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  • The Generative AI Race

    The next big thing in tech isn’t the blockchain or the metaverse—it’s a mind-bending wave of algorithmic content machines. Imagine software conjuring up entirely new cities from scratch, inventing new languages and generating images of people who don’t even exist! It seems like a far-fetched dream, doesn’t it? The mighty power of artificial intelligence, however, has made this our new reality. Artificial Intelligence has been popping up everywhere in the mainstream and making headlines in leading news articles. It is most certainly the latest buzzword on everybody’s lips, but not an entirely new concept. The AI revolution has been taking place for quite some time now, although the pace has been steady. Unknowingly, it has crept into our daily lives, our streaming habits for instance. Netflix and Spotify make use of AI to suggest content based on the stuff already watched and listened to. This is only the tip of the iceberg. From making its presence known in multiple avenues from Siri to Alexa, self-driving cars to predictive marketing, AI is making its mark in modern times and we are at the cusp of a tech revolution. Decoding the enigma Generative AI, one of the most promising areas of Artificial Intelligence, has been wowing the internet with its ability to push the boundaries of what's possible. One could consider it a genie, granting our wishes for efficiency and precision with a wave of its digital wand. With the capability to read text, images, audio, and video data, it creates new content that is uncanny in its resemblance to the original. Generative AI functions using unsupervised or semi-supervised learning to process large amounts of data and generate novel outputs. For instance, if we want the AI to be able to paint like Picasso, it needs to be fed as many paintings by the artist as possible. The neural network at the base of generative AI can learn the character traits or features of the artist’s style and then apply it on command. This process is replicated for models that write texts and even books, create interior and fashion designs, non-existent landscapes, music, and more. The popularity has been maximized as a result of the proliferation of AI-powered chatbots ChatGPT and Bard. They have taken the internet by a frenzy, blurring the lines between man and machine. AI assemble! The chatbot search wars have begun. Two of the biggest tech giants, Microsoft and Google, have been kept busy in the race to build a generative artificial intelligence tool. Microsoft’s market capitalisation has reached 2 trillion dollars for the first time in nearly six months after it added ChatGPT to its search engine Bing. The company has also planned to integrate its artificial intelligence technology into its productivity apps including Word, PowerPoint and Outlook. Meet Bard, Google’s answer to ChatGPT. It is an experimental conversational AI service, powered by the Language Model for Dialogue Application (LaMDA). It had initially tried to give equal competition to ChatGPT. But the bot isn’t off to a great start, with experts noting that Bard made a factual error in its very first demo. Even Quora and Alibaba have entered the competition. Generative language tools mentioned above will undoubtedly change what it means to search the web, shaking up an industry worth hundreds of billions of dollars annually, by making it easier to dig up useful information and advice. The algorithms they use are designed to predict what should happen after a prompt based on statistical patterns in huge amounts of text from the internet and books. The AI search wars may have begun, but perhaps the winner won't be the most powerful chatbot, but the one that messes up the least. Let AI do the work for you In addition to producing paragraphs of solidly written English (or French, or Mandarin, or whatever language you choose), this AI can also generate blocks of computer code on command. Besides students generating entire essays using ChatGPT in the classroom, hackers have begun developing malicious code with it as well. Some universities have also banned the use of ChatGPT as it is considered an unreliable source. The ability of this impressive bot to clear competitive exams like medical and law has taken the world by surprise, and many believe that people are going to see years as pre and post-ChatGPT. Microsoft co-founder Bill Gates said he believes that OpenAIs chatbot ChatGPT is as significant as the invention of the internet and it will “change the world”. Such new programs will most definitely make many office jobs more efficient by helping to write invoices or letters but whether they will replace search engines is a different question altogether. Double-Edged Sword ChatGPT is truly a game-changer in the conversational technology industry, but also raises important questions about the potential risks and challenges associated with this technology. Some have claimed that the bot is limited to the knowledge and choices that are already on the internet. One should be aware that it is not capable of verifying the accuracy of the information in training data and may generate responses that are false or misleading. The use of AI language models also raises questions about the privacy and security of personal data used to train and improve them. It is very evident to state that ChatGPT and other AI models have the potential to displace jobs by automating repetitive tasks such as data entry, customer service, etc. However, the displacement of jobs due to AI automation is a complicated issue that can cause economic disruption and impact several industries. While there may be job losses in certain industries, AI will also create new job roles in related fields. Fast-forward to the Future As the generative AI era is now duly anointed, what might the next leap or epoch look like? It is a comforting thought to believe that we are capable of adapting in pace with the changes coming with generative AI. However, like a foreshock presaging a large earthquake, this new epoch could be a precursor to an even larger event, the coming AI singularity. The multitude of AI tools now at our disposal accurately represents that there may come a time when AI surpasses human intelligence. Keeping in mind, these are just a few of many models that are in the works, from both companies you know, like Google, and others you may not. It is possible that within the next couple of decades, there could be another ChatGPT-like moment when the world shakes again, even more than it has with generative AI. Source: thePrint Hardvard Business Review Digitaltrends Authors: Vanshika Mittal and Riya Sethi Illustration By: Muskan Bansal

