4 MAY 2024 E Book

04 May 2024 | B W BUSINESSWORLD | 101 15 most valuable brands in the world, 11 were in the top 15 in 2013, too. Of the four that have fallen out in these 10 years, three are technology brands: IBM, Intel, and HP. And of the four that have replaced them, three are consumer brands: Amazon, Nike, and Louis Vitton. What is common to the brands that are at the top, and have remained there year after year, is that they have focused on delivering consumer value. Coca-Cola, long the world’s most valuable brand until technology brands began to dominate, has continued to be the no. 1 packaged goods brand. No proprietary technology, no IPR keeps it there: it is a parity product with parity pricing and parity distribution. The only thing that keeps it there is that as a brand it has, for its consumers, no adequate direct substitute. That is what brand management is about. In keeping with this philosophy is Ogilvy, doing away with all its subbrands and getting back to a single agency, a single brand, with a single P&L. This is a return to what those of a certain vintage have known as the full-service agency. Ogilvy has gone back to David Ogilvy’s ‘One agency, indivisible’. And six months ago the CEO of Unilever informed investors that the company would stop ‘force-fitting’ purpose to all its brands. He also said it will now prioritise brand and marketing spend behind its 30 ‘power brands’, which represent more than 70 per cent of its revenue. Are these signs of a return to good sense, to the belief system that says delivering real value to consumers is the path to sustained profitability and growth? Is it, perhaps, that the more things change, the more they remain the same? The author is a strategic marketing and media consultant primarily responsible for, 77 per cent of them said communication. Note that the question was not what took most of their time but what they were primarily responsible for. So it is not only CEOs who don’t know what marketing does: CMOs themselves don’t know what it is meant to do. Report after report tells us that CMOs are overwhelmed by the digital monster, and at a loss with technology integration, data management and security concerns. Additionally, there’s mounting apprehension about agencies’ proficiency in new communication channels, lack of transparency in billing, and ad fraud in the digital space. Old And New Concerns In 2015 the Association of National Advertisers (ANA) in the USA commissioned a study on transparency. The top line of the resulting report was, “There is a fundamental disconnect in the industry regarding the basic nature of the advertiser-agency relationship.” Further, that “…there is substantial disagreement both within and between these groups about whether and when agencies are obligated to act in the best interests of their clients.” Interestingly, the report laid the blame squarely on advertisers, for driving down agency fees and compelling agencies to seek additional sources of revenue. The ANA as a body chose to ignore it. Many advertisers, including the biggest ones, responded not by paying their agencies fairly and sensibly but by taking more and more of the agency functions in-house. Even as marketing managements were struggling with all this, along came The New Big Thing: brand purpose. Jim Stengel, former CMO at Procter & Gamble, posited the thesis that brands with a purpose or ideal, a raison d’etre that goes beyond the mere business motive of making profits, grow faster than their peers. That of course found ready support among CEOs, CMOs, and other stakeholders, and why not: they rose suddenly from the muck of crass commercialism to the rarefied environs of social dogooders, without having to give up their executive lifestyle. Now, in this landscape comes AI. Everyone knows what AI is, everyone has dabbled in the available tools, but no one knows for sure what it is actually capable of, much less what it will be five years from now. Marketing is, according to McKinsey, the business function where AI will have the most impact. Speculation is rife about the use of AI to create advertising, and in media planning and buying, making already pressurised advertising agencies and their ilk nervous about their future. But all is not lost. The Silver Lining Look now at Interbrand’s top brands list for 2023. Of the

102 | B W BUSINESSWORLD | 04 May 2024 COLUMN In many ways, the troika of Creativity + Tech + Innovation is the Three Musketeers, to whom we so readily pay obeisance daily through our desires, thoughts and actions CREATIVITY + TECH + INNOVATION ‘IP’ Of The Advertising And Marketing World REAMS have been written about the increasing role of tech in communication, and I cannot even pretend that I am a savant of this arcane world, but more a tyro, to whom A+I are two vowels. But sometimes we tyros can come up with a view from left field, as it were, and so here it is. Superbowl 2024 Did you see the ads from the Superbowl 2024, supposed to be the epitome of America’s creative talents? One would think that we would say ‘that’s a wow’ like the lady in Lajpat Nagar, but instead both critic and couch potato panned them in no uncertain terms. Yet today we stand at the latest frontiers of tech in all fields of human endeavour! So what went awry? Why were 99 per cent of the commercials uniformly fit for become garbage liners? To me, the answer lies in what we so casually miss when we are star-struck by ChatGPT and Autocomplete. The Three Musketeers Here’s an analogy: How many of you have read Dumas’s classic The Three Musketeers? And how many remember that there was a fourth musketeer without whom the story would have been pedestrian, the plot mundane and the action insipid? I refer to D’Artagnan, of course, the dashing young man who was the least experienced of the band but was actually the main protagonist, the catalyst, the spark through whose motivations, actions and decisions the events of the novel unfolded By SUNIL GUPTA Sunil Gupta is Managing Partner – South Asia, RI Advisory Regional Associate – Aprais Worldwide

04 May 2024 | B W BUSINESSWORLD | 103 – Robot Fighter, where, as you are all QUT, he’s trying to prevent robots from taking over the world. Quite perspicacious for that period, when even computers weren’t quite there. But what it highlighted even 60 years ago was the danger of the unbridled use of tech. I firmly believe that we are teetering on that precipice today, extolling how ChatGPT can write Shakespearean sonnets in a flash. But that’s the exact irony: we still say ‘Shakespearean’. We still do cover versions of the Beatles and the old Hindi songs. No one has or will make the unique music of The Doors or Jethro Tull…because they had what no tech can give you…I+P. Technology Finally, as William Shatner (Captain Kirk) said in a TV talk show when asked about his opinion of AI, his laconic one-word reply was “Artificial”. So by all means use all tech’s bells and whistles, but make a symphony, not a cacophony. and made it a classic. But the book’s title was simply The Three Musketeers. In many ways, the troika of Creativity + Tech + Innovation is the Three Musketeers, to whom we so readily pay obeisance daily through our desires, thoughts and actions. It is an easy relationship to navigate, because of tech. Imagination + Passion Want to upload a reel on Insta or a jibe on X or order butter chicken sushi (aargh)? Just the press of a button. But what’s on the reel or the jibe? Whoever thought of that sushi abomination? Why? Ay, there’s the rub, as the Bard said. What’s the grit that creates the pearl in the oyster, which otherwise would be simply swallowed with a dash of lemon juice? What’s the ingredient that has steered mankind’s course through history…because C+T+I have been always present in some form from the time of cave paintings. Those will always be there. And to my mind, such as it is, it’s what I term ‘IP’. Imagination + Passion. Yes, even that sushi job. ‘IP’ is the D’Artagnan of the marketing and advertising world. And like the character in the book, so easily forgotten. Superbowl 2024 is a supreme example of this missing link. The tech was ballistic, the FX moon-rocket stuff, the acting American, and the ideas MIA. Back in the 1960s there was a comic series called Magnus Photograph by Denisismagilov

104 | B W BUSINESSWORLD | 04 May 2024 Info graphics by Rahul Roy CREATIVITY + TECH + INNOVATION THE SYMBIOTIC SYNTHESIS Brands are unlocking a wealth of untapped potential by encouraging collaboration across various functions and external networks, and moving towards collective goals with efficiency and sophistication, keeping technology at the core to drive meaningful impact By Soumya Sehgal IN DEPTH MARKETING TRENDS - COLLABORATION

04 May 2024 | B W BUSINESSWORLD | 105 A&M Collaborations Collaboration in the marketing ecosystem has progressed significantly over the last few years, from simple co-branding exercises to more purpose-driven, strategic and integrated partnerships. Brands are seen seeking deeper relationships with complementary entities for better optimisation and efficiency. For Shuvadip Banerjee, Chief Digital Marketing Officer, ITC, collaborations were very linear until a decade ago, unlike today, where the quantum of possibilities has increased multifold. He feels that marketing has become much more complex and therefore, the role of various partners has become crucial to achieving the defined objectives. A typical case of this is the brand’s recent Sunfeast Dark Fantasy ad that empowered fans to virtually connect with SRK through artificial intelligence (AI). Its execution required weaving the expertise of a gen AI company, a media agency, a creative agency, a PR agency and a tech comWE live in a time that makes us believe in the power of an orchestra and that no one can whistle its symphony. The current wave of collaboration in the Indian marketing and advertising ecosystem is a testament to the same, that there is a greater good in unity and that no brand can survive in a silo anymore. Often, brands with limited creative, digital or technological capabilities are at risk of being laggards. By aligning with like-minded business partners, brands can potentially reap the benefits of teamwork across the corporate divide. Unilever serves as a prime example here, given the magnitude of its investment in the ad market. An account as big as Rs 4000 crore, it moved from the traditional linear value chain model to an interconnected web of non-linear ecosystems in 2016. Its idea of ‘Reimagine HUL’ rests on an enterprise that is data-led, machine-augmented and fit for the heterogeneous nature of our country. “Today, strategic alignment leverages the diverse knowledge of each stakeholder, increasing the industry’s capacity for innovation and excellence. A symbiotic connection with extended partners enables businesses to overcome obstacles, accelerate development and create tailored solutions that resonate strongly with customers” RAHUL TALWAR, Chief Marketing Officer, Max Life Insurance Photograph by Alphaspirit

106 | B W BUSINESSWORLD | 04 May 2024 CREATIVITY + TECH + INNOVATION “There’s a surge in both, collaboration and co-creation of content, leveraging a wide spectrum of influencers and UGC for authentic brand storytelling. Influencers have also become integral to content creation, offering unique perspectives and heightened engagement,” confirms Singh. Motorola’s influencer marketing campaign, ‘Flip into the Future’, with CGI advertising, is a recent case in point. Conceptualised and executed by Barcode Entertainment, the campaign introduced three CGI ad reels strategically placed in iconic Indian locations, where the phone unfolds, providing a glimpse into the possibilpany, all in one place, to bring the technology alive and give every SRK fan a first-of-its-kind experience. “Today, this strategic alignment leverages the diverse knowledge of each stakeholder, increasing the industry’s capacity for innovation and excellence. A symbiotic connection with extended partners enables businesses to overcome obstacles, accelerate development and create tailored solutions that resonate strongly with customers,” adds Rahul Talwar, Chief Marketing Officer, Max Life Insurance. Moreover, collaboration today is acting as an asymmetrical force multiplier, driving growth in the Indian marketing and advertising sector and fuelling heightened engagement, visibility, and profitability. By forming strategic alliances, brands access synergistic opportunities to the focus is on both, driving business results and crafting meaningful brand experiences, while often delving into areas like experiential, innovation, martech and data analytics, where agencies provide insights for more targeted campaigns,” informs Shubhranshu Singh, Vice President - Marketing - Domestic and IB - CVBU, Tata Motors. Brand Influencers No one can deny that influencers today have great sway over consumers and brands using them to share messages about their products can keep their audience’s attention. They win with customer purchases. The power of this influence is best seen across many of the social platforms that consumers spend hours reviewing every day. According to a report by EY, the integration of influencer “Now, the focus is on both, driving business results and crafting meaningful brand experiences, while often delving into areas like experiential, innovation, martech and data analytics, where agencies provide insights for more targeted campaigns” SHUBHRANSHU SINGH, Vice President - Marketing - Domestic and IB - CVBU, Tata Motors amplify their reach and influence, activate the power of data sharing and to some extent, disrupt traditional forms of advertising. The Valentine’s Day campaign of Cadbury Dairy Milk Silk is a representative case, that was brought to life with generative AI, which involved a partnership between Cadbury Silk x Zoya Akhtar x AI x Disney+Hotstar x millions of personal stories, along with Wavemaker India and ADSMN Interactive standing tall as its backbone. “Now, marketing into communication strategies is essential for marketers in the current times and three out of four brand strategies are expected to include it. This reflects brands’ prioritising engagement rates and recognising the importance of authentic connections in reaching their desired audience. They are recognising the potential of the creator economy and are increasingly investing in it, with sectors like FMCG, automobiles and consumer durables leading the way. ities of tomorrow. Unlike traditional campaigns, this approach combined coming-of-age advertising with the personal touch of digital influencers, presenting a perfect example of different partners coming together to bring solutions to a brand. Parallelly, brands are also tapping into customers by gathering their feedback, monitoring their comments and encouraging user-generated content to elevate experiences and engagements. Customer feedback has IN DEPTH MARKETING TRENDS - COLLABORATION

