On day 3rd of FRC 2024, Research Grant Competition (RGC) turned the focus  to understanding the depths of behavioral science, psychology, and the unseen factors guiding our decisions. Under the banner of “Rethink, Reimagine, Redesign,” we explored how insights from behavioral science explain the complexities of human choice and, ultimately, improve business practices. Hosted by the Center for Behavioral Insights (CBI), the event’s theme set the stage for a deep dive into the science behind human behavior, one that business students today must understand to build more empathetic, effective strategies for the future.

Prof. Kokil Jain, Dean of Research at FIIB, opened the event by tracing the origins of behavioral insights, illustrating how this field synthesizes psychology, economics, and anthropology. behavioral science, she explained, seeks to uncover the reasons behind our actions—why we favour certain options over others and how we can be nudged toward more informed choices. If ancient Greek philosophers like Socrates questioned, “How should one live?”, today’s behavioral scientists might reframe this as “How should one decide?” Much like the Greeks’ pursuit of wisdom, behavioral science guides decision-makers through mental pitfalls and challenges.

According to Huma Khan, Director of Behavioral Research at Fidelity Investments, the path from decision to action is “a labyrinth of choices influenced by unseen psychological barriers.” For instance, a business leader may understand what action is optimal but still hesitate, hindered by biases or fear of negative outcomes. behavioral scientists aim to clarify this process by defining problems in psychological terms, diagnosing barriers, and crafting hypotheses. Testing—through A/B trials, for example—is essential to ensure these solutions are not only theoretically sound but also practical, resilient against biases and variability.

These principles are not only applicable to business decisions but can also create meaningful societal impacts, as Ms. Khan highlighted. behavioral insights can nudge individuals toward sustainable habits, influencing both environmental and social welfare. In her view, it’s not merely about making good business decisions but about fostering habits that can contribute to solving global challenges. This approach extends the traditional business mindset, inviting leaders to consider not only what is profitable but what is sustainable—a Socratic questioning of business’s purpose and responsibility in society.

In addition to individual decision-making, businesses often confront the challenge of forecasting future trends—an art as complex as ancient philosophy. Prof. Russell W. Belk of York University’s Schulich School of Business dove into this concept, noting that, unlike in classical studies where philosophers debated the nature of reality, forecasters debate the forces that will shape our future. “There’s no singular formula to determine what will happen next,” he asserted, as if echoing the uncertainties that Plato explored in his own dialectics. Prof. Belk reminded the audience that while technological trends like AI might be considered a bubble in the West, India’s growing investment in IT challenges that notion, revealing the varied lenses through which different cultures perceive innovation.

Complementing these philosophical discussions, the event featured an Ideation Bootcamp, aimed at harnessing creativity to address pressing real-world challenges. Participants immersed themselves in sessions like “Planet Priorities,” focusing on environmental sustainability, and “Customer Patterns,” exploring gaps in consumer behavior research. Guided by behavioral insights, participants sought solutions that were both visionary and grounded in the scientific understanding of human behavior.

This interplay between data and emotion is about understanding how data and instincts combine to shape human perception and drive business decisions. The panel emphasized the importance of guarding against biases such as the “gap instinct” and “negative instinct,” terms inspired by psychologist Hans Rosling. By recognising and overcoming these biases, business leaders can make decisions that are both informed and empathetic.

Behavioral science is not just another business tool; it’s a bridge between disciplines, uniting philosophy, psychology, and pragmatism. For students and practitioners alike, understanding behavioral science offers a fresh perspective on decision-making—one that values both the power of rationality and the subtle, often irrational nuances of human nature.

As part of FIIB’s commitment to shaping future leaders, the Center for Behavioral Insights (CBI) continues to drive forward-thinking discussions on how behavioral science can transform business practices.To explore more on how behavioral insights are influencing decision-making, visit https://www.fiib.edu.in/centre-for-behavioral-insights.

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The event, revolving around the themes of Technology, Inclusiveness, Leadership, Entrepreneurship, and Sustainability (TILES), began with a compelling Dean’s Address. The thought-provoking event featured keynote addresses, two-panel discussions, and an insightful data-driven workshop comprising Data Visualization, Forecasting Modeling, and Machine Learning. 

Dean’s Address: Navigating the Winds of Change

In her thought-provoking address, Dean of Academics Dr. Kshamta Chauhan emphasized the inevitability of change in today’s fast-paced world. She underscored the importance of symbiotic Industry-Academia Collaboration and FIIB’s commitment to lifelong learning. Dean Dr. Kshamta challenged conventional wisdom, advocating for adaptive, data-intelligent problem-solving.

Guest of Honour Address: Mr. Anshoo Sharma’s Entrepreneurial Odyssey

The event’s stature was heightened with Mr. Anshoo Sharma, founder and CEO of Magicpin. His address unfolded the entrepreneurial journey of Magicpin, focusing on belief, resilience, and the need for a founder’s mentality. Mr. Sharma provided insights into adapting to the current business environment, emphasizing the potential of India’s domestic market and encouraging entrepreneurs to think globally.

Keynote Speaker Address: Mr. Ankit Jhamb’s Insights on Resilience and Technology

Mr. Ankit Jhamb, Chief Learning Officer at Grant Thornton, delivered a captivating Keynote Address. His talk delved into resilience amidst change, technology’s transformative role, and inclusion’s imperative. Mr. Jhamb highlighted the impact of technology on creative processes, introduced the concept of Digital Quotient (DQ), and explored the critical role of leadership in navigating challenges.

