Thursday, March 11, 2010

Highlights on HRM

Highlights on Human Resource Management
By
Prof.Satya Sidhartha Panda
Copyright@sidharthmission.blogspot.com
INTERNATIONAL INSTITUTE OF BUSINESS STUDIES, BANGALORE
Department of Management
B.A (Hons.Distn), MBA-HR, MJMC, CCMM, (Ph.D)
Email-ID: Satyasidharth@yahoo.com
Blog: http://sidharthmission.blogspot.com/


Work efficiently during office hours and leave on time .Give the required time to your family, friends & have proper rest.
‘Value has a value only if its value is valued ’
-- Bryan Dyson –Former CEO of CoCa Cola
Human resource management (HRM) is the strategic and coherent approach to the management of an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business.
Evolution of HRM
Industrial Relations
Personnel Management
Human Resource Management
1. Industrial Relations:
The field of industrial relations (also called labor relations) looks at the relationship between management and workers, particularly groups of workers represented by a union.
2. Personnel Management:
A series of activities which first enable working people and their employing organizations to agree about the objectives and nature of their working relationship and, secondly, ensure that the agreement is fulfilled.
3. Human Resource Management:
Those decisions and actions which concern the management of employees at all levels in the business and which are related to the implementation of strategies directed towards creating and sustaining competitive advantage
‘Essentially, the HR discipline views workers in terms of their psychology and fit with companies, rather than as interchangeable parts’.
HR’S New Value Proposition:
HR practices lie at the heart of these intangibles !
ü HR Employee value.
ü HR Customer Value.
ü HR Investor Value.
Four Fields of HRM:
ü Strategic business partner
ü Change agent
ü Employee champion
ü Administration
Goal of HRM:
The goal of human resource management is to help an organization to meet strategic goals by attracting, and maintaining employees and also to manage them effectively.
The key word here perhaps is "fit", i.e. a HRM approach seeks to ensure a fit between the management of an organization's employees, and the overall strategic direction of the company.

Processes in HRM:
Human resources management comprises several processes. These processes are performed by the HR department. Some tasks can also be outsourced or performed by line-managers or other departments.
Workforce planning
Recruitment (sometimes separated into attraction and selection)
Induction and Orientation
Skills management
Training and development
Personnel administration
Employee benefits administration
Personnel cost planning
Compensation in wage or salary
Time management
Travel management (sometimes assigned to accounting rather than HRM)
Payroll (sometimes assigned to accounting rather than HRM)
Performance appraisal
Knowledge Management:
Research Highlights:
FORTUNE 500: 80% has ‘KNOWLEDGE MANAGEMENT’ initiatives in place…
IDC: Fortune 500 wasted $12 billion in duplicating work.
WORLD ECONOMIC FORUM: 95% of CEO’s feel ‘KNOWLEDGE MANAGEMENT’ is critical to success
Source: ‘Take a Knowledge Journey’ by Dr. Nick Bontis; www.bontis.com

To start with let us look into the working definition of this concept and the basic principles governing it:
Working definition:
Governing principles :
Managing explicit knowledge is not enough, tacit knowledge is often more valuable.
Technology enables the solution but does not create it.
An organizational culture that promotes willingness to share is essential.
Self-directed knowledge seeking is preferred; “pull” better than “push”.
It is important to link efforts to business objectives.
Key Factors for a Successful Knowledge Management Program:
Clear Objectives: It is essential to identify what the expected tangible business impact will be from a KM program. Articulating such objectives will help managers identify KM projects that offer the best return on investment.
Knowledge Assets: If an organization cannot explicitly identify knowledge assets that will be useful in its value chain, then launching a KM program would surely be a waste of resources. These assets could be either internal or external to the organization and should include both explicit and tacit forms of knowledge.
Conducive Culture: Often overlooked, the culture of an organization can encourage or undermine a KM program. The most effective KM programs can be found in organizations that encourage, support and reward knowledge transfer. Consequently, KM initiatives often involve efforts to change organizational culture.
Systems & Infrastructure: Here we are focusing on the processes, procedures, policies, people and technologies that enable knowledge management. One needs to be careful here, as many unsuccessful KM initiatives have overemphasized the importance of technology at the expense of other success factors.
I like to think of these factors as being multiplicative in nature, rather than additive. By that I mean that if an organization scores zero in any one of these factors, the overall impact of its KM program is also likely to be zero.
The Vast Majority of Knowledge Assets are Likely to be Tacit:

When engineering a KM program, one should keep in mind that the vast majority of knowledge assets are likely to be tacit in nature. For professional services firms, such as management consultancies, tacit knowledge may account for as much as 90% of all relevant knowledge.
Consequently, organizations should resist the temptation of focusing their efforts on codifed knowledge simply because people can easily relate to the tangible nature of this form of knowledge.


