5 Simple Tips to help improve your Decision Making

Decision making is the part and parcel of our lives. Every day, we make a lot of decisions right from small everyday decisions to big business decisions. PGDM Diploma Courses are designed in order to train students in the art of decision making. PGDM Colleges focus on a long-term objective of improving the overall decision-making process of their students by laying down a well thought of training program. While your institute is working towards improving your decision making, you can follow these 5 simple tips at personal level:

  1. Don’t delay

Simple decisions are easy to make. You can simply tick them off and have the feeling of accomplishment. The problem arises when the level of difficulty increases. Delaying such decisions can bring more harm than good. Difficult decisions need to be tackled on priority. Dedicate a focused block of time to it each day. Work through all the pros, cons, risks and realistic outcomes of your decision. Be prudent and realistic about tackling the problem in hand. The problem is not going to solve itself so it is better to take it up in priority and get it done with.

  1. Shelve ego and emotion

Decision making process can be overwhelming at times as you become too personally invested in the whole process. It bothers you to think about the overall outcome of your decision and what impact, positive or negative, it will have on the future of the company. You need to shelve your emotions and ego while making the decision. Be practical about your decision and think rationally while going through the entire process.

  1. Ask an expert

A famous quote by Warren Buffet, “It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.” The decision which you are about to make has likely been made in the past. It is always good to ask an expert. While the problems in hand may be unique to you but it is highly probable that someone else must have gone through the same problem. The advice here is not to copy the entire solution but to improvise according to your problem. Seeking expert advice can be a good way to deal with the problem in hand.

  1. Question every step of the process

The technique of “why” can be a great way in decision making as well. Question every step in your decision making process, the answers to which can help you become sure of your decision in the long run. Use research reports, industry trends, and seek experts in your field while building your strategy. Collect all the relevant data and try to make an informed decision. Take constant feedback from the stakeholders as well as experts in the field.

  1. Plan for doomsday

The final step to decision making is to note down the underlying risks of the decisions you make. In other words, plan for the doomsday. Give this process a bit of time to consider the absolute worst case scenarios. Ask yourself what exactly can go wrong in the decision you are making. Always have a backup plan to tackle such situations. No decision or solution to any problem could be 100 percent full proof. There would always be risks involved and taking these risks into consideration can be a good way of handling your decision making process.

– Prof. Angirasa Acharya
VJIM, Hyderabad

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7 Questions every VJIM wants every Budding leader to ask themselves before they leave campus

You are on the verge of finishing your PGDM? Do you think the main job is done? Well, no. It is yet to begin.

Now that you are about to join the workforce, let us re-orient your thinking process and remind you- you have been trained to become leaders these 2 years of your PGDM. All set for it? Then ask yourself:

  1.     What Kind of Culture you want to Create?

The answer to this question lies in the fact that what kind of culture you are comfortable working in yourself. Your success as a leader depends highly upon the performance of your team which is directly related to the work culture you are working in. Every team has an ideal and this ideal or the value system needs to come from you as a leader. Work culture decides that in what environment your company would be able to work at their best of the potential.

  1.     What kind of Enthusiasm you want to bring at work?

A motivated leader breeds a motivated team. The more the positive energy you will bring in the company, the better your team will work under you. Many management theories support the fact that a team with an active and enthusiastic leader have high performance level and are more efficient. So what kind of enthusiastic level you want to bring to the company and specifically in your team would be a deciding factor behind how your team will perform in the longer run.

  1.     What Vision you have?

Leading a team with no vision is like walking on a path with no destination. It is meaningless and extremely dangerous. Ask yourself what is your vision and what is it? Where do you see yourself or your team one year from now or what scope you think your current project has? All these questions are extremely important as it will help set a goal not only for you but for your entire team.

  1.     Are You Approachable?

A good and successful manager is the one who is approachable and works from the base level. The most basic rule of being a manager is stepping into other people’s shoes and then taking a decision. Always think from the point of view of others. Would you be happy working in a team where your manager is not easy to approach? No, right? So answer this question accordingly and then make it a rule as a leader.

  1.     Are you Decisive?

One of the biggest challenges of being a leader is taking hard decisions that can affect your team. Sometimes as a leader, you will find yourself in a position of dilemma where you have to take a practical decision for the good of the company but that is adversely impacting your team. Being decisive is extremely important and you have to make it a point to ask yourself this question and prepare yourself accordingly.

Dandiya Celebrations at VJIM, Hyderabad

There is amazing beauty in diversity and at VJIM, Hyderabad, it shone bright and right on the afternoon of 15th October, 2018. Students from across culture, religion and states joined in the fun of Navratra- celebrating the power of Goddess Shakti. The spirit of Dandiya Raas swayed the campus. Loud music, traditional dresses, food, dandiya sticks, dance, laughter filled the air. Faculty and students were immersed in boundless celebration.

