Strategia'23 – The Annual Strategy and Consulting Conclave

Strategia is the annual strategy and consulting conclave organized by the Industry Interaction Committee, DMS IIT Delhi. This year’s edition was held on 5th November, 2023. The morning session is focused on the discussion of the current challenges in the formulation of business strategy, while the discussion in the afternoon session focused on the challenges in the consulting domain.

Panelist Details:

In the dynamic landscape of the business world, mastering the intricacies of handling the unforeseen is paramount. Recognizing the importance of this ability to navigate the unforeseen, we elected the theme of this year’s strategy panel discussion as “Managing the unexpected: building resilient strategy amidst disruptions & complexities.”

Through the panel discussion at Strategia’23, we are eager to examine the answers to these questions:

• How can strategic collaborations with diverse partners enhance a company’s ability to innovate and thrive in disruptive environments?
• How can businesses leverage emerging technologies to predict disruptions and adapt swiftly in volatile markets?
• How can companies foster a culture of adaptability and innovation within their teams, ensuring rapid responses to unexpected disruptions?

Mr. Jaspal Singh Riyat, Director of Corp Business Development & Strategy at Microsoft, moderated the panel discussion. Mr. Nitin Aggarwal from ZS Associates, while discussing the organization’s ability to handle disruptions, emphasized the importance of maintaining curiosity and cultivating an ever-learning mindset to predict and address potential disruptions. He cited Microsoft’s investment in OpenAI as an
example of identifying and investing in the future to capitalize on potential disruptions. Further speaking about the topic, Mr. Adamya Sharma from Felix Advisory asked the students to develop a positive mindset and see threats as opportunities. He explained that the definition of long term has changed over the years, and today long term is not more than five years. He quoted Charles Darwin’s survival of
the fittest to drive home the point that the need to adapt to survive is not a novel concept but a very ancient and integral one.

Talking about the learning philosophy that needs to be followed in B-schools, Ms. Preeti Khatri, Managing Director of Accenture, encouraged the students to study the current trends in the world and use classroom time for discussion. She advised students to play and experiment with all the A.I tools in the market, since they can be the standard go-to work tools by the time students graduate. Finally, she
stressed the need for networking and ended on a lighter note, advising students to have fun.

Ms. Reecha Goel, Global Strategy & Sustainability leader from IBM consulting, talked about the need to communicate effectively with all stakeholders while dealing with disruptions. She explained how IBM ensured seamless implementation of tech-driven solutions by effective communication with the farmers. Ms. Roli Shukla, AVP- Process, Strategy and Change Management, Damco Solutions, highlighted the importance of strategic thinking in both short-term and long-term perspectives. She emphasized the need to adopt, change, and innovate, with transparency being crucial within an organization.

Ms. Shukla touched upon the significance of Safety Policy, Safety Risk Management, and Safety Assurance (SMS) and underscored the importance of a secure center of excellence with people as the foundation. Fast decision-making, driven by data and systems, was also mentioned. Ms. Shilpa, Director, PWC, emphasized a proactive approach to change and evolution, staying a step ahead. She advocated for learning from mistakes through a cross-functional, non-siloed approach and cautioned against over reliance on historical data. Additionally, she highlighted the importance of looking after the well-being of employees for the sustained success of an organisation.

Panelist Details:

“In an ever-evolving world, our survival hinges on our ability to change swiftly, react promptly, and learn perpetually.”

The digital age has triggered a seismic shift in the consulting landscape. Even the best of the business and minds must evolve and innovate. The key to success in consulting has constantly been adapting to client’s ever-changing needs. With changing consumer and market trends, client needs have drastically changed. AI-enabled agile consulting leverages advanced technologies to enhance flexibility and responsiveness, enabling consultants to provide data-driven, real-time insights for more effective and adaptive business solutions. Powered by AI innovation, it does not replace expertise but enhances it by delivering data-driven strategies. Combining traditional consulting insight with innovative technology allows businesses to swiftly secure a competitive edge in a dynamic environment of adaptability, innovation, and unwavering client focus—the compass for consulting success points towards adaptability and innovation, with AI as our guiding North Star.

Through this year’s Straegia’23 panel discussion, we eagerly anticipate delving into these pressing questions.

• How can AI enhance and not replace consulting expertise?
• How do consultants balance tradition with technology for a competitive edge?
• What challenges do consultants encounter when striving to cultivate agility within their professional roles?

Mr. Vikrant Bhargava, Chief Digital Officer of Corp Business Inmorphis, moderated the panel discussion. Mr. Abhijeet Gogoi, the Principal at Zinnov, elucidated his utilization of AI, deep AI, and the strategic implementation of AI within his organization. He elaborated on nuances such as AI automation, human intervention, and the creation of a platform aimed at minimizing errors while ensuring the integrity and security of data.

Ms. Rachna Jindal, Senior Director-Consulting at Cognizant, shared her experience employing Agile consulting to guide clients in prioritizing customer eccentricity, KPIs, Pre and post-purchase information, channeling products, efficiency, cost savings, and the generation of automatic insights. Her approachemphasized enhancing touchpoints and overall client satisfaction through a strategic focus on key aspects of business operations. She also discussed the evolving landscape of skills in the era of Generation AI, underscoring the irreplaceable nature of critical thinking and emotions. Despite technological advancements, she emphasized that Generation AI cannot swiftly replace the nuanced aspects of human cognition, particularly the critical thought processes and emotional intelligence that
play crucial roles in decision-making and problem-solving.

While talking about the competitive edge that is crucial in Consulting, Mr. Amit Kumar, Senior Director at Gartner delved into the role of Generative AI as a complementary accelerator. He highlighted the current rudimentary stage of Gen AI, addressing issues such as hallucinations and factual errors. While acknowledging these challenges, he underscored the positive aspect of Generative AI in mitigating skill inequality. Additionally, Mr. Amit discussed Lean AI, emphasizing its significance in the evolving landscape. Notably, he also delved into the potential risks associated with the advent of AI, providing a comprehensive overview of the intricate dynamics within the realm of artificial intelligence.

During his discussion, Mr. Utkarsh Vijay, Vice President at Samagra, delved into privacy issues, focusing particularly on the government context. He explored challenges associated with Interactive Voice Response (IVR), concerns regarding data privacy, and underscored the necessity for a personalized AI engine. Mr. Vijay also highlighted diverse use cases showcasing the benefits and cohesion that can arise
from addressing these privacy-related challenges. By shedding light on these aspects, he contributed valuable insights into the intricate landscape of privacy issues, especially within the governmental framework, demonstrating the multifaceted nature of the problems and the potential solutions.

Mr. Nikunj Dang, the Managing Director at Accenture, highlighted Accenture’s substantial investment in Generation AI (Gen AI) and emphasized the significance of cross-cultural considerations in business. He delved into the realm of technological transformation, stressing its pivotal role in today’s dynamic landscape. Additionally, Mr. Dang touched upon the benefits of agile consulting methodologies and
underscored the importance of segmentation strategies. His insights shed light on Accenture’s strategic focus and commitment to staying at the forefront of technological advancements while recognizing the importance of cultural diversity and agile approaches in navigating the evolving business environment.