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108 | B W BUSINESSWORLD | 04 May 2024 On this, Pragya Bijalwan, Chief Marketing Officer, Crompton Greaves Consumer Electricals, emphasises, “Today ROI is more critical than ever and these new-age technologies help in optimising it. They help in driving efficiencies across the value chain, right from understanding the consumer cohorts better, segmenting them, driving curated and relevant conversations with them, and ultimately driving salience leading to incremental consideration and preference, leading to better ROIs.” In essence, by using the capabilities of AI, ML, AR and VR, brands can facilitate collaborative efforts that push the frontiers of creativity and effectiveness. “To succeed in today’s world, we need experts from different disciplines to collaboratively add value to the table and work together as true partners. Brand custodians should have the humility to accept that agency experts will often know more and that there is enough to learn from them,” sums Gunjit Jain, Executive Vice PresidentMarketing, Colgate-Palmolive India. Overall, it is safe to conclude that no buzzword today can linger for long in the absence of collaborations. The history of humankind is proof that those who cooperate, succeed. Thus, there are good reasons why people rarely work entirely alone. Let us just say that collaboration doesn’t reduce opportunities but doubles them further and faster. emerged as a vital tool that enables a brand to gain insight into its target market, identify and fix issues in the product or services, optimise its customer experience and boost its brand awareness and reputation. Accepting that happy customers act as the biggest advocates of brands, brands are seen reaping the benefits of online reputation management (ORM) by listening to the different narratives around them. An example of this is Starbucks’ ‘My Starbucks Idea’ platform, which gathers ideas from customers such as on new drinks and store improvements. Some of these are often implemented, showcasing Starbucks’ commitment to a customer-first approach. Embracing Technology With the emerging tech market burgeoning at a swift pace globally, companies are seen collaborating seamlessly across different locations and time zones. The technological developments, particularly in the marketing and advertising fraternity, have made seamless integration between partners more impactful, enabling more sophisticated and cooperative efforts to engage effectively with the audience. Innovations in technology have opened doors to exploring AI, virtual and augmented reality experiences, enhancing customer engagement, predicting collaboration outcomes and optimising campaign performance. Moreover, partnerships extend to sustainability initiatives, with brands and agencies joining forces to promote initiatives with purpose as a core philosophy. “Given the rapid digital transformation sweeping across India, collaborations can harness the power of technology and digital platforms to engage with tech-savvy consumers and drive meaningful impact,” asserts Gunjan Khetan, Director - Marketing, Perfetti Van Melle India. A recent report by LinkedIn also confirms that 78 per cent of marketers in India are ready to embrace artificial intelligence, 83 per cent of them believe that AI will significantly change the way they work next year and 47 per cent of them see AI making them more productive. “Today ROI is more critical than ever and these new-age technologies help in optimising it. They help in driving efficiencies across the value chain, right from understanding the consumer cohorts better, segmenting them, driving curated and relevant conversations with them, and ultimately driving salience leading to incremental consideration and preference, leading to better ROIs” PRAGYA BIJALWAN, Chief Marketing Officer, Crompton Greaves Consumer Electricals “Marketing has become much more complex and therefore, the role of various partners has become crucial to achieving the defined objectives” SHUVADIP BANERJEE, Chief Digital Marketing Officer, ITC CREATIVITY + TECH + INNOVATION IN DEPTH MARKETING TRENDS - COLLABORATION

DR LALIT BHASIN Managing Partner, Bhasin & Co JUSTICE A. K. SIKRI Former Judge Supreme Court of India GEETA LUTHRA Senior Advocate Supreme Court of India DR ANNURAG BATRA Chairman & Editor-in-Chief BW Businessworld and Founder, exchange4media DEV BAJPAI Whole Time Director & Chief Legal Oficer HUL JUSTICE DIPAK MISRA Former Chief Justice of India RAJEEV CHOPRA Managing Director, Legal Accenture VANI MEHTA Regional General Counsel - South Asia, General Electric Aerospace POOJA SEHGAL MEHTANI General Counsel, Asia Service Centres & Company Secretary, Sun Life ROOP LOOMBA Legal Head - India Akzonobel SONAL BASU Vice President & Global Head, Legal & Compliance LTIMindtree Limited – A Larsen & Toubro Company PRANAV MEHRA Director- Legal Freshworks MAYUR VASANI Legal Director – Southern Asia Kenvue POOJA BEDI Head of Legal & Compliance, Philips K SATISH KUMAR Group Chief Legal Oficer Intellect Design Arena CHRISTOPHER KRISHNAMOORTHY Group General Counsel InterGlobe Enterprises SHARAYU JADHAV General Counsel, Razorpay NOOR FATHIMA WARSIA Group Editorial Director BW Businessworld SHAGOOFA RASHID KHAN Group General Counsel & Head Corporate Affairs, National Investment & Infrastructure Fund ASHIMA OHRI Managing Editor BW Legal World JURY MEMBERS #BWGLLS MAY 12, 2024 #BWGLLS in association with SUMMIT AND LEGAL LEADERS AWARDS 2023 5TH EDITION UPCOMING EVENT For Partnerships & Speaker Opportunities: Sumit Narula: +91 99999 55556, [email protected] For Nomination Inquiries: Baani Chauhan: +91 84476 77166, [email protected] Deepshikha: +91 77376 56804, [email protected] Chirodeep Mitra: +91 98111 36111, [email protected] EVENT PARTNERS

110 | B W BUSINESSWORLD | 04 May 2024 IN DEPTH Today, India boasts one of the largest expat communities worldwide. While its talent power is well-established, the country is creating and exporting ideas that resonate across international markets, offering opportunities to upskill and relishing incremental returns By Soumya Sehgal CREATIVITY + TECH + INNOVATION Indian Talent: Global Goldmine UP until the past few decades, India was seen as the cream of the crop essentially for its rich heritage, values, culture and legacy. However, the ambition, aptitude and ability of the human talent that the country has and is spawning, have effortlessly cohered these brilliant brains into the colourful threads of the same cloth. The country has been victorious in taking its human talent to rule the world map and fill the void that subsisted for long. The history of the business landscape, especially marketing and advertising, is proof that a great vision without great people is irrelevant, confirming that the success story of Indian talent has triggered a paradigm shift in the overall ecosystem. India has emerged as a favoured destination for hiring skilled workers, experiencing an annual growth rate ranging from 15-20 per cent, according to TeamLease Degree Apprenticeship. “India is a global talent powerhouse. It has a solid mix of people who come from different backgrounds and bring their cultural perspectives to the table. Global brands are cluing into this and looking to India’s deep talent pool to drive their growth and stay ahead of the innovation curve. Plus, the talent here doesn’t break the bank for companies,” stamps Shubhranshu Singh, Vice President - Marketing - Domestic and IB - CVBU, Tata Motors. The Big Leap India has come a long way from sitting in one corner to having a central seat at the table. With a heritage steeped in storytelling traditions and a vibrant cultural landscape, Indian talent brings a unique perspective and authenticity to the global stage. The past few years have witnessed several Indians sweep the top spots and even mid-level positions, such as in Mondelez, Diageo, Chanel, Starbucks and Procter & Gamble (P&G), GROWTH DRIVERS-PEOPLE "With a depth of knowledge and multidimensional skill set, Indian professionals are driving innovation and delivering impactful ideas that resonate worldwide" GUNJAN KHETAN, Director Marketing, Perfetti Van Melle India

04 May 2024 | B W BUSINESSWORLD | 111 actively promoting an environment that encourages skill development and innovation, as well as giving platforms for people to share their unique stories. The rise of online learning platforms like Coursera and edX has democratised access to diverse learning opportunities. Industry-academia partnerships, such as the one between the Advertising Agencies Association of India (AAAI) and leading universities, are fostering a talent pipeline equipped with the skills required to navigate the dynamic marketing landscape. “Nurturing curiosity and courage is critical. This involves widening horizons to experiences in global markets, but also embracing our roots and getting closer to our culture. This involves experimenting with newer technologies, but also standing our ground when needed. Brands and organisations that are providing their talent with such opportunities and fostering a culture for innovation are the ones that are poised to succeed,” shares Gunjit Jain, Executive Vice President, Marketing, Colgate-Palmolive India. Along with this, it is also seen that addressing gaps in areas such as digital transformation, data analytics, and emerging technologies like AI, AR/ VR and blockchain have emerged as some of the priorities lately. By investing in these areas, the Indian advertising ecosystem is ensuring that its talent remains at the forefront of the industry’s evolution and delivers exceptional brand experiences that resonate with audiences worldwide. At the country level, initiatives such as that by the Indian International Skill Centre (IISC), aim to provide training and certification benchmarked to international standards. All in all, it is safe to conclude that as the global economy swells, the role of Indian talent in driving growth will be significant, eventually shaping its future. demonstrating their innate potential and proficiency. Gunjan Khetan, Director Marketing, Perfetti Van Melle India asserts that Indian talent, across the board, is leaving a remarkable imprint on global markets, “With a depth of knowledge and multidimensional skill set, Indian professionals are driving innovation and delivering impactful ideas that resonate worldwide.” Exporting The Expertise Creative excellence, technological prowess and a knack for data and analytics, especially in marketing and advertising, are pivotal in crafting strategies that captivate audiences and drive market share. India’s diverse talent pool, brimming with cultural insights and innovative thinking, has been instrumental in tailoring these strategies for the nation’s multifaceted market. We live in a wonderful time to witness award-winning campaigns by Indian arms of agencies like Ogilvy, McCann, Grey, Leo Burnett, and even the small and mid-scale agencies, that are sweeping the board and garnering global acclaim. Even influential Indian creative directors and technologists are contributing their expertise to global brands like Apple, Google, Nike, etc. “The seamless fusion of Indian cultural nuances with cutting-edge technologies and data-driven insights has enabled Indian talent to offer fresh perspectives and innovative solutions that transcend borders,” adds Singh. Crucially, today’s talent understands the nuances of the youth market, a demographic that holds significant influence in shaping trends and preferences. Upskilling: A Cardinal Practice While the Indian advertising industry is witnessing a significant surge in capabilities and talent, there is still room for improvement to maintain its competitive edge globally, and adapt to the evolving consumer preferences and rapid technological advancements, feel the experts. Most brands, as we see today, are realising and investing in the enormous potential of Indian talent, by "Nurturing curiosity and courage is critical. This involves widening horizons to experiences in global markets, but also embracing our roots and getting closer to our culture. This involves experimenting with newer technologies, but also standing our ground when needed" GUNJIT JAIN, Executive Vice President - Marketing, Colgate-Palmolive India