An Infrastructure must be built to Support Knowledge Sharing:
Without appropriate systems and an adequate infrastructure to support KM activities, an organization is unlikely to see sufficient impact from its KM program. Three main categories of infrastructure are people, processes and technology.
Organizational Culture: An Often Overlooked Ingredient

Without a supportive organizational culture, KM initiatives are doomed to fail.
Senior management must serve as excellent role models by involving themselves in KM activities. In essence, they must “walk the walk”, rather than just “talk the talk”
The Environment must encourage individuals who possess knowledge to share that knowledge with others. There is no room for a hoarding culture where individuals are rewarded for what they and they alone know Knowledge breakthrough’s frequently come from experimentation, so this must be encouraged. At the same time, we know that experimentation sometimes leads to failure, so this must be expected and accepted as part of the learning process Individuals respond to incentives, so proper incentives must be put in place to encourage and reward knowledge creation and sharing and to discourage knowledge hoarding .There must be a willingness to invest in a KM infrastructure. This is likely to include support for communities of interest where like-minded individuals can jointly explore knowledge domains.
The Result:
Once all this is done, it’s time for the final result. And this is how it flows:



Top 10 HR Best Practices
1. Safe, Healthy and Happy Workplace
Creating a safe, healthy and happy workplace will ensure that your employees feel homely and stay with your organization for a very long time. Capture their pulse through employee surveys.



2. Open Book Management Style
Sharing information ensures that the employees are as enthusiastic about the business as the management. Through this you can create a culture of participative management and ignite the creativity of the work force. It involves making people an interested party to your strategic decisions, thus aligning them to your business objectives. More importantly, it helps in building trust & motivates employees.
3. Performance linked Bonuses
Paying out bonuses or having any kind of variable compensation plan can be both an incentive and disillusionment, based on how it is administered and communicated. Never pay out bonus without measuring performance, unless it is a statutory obligation.
4.360°PerformanceManagement Feedback System
This system, which solicits feedback from seniors, peers and subordinates, has been increasingly embraced as the best of all available methods for collecting performance feedback. Every person in the team is responsible for giving relevant, positive and constructive feedback.
5. Fair Evaluation System for Employees
Each employee should have well defined reporting relationships. Evaluation becomes fairer if it is based on the records of periodic counseling & achievements of the employee, tracked over the year. Cross - functional feedback, if obtained by the immediate boss from another manager (for whom this employee's work is also important), will add to the fairness of the system.
6. Knowledge Sharing
Store knowledge in databases to provide greater access to information posted either by the company or the employees on the knowledge portals of the company. When an employee returns after attending any competencies or skills development program, sharing essential knowledge with others could be made mandatory.
7. Highlight performers
Create profiles of top performers and make these visible though company intranet, display boards etc. It will encourage others to put in their best, thereby creating a competitive environment within the company.
8. Open house discussions and feedback mechanism
Ideas rule the world and employees are the biggest source of ideas. Open house discussions, employee-management meets, suggestion boxes and idea-capture tools such as Critical Incidents diaries are the building blocks that can help the Managers to identify & develop talent.
9. Reward Ceremonies
Merely recognizing talent does not work, you need to couple it with ceremonies where recognition is broadcast. Looking at the pay check is often less significant than listening to the thunderous applause by colleagues in a public forum.
10. Delight Employees with the Unexpected
Occasionally delight your employees with unexpected things that may come in the form of a reward, a gift or a well-done certificate. Reward not only the top performers but also a few others who are in need of motivation to exhibit their potential.







‘People who have left their imprint in the field of HR’
1. Frederick Winslow Taylor (1856-1915)
Scientific Management, Increase Industrial Efficiency & Time and Motion study.
2. Max Weber (1864 – 1920)
Bureaucracy





3. Abraham Maslow (1908 – 1970)
Hierarchy of Needs
4. Douglas McGregor: (1906-1964)
Theory X: In this theory, management assumes employees are inherently lazy and will avoid work if they can. Because of this, workers need to be closely supervised and comprehensive systems of controls developed.
Theory Y: In this theory management assumes employees may be ambitious, self-motivated, and anxious to accept greater responsibility, and exercise self-control, self-direction, autonomy and empowerment.
Theory Z : Theory Z focuses on increasing employee loyalty to the company by providing a job for life with a strong focus on the well-being of the employee, both on and off the job. Theory Z management tends to promote stable employment, high productivity, and high employee morale and satisfaction.
Characteristics of the Theory Z:
• Long-term employment and job security
• Collective responsibility
• Implicit, informal control with explicit, formalized measures
• Collective decision-making
• Slow evaluation and promotion
• Moderately specialized careers
• Concern for a total person, including their family
5. David C. McClelland (1917–1998)
• Scoring system for the TAT & Personality Assessment
6. Frederick Herzberg (1923 – 2000)
Two Factor Theory
Satisfaction, which is primarily the result of the motivator factors. These factors help increase satisfaction but have little effect on dissatisfaction.
Dissatisfaction is primarily the result of hygiene factors. These factors, if absent or inadequate, cause dissatisfaction, but their presence has little effect on long-term satisfaction .



