IFMR Graduate School of Business (GSB) has always fostered an engaging learning environment not only through academics but also through the University’s several student-led committees and clubs. In the first of many, the Analytics Club at GSB conducted its first-ever event of the year – ‘The Commencement’. The Analytics Club advocates itself as a platform to help students learn more about data tools and techniques in the business world. The event, with around 40 students in attendance, included multiple quiz rounds and a few creative, number-crunching activities. The scoring of the event depended on the number of likes and votes each team earned via social media. Two teams – InPrecision and Byte-Bits – were declared the winners owing to their high cumulative scores. Moving forward, the club aims to further its mission of using data as a storytelling tool through several such events.
Interning in Supply Chain Companies – All the Scope and Opportunities
The blog is written by Prof. Chandrasekaran N, Professor, Operations Management, IFMR GSB
The supply chain is about a firm strategically managing inbound and outbound processes and other firms fulfilling the ultimate customer demand. It is important to note that there are multiple nodes and flows across the supply network while managing demand and supply for goods or service. The supply chain involves managing 4 processes: supplier relationship management, internal supply chain processes, channel management processes, and customer relationship management. These 4 processes help accomplish the supply chain goals of cost and responsiveness.
The two supply chain goals are divergent. Companies that achieve global scale and class help converging the two goals or towards convergence, at least. The decisions can be: immediate from a shift to a week, referred to as ‘Operational’; a month to six quarters, referred to as ‘Planning bucket’, and finally, ‘strategic’ which are long-term decisions.
Internship Opportunities
As an intern, one would get the opportunity to be with a manufacturing firm’s supply chain function or with a third-party or fourth-party supply chain solutions company. A third-party supply chain service provider is one who executes supply chain processes as desired by the client. On the other hand, a fourth-party solutions provider would advise the network’s design and facilitate the advisory service’s execution through its independent SBU or by another company.
The internship opportunities could be in vast functions of the supply chain processes. In supplier relationship management, an intern can help in supplier intelligence, market analysis such as price and trends pertaining to the availability of material, analysis of total landed cost of a material, competitor intelligence on the usage of material, and purchase source. Those who have an interest in accounting and costing may get involved in the computation of the total cost of ownership of the material, especially those used in MRO (Maintenance, Repairs, and Overhaul) items.
Similarly, the purchase of capital equipment may require a lot of analytical skillsets. An intern would be able to provide support on cost-benefit analysis and simulation of various conditions.
The supply chain involves managing warehouse operations, which includes the following:
- Secure warehouse for handling material, components, and value-added activities.
- Open warehouses like yard, especially for engineering, capital goods, automotive, metals, and agriculture-based products.
- Tankers that are used for liquids and gases.
Without getting into details of the nine-yard warehouse types, all operations in a warehouse focus on utilising cubic space, material handling equipment, and managing people towards receipt, storage, and order management of products. Interns can work in a warehouse looking at technology and engineering design used to construct and utilise a warehouse.
Modern warehouses have adopted technology in material handling and other design features. There are added sustainability and environmental angle to modern warehouse management. An intern can look at the carbon footprint generated in such warehouses and compare it with the traditional ones. Warehouse management engages a lot of outsourcing functions as well.
Firstly, most warehouse management managed by third-party logistics service providers is leased and with the property owners viewing a warehouse as a real estate. Hence, it is essential to analyse the occupancy trends, rentals’ movement to owners, and parity charging the clients. Such analytical skills and logistics infrastructure management will be crucial.
Secondly, workers in a warehouse are generally semi-skilled and unskilled suppliers supplied by the contract manufacturers. This again requires the deployment of analytics towards productivity, cost, and contract management.
Another useful opportunity for interns lies in analysing inventory, models, counting, and accuracy. This may be relevant selectively depending upon the firm which engages the interns. Furthermore, transportation management has enormous opportunities for interns. This includes analysing the transport markets, load factors, market loads versus retention services, contract management, vehicle placement analysis, documentation and completion of waybills, profitability analysis on trip cost, and overall transportation costs. Analysis of service level agreements and their fulfilment will be useful.
With all this, one may note that there is enough scope on demurrage claims, delay charges, and levy of penalties by the different stakeholders. Today, this sector uses portals for vehicle engagement, tracking, and performance management. There are opportunities in milk run, vehicle consolidation, and just in time deliveries. Several new generation companies are using mobile technology applications for performance management of transportation across the supply network.
Today order management, especially after the rise of eCommerce, has become an essential aspect of supply chain management. The use of technology and people management are necessary for order management. There are several incentives based on order deliveries and their contribution towards the bottom line. Interns may be deployed to study improvements in order management. The above are some of the indicative areas where interns can be gainfully engaged in supply chain network functions.
Storytelling through data
In session packed with insights, Arockia Liborious, Data Analytics Leader, Nalco Water, an Ecolab Company shared lessons on the art and science of storytelling through data. Interacting with the students of IFMR GSB, he addressed the need to extract data through simplified processes of information acquisition which can be further transformed into visual depiction. For impactful storytelling, he called for visually appealing data that’s insightful and holds the interest of the audience while addressing the major questions in their minds.