  • From Blocks to Blockbusters

    We are all familiar with Lego, the acclaimed block-building game containing hundreds of colourful bricks and a how-to guide for your dream city. Remember bargaining with your parents for the more expensive 800+ Battleship set, moving furniture everywhere in a desperate attempt to find that grey 3*2 piece or the death cry of stepping into another lego while finding that piece. Lego has surely given us some beautiful childhood memories. However not much is known about how the biggest toy brand was on the brink of bankruptcy back in 2003. The concept of connecting blocks first came in 1962 but it didn’t catch much attention until 1967 when it was released as a complete set. Finally, in 1969 the iconic lego block was released, the exact design which is used in modern day lego! Despite the initial disapproval from the public, Lego saw the potential in its product and kept improving till it became a massive hit. With the rising sales and popularity, Lego decided to diversify with video games and theme parks. But as we’ll see it didn’t turn out the way they expected. Building Blunders Once upon a time, the Lego kingdom was a sprawling empire, stretching across the toy shelves of the world. But as with all empires, the kingdom began to show cracks, and before long, it was tumbling down like a poorly constructed tower of blocks. The root of the problem was a series of missteps, each one chipping away at the foundation of the company. Dispelling the myth: growth ≠ success To put it simply, Lego got a little too big for its bricks. The company was so enamoured with its own success that it overreached, spreading its reach across the globe like wildfire. But just like wildfire, this over-expansion consumed everything in its path, leaving the company with too many products, too many lines, and a brand identity that was starting to look like a jumbled mess. The company had taken reinvention a bit too seriously, in the 1990s. They started venturing into the production of not just their signature bricks but included a lot of different lines of products. They got into the making of merchandise, publishing books, and launching their theme park, Legoland, in the UK (1996) and the US (1999). And this was all in a bid to capture the trends they thought children were now interested in. They overreacted to trends and started over-diversifying. And they did what many other brands did – they expanded from their core, and like many other brands, they lost their heart. What may have seemed like a logical and necessary expansion, was mainly a result of the fear of being outdone. Mismanagement Madness In the early 2000s, the Lego kingdom was facing some serious internal problems. It was like trying to build a castle without knowing how many bricks you had - not exactly the foundation for success. The chief marketing officer, Mads Nipper, admitted that the company was in the dark when it came to their costs, which is a problem when you're dealing with building blocks. It turns out, they had been relying on top graduates from design schools in Europe, who were great at designing but didn't have much experience with the little plastic bricks. The result was that certain sets were costing more to make than they were selling for. It was a perfect storm of mismanagement and poor decisions, but the crazy part was that no one actually knew just how bad it was. It was like a house of cards, but instead of cards, it was made of blocks, and instead of falling down, it was losing money. Missed the tech train The world was rapidly changing, with new technologies transforming the way people played. But while its competitors were jumping on board and exploring the digital world, Lego was still relying on traditional methods, as if playing with blocks was enough to keep the kids of the new millennium entertained. The above mishaps shattered the castle built by the lego masters. The once booming company was now in humungous debt of around 800 million dollars; the future was looking pretty bleak for the Danish toy company. Building a Better Future: The Resurgence of Lego "Simplicity is the silent symphony of