Two Factor Theories
Motivator Factors
• Achievement
• Recognition
• Work Itself
• Responsibility
• Promotion
• Growth
Hygiene Factors
• Pay and Benefits
• Company Policy and Administration
• Relationships with co-workers
• Physical Env.
• Supervision
• Status & Job Security
The Best Companies to work for: India - 2009
Microsoft Mind tree ConsultingJohnson & Johnson Sapient InfosysiGATE Agilent Technologies HCL Comnet
Accenture Dr Reddy's Labs Marriott Hotels India Covansys IndiaHCL Info systems Godrej Consumer Honeywell Tech etc…….

‘Good management is the art of making problem so interesting & their solutions so constructive that everyone wants to get to work & deal with them’ .

Entrepreneurship and Economic Development

Entrepreneurship and Economic Development


Prof. Satya Sidhartha Panda
MBA-HR . MJMC, CCMM,(Ph.D-India)
International Institute of Business Studies
K.H.B Main Road .RT.Nagar Bangalore (India)
Mobile No:9886984380 /08050936280
E-mail: satyasidharth@yahoo.com/satyasidharth@gmail.com


Abstract


This paper attempts to persuade the Entrepreneurship and the Role of Entrepreneurship in Economic Development.Entrepreneurship is the “process by which individuals and groups take advantage of their knowledge and resources to identify and pursue opportunities, initiate change and create value in their lives and lives of others.”

Entrepreneurship as a distinct factor of production contributes to the economic development of an economy.Thewide range of significant contributions that entrepreneurship makes to the economic development include promotion of capital formation, creation of immediate large-Scale employment ,promotion of balanced regional development , effective mobilization of capital and skill .The overall role of entrepreneurship in economic development of an economy is put as” an economy is the effect for which entrepreneurship is the cause.”



Key words: Create Value, Economy & Economic Development, effective mobilization, promotion of capital formation, large-Scale employment













INTRODUCTION:

Satisfaction drives the engines for business to invest and reap benefits. Most of all satisfaction brings life and business much closer towards moments of worthiness of the time spent. Entrepreneurship are the lifeblood of any economy, more so in the developing economy .The word entrepreneur , intrapreneur and entrepreneurship have acquired special significance in the context of economic growth in a rapidly changing socio-economic and socio-cultural climates , particularly in industry,both in developed and developing nations . Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk-taking appropriate to the opportunity, and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to fruition. Entrepreneurship is the propensity of mind to take calculated risks with confidence to achieve a pre-determined business or industrial objective.




In substance, it is the risk-taking ability of the individual, broadly coupled with correct decision making. When one witnesses a relatively larger number of individuals and that too, generation after generation in a particular community , who engage themselves in the industrial or commercial pursuits and appear to take risks and show enterprise , it is acknowledged to be a commercial class .The commercial class is a myth just like that of the so-called martial race .There are neither , for all time, martial races nor commercial classes. Communities which in the course history once appeared to be martial spirit have in later period emerged as mercantile societies. Those who were once concerned with and relished in trade , later in history seem to have taken to the profession of these word. Today , It is quite evident to anyone that national communities which have developed world-wide industrial and consequent commercial interests are militarily powerful; nay ,great industrial powers have today become super-military powers as well .An enterprise finds manifestation in different ways .The capacity to take risk independently and individually with a view to making profits and seizing and opportunity to make more earnings in the market-Oriented economy is the dominant characteristic of modern entrepreneurship. An enterprise , ready for the pursuit of business and responsive to profit by way of producing or marketing goods and commodities to meet the expanding and diversifying actual and potential needs and demands of the customers is what constitutes the entrepreneurial stuff .But this category of enterprising citizens throws up a species of entrepreneurs who are mostly mercantile in outlook and performance. In countries like India , a new species of entrepreneurs is desirable because here the economic progress has to be brought about along with social justice .Entrepreneurship in India therefore , has to sub-serve the national objectives. A high sense of social responsibility is thus an essential attribute of the emerging entrepreneurship in India .


According to Peter Drucker, “Entrepreneurship is neither a Science nor an art. It is a practice .It has a knowledge in entrepreneurship is a means to an end .Indeed, what constitutes knowledge in practice is largely defined by the ends, that is, by the practice. “



In developing countries, there is no dearth of ideas but there is a real Scarcity of men with the right blend of Vision and practical sense to become successful entrepreneurs .Industrial growth in a country is achieved through a mix of the large and small industry ; the entrepreneurship for the former comes through the large companies often in collaboration with the multinationals. Simultaneously, economic growth also depends upon the level of development and use of information system in the country.


Infact , the small –Scale industry sector is considered as an ideal nursery for the rapid growth and development of entrepreneurship.


Though the term entrepreneur is often used interchangeably with entrepreneurship, yet they are conceptually different .The relationship between the two is just like the two sides of the same coin as described in the following table .


