synapse magazine

IMPRESSIONS BUSINESS MAGAZINE SYNAPSE’21 DEPARTMENTOF MANAGEMENTSTUDIES ,PONDICHERRY UNIVERSITY

SYNAPSE2021 An Industry-InstituteInterfaceEvent ANINITIATIVETOBRIDGETHEGAPBETW EENINDUSTRY ANDACADEMICSTHROUGHEFFECTIVEINTERACTION Regulation,Resilience&Reinvention toReachtheUnreached Departmentofmanagementstudies pondicherryuniversity

ThevisionofSynapseistoreceive recognitionasthepremierstatistics managementsystem,todrivethe developmentofvalueforknowledgeabout themembersofDMS,andhaveamajor influenceonthedirectionsandeducational requirementsforinformationmanagement

PondicherryUniversity Pondicherry University was manifested undertheactoftheIndian Parliamentby the Governmentof India as one of the two CentralUniversitiesofSouthIndia.The presidentofIndia is the visitant andtheVice-PresidentofIndia is the chancellor of Pondicherry University.Out ofthe54centraluniversities in India, Pondicherry University grabbed their position in top 10 fortheir excellent academic management. The university is installed in an exquisite campusspreadover780acres of land,facing the Bay of Bengal on the East Coast Road. It is convenient for students from Chennai(168 km)andBangalore(330km). Besides having on-campus teachingandresearchinpost post-graduate level makes theuniversityareliableone so it is affiliated with several neighborhoodcolleges. Theuniversityisamemberoftheassociation of commonwealth universities and has signed memorandum ofunderstandingwith severalforeign universities/ Institutesforitstop-notchinfrastructureandacademicexcellence. Pondicherry University has been accredited by the National assessmentand Accreditation CouncilNAAC (An Autonomous InstitutionoftheuniversityGrantsCommission)withA gradefor itsbrilliantinfrastructureandtopmindsinthecountry.

diverse culture and behavior. Thedepartmenthasbeenrated very high by many rating agenciessuchasSTAR NEWS, Indian Express, Business India, India Today, CSR-GHRD and many others.The DMS curriculum is adapted towardsthe ongoing changesofindustriesand introducesnew electiveseverynow andthenbasedonindustryneeds.

















FINANCE PANEL THEME: RECOMMENCING FINANCE FOR A DIGITAL WORLD The business landscape is being transformed by a series of megatrends, of which digital technology is already proving to be the most pervasive and potentially disruptive. Finance teams will have to rethink their role and relevance within this new landscape, both in how they serve the business and in how they design their operations. This point of view outlines a framework for analyzing and understanding the changing role of finance in the digital economy.

FINANCE Mr. Viswanathan President Delphi TVS, Chennai. Mr. Ajayan Kavungal Anat Managing Partner VRDDHI Consulting & Training Service Calicut. Mr. Ravi Padmanabhan Founder www.Chennai-investor-club.com Chennai. Mr. R. Balasubramanian Director Operation Finance SANMINA India Pvt Ltd, Chennai. Mr. Vasanth Raj Managing Director Balbec Capital LP, Hungary, Europe.

ENTREPRENEURSHIP PANEL THEME: RECAPITULATING ENTREPRENEURSHIP - FROM IDEA TO EXECUTION “An entrepreneur is not expected to be a creative genius; he/she is rather a passionate force and progressive visionary with sharp business acumen” Over the years, I have come to believe that what truly differentiates successful businesses from unsuccessful ones is the way in which the idea behind the business has been executed. It is the execution that determines the success of most of the ideas and the people behind it. While this is not to discount the value of creative and intelligent thought, it is merely to shift the focus from pressurising ourselves to experience the “eureka moment” to kick-start our business at the right time.

