The management education should take a huge leap in the coming days. Management is being called as a science and hence there are radical changes in the management science which the society and the Indian economy is currently going through. We Cost Accountants have an huge role in the society and with this changing dynamics of the profession its is being felt that we need to come up with solutions much faster before the problems grow. Cost management followed with strategic management should be the part of practices for the members. When the members would be using the strategic management aspect in their practices the field would find a new growth. We need to come out of the traditional cost accounting practices and should indulge more in research and practical application of that research into the industries and business fields. I find that cost accountants should work more closely with the entrepreneurs of India so that their business growth would lead to a substantial growth in the employment opportunities in India. It is well know that we are the only institute which deals with cost and management practices.

 We need extensive research and innovation in cost management strategies and provide solution to the entrepreneurs of India so setup their business models. This would open up more challenges for the profession was well as for the practicing members. In my research I find that management problems are becoming more complicated and hence we need to bring solutions very urgently before they are being taken by someone else. The professional development of the institute would find a new shape when solution based model would be provided across the industries. The current economic uncertainty provides immense opportunity to the profession and to the practicing members which we need to indentify. I find the recently members are becoming more inclined for jobs rather for practicing, the prime reason being the lack of identification of avenues of new fields. Only the research and innovation division of the institute would not be sufficient to provide the break through. Private partnerships with industries and immense active participation of members from all angles would be required to bring the breakthrough for the profession.  The yardstick of investments should be mapped with the percentage of the GDP so that the professional development likes other professions. The research and innovation of the institute should widen the scope of practices and should give break through to the profession.

More seminars need to be focused for strategic management programmes so that the practicing members take leap ahead in the coming days in their fields. Industry experts should be invited to share the problems of the industries and the research and innovation should carry out the solutions for the same. This would create a win-win situation for the industry as well as for the profession. We need to come out of the traditional practices of auditing and should formulate strategies to block the loopholes in the system across the industries. Outstanding individuals, groups and institutions with sufficient long-term abilities would be the key for the development of the profession. In between I would like to mark one key area that research and innovation should be carried by all the members not subjective to an particular section. The biggest disadvantages of this type of operation would be that research would be delinked with the real world and this would create worthless outputs. Active participation of everyone is required for uplifting the profession development aspect of the institute. One question might come up that how to design the research innovation of the profession. The answerer is simple ‘We need to focus more on parties and deign the research and innovation accordingly’. When we focus more on practices we bring development in our research and innovation.

The point is not from where to start but the point is from where to end. All members need to come together like a society to develop the civilization of strategic management based innovation and development. Another thing which is highly required for any professional development is elimination of bureaucracy and outdated procedures since without this the development of the profession cannot happen. We must keep in mind that these two aspects needs to neglected at each and every step of research and innovation. If they are not neglected then the research would be much like a home servant and would have limited growth opportunities for the profession. We need research and innovation where practicing gets more members.
Written By Indraneel Kripabindu Sen Gupta