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Innovation

Category: MIT Immersion

MIT Immersion Student Experiential Stories

Just as the MBA Class of 2020 gears up for the job hunt, the novel coronavirus (COVID-19) disrupts the global status quo. All around us, we hear news of some industries struggling to make ends meet, while others unexpectedly thrive. No matter the industry, a core resounding message is clear – pivot or face the consequences. This message is timely for MBA graduates too.

Many of us have entered business schools with well-defined career aspirations but find ourselves at a crossroads, deciding whether to pivot or stay true to our original paths. To support the Class of 2020 and soon-to-graduate Class of 2021 to think about the way forward, the Career Development Office at Asia School of Business launched a “Rejuvenation & Reimagination Series,” a series of panels that explore industries that have evolved during the COVID-19 pandemic and the new opportunities that opened up with that change.

The first installment of this series, “The Role of Blockchain in the COVID-19 Crisis and Recovery,” presents two experts – Shi Khai Wei, COO of LongHash Ventures, and Sharad Malhautra, an Independent Consultant of EY with 15+ years of experience in the blockchain domain – who shared their perspectives on the evolution of the industry and what opportunities lie ahead for MBA students. It was also moderated by our very own blockchain explorer and expert, Varun Singhi (MBA Class of 2020).

The Case of Blockchain Supporting Global Supply Chains

The general lack of connectivity and data exchange built into our global supply chains has become painfully clear [1] during this pandemic. Sharad shared that companies are challenged to provide greater “visibility and resilience for the global supply chain,” and that is where digital technologies like blockchain will help. He further broke down this situation by explaining, “When it comes to supply chain, the two [most valuable] aspects of blockchain are visibility and reconciliation.

Even before COVID-19, the majority of companies, both large and small, have struggled with moving assets across cities. That’s predominantly because companies are moving products across different functional, business, or system silos.” Any silo in the supply chain will cause a lack of transparency, and with it, inefficiencies. Companies would have more inventory in some places than others, which necessitates higher working capital.

MBA graduates, who understand how supply chains work and how technology can play a part in breaking down silos, can improve planning and increase visibility. “Ask any logistics manager or supply chain planning manager, ‘Do you have 100% confidence in the inventory and supply data in your system today?’ and he will say, ‘I still have to do a lot of physical counting and verification.’

I think that’s what blockchain helps to alleviate by giving more visibility and real-time accuracy to your data and products. When you have that, you can make better planning decisions,” Sharad explained. Shi Khai chimed in by describing the kind of start-ups that are drawing the attention of VCs during this pandemic: “When we were facing this pandemic, we wanted to see how blockchain could help address some of the most immediate pain points.

We brought together enterprises from China and Singapore. We even had McKinsey as one of our partners, along with the technology arm of MDA and OneConnect, to identify solutions and score them… It’s really about transparency and reconciliation or settlement. The top winner was actually a supply chain solution [for a vaccine], and they are now part of our accelerator program.”

This bears good news for us, MBA students, who want to add value to global supply chains or even start our own businesses. How then, can the Classes of 2020 and 2021 make ourselves relevant?

The Skill of Digital Transformation

Sharad asserted that future MBA students will need the ability to navigate digital transformation. Graduates should understand how different technologies like blockchain, machine learning and AI work separately and together, figure out how new technologies can create accelerated value creation, and then translate them into business impact.

“[As MBA students], you understand supply chain and operations, but do you really understand blockchain enough to know exactly how to use it to generate value? It’s more about understanding digital from a solutions standpoint. What would a blockchain solution, an AI solution, a process automation look like in a large organization?” Sharad said.

IDC predicts that “over 50% of all IT spending will be directly for digital transformation and innovation (up from 31% in 2018)” by 2024. In addition, DXC Technology, an American multinational corporation that provides B2B IT services, adds that “digital transformation initiatives will take large traditional enterprises, on average, twice as long and cost twice as much as anticipated.” [2] This is the opportunity presented to MBA students.

“I don’t think digital transformation in enterprises is going anywhere in another 10 years. It is going to give a majority of graduating MBA students careers, so make sure you have the right skills. We see again and again that most entry-level MBA students going into the workforce are dealing with a lot of new technologies and are responsible for harnessing these technologies in organizations.”

Conclusion

Where there is crisis, there is opportunity. The unprecedented COVID-19 pandemic has exposed the gaps in many industries. This presents us with new opportunities, as long as we are able to see and seize them. As MBA graduates, we have been trained to look for the next opportunity and to position ourselves such that we could catch the megatrend of the next few decades. According to both experts, blockchain is one such opportunity. Shi Khai added:

“There is a lot of room to recreate a better version of the financial infrastructure that we see in the world today. There’s also a lot of room to make the fundamental blockchain infrastructure more mature. There’s so much more work to be done to make sure that security is waterproof, because once it’s on one chain, it’s gets exploited.

