Placement report

PLACEMENT REPORT

Submitted by Harikrishna Chunchu

Id: 20234137

Organisation: IIC Technologies Ltd.

Supervisor: Girish Kumar Budarapu

Table of Contents

EXECUTIVE SUMMARY………………………………………………………...3

INTRODUCTION…………………………………………………………………4

WEEK 1……………………………………………………………………………4

WEEK 2……………………………………………………………………………4

WEEK 3……………………………………………………………………………5

WEEK 4……………………………………………………………………………5

WEEK 5……………………………………………………………………………6

WEEK 6……………………………………………………………………………6

WEEK 7…………………………………………………………………………….7

WEEK 8…………………………………………………………………………….7

WEEK 9…………………………………………………………………………….8

WEEK 10…………………………………………………………………………...8

WEEK 11……………………………………………………………………………8

COMMUNICATION SKILLS………………………………………………………9

PRODUCTIVITY SKILLS…………………………………………………………10

IT SKILLS…………………………………………………………………………..11

TEAMWORK SKILLS………………………………………..……………………12

CONCLUSION…………………………………………………………………..…13

EXECUTIVE SUMMARY

Internship programs have become a very important part of career programs, becoming a bridge for the graduates who want to enter the corporate level from college life. Every student must meet the required credit hours, and then they are placed in a real work environment to apply their theoretical concepts into the practical work environment. Working in IIC Technologies in the Accounting and Finance department, I worked in a real working environment different from the theoretical concept in class. The internship began in the first week of June, running to the last week of August.

IIC Technologies is accredited to provide geospatial solutions and services for acquiring, managing, integrating, and disseminating geospatial data. The organization has a lot of experience in many industries and geographies, in many areas such as marine and terrestrial solutions, software development, and systems integration, among many others.

In this organization, I did several tasks as an apprentice and gathered a lot of information to help in enriching my studies. The knowledge that I gained was very significant since I gained hands-on skills. My focus on education is developing and enhancing my skills in this career and its application by exploring the possible opportunities and getting hands-on experience on new kinds of technologies that would help me stay up to date with the fast-growing world.

INTRODUCTION

The Accounting and Finance department is very significant in an organization because it helps in transforming the company strategy into a long-lasting plan with annual operating and capital budgets. Using aspect such as financial modelling, it is easier to forecast the operations and profitability performance and be able to set the organization’s annual budget and give a vivid picture of the company’s future performance while at the same time giving the employees a direction of working towards.

WEEK 1

The first week of internship involved many challenges as it was a new experience towards my professional career. This week was mainly involved in knowing the locations of project and travelling onsite. And I learned how KPIs are vital as they aid in tracking the amount used on a certain project, the actual budget difference from the planned budget, etc. For instance, this week, I practically saw how the actual cost would help understand the actual cost of work performed.

WEEK 2

This week entailed working on the management and setting goals. Management was synchronizing the functions of organisation, starting from planning to control, to accomplish the goals. I learnt this is critical as it influences people’s attitudes, behaviours, and thoughts working in an institution. Managers help lead the other employees by aiming to achieve the set goals and objectives and proper utilization of organisation’s available resources. Therefore, these leaders are very critical to an institution as they help improve the morale and confidence of the colleagues as they drive towards the organization’s dreams.

WEEK 3

In this week, the major responsibility was to manage expenses involved with travelling to project locations as per requirement of presence, report, record them and to monitor KPIs, check the cause of any unexpected variance. Team of developers designed a computer-generated graphics showing the cost and other key indicators of task progress on one page. Using multiple graphs, it was possible to visually couple cost and through this spot trend in various parameters. The use of many plots on the same page with one axis that displayed a standard base, and the other axis presented a specific performance parameter that allowed visually integrating results and making a conclusion of the task status. This process enhanced by the proper choice of time segment, and the number of windows.

WEEK 4

This week involved developing and continuously improving budgets, financial projections, and operating forecasts. The major work involved evaluating the present and the prospect financial conditions to help in guiding the decision-making process. Some tools such as financial forecast are very significant in this department and the entire organization. This tool helps to provide estimated information based on the history, the present, and the anticipated fiscal conditions. In my opinion it is significant as it helps identify the potential income and the expenditure trends that might be a short or long term influence the organization goals and objectives.

WEEK 5

During this week, I learned how to use visual data and graphs and interpret the results and what should be done in the future. Data representation is simply representing data through the pictorial method. This methodology helps people understand the significance of data by placing the data in a visual context. Using different visual elements such as graphs, pie hats, maps, plots, among many others, visualization has become a very important area of study in trying to understand how these methodologies help people to understand trends and patterns of data. The use of data visualization and huge amounts of data analysis helps in providing data-driven decisions and solutions.

Bar graphs were the data visualization of choice. This method can be used in monitoring the price-performance of assets, thus aiding trading decision-making.