112 | B W BUSINESSWORLD | 04 May 2024 SPOTLIGHT CREATIVE ENTREPRENEURS CREATIVITY + TECH + INNOVATION As per the Dentsu Digital Advertising Report 2024, the Indian advertising industry is set to reach Rs 62,045 crore by 2025, with digital media expected to claim 50 per cent of the market share, growing at a CAGR of 23.49 per cent from 2023 to 2025. With technology advancements and the rise of digital platforms, creative entrepreneurs are adjusting their marketing tactics. They are utilising digital channels like social media, SEO, OTT and influencer marketing to directly engage with their target audience at reduced expenses. Nonetheless, influencer marketing is also expected to grow from Rs 12.75 billion today to Rs 24.57 billion in 2025, as per EY report 2024. Power of Technology Technology, particularly AI, has become an indispensable tool for creative entrepreneurs, enabling them to bring their visions to life with ease. Campaigns like Sunfeast’s ‘#MyFantasyAdWithSRK’ and Britannia’s print campaign with Ranveer Singh, both of which used AI, have shown the potential for engaging consumers in new and innovative ways. The Art of Storytelling At the heart of every creative entrepreneur lies a compelling brand narrative. With an attention span of 5 to 10 seconds in this digital era, these individuals understand the importance of good storytelling. Campaigns like Oppo India’s Reno 11 Series and boAt’s IPL campaign have effectively used storytelling to captivate audiences, showcasing the power of creative branding. In events like the IPL and elections, creative agencies are leveraging storytelling to create authentic experiences and connect with their audiences. With events like the IPL and elections, creative agencies are tapping into the power of storytelling. Rise Of Creative Entrepreneurs Branding goes beyond messaging as new creative entrepreneurs blend art and business, delivering compelling consumer experiences By Reema Bhaduri T HE SUCCESS of brands and agencies is no longer solely dependent on their messaging, but also by actions and the ability to influence consumer behaviour. In the midst of rapid technological advancements and shifting consumer behaviours, a new breed of entrepreneurs is emerging: creative entrepreneurs who embody the phrase “creativity is intelligence having fun.” They thrive on the intersection of artistic vision and business acumen. Digital Dominance Gone are the days when traditional advertising dominated consumer perceptions. The new creative entrepreneurs champion innovation, pushing boundaries and adapting to the new-normal digital landscape. Photograph by Denisismagilov

04 May 2024 | B W BUSINESSWORLD | 113 SPOTLIGHT CREATIVITY + TECH + INNOVATION Campaign Spotlight An example of the synergy of creativity, technology and innovation is the agency’s collaboration with Dream11 for the Indian Premier League (IPL) season. With the campaign, ‘Team Se Bada Kuch Nahi’, the agency ingeniously juxtaposes cricket stars and celebrities in a series of ad films, capitalising on the transition from national unity to individual team loyalties during the IPL. Along with creativity, the campaign also incorporated technological precision in audience targeting, with Tilt Brand Solutions’ proprietary tool, Comms Genome. “We have now institutionalised the process of FBT as an input into every brand’s brief ”, Iyer notes. He stresses, “The future is here”, envisioning a space where technology driven by advancements in AI, VR and MR continues to shape the creative process with existing platforms fine-tuning their capabilities. With the convergence of tech and creativity, consumers today expect seamless brand experiences across platforms along with responsive adaptive storytelling. In response, Iyer highlights, “More control over exposure to marketing and advertising has made it necessary for brands to be ruthlessly engaging.” Shriram advocates for a symbiotic relationship between creativity and technology, recognising that while the latter is a powerful tool, it cannot replicate the nuanced imperfections of human creativity. Full Brained Thinking SHRIRAM IYER, Co-founder and Group CCO, Quotient Ventures (Tilt Brand Solutions, Vector Brand Solutions) foresees advertising’s future shaped by tech and brand experiences By Reema Bhaduri I N today’s adland, where creativity intertwines with technological advancements, Tilt Brand Solutions, a relatively new player in the market pioneers the evolution of advertising through ‘Full Brained Thinking’ (FBT) and the seamless integration of technology and creativity. With a slew of recent accounts including notable names like Myntra, UltraTech Cement and Dream11, Tilt Brand Solutions has been making waves with its distinctive approach to advertising. Innovative Approach Under the leadership of the visionary Shriram Iyer, Tilt Brand Solutions embarked on a journey of innovation, seamlessly integrating left-brained thinking into their creative process. “Our original goal was to define new ways of working,” says Iyer. He explains how they integrated data sciences into their traditional brand solutioning process, allowing ideas to emerge from solid numbers alongside imagination and creativity. “The addition of left-brained thinking in the planning process was perhaps the secret sauce”, he adds. CREATIVE ENTREPRENEURS TILT BRAND SOLUTIONS Leadership: • JOSEPH (JOE) GEORGE, Founder & Group Chairman • T. Gangadhar, Co-founder & Group Chief Executive Officer, • SHRIRAM IYER, Co-founder & Group Chief Creative Officer Founding Year: 2018 Core Expertise: Strategy, Digital, Content, Creative & Production Head Office: Mumbai

114 | B W BUSINESSWORLD | 04 May 2024 SPOTLIGHT CREATIVITY + TECH + INNOVATION nificant business growth. Additionally, their collaboration with brands like MakeMyTrip, Shark Tank and the recent campaign with boAt cemented Moonshot’s reputation for producing impactful content. Time-tested Approach Reflecting on their approach, he shares, “Fostering creativity is giving it time and going very deep into every problem, to ensure that we have considered every solution possible before picking the most innovative one.” He further explains that meticulous attention to detail has been instrumental in Moonshot’s ability to deliver proper outcomes consistently. Talking about innovation, Bopanna states, “Innovation is everything in our business because the consumer behaviour and their content consumption pattern changes every eight to twelve months.” He further adds, “We have to constantly ensure that we are innovating to stay ahead and place ourselves properly in pop culture at every given point in time.” To keep pace with these changes, Moonshot continuously innovates, aligning its campaigns with current trends and consumer preferences. By transforming advertising into an entertaining experience, Moonshot ensures its content resonates with audiences, transcending the realm of interruption. Adland with Tech With emerging technologies reshaping the advertising landscape, Bopanna acknowledges the significance of emerging technologies like augmented reality and virtual reality but underscores the importance of mass adoption. “Advertising will be tailor-made to fit the technology that finds mass adoption”, he concludes. Bold Is Beautiful Talent acquisition and retention is a notable hurdle in the creative advertising industry, according to DEVAIAH BOPANNA, Co-founder of Moonshot By Reema Bhaduri WITH the recent ad campaign creating buzz featuring Bollywood actor Ranveer Singh and adult film star Johnny Sins of Bold Care, Moonshot has been the brainchild behind it, whose collaborative efforts illuminated the digital realm with a fusion of creativity and boldness. Founded by Tanmay Bhat and Devaiah Bopanna, hailing from the comedy group AIB (All India Bakchod), the duo has deep ties to the advertising industry, being among the initial wave of content creators to explore branded content. Creative Brilliance In an exclusive conversation, Devaiah Bopanna, Co-founder of Moonshot emphasises the importance of time and depth in fostering creativity. He articulates, “We ensure we give ourselves enough time; going very deep into a particular problem and ensuring there is enough time so that the problem has been observed, looked at and solved from every possible angle.” Bopanna highlights recent successes such as the Bold Care campaign, which garnered widespread attention and drove sigCREATIVE ENTREPRENEURS MOONSHOT Leadership: • DEVAIAH BOPANNA, Co-founder • Tanmay Bhat, Co-founder Founding Year: 2023 Core Expertise: Creative Head Office: Mumbai

04 May 2024 | B W BUSINESSWORLD | 115 SPOTLIGHT CREATIVITY + TECH + INNOVATION Sound, Scaler, Lenovo, Truecaller, upGrad, or even legacy clients like Mahindra Auto and Britannia, once we crack the ‘task’ or ‘objective’, we are no holds barred. We will pour our creative juices; we will mend technology and create innovative solutions to bring alive the ‘IDEA’. We are confident that the three pillars will intersect sooner rather than later and the task will be solved faster. What role do you see emerging technologies playing in your creative projects? The future is here and the tools are fascinating, not just for creative agencies but also for clients, filmmakers and content creators. Sora AI and Open AI are promising with the sample videos that we have seen as of now. Everyone’s already started making digital content with AI but for big films, IPL, World Cup etc., we will have to see how Sora AI will work. We are already working on some ideas using some new tech and they will be out soon. Idea-first Approach Meets Tech Integration Technology is more and more playing a central role in creative endeavours, says The Womb’s Founding Partner, NAVIN TALREJA By Reema Bhaduri AS a young growing agency in today’s digital times, The Womb has been crafting compelling campaigns merging creativity, technology and innovation for impactful storytelling. With an active passion for acting alongside his role at The Womb, Co-founder, Navin Talreja has appeared in notable ads for brands like Britannia and Fogg, both crafted by the agency. Being a new player in the market, how do you maintain a balance between fostering creativity and implementing technological advancements in your projects? As a company, we have always pushed the limits of our imagination. The DNA of the team is to believe that nothing is impossible. The advent of technology and specific tools has made whatever we imagine. From the NFT auction of the New Thar to creating Carvaan for Saregama, we have had technology play a central role. We are already using Mid Journey, Adobe Firefly, ChatGPT for the creative product, but we are also working with clients to interpret data using the latest tools to get richer, better, sharper insights. How do you foresee creativity, technology and innovation shaping The Womb’s future offerings? For us, it’s ‘Idea’ first. Whether it is tech clients like Matter Electric Bikes, Mivi CREATIVE ENTREPRENEURS THE WOMB Leadership:NAVIN TALREJA, Founding Partner Founding Year: 2015 Core Expertise: Brand Strategy, Integrated Brand Communication, New Product Development, Content Creation Staff: 77 Head Office: Mumbai

