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| The Charles River on a beautiful spring morning. |
Reflections
My advice to those who would be taking the Advanced Management Program (AMP) is to not just find time but make time for weekly reflections. The amount of knowledge one receives from the program is so immense that one does need to pause, document and reflect on how these can be assimilated as part of one's professional and personal repertoire. Actually, the idea is not mine, I just diligently followed what our Associate Dean told us on Day 1, which is to spend time reflecting since being in this course is akin to drinking from a fire hose.
And so I did just that and decided to perch myself at the Charles River. The river seems to be the nerve center of all activities that happens on this side of Cambridge and Boston. Whenever residents and students have time they will all converge at the river banks and bask in the warm sunshine - a perfect spot to reflect on the value of all the learning one has accumulated.
Lessons in Class
International Economy
- The European Union was formed to unleash the growth potential of Europe through efficiencies generated by scale and size
- It was also an ideal institution to end several wars that have ravaged the continent, killed its citizens and stunted growth
- The union facilitated trade, price transparency, managed inflation and to a large extent, improved competitiveness
- However it also clipped member nations' ability to manage inflation and growth through monetary policies
- The institutional mechanisms to support the union is still at its infancy and is plagued by differing national views on its powers vis-a-vis national sovereignty
- The road to success despite its decade long experiment is uncertain and the dark clouds of economic uncertainty only underscores this point
- Customer service can be a "revenue center" provided that it is integral to the company's strategy, structure and system
- To truly excel at customer service the company needs to know which dimension of service it wants and it does not want
- This also extends to identifying customer segments and providing them a relevant and meaningful service experience
- Customer service can result in an increase in revenues and margins, however be prepared for a corresponding increase in costs and investing in the right culture and people
- It is important to have a realistic understanding of what you are and why you're successful
- Not all strategic business synergies are internal, it can also be generated through alliances
- Technology or systems alone won't win the game, it's the total customer experience that matters
- Corruption is caused by any number of factors but some of these may include country norms, pressure to meet targets, rationalization and weak controls
- Business costs and investments in corrupt countries can be as much as 20% more than in less corrupt countries
- Nations that fight corruption and improve the rule of law increase national income by as much as 400%
- It can be difficult to address the needs of all customer segments, a way forward may be modularizing in order to provide a pseudo-customized consumer experience
- Segmentation can be features-based or needs-based and it evolves through time
- Open modules / platforms are generally preferred over closed modules / platforms since it allows for interoperability making it more consumer relevant
- Closed platforms eventually get cracked, rendering any protection moot
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| My favorite hang-out, the Baker Library, on a lovely spring afternoon |