solutions." Despite these negative developments, at the heart of things, Lego is a straightforward company that achieved success thanks to its innovative and imaginative product, coupled with outstanding marketing strategies. While expanding in other areas they not only lacked a satisfactory USP but also lost sight of their fundamental product. To make a successful turnaround, Lego simply had to focus on improving its core strengths while eliminating distractions that were not essential. Change In Management Jørgen Vig Knudstorp was appointed as the first CEO of Lego outside the family after serving as the Director of Strategy for three years. Despite the challenges that the company was facing during this time, Knudstorp accepted the challenge and transformed Lego into what it is today. He reorganised the company's structure, streamlined the supply chain, simplified the product line, and introduced five-year plans. He also reduced unnecessary variations and placed a strong emphasis on the power of the Lego brick, which ultimately became a key factor in the company's successful comeback. Realigned Priorities A well-known saying goes: “If you keep doing the same things, you’ll keep getting the same results.” However, in Lego’s case the opposite is true. Despite their initial success Lego lost focus and got distracted by diversification. Thus in order to be successful again they switched back to their tried and tested methods and got rid of unnecessary distractions. First, the company sold all four of its Legoland theme parks, which not only brought in additional cash but also reduced their maintenance costs. In addition, the company simplified its product line by eliminating unnecessary variations, which had previously only added to its expenses. Finally, Lego temporarily discontinued its video games program in an effort to focus on its core business. Thanks to all these changes Lego regained focus and quickly became profitable once again. Marketing & Collaborations Throughout history, we have witnessed several traditional business giants go bankrupt because they failed to recognize the impact of modern technology. Despite the evolution in the gaming and entertainment industry, Lego not only managed to survive but also continued to grow at a remarkable rate. By collaborating with video games and movie franchises, Lego leveraged technology as a catalyst for growth rather than resisting it. The comparison between Star Wars and Lego is often made to that of peanut butter and jelly. With each new Star Wars movie, the sales of Lego Star Wars sets increase significantly. But this is not limited to Star Wars alone. Over the years, Lego has partnered with a wide range of franchises, from Whimsical animes all the way to Classic James Bond. If there's a franchise you enjoy, chances are that there's a Lego set dedicated to it! Universal Audience Most games are categorised as being for either boys or girls, but Lego has shattered these gender and age barriers. Thanks to its numerous partnerships, Lego has been able to build its sets in all genres; be it Marvel, or Frozen, or Harry Potter. Lego sets are also available in a range of difficulties, from sets with fewer than 10 pieces to the challenging 11,695-piece Lego Art World Map or the Lego Titanic containing 9,090 pieces. The latter being sophisticated enough to captivate even adult audiences. In fact, Lego has an entire community of adult fans, known as AFOLs (Adult Fans of Lego). So, no matter your age or gender, there is always a Lego set for you. Happy Ending to the Toy Story Lego's downfall was like a game of Jenga gone wrong—every time they pulled out a brick, the tower seemed to crumble more. But, like any true game master, Lego wasn't ready to concede defeat. They took a deep breath, gathered their pieces, and set out to rebuild. Slowly but surely, brick by brick, they pieced their company back together. Now, Lego is back in the game, ready to take on new challenges and reach new heights. So, here's to Lego, the company that proves that even the greatest of towers can be rebuilt and restored. Author: Esshan Wadhawan, Palak Bansal Illustration By: Ramya Sehgal

