Radix, IIM Ranchi’s annual business conclave, provides a base for students to complement the learning imbibed in a B-school with hands-on experience from the industry which they aspire to be a part of.
This year, IIM Ranchi hosted the third edition of Radix with the theme ‘Turning the ocean blue’.
Professor Amarendu Nandy of IIM Ranchi welcomed the guests and reiterated the core values of the institute — honesty, humility and hard-work. It is these set of values that constantly guides the students to stand out. The first speaker, Rajib Basu, Partner, Risk Advisory, KPMG, started his talk by re-emphasising the difference between Red and Blue Ocean Strategy.
Amit Pandey, Chief Operating Officer, Exicom Tele Systems Ltd, inspired the students through his energy and experience. He talked about how a positive mind-set is essential to create innovation.
Sangeeta Sumesh, CFO and Executive Director, Dun and Bradstreet, gave real-life examples of how companies in various industries are creating a niche market by reaching into untapped potential. She encouraged pursuing differentiation and adopting ‘innovative thinking’.
A panel discussion followed, with the theme ‘Building systems or culture?’. Rohit Kumar of IIM Ranchi and the speakers elucidated their opinions on the topic. Each member of the panel took turns in answering broad questions on what holds more strategic importance and value, system or culture.
The last speaker for the day, Pankaj Chadha, Partner, SR Batlinoi, Ernst & Young, said, “The speed is changing, innovation has become imperative and there is no pre-set design for innovation.” He emphasised that responding to change is important as it affects everybody.
After some insights from speakers on the first day, the second day commenced with a welcome speech by Pratik Kanthe, President of the Student Council, IIM Ranchi.
The first speaker of the day, Ishita Aggarwal, Financial Head, Asia Pacific, Bombardier, shared examples of innovation in the transportation sector across the globe. “Most times, just an idea isn’t enough, you need a lot more,” she said. She also shared her insights on edge strategy, making profit out of under-utilised resources.
“When following a Blue Ocean strategy, it is important to protect that which is valuable to you and build a guard around your market share. Instead of venturing into a blue ocean, bring a large fish to the red ocean,” said Sriram Gopalaswamy, Head of Commercial Marketing, Lenovo.
Taking the topic forward, Sanjay Kulkarni, Vice President (Business Head), Ester Industries, encouraged students to create opportunities by failing quickly. He referred to the Samudra Manthan story to churn knowledge, plant experience and foster capabilities in order to come up with new products and services.
Subhankar Ghose, Chief People Officer, Zoom Insurance Brokers Pvt Ltd, talked about Blue Ocean Strategy from the perspective of HR. A good culture, space, bosses and peers are the driving forces to promote innovation, he said.
Jaideep Mallick, Associate VP, Godrej, stressed on the sustainability of a product for a longer duration as most organisations are risk-averse and lack the initiative to dream big and be different. Sandeep Tyagi, Director HR, Samsung Electronics, the last speaker for the day, talked about navigating across the ocean with a complex organisational structure using the right strategy for driving innovation and leadership.
The event ended with a vote of thanks, delivered by Saad Hashmi, Secretary of the Student Council of IIM Ranchi, to the 10 speakers, members of the faculty and participants, for being an essential part of Radix and keeping up the vision of the conclave – to connect, enthuse and foster.