ENTREPRENEURSHIP Mr. Akshay Sunil Founder and Managing Partner Conex 365, Kerala. Mr. Suresh Kumar Founder & Partner PRAVARRA, Chennai Mr. Krishnan Ravishankar Principal Architect - Behaviour & Performance Optimization Harrison Assessment, Chennai. Mr. T. N. Muhammed Jawad Managing Director TNM Online Solution, Kerala. Mr. Aliriza Abdul Gafoor Founder & CEO - Flew Hub Tech Chief Robotics Officer - Innovation Floor, Kerala.

HUMAN RESOURCE PANEL THEME: RESILIENCE BEFORE RESKILLING Resilience is the ability to cope with adversity and adapt well to challenges or change. While stress naturally occurs in the workplace, one must develop personal resilience for reducing vulnerability in work and the impact of adversity. It is a critical life skill for human survival to measure our ability to thrive in the face of difficult situations and learn after setbacks. Leaders must cultivate it in themselves and take responsibility for improving resilience among employees, which will increase work engagement, job satisfaction, and organizational commitment. The purpose of the theme is to equip students with the information and tools that will help them build individual resilience.

HUMAN RESOURCE PANEL Mr. B. Venkataramana Wholetime Director ABT GROUP, Coimbatore. Mr. Charles Godwin HR Leader & Public Speaker ZOHO Corp, Chennai. Mrs. Sujatha Suresh Co- Founder PRAVARRA, Chennai. Mrs. Uma Rao Vice President - Human Re source Ashok Leyland, Chennai. Dr. Seema Gupta CLUSTER Head- HR Larsen & Toubro Ltd, South Delhi.

BUSINESS ANALYTICS PANEL THEME: REFULGENT TOMORROW In the words of Peter Sondergaard “Information is the oil of the 21st century, and analytics is the combustion engine”.- In todays world, data is nothing less than gold, and those who analyse it better become the market leader. A business- focused approach to analytics has allowed companies to update the relevance of their product offerings, helping them maximise reach, discover business opportunities and tap into new revenue streams. It has also helped businesses provide optimised solutions to consumers, thereby enhancing customer experience. The COVID-19 pandemic has demonstrated that expeditious changes are both necessary and possible for a business’s sustainability. Companies that rely on fact-based insights to develop a vision for the future and are quick to adapt to evolving technological standards have the potential to be industry leaders.

BUSINESS ANALYTICS PANEL Mr. Chandramouli Srinivasan Managing Director & CEO Feedback Insight, Bangalore. Mr. R.Venketachalam Head of Presales & Solutions, BFSI, Persistent System, London, UK. Mrs. Anvita Bajpai Founder SunvAI.in, Bangalore. Mr. Bhanu Kumar Founder & Director ARRA Associates, Chennai. Mr. Havish Madhavapaty Founder Havish M Consulting, New Delhi.

MARKETING PANEL THEME: ROOTING IN TURBULENT TIME Turbulent times can be incredibly challenging for business leaders to navigate. Significant uncertainty and volatility can create both headwinds and opportunities. Over the last 15 years, we’ve seen a consistent trend towards online marketing and web-based business models. With the pandemic, this trend is accelerating at rapid speed out of sheer survival. Some companies are nimble and will be able to adapt and even grow, while some will fail to adapt due to inertia or fear. But there is opportunity here, even if it’s just staying top-of-mind while your competitors pull back. Our perspective is this: there will be no turning back. Embrace the change and find a way to survive and thrive in this new age

MARKETING PANEL Mr. Ajay Dhyani Head - Brand Ecommerce Timex Group, New Delhi. Mr. Rushikesh Pandit Founder of BitPandit Digital Marketing Specialist Start-up Consultant, Mumbai. Mr. A. S. Narayanan Founder & CEO McXtra, Mumbai. Mr. S. Kaushik Manager BPCL, Madurai. Mrs. Paroma Ganguly Managing Director Iris Worldwide, New Delhi, India.

