India representing Innovation for Higher Education

India representing Innovation for Higher Education

The Economic Growth of a country majorly depends on its education system. The rise of a generation can be predicted easily with the quality of education and how it prepares its young minds for the future. While India’s higher education system is known to be the third-largest in the world, just next to the US and China, it can be said that there is a lot that the country can lend from its frontrunners in terms of growing up to be a Knowledge Economy.  

With an abundance of resources and being the largest pool of scientific and knowledge workers, India is emerging to be a hub of Higher and Technical Education. As per The National Education Policy, 2020, every education institution must encourage its students to foster creativity and critical thinking to develop logical decision-making and innovation. 

Big Innovation Centre India is a Think-Tank, and our aim is quite aligned with the present objective of the country’s Government. To create a knowledge-based Ecosystem that delivers to the ever-changing societal demands and raise their country’s innovation capabilities. We help institutions and organizations build Research, Entrepreneurship and Incubation Centres for students, as well as professionals to contribute to their field of interest. Visit our Website and know more about us.  

Let’s take a look at How Innovation is helping the Higher Education Sector: 

Reforms in Course and Curriculum in Higher Education

There was an absolute need for the reformation of course and curriculums of the Higher Education Institutions. The changing times have ruled off the theories of the past and thus The National Education Policy 2020 focuses on more modern learning that is Student-centric. Student Centric Learning is well defined as educational programs, instructional approaches, learning experiences, and academic strategies that address the distinct learning needs, aspirations, interests and values cultural backgrounds of each student or a group of students. This creates a space for the students to be matured learners. The higher education system must include the availability of flexible curricula models and educational policies that emphasizes open-ended systems, inter-generational, open-ended systems and inter-professional relationships and sustainability.  

 

Creating Digital Knowledge Transfusion Infrastructure 

The Pandemic has cleared every cloud that we had on investing in Digital Infrastructure for Higher and Technical Education Institutions. The corridor for development in making the Digital Learning Space safe and secure for its students still exists and the government has emphasized on the vertical by creating a National Repository Digital Infrastructure for Knowledge Sharing (DIKSHA). This is a great initiative that would be beneficial for both teachers and students. We need to boost our e-governance infrastructures so it incorporates Management Information Systems within our inclusive teaching-learning process as well as provide a direction in the governance of higher education institutions. 

 

Request to add Emerging Technology in the existing curriculum 

Adding Emerging Technology to the syllabus can be proved as a great addition to make the students future-ready. These once futuristic concepts that students used to learn post their education, should be introduced to have a better grasp of these advanced innovations and technologies. The Government of India has previously expressed the need to implement skill-based education for all, and even then, only a few universities had included Emerging Technologies as a subject. However, 2020’s digital revolution is one that is making the academia adopt subjects like Artificial Intelligence and Machine Learning, Robotics and Blockchain.  

 

Setting up of Innovation and Incubation Centres 

There is a staggering need to advance science and technology innovation and its application in our universities and thus create favourable conditions for growth and forming of an environment for innovations to occur. Higher Education Institutions and Universities must build Innovation as well as Incubation centres that aim at promoting the economic de­velopment of various regions. These incubation centres are great for students as well as research professionals to utilize their creativity and help solve the complex societal problems. These Innovation Platforms should be encouraged to facilitate multi-disciplinary research projects in dynamic areas of science and technology such as IoT, robotics, big data analysis, cybersecurity, ethical hacking, forensic etc.  

 

So, the Indian Higher Education System is trying to transform its framework right from the foundation and adapt to changes needed to impart high-quality education. The level of excellence in higher education will be a key factor in determining the role that India will play globally. Thus, Innovation in Higher Education is the absolute pathway that will lead India to become a knowledge hub among other countries and these factors like skills to create, innovate, crisis management, problem-solve, design thinking, critically think, cognitive recognition and teamwork are taken into account to leverage the growth of economy and society as a whole.  