“When I came across blockchain, I thought it was something different, as it is the only technology that comes with a movement and a philosophy. The start-up industry for blockchain is [also consistently] different from the start-up industry of other technologies. There’s a lot of talk about decentralization and Web 3.0. Now, what do these mean?

“They represent a future where you no longer need the middleman. You could truly have peer-to-peer interactions. And with their open-source nature, you have a more inclusive and innovative ecosystem where anybody can come in and build on this technology, just like open APIs, by default. So fundamentally, it encourages open and inclusive innovation where everybody can collaborate on blockchain protocols.”

To learn more about blockchain, feel free to reach out to our very own blockchain explorer Varun, who would be more than happy to start a conversation about the opportunities available in this industry.

[1] AlMuhairi, 2020, Why COVID-19 makes a compelling case for the wider integration of blockchain, https://www.weforum.org/agenda/2020/05/why-covid-19-makes-a-compelling-case-for-wider-integration-of-blockchain/

[2] IDG Communications (2020) Key to sustained digital transformation in 2020: People, https://www.cio.com/article/3519273/key-to-sustained-digital-transformation-in-2020-people.html

Getting ahead of the curve as a central banker has become a complex challenge as economies face the headwind from trade tensions and the tailwind of monetary policy of the world’s largest economies. In this interview with #MarketEdge, Dr. Eli Remolona of Asia School of Business talks about the challenges facing central bankers. #ANCHighlights #ANCAlerts

Originally published by ANC, the ABS-CBN News Channel
To learn more about the Master of Central Banking program, please visit: Master in Central Banking

With a lifelong passion for travelling, Allenie Caccam pulled off every jobseeker’s dream of combining her job and her passion. Allenie landed a job four years ago with leading low-cost airline AirAsia, where, in her role as a senior manager in the Philippines’ international marketing development team, she helped expand AirAsia’s nine routes to 19 in the ASEAN and North Asia regions.

But travelling on the job, and enabling more people to travel for less, weren’t enough for Allenie. An MBA that came with the chance to explore the world beyond the Philippines was too enticing to turn down. With four years under her belt at AirAsia, Allenie began looking for opportunities to improve her business knowledge and skills. “I wanted to understand the business and operations side of the company, as my focus [until now] was on the product and marketing,” Allenie notes.

Allenie was also keen to try new opportunities, expanding her professional experience beyond tourism and aviation. AirAsia offers their employees a scholarship to earn an MBA at Asia School of Business (ASB) in Kuala Lumpur—an opportunity that jumped out at Allenie for several reasons. The program ticked many of her boxes—living in an international city, expanding her business knowledge at a top school, and getting hands-on experience through the Action Learning Program, where students undertake five real-world consulting projects over the course of the 20-month MBA.

One of the biggest draws, however, was travel-related. When researching ASB, Allenie discovered its connection to MIT Sloan School of Management, a link that “lent a lot of credibility to the program.” MIT’s cultural DNA is embedded in the curriculum and instruction at ASB, with MIT Sloan faculty teaching courses in Kuala Lumpur. “The level of excellence is the same, reflecting how the MIT culture is replicated at ASB,” Allenie enthuses.

As well as sharing faculty, one of the most exciting parts of the partnership between the schools is the MIT Spring Immersion Program, taking place over four weeks at the MIT campus in Cambridge, MA. Through the program, MBA students get the chance to live and breathe MIT, involving themselves in the school’s academic and extracurricular life. This level of immersion is rare for short-term student exchange programs.

“You feel like you’re actually in a community on campus,” Allenie raves. “The environment is conducive to learning, and makes you want to involve yourself in everything.” This also pays off on paper, as students receive an MIT certificate after completing the program, as well as affiliate alumni status and an MIT email for life. For Allenie, the chance to study at one of the world’s top business schools feels “aspirational.”

The experience has pushed her to think of ways that she can bring more MIT initiatives back to ASB and build the same environment for her MBA class and future students. The immersion at MIT Sloan revealed to Allenie a lot more about her own aspirations as an entrepreneur. “I’ve always worked in a corporate culture, but now I understand the culture, mindset, and personality you need to be an entrepreneur. It’s something everyone should learn,” Allenie professes.

One course in entrepreneurship reignited her passion to start a business in the future with her family in the Philippines. As part of the course, the MBA class attended entrepreneurship events where innovators pitched their business ideas, showing Allenie what it takes to build a startup from idea to execution. This was also helped by another course in system dynamics. “It teaches you how to think of processes in a strategic way—you can use it in almost every decision you make,” Allenie notes.

Now back in Kuala Lumpur, Allenie reflects on her experience at MIT Sloan. “One of my key takeaways was the importance of building a community and pursuing diversity to stimulate creativity and intelligent discourse. This can be applied in any kind of working or business environment,” she says. Allenie has a clearer idea about her future—and, unsurprisingly, it’s international.

Read the full article here.
This article was originally published on BusinessBecause, a network helping MBA students make connections before, during and after their MBA.