OPERATIONAL PANEL THEME: REALIZING PRODUCTIVITY THROUGH AUTOMATION Automation process wheel takes you through the journey of business, and it helps you grow your business set to a higher level. You can “eat the elephant one bite at a time” instead of attempting to build every possible scenario and use case before you even know it exists. Automation is the creation and application of technologies to produce and deliver goods and services with minimal human intervention. Automation crosses all functions within an industry from installation, integration, design, procurement, and management. The implementation of automation technologies, techniques and processes improve the efficiency, reliability, and speed of many tasks related to business that were performed by humans. Moving to lights-out  operations  yields a good return on investment.  The  benefits of  automated  systems can be a powerful motive for increasing service to  your  end users. Automating  workflows eliminate the need for manual work, which not only improves output, but it also frees up talented IT  operations  personnel to apply their knowledge and advanced skills to more important tasks and projects and thus enhanced productivity is the outcome of  automation.

OPERATION PANEL Mr. Ganesh Rajasekaran Global Practice Director - Oracle Practice HCL Technologies, Bangalore. Mr. Girish Gopalrao Umrajkar Technical Director Micro Innotech India Pvt. Ltd., Pune. Mr. L. J. Clement Ravi General Manager & Head - Project Planning Ashok Leyland, Chennai. Mr. R. Sasi Kumar General Manager & Chief Engineer R & D TAFE, Chennai. Mr. S. M. Raja Vikraman Vice President - Operations India Pistons Ltd, Chennai.

ESPANYS AUDIT INDEPENDENCE: ENHANCING ACCOUNTABILITY AND TRANSPARENCY IN CORPORATE ORIGINATIONS To begin the discussion on the subject matter of Audit Independence and its consequences on enhancing accountability and transparency in today’s corporate organizations, lets, first of all, understand some basic definitions and then going to touch to all the important side lines that are involved in. What is Auditor Independence? In any corporate organization, Auditors are anticipated to provide an unbiased and professional opinion on the work that they audit. An auditor who lacks independence virtually renders their accompanying auditor report useless to those who rely on them. Auditor independence simply means the ability of the auditor to adopt an approach with integrity and objectivity within the audit process. This mainly requires the auditor to have the liberty to execute his work in a free and objective manner. It gives him the ability to base his opinions without any biases, or external pressures. Hence, in the cases where the auditor is unable to adopt an independent approach towards the audit process, the opinion issued might not be valid, and cannot be relied upon.

What are Threats to Auditor Independence? ESPANYS In the auditing profession, there are five major threats that may compromise an auditor’s independence. Before an audit engagement, it is crucial that each member of the audit team review the five threats to independence. If an auditor is exposed to a certain threat, he or she should either develop safeguards to reduce the threat to an acceptable level or resign from the audit engagement. The fact is that auditors who lack independence compromise the integrity of financial markets and the reliability of the information. Investors would not be willing to extend capital to companies, knowing that the audited information was performed by an auditor who is not independent. Furthermore, banks would not be willing to issue a loan for fear that the auditor might’ve provided a biased audit report. Five Threats to Auditor Independence: 1. Self-Interest Threat A self-interest threat exists if the auditor holds a direct or indirect financial interest in the company or depends on the client for a major fee that is outstanding.

2. Self-Review Threat ESPANYS A self-review threat exists if the auditor is auditing his own work or work that is done by others in the same firm. 3. Advocacy Threat An advocacy threat exists if the auditor is involved in promoting the client, to the point where their objectivity is potentially compromised. 4. Familiarity Threat A familiarity threat exists if the auditor is too personally close to or familiar with employees, officers, or directors of the client company. 5. Intimidation Threat An intimidation threat exists if the auditor is intimidated by management or its directors to the point that they are deterred from acting objectively. Hence an auditor's independence must be free from the above five mentioned threats, so to provide and express the accurate and indicate the real situations in order to get improved, correcting the errors, preventing frauds, and subsequently avoiding all the bad consequences of the outcome. Understanding Accountability Accountability is especially important in the world of corporate finance and accounting. Otherwise, investors and the public can lose faith in the trustworthiness

