Full transcript of “Week 1: Lecture 1B: Present Context of Professional Work”. Click a timestamp to open the video at that moment. Need another video? Use the YouTube transcript generator.
0:00 [Music] thank you in the current time it is becoming even more important and I wish to communicate this idea about why the importance of managing self is only increasing and now in the two next two slides I am going to explain how this idea of self-management and managing life and career consciously managing life and career is becoming even more important in current times I can share I would share only two slides about that which tell how what
0:46 has happened what has changed in the current time what is changing in the current times which is making self-management a conscious Pursuit and conscious effort of self and career management is important one is how the nature of economy is changing and as the nature of economy is changing our nature of professional life is also changing and secondly I am going to touch upon briefly about the gig economy so first is let us look at how our professional lives are changing our professional lives are changing around changing the concept of business models changing business models changing
1:34 the way marketeer and customers are Interactive if we look at in last 200 years how the market year or industrialist and the consumer their interaction has changed this graph explains this idea about 100 years ago if you are able to produce a useful stuff a useful machine or useful resource and if you could do it within the economy of a scale and scope your successful Market here you provide what is not available to the people and you can draw value from there you can
2:19 earn profit from that process that was the commodity Market from the commodity Market came more specialized goods and services and that's why we started calling stuff Goods not commodities so commodity is clothing and the variety of clothes is they become the goods Goods became services in next few decades it is not only sufficient to sell the cars and cars also started being sold like commodity became goods and became service when Ford made their cars first time so
3:06 very successful implementation of the line line system of production ah one of the slogans of one of the very famous statement attributed to Henry Ford is that you can choose any car if it is black so they were producing only black cars these were more like Commodities but very soon the commodity became Goods we started getting different kind of vehicles uh run on the engine using the four four wheels here came the vehicle which are suitable for the smaller family vehicles for using in the agricultural activities vehicles used for uh commuting of the large number of people all that ah kind of development
3:54 happened and the commodity like car became good like luxury car or bus or tractor they all came as commodity but from the commodity to Goods things have moved to Services people not only look at the product they not only look at the quality of the product but they also look at the service being provided along with the product I started my career in 2000 and my first job was about selling luxury cars and those days Opel Astra and Opel Corsa were launched in India and there that was the time I could look at how the car
4:39 market was operating and how the Car Distributors whom we call dealers and they used to be big industrialists and big business people of their times how they used to make money and I was kind of surprised that most of the dealers the car dealers were not making money by selling cars they used to get some margin from the company by selling the product selling the cars to the customers but most of their earning used to happen by having a good Workshop where the repairing used to take place of the cars of the brand they were selling and then and then later on they started giving the service to the other cars as well
5:25 because that became even more attractive and rather important to gain the profitability in their business in their overall business so Services become important and that not only happened in the car market it happened almost in all the fields so even if you are selling a matchbox there has to be a safety instruction even if you are selling a soap there has to be a helpline where you can report if there are any allergic reactions because of the soap and and from these small product to very high engagement product like cars or selling Apartments all those stuff has to be supported by very strong service and that became the
6:12 expectation of the customers from the X Services marketing or from the services the customer focus and industrialist Focus move towards experience all activities related to business are experiences so it is not only sufficient to provide a particular product or product provide a particular service to the customers it became equally important to give the best experience by all the touch points of the customer and the service or Goods provider touch points may start from pre-sales
6:59 Pitch making person aware of the product till use at the product or disposing of the product as well so people look for not product and services but they look for experience and if you look at the current narrative in the marketing it is very well reflected in the marketing but it is influencing all branches of management it is influencing all branches of human endeavors so whether it is operations supply chain quality check managing information system all these are aiming at providing experience nptel swayam prabha Coursera how they
7:47 are distinguished they are also distinguished not only based on the content they are also based on the experience being provided in the process of taking the course from these platforms so experience is becoming and has become rather the core of the offering from experience we are moving to the transformation economy what does that mean that means customers wishes to be involved in the creation of the product so Nike started with this idea of very customized shoes tutorials uh wherein lot of online tutorials are there and their major customization is happening very
8:33 individual treatment is being offered by the products and not only individualized treatment in fact there are some products where customer have deep engagement in transforming what they get and what they are using at the particular platform so take the example of Facebook or Twitter these are what these are just platforms and all the content is being provided by the customer and still they are called consumers Airbnb this the process of creating value happens with the involvement of the customer in Airbnb or even in ola so these changes
9:20 are happening on the Bedrock of technology and happening at the global scale so professional context is being defined by movement from commodity to experience and transformation economy and as if this was not sufficient we are having gig economy gig economy is a situation where we have large number of service providers but they are not attached to single organization or they are not full-time employees of the organization they come in contact with the customers or clients for a specific service and that interaction is happens at a platform organization
10:08 has reduced to only in the form of a platform where buyers and sellers meet they satisfy each other's expectations they do the transaction with the help of that platform and things go on so we have large number of employees who are not the full-time employees they basically they are entrepreneurs they are professionals so most evident example is uh the Ola and Uber drivers but there are many other examples for the software development there are platforms where independent professionals are available uh who come in contact with the clients and customers provide their services and move on we have platform for
10:55 storytellers we have platform for Content writers advertisement makers website creators even farmers so uh this gig economy where there are there is there's no concept of full-time employment which is run on the basis of changing technology people have to figure out what is going on in the market they need to have the learning relearning unlearning they need to find out what is their Niche and they need to work to satisfy the customers in the best possible way because customer ratings are becoming very evident and
11:40 important rather critical for getting Services an opportunity to serve next time so change of the economy from commodity to experience and transformation and nature of gig economy has resulted into creation of a vast pool of knowledge workers and gig workers knowledge work and gig work has some peculiar characteristics these are continuous innovation continuous learning continuous self-management and managing productivity if we look at how the economy is working and how the experience economy is is
12:28 taking over all other forms of economic transactions we see a continuous innovation process Innovation is not something out of the work context innovation has become part of the work innovation has become part of a kind of job description a responsibility of knowledge worker is to be innovative and keep being opportunistically conscious and creative about innovation knowledge workers also have to remain engaged in the learning process and learning is not
13:14 free from unlearning they have to unlearn old ways and keep learning the new ways that has become part of the job they also have to manage themselves there is no time office there is no punching cards there are no even bio attendance system they have to manage their schedule they have to manage their productivity they have to interact with the customers they have to take responsibility of interacting with the platform managers all that has to be done as an entrepreneur so self-management is becoming extremely important managing their time managing their productivity and in the current times in the
14:00 knowledge work quality is not that much important important in the sense it is not a differentiator quality has become a basic qualification to enter the field so in this new era the productivity management is not focused on quantity how much unit you produce how much trips you make for a uber Rider or how many stays happen in a Airbnb place or how many uh project how many software development assignment one gets on a free on an open platform of the software developers the quantity
14:45 matters less quality matters a lot because even if you offer few services and if the quality is good you get good ratings and you get more chances of getting next business you may take up quantity but if you mess up in the quality there is a very less likely chances you getting the opportunity serving new customers next time so all these things have changed in our professional context [Music]
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