  • Gig Revolution: The Short-Term Way

    The world has always been on the move; a place of constant progress where innovation and technology have known no bounds. Virtually every aspect of our lives has been impacted, thanks to technology grabbing the steering wheel and speeding ahead. Let's take a closer look at one such aspect: the gig market. The gig economy comprises a labour market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers, rather than full-time permanent employees. The employment is on a short-term and payment-by-task basis. It involves contract-based undertakings over a period of time, and there are no fixed terms. For better understanding, let's assume that there are two college students: Payal and Sahil. Payal, in addition to pursuing her degree, is learning video editing skills through online resources and webinars. On the other hand, Sahil simply goes by his day in college, returns home, and waits to complete his degree before he starts any kind of work. Payal, after completing her online course, gets a client who needs a video editor for a mini-documentary, just a small gig. She grabs the opportunity, does the work, and earns a small amount. Here, Payal has become a part of the Gig Economy. Is the Gig Economy a recent development or something that always existed in the market? Let's try to analyse the rise of this new way of working. BUDDING BAY OF OPPORTUNITIES? A recentreport published by NITI Aayog has revealed some insightful statistics about the growth prospects of this sector, stating that more and more companies are preferring to hire employees on a project basis and that 90-110 lakh additions to the gig workforce are expected by 2025. A report by the financial platform StrideOne revealed that gig workers in the start-up will make up about 4% of India’s total workforce by 2024. The report also states that in the long term, this sector has the potential to add over 9 crore jobs in the non-farm sectors of India. The numbers are clear, the gig economy is quickly taking centre stage and is becoming one of the most important aspects of future employment and economics. Flexibility to work from anywhere, the rising demand for contractual employees, and changing work approach of the millennial generation are some of the reasons for the spike in the popularity of the gig economy. If that’s not it, the start-up frenzy created another boost for the gig system. Start-ups that can't afford to hire full-time employees have started turning to short-term contractual workers for non-core functions. THE RISE OF THE GIG MARKET So, folks, the facts and figures paint a clear picture. This sector could potentially skyrocket: witnessing exponential growth and an inflow of skilled workers. This not only impacts the traditional 9-5 workers but also the current economic aspects and employment outlook. According to long-term projections, the gig economy's success could add up to 1.25% to the GDP of the country. It could also help reduce the income and unemployment disparities in India, as we move towards the goal of becoming a USD 5 trillion economy by 2025. A NITI Aayog Report states that an estimated 22% of gig work currently belongs to high-skilled professionals, like consultants and graphic designers, 47% falls under medium-skilled, and 31% under low-skilled jobs. Although blue-collar jobs currently form the better chunk of this sector, there is also a steady rise in white-collar opportunities. THE TRADE-OFF This change in the job market has a profound impact on traditional business models, and it is pushing companies to re-evaluate their business strategies and operations. It also brings a shift to traditional workplace dynamics and relationships, in one way or the other. Because of the transitory nature of gig work, a lot of times long-term work relationships, not only with co-workers but also with clients, might not be formed. Picture this, a client returning to an organisation because of the trust and familiarity that they have with an existing employee of the company. This is quite common traditionally, but if the same job is now given to a gig worker, this might not happen. Since they work on temporary contracts, gig workers mostly stick around with the company for the duration of the contract, until they eventually move on to the next gig. Moreover, despite such a high number of workers in this sector, they still have limited or no access to traditional employee protections and other formal sector perks like job security, paid leaves, employer-sponsored retirement benefits, etc. Notwithstanding the foregoing, there are a whole host of benefits to hiring gig workers. Companies can skip the traditional cycles of hiring workers and spending on their training; they can simply hire gig workers, as and when they are needed, making the whole process much more cost-effective. Moreover, employers have access to a broader pool of workers to choose from, which makes finding the right person for the job quite easy. Additionally, such work allows individuals to enjoy a healthy work-life balance. Also, let's not forget that freelancers often work remotely, eliminating the need to travel because of work. GIG-LING WORKERS OR DISMAY It’s the time to buckle up since the gig economy is here and is on the rise. Companies will have to mould their operational strategies around this new way of working. The traditional 9-5 jobs will see the rise of contractual and short-term work. The avenues for contractual work will expand, more so digitally. However, at this stage, it still seems difficult to say whether the traditional approach to work will completely be overturned. After all, the job insecurity and mental pressure attached to the field of gig work could become reason enough for someone to keep their 9-5 job. There is no doubt that the gig economy will grow; the future looks bright, but then will it be a gig for a day or a salary for a month? Or will the pros of the gig economy far outweigh its cons? Author: Kashish Rajput, Piyush Malik Illustration By: Hemanjot Singh Source: EconomicTimes Times of India India Today ThePrint

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  • Finance & Investment Cell | Hansraj College | Delhi University