of corporate financial reports, ESPANYS which has happened following high-profile accounting scandals in the past. Without checks, balances, and consequences for wrongdoing, the integrity of the capital markets would not be able to be maintained, damaging those markets' ability to perform their vital social functions. In the world of finance, accountability is quite important to preserve faith in the integrity of corporate financial reports and market transparency. If there is no accountability the accountant of the corporate will be not take their job seriously which could highly likely be fraud, errors and misinterpretation of the financial statements. An auditor reviewing a company's financial statements is responsible for obtaining reasonable assurance that the financial statements are free from any material misstatements caused by error or fraud. Accountability forces an accountant to be careful and knowledgeable in their professional practices, as even negligence can cause them to be legally responsible. As an example, an accountant is accountable for the integrity and accuracy of the financial statements, even if errors were not made by them

ESPANYSManagers of a company may try to manipulate their company's financial statements without the accountant knowing. There are clear incentives for the managers to do this, as their pay is usually tied to company performance. The subject of transparency and accountability in modern day corporate organizations has continued to become essential to stockholders of the organizations. It has become a subject of discuss and empirical research both in developed and developing countries of the world simply because of some recent financial crises and corporate scandals. Greater transparency and accountability are argued to improve the performance of corporate organizations through better resource allocation, enhanced efficiency and increased growth prospects (Chipwa, 2005). Enhancing transparency and accountability are central to the improvement of corporate governance mechanisms. Basically, transparency is a vital means of enhancing the performance and accountability of firms (Katra, 2003).

ESPANYSTransparency is seen as critical for the culture of accountability especially where market competition thrives (Katera, 2003). This implies that those with stake in the corporate organization must have all relevant and material information regarding its affairs in order to make proper judgment and if very necessary take remedies. This becomes possible only if those charged with the day to day management of the corporate organization are transparent and accountable enough. This is premised on the fact that the task of managing the corporate organizations' affairs is fast moving in the ever-changing market or business environment. The essence of transparency and accountability especially in Nigeria as a developing country cannot be over emphasized. In this regard, Katera (2003), submits that the key to business survival, creating and maintaining wealth for the corporate organizations lies primarily on systems of transparency and accountability built into governance structures of such corporations. There is therefore the need or quest to enhance transparency and accountability so as to ensure shareholders' wealth maximization and overall performance of the corporate organization. The audit independence has direct effect on enhancing the accountability and transparency in any organization, lack of independence in auditing is leading toward the

ESPANYS loss of reputation among the stockholders as well high chances of bankruptcy. There are many good advantages of the natural auditing for example, it will boost the productivity, efficiency, effectiveness, collaboration, increase the prices of the shares and finally the objective of the corporate organization which is the wealth maximization will be achieved through the vivid process of auditing, as there won’t be any confusion, all the necessary information and indeed a clear picture of the organization will be disclosed, which bring more trust, reliability, integrity among the stakeholders of the company. The key purpose of corporate accountability mechanisms is to hold managers of organizations accountable for the social, environmental and economic outcomes (or impacts) arising from the actions (policies, practices and activities) of their organization (Gray, 2002). Therefore, in order to keep the interests of the shareholders and investors intact, it is essential for auditors to maintain an independent approach. It also adds to their credibility and reputation in the future.

Conclusion ESPANYS Auditor independence directly impacts the decision that is issued by the auditors. In the case where their judgment is biased, they might not be able to give a free and a fair few, and therefore, this would result in bigger damage to the overall ecosystem, in the longer run. Organization will be losing its reputation, decline in share prices will be happened. In contrary, auditor independence either internally or externally can strongly put positive effects on company accountability, transparency, productivity, efficiency, effectiveness, happiness of the stakeholders, proper management, the public positive options and perceptions in regards to the company, all and all directing the company to move dramatically step up to profitability, expansions and lightness of the everyone who is engaged in the company. Therefore, all steps should be taken by the engagement partners, as well as the auditors to ensure that there is no event that hampers the ability of the auditors to give a free and fair view regarding the

financial statements of the company. In the case of an event where the auditor feels that their independence is at stake, they should ideally report it to their managers, so that relevant steps can be taken. Esmatullah Saadat [email protected]/ ESPANYS

