Mikron Challenge Undergrads impress with crowdsourcing solutions

The pace of technological change means that todays most innovative thinkers are in high demand. Theyre also more accessible than ever, thanks to the internet. And when tricky questions arise for big companies, tapping into the hive mind by crowdsourcing solutions is one way to arrive at outside-of-the-box answers, faster. Major multinational companies from Amazon to Unilever  have benefited from the crowdsourcing model, and many more are following suit. Mikron Machining, a division of the  Mikron Group and a world-leading supplier of customized industrial machining systems, was interested in exploring the possibility of crowdsourcing knowledge to improve elements of their development processes. Hult undergraduate students, known for their fresh ideas, collaborated with the company earlier this year to propose an effective crowdsourcing method to meet their needs. An unexpected collaboration During a fascinating executive training on Digital Futures, run by Ashridge Executive Education at the Ferrari HQ in Maranello, I met  Undergraduate Dean Ronan Gruenbaum, explains Walter Sayer, General Manager at Mikron. Ronan was one of the speakers on the Digital Futures  program. Between sessions, he and Walter spoke about the potential of doing a project with Hult students. I was quite skeptical at the beginning, Walter admits. I knew that the students were quite far away from our highly sophisticated machine tool business. However, under the guidance of their Professor  Dr. Evangelos Markopoulos, Hult undergrads in the MGT415  class proved more than up for the challenge. Launching the Mikron Challenge The challenge kicked off with an in-class presentation from  Corrado Rossani, Cutting Tool Specialist of Mikron’s Tooling Department. He explained the companys background and mission, as well as what  Mikron Machining hoped to gain through crowdsourcing. Finding a way to effectively gather intellectual capital—and in this case, highly specialized technical know-how—from all over the world was the challenge given to Hult students. The student team with the winning idea would be invited to  present their solution to the Annual General Assembly of Global Mikron Managers in Switzerland. Our students are highly intelligent, but they are not engineers, Professor Markopoulos explains, noting that this challenge would likely involve a steep learning curve for his students. But this didnt prove a deterrent to the ambitious undergrads. They embraced the opportunity to work with a live client on a real-world business problem. I have been teaching for 20 years at various universities around the world, and I have never heard, seen, or experienced a similar case where a world-leading company comes into an undergraduate class and gives a PhD-level challenge, says Professor Markopoulos.   This can only happen at Hult! Splitting into teams of three, the students  learned fast and worked hard  in preparation for delivering an initial proposal to an expert panel of representatives from Mikron. This can only happen at Hult! Dr. Evangelos Markopoulos, Hult Undergraduate Professor Round 1: Initial pitch After an intensive six weeks of developing and honing their ideas, the undergraduate teams were prepared to deliver their first pitches to Mikron. General Manager Walter Sayer, Cutting Tool Specialist  Corrado Rossani, and Quotation Engineer  Claudia Walser all  arrived on campus eager to hear what the students had done so far. Hult students in the MGT415 class alongside Professor Markopoulos and representatives from Mikron. After listening to presentations from the five student teams, the Mikron representatives gave individualized feedback to the participants. Overall, the undergrads made a great first impression. With their innovative suggestions, it quickly became clear that the teams thinking could add real value to the business. With that in mind, Mikron offered an added incentive for the innovative student ideas: three hands-on summer internship opportunities. Round 2: Final classroom-based pitch After another few weeks of refining their concepts, the students were prepared for their final presentations in class. The stakes were high, as the winning team would have the opportunity to  propose their solutions to senior managers at Mikrons offices in Switzerland. Mikrons Walter Sayer,  Corrado Rossani, and  Claudia Walser returned to campus to see the culmination of the students hard work. The final presentations were impressive, demonstrating the depth of understanding gained over just a few months. We were impressed with the professionalism of the presentations and the results achieved, Walter says. We got quite good outside-of-the-box ideas and food for thought. Following the presentations and after some deliberation, the winning team was announced: Ikram Zakir, Ferial Boutcherit, and Elbetel Alamrew  were selected as the students with the strongest proposal. We were impressed with the professionalism of the presentations. We got quite good outside-of-the-box ideas. Walter Sayer, General Manager, Mikron We approached the challenge in two ways, Elbetel explains, The first was the crowdsourcing method itself—what platform, what strategy, and what payment method. The other was how and where to find and target the right people to participate in the idea sourcing. We started by doing research about the company to understand its specifications and competitive advantage, adds Ferial. Following that, we looked at engineers and their environment to understand more about their habits and what they would want. In the end, we proposed the development of a new Mikron Crowdsourcing Platform, says Ikram. The platform has a premium version known as Mikron Elite Society, and a standard version called Mikron Idea Hub. Skilled engineers will then be vetted and recruited to be a member of one or both groups. Presenting in Switzerland and preparing for a summer internship Last month, Ikram and Elbetel traveled to Lugano, Switzerland to represent their team and present their crowdsourcing solution at the Mikron Development Center. It was a surreal experience for me because I have never been to another country in Europe other than the U.K., Elbetel explains. Visiting the offices and getting the chance to see how the company operates was an amazing insight into the industry. Ikram and Elbetel arrive at Mikrons offices with Professor Markopoulos. Elbetel and Ikram were asked the deliver two presentations. The first was to Executives from Mikron, just hours after arriving in Switzerland. Both the presentations went well, but we were caught by surprise during the first presentation, says Ikram. The number of people we presented to was much more than we expected! I was definitely nervous, Elbetel admits.   