Gujranwala Guru Nanak Institute of Management and Technology (GGNIMT), Civil Lines organized an International Webinar “Emerging Paradigms in the Business World” More than 200 delegates including educationists, economists, managers, businessmen and students across the country and also abroad participated in this webinar. Introducing the theme for this Webinar, Prof. M.S. Chhabra, Director GGNIMT stated that, though the forces of creative disruption unleashed by the latest technologies and the internet world impacted Businesses for the last decade, the pace of change has accelerated post Covid, necessitating a review of the Paradigms of Business Management. This webinar he hoped would be a platform for interaction and introspection between the academicians, professionals and business men about the emerging paradigms in the Business World.
Mr. Mahesh Munjal, leading industrialist, CMD Majestic Auto and also former President- North Region CII, in his Presidential remarks said, “As Business Environment is not static nor is the society, so it is natural that new ways of doing business will need to developed, which would lead to emerging paradigms for tomorrow”. However, he added, as the changes are very rapid, and highly disruptive, it is leading to a more broad based review of the existing ways of doing business and substitute these with new methods, perspectives on a fast forward mode. Covid 19 has accelerated process of remote working, employee empowerment, artificial intelligence playing a much greater role than earlier. Businesses would now need to accept this New Normal, develop processes that ensure effectiveness, productivity, human resource development by continuously innovating, being prepared for embracing change and accepting disruptions as enablers for growth, than as roadblocks.
Dr.Karamjeet Singh,Vice Chancellor, Jagat Guru Nanak Dev State Open University in his inaugural address pointed out that the ESG-Environmental, Social and Governance framework should be the foundation on which the paradigms for the New World need to be developed. He pointed out that though many businesses have survived through the Pandemic, how they treated their stake holders during the crisis, would actually differentiate between a Great Successful Company and a Successful Company. Dr. Singh also spoke on the importance of Visionary Leadership, Emotional Intelligence, Customer Relationships and the need to incorporate ESG in the Mission and Vision Statements of their organizations for guidance in strategy formulation, policy making and execution of strategy.
Dr. Jasveen Kaur, Respected Academician from UBS-GNDU deliberated on the impact of Covid 19 in creating a need for looking at Business with an altered perspective. She shared a lot of data to substantiate how players in the different sectors have modified their processes, changed their goalposts, reoriented their strategies for survival and growth. Mr. Vishal Arora, Promoter Bridge Gap Realty and also former Director S&P Strategic Initiatives spoke on preparing for change ushered in by the New Normal. He also traced the process for opportunity identification and leveraging on it. He asserted that Being Wired and Focused would help individuals and organizations to prevail, whatever may be the direction, quantum and pace of change. He added that AI and Big Data would apparently simplify decision making, but it is the focus which would enable an organization to lead and excel.
Dr. SP Singh, President, Gujranwala Khalsa Educational Council (GKEC) while welcoming the experts to the Webinar, hoped that participants would welcome change, than being overwhelmed by it. He appreciated the resource persons for shedding light on a very valuable topic. He also acknowledged the efforts of GGNIMT in keeping the people constructively engaged during this difficult time. Vote of Thanks to the eminent educationists and business leaders for their valued insights regarding emerging paradigms was proposed by GKEC General Secretary Arvinder Singh. Proceedings of the Webinar were summarized by GGNIMT Principal Dr. Harpreet Singh. He underscored the importance for being alert, decisive, open minded and collaborative to grow in the times of the New Normal. He asserted that as now the Businesses aspire for exponential growth, this would only be possible if value of business is based on business values.