Changing the Matrix of Procurement with Blockchain

In argument to the absence of trust that was previously determined to state Blockchain Technology, it is actually elevated various business platforms to express transparency, security and accountability. The undeniable abuse of information and communications technologies at organisations split paths and concluded to loss of trust over third parties. However, for trust literature Blockchain eliminates various intermediaries’ risk to create a safe and secured framework for all. Since 2008, Blockchain has emerged as a solution for multiple industries like Banking, Healthcare, Government or Retail and Consumer goods.  

 

Procurement 

This blog focuses on the revolutionary changes that Blockchain is bringing into Procurement. So, among many other ways, it helps in the accumulation of records as a digital ledger for processes involving one or multiple parties. It automatically adds a very new record for every new party leaving behind a digital footprint for every new transaction revisiting the Procurement Process. 

The Procurement Process Involves: 

Stabilised Procurement is essential for any business. It is the procedure of acquiring products and services from suppliers and vendors by emphasising on costeffectivenessBut what are the steps that consist in this process of Procurement? 

  1. Distinguishing Requirements 
  1. Determine Specifics of the Requirement 
  1. Sourcing and Scheduling 
  1. Negotiation & Finalisation of Cost and Terms 
  1. Purchase Requisition and Placing Order 
  1. Delivery of the Purchased Order 
  1. Dispatching for Evaluation  
  1. Product/Service Inspection 
  1. Processing Payment 
  1. Keeping Record and Review 

 

When do you restructure your Strategic Sourcing and Procurement organisation?  

Be it globalisation or technological advancements around us; these have frequently impacted how businesses operate. A successful business is a product of labour and toil, and the synchronised evolution and seamless moving of all the departments in one particular direction. Procurement has played a critical role in advancing your business; however, it is most neglected and misaligned with the rest of the departments. You know you need to realign your Sourcing and Procurement Process and ensure business growth. In the absence of which, the organisation might suffer inefficiency and misconduct.  

 

Where Blockchain and Procurement Meet 

As discussed before, we had long passed the day when it was considered that Blockchain was meant for cryptocurrencies. The needful utilization of Blockchain is well interpreted for business, and organisations have started to acknowledge its benefit in leveraging company needs. In 2019, IBM partnered with Blockchain developer Chain yard for a Trust Your Supplier Blockchain.  

Since Procurement is a labourintensive and expensive process, businesses are digitizing the ins and around this arrangement. Blockchain is one such Emerging Technology that is benefiting the Procurement ProcessAs per the World Economic Forum, streamlining information with the help of blockchain has the ability to increase trade by 15%. 

 

Analysing the use of Blockchain in Procurement 

There are various benefits of using blockchain in your business. However, there are some that sourcing and procurement are utilising for leading the horizon as well.  

  1. Smart Contracts– Smart contracts are self-executing contracts having the terms of an agreement between buyers and sellers been directly written into lines of code. The code lays across a well-distributed, decentralised Blockchain network. The code helps in controlling the dispatch, and transactions, which are trackable and irreversible. 

 

  1. Building Trust– Business is all about trust, and a long-term business relationship is based on faith and confidence in the other parties. As said by Robin Sharma- “The Business of Business is relationship; the business of life is human connection”. Blockchain enhances diligence in Procurement. It helps keeps transparency for both parties, whether buyers or sellers. It creates a network that is easily accessible to partiers for looking into transaction logs– Eliminating the risk of delay and duplication.  

 

  1. Heightening Security– A business involves various aspects of interaction and transaction. For a more secure idea, blockchain creates a decentralised ledger that is shared among a particular network to fill in sensitive data protection as well as maintain privacy.  

 

  1. Automation and Standardization– The manual process of keeping ledger or records is inefficient and timeconsuming. It also adds the risk of loss of data and errors. Blockchain, as a solution backs up the entire procurement process by digitizing and streamlining the procedure, untangling the complex, detailed documentation.  

Apart from these Blockchain has still a lot to offer for the procurement function, which is the reason why procurement professionals should start considering its use at the earliest. Integrating this tech to a company’s processes will result in sift pay-outs to vendors, precise invoicing and save a lot of paperwork. If you are considering to implement Blockchain in your business and need help in familiarising your employees with the Blockchain Technology, visit us at biginnovationcentre.in and enrol to our Membership Programme to receive a greater understanding of various Emerging Technology