Entrepreneur
Entrepreneurship
Person
Process
Organizer
Organization
Innovator
Innovation
Risk-bearer
Risk-bearing
Motivator
Motivation
Creator
Creation
Visualiser
Vision
Leader
Leadership
Imitator
Imitation


Thus, entrepreneurship is concerned with the performance and coordination of the entrepreneurial functions. This also means that entrepreneur precedes entrepreneurship.


Economic Development:

The Word development is used in so many ways that its precise connotation is often baffling. Nevertheless, economic development essentially means a process of upward change whereby the real per capital income of a country increases over a long period of time .Entrepreneurship and economic development are closely interknitted. The development of entrepreneurial skills and investment in the business sector increases productivity and job opportunities resulting in overall growth and economic development. Entrepreneurship development, therefore, is a precondition to economic growth, across generations and across borders. In India there is a dearth of skilled human resource in industries, and demands high level of entrepreneurship development programs for the growth of economy. Hence, our government has felt it as the need of the hour and initiated various entrepreneurial development programs to enhance economic development.



The economic history of the presently developed countries , for example ,America ,Russia and Japan tends to support the fact that the economy is an effect for which entrepreneurship is the cause .The crucial role played by the entrepreneurs in the development of the western countries has made the people of under-developed countries too much conscious of the significance of entrepreneurship for economic development .

Now ,people have begun to realize that for achieving the goal for economic development, it is necessary to increase entrepreneurship both qualitatively and quantitatively in the country .It is only active and enthusiastic entrepreneurs who fully explore the potentialities of the country`s available resources-labour,technology and capital .The role of entrepreneurship in economic development varies from economy to economy depending upon its material resources, industrial climate and the responsiveness of political system to the entrepreneurial function. The entrepreneurs contribute more in favorable opportunity conditions than in the economies with relatively less favorable opportunity conditions .Viewed from opportunity point of view , the underdeveloped regions, due to the paucity of funds ,lack of skilled labour and non-existence of a minimum social and economic overheads, are less conducive to the emergence particularly of innovative entrepreneurs. In the same regions, entrepreneurship does not emerge out of industrial background with well developed institutions to support and encourage it . Therefore , entrepreneurs in such regions may not be an ‘innovator’ but an ‘imitator’ who would copy the innovations introduced by the ‘innovative’ entrepreneurs of the development regions. In these areas, according to McCelland`s concept of personality aspect of entrepreneurship , some people with high achievement motivation come forward to behave in an entrepreneurial way to change the stationary inertia , as they would not be satisfied with the present status that they have in the society .



Further, India which itself is an under-developed country aims at decentralized industrial structure to militate the regional imbalances in levels of economic development ,Small –Scale entrepreneurship in such industrial structure plays an important role to achieve balanced regional development .The important role that entrepreneurship plays in the economic development of an economy can now be put in a more systematically as bellows :




Entrepreneurship provides immediate large-Scale employment .Thus; it helps reduce the unemployment problem in the country, i.e., the root of all socio-economic problems.
Entrepreneurship promotes capital formation by mobilizing the idle saving of the public.
It promotes balanced regional development.
It helps reduce the concentration of economic power.
It encourages effective resource mobilization of capital and skill which might otherwise remain unutilized and idle.
It also induces backward and forward linkages which stimulate the process of economic development in the country.
It also promotes country`s export trade.

Thus, it is clear that entrepreneurship serves as a catalyst of economic development .On the whole the role of entrepreneurship in economic development of a country can best be as an economy is the effect for which entrepreneurship is the cause.



A flourishing entrepreneur brandishes inimitable knacks and the ascendancy to think and plan tactically. It is the perspicacity of the entrepreneur to recognize opportunities and put them to the best possible deployment that becomes the mannerism of a successful entrepreneur. It has been palpable that a booming economy has always had an incessant supply of inventive and pliant entrepreneurs.

Entrepreneurs have most certainly proved as momentous benefactor to the economic growth. Moreover, the trinkets of owning a business have led to the materialization of entrepreneurship in a big way across the globe. But all this has necessitated competency based strategies to orient them towards high-order achievements in entrepreneurial venture. To sustain the growth of India’s GDP at 10%, there is an increasing demand for entrepreneurial ventures with right strategies and core competencies to withstand the pressure of MNCs and more importantly to start ventures abroad reaping the benefits of globalization.

Conclusion:

Entrepreneurship and new venture creation has long been a driving force in commercializing new technologies and developing new markets, creating new jobs, and growing economies in both mature and emerging nations. In mature economies, entrepreneurs discover new business opportunities that exploit the infrastructure, technology, knowledge, and educated workforce advantages of developed countries. In emerging nations, entrepreneurs identify attractive opportunities that make use of domestic advantages such as abundant labour, developing markets, and ambitious workers. By making the best use of available resources (labour, capital, infrastructure, material resources), entrepreneurs accelerate regional development and help nations to move toward markets and industries that are best suited to their unique comparative advantages. Given the importance of entrepreneurship in international economic change and development, it is critical that modern professionals, administrators, managers, and entrepreneurs understand the scale and scope of international entrepreneurship and use its principles to efficiently and effectively participate in global economic development. From a Strictly economic viewpoint, it can be said that same factors which promote economic development account for emergence of entrepreneurship also.