116 | B W BUSINESSWORLD | 04 May 2024 SPOTLIGHT CREATIVITY + TECH + INNOVATION models to let go of their biases.” Tech-driven Creativity Emphasising the role of technology in elevating ideas and streamlining tasks, Dulani says, “Technological advancements are a fantastic way to jumpstart the creative process and AI is an integral part of our workstreams.” She further explains, “We’ve always been early adopters of new tech - never to chase a clickbait or a headline, but to delegate the bland tasks so that our energy can be focussed on high-quality creativity.” Talented is on a route to capitalise on emerging opportunities, leveraging technology to amplify the creative prowess of its team. However, with AI’s potential, Dulani underlines, “While it’s true that AI is likely to take on the load of ‘BAU’ that could be a threat to retainer models; agencies that set high internal standards and reward left-of-centre thinking will stand out.” The AI Age Anticipating the challenges in the AI age and highlighting the importance of creative skills, Dulani believes that the conversation around AI is shifting from ‘it will never replace creative people’ to ‘it is the biggest transformation in capability since the advent of the internet.’ Moreover, she remains optimistic about the future. “It does feel like AI will generate more specialised jobs than claim them, and help India’s start-up revolution”, she observes. Looking ahead, Dulani envisions an even deeper integration of creativity, technology and innovation in the services the agency offers. Adopters Of The New Tech BINAIFER DULANI, Founding Partner & Creative at Talented advocates early tech adoption, freeing energy for top-notch creativity By Reema Bhaduri I N an age where creativity and innovation are paramount, Talented vouches for bringing seamless integration of technological advancements with artistic brilliance. As Binaifer Dulani, Founding Partner & Creative at Talented speaks to BW Businessworld, she reveals the thought behind the agency’s name - “We’re named after our people.” Campaign Spotlight Amongst their notable campaigns for brands like Google, Cleartrip, Myntra and MakeMyTrip, Britannia’s ‘1947% More History’ initiative shone through its innovative approach merging creativity and technology. The campaign marked Independence Day by offering an experience honouring freedom fighters by leveraging AI and AR. Reflecting on the campaign, Dulani asserts, “Our biggest victory was setting the stage for what was possible with AI - in its stone age era back in June 2023 - which meant training and tuning TALENTED Leadership: • GAUTAM REGHUNATH, CEO & Co-founder • PG Aditiya, CCO & Co-founder • BINAIFER DULANI, Founding Partner & Creative • Priyanka Borah, Founding Partner • Prashant Gopalakrishnan, Founding Partner Founding Year: 2022 Core Expertise: Creative Staff: 50 Head Office: Bangalore CREATIVE ENTREPRENEURS

EMINENT JURY 2fiff fflffffiflffifi Facility Management CONFERENCE AND EXCELLENCE AWARDS 2024 #BWFM SMART FACILITIES, SMARTER FUTURE EMBRACING THE DIGITAL ERA JUNE 2024 MUMBAI For Nomination: Anmol Kaur, +91 7055759939, [email protected] Shailesh Pal, +91 82794 78154, [email protected] For Sponsorship and Partnership: Mohit Chopra, +91 9899200063 [email protected] Savi Chauhan, +91 8830547785 [email protected] For Speaking Opportunity: NOMINATE NOW DR. ANNURAG BATRA Chairman & Editor- in-Chief, BW Businessworld and Founder, exchange4media RAVI ABHISHEK SHARMA Head - Administration & Facility Management, Induslnd Bank AJAY BHATT Group Head – Corporate Services, Godrej Industries LABONY SANYAL Head - Corporate Administration and Facility Management, Hero MotoCorp CAPT. RAJESH SHARMA Head – FM, Administration, Hospitality, Travel & Security, HDFC Bank DR. ABHIJIT SARKAR Group CEO & Board of Director, Megas Group NEELAM CHHABRA Assistant Vice President - Facilities, Max Life Insurance SANGEETA RAY Former Vice President – Siemens Real Estate, Lead Consultant – EFKON DR. SANJAY PAI Vice President & Head – Corporate Travel, Aviation & Facility Management, Larsen & Toubro HARSH WARDHAN CEO - BW Security World, Former Group MD - G4S, CEO Securitas NEETI MALIK Associate Director – Business Resilience, Crisis Management and Disaster Recovery Concentrix NAGESH GADIYAR Director, Workplace Solutions, General Mills ASHA PATHANIA Vice President – Housekeeping, PVR Inox Cinemas SAMIR PATIL Head of Real Estate - ISC & APAC, Philips India ABHAYA MAHAJAN Head Corporate Infrastructure, Services and Security Mahindra & Mahindra ARUNA GOGIA Head-Corporate Travel Birlasoft SATISH DEORE Vice President- Group Administration & Corporate Afiairs, RPG Group AMAN MALHOTRA Head Facilities, Administration & Infrastructure Piramal Enterprise

118 | B W BUSINESSWORLD | 04 May 2024 SPOTLIGHT CREATIVE ENTREPRENEURS CREATIVITY + TECH + INNOVATION of over 8,000 factory workers. CLA’s culture emphasises collaboration and the importance of diverse perspectives in driving innovation. Their approach involves collaborating with clients and partners to bring together different viewpoints and expertise, resulting in more powerful ideas. Adapting to Change Looking towards the future, CLA remains committed to embracing emerging technologies and pushing the boundaries of creativity. From using Twitter to track inventory to leveraging virtual reality for immersive brand experiences, the agency consistently pushes the boundaries of innovation. Kurup says, “Whatever turn technology takes in the future, we won’t be hesitant to use it creatively.” Recently, they developed a virtual office platform that streamlines project management, video meetings and HR operations with a proactive approach to adopting new technologies. The AI Frontier Kurup acknowledges the transformative potential of AI in the creative industry. “We must accept AI as a tool to enhance creativity,” he says. While AI offers tremendous potential to streamline workflows and enhance creativity, it also raises concerns about its potential misuse. However, highlighting the importance of ethical AI use, he asserts, “We should also be very wary of its misuse.” Collaboration Driving Innovation SAJAN RAJ KURUP, Founder and Chairman, CLA stresses the use of AI for creativity enhancement but warns against misuse By Reema Bhaduri F OUNDED on the ethos of pushing boundaries, Creativeland Asia (CLA) carved a niche for itself by seamlessly merging creativity with technology and innovation. Led by Sajan Raj Kurup, Founder and Chairman, CLA celebrated its 16th anniversary last year with the unveiling of Creativeland Studios. The platform serves as a hub for filmmakers and creators to express their vision through creative storytelling across diverse mediums. Beyond Advertising At the heart of CLA’s vision lies a deep-rooted belief in the power of collaboration and innovation. According to Kurup, “We have never been an advertising agency alone. We have been as much an innovation and a tech company.” He emphasises that as technology becomes increasingly integral to our lives, creativity has flourished alongside it. “Our creative and technology teams overlap beautifully in solving client problems. And that’s been our strength,” says Kurup. Collaboration as Culture Creativeland Asia (CLA) displayed the fusion of creativity and technology in its work during the pandemic. They created a mobile app for a client that encouraged social distancing and offered real-time risk assessment, ensuring the safety CREATIVELAND ASIA Leadership:SAJAN RAJ KURUP, Founder & Chairman, Creativeland Asia Founding Year: 2007 Core Expertise: Advertising, Brand Consulting, Digital Marketing, Experiential Marketing, Design & Branding and Content Production Staff: 220+ employees Head Office: Mumbai CLA believes in the power of collaboration and innovation

FOR NOMINATIONS: Shivam Popli: +91 88003 29489, [email protected] FOR PARTNERSHIP OPPORTUNITIES: Aparna Sengupta, +91 9958000128, [email protected] Shruti Arora, +91 7982628913, [email protected] #BWTheMerits NOMINATIONS OPEN www.bwmarketingworld.com SCREENING JURY AJAY DANG President Head Marketing UltraTech Cement DEEPALI NAAIR Group CMO CK Birla Group SHUVADIP BANERJEE Chief Digital & Marketing offcer ITC DEEPIKA WARRIER Chief Marketing Offcer Bajaj Auto RAM SURESH AKELLA Executive Offcer (Marketing) – Maruti Suzuki India AMIT GUJRAL Chief Marketing Offcer JK Tyres Chief Marketing Offcer ManipalCigma Health Insurance SAPNA DESAI GAURI MALHOTRA Chief Marketing Offcer Bombay Shaving Company BHAVIN DEVPURIA Marketing Head - India & Sri Lanka Triumph International SAMYUKTA IYER Chief Experience Offcer Vice President and Head Marketing, Sephora SACHIN CHHABRA Chief Marketing Offcer Relaxo Footwears ANU RAJ Head of Marketing Aditya Birla Health Insurance NEELIMA BURRA CTO Luminous Power Technologies Group Chief Marketing and Growth Offcer, ART Fertility Clinics KARAN KUMAR PUNEETH BEKAL Executive Vice President & Chief Marketing offcer - HDFC Securities, HDFC Sky Vice President Ecommerce Lenskart MADHUR ACHARYA

120 | B W BUSINESSWORLD | 04 May 2024 COLUMN The sporting ecosystem has put unavailing efforts into what a fan really expects and enjoys. All stakeholders must endeavour to offer a seamless game experience and also invest copiously in delivering it CREATIVITY + TECH + INNOVATION Spotlighting the Blind Spot T HERE WILL BE REAMS written about the bonanza that awaits broadcasters and streaming networks this year, with the IPL followed in quick succession by the T20 World Cup and the Olympics (with that other great entertainment spectacular called the General Elections thrown in between). It will be tempered with the usual cautions around slowdowns in this industry, that sector, the freezing-and-thawing of the funding winter for startups, the unchecked spending sprees of VC-fueled soonicorns and unicorns, the subpar creativity of most brand campaigns and the self-aggrandising outstandingness of other campaigns. There will obviously be vast punditry on display with the baal-ke-khaal level analysis of the failed and successful mergers in the media landscape that will affect all the wheeling and dealing. Travel, tourism, hospitality and food brands will make lots of hay while the sun shines out of ... well, let me leave that to your imagination. And in the background, brand and marketing teams in all the advertisers’ offices, business and creative teams in advertising agencies, planners and buyers in media agencies, all kinds of influencers and de-influencers, and various other species of worker ants will be gearing up for endless rounds of hamsterwheeling. In all of this, have you spotted what’s missing? Or rather, who? You guessed right: the fans and the spectators. Or, as we like to call them in the business world, the consumers. From the organising bodies (like the cricket boards) to the broadcasters and streamers to the advertisers, creators and disseminators, everybody is focused on squeezing every second of every advertisable gap in the sporting action to bombard consumers with advertising messages. This is visible in every channel of interaction that features consumers in the mix: stadiums, fan parks and every kind of screen. Consumers, or rather – let me switch back to what people would prefer to call themselves –fans flock to catch all the sporting action despite the lack of any SPORTS MARKETING Narayan Devanathan, President & Chief Strategy Officer, South Asia, Dentsu