ESPANYS NEW TECHNOLOGIES LIKE BLOCKCHAIN ARE GOING TO HAVE THE BIGGEST EFFECT ON BANKING In recent times, many technologies are being developed and businesses have to adapt that to survive in the competitive world. One of such emerging technologies is blockchain technology. It has received a lot of attention over the last decade and it has a massive opportunity to disrupt the current traditional banking industry. Blockchain is digital information that is stored in a public database. It usually consists of cryptocurrencies and provides added security for a variety of financial transactions. With blockchain, banks can store information about transactions such as the date, time, and dollar amount of a recent purchase. The blocks store information about the parties that are involved in a transaction as well and distinguishes it from other data. It will attach a unique code called a hash, which enables it to classify each unit of information. For example, if you purchase the same product twice on a website, there will be different codes to classify each transaction. Blockchain can store up to 1 MB of data per block and a single block can store up to a few thousand transactions.

Blockchain allows untrusted administers. The parties to agree on the state of a database and not have to rely on a middleman for a transaction. There is a ledger that nobody technology will provide financial services such as payments without using any other party such as a bank. Thus, blockchain creates decentralization which can make it easier for banks to focus on other activities ESPANYS besides tracking payment transactions. Blockchain technology has a massive opportunity to disrupt the banking industry by disintermediating the key services that banks provide, including: 1. Payments: Blockchain technology offers a secure and cheap way of sending payments that cut down on the need for verification from third parties and beats processing times for traditional bank transfers. Today, trillions of dollars sloshing around the world via an antiquated system of slow payments and added fees. Cryptocurrencies like bitcoin and ethereum are built on public blockchains that anyone can use to send and receive money. In this way, public blockchains cut down on the need for trusted third parties to verify transactions and give people around the world access to fast, cheap, and borderless payments.

Bitcoin transactions take 10 minutes on average to ESPANYS settle, although this can lengthen to hours or even days in extreme cases. That is still not perfect, but it represents a leg up from the average 3-day processing time for bank transfers. And due to their decentralized and complex nature, crypto-based transactions are difficult for governments and regulatory bodies to control, observe, and shut down. 2. Clearance and settlement systems: Moving money around the world is not just a pain for consumers but it is a logistical nightmare for the banks themselves. Today, a simple bank transfer from one account to another has to bypass a complicated system of intermediaries, from correspondent banks to custodial services, before it ever reaches any kind of destination. The two bank balances have to be reconciled across a global financial system, comprising of a wide network of traders, funds, asset managers, and more. Blockchain technology which serves as a decentralized ledger of transactions could disrupt this state of play. Rather than using intermediaries to reconcile each financial institution’s ledger, an interbank blockchain could keep track of all transactions publicly and transparently. That means instead of relying on a network of custodial services and correspondent banks, transactions could be settled directly on a public blockchain.

Further, blockchain technology allows for “atomic” ESPANYS transactions or transactions that clear and settle as soon as a payment is made. This stands in contrast to current banking systems, which clear and settles a transaction days after payment. 3. Loans and credit: Traditional banks and lenders underwrite loans based on a system of credit reporting. Blockchain technology opens up the possibility of peer- to-peer (P2P) loans, complex programmed loans that can approximate a mortgage or syndicated loan structure, and a faster and more secure loan process in general. Alternative lending using blockchain technology offers a cheaper, more efficient, and more secure way of making personal loans to a broader pool of consumers. With a cryptographically secure, decentralized registry of historical payments, consumers could apply for loans based on a global credit score. 4. Trade finance: Another area blockchain is set to revolutionize is the trade finance sector.

ESPANYS Trade finance refers to all of the financial activities related to international trade and commerce. Still today, trade finance activities rely on paperwork and it takes a lot of time. Blockchain-based trade finance will streamline the trading process by getting rid of such time consuming manual processes, paperwork and bureaucracy because it integrates all the information into one digital document and updates in real-time which can be accessed by all the network members. The adoption of blockchain technology in trade finance could mean greater trust between trade parties, increasing global business, while also hiding confidential information such as pricing and trade secrets when necessary.It would also give buyers better insight into where their goods originate from and when they have been shipped. Under traditional systems, this information is often incomplete.

