What according to you is at the core of industry 4.0? What should universities and academicians need to know before preparing students to embark on this journey?
Artificial Intelligence, Internet of Things (IoT), Big Data, Advanced Analytics, Robotics & Automation are the core of Industry 4.0. To leverage the best that technology has to offer us, India must embrace Industry 4.0. Industry 4.0 has just started making inroads in Indian manufacturing and other sectors. According to an analysis by McKinsey, if Indian companies adopt Industry 4.0 across functions such as manufacturing, supply chain, logistics and procurement, they can enhance their operating profits by 40% at less than 10% of the planned capital expenditure.
The world of business has redefined itself over the past two decades. Such changes have necessitated a change in the skills required of leaders. Given the relationship between management education and the business world, market forces such as globalization, technology revolution and workplace requirements influence business education significantly. Indian Higher Education, therefore, needs to adopt to these demands through a uniform/common rule based transparent and autonomous education system. If these requirements are met the Indian Higher Education system can surely become the global hub for B-School Education.
Being one of the most reputed management colleges in the country, how is FSM reinventing the business education to prepare student for industry 4.0?
FORE School of Management stands for academic excellence benchmarked to the best B-Schools in India. Backed by a strong value system, FORE nurtures educators and helps them provide cutting edge input to academics. Faculty are encouraged and supported in all their research and consultancy endeavors. The key element of our institutional success is transparent processes. The Board members of FORE are visionary social leaders who act as mentors who guide and support the institute through their wisdom and experience. Teaching at FORE is perceptive to changing demands of the corporate world and every year our students get excellent placements.
All the top bracket B-Schools like FORE have Industry oriented programmes. For example, Students at FORE get an opportunity to visit companies through various opportunities. Also, we organise many student centric panel discussions and other co-curricular activities where industry experts are invited to share their experience. Also, we have an active Academic Council which looks after the curriculum updates based on the industry demand.
Could you please elaborate on the importance of forming industry and academic collaborations and what are the efforts FSM has taken in this direction? Please tell us about the major collaborations with the industry and international institutions.
Academia and industry share a symbiotic relationship. Academia produces graduates who are absorbed by industry. Industry on the other hand looks to academia for solutions to their concerns. It would like colleges to tailor their courses to turn out graduates whose skill-set are aligned to industry requirements. FORE has a long tradition of collaboration with industry. Industry experts are included in the admission process. Industry experts are integral part of curriculum review committee. Industry leaders are invited for guest lecture regularly. Senior Industry executives are part of Academic Council.
Many premier B-schools are exploring and experimenting with the opportunity through Virtual Interactive learning programs. How does FSM make use of the latest technologies to improve the quality of business education?
While Enterprise Resource Planning (ERP) Software SAP, Advanced Business Intelligence and Statistical Software SAS, ‘CAPSTONE BUSINESS SIMULATION’, INDUSTRAT Simulation Software, Music2Go Marketing Simulation software and Microsoft Dynamics CRM have been an integral part of the curriculum at FORE, we have now decided to implement ERP package for almost all internal operations. This will help in computerizing all major functional areas, such as, Admission, PGP, MDP, Placement, Accounts, Administrative activities, etc.
We are already offering elective courses in the field of AI, Big Data, Internet of Things (IoT), Advanced Analytics. In due course of time, few of them will be offered as Core course instead of elective in the curriculum. This will give the required platform for all students pursuing management course.
What percentage of your graduates receive campus placements and where? Can you tell us about some of your key placements of your last batch?
FORE achieved 100% (percentage) placements in record time this year. Some of the key recruiters are Jumbo Electronics, Squareyards, Seepco, Abudawood Al Saffar Co, JCDecaux Singapore Pte Ltd, Philips Lighting India Pvt. Ltd, Deloitte US, HUL, NIVEA India Pvt. Ltd. Nestle Novartis, HCL Technologies, ITC, HSBC Technology and Services, ICICI Bank Maruti Suzuki Asian Paints Hyundai Motor India Limited, EYGDS Bharti Airtel, Tata Motors, Mahindra & Mahindra Citi Corp, Zycus Federal Bank, SBI Life Insurance, IDFC Bank, Orient Electric, Tata Asset Management,92.7 Big FM, Crisil, Indospirit, DHFL Pramerica Life Insurance Genpect, VIVO, Chai Point Relaxo Footwear, Mahindra Comviva, EY India etc.