04 May 2024 | B W BUSINESSWORLD | 121 just for the few in an isolating fan box or the winners of a special promotional contest)? More convenient ticketing, better seats and stadium infrastructure, and better and cheaper food and drinks in stadiums, for example. What if the promise of big data were to be used not to find more and more intrusive ways to interrupt sporting action but to enhance it? For starters, perhaps not have on-air commentators push advertising messages in the middle of their commentary (identified no doubt by someone like me as an ‘aperture innovation’). Use drink breaks and ‘strategic time-outs’ in cricket matches to provide entertainment (even if it is ‘branded content’) that adds to the fun rather than intrudes into it. Some football clubs in Europe are experimenting with making in-stadium attendance completely free for fans as a trade-off and reward for all the opportunities at-home audiences offer as monetisable advertising targets. What if all the hype around ‘customer experience management’ was actually translated into truly delivering heightened fan experiences for individuals and groups and communities? Not just by team franchises but by the entire sports marketing ecosystem? Imagine an OTA chasing fans’ travel budgets and holding the BCCI or the IOA accountable for fans’ joy, given they are the ones getting fans to the events. Imagine the hospitality and F&B brands hungry for fans to consume their brands, making it better for fans to enjoy themselves before, during and after the sporting action without feeling buyers’ remorse outside of the sporting action. These are just some of the possibilities that I hope the sports marketing ecosystem will look out for in 2024. As a fan, I’d be even more willing to give them my money. ‘consumer-centricity’. I went to watch the Eliminator game in this season’s WPL in Delhi last month, enduring long queues to get into the stadium, uncomfortable seats, exorbitantly priced yet limited food and drinks because the fan in me was willing to overlook the fact that my experience was disdained by all the people ‘organising’ the event. I have developed muscle memory to quickly tune in and out of the live action on screens because I know that the action will cut away to an ad any time a player twitches with some pain on the screen and a pause in the action might happen. Because I know I’m powerless to do anything else as a ‘consumer’. So, where is all this talk about consumer-obsession and centricity from all kinds of savants on LinkedIn and other pontificating platforms when it comes to sports marketing? It would be easy for the buck to be passed along. Advertisers might say, “Oh, but that’s the responsibility of the BCCI or whatever organising body.” Agencies might say, “Oh, advertisers should use their money muscle to negotiate a better fan experience with the organising boards.” And the organising boards will continue to just keep the bucks to themselves because they know the fans will come anyway. What if advertisers and agencies could trigger a change here? What if a fraction of the millions of advertising dollars being spent were to be invested in creating better and more rewarding fan experiences for the many (and not So, where is all this talk about consumer-obsession and centricity from all kinds of savants on LinkedIn and other pontificating platforms when it comes to sports marketing? It would be easy for the buck to be passed along Photograph by Indiapicturebudget

122 | B W BUSINESSWORLD | 04 May 2024 INTERVIEW CREATIVITY + TECH + INNOVATION How do you stay up-to-date with the latest trends and developments in the entertainment industry? Essentially, it’s a 24/7 uploading and publishing business. We have to constantly stay ahead of industry trends, which means keeping a close eye on Google, social media and relevant keywords. The most effective approach involves having dedicated teams and notifications in place to continuously track what’s trending and what’s not in the news front. In terms of editorial coverage and business philosophy, it’s crucial to understand and make decisions based on what Gen Z is interested in, what they’re reading, consuming and listening to. Our core audience typically falls within the 18 to 30 age range. How often do trends change in content creation and how do you stay updated? In today’s digital age, where businesses are ‘The Entertainment & Tech Intersection is a Massive Opportunity’ MEDIA TECH inherently internet focused, trends change very fast. I believe every quarter to six months, it’s common to see a change in the way news is consumed, presented and designed. Previously, trends would change over a span of two to three years, but in the internet era, changes occur rapidly. Additionally, content creation has become heavily influenced by social media platforms like X, where concise introductions and eye-catching thumbnails drive audience engagement. Direct consumption of longerform content has diminished, with social media serving as a gateway to redirect audiences to platforms where longer content is hosted. Another trend is the rise of shortform video content, exemplified by the evolution of reels. Initially, reels were up to three minutes long but have since transitioned to shorter formats, such as one-minute videos. Many content creators, including ourselves, use reels to reach a broader audience. You need to comprehend what synergises and aligns with your business’s core audience structure, then adapt what works and evolve from there. How do you see the future of online media and entertainment in terms of AI in the publishing space? With the emergence of AI, particularly ChatGPT, there’s considerable buzz around its usage, notably in content creation. However, ChatGPT relies on existing internet data to generate articles, raising various legal concerns. In my view, professions like ours will always require a human touch. Engaging in conversations and crafting articles involves infusing your personality into the content, which is irreplaceable. [email protected] By Rajany Pradhan SIDDHARTH LAIK, Founder & Director, IWM Buzz talks of the critical importance of technology in driving newer content and entertainment options that resonate with a new - age audience

04 May 2024 | B W BUSINESSWORLD | 123 IMPROMPTU CREATIVITY + TECH + INNOVATION that digital is growing – it takes as much as 47 per cent of expenditure and has equalled television value shares – even as print hobbles at five per cent. On what is driving the sector forward I am bullish on the ‘other twothirds’ of expenditure from every other category that will grow and hold ground with new launches. But even this is threatened as the big-spend categories such as ecommerce and OTT contemplate and promote themselves as mediums of advertising in the near future. These mediums will not only advertise within themselves, but will also lure in advertising from categories physical. The future of advertising is in new launches in every category. On opportunities and challenges that lie ahead for marketers The biggest opportunities will come from the smallest brands. Niche brands from the FMCG category, luxury, education, hand-held and wearables technology, white-labels and more. Marketers will need to get off the pomposity pedestal. Those who reign with big market shares will be challenged by smaller brands. Audio-listening device categories with Harman JBL will be challenged by a boAt and white-labels beneath that category even. Marketers need to start thinking beyond piggy-backing on big events such as IPL etc. Big events make marketers lazy as most bucks are parked in them, making marketing and the marketers appeal that much more seasonal than ever before. In terms of expenditures within FMCG, the percentage of advertising and sales promotion expenditure on turnover is already touching the glass-ceiling On India’s marketing and advertising outlook The Indian advertising industry will inch its way forward in terms of a growth trajectory for sure, but this is not going to be a quantum jump. The AdEx 2023 data does indicate that the share of FMCG (fast moving consumer goods) in total ad expenditure is 33 per cent. This means Rs 31,000 crore comes from FMCG. Consumers are shifting to niche offerings, oftentimes non-advertised options as well. The appetite of big companies such as Tata Consumer Products to buy into niche brands in literally every category is an indication of this emerging future. In terms of expenditures within FMCG, the percentage of advertising and sales promotion expenditure on turnover is already touching the glass-ceiling. Depending on the category this percentage stands between 7-12 per cent. The only way to go is down. Also, media inflation is only on the rate-card of media organisations. In reality, television is stagnant in its rates and print is woefully down y-o-y. Add the fact BRANDING GURUS SPEAK: HARISH BIJOOR HARISH BIJOOR, business & brand-strategy specialist and Founder, Harish Bijoor Consults Inc, talks of how niche brands will be seen challenging big brands this fiscal By Team BW ‘Big Brands, Make Way For the Niche in 2024’

124 | B W BUSINESSWORLD | 04 May 2024 INTERVIEW CREATIVITY + TECH + INNOVATION BRANDING GURUS SPEAK: ANISHA MOTWANI Do we expect advertising spending in India to continue on a growth trajectory, despite concerns about a cash crunch in some sectors and the consequent cutback on their ad spends? If we look at the last 10 years’ track record, advertising spending has always grown year-on-year (y-o-y) in line with, or a little ahead of inflation, except in 2020. Interestingly, the recovery in 2021 and 2022 was extremely sharp with a growth rate double the average. Putting this in context, on an average, ad spending has always grown around 8-10 per cent over the last decade, but it doubled to almost 20 per cent in 2021-2022. Since then the spending has moderated and come back to its original trajectory of 9-10 per cent. So yes, this and next year’s ad spends are expected to grow in a similar range. You seem bullish on the Indian advertising sector. What are the growth drivers? This is a special year owing to the general elections and I do see that accelerating the advertising spends in a significant way. Combined with that are the major sporting events like IPL and others, tourism and hospitality, driving the revenue growth significantly. What do you see as ‘Indian Ad Budgets Poised for an Upsurge’ the biggest opportunities in the sector in the year ahead and do you see marketers poised to leverage these? Television and video will continue to be the biggest revenue volume contributors at 60 per cent but it’s the digital share that is inching closer with almost 40 per cent of the revenue expected to come from digital advertising. However, the biggest opportunity within this is going to be programmatic advertising taking away a whopping 50-60 per cent of digital spends. Customisation with targeted online spends yielding a measurable ROI has become the barometer for allocating budgets to various channels. What kind of challenges do you anticipate marketers facing this year? There is a deluge of data that makes digital marketing an objective medium but on the other hand, reaching that targeted customer profile with a guaranteed conversion is becoming the biggest challenge. It is also becoming increasingly difficult to keep pace with customer expectations and maintaining an edge, whilst being updated with the latest tech. There is the challenge of creating persuasive and engaging content continuously and presenting it in exciting ways repeatedly. This high-volume tactical and at times topical messaging results in a brand’s core positioning getting diluted with no clearly defined brand image and values. A lack of creative standards, framework, guidelines, and siloed teams is leading to confused, inconsistent brands. The same technology and data can be used effectively to work with different systems that cannot just store and organise results but also filter out noncore communication with the right keyword controls. ANISHA MOTWANI, Founder, Storm the Norm Ventures, is optimistic about an increase in spending on digitial ads and an uptick in ad budgets in general By Team BW

