| Mr. Burzin Dubash talked on insight and foresight in the world of consulting. Just as he introduced the topic, he put another word in the fray – hindsight. The ability to master all three, according to Mr. Dubash is the key to success though unconventional means in a converging world. The most important aspect of these qualities is the execution of foresight, and for this he rates the likes of Jack Welch and Alan Mullaly on a pedestal.Mr. Dubash ordered hindsight, insight and foresight in this particular order. |
While insight means understanding behaviour and preferences of consumers, which is both deductive and inductive, foresight constitutes scanning, analyzing, monitoring, forecasting, scenario modelling and historical precedence all taken into account. These, coupled with analytical hindsight are the keys to unconventional success in today’s converging world. I found the session very knowledgeable and thoroughly enjoyed the session. I would like thank sir for gracing the event and sharing his insights with us. |
When making business decision related to risk management, how to strategically think about solution?
Enterprise Risk Management was the central topic of Mr Dubash’s discussion today! He enlightened us on how insight, hindsight and foresight matters while you plan towards solution for risk management problem. It is necessary for consultants to help their clients to derive and develop foresight using deductive and inductive methods. |
Mr. Dubash shared a framework to go about deriving foresight and working in insight to make your ERM solution acceptable. Dubash also shared risk mitigation matrix containing four quadrants- Avoid or retain, Transfer, Reduce and Exploit. These frameworks will be of huge help to all of us specially those who are interested in pursuing a career in consulting. In the end he told us what b-school student like us need to do to be ready for organizational challenges. Overall it was a truly knowledge enhancing session for all budding consultants in SOM.
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"Insight is important but it is foresight that really counts” was the topic on which Mr Burzin addressed the audience. He opened his talk by questioning the topic The talk then moved to risk and risk management. Today, risk has become an integral part of any business; Mr. Burzin Dubash enlightened us about how risk can be managed. He started with explaining difference between Vision and Foresight and told how Steve Job’s success was a result of his vision and Jack Welch and Alan Mulally had a great foresight. He talked about Hindsight, Insight and Foresight and how all three are important to take a Risk management decision.
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He explained Insight based approach and Foresight based approach to manage risk. We were introduced to Risk mitigation framework which includes Avoid or Retain, Transfer, Reduce and Expand as its core elements. He also talked about the most important qualities needed to become good consultant i.e. interpersonal skill and change management. He concluded by emphasizing that Hindsight, Insight that and Foresight all count in the final analysis. Personally I found the topic very pertinent and intriguing and would like to thank sir sharing his insights and learning’s. |
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