Hyderabad: “In the present business context that is volatile, uncertain, complex, ambiguous (VUCA), it is high time that the corporate world realise its social responsibility and adopt holistic corporate management by following harmonic business models for a harmonic globalisation of business,” Subhash Sharma, Director, Indus Business Academy, Bangaluru remarked.
Speaking at a two day international seminar on ‘Global – Local Convergence of Business Models, Economic Policies and Socio-political Scenarios: A Strategic Rethinking’ organised by GITAM Hyderabad Business School (GHBS), Sharma observed that in the era of ‘fourth industrial revolution’ characterised by the advent of artificial intelligence, internet of things, automation and data analytics, business models are increasingly moving from rationality to creativity and to imagination, due to GAMA (Google, Apple, Microsoft, Amazon) effect.
In his welcome address, Y Lakshman Kumar, Dean & Director, GITAM HBS remarked that globalization of business is causing fast changes in business models.
N Siva Prasad, Pro-Vice Chancellor, GITAM Hyderabad Campus, in his presidential address dwelt on the changing face of industry and business across centuries.
Though the Darwinian theory of natural selection is tempting for some to apply to the business context, he contested such application. Instead emphasis should be on business ethics, he said.
Saraswati Kavula, Film Maker and Developmental and Environmental Activist, Maitreyi R Kollegal, Former Director, IIHMR, Delhi, gave alternative perspectives on business models.
Dr Divya Kirti Gupta, co-coordinator of the seminar, DVVSR Varma, Resident Director, heads of GITAM Institutions at Hyderabad, faculty and students from GITAM HBS, and researchers from across the country and abroad participated in the programme.