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126 | B W BUSINESSWORLD | 04 May 2024 INTERVIEW CREATIVITY + TECH + INNOVATION Can we expect advertising expenditures in India to stay on a growth trajectory notwithstanding the cash crunch evident in some sectors of the economy and the consequent cutbacks on ad spends? India spends less than a third of one per cent of GDP on advertising, while developed countries do more than six times that. And if all the psephologists and market analysts are to be believed, this is India’s decade and century. As far as advertising spends go, the only way is up. Sure, some sectors are feeling the pain, but that is also par for the course. On the other hand, there are always new sectors being born and launched with much fanfare each year and a healthy number sustain themselves over the years. I think most brands would spend more if they listened to their trade partners and customers rather than their CFOs and economists. What do you see as the biggest opportunities in the sector in the year ahead? Do you see ‘For Ad Spends the Only Way is Up’ BRANDING GURUS SPEAK: KARTHI MARSHAN marketers leveraging these opportunities? The consuming classes of India are just about to wake up. The first motorcycle, the first fridge and washing machine, the first AC, the first LED TV – all these are yet to adorn the bulk of Indian homes. But the aspiration of the rising classes is now being matched by their incomes on the one hand and the affordability of these goods on the other. This in itself is a multi-ten thousand crore advertising opportunity. Alongside, we will see the development of more marquee properties like the IPL and KPL, which will provide emotionally charged eyeballs by the megaton to advertisers primed to spend on creating awareness and familiarity. What challenges will marketers face in the year ahead? The challenge I see is the time it takes for advertisers to wake up to all the waste in digital media. In recent times, we have read about the fraud perpetrated by a major publishing group on its advertisers globally for over seven years, no less. But this isn’t the most egregious kind of waste, frankly. Even when the publishers deliver what they promised, based on metrics conveniently defined by them, brands are struggling to see value and efficiency over the medium term. This has squarely to do with the fact that a lot of what masquerades as performance advertising is neither advertising nor does it perform any useful service for the brand. The equivalent of a shabbily dressed pedlar accosting you abruptly on street corners has miraculously gotten a lot of street cred, thanks to lots of cheap money as well as the black nature of the media. I’m waiting for more people to realise and blurt out that the emperor has no clothes on. [email protected] By Soumya Sehgal While KARTHI MARSHAN, Principal, marshan.ink is bullish on India’s growing ad numbers, he believes that brands struggle to tell exhilarating stories, despite media’s proliferation and the ability to experiment being relatively cheap. Excerpts of a conversation with BW Businessworld

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128 | B W BUSINESSWORLD | 04 May 2024 COLUMN The resurrection of traditional media is the need of the hour today and there are several reasons for this CREATIVITY + TECH + INNOVATION Performance Marketing vs Brand Marketing MARKETERS ARE CAUGHT between a rock and a hard place. How much to devote to Performance Marketing (PM) and how much to spend on Brand Marketing (BM). The bigger question is ‘Will the twain ever meet?’ Digital media was the go-to mode for PM. You could monitor the clicks, the site visits, the orders placed etc. You can endlessly run experiments to improve the outcomes. In contrast BM was the domain of the old forms of advertising, the traditional media. Brands have tried to infuse branding into their digital campaigns but they don’t seem to mix, except for the occasional breakthrough campaign that goes viral (remember Subservient Chicken from Burger King). The sheer nature of digital media ends up acting against the basic principles of BM, audience engagement, story-telling, emotional involvement etc. PM + Digital Brands that are focused on targeting a specific type of consumers who can be enticed by an offer find the allure of PM + Digital to be unbeatable. What about all the others who may not be selling on the net? How do they use digital media? In every boardroom the question is ‘Why are we still spending so much on traditional forms of advertising? Why are we not spending all our money on highly targeted digital campaigns? The simple truth is that building brands by using only digital media does not pan out. No wonder advertisers, not just in India but even in developed markets, are wondering if they should redeploy their advertising dollars differently. Why Traditional Media In the Harvard Business Review article (29 April, 2022), the headline is screaming out ‘Why marketers are returning to traditional advertising?’. B2C product and B2C service companies are planning to increase their spends on traditional advertising media. Why? Well simply because traditional forms of advertising seem to work better for Brand Building. Not only that, the article points out that traditional advertising acts as an ‘air cover’ for digital campaigns, improving the effectiveness of PM campaigns. The other reason is that digital media is today oversaturated with advertising and the digital clutter is not helping in the delivery of the ad message. I suppose the biggest and the most important reason why traditional advertising is coming back is because of the trust factor. Consumers tend to trust the ads they see on print and television a lot more than what flashes when they are scrolling through social media feeds. I suppose the preponderance of fake messages and fake posts is not helping the cause of digital media. That said, if you are a brand marketer you may not want to give traditional advertising a burial any time soon. PERFORMANCE VS BRAND:AMBI PARAMESWARAN Ambi M. G. Parameswaran, Brand Strategist & Founder, BrandBuilding.com

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130 | B W BUSINESSWORLD | 04 May 2024 The Baret Scholars is a programme that talks about taking one out of one’s context and into the world. Give us a perspective of what this means and the inspiration behind this programme. I grew up in a small village in the south of America and was lucky to study abroad in Czechoslovakia during my university days. But then I had an opportunity to spend an entire year circling the world, and it changed my life in ways that I didn’t understand then. But as I went through my life, that year was one of my most important ones, and it took me out of my microcosm bubble. Another interesting statement that we pick up is that this is an intense experience and not a course. How do we set apart Baret Scholars’ gap year programme from similar programmes provided by other organisations? Most of the programmes are short, centred on one region of the world and are not educationally weighty. At Baret, we have created a global gap year programme that covers seven key regions of the world. We consider it a fifth year of college, as if you had a master’s in international affairs before your bachelor’s. What went behind designing such an extensive gap year programme? In the old days, knowing your country was enough. It isn’t anymore. To be culturally literate today, one must holistically see the world. When that happens, one is going to be better at their work, college education and life due to being exposed to all the key cultures of the world. This is an expensive programme. Tuition stands at $64,500, fee at $30,000. Will it be really worth the expense for the enrolling participants? Also, this is an elite price point, so how do participants from diverse economic backgrounds get to participate in it? This programme costs what a fifth year of college at a leading US university would cost. In terms of how a parent or a student justifies that, it ensures that they get the most out of their college experience. This programme ensures that their first year is good and they get the most out of their college experience. They sit beside fellow students who bring different perspectives and are more competitive. On how we represent all spectrums, we have $2.5 million in scholarship funds that we spread across the world to recruit students from different economic situations, similar to the way colleges and universities do. What do you look for in the applicants when selecting the final participants for this programme? They should be genuinely excited about the programme and understand why it is important. We are looking for students who will bring something to this one-year experience. We want a cohort with many skills, ranging from technology, music, art, or film. We also look for responsible students. This is a long journey with many different cultures. How do universities view such gap year programmes? I’m going to give you an important data point. A few days ago, Harvard University sent out its acceptance letters. In those acceptance letters to their students, they encouraged a gap year. The point is that Harvard knows students do better in their college experience if they take a gap year. In some parts of the world, gap years are viewed for students who didn’t do well. This programme is not about that. It’s for the best students to do even better. And it has a long tradition. In the 1600s, in Europe, you were not viewed as having completed your education until you did something called the Grand Tour, which was to visit the capitals of European countries. This programme is a modernised Grand Tour that goes far beyond Europe. Tell us about the team of the 15 accomplished professionals selected for the programme? What is their background, how were they selected and how crucial will their mentoring be? A fellow is 10 to 15 years older than the student, and each comes from a IN CONVERSATION PREPPING FOR A GLOBAL GAP YEAR I n September 2024, Baret Scholars will get its foundational batch of 180 students, who will be able to explore their passions and purpose across seven regions of the world through its gap year programme. BW Businessworld’s Arjun Yadav caught up with Baret Scholars ’ Executive Chairman CHRIS WHITTLE to discern the need for such gap year programmes in contemporary times. Excerpts:

04 May 2024 | B W BUSINESSWORLD | 131 specialised field. Think of these fellows in an Oxford or Cambridge setting as tutors working with the students across the year. They each have 12 students that they watch over, and then each month, they do a fellowship of 10 days in their specialities in each region. New Delhi will be the base city for the participants for some days. Tell us about India’s significance in this entire programme and what’s in store for the participants in the India leg? A student cannot be culturally literate today without an understanding of India. It’s the largest country in terms of population, having just passed China. It’s one of the fastest-growing economies on the globe. It is a massive part of the future of the next century. And a student who doesn’t know India does not know the world. There was no way we could do this without being in India. We chose Delhi because it’s the centre of government, has enormous cultural institutions, and is a crucial place. When this course ends in May 2025, what are some of the things that the students will be taking with them as they enter the next phase of their career? There are a couple of things that I see. One, they will go into their college experience, not stumbling into it but with a plan to get the most out of it. Two, they’ll have an incredibly new set of friends from around the world and friendships. The longest friendships often occur when someone is involved in an intense experience. Three, they will have something on their CV for life. Fourth, they’re going to understand the world even better. [email protected] “At Baret, we have created a global gap year programme that covers seven key regions of the world. We consider it a fifth year of college as if you had a master’s in international affairs before your bachelor’s” Photograph: Naval Kishor

132 | B W BUSINESSWORLD | 04 May 2024 T HERE’S A KIND OF HUSH in the gold loans market. The Reserve Bank of India’s (RBI’s) crackdown on the secondlargest company, which has been dispersing gold loans with complete confidence and massive distribution, has suddenly stopped it in its tracks. Inexplicably, this sudden clamping down on IIFL Finance is not only unexpected but also looks abrupt and disproportionate. The heart of the controversy lies not in the RBI’s right to enforce its laws but in the selectivity and severity of its enforcement and the massive air of anxiety it has triggered in the entire ecosystem within which these loans operate. Like a typhoon, it has chosen to be selective in the immense damage that regulatory overreach has struck at. The apparent allegations, on the basis of which these typhoon style disruptions have been triggered are actually quite routine in this highly regulated, but operationally flexible marketplace. To start with, take the issue of cash disbursement INSIGHT THE IIFL BAN REGULATORY TYPHOON IN INDIA'S GOLD LOAN MARKET BETWEEN BULLION AND BORROWERS: BY DILIP CHERIAN Co -founder of and Consulting Partner for Perfect Relations, a communications consultant & a political campaign advisor amounts (not legally allowed above Rs 20,000). Majorly the whistle has been blown because the company has significant cash transactions far exceeding the statutory limit. While the RBI’s unforgiving action spotlights the regulatory body’s resolve to enforce strict financial discipline, the heart of the controversy lies not in the RBI’s right to enforce but in the selectivity and severity of its enforcement on just one large player. There is sufficient anecdotal evidence and a whole host of evidentiary elements that reveal quite clearly that

04 May 2024 | B W BUSINESSWORLD | 133 most companies involved in this business, even today and most routinely in the past, flout this rule. (See box: A Lone Scapegoat?) Therefore, the uncertainty is even higher because nobody knows when the RBI may act again and clamp up the entire flow of funds in this vital sector. Throwing the rulebook at just one company is ascribed most bizarrely to the RBI’s focus on the breach of the Rs 20,000 cash transaction limit for loan disbursement. Perhaps it’s because it makes little sense for customers in remote underbanked areas, where even telecom and electricity for digital transactions are often unreliable. They need the confidence and the comfort of slightly larger transactions than are technically permissible under this rather stifling and impractical rule. Only companies who have the experience and the bandwidth to understand this market can actually serve this population and ensure that it gets the succour that it needs. The other lapses have centred around non-compliance with technicalities such as the gold auction process (such as taluka-level auctions, gold purity change at the time of the auction, and disclosure of auction charges levied) and similar aspects. Even though this may well be justified, as the RBI circular is clear in this regard, the company in question has clarified that gold auctioned last year represented only 1.3 per cent of the total loan value disbursed. So, it’s really not worth raising an enormous alarm about the system for this tiny proportion of auctions that don’t pose any systemic risk. Photograph by Grafvision