References:
D.C.McClland: Op.Cit.,1961,PP. 211-217
Adam Smith, An Enquiry into the Nature and Causes of Wealth of Nations, G.Routtedge & sons Ltd.London ,1776,p.7.
Small-Scale Industries in India : Govt.Of India ,New Delhi ,March 1982
Various articles on WTO, TRIPS Published in News Paper –The Economic Times, The New Indian Express

NATIONAL SEMINAR :CRM IN BANKING INDUSTRY

CRM IN BANKING INDUSTRY
Prof. Satya Sidhartha Panda
MBA,MJMC,CCMM,Ph.D
Bangalore (India)
E-mail: satyasidharth@yahoo.com / satyasidharth@gmail.com

Abstract

This paper attempts to persuade the banking industry to recognize and Increasing sophisticated approaches and techniques to customer relations, value proposition development and life time value calculation will help companies better in understanding how value should be created for customers and the enterprise .
E-business refers to any electronic means of collaboration or coordination between organizations. In simple terms, e-Business is the use of Information Technology to exchange information and conduct transactions among enterprises and individuals, both business to business (b2b) and business to consumer (b2c). With the availability of more affordable e-Business software and service offerings in the market, many enterprises in India are likely to embrace these applications in the near future.When people ask, “What do you mean by CRM?” the literal answer is, “Customer Relationship Management,” but that doesn’t really convey much in terms of what all CRM does for a business. This CRM definition is too narrow to really explain everything the system does if it is working to its fullest potential and is user-friendly enough to expand and grow as a customer-client relationship changes and grows.

CRM is a business philosophy, a bent of mind that aims at understanding and managing the needs of the customers. A successful CRM implementation will enable the marketing people to make quick, informed and intelligent decisions, create cross selling and up selling opportunities, measuring marketing effectiveness in value creation and deliver personalized customer care. The key here is to adopt a truly Customer-Centric approach that touches every point and more importantly every person in the company. Everyone in the company must live and breathe customer focus for CRM to work.
Key words : CRM, Value Proposition, Customer Care, Implementation.

INTRODUCTION:
Satisfaction drives the engines for business to invest and reap benefits. Satisfaction makes companies to consider their customers as catalyst, towards their growth and prosperity. Most of all satisfaction brings life and business much closer towards moments of worthiness of the time spent. CRM has already made a big impact in the world of customer service and will continue to do so. As more and more companies become customer-centric those that fail to do so will lose competitive advantage. The real value of CRM lies in harnessing the potential of people to create a greater customer experience, using technology of CRM as the enabler. Value creation process is a critical component of CRM as it translates business and customer strategies into specific statements of what value is to be delivered to customers and, consequently, what value is to be delivered to the supplier organisation. The value management process is crucial to transforming the outputs of the strategy development process in CRM into programmes that both extract and deliver value. Only a balanced value exchange will ensure that both parties enjoy a good return on investment, leading to a good long term, profitable relationship. Achieving an ideal equilibrium between giving value to customers and getting value from customers is a crucial component of CRM. Increasing sophisticated approaches and techniques to customer segmentation, value proposition development and life time value calculation will help companies better in understanding how value should be created for customers and the enterprise.

CRM in the broader sense encompasses not only customer relationship management itself but how customer relationship management is handled and the most important elements of a CRM program that are essential to its being successful. The range of CRM software options vary from those that provide simple customer tracking and live chat capabilities to the more complex CRM solutions that can integrate all of the customer relationship data an enterprise has on each client past, present and future in a dynamic information data network.
With the advent of better computing and communications technology, the marketplace is loosing all boundaries and country specificities. Limited sources of growth and higher prospect of maturity in local markets mean that companies are increasingly facing the need to operate, compete, and communicate on a global level by sharing knowledge about different cultures, environments, technologies, and customers. Mergers and acquisitions have forced companies to synchronize the existing systems with their new products and features by adopting standard business solutions. Therefore, new products and services are rapidly taking on new global perspectives.
E-business applications such as ERP, SCM, CRM, or e-commerce are looked upon as strategic tools for major business improvements, enable the breaking down of boundaries—departmental and geographical. The inherent flexibility of these applications is being leveraged by global companies to implement their global strategies and local tactics by making minor changes in the enterprise solution. Over the past two to three years, e-Business applications such as ERP, SCM, and CRM have witnessed lot of transition globally. Enhanced functionalities and vertical centric solutions have evolved providing companies solutions that cater to their needs even better than in the past. Vendors have even tailor made the solutions to suit not only different business verticals but also business sizes.