    Finance and Investment Cell Hansraj College about us The Finance and Investment Cell, Hansraj College embarked upon its journey to promulgate financial literacy in the year 2014. Since then, we at FIC have been disseminating quintessential information on finance and related concepts. Be it organizing multifarious events or hosting regular speaker sessions with eminent personalities, the Cell has managed to build a significant presence for itself and has lived up to its reputation of being one of the finest societies in the Delhi University circuit. Know More About FIC 6K+ Event Footfall 750+ Fellowship Registrations 8500+ Newsletter Subscriptions ₹900K+ Cash Prizes Given We Take Pride in Our Numbers 12k+ Facebook Likes 7 Years of Service 6 Finance Platter Speaker Sessions 9 M&C Projects Our Past Partners 1/15 BLOG | FIC Hansraj Refined FIC Hansraj Mar 5 4 min The Generative AI Race ChatGPT became a sensation around the world soon after its launch and questions were raised about whether this is the ‘end of Google’. FIC Hansraj Feb 28 5 min From Blocks to Blockbusters Remember that toy you couldn't put down,LEGO had a similar grip on our hearts until it almost fell apart. How did it pieced its way together FIC Hansraj Feb 20 4 min Gig Revolution: The Short-Term Way Getting to know the hype of the Gig Economy and challenges associated with it in different spheres of socio-economic ground field. Check out all the articles Our Services Mentorship and Consulting, FIC Hansraj College Mentorship and Consulting (M&C) Department The Finance and Investment Cell realizes the dynamic industry needs advanced skillsets. The Consulting wing was set in motion to help students apply their skills by undertaking live projects. The wing has executed live projects spanning Financial Modelling, Technical Analysis, Market Research, etc. Know About MNC Departments Collaborate With Us Organizing and ponsorship, FIC Hansraj College Organizing and Sponsorship (O&S) Department The Organizing and Sponsorship department works with outside entities to bring in sponsorship for FIC, Hansraj College and organizes all kinds of events for the society. The work consists of converting clients into a mutual agreement over sharing deliverables. Know About O&S Our Social Responsibility Mentorship and Consulting Social Wing The Social Wing of the Finance and Investment Cell, Hansraj college is an initiative to spread financial awareness especially among the less privileged strata of the society. This initiative has been undertaken to fulfill the social responsibility towards the society and help bring the needed change in the community. Know About Social Wing Our Departments Technical Department The Technical Team of Finance and Investment Cell, Hansraj College works on how to present the society to the outer world. Professionalism runs through their veins and creativity shows on their screens. Words don't define the Technical Department, their graphics do. Know About Graphics Team Editorial and Marketing Department (EDM) The Editorial and Marketing Department (EDM) handles the social media pages which constitute the face of the Cell. It disseminates knowledge about recent market trends in news to lesser-known trivia facts through intriguing financial articles. Know About EDM Research and Development Department The Research and Development Cell aims to spread awareness about everything finance and beyond. The department attempts at breaking conventionally complex financial concepts and news into a simplified manner by hosting interactive discussions, sessions with industry experts etc. Know About R&D Our Events Empresa'21 Read More > Young Investors' Fellowship Programme'21 Read More > Finance PLatter'20 Read More > Meet the team Jayesh Rungta President Harsh Aggarwal Vice President Eesha Goyal Vice President The Core Manuj Bengani Joint Secretary Khatwang Gupta Chief Advisor Meet the Department heads

  • Parivartan | India's Largest Financial Literacy Drive

    PARIVARTAN Project Parivartan was a Pan India initiative undertaken by the social wing of the Finance and Investment Cell, Hansraj with the aim to integrate both social responsibility and finance. Parivartan has brought a change in the lives of more than 10K + people across 50+ cities in India. These initiatives have made Project Parivartan a festival that celebrates financial literacy. PARIVARTAN'21 PARIVARTAN'22 PARIVARTAN'23