WEEK 6

This week was more of ad-hoc business performance reporting. It is well recorded that business intelligence styles help empower the users with the discovery of data and help them seamlessly push content to employees, partners, and customers in a matter of minutes. I got to interact with various business intelligence styles. One of them was Ad Hoc Query and analysis. This involves a full investigative query into all data. It can, however, drip down the transaction level details if it is necessary. It targets information explorers as well as power users. Another one was Enterprise reporting. This type is largely set up for faultless report formats. It reports operational and scorecards. These are normally targeted at executives and information consumers. These technological innovations were challenging to use, but I ensured that I worked closely with my supervisor, who easily helped me manage some of the issues.

WEEK 7

In this week, I was given the tasks of an HR like organizing the events, updating the database with new employee information details, and gathered payroll data. It was in this week I learned how the organizational culture is critical in helping the continuity of the business. Organizational culture is a very instrumental aspect of the continuing success of the business. It usually comprises an interlocking set of artifacts, thus becoming the organization's DNA. In a nutshell, it can be said to be the rational rules, regulations, and behaviours that govern a particular organization.

WEEK 8

In this week, I learned how the organizational culture is critical in helping the continuity of the business. Organizational culture is a very instrumental aspect of the continuing success of the business. It usually comprises an interlocking set of artifacts, thus becoming the organization's DNA. In a nutshell, it can be said to be the rational rules, regulations, and behaviours that govern a particular organization. A company must have a culture that cannot be easily imitated and that helps it stay relevant in the market. A leader who has created a culture of appreciation and acknowledgment on the employees, these employees will pick up this culture and they will begin recognizing each other gradually. This helps create a sense of unity which motivates every worker both at the individual or group level to perform at their level best. This will give this company a competitive edge over its competitors.

WEEK 9, 10, 11

These weeks I tried to analyse financial and operational results to help in better understanding the performance of the company and the various areas that need to be worked on so that the organization can reach its project goals and objectives. I came to know that analysing financial statements is very important as it helps the management to effectively manage the cash flow and make the best use of capital and planning financially to ensure that project’s strategic goals are met. This was made possible by working closely with all the other members of various departments.

I performed an extensive analysis of financial statements which helped to learn about the Income statements (profit margins, profitability, and revenue). I had the knowledge of using two methods i.e., vertical, and horizontal analysis. I learned that vertical analysis of financial statements normally helps look up and down the income statements to try and see how every line item compares to revenue as a percentage. The key metrics that I learned included the Cost of goods sold, gross profit, interest as a percentage of revenue, tax as a percentage, and the net earnings.

During this placement, I have developed various employability skills that will be very useful in my career field.

COMMUNICATION SKILLS

Communication skills are the most important skills that an employer will look at. A large part of the strategic planner’s job involves communication. This is one most significant of all life skills. Effective communication helps people in passing information effectively from one person to the other.

The environment in IIC helped me in building a strong and positive mindset. I now, more believe in myself than ever. I learned that our perception could be a powerful factor in determining our success in anything we do. In life, we get caught in situations that keep us from growing or attaining our goals and objectives. We continually fight against ourselves to become better, but fear keeps scaring us. Our negative mindset also keeps us from progressing in life. I now am a good communicator both by writing and speaking because I have more belief in myself.

I have also developed other significant communication skills, such as active listening as the project demanded employee to be onsite. I learned that there are many reasons why we have difficulties listening to other people. One of the biggest barriers to listening is that we mostly focus on body language and the vocal intonation of the speaker, leaving us with a very small percentage devoted to what is being said. These nonverbal cues distract what we should be hearing. Also, the receiver could be holding some biases against the communicator. This distracts their listening skills as they are supposed to keep an open mind and withhold judgments until the speaker is through. Lastly, when a person lacks interest in what is being discussed will make them become bored and lack concentration.

Some of the ways that I learned to enhance my listening skills include keeping an open mind and avoiding judging or mentally criticizing what is being said, as this will compromise our listening ability. The active listening technique ensures that we understand what is being said correctly. It is important to be attentive and give the speaker full attention through maintaining eye contact and giving undivided attention.

PRODUCTIVITY SKILLS

Every employee must impact their respective positions and ensure that the organization is working towards achieving its goals and objectives. I have throughout this period developed various management skills, leadership skills, punctuality problems solving and collaboration.

Through the various roles that I was given, I was able to develop my leadership skills. I have learned that I am a transformational leader. This is a leadership style where leaders can motivate others towards achieving their goals. I have a remarkable ability to create a vision in a compelling and inspiring way for the people. I am always positive and capable of developing a solid balance and recognizing the impediments that may prevent me from achieving my goals. I will therefore be responsible for urging the other employees in the organizations to maintain good relationships by encouraging them to maintain a good relationship with one another and respecting each other.