But seeing all the encouraging faces and knowing that I was doing it with a good friend definitely helped me. On the second day of their trip, the two students presented to Mikrons General Management team, made up of senior-level managers from various global divisions. What was meant to be a 10-minute presentation lasted for nearly an hour, with Ikram and Elbetels proposal leading to a lively discussion. The two Hult undergraduates present their ideas to senior-level managers. It was amazing, says Ikram. The hospitality from Mikron was overwhelming. Following a successful first trip to the Lugano offices, Elbetel and fellow  MGT415 students Ferial Boucherit and Diego Gonzales will be returning to Mikron this month to begin an internship and gain a more in-depth understanding of the dynamics of the company. I hope to gain as much knowledge and experience as I can, Ferial says. Having an internship with such a company is a real opportunity. Gaining hands-on experience and helping to  solve real business problems  faced by global companies is central to Hults relevant, career-focused approach to undergraduate education. We wish the students luck as they embark on their internships and prepare for future career success. I think a live client project is the best way to learn and apply the lectures we get in the classroom. Ikram Zakir, Class of 2018, Winner of the Mikron Challenge   Curious to find out more about the real-world experience youll gain as a Bachelor of Business Administration student at Hult? Download a brochure. Like game changers? Break the mould in the business world with a Masters in Disruptive Innovation from Hult. To learn more, take a look at our blog Bringing innovation from the Hult classroom to Pirelli, or explore overall business challenges with a Masters in International Business instead. Download a brochure or get in touch today to find out how Hult can help you to find out everything about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .

To What Extent Is an E-Commerce Strategy the Best Way for...

To what extent is an e-commerce strategy the best way for businesses to increase their profits? (40 marks) E-commerce is the online transaction of goods and services, which has completely revolutionized business and the way in which businesses can operate. It’s now easier for customers to compare prices/products with a little time spent browsing the Internet opposed to dragging themselves to the stores. This means that e-commerce is having an impact on what and how much businesses sell, therefore influencing the profits the business gets. In this essay I will consider whether an e-commerce strategy is the best way for a business to increase their profits, or whether e-commerce is not the best strategy to do this. I will be arguing that†¦show more content†¦The new website was highly successful and ‘saw HMV return to profit’ (The Telegraph). This shows how an e-commerce strategy is the best way for a business to increase their profits as it illustrates how e-commerce can bring a business from administration to planning to expand into 10 new markets due to incre ased profits. Despite this, e-commerce doesn’t guarantee a business profit increases, as instead it can pose severe threats. One such threat is the risk of cyber attacks. A cyber attack is an attempt by hackers to damage or destroy a computer network or system. If a business falls vulnerable to one of these attacks it can severely damage their reputation. This reputation damage can lead to a loss of trust in the company by customers, as they will potentially have personal details such as bank cards/addresses accessed. This loss of trust will decrease brand loyalty and so the business will lose customers to competitors meaning lower sales and so decreased profits. Talk Talk shows a very recent case of a cyber attack. In October 2015 Talk Talk found themselves exposed to a cyber attack. Around 4% of the companies 4 million users were affected by the events. With More than 15,600 bank account numbers and sort codes were stolen, the company said. The scandal resulted in a  £35 million pound l oss for the company. This points shows how e-commerce can provide huge threats to companies despite the number of opportunities it provides too. These big risks that come alongsideShow MoreRelatedpaul hoang answers72561 Words   |  291 Pagesthe encouraging words that many of you have passed on from around the world. In the final installment, I have put together answers/solutions to all 217 case studies. I hope you will find these solutions as a useful starting point. As with all BM mark schemes, the solutions in this Answer Book should be used with caution and flexibility. 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Feudalism and the Growth of the Market

Questions: 1. The early Byzantine Empire represented an effort at continuing the legacy of the West, particularly Rome. To what extent did the Byzantines succeed in this effort and how do you think they failed? 2. The Islamic world represented a different model of civilization. What are the characteristics of this Islamic empire and how did they shape the Medieval world? 3. Traditional Chinese culture evolved to develop a strong political system and a well-developed economic structure. What developments in the Traditional period allowed China to become one of the most advanced societies in the world? Is it possible that the Chinese arrived in America prior to the arrival of Europeans? Why? 4. The Mongol Empire represents one of the most successful military societies in history. What made the Mongols such an effective fighting force? What were their failures? What if the Mongols had continued their campaign into Europe in the mid-13th century? What might have happened to Europe and the rest of t he world? What kind of leader was Genghis Khan? 5. Japanese civilization evolved differently from that which we saw in other parts of East Asia. What were the main influences on Japanese culture and what were the key features that emerged as a result of these influences. 