Fig. 1. Best-fit sectors for CRM practices and packages

Note: Figure Source from Icicle Consultancy, Mumbai, INDIA

Senior vice president Girish G Vaidya who heads the Banking Business Unit (BBU) at Infosys Technologies says, “In order to provide an end-to-end solution for banks, banking product vendors should have three products—core banking, vertical-specific CRM and risk management software.” Though banks, telcos, and software houses use traditional CRM products, the basic CRM model has problems like not satisfying the vertical requirement, which comes up in the second phase. The vertical CRM provides a 360-degree view of the customer. The Infosys Finacle CRM product is being used by the National Commercial Bank of Jamaica. The bank is using all of Infy’s products, including the recently introduced CRM product. Infy has been successful in India too, bagging Unit Trust of India (UTI) as its first Indian customer for Finacle CRM.
Infosys is positioning itself as the only vendor that satisfies two of the three requirements of banks, by offering core banking and four specialised products. Infosys recently bought technology from Trivium and created Finacle CRM, a banking-specific CRM product. Vaidya says, “Infy does not have a product for risk management for treasuries but we have alliances to fill up the gap. However, there is a big opportunity in services such as assets liability management and trading risk management.”
Business Situation :
Keeping in mind the growing financial and banking business ,the company wanted to provide adequate customer services and reporting capabilities .It wanted a powerful,offordable and scalable customer relationship Management Solutions .
Benefits :
Flexible and customizable soluations
Increases Business opportunities
Secures customer information
Improves Business management
Simplifies development
The CRM soluation provided basic insights into following common modules and functionalities developed by Religare technnova specifically for capital market / brokerage :
Lead management
Contact management
Channel partner management
Campaign
Reporting automation /compliance reporting automation
The company found that the Dynamics CRM 4.0 Platform provided the perfect frame wok on which it could build such a comprehensive and customized CRM Solution , because Dynamics CRM is built on a sophisticated line –of-business application platform; It provides the basic required services upon accountable for new leads and manage the process through entire customer management life cycle .

Secures Customer Information :
As the Bank handles a large number of financial translations ,security of data is absolutely essential .For each department, different segments are created so that, only that segments can access the data .A concerted effort was made to import logic as well.Such as end-to-end metadata relationships and improved workflow, have helped the company to streamline business operations and provide an integrated view and functionality to its employees across the country .

A. From the point of view of Business Firms:
How business firms perceive CRM,
What gadgets are used by the business firms to create CRM
How do business firms create value in their offers
How business firms assess the effectiveness of CRM Programmes
Role of electronic devices in managing customer relations and value chain
Problems faced by business firms in managing customer relations and value chain
The future of CRM and Value Chain
B. From the point of View of Customers:
How do customers perceive CRM
How do customers perceive Value
Customer satisfaction with regard to CRM and Value
Customer Behavior towards firms offering high value versus low value
Customer loyalty and CRM
Customer irritation with CRM Programmes
Customers problems and CRM
Customer compatibility and convenience with eCRM
Expectations of customers for CRM and Value Chain Management
Customer rating of various firms on CRM and Value Creation
C . From the point of other parties:
Role of government in CRM and Value Chain Management
Role of Social and Consumer Organisations in CRM and Value Chain Management
Availability of necessary infrastructure for CRM
CRM Software
Multinational Corporations and CRM
CRM and Value Chain Management in Globalised World
International Legislation and CRM
The overall end-user understanding of e-Business applications and its capabilities in the Indian enterprises is very low. Strategic steps are being taken by enterprises to educate the market, but it is a long time still before majority of the end-users attain certain minimum understanding of e-Business applications and its benefits.Low awareness can be tackled by educating the end users, but what compounds the problem is faster spread of failure stories. Fallacy of faster communications medium has affected technology products the most as low educated end users fall prey of these non-successful stories
Service is becoming the key to differentiation and this is driving corporates to adopt CRM solutions. Vendors, both domestic and international, are making their presence felt in the Indian sub-continent either directly or through multiple partners. Given the high churn rate in the telecom sector, an increased demand for CRM solutions is witnessed in this sector. Some of the prominent telecom players in the Indian market that have gone in for these solutions are Bharti, BPL, and Orange. Retail sector is also showing strong demand for CRM solutions.There has been slow uptake in the demand for c-commerce solutions in the Indian market. Most of the organizations are still evaluating the efficacy of other e-Business applications such as ERP, SCM, and CRM before going in for these relatively new generation applications. An interesting point to take into consideration is that product development management (PDM) solution and product lifecycle management (PLC) solutions are gaining acceptance in the Indian market.
In order to ensure successful implementation of e-Business applications, some of the key issues that needs to be taken into consideration are:
The first and foremost pre-requisite is that the enterprise should have a very strong business focus and genuine need for the solution.
The consulting partners should have adequate experience in handling projects of a diverse nature.
In order to gain end-user confidence, successful stories and case studies needs to be showcased by the vendors.
Setting the user expectations right in the first instance
Conducting a detailed business and functional requirement analysis