ESPANYSHowever, a blockchain could enable consumers to be updated at each step of the trade, further increasing trust and transparency. 5. Customer KYC: Apart from the day-to-day activities of clearing transactions, processing payments, and trading, a bank also needs to on-board customers, verify their identity, and ensure their information is in order. This process is called “know your customer” (KYC). Banks can spend up to 3 months executing all KYC proceedings, which include verification of photo IDs, documents such as address proofs, and biometrics. A delayed KYC process may cause some customers to terminate their relationship. Blockchain technology can help reduce the human effort and cost involved in KYC compliance. With KYC customer information stored on a blockchain, the decentralized nature of the platform would allow all institutions that require KYC to access that information. 6. Fraud detection: A rise in fraud and cyberattacks is one of the leading causes of concern for the banking industry. Since most banks have centralized ledger systems that store all customer information, it becomes easier for hackers to attack and access that information.

ESPANYS Blockchain can help banks is detecting fraud and cyberattacks. By decentralizing the storage of information, blockchain technology helps prevent a hacker from gaining easy access to all information at once. Another way of ensuring safe transactions online is by using blockchain-based smart contracts. These contracts operate on an “if/then” basis, which means that the next step of the process will not happen if the prior one has not been completed, which adds security to the process of transacting. Banking executives believe that blockchain will have to fulfil several conditions before becoming a mainstream technology in banking. Only a widespread adoption of blockchain will lead this technology to disrupt the sector. It remains to be seen to what degree banks embrace the technology. Once fully adopted, blockchain is expected to enable banking institutions to process payments faster and more securely, all the while reducing transaction processing costs.

ESPANYSHowever, one thing is clear blockchain-enabled banking system will deliver a better customer experience and help traditional banking institutions to compete with fintech startups. Ramya P [email protected] https://www.linkedin.com/in/ramya-poosarla-1737a0195

 ESPANYS RISKS AND BENEFITS ASSOCIATED WITH ADVANCED MOBILE BANKING TECHNOLOGY With the advancement in technologies, gone are those days where we used to stand in a long queue at the bank to get our services done. Mobile banking provides customers to use banking services from their mobile. Do you remember when was the last time you waited in a queue to check your account balance? The high usage of smartphones has revolutionized the banking sector too. It changed the traditional way of doing the banking service. RISKS By the wide use of the internet, mobile banking may be considered a boon as well as a bane. Many people still are not able to rely on mobile banking completely due to its exposure to risk. Security Security is a big concern among customers. Cybercriminals can gather personal information to break into a person’s account and steal their money. There was a scam that came to light after a man from Delhi complained about Rs 11.5 lakh withdrawn from his account without his knowledge. Police found out that the mobile number of the victim was changed and the robbers carried out transactions to transfer money.

Virus attack  ESPANYS Some mobile phones are highly exposed to virus attacks. These viruses provide hackers the opportunity to access banking information through our mobile phones. Typos Mobile banking may cause financial loss due to careless mistakes. By mistake what if you typed an extra ‘0’ to 10000? On other hand, if you entered the wrong account number the money will get transferred to the wrong person. If the bank account to which you have transferred the money does not exist, then the money will automatically be refunded. If not then you have to request the beneficiary to return the money. If the beneficiary does not accept the reversal of money, we have to go for legal action. According to RBI rules, it's the responsibility of the remitter to provide the correct beneficiary account number and other details while doing payments.