134 | B W BUSINESSWORLD | 04 May 2024 INSIGHT THE IIFL BAN The current panic in the vast gold loans marketplace is on account of the fact that the RBI’s crackdown on IIFL has been both unexpected and extraordinarily severe. The reason for the central bank’s announcement that it will allow the company to resume actions once it’s audit is complete and the delay between action and resumption, is something that hasn’t received enough attention as yet. It is not widely known that IIFL Finance is India’s second largest gold loan NBFC. Staggering is the size of these well-regulated operations, with current loan assets under management of Rs 24,692 crore as of December. Impressive and significant also, is the fact that the company is already, catering to an unbanked and underbanked customer base of 56 lakh households, which translates into more than 56 million citizens who are directly or indirectly affected by the loan processes that IIFL masterminds. IIFL Finance is present across small towns and rural areas in 25 states and Union territories through 2,721 dedicated branches (in 1,492 locations) and 15,000 own employees, creating large-scale employment in small locations. Over 80 per cent of the IIFL Group’s branches are in non-metro locations. This is why the immediate impact of the curtailing of IIFL’s operations may not be getting the attention that it deserves. But given the damaging economic consequences – which are possibly less apparent because they involve and impact a population that does not attract adequate media attention – are bound to surface in the next few weeks. IIFL connects at least two to three million new-to-credit customers to the formal lending system in a year, making it one of the largest last-mile lenders. Given that this is what is driving both consumption as well as rural entrepreneurship, there’s no doubt that the second order consequences are going to be substantial unless the RBI completes its audit quickly and gets this company back on its feet before any further damage is done. IIFL Finance has been a pioneer in digital transformation, risk management and audits that are an essential part of the company’s capability, demonstrated over the years, to manage such a large gold loan portfolio. As per data, the available gold auctioned last year represented only 1.3 per cent of the total loan value disbursed. Industry experts recognise that this has two aspects. One, the company is able to identify customers who are capable of returning the loans that they take and two, that the company has the requisite structures to follow up and ensure that defaults are minimised and unlikely. IIFL mentioned in its analyst call recently that the total number of gold loan-related customer complaints to the RBI was 135 in the entire year of 2023-24. That’s tiny given that it has about six million customers. There would be very few industries in the financial services segment who can claim this level of consumer satisfaction and demonstrable consumer enthusiasm on a sustained basis over the last 14 years of service in the gold loans segment. IIFL FINANCE – THE COMPANY UNDER SCRUTINY Photograph by Bruno Weltmann

04 May 2024 | B W BUSINESSWORLD | 135 family crises that crop up from time to time amongst those in the most vulnerable sections of our population. Listen to the tales from the ground: “A man walks into our branch with his wife or mother’s jewelry only when he has no other alternative for finance,” explained a branch manager of a leading gold loan company recently. In rural India, small towns, and remote areas, gold loans offer a financial lifeline to small-scale borrowers for whom access to traditional banking is challenging when investing in small businesses or addressing emergency financial requirements. Typically facilitated by Non-Banking Financial Companies (NBFCs), these loans cater to a diverse clientele, often extendi n g s m a l l a m o u n t s , around Rs 20,000- Rs 30,000, which are particularly beneficial for individuals with marginal means. The need is great, and the stakes are certainly high. This market represents one of the key economic drivers that the Indian growth story, and our attempt to be a $5 trillion economy, will eventually be based on. After all, it’s all about assets and the ability to invest in a way that works for those making this economy great. Indian households’ stock of gold jewelry is estimated at a staggering 30,000 tonnes (over Rs 200 trillion) and continues to rise annually by approximately 1000 tonnes (Rs 7 lakh crores). This abundance of gold presents not just a cultural fascination but also a practical resource for families nationwide. Randomly clamping down on a company that is showing the direction for many others to follow does not make sense and certainly defies any logic at this point in time. The RBI’s hardened stance on gold loans today risks exacerbating the financial exclusion of these communities and inadvertently pushing marginalised borrowers back into the clutches of unregulated moneylenders. The latter are known for their usurious interest rates and exploitative practices, in contrast to the regulated, yet accessible services offered by gold loan NBFCs. Sanket Chedda, an analyst at DAM Capital, estimates that the IIFL ban, even if continued for two months, could result in delayed inclusion, if not exclusion, of half a million households in the formal credit network. Most of us don’t pay too much attention to all of this, because this specific variety of loans, the ubiquitous gold loans, actually address certain segments of the market that continue to remain unbanked. These are the desperate people who often unpredictably have urgent needs for relatively small sums of money. The common factor that they share is that they are confident of being able to repay the loan quite easily. It’s a market that financial institutions don’t know enough about and certainly don’t care enough about. But it’s a critical market if we want to keep alive the belief that there are still official ways and means by which smart and committed entrepreneurs can make their fortunes even at the bottom of the pyramid everyone talks about. And this is without addressing the question of urgent Throwing the rulebook at just one company is ascribed most bizarrely to the RBI’s focus on the breach of the Rs 20,000 cash transaction limit for loan disbursement. Perhaps it’s because it makes little sense for customers in remote underbanked areas, where even telecom and electricity for digital transactions are often unreliable. They need the confidence and the comfort of slightly larger transactions than are technically permissible under this rather stifling and impractical rule A LONE SCAPEGOAT? WHILE IIFL TAKES THE FALL, OTHERS MERRILY FLOUT RBI CASH LIMITS Mr Rajkumar Jha, Capri Gold loan customer has taken a gold loan of Rs 60,000 in cash mode on March 26 2024 Mrs Sundri, Muthoot Finance customer has taken a loan of Rs 55,100 on March 15th in cash mode

136 | B W BUSINESSWORLD | 04 May 2024 manity faces the grim prospect of relinquishing control over life-and-death decisions to machines. Furthermore, the exponential growth of AI poses challenges to traditional governance structures. As AI systems become increasingly sophisticated and autonomous, they may outpace the ability of regulatory frameworks to keep pace. This asymmetry raises concerns about accountability, transparency, and the safeguarding of human rights. For instance, AI algorithms used in predictive policing or hiring processes may perpetuate biases and discrimination, yet hold no tangible entity responsible for their actions. The unchecked proliferation of AI also threatens to exacerbate existing socio-economic disparities. Automation driven by AI has the potential to disrupt labour markets, leading to widespread job displacement and I N TECHNOLOGICAL advancement, few innovations evoke as much fascination and fear as artificial intelligence (AI). While AI offers unprecedented potential for progress and innovation, it also poses significant risks if left unchecked. One of the most daunting aspects of AI is the absence of a “kill switch” – a failsafe mechanism that could halt its operation in the event of unforeseen consequences or misuse. This absence underscores a scary scenario: humans may lack the power to fully control the trajectory of AI development. Consider the case of autonomous weapons systems, colloquially known as “killer robots.” These AI-driven machines have the capacity to make lethal decisions without human intervention, raising profound ethical and moral questions. Without a mechanism to enforce compliance or dismantle these systems, huCOLUMN By Shailesh Haribhakti and Srinath Sridharan Why Unplanned & Unchecked Development of AI is Scary Photograph by Phonlamai

04 May 2024 | B W BUSINESSWORLD | 137 tion. Without proactive measures to address this displacement, marginalised communities are at risk of bearing the brunt of the socioeconomic fallout, exacerbating disparities along racial, gender, and socio-economic lines. Governments need to invest in education and training programmes to equip workers with the skills needed to thrive in an AIdriven economy. Initiatives to promote digital literacy, lifelong learning, and reskilling are essential to ensure that individuals are not left behind in the face of automation. Additionally, social safety nets should be strengthened to provide support for those adversely affected by AI-induced job displacement. Furthermore, the weaponisation of AI poses grave threats to global security and stability. Autonomous weapons systems, powered by AI algorithms, have the capacity to make lethal decisions without human intervention. This introduces a new dimension to warfare, where the speed and scale of AI-enabled attacks could outpace human response capabilities. The lack of clear international regulations governing the development and use of autonomous weapons raises the worries of an arms race fuelled by AI, with potentially catastrophic consequences for humanity. Governments must take proactive steps to address these twin challenges of social imbalance and weaponisation. First and foremost, robust regulatory frameworks are needed to govern the development, deployment, and use of AI technologies. These frameworks should prioritise ethical considerations, human rights, and societal well-being, while also fostering innovation and competitiveness. To mitigate the risks of AI weaponisation, concerted international efforts are required to establish norms and standards governing the development and use of autonomous weapons systems. This may involve multilateral agreements, arms control treaties, and diplomatic initiatives aimed at promoting transparency, accountability, and risk mitigation. Moreover, governments must invest in research and development to explore ways to enhance the security and resilience of AI systems against adversarial attacks and misuse. economic inequality. Without adequate measures in place to address these disruptions, marginalised communities may bear the brunt of the consequences, widening the gap between the haves and have-nots. First and foremost, there is an urgent need for robust and adaptable regulatory frameworks that can keep pace with technological innovations, as they shape up. These frameworks should prioritise ethical considerations, human rights, and societal well-being. International cooperation is essential to establish norms and standards that transcend borders and mitigate the risks of AI proliferation. Moreover, governments must invest in education and retraining programmes to equip workers with the skills needed to thrive in an AI-driven economy. Initiatives to promote digital literacy and STEM education are essential to ensure that individuals are not left behind in the face of automation. Transparency and accountability mechanisms are equally vital to hold AI developers and users accountable for the impacts of their creations. This may entail mandatory audits of AI systems, robust data privacy regulations, and mechanisms for redress in cases of algorithmic bias or discrimination. As we stand at the precipice of an AI-powered future, it is incumbent upon governments, technologists, and civil society to work together to ensure that the benefits of AI are realised without sacrificing our fundamental values and freedoms. The unchecked advancement of artificial intelligence (AI) raises profound concerns about its potential to exacerbate social imbalances and serve as a weapon of mass disruption. As AI systems permeate various facets of society, from healthcare and finance to law enforcement and national security, the need for comprehensive governance becomes ever more pressing. One of the most alarming implications of AI’s unchecked proliferation is its potential to widen existing social inequalities. Automation driven by AI threatens to disrupt labour markets, leading to widespread job displacement and economic upheaval. While some argue that AI will create new job opportunities, the reality is that the transition may not be seamless, particularly for workers in industries vulnerable to automa- Shailesh Haribhakti is an Independent Director on corporate boards. Srinath Sridharan is a policy researcher & corporate advisor While some argue that AI will create new job opportunities, the reality is that the transition may not be seamless, particularly for workers in industries vulnerable to automation. Without proactive measures to address this displacement, marginalised communities are at risk of bearing the brunt of the socio-economic fallout, exacerbating disparities along racial, gender, and socio-economic lines