Conclusion :
The demand for ERP solutions in India is likely to be driven by both the large organizations and SMEs. However, the awareness level and application adoption rate is relatively high amongst the large enterprises as compared to the SMEs. An interesting point to note here is that majority of the top tier companies (organizations with annual revenues in excess of $500 million) in the country have already gone in for ERP implementation. Thus, the real potential lies in the SME segment, which offers tremendous opportunity for the ERP vendors operating in the country.
Banking and finance clearly are the better exponents of e-Business applications and have made the best use of enterprise applications in rolling out the e-strategies. Technology has played a key role in this industry, although a large amount of public sector banks in India still are in the early phase of e-Business application adoption, the leaders in this sector are as technology savvy, as in any other industry. Private sector banks are typically using technology and better customer services to match the heavy penetration of public sector banks. As a result, CRM and core banking applications have penetrated private banks more than the public sector banks for “Customer relations”, their “satisfaction” and right way to manage the expectation of your existing and new Customer . I am confident that banks and other financial institutions will meet these challenges head on, continue to find new and better ways to put technology to their and their customers’ best use, and that they will manage the technology and business risks associated with these investments.

Thank you.

Youth: The young Arjunas of today must rise to the call and do their duty.

Youth: The young Arjunas of today must rise to the call and do their duty.
There are millions of creatures living on this earth. If the plant kingdom is also added to it, the number increases further. Man is just one among them, and also the most unique one. ‘Why is it so?’ is the question that should occur to everyone who aspires for positive living. Most scriptures say that there exists a cycle of life and death, and in this cycle, one takes birth as a human being once in every millions of years.
Many of us are familiar with building a house, whether it is a traditional or a concrete house. Nowadays, more and more people are giving the task of building their houses to professional carpenters, builders and architects. But all of them want a house built on a solid foundation and structures. During construction, builders and carpenters may debate and often times agree or disagree on the right mix of cement and other ingredients or the type of timber to use. While the workers may co-operate in ensuring that a solid house is built, there is always room for difference of opinion and views on issues such pointing out a weakness in a joint, a weakness in how a supporting structure is constructed or a part of the foundation is flawed. But the objective is to ensure that the house is built on a solid foundation and has strong supporting structures; one that would ensure the safety and security of the owner(s), and give the builder(s) a sense of satisfaction in a job well-done. In the same way, the need for today’s youth is that they need to come to the fore front and make a solid structure for Nation Building.
This is a world where the youth has to prove their worth by sincere exertion, honesty and dedication to duty. They have to prove their worthiness by the manner in which they live their life. Exertion and perseverance are the secrets of success. They are now in the most invaluable, most precious period of the entire life. Their age, from the 16th year to more then 30th year is verily a golden period and it holds the key to the highest blessedness. It is the foundational period upon which the structure of their whole life will have to stand. The youth has to prepare themselves to utilize this golden period in the most careful and wise manner. Their life and actions will be whatever they make of them. They are the master of their destiny. They fashion the future by the manner in which they live in the present. Their thoughts are the seeds of your deeds. All actions: mental, verbal and physical are ultimately subject to the law of cause and effect; action and the result of the action. Therefore, the youth needs to think only the sublime, normal and noble thoughts free from all abnormality, crookedness and concealment.
It is high time that every citizen in our country tried integration so that unity and a sense of oneness may prevail amongst all. I would say that we should strive not only for national integration but also for universal integration or world integration.
You, the youth of “Bharat”, are all blossoming buds in the garden of God. In a short time all of you, at least most of you, will fully blossom and spread your fragrance all around, making others who come in contact with you happy by your love and selfless service. You are the future citizens of “Bharat Mata”.
“Channelization of the youth power towards progress”
A river in flood causes vast destruction bringing untold sufferings to mankind. If the flow of the same river is checked by a dam built across it, a huge reservoir will be formed. Waters of this reservoir can then be directed through channels to agricultural fields to produce food grains and to power houses to generate electricity. This is an example that illustrates the utilization of the immense power of nature by “Channelizing” it towards constructive purposes. Similarly, the youth power which is either stagnant, or is being used in destructive activities, should be “Dammed” through discipline and channelized towards constructive activities which bring progress for the Country.
Here I am reminded of Sanskrit slokas chanted by our ancient Rishis:
Mata me parvati Devi
Pitha Devo Maheswara
Bandhava ha Siva Bhakthascha
Swadesho Bhuvanatrayam