“Getting an education from MIT is like drinking from a firehose.” When I heard this quote during my first week at ASB, it sounded amusing at first. After two semesters, though, I’ve learned that it was no joke — and it has become my way of life. At MIT Sloan, the learning process was upgraded to drinking directly from a hydrant: we spent only four weeks on campus and had to take in as much as we could.

After an amazing two-week industry trek across Silicon Valley, New York City and Washington D.C., I arrived in Cambridge feeling sick and physically exhausted but determined not to let illness get in the way of this long-awaited experience. Of all the courses we took, I most enjoyed Entrepreneurship, System Dynamics and Negotiation. (This is not making light of the tremendous knowledge I gained from the other courses as well, which were superbly delivered by the MIT faculty.) Prior to taking the Entrepreneurship module, I was not convinced that I could be an entrepreneur.

However, after going through the 24 steps of entrepreneurship with Bill Aulet, my mindset shifted into understanding that is more than one way to be an entrepreneur. It was my first time taking a course in System Dynamics, and I was amazed at how the modelling tools could be applied to real life situations. Several scenarios were applicable to my previous job experience and I found myself wondering how past mistakes could have been avoided if this knowledge was available. I loved the Negotiation classes because of the simulated negotiations. I found myself negotiating from different positions and understanding the powers available to me at different times.

I also received constructive feedback from my classmates, which helped me improve my skills. I won’t forget the United Nations world climate simulation with Professor John Sterman. Before this class, I knew a little about climate change but not the extent to which the entire world was at risk. I was part of the U.S. delegation and was assigned to play the role of President Donald Trump — a part I hopefully played well. Neither will I forget the brilliant Professor Paul Asquith who taught us corporate finance whilst lying down on a bed (due to a back injury). He said, “The best form of learning is by repetition”, and he was right. I am better at corporate finance now than when I first arrived at ASB.

The cherry on top of the cake was the lecture given to us by the former UN secretary general Ban Ki Moon who, in an awesome stroke of fate, was residing in the same hotel as we were and graciously agreed to give a talk to our class. Words are not enough to convey the transformation I underwent in that one month. What I do know is that I left MIT a better person, more knowledgeable and more determined to make an impact in my world.

“You think that because you understand “one” that you must therefore understand “two” because one and one make two. But you forget that you must also understand “and” … a simple lesson but one that we often ignore: the behavior of a system cannot be known just by knowing the elements of which the system is made.”
– Donella H. Meadows, Thinking in Systems: A Primer

What do ebola, chickens and eggs and business strategy have in common?
The answer: they can all be better understood and better managed through applying a System Dynamics approach.

If your next thought is to wonder what System Dynamics is, you wouldn’t be alone. Before I embarked on this intensive, three-day course as part of our Spring Immersion Program 2017 at MIT Sloan, I thought Systems Dynamics was another one of those fancy MBA buzzwords thrown around that basically meant analyzing and optimizing systems to get the best results. By the end of the three days with Professor Nelson Repenning, Distinguished Professor of System Dynamics and Organization Studies, my perspective completely changed.

This course alone was worth my whole ASB-MIT education. What I thought would be a class about cold, rational adjustments to calibrate performance turned out to be a deep, almost philosophical exploration of human behavior — or, in simple terms, why smart people make dumb mistakes. We were taught not only how to build models showing cause-effect links, inflows and outflows of stock and how to use sophisticated modelling tools such as Vensim to run these models and project the future state of the system – but how, ultimately, every system in the world, be it a business, a political organization, a country, an ecosystem or even a family unit can be broken down and understood through System Dynamics.

I was introduced to a new way of looking at problems: an approach that is not linear in nature, but cyclical. From exploring how epidemics spread, to what causes someone to be stuck in a cycle of poverty, to how to analyze complex business models to understanding that extra cramming will not lead to better exam results, the applications are so stunningly infinite and hauntingly profound. (There were even a few chicken and egg and “why did the chicken cross the road?” jokes subtly and expertly woven in.)

It hit me that a better understanding of System Dynamics not only helps curb the spread of deadly diseases like Ebola, determine how to manage stock flow if you’re running a chicken farm or ensure that short-term performance-enhancing efforts in a company don’t ultimately lead to delayed negative impacts in the long run; it can also have tremendous positive impact at every level of society, from business to government to society.

These three intense days not only helped me understand better some of the challenges I observed in my previous workplaces, but also led me to reflect on shortcomings in my own personal life that could have been better managed by understanding that so many things in life are connected and have run-on effects — effects that we are often blind to or overlook, underestimating their significance.

Understanding system dynamics forces us to acknowledge how flawed and irrational the way we make decisions are, and how much of our approach is based on (incorrect) assumptions and mental models. It gives us a tool that, although not perfect, helps us challenge some of those assumptions and invite others to participate in helping us make better judgment calls.

To the future classes of ASB, this is the one course you don’t want to miss!