Think big, win bigger- strategies for global business development
In an engaging session, Mr Malur Narayan – Vice President, Technological Business Unit, TCS imparted lessons from his life journey and encouraged young students to be focused, optimistic and fearless. In an interaction with the students of IFMR GSB, Mr Narayanan shed light on core concepts of research, problem synthesis, value proposition, and transformational and disruptive mindset to shape global businesses. He also shared insights on emerging technologies of IoT, autonomous vehicles, and drones in new businesses across the world.
IFMR GSB Student placed third in Trading Challenge
Siddharth Poddar, student of IFMR GSB, MBA Class of 2022 secures third position in Shri Ram Trading Challenge, an online mock-stock competition in which the 2050 participants from various B schools were competing against each other on a virtual platform with Rs. 10 lacs as virtual currency, but with real stocks and live price movements. Participants were required to construct a virtual portfolio over a period of two weeks, from August 31 to September 11, and the individual with the highest portfolio value at the closing bell of the market on September 11 was declared the winner.
The event was organized by The Shri Ram College of Commerce, Delhi in association with Dalal Street Investment Journal.
IFMR GSB students bag CFA Institute scholarships
IFMR GSB students, Akhil Ranjan Gupta and Dharan Kumar Somani from the class of MBA 2019-21 have secured the prestigious CFA Institute scholarships.
Sanchalan – the IT and Operations Student Committee presents pan India contest ‘Entangled’
With a rush of adrenaline and picking a lesson from the looming crisis of today, comes ‘Entangled’. A unique case study competition hosted by Sanchalan – the IT and Operations Student Committee from IFMR GSB, challenging graduates with prioritization and resource allocation skills during crisis.
600 participants from across India geared up to compete, make an impact and win the contest. Contestants from 190 institutes and 20% of them from top tier ones vied for the ultimate spot in this innovative case study competition.
Visual Merchandising- a key marketing tool in retail
With deep insights into the world of visual merchandising, Radhika Subramanian, Head – Marketing, Retail Operations, and Customer Service at India Circus by Krsnaa Mehta (A Godrej Venture) interacted with the students at IFMR GSB. “The purpose of visual merchandising is to attract, engage and motivate customers towards making the purchase”, with that Radhika shed light on the storytelling nature, principles and process of this key marketing tool in retail. Elaborating on the principles involved, Radhika introduced the concepts of vertical and horizontal display, focal point or pyramiding, balance or symmetry, consistency and repetition, storytelling or cross merchandising, and graphics to the students.
Raghu Sundaram joins Krea University Academic Council
Krea University is delighted to welcome Prof Raghu Sundaram to the Academic Council.
Raghu Sundaram is Dean of New York University’s Leonard N. Stern School of Business, where he is also the Edward I. Altman Professor of Credit and Debt Markets and Professor of Finance. He previously served as Vice Dean for MBA Programs and Online Learning for two years.
Raghu works in many areas of finance including agency problems, executive compensation, corporate finance, derivatives pricing, and credit risk and credit derivatives. He has also published extensively in mathematical economics, decision theory, and game theory. His research has appeared in leading academic journals in finance and economic theory, as well as in several practitioner-oriented journals. He is the author of two books: A First Course in Optimization Theory (Cambridge University Press, 1996) and Derivatives: Principles and Practice (McGraw-Hill, 2010).
On joining Krea University as an Academic Council member, Raghu said, “In today’s change driven world, it’s important to adapt, evolve and experiment. Along with my eminent colleagues in the Council, I envision a more vibrant and globally relevant learning experience at Krea which in turn empowers graduates to lead the change.”
Raghu has taught courses across Stern’s Undergraduate, MBA, PhD, and Executive Education programs. Of all the awards he has received over the years, he is most proud of being the inaugural recipient of Stern’s Distinguished Teaching Award in 2007. He has a long record of service to the School and the University, including as chair of the University’s Faculty Senators Council and as a member of NYU’s Presidential Search Committee in 2014.
As Dean and Vice Dean, Raghu has led the launch of multiple new degree programs, including two one-year MBA programs, a number of specialized master’s programs, and the extension of the School’s New York City-based Executive MBA program to Washington, DC. He initiated and has overseen Stern’s entry into online education and the establishment of several new, high-profile initiatives at the intersection of entrepreneurship and technology, notably the Endless Frontier Labs. He also established the School’s first Office of Diversity and Inclusion.
Prior to joining NYU Stern in 1996, Raghu was on the faculty of the University of Rochester from 1988-96. He holds a BA in Economics from the University of Madras, India, an MBA from the Indian Institute of Management, Ahmedabad, and a PhD in economics from Cornell University.
Beyond the Classroom- the skills to become a potential employee
In an insightful interaction with the students of IFMR GSB, Lakshmanan (Laks) Krishnamoorthy- VP Engineering & General Manager, Navis shared his perspectives on transformational leadership. Allaying concerns surrounding the leap from classroom to employment, Mr Krishnamoorthy stressed on SIMPLE, expanded to Social Skills, Interpersonal Relationship, Money Matters, Personal Branding, Learning, and Endurance. Imparting lessons from his own journey, he encouraged students to “Learn to do the work without expecting anything in return”, relevant to both the professional and personal aspects of life.