6. Early Medieval Europe was defined by feudalism and manorialism. What is feudalism and manorialism and how did it come to shape Medieval Europe? 7. What was the most important event in Medieval European history: the decline of the Roman Catholic Church, the Hundred Years Wars, and the outbreak of the Black Plague? Why? 8. The Renaissance marks a break with the Medieval and the beginnings of the modern. What were the key changes associated with the Renaissance and how did they represent a break with the past? 9. What was the most meaningful part of the course for you? What did you learn about history, people, and why we study history in the first place? Answers: 1. The Byzantine Empire had reached a very great height in the late ninth and tenth century and during these years the Empire had a lot of pressure from the Romans to remove the Patriarchs and to get control over many parts of Italy. But during the same time the new invaders appeared to have no respect left. The Normans finally completed the Byzantine expulsion from Italy because of a lack of interest in sending any support to Italy and were mainly interested in defeatingEgypt. The empire also appealed to the west for help but they considered in sending help in return for reuniting the churches. 2. The Islamic empire was divided into many other provinces over the fight for succession and the Islamic economy revolved around trade and commerce with the Mediterranean and China and resulted in the manufacture of many luxury goods such as carpets, jewelry, spices and silk. The Islamic culture also valued education and learning to a very large extent and Arabic and mathematics flourished during this period. The primary and main language of the Islamic Empire was Arabic. Muslims were expected to observe the teachings of the Koran, the Five Pillars of Faith, temperance, and sobriety. Muslims were also expected to make a pilgrimage (hajj) to Mecca at least once in their lives. 3. Before the Europeans arrived in Asia, China was considered one of the most advanced and powerful nations in the world in terms of its population, political area and also most importantly in the art of agriculture. First the Europeans found that the Chinese had a very revered tradition and culture and industrialization was nonexistent. But its not the case in todays time; china is the most talked about countries when it comes to the future of the economy of the world. There were many questions raised however such as would china ever become an industrialized country and have an impact on the global trade. As it has natural resources and manpower to build a huge economy so therefore it became important that foreign nations understand the development of the China before they decide which side to defend. 4. When the Mongols came first the Mongolian dynasty took a total new shape. The tribal quarrels and raids were all done in the past because either the tribe or the clan had fallen out of use or the others were scattered all over the Mongol world and by also testing the system of the tribe and the traditional clan. A unified Mongol nation came into existence as the personal creation of Genghis Khan and through many colonial occupations which has survived to the present day. Genghis Khan was ready to start on his great adventure of world conquest. The new nation was organized and his troops were divided into a system and were very disciplined and well equipped as well as well supplied. 5. There was a huge impact on the global history in the transmission of the key elements in the Chinese culture and to the islands that came into being to make up Japan and this clearly provides a very good example in the spread of the civilization from the center areas to the neighboring people. The people of Japan imported a wide range of ideas, techniques of production, institutional models, and material objects from the Chinese mainland. After adapting these imports to make them compatible with the quite sophisticated culture they had previously developed, the Japanese used what they had borrowed from China to build a civilization of their own. They also used many new patterns of rice growing and handicraft production that helped in enhancing the base of the economy. 6. The social structure in which the king gifts a form of a land and authority to a lord to rule and govern the area in exchange for the different services like agriculture or defense this is called as the feudal system. Manorialism is defined as the social interaction system that existed between the lords and the population like the laborers, soldiers etc with regards to their daily life and survival. 7. With the fall of the Western Roman Empire, a new era began in Europe and the Mediterranean world. And so began the period of European history known as the Dark Ages, when out of the ruins of the Western Empire grew a number of new successor kingdoms ruled over by the barbarian or the people who inherited it. 8. The term Renaissance means "rebirth" and is the period in European civilization immediately following the Middle Ages, conventionally held to have been characterized by a surge of interest in classical learning and values. The Renaissance also witnessed the discovery and exploration of new continents and the decline of the feudal system. There was a growth of commerce and the invention or application of powerful innovations such as paper, printing and gunpowder. 9. The study of history is important because we learn from the mistakes of the past and hopefully learn to avoid those same mistakes made in the past. By learning from the mistakes that have been made by others, we are able to avoid the same mistakes and make more progress in economics, government, technology, etc.In a society which expects education to serve as a purpose, the functions of history can be more difficult to define than those of engineering or medicine. History is in fact very useful but the products of historical study are less immediate than those that come from some other disciplines. References Jonathan Maunder (2009-04-07)."Feudalism and the growth of the market" Socialist Worker Online. Retrieved2009-12-22. Kuitert, Wybe (1988). "Themes, Scenes and Taste in the History of Japanese Garden Art.". J.C.Gieben, Publisher, Amsterdam.