The event started around 3:45 at the college campus. While students were dressed in their beautiful ethnics and traditional wears, faculty made it to the dance zone as well. The speaker boomed with traditional music and for the day, there was nothing but merriment and gusto, reminding everyone once again- the power lies in diversity and inclusion.

The Art of Leading Equals in the Digital Age

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”

-John Quincy Adams

Doing a Post Graduate Diploma Course in Management is a far different experience in digital age than it used to be in earlier times. With digitization gradually becoming the buzz-word, the very nature of personal and professional relationships have changed. In the wake of this change, VJIM teaches young leaders how to harmonize a vast array of differences in the workplace be it racial, cultural, generational so as create something new and potent.

In the digital age, where knowledge is at everyone’s disposal, true leadership lies in your ability to unite people in a team without having to sacrifice their individuality. In other words, the present day leader is no more a person who is holding his team’s finger to lead them in a way. He is a facilitator providing his team what they need to do their job and then getting out of their way to do it. Only then will this new talent be able to unlock new technology, new perspectives, and new, more human communities.

The Workforce Is Not What It Used to Be

The new generation of workforce has grown up with digital media which gives them an added advantage over their older counterparts. They are more intuitive, quick and confident while taking up a task. Their risk taking capability is high and they are willing to work in an aggressive environment where there is less planning and more action.

So what do organisations do in order to make sure that the new generation works in harmony with the older generation because in reality they need the adroitness of digital natives without having to sideline the skills and experience of an older generation.

The Art of Leading Equals in Digital Age

This is where a new art needs to come into play. The art of leading equals. A much flatter structure where ideas are not always coming from the higher ranks. Companies and leaders alike need to embrace creativity, diversity, and collaboration. A balance between the aggressiveness of the new generation and the patient and calmness of the older ones need to be created and for that a simple realization needs to be there – you can not do everything and that is why you have been given a team at the first place.

Leaders must work hard to strengthen the bonds with their teams and create enticements that appeal to talent despite their unique backgrounds and identities. As opposed to steering, leaders of digital age need to create opportunity for ensuring a process of collective growth while recognizing their own shortcomings in the process.

Leaders are not to lead but to follow

Not in the negative sense at all. By follow, we mean you need to follow the instincts of your team and make them the part of the decision making process. Studies  have shown that whenever people consider themselves a part of decision making process, they feel more responsible which in turn increases their efficiency at work at the same time inculcating a risk taking capability for the betterment and growth  of the company. Being a digital leader, means it is ok to not have a plan all the time. You can earnestly approach your team and say, “You know what? I don’t know what to do next. But I believe we can figure it out, together.” This is not humiliating but humbling at your part. It shows that you trust your team and consider them as teammates. Only when you confide in them, they will return the favor by confiding in you and that is how the process leading equals in digital age will work.

Vignana Jyothi Institute of Management releases a Seminar on Future Trends in Financial Industry

1st October, 2018:   Vignana Jyothi Institute of Management, one of the top 25 ranking B-schools in India by Indian Management Survey 2015, demonstrated developments across the Financial Industry. The seminar showcase was held at the Institute premises, and attracted the premier panelists from across the sector.

Realizing the need to study this particular area of phenomenon, Vignana Jyothi Institute of Management invited some of the business leaders and management fraternity to associate on building a shared understanding of context for the Financial Industry in order to evolve at workplace. Mr. Rajendra Prasad Mikkilineni from Karvy Stock Broking Ltd spoke at the showcase with the basics that a finance professional should possess.

Some of the key highlights of his discussion included:

– Constantly seeking to learn new developments happening in the industry

– Understanding the fact about the Financial Services Industry and that it is a Mediator between Households and Corporates

– The Fundamentals of any job with a financial role remains the same, but the delivery of service varies with the ever-evolving technology

– Importance of IoT in different departments

– Differences between Derivate and Fundamental analyst and its features

– Different parameters to consider before investing in the stock market

The esteemed gathering was further graced by the presence Mr. Sandeep Medury, the Associate Vice President at Quadratyx, who took over by highlighting on the future trends that could take place in the financial sector. Largely, his discussion included an outline on the Big Data, AI, Fintech, Robots, and the related technology with its due impact on the banking sector.

Speaking on the initiative, Dr.Ch.S.Durga Prasad, Director, Vignana Jyothi Institute of Management said, “It has been a pleasure to be a part of this collaborative effort, conceptualized and organized by some of our faculty members and students to promote and comprehend the practical business world. We are grateful for having the most esteemed panelists to enhance the existing awareness levels on the whole of financial sector which will act like a road map for our students.”