Let us always have that lofty vision. Then only every one of us will prove to be a blessing not only to Mother India but also to the mother Earth and will have fulfilled the mission of our Life .Everyone of us has to strive for this universal Vision. It is a right time: the youth has to get geared up to work, to acquire and having acquired, to distribute for a healthy nation. Corruption, the naked display of selfishness in cancerous opposes it; not by goondaism, the noisy mobism of the universities or the guns of the terrorists, but by organized, disciplined planning and the courage of convictions in implementing these plans. First acquire knowledge, Judge for yourself, then learn to sit together to take decisions, to carve out the future. You must get inspired by an ideal or an altar and then dedicate yourself to it. If the youth sits in the present, they will meet Karna’s fate as the stuck wheel sinks more and more into the mud. If Karna is to survive, he must lift the wheel of the chariot, using not only his own strength but also by invoking the blessing of his Guru. If Karna had invoked Parsuram’s grace, perhaps he might have been pardoned and his curse revoked!
India is a wonderful country: culturally beautiful, spiritually strong and geographically blessed .What a variety of people we are, but one bond is keeping us together, the bond of humanity. We are “true Indians”, like a string holding a row of Indian Pearls. The young Arjunas (Youth of India) of today must rise to the call and do their duty to get this great nation on the move again; not by disintegrating and destroying no progress possible that way, but by binging the glory of an Indian Consciousness out in the beauty of their action.
Situations where people and their institutions come to co-operate or to take a public stand on an issue reveal something of the values that are common to all. The love and justice of God is seen in our seeking to understand each other, in our working together on certain issues to achieve a common goal and in our stand on moral principles when some political initiatives are judged to be harmful to our people. We cannot build the nation on a situation of increasing poverty, on policies that discriminate others, or at the expense of justice and truth in reconciliation. I am going to list out certain aspects which are most important in shaping our nation:
Education: The process of education should incorporate within it, the imparting of the basic knowledge of India’s great culture, its lofty ideals and noble values and principles of living. Our education has to be oriented for enriching and enhancing the quality of life of our youth and students.
Duty: Our first and foremost duty is to God and to righteousness. Leading a righteous life is the best and most valuable service of our Nation.
Patriotism: Our Motherland should be our first and highest consideration. Welfare of the nation is our welfare. Therefore, let us willingly be ready to offer up even our own life for our country. Let us inculcate in our children and members of our family love for our country, the spirit of patriotism and service to our country and our fellow citizens.
Character: Character is the greatest wealth .A pure, incorruptible citizen is the greatest asset of our Nation .This is vital and indispensable. Therefore; good character is to be given top priority value; upon this depends our National welfare and its future stability.
Health: Health is the basic of success. Health is wealth. Next to character, It is the greatest national asset. As citizens, building up character and safeguarding health should be our primary duty to the Nation.
Virtue: Let us join hands and eradicate the evils of gambling, liquor –drinking, drug-taking, tobacco-smoking and betel-chewing. Let us eradicate the evils of bribery, corruption, selfishness, immorality, dishonesty and misconduct. Disloyalty to our Nation is a Crime and an unpardonable sin.
Public Property: We are the custodians of public property. Let us not spoil, misuse, steal or destroy National property. Let us preserve it with care and love. Let us keep our motherland clean and neat. This is our sacred duty.
One family: All our citizens are brethren. Let us feel this fraternity. Let us all love each other and one another and be united because, we are one family of Bharat Mata.
Religion: We must have equal reverence for all religions, creeds and faiths. Let us love as our own brothers the followers of our faiths. Let us treat others as we wish to be treated by them.
Non-Violence: At all costs avoid every type of violence and hatred for this is a blot on the fair name of our nation. It is soul-Killing and causes great harm to our country’s welfare and development. It is totally opposed to our Nation’s ideal. Non-Injury is our highest virtue (Ahimsa paramo Dharma). This is India’s special teaching. Let us be compassionate towards all creatures. Thus be a true Indian. Try to become an embodiment of kindness, Compassion and goodness in your every day life.
Economy: Let us adopt simple living and high thinking. Let us not be extravagant. Let us avoid waste. Let us practise frugality. Let us share what we have with our less fortunate fellow citizens. This is a National virtue that our India needs today.
Law: Let us respect the rule of Law and uphold social justice. In this lies the guarantee of our welfare and orderly progress towards better India and My India.
Unity: Unity is our strength; the more united the people of a country the greater is their ability to withstand all obstacles and dangers. United we stand, divided we fall. This is particularly true about today’s India. Therefore, let us live in close harmony and loving goodwill with all our countrymen. Love of our country means love of our countrymen. This is the most invaluable service, a citizen of India, can offer to our motherland.
Thus, shine as a true citizen and serve your country best by the very manner of your life and conduct.
Youth can change this as they have the power to vote, the power to choose their leaders. They do not have to blindly follow the politicians; rather they should lead the politicians. That is true democracy. Till now, they have not thought for themselves, they have not cultivated social awareness; they have not generated political consciousness. They have been thinking only of physical comforts.
So, the young Arjunas wake up, we need to change otherwise the system will change us.
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Bibliography
Ramakrishna Mission, Bangalore
Divine Life Society, Orissa
Prof. Satya Sidhartha Panda
IIBS,Bangalore Department of Management Studies
Email@ satyasidharth@yahoo.com