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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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.

TEACHERS DAY CELEBRATION AT VJIM, Hyderabad

With the high spirit of Teachers’ Day in the air, VJIM, Hyderabad students made it extraordinarily special for their professors at the B-school. Festoons, balloons, glitters, cards and flowers lifted the mood of the day to an amazing pitch. It all started after all the teachers and students gathered at the auditorium post the classes for the day.

Monica and Naveen from Batch 26 introduced the event and gripped the audience’s attention. The program kick-started officially after lightening the lamp by Prof Rama Rao, Prof. Padmini and Prof. Manchalla. Then there was a beautiful song performed by Sowmya, PGDM student, VJIM, Hyderabad. The energy of the day soared further when batch 26 unfurled various interesting games held to entertain the faculty.

Amidst laughter, conversations and all the amazing activities, the teaching and non-teaching staff were recognized with gifts and each faculty member was dedicated a song. There was thundering applause in the audience.
The event concluded with a cake cutting ceremony by Dr. Durga Prasad, Director, VJIM, Hyderabad. What a day!

VJIM Orientation through the eyes of the freshman

It all started with the: Ice-Breaker Session by Mr. Javed Jamal

This session provided opportunity to know about others and helped in making ourselves comfortable with the new environment of the B-school.

Treasure Hunt- Prof. Kesav and Prof. Yamini

This is the first event where we participated in mentor groups, and it made us familiar with the places in VJIM, Hyderabad. I really enjoyed this event, because we picked up other groups clues and hid them. But at last we stood in fourth place.

Grooming and Etiquette Session– Prof. Sharat Sharma

This was an eye-opening session for me, as it helped me in recognising the importance of grooming ourselves in this current business world.

My Theme Corner- Prof. Janani and Dr. Bhavani

It was really a fun learning session. It helped us in knowing the difficulties and advantages of working as a team.

Industrial Visit- Dr. Jyothi and Dr. Vishal

We went to FINE CAB CABLES PVT.LTD as a part of our industrial visit, where a member of Acumen Connect joined us. This visit provided us scope to know about the Operations, Waste management, Finance, and management of Human resources at industrial level practically.

Out Bound Training– Prof. Abhishek Sinha and Prof. Niharika

We went to Amar’s Pensieve where we had a lot of fun. It was an absolute stress buster from our daily hectic schedule. But, there was an Accounts examination the next day. However, we did not let that have us- we gained some beautiful experiences and nice memories along with unexplainable learnings.

Diversity Theatre– Dr. Jyothi and Prof. Yamini Meduri

This year unlike previous years, we were given topics related to different dynasties. It is one of the tasks where we faced a lot of difficulties in deciding the roles among us and picking out suitable costumes for the roles. But at last on the day of presentation, we were satisfied with our performances even though we didn’t win. But collectively, we enjoyed the task.

Critical Learnings:

  • During the grooming Session, Prof. Sharat Sharma explained how people are judged based on their appearances. I really found it astonishing because I thought people are purely judged and recognised based on their talents and achievements. After hearing his experiences, I came to know about the importance of grooming in this business world.
  • My theme corner helped me to know the importance of team work and effect of individual contribution while working in a team.
  • Out bound training, was one of the best experience at VJIM, where we learned about trusting others, danced, laughed and lots of fun.

My Viewpoint: All the above-mentioned events helped us in getting to know each other till to the point where we all became friends.

Conclusion: I look forward to two exciting years of PGDM ahead!

– Divya Supraja,
PGDM Class of 2018-2020,
VJIM, Hyderabad

Getting deeper into the realm of Design Thinking and innovation with Mr. H. Akash, Senior Design Manager, Amazon

About the event: Vignana Jyothi Institute Of management had organized a guest lecture on Design Thinking and Innovation on 11th august 2018. The speaker for the lecture was Mr. Akash, who is currently working with Amazon, as a Senior Design Manager having specialised in user experience design.

In his lecture, Mr. H. Akash discussed about Design thinking and Innovation from a management perspective. This lecture introduced a new approach towards identifying and solving problems. It also briefed us about how to apply design thinking to our problems to generate innovative and user-centric solutions.

Keynote Speaker: Mr. H. Akash, Senior Design Manager, Amazon

Guest: Mahesh Kumar, IMAGINXP

“We cannot solve the problems with the same thinking we used to create them,” remarked Mr. H. Akash as he began the lecture. Design thinking is finding a right problem to solve and then right solutions for that problem. It is categorised as:

  • Divergent thinking
  • Convergent thinking

Divergent thinking is more of creativity, that is like mind mapping which involves taking a word and picking up words to map the previous word. Whereas, Convergent thinking is more of analysis, in which each and every part is analysed to form a solution.

What is the difference between innovation and creativity? Creativity is related to imagination, while innovation is related to implementation. Even if there are so many creative ideas, unless and until they are implemented they can’t be termed as innovative.

Design Thinking helps us in unlocking potential and creating confidence. Innovation in design or in marketing strategy differentiate a product or service from the other. There are thethree factors that are needed to be considered: Business objectives, User objectives and Technology. Business objectives are constraints, User objectives are our focus and Technology is our tool. So, we need to find problems and solutions by considering these three factors for optimum results. 90% of the time an industry fails because of not taking these factors into consideration.

Finding the right problem, solves half of the problem. By breaking down a complex right problem in to simple problems and then finding solutions yields to optimistic outcomes. There are various features of design, it is Iterative in which product evolves with time, Collaborative in which the process is mastered by one other’s strategies and Human -centric in which ideas are turned in to facts.

The design process of IMAGINXP involves:

  • Design- rapid prototyping
  • Day-Run- test with small number of users
  • Discover-understanding the user and the unmet needs
  • Define-choose the problem to solve
  • Dream-Create large number of solutions

From the design we can understand the importance of user needs. This indicates “user experience (UX) design is very crucial for the product to be successful. Marketing specialist and UX designers have similar goals. So, the product owners working closely with UX designers help to innovate and drive the product ideas to success. For instance, Airbnb,” explains Mr. H. Akash to simplify the concept to students.

There are some examples where design thinking went wrong. They are:

  • A good design thinking exercise
  • A successful pilot that crashed!
  • Host of problems from fashion, privacy, industrial design
  • Cost, battery life attachment to mobile phones

There are different kinds of innovations that differentiate a product from the other. They are:

  • Packaging innovation
  • Delivery innovation
  • Product innovation
  • Pricing innovation

Aligning Marketing and UX aesthetics improves customer experience, attract new users, engage users, improve conversions, flawless customer journey, content and automation. On being requested by a student he also gave info about how management team brings up an idea and then how it collaborates with technical team to provide a successful product.

The event was concluded by presenting mementos to the speakers and a vote of thanks extended by the students on behalf of Vignana Jyothi Institute of Management.