This is very important in helping ease the communication between and amongst the workers; thus, it is easier to communicate effortlessly, passing skills, knowledge, and ideas. This cheers the employees to have good relationships amongst and between each other, bringing confidence in the subordinates and making them trust in the leadership, making it easier to achieve an excellent organizational culture.

For a business to remain relevant in the market, it must show creativity. This is one of the most important aspects today that leads to fresh and beneficial ideas. This helps individuals and groups to solve problems or think differently to bring fruitful ideas efficiently. Thinking in innovative ways without the usual structure is the way many problem-solving are accomplished. Creativity and innovation help increase the ability of any organization to come up with unique new ideas and look at operations from a different perspective, which helps deliver the successful outcome of the solution being sort.

IT SKILLS

I learned a lot of excel during the entire placement period. One good skill I gained during this week is dealing with working capital and quick formulas for calculations. Working capital is used in measuring the liquidity of a company in the short term which helps in performing financial analysis, financial modelling performed in excel to forecast the financial performance of a company. I also learned about cash conversion cycle. Cash conversion cycle is a metric that is used in measuring the success and effectiveness of the company’s organization. Companies may have a negative or a positive cash conversion cycle which therefore calls for the companies’ managers to ensure that the organization assets and cash conversion stays positive using metric calculations. Companies are heavily impacted when they find it difficult converting inventory into cash.

Low inventory turnover increases average inventory and eventually inventory outstanding is high. For instance, a food production company may buy extra raw materials to cater for the production during the dry season.

INTERPERSONAL, TEAMWORK, AND NETWORKING SKILLS

Teamwork is today a very acknowledged way to organize work since it has been presented as being more effective than other methods that have been used initially. Teamwork normally helps in improving the quality of the working lives. If the team can subscribe to a set of values, then that team is committed to upholding and putting the team's interests above individual interests. It also helps in providing a good foundation for the development of solid teamwork. Failure to do this may be very difficult, and the team's performance may be very erratic.

Thereby developing open communication, active listening, social skills, and public speaking, it becomes easier to make a web and connect with people. As I plan for my career development, I must focus on my appearance to the world. Personal branding is my first goal in ensuring that my name and reputation are attractive and well refined. This has been a very important platform for me.

Analytical skills are also very important in brand building. These help one in evaluating both complex and simple problems. This integrates various skills such as being attentive to detail, thinking critically, decision-making, and researching skills. All these help one in analysing questions or problems and reaching a suitable solution. These skills will help me demonstrate my capacity to be an employee who can solve problems on the job. These skills are very important in helping one step in the correct direction. Working on these skills will help me develop my critical skills and assist me in rounding out my resume and cover letter with important qualities that stand out to employers.

The other one is interpersonal skills. These skills are very crucial in every part of the working environment. The saying goes that no man is an island. In the places of work, we all must work with one another to complete different projects on time. Interpersonal ability is an explicit advantage. Every employer will look for these skills because be it that a person is working in a team or dealing with customers, interpersonal skills are required.

CONCLUSION/PERSONAL STATEMENT

Internship programs have become a very important part of career programs because they allow learners to understand the nature of work they will be doing once they are up and going in their different careers. As I was working in IIC Technologies in the financial planning and analysis department, I worked in a real working environment different from the theoretical concept in class. I thus gained a lot of hands-on experience in the field.

There are various skills that I polished during my stay in this organization. Leadership is one of the most important aspects that is required in all careers. In this department, ethics and ethical leadership mean a lot. This was a huge milestone as it immensely helped me build my brand. In the competitive employment and entrepreneurship world, one must position themselves to aid personal growth. As I continue with my education, there are various skills that I need to refine to continue building on my reputation and my brand. Communication skills are the first skills that potential employers look at. This means that I must develop my communication skills both by speaking and writing. Similarly, I also need to be a very active listener before devising any plan of action.

My opportunities for improvement include working more on my communication skills. I must first learn the basics of non-verbal communication. It is said that non-verbal communication accounts for 55% of how an audience perceives a presenter.

What I will say will, therefore, largely depend on my physical cues. Therefore, I will practice more on communicating clearly and confidently and working on my posture. I must practice day-to-day discipline such as avoiding slouching or folding my arms. Similarly, I will make communication a priority by learning from successful communicators. To improve my analytical skills, I must keep practicing my problem-solving skills. For every problem, there is a solution. This, therefore, calls for the preparation of more than one solution to a problem and then test running the solutions to see which best suits the problem logically.

When making decisions, it is important to always think hard and rationalize the decisions by looking at the pros and cons of every decision. It is important to learn how to take time before coming into a conclusion.

Disclaimer:

“In submitting this work, I confirm that it is entirely my own and the content of the report reflects a true depiction of my experience with IIC Technologies Ltd., Nashik. I acknowledge that I may be invited to undertake an online interview if there is any concern in relation to the integrity of my submission.

Signature

Harikrishna Chunchu

Date: 28/08/2021

Chunchu, Harikrishna

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