  • Parivartan 2022 | India's largest financal literacy drive

    PARIVARTAN 2.0 One of the biggest Student Driven Pan-India Financial Literacy Drives OVERVIEW Parivartan is India’s largest undergraduate financial literacy drive focusing on imparting financial literacy to the masses. This year, it was conducted at an even larger level with various events under its umbrella. This entailed a showcase of our finance handbook, our in-house developed personal finance toolkit, both being the results of our hard efforts for over several months as well as a report, SHG sessions and speaker session. Parivartan has brought a change in the lives of more than 8000 people across 35 cities in India in 10 days. These initiatives have made Project Parivartan a festival that celebrates financial literacy. SURVEYS Parivartan 2.0 began its voyage into the realm of ground-level reality. Surveys were conducted by members of society for this purpose. The surveys were carried out in two stages. One before the SHG sessions and one after the SHG sessions had been completed. The major goal of the surveys was to determine the current degree of financial knowledge among persons who are on their way to becoming self-sufficient. The questionnaire was translated into two primary languages, namely Hindi and English. Forms were made available in both paper and electronic formats. The information received during the survey was used to estimate and create the reports. SHG SESSION Accentuating the bottom level reality of India, this year Parivartan 2.0 held personal finance sessions with SHGs. We provided informative and entertaining lectures on topics ranging from budgeting to government Programmes. Aiming to reach out to people who have a strong desire to learn but have been unable to do so due to lack of awareness, Parivartan decided to make an actual impact. Not forgetting the future of our nation, we discussed particular and on-demand themes with them and kept them involved with tasks like preparing their budget. We consider ourselves lucky enough to make this level of impact in people's lives and therefore. Parivartan keeps serving its purpose. Screenshot 2022-04-17 165334 Describe your image Screenshot 2022-04-17 165246 Describe your image Screenshot 2022-04-17 165158 Describe your image Screenshot 2022-04-17 165334 Describe your image 1/3 SPEAKER SESSION Under Parivartan 2.0, speaker sessions were conducted to enrich the attendees with personal finance literacy. The dignitaries talked about payment gateways, personal finance and numerous other finance-related topics crucial for today’s youth i.e the country’s future. The event was graced by Mr Vivek Aggarwal (IAS, additional secretary at Ministry of Finance), Dr Badri Narayanan Gopalakrishnan (Head, trade and commerce, NITI Aayog) and Mr Nalin Bansal (Chief of fintech at NPCI). In addition to this, many honourable personalities appreciated the Finance and Investment Cell’s efforts under Parivartan. This included receiving letters of appreciation from Mr Krishan Kumar (ADM, East Delhi), Mr Pankaj Goel (Managing Director, Technology Investment Banking, JP Morgan) and Mr Sanjay Yadav (MLA, Jabalpur). These appreciations have motivated us to perform even better next year. THE INITIALS OF FINANCE We are proud to present to you our very own book on personal finance! This lucid book contains an array of basic financial topics which most find hard to tackle. There’s a time to spend and a time to save and we're here to help you keep a track of that time. Be it budgeting or banking, getting to know the technical know-how of taxes and investments or just wanting to save enough we have made sure to be there with you as you take your baby steps towards taking our money matters into your own hands! TOOLKIT The Financial Toolkit - A one-stop solution to your budgeting problems. As campuses have reopened, we have realised the difficulties of living on a budget and the need to keep track of our expenses. The finance toolkit is designed to help us in the same. We have curated a set of Excel sheets designed to perform functions like track expenditures, set personal limits for each item and measure overages. This way we know where the money we receive each month is going and how to optimise our spending levels. And this is not only going to be useful for college students. This can be used by anyone looking to keep a track of their inflows and outflows from working professionals to blue-collared workers. Building this toolkit was a huge learning experience for us because we got to bring our ideas into a reality by learning different formulas and functions on Excel. Make the most out of your meticulous creation…happy budgeting! REPORT Under Parivartan 2.0 , in-depth research work by the virtue of surveys was carried out to determine the level of personal financial literacy . This was then published in the form of a detailed report that involved analysis of factors such as ownership of an account , usage of digital payments etc. Download Report LETTER OF RECOMMENDATION Lucy Kurein Founder Director-Maher GALLERY 20220301_160216 (1) Screenshot 2022-03-02 at 7.02.47 PM WhatsApp Image 2022-04-19 at 6.07.21 PM (1) 20220301_160216 (1) 1/7

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