaining ethical
balances technological innovation with business standards in how data is used for AI models.
objectives, regulatory compliance, and customer
experience to define a successful AI strategy. With AI Infrastructure Management
a precise focus on people, process, and A scalable, flexible infrastructure that can handle
technology, the core elements for a successful AI large volumes of data and support AI/ML models is
strategy should be Data Governance and essential. Insurers should consider investing in
Integration Management, AI Infrastructure cloud-based AI platforms that enable seamless
Management, Talent and Skill Development, and integration with legacy systems while supporting
Ethical AI and Compliance. real-time analytics, automation, and model training.
Leveraging AI-based tools for automating
Data Governance and Integration processes (e.g., robotic process automation,
Management machine learning pipelines) can scale operations
A successful AI strategy depends on having access efficiently. This helps in ensuring continuous AI
to diverse and high-quality data. Insurers should model optimization, fast deployment, and
assess their existing data sources and determine if maintenance.

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Talent and Skill Development In conclusion, AI represents the next evolutionary
Successful AI adoption requires buy-in from leap for the insurance industry, much like how early
leadership and a cultural shift toward data-driven human predecessors were eventually succeeded
decision-making. Insurers should focus on change by modern Homo sapiens. Traditional processes in
management to ensure that employees embrace AI insurance will inevitably be replaced by AI-driven
initiatives and understand their strategic automation, streamlining operations and enhancing
importance. It involves cross-functional decision-making. Insurers who are prepared to
collaboration between data scientists, actuaries, IT harness this cutting-edge technology will not only
professionals, compliance experts, and business lead the industry in the coming decade but will also
leaders. Insurers must build teams with the right mix be the driving force behind its transformation,
of AI, domain expertise, and business acumen. shaping a more efficient, innovative, and customer-
Training existing employees in AI-related tools, centric future.
technologies, and processes is crucial. Insurers
should foster an AI-driven culture by offering
continuous learning programs and investing in AI
talent to keep up with the evolving AI landscape.

Ethical AI and Compliance

AI initiatives in insurance need to be aligned with
ethical considerations, particularly regarding
fairness, transparency, and accountability. Insurers
should take into account principles of Responsible
AI and establish guidelines for how AI models are
built, deployed, and monitored to prevent bias in
underwriting or claims processing. Additionally,
continuous audits and compliance checks are
necessary to maintain regulatory standards,
especially when dealing with sensitive data.

Darshil Pandya
MBAEx - Class of 2022
Ex-Microsoft, Ex-Capgemini

AI and Cloud Consultant with extensive

experience working with Fortune 500
clients worldwide, driving innovation and
digital transformation.

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 WHEN TIME STOOD STILL
Glimpses into the MBAEx Life

The Startup Garage was an immersive experience designed to provide real-world

exposure to entrepreneurship. The Class of 2025 worked overnight in a lock-down
environment, brainstorming and refining their startup ideas, engaging in investor
simulations, gaining insights from expert mentors, and delivering final pitches to a
distinguished jury of industry leaders.

Interactions with industry leaders are a cornerstone of the MBAEx programme. Through
signature initiatives such as She Ascends, Leadership Talks, and the CEO Series,
renowned industry leaders address the cohort, offering firsthand perspectives on
overcoming challenges, seizing opportunities, and driving transformative change in the
business world.

Leadership talk with Mrs Sunaina Kaul

Director of Employee Relations, Qualcomm

CEO series session with Mr Puneet Narang

Managing Director of Diageo Moet Hennessy Thailand

46
 WHEN TIME STOOD STILL
Glimpses into the MBAEx Life

LATTICE is MBAEx’s flagship annual business conclave. This year’s theme was
‘Navigating a VUCA world’ and featured insightful discussions by expert panelists from
varied fields such as BFSI, FMCG, Tech and more.

The Industry Insights Series is an initiative pioneered by Batch 18. Featuring a series of
curated discussions led by expert panelists, this year’s series spotlighted cutting-edge
discussions on InsurTech, EnergyTech, and SpaceTech, offering invaluable
perspectives on emerging trends and transformative innovations.

Industry Insights Series: SpaceTech Industry Insights Series: InsurTech

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 WHEN TIME STOOD STILL
Glimpses into the MBAEx Life

Students from MBAEx showcased their remarkable talent and team spirit by representing
IIM Calcutta and earning accolades at esteemed inter-IIM sports and cultural
competitions, including Sangharsh and Ekatva.

Homecoming 2025 had the lakes of Joka buzzing with energy as our alumni from
Batch 8 & 9 (Class of 2014 and 2015) reconnected with their roots, shared their
success stories and created new bonds with current MBAEx candidates.

48
WHEN TIME STOOD STILL
Glimpses into the MBAEx Life

LIFE
AT
JOKA

49
 MBAEx Batch of 2025

IIM Calcutta’s One Year Residential MBA Programme