Mobile theft  ESPANYS We might keep a note on our phone with our bank account password if we think like forgetting it. If we lose our phone and a thief robs it, they can gain access to our financial accounts. BENEFITS However, even with the risks associated, mobile banking is looked for its various advantages. Mobile banking is saving our time by providing banking services at our fingertips. Time-Saving Mobile banking service significantly reduced our time traveling to the bank and get our service done. It not only reduced customer’s time but also bank employee’s time. Since customer opts for mobile banking, there will reduce the number of customers visiting to banks which in return reduces work stress for bank employees. Fast transaction For money transactions, we will be filling up a challan and giving in the counter. The cashier will be verifying all credentials and then approve the transaction. Sometimes the cashier may do batch processing. This will take more time. With mobile banking, you can do transactions immediately.

E-paper  ESPANYS Mobile banking delivers paperless statements to us. Instead of a paper we can store the e-file in our mobile or computer. The less wastage of paper makes this environment friendly. It reduces our physical storage space at our place. Monitoring With mobile banking we can monitor our account anytime. In older days we will be printing our passbook at bank to know our balance. Now we can check our balances periodically from our home anytime Time constraints In the past generation if we have to transfer money after 5PM on a day there is no way to do that. We have to wait till next day morning for banks to open. But with mobile banking there are no fixed hours of operation. We can do transactions anytime.

 ESPANYSIncreasing technology on banking services provides enormous benefits as well as raises risk. Mobile banking continues to play a dominant role in the banking sector especially after this COVID-19 pandemic. Banks have to provide safety to customers with risk management solutions that ensure the usage of mobile banking is secured. However, with new techs and no near end to the ongoing pandemic, the number of mobile banking users is going to be increased in the coming days, so banks must introduce more benefits on mobile banking for satisfying their customers. Eashwar [email protected] https://www.linkedin.com/in/eashwar-r-6b45b9138/

ESPANYS GREAT INNOVATION NEEDS GREAT MARKETING Innovation and Marketing are the two sides of a coin. There has no doubt of the need for innovation as well as marketing. Marketing is the way to distribute innovation to the common people. As per present-day context, innovation is very much required and it is the top priority of every organization. People need innovative products, innovative ideas of today. Now we are in the digital era, the era of innovation, and the problems we are facing today are also very new to us. So to overcome these problems we must have some innovative solutions. It can be anything like services, goods, ideas, processes, or any such thing. Such kind of innovation needs a huge amount of investment. But also a huge amount is also needed to marketing strategies to the needful. The bigger the innovation, the more the risk. So every great innovation, big innovation can reduce the risk in terms of selling, distributing by investing in marketing only. As of today, we have so many things, so many kinds of marketing that are not exactly marketing but today these forms are in high demand. But along with all this, we must follow the right marketing strategy for the right innovation.

Today’s advanced ESPANYS innovations such as 3D printing, bitcoin, and virtual reality have gotten some traction, but they and other revolutionary products and platforms like them need the right marketing expertise to generate the depth and breadth of market engagement they seek. Innovation Needs Marketing to Identify Opportunities Before an innovation is even created, marketing teams need to be working to identify what needs are going unmute in the consumer population-what consumers don’t even realize they can’t live without. Marketing is an opportunity for innovations and innovators. It will helps the innovator and the innovation to find the right person as well as right investors. In this global pandemic the need of innovation and the need of marketing can be observed highly. In this pandemic we have innovated so many things based on needs and requirements of common people. Developing kit for testing, vaccine, medicine, and so many digital equipment innovated in recent days. By the marketing using many strategies it can reach to the end users. Marketing does not mean only selling, it is a strategy actually to supply things to the customer.

Because of successful ESPANYS marketing only we can able to take a sorts of very important decisions. One very important example of marketing is the need for innovation. Recently we innovated a self- testing kit for covid 19. It needs high marketing that each and every individual can know about it and can use of it. Great Innovation Needs Great Marketing……. Innovation Needs Marketing to Create a Clear market. Innovation Needs Marketing to Identify Proper Channels Innovations Need Marketing to Create Ecosystems of Opportunity Innovation Needs Marketing to Understand Their Audience Innovation Needs Marketing to Find Use Cases That are Useful. Pritam Das [email protected] linkedin.com/in/pritam-das-b18046196