Global lead firms and a respected 100+ list of organization that FORE can boast of, responded well during the placement season as collectively 12 international offers were extended to students spread over 7 countries with the highest compensation offered is INR 31 LPA. This institute witnessed more offers despite having a larger batch of 300 students. The Average salary for 2019 batch increased to Rs. 10.80 lakhs as against Rs. 10.4 lakhs last year. Despite an increase in batch size, placements this year were faster and better, which manifested in a higher median CTC and multiple job offers for students. Average compensation went up by 3.8%, which is not common when the batch size increases. The salary offer of 31 lacs has been received by 4 of students while Pre-Placement Offer (PPO) has been offered to 28 students
When it comes to finding the best employment opportunities, what are the major achievements of FSM students that you are proud of?
Placement 2019 at FORE School of Management is successfully concluded in record time with higher salary packages the substantial upward swing in highest salary which has gone up to Rs.31 LPA from Rs.21 LPA last year and average salary also going up at Rs.10.8 Lakhs, this year students were offered multiple roles for international firms such as Jumbo Electronics, Abudawood AlSafar and Square Yards Roles for GCC Countries like Dubai and Bahrain. Collectively 12 international offers were extended to students.
Mostly Recruiters participated in this placements process are mainly from Tier 1 category companies. Diverse roles were offered to the students like Financial Analyst , Associate , Assistant Manager, Global Finance Operations, Deputy Manager, Associate Business Analyst, Analyst 2- Advisory Services, Process Manager – Financial Market Senior Analyst, Key Account Management Enterprise , Product Manager, Area Manager Trainee (Sales), Business Analyst – Organization Transformation, Deputy Manager, Associate Consultant,, Key Account Manager, Business Development Analyst, Territory Sales Manager, Associate Product Management ,Management Trainee – Business Development, Management Trainee – Sales & Marketing, Pre Sales ,Area Supply Manager, Section Manager, Management Trainee HR, Analyst, Strategic HR, Management Trainee: Talent Acquisition, Associate Consultant, Senior Management Trainee – Presales – Identity and Access Management, Business Analysts, Senior Management Trainee – LEAP, Pre-Sales & Solutions, Management Trainee (Operations), Executive Operations, PES GBU-Operations, etc
In the Segment of PPO and PPIs offers, students had received in total 28 PPO’s from distinguished firms. FORE has seen a jump in recruiters as well as remuneration offered for Summer Internship. All the students were offered Paid internship.
Key Recruiters: Deloitte, KPMG, HUL, Nestlé, Asian Paints, GEP, Philips Lighting India Pvt. Ltd Relaxo Footwear’s Ltd, Tata Capital, Nivea, 92.7 Big FM, ESCORTS Limited, Google, HDFC Bank, Indospirit, Kotak Securities Decathlon and many more hired students from FORE.
How is FSM promoting entrepreneurship in the campus? Please share with us the details of ventures started by the students of FSM.
Eminent personalities and senior corporate professionals are invited at FORE from time to time to share their experiences and discuss real world managerial practices and market opportunities with the students under Center of Entrepreneurship. the Center carries out contemporary research and contribute to the body of knowledge in the area of Entrepreneurship. This ensures the dissemination of cutting-edge input to the students.
At FORE, we have around 5% of the students turn out to be entrepreneur. Most of these already have such environment at home. They just learn the managerial skills at FORE to take their organisations to new heights.
In your opinion, what are qualities a student gains after graduating from FSM?
Today management education is perceived to be stepping stone to a huge bank balance and sometimes, unfortunately, even to a huge dowry. Some of the top B-Schools promote this field as something that will enable students to become successful managers handling complex situation in world of business. Is the purpose of management education to make good managers?
The purpose of management education is to make human minds like the stuff thunders are made of. In order to develop any economy, we need thinkers and that is where this field should play its part. We should not look to produce good managers but nurture an individual and develop him into a leader who stands for integrity and honesty and is empathetic towards the needs of the modern society. We should train the youth to take a holistic view of any situation and enable them to solve causes rather than investing their energies trying to solve a symptom. We require leaders who can go underneath and solve the cause and not managers who end up wasting society’s resources trying to reduce the pain by prescribing a pain killer.
The growing number of B-Schools points out to the commercial viability of this field. It is up to the B-Schools to ensure that this field is projected in a right manner and right candidates are exposed to the demanding nature of this course in a way that future leaders come out of it.