138 | B W BUSINESSWORLD | 04 May 2024 NDIAN CRICKET made a few great strides in international cricket in the 1960s and 1970s with some of the stars of that era. Ajit Wadekar, the captain, spinner trio of B. S. Chandrashekhar, Bishen Singh Bedi and Erapalli Prasanna, fielder par excellence Eknath Solkar, captain and heartthrob of many, Mansur Ali Khan Pataudi, Salim Durrani and a few more. However, Indian cricket’s status started to rise with the advent of the super talented Sunil Gavaskar on the scene. In his debut series against the West Indians at West Indies he notched up a mammoth 774 runs with four centuries, in four tests with an average of 154.8. The Indian team registered its first series win in the West Indies. Sunil Gavaskar dominated the world’s fiercest pace attack for the next decade-and-a-half. This had a huge impact on the team and its ability to compete. The cricketing world saw another great sportsman Kapil Dev. Tall, strong and athletic, he was India’s genuine medium fast bowling act. A smooth and languid action that produced swing and pace with great variety. The Gavaskar-Kapil era saw an Indian team building the platform to be a serious contender in international cricket. Under Kapil’s captaincy, a well-knit team won the 1983 world cup. A defining moment in the cricket history of the nation. The same team went on to win the 1985 Benson and Hedges (B&H) World Cup in Australia in 1985 under Sunil Gavaskar’s captaincy. The key ingredient of the success of the 1983 team undoubtedly was Kapil’s inspiring charismatic leadership backed by equally great performances with the bat and the ball. The unforgettable 175 against Zimbabwe was probably one of the greatest knock ever played. There were some other key factors. The team played fearless cricket not burdened by expectations, since there were few and each player contributed at various stages. An Yashpal Sharma, or Sandhu or Mohinder Amarnath chipped in with contribution brought out from the skin of their teeth. Each player played to their potential and this collective performance was pivotal to the success. The same team spirit led to the 1985 B&H Cup. This team did it with that belief that they can win. A belief powered by the 1983 win. Once again Gavaskar’s leadership was pivotal. I The Gavaskar, Kapil Dev Era The author is the CEO & Founder of The Unlock Company. He is also a thought leader, writer, speaker, leadership & life coach, spiritual teacher and former CEO of Dentsu India Lessons In Leadership From Indian Cricket - I By Arijit Ray Photograph by Ranker666

139 | B W BUSINESSWORLD | 04 May 2024 performances, leaders will command respect from team members when they lead from the front with great performances. Leaders who have the capability to understand their fellow colleagues and plan the team’s charter, are in a better position to succeed. A great organisation with many great team leaders without a leader of all of them who draws them together, will meet with only that much success. It will always be a case of unfulfilled potential. Similarly, a great leader with a talented bunch of professionals without the right attitude and mindset can accomplish half as much. Often teams in organisations get overawed by the target. The fear of failure saps them of positive energy. When the focus on execution is high and teams are performing to potential, chances of success increase. We get some lessons from the follow up success in 1985, in Australia. In the era of fierce competition, the road to success is by building newer areas of competence on existing areas. Leaders must be conscious to bring in new talent with new capabilities and upgrade existing capabilities, create an ideal mix to achieve business milestones consistently. An organisation must be flexible in its outlook to try out different experiments at various points, in accordance with the business situation. Leaders should be prepared to sacrifice their personal positions and points of view, for the benefit of the team. At the core, the success of a leader wherever he or she is, will come from the ability to understand the feelings and emotions of their teams. As Swami Vivekananda said, “the test, the real test, of the leader, lies in holding widely different people together along the line of their common sympathies.” lThis is the first of a three-part series on Leadership Lessons from Cricket by the author Just as in 1983, organisations require leaders who bring people together under their ambit of empathy, performance and shared vision. Celebrating the power of the collective. Like Kapil commanded respect from his team on the back of inspirational performances, leaders will command respect from team members when they lead from the front with great performances Around the nucleus of the 1983 World Cup Team, was built another unit that was energised by the infusion of a few super talented young cricketers with youthful energy. Mohammad Azharuddin, Ravi Shastri, Sadanand Vishwanath and Laxman Sivaramakrishnan, to name a few. Creating a nice blend of experience and youth. This added that extra bite to the team, that was already running high on the belief that they could do it. Fiesty performances from the new crop of players along with consistent performances from seniors like Gavaskar, Amarnath, Madan Lal, Kapil Dev, Vengsarkar were crucial for success. This was also the series where the Indian Team brought in some new experiments. Gavaskar brought him down the order at No 4 for the first time in his career to give solidity to the middle order. And gave his opening slot to Ravi Shastri. He took the role like fish takes to water. Shastri became the player of the tournament. The success of these teams give us some important lessons for leaders in organisations. Everyone in an organisation need not be super-talented. Just as in 1983, organisations require leaders who bring people together under their ambit of empathy, performance and shared vision. Celebrating the power of the collective. Like Kapil commanded respect from his team on the back of inspirational

140 | B W BUSINESSWORLD | 04 May 2024 PHOTO ES SAY: BW RETAIL WORLD RETAIL STARS SHINE BRIGHT

04 May 2024 | B W BUSINESSWORLD | 141 The second edition of the BW Retail World Summit & Awards 2024 brought together industry leaders, innovators and visionaries under the theme ‘Building Blocks of Retail’ for a day filled with insightful discussion, thought-provoking leadership sessions and honouring excellence in retail leadership By Team BW Photographs by Naval Kishor

142 | B W BUSINESSWORLD | 04 May 2024 Panel Discussion 1: From Consumers At Core To The Core Of Consumers. L-R: Rajesh Dewani, Managing Director, Avit Digital; Rahul Jain, Co-founder, Beanly Coffee; Rajesh Jain, MD & CEO, Lacoste India; Rajat Agrawal, CEO, Barista Coffee; Mayank Mohan, CEO, Mohanlal Sons; Sanjay Bhutani, MD, India and SAARC, Bausch & Lomb; Session Chair: Reema Bhaduri, Editorial Lead, BW Businessworld Panel Discussion 2: Diversity In Retail: Navigating The New Formats Of Retail Spaces. L-R: Varun Tangri, CEO & Founder, QueueBuster; Ramaswami Lakshman, Director, Emerging FBA, IN Marketplace, Amazon; Sharmila Senthilraja, Industry Platform Leader for Consumer Products and Retail – India, Capgemini; Lalit Kumar Jha, National Head VM Retail ID, Landmark Group, Max Retail; Session Chair: Jyotsna Sharma, Sr. Associate Editor, BW Businessworld PHOTO ES SAY: BW RETAIL WORLD

04 May 2024 | B W BUSINESSWORLD | 143 Panel Discussion 3: Transforming Retail Ecosystems: Strategies For Thriving In A Dynamic Market. L-R: Session Chair: Soumya Sehgal, Sr. Editorial Lead, BW Marketing World; Atul Jain, President, Aqualite Industries; Akash Srivastava, Head of Store Development, Raymond; Manish Mehrotra, Sr. Vice President & Head of Operations, DLF Malls; Pranjal Barua, Founder & CEO, ReneuSleep India Panel Discussion 4: Retail Infra 101: How Are Retailers Looking At The Cities Of Tomorrow? L-R: Session Chair: Arjun Yadav, Senior Correspondent, BW Businessworld; Akash Nagpal, VP Leasing, Trehan Iris; Sameer Manglani, Partner, Meena Bazaar; Shammi Agarwal, Director, Pansari Group; Khushboo Agarwal, Co-founder & COO, Campus Sutra

144 | B W BUSINESSWORLD | 04 May 2024 Panel Discussion 5: Value v/s Premiumisation: How Are Retailers Navigating It? L-R: Session Chair: Vivek Sethi, Vice President, Helloverify; Gautam Chaudhry, Chef and Founder, Demiurgic Hospitality; Mahesh Reddy, CEO, Gopizza India; Samayesh Khanna, Co-founder, Beanly Coffee; Nipun Kochar, Founder, Jewelbox; Abhay Batra, Co-founder CFO, Clovia Keynote Session (L): Rakesh Kaul, Director & CEO, Livpure Keynote Session (R): Kazem Samandari, Executive Chairman, L’Opera PHOTO ES SAY: BW RETAIL WORLD

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146 | B W BUSINESSWORLD | 04 May 2024 EverEnviro Resource Management’s MAHESH GIRDHAR on driving sustainable growth through promoting compressed bio gas, its benefits and sustained policy support Fuelling India’s Green Gas Economy LAST WORD MAHESH GIRDHAR, MD & CEO, EverEnviro Resource Management As climate change actions gain traction, India is transitioning away from carbon-intensive fuels and towards clean and green alternatives in order to achieve net-zero emissions. Given this scenario, promoting compressed biogas (CBG) blending with natural gases has emerged as an important strategy for driving long-term growth and environmental stewardship in the energy sector. Benefits of CBG Blending The Central Government made CBG blending mandatory in the CNG and PNG segments in November last year. The Centre has stated that the CBG Blending Obligation (CBO) is aimed at encouraging investments, stimulating demand for CBG in the CGD (city gas distribution) sector, attracting about Rs 37,500 crore in investments, and facilitating the creation of 750 CBG projects by FY 2028–29. CBO will also save forex, promote a circular economy, and help achieve the goal of net-zero emissions. CBO will be made mandatory from FY2025-26. An Institute for Energy Economics and Financial Analysis report reveals that if natural gas consumption is replaced incrementally by 20 per cent with biogas and bio-methane by 2030, the country could curb its liquefied natural gas import bills by $29 billion between FY2025 and FY2030. The environmental benefits of expanding biogas projects also include waste management, lowering greenhouse gas emissions and augmenting renewable energy production. Sustained Policy Support Since the Central Government has increased its CBG blending into natural gas mandate to 5 per cent by 2028–29, the industry is upbeat about its prospects. This will help the country revolutionise its energy landscape while countering stiff challenges linked to air pollution, agricultural waste management and energy security. Although the government had several schemes to support the biogas segment earlier, these were consolidated into the National Bioenergy Scheme in 2021. Herein, the GOBARdhan (Galvanising Organic Bio-Agro Resources Dhan) scheme acts as an umbrella programme covering the entire spectrum of policies and initiatives that promote organic waste conversion to biogas, or CBG. Accordingly, the Central Government allocated Rs10,000 crore for the GOBARdhan scheme in the 2023–24 Budget, meant to set up 500 new waste-to-wealth bio-CNG plants to convert organic waste into compressed biogas. The Centre’s aggressive push towards promoting CBG as a viable renewable resource is also evident from other initiatives such as the Sustainable Alternative towards Affordable Transportation (SATAT), the National Policy on Bio-Fuels, and the New National Biogas and Organic Manure Programme. Towards A Sustainable Future As India plans to add 500 GW of clean fuel to its energy output by 2030, the renewable gas revolution is poised to accelerate the green transformation of its economy, ensuring a more sustainable energy future. The Central Government made CBG blending mandatory in the CNG and PNG segments in November last year

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