7/22/2016

TheEconomicTimes
Title:RESEARCHDRIVENANDINDUSTRYLEDBSCHOOLSAROUNDTHEWORLDARE
CREATINGHYBRIDPROGRAMMESASBUSINESSESDEMANDEXECUTIVESDELIVERFROM
DAYONE
Author:DipalGala
Location:
ArticleDate:07/22/2016

GMAC,theGraduateManagementAdmissionCouncilhasrecordedanincreaseofmorethan50percentin
MastersinManagementprogrammesaroundtheworldandasteadydecreaseinparttimegeneralMBA.InIndia,
wehavenotbeenrespondingeffectivelytothesechanges,withtheexceptionofafewinstitutions.ProfessorDr
RKMishra,Director,IPEstates,Industryfriendlycurriculumfortifiedbyresearchisessentialtoday.Whenyou
getaCEOsharinginsights,hehastremendousexperienceofcomplexbusinesssituationsandproblemsolving
withdifferentmethodsandtechniques.Withpracticingmanagementexperts,itislikearoleplayofallbusiness
concepts,whichcanbeaveryeffectivewayoftransmittingtheknowledgeandfillingtheknowledgegap.

DipakC.Jain,Dean,SasinGraduateInstituteofBusinessAdministrationofChulalongkornUniversityin
Bangkok,says,Whatweneedtodayistocreatehybridprogrammessuchaslawandmanagement,designand
management,manufacturingandmanagement.Managementhastobethecrux,lifeisaboutmanagement.The
otheraspectismacroeconomicsandinternationalfinance,currencyrates,inflation,Ithinkgiventhewaythe
worldisgoing,shouldbetaughtasacoresubject.Itisnowtouchingthelifeofeveryentrepreneur,everyonein
business.Also,accountingisessential.Thesearetobetaughtasthecostofcapitalisatthebasisofeverynew
idea'simplementation.Criticalthinkingandunderstandingcontemporarytrendsisimportanttoappreciatethe
changingecosystem.ThishastobefacilitatedbytheBSchoolviaexperts,asfaultymaynothaveexpertisein
everyarea.It'snotaboutsyllabus,itsaboutdevelopingakeenappreciationofthebusinessenvironment.
Specifically,cultivatingthoughtanduniqueperspectivesofone'sownisimportant.

DrMishrastatesinIndiawearestilldominatedbyregulationinbusinesseducationbythegovernment,With
governments,theapproachtoeverythingisreactive,peoplerespondtosituationsonlywhenaproblemhas
alreadyoccurred.

Governmentpoliciesaroundmanagementeducationalsotendtobeonsimilarlines.

Whereas,whatweneedinbusinessisforesightandproactiveaction.Also,theyoungbusinessstudentshould
besolvingrealindustryproblemswhilestudyingmanagement,andanyinstitutionneedsappropriateresearch
savvy,industryfocusedfacultyforthat.Studentsshouldlookatreallifeproblems,lookatmethodsand
techniquesindependentlyandcomeupwiththeirownwaytotackleit.

Whatiscomingupnextinbusinesseducation?SaysDrDipak,Tillthe80s,thebuzzwordwasmanagement,
thenafterSeptember11th,itbecameleadership.Atthattime,alotofcompaniesweregoingdown,soitcould
beseenclearlythatitwasnotjustmanagement,butleadershipthatmattered.Tome,thenextthingwillbe
creativity.WehavetogobackfromKto12.Thatiswherethecreativityflourishes.Thatpathandtimegivento
selfdiscoveryisveryimportant,asnomatterwhatonedoes,therewillbedisruptionandtechnological
innovation.WhatIcanseeisthattheschoolsystemtypicallydoesnotknowhowtoevaluatesuchthingsherein
India,somostschoolsmaynotencouragesuchassignments,buttheyareveryimportant.Thefunctionsofthe
leftbraincanbeoutsourcedormechanized,therightbrainhastobenurtured.Thebasicskillsarealsoimportant
themath,sciencesandhencethefutureeducationwillhavetobalancethesediverserequirements.Schoolshave
tohaveaninventoryofprojects.

DrMishraadds,Intellectualstandardsandoriginalresearchhavetobemonitored.Forinstance,inEurope,the
EuropeanFoundationforManagementDevelopment(EFMD)istakingabigleadinbusinesseducationin
Europe.InEurope,thequalityofmanagementeducationisdecidedjustbyonething.Peopleask,'Doyouhave
EFMDconnection?DoyouhaveEuropeanQualityImprovementSystem(EQIS)implemented?Thefactthat
inIndiawearenotabletomonitorintellectualcontributionsasmuchotheraspectslookedintobyAICTEisa
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biglacuna.Wehavesome5,500fundedmanagementinstitutesnow,morenumberofstudentsthantheUS,more
numberofschoolsthanintheUS.Butwhenitcomestoquality,veryfewinstitutionsstandapart.Whatwehave
inIndiaaresmallinstitutes,theydependtoomuchonthefeesandthegovernment,andtheyhavenotcreated
theirownsourcesoffunding.Thefundpoolinaninstitutionshouldbelargeenoughtotakeupexperimentation
andoriginalthoughtleadership,whichislackinginIndianbusinessschools.EventheIIMscan'taffordtotake
onverymanyexperimentationsandnewcreativeprojects.Wehavebeenproregulationinoureducation,and
wethinkitcanreplaceintelligentmentoringofinstitutions,butitobviously,itcannot,saysDrMishra.

Allocationsinthegovernmenteducationbudgetsalsodonotmakeforanygreatcontributions.Wemayhave
theworld'slargestyouthpopulation,butIndia'sinvestmentoneducationislowerthansomeAfricancountries
andotherAsiancountries.

Wehaveputmoneyintoscienceandtechnology,whereasinvestmentinthefieldofhumanitiesand
managementisalmostnil.Meanwhile,youngIndianshaveaspirationsentrepreneurshipisbecomingkeyto
businesseducation.Howmanybusinessstudentsknowbasicssuchashowtheycantakeabankloan,what
regulationsruletheirindustry,howisonetoglobalizehisorherbusiness,whatkindofIPiscreatedintheir
sector?asksMishra.Ourunderstandingofthesamehastobedeep,suggestsDrDipak.Itsanideaseconomy.
Somestartupsaremerelyimplementinganonlineversionofanofflinebusiness,butsome,likeUber,are
disruptingentireindustriesbymakingacreativeideasuccessfulfinancially.Theyarethequantumleaps.It's
suchideasthatwillcreatethebestcompaniesinthefuture.Sothiswasagreatcreativethought,butitisalso
deeptechnology,finance,implementation,legalandpeoplemanagement.Theconceptofanalyticswasalways
there,butnowwehavemany,manytoolstohelpusgobeyondthedata.

Managementeducationhastomorph,itismorerelevantthanever.DrDipakemphasizes,Whenpeopletellme
somanydropoutsbecameCEOs,ItellthemforeveryonesuchCEO,therewouldbemillionsofuneducated
CEOswhodon'tgetanywhere,butyoudon'thearaboutthem.Youdon'tneededucationisafallacy.InBSchools
today,deservingideasareconvertedintofledglingandlaterthrivingnewbusinesses,theyhavetheecosystem
withventurecapitalistsandmentors,andsoon,heconcludes.

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