REPORT ON BANKING FINANCIAL SERVICES AND INSURANCE – BUSINESS CONCLAVE

Hyderabad, Septemebr 18, 2018– Vignana Jyothi Institute of Management (VJIM), Hyderabad successfully wrapped a Business Conclave at Hotel Avasa on 15th Septemebr 2018. The Concalve saw who’s who of the industry and academia participate, discuss, debate and draw some insightful solutions on the BFSI sector, its present hurdles and solutions.

The conclave was sectoral in nature, dealing with Banking, Financial services and Insurance sector within the present economic landscape of the country. In the inaugural session, Dr. CH S Durga Prasad, Director VJIM and K. Harish Chandra Prasad, Chairman, Governing council VJIM, addressed the students and urged them to optimize the opportunity to elarn from the leading practictioners and researchers within the BFSI community.

The inaugural session was pivoted around the theme- ‘Role of Development Banking in Evolution of Financial System’. Ms. Smitha Mohanty, DGM NABARD, in her address explained the role played by NABARD in developing agricultural and rural economies of the Telangana region. She informed the audience on the crucial role played by NABARD in flagship programmes like mission Kakatiya, Mission Bhagiratha, Micro irrigation projects and warehousing for agriculture needs. Smt. Kanchanlata Pandey, AGM SIDBI in her address, discussed the role of SIDBI in development of MSME sector in the nation and dealt with financing, risks and institutional building for the sector.

The second session of the Conclave was on the role of commercial banks in the digitization of the nation. Sri K.T. Venu Madhav, GM Andhra bank, dwelled on the role of Public Sector Banks in digitizing bank transactions for customers in remote areas by SMAAC and regarding relevant RBI regulations. Sri K Srinivas, VP and CRH Axis bank, in his address touched upon the wide usage of Big Data being applied for performance of employees, branches and tracking the needs of customers. He suggested that the digital world is built on customer needs and bank’s have invested in risk mitigation programmes.

In the third session, dealing with the role of regulators in technology, Sri K S Subramanyam, former ED, IRDA, briefed on the regulatory aspects of banking and explained the various steps being taken to protect the customer interests in insurance sectors. Sri T Srinivasan, AGM SEBI dealt with the various regulatory aspects concerned with security and exchange boards and the steps being taken by the body to prevent scams from occurring to protect the retail investors and large investors alike. Sri G Raghu Raj, GM IDRBT, in his speech detailed the technological development aspects concerned with banking.

Dr. Ch Jyothi delivered the vote of thanks as the event came towards a closure. The conclave was attended by the students, faculty and governing council members of VJIM.

3 Useful Tips For having a Great Meeting

“Meetings are at the heart of an effective organization, and each meeting is an opportunity to clarify issues, set new directions, sharpen focus, create alignment, and move objectives forward.” – Paul Axtell

What according to you is a good meeting? It is an activity that is:

  1. Efficient so that work gets done.
  2. Fun and Positive so that people enjoy themselves while working at the same time look forward to the next meeting as well.
  3. Participative so that everyone becomes the part of the meeting instead of just zoning out.
  4. Open so that people are free to say what they really think.
  5. Creative so that new ideas can be generated and discussed freely and openly by everyone.

Having graduated from one of the top colleges and being fresh in a new workplace, you will have to be a part of a lot of meetings. So, learning an art of great meeting is fruitful for your overall growth as a leader. So how to begin?

1: Open the meeting with a positive note

Studies have shown that the way a meeting starts, decides the tone for the entire meeting. If you start the meeting with problems, complaints and mutual blame that is exactly you are going to get. But if you start with a positive note, the rest of the meeting is going to be more productive and fun. The best way to start a meeting is to ask each participant to briefly share one thing positive on the agenda we have met for today. This would create a positive environment and when the difficult topics get discussed, people would be more open to listen and might come up with meaningful suggestions.

2: Have Regular Breaks

This should not be an option but a mandatory rule especially in case of long meetings that will go on for hours. Taking five minutes off after every one-hour or half an hour to cool off would help the team to stay focused and productive for the entire meeting. We know the agenda is long and you are tempted to wind it up as soon as possible but taking less breaks would do more harm than good as the productivity will suffer. For all you know, the meeting will run longer than you initially planned.

3: Lose the tableOh yes! This is not something most people would think as a good idea. But there are scientific reasons. Studies have shown that the flow of communication is better when you get to see the entire person. Also for meetings involving 20 plus people, the table would be huge and the average distance between two particular people would be high. This may hamper the flow of thoughts. Losing a table or having a circular sitting arrangement ensure equality and democracy and thus improves the output of a meeting- drastically.