Panel Discussions: Unveiling Insights and Perspectives

Two insightful panel discussions enriched MANTHAN 4.0. The first, “Productive Frontiers of Business – Leader’s Layout,” featured industry stalwarts discussing innovation, leadership, and entrepreneurship. The second, “Fostering a Culture for Technology: Paving Path for Young Workforce,” explored the interplay of technology, leadership, and organizational culture.

Curious about Student Life at FIIB? Discover the vibrant and dynamic student experience at FIIB – where learning meets community. From academic pursuits to extracurricular activities, get a glimpse into life on campus.

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What is VFTT and Why It Matters

The “View From the Top Talk” series at FIIB is a platform designed to bridge the gap between academic learning and real-world industry experiences. It brings leaders and achievers from diverse sectors to share their journeys, insights, and valuable lessons with students, faculty members, and industry professionals. The goal is simple yet profound: to provide an insider’s view of the corporate world, nurturing a generation of business leaders who are academically prepared and industry-savvy.

Meet the Guest Speaker – Mr Dev Arora

Mr Dev Arora, the Chief Executive Officer of Chai Point’s CPG business, boasts over two decades of experience in the FMCG industry. His professional journey includes significant roles at renowned organizations such as Coca-Cola and ITC, making him a seasoned professional with a wealth of knowledge in Sales, Distribution, Customer Experience, Operations, Trade Marketing, and Capability Building. As a change manager and strategist, Mr. Arora has a proven track record of driving business sales and revenues.

Key Takeaways from the Session

The session started with Mr. Arora’s reflections on the essence of business growth. “The key to growing in business is never to stop learning,” he asserted, echoing the FIIB mantra. Drawing from his experiences, Mr. Arora emphasized the importance of maintaining a continuous hunger for knowledge. He narrated tales of his professional journey, replete with highs and lows, underlining the significance of learning from mentors and peers, colleagues, and friends.

The session went beyond a one-way discourse. Students actively engaged with Mr. Arora, posing questions, seeking advice, and expressing their aspirations. The interactive nature of the event fostered an environment where theoretical concepts met real-world applications. Discussions ranged from navigating challenges in the F&B sector to embracing innovation and leadership in a rapidly changing corporate landscape.

The ‘Sipping on Success – Brewing Wisdom with Mr Dev Arora’ installment of VFTT left attendees with more than just insights and a newfound enthusiasm for their future careers. As students imbibed wisdom from Mr Arora’s journey, they realized the importance of a holistic approach to learning and the enduring power of curiosity in the corporate world.

FIIB’s View From the Top Talk series continues to inspire aspiring business leaders, providing them with the tools and perspectives needed to navigate the complexities of the professional world. Stay tuned for more transformative sessions that blend academic rigor with real-world wisdom.

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SANKALP 3 is a pivotal chapter, granting students a firsthand look into the corporate world through a unique day-zero simulation. This innovative approach involves mock placement sessions simulating real-world scenarios, enabling students to tackle corporate challenges head-on. The focus is refining interview skills, understanding group dynamics, and enhancing overall preparedness for their professional journey.

Insights from Industry Pioneers: Notable Speakers at SANKALP 3

Distinguished speakers graced the event, bringing rich experiences from various sectors. Uma Pathak, a Learning and Development Specialist at Deloitte, shed light on the HR landscape. Gaurav Mishra, Assistant Manager of Operations at Kuehne + Nagel, shared insights into strategic operations management. Divya Goyal, Senior Analyst at Blackstone, enriched students with expertise in the dynamic field of finance. Jasmeet Sethi, AVP Business Acquisition at SHL, provided valuable perspectives on strategic marketing. The second half featured Sunil Sharma, Head of Finance at Udaan India Private Limited, and Ritika Arora, Business Consultant at 1DigitalStack.ai, offering insights into the financial landscape. Aman Budhraja, Area Sales Manager at Café Coffee Day, and Anurag Anand, Deputy Manager of Sales at Godrej & Boyce Mfg. Co. Ltd navigated the intricacies of marketing, providing a holistic view of the corporate terrain.

Student Voices: Navigating SANKALP 3’s Impactful Experience

The reverberations of SANKALP 3’s impact are echoed through the feedback of participating students. The day-zero simulation was crucial in bridging the gap between academic learning and practical application. Students express gratitude for the opportunity to engage with industry leaders, gaining insights that extend beyond traditional classroom teachings. The speakers’ expertise was a bridge to the professional world, preparing students for the challenges and opportunities ahead.

Paving the Way for SANKALP 4

As the curtain falls on SANKALP 3, its success is a testament to FIIB’s dedication to student success. The immersive day-zero simulation and the wisdom shared by industry experts marked a significant step in preparing students for their corporate journey. SANKALP remains an ever-evolving beacon, inspiring students to dream big, innovate, and embark on successful professional journeys. In conclusion, SANKALP 3’s Day Zero Simulation was a resounding success, offering students a firsthand look into the diverse realms of HR, Operations, Finance, and Marketing. As this event continues to evolve, stay tuned for SANKALP 4.

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