Sunday, February 9, 2014

MANAGEMENT SCIENCE EDUCATION ....CHANGES REQUIRED

 A time will come when every Large and Mid-sized company would like to develop its own university where practical based teaching would be provided to the students. In my research there are already many companies where courses have been developed based on their process and requirements which are required for achieving the objectives of their organizations.  Today I am more concerned about the future professionals who will manage the business world across the globe.

We know that our management courses are far behind the global management courses and this mainly due to slow progress of the Indian corporate segment. But in the last decade we have made stupendous growth followed with globalised trade and commerce and phenomenal growth in complex business process. Complex business processes were created to match the global standards since we were already backward in those areas.   But there have been a constant gap which increased in between the professional capability and organizational objectives. This is well proved through the number of students who went abroad for management studies. The real reason is that management science has developed globally but India still remains in the back end.

 Traditional management professional courses needs to have a look since over the years more complex process and new developments in products and process would spook the demand for a change in the management education.  The expansion in innovation and entrepreneur segments has created immense changes in the process and management science hence content of the various professional courses needs to be upgraded.  We need to develop the professional management courses in accordance to the new changes.  The recession of 2008 have proved that the traditional courses are no longer of any use and management science and the complexity related to that have changed dramatically. For example if we discuss about corporate governance we can easily find that there is an radical change and with the recent stringent policies of the regulators, hence the demand  from professionals increases but there is an wide gap between the courses being offered and practicality.

Companies like Reliance, Motorola, and Hindusthan Uniliver have developed internal courses where employees of the organization are groomed and are enrolled in live projects to develop professional qualification matching exactly with the companies’ requirements/objectives.  Diverse geographic business opportunities have increased the demand for multi level and business solution providers. Traditional management science fails to provide these multi level business solution providers. With the advancement of technology the future of management science have changed radically. After the recessions of 2008 cost management have taken radical change where strategic cost management tools and techniques are being focused, replacing the traditional cost management process. Now in the coming decade we need to focus on industry specific cost management strategies where future professionals will match with the exact objective of the companies.  

Now in order to create such course models we need to interact more with the companies and develop the future of course module accordingly. Now many institutes will argue that they are already in touch with the various chambers of commerce like FICCI, CII and local business bodies while developing the modern management courses. Well this is not the correct way since no company will share its objectives or process neither its internal business models where the professionals are required. The best way to develop the future professionals is to put the organizational heads as the teacher of these management institutes and develop the course models under their guidance.  In the coming decade we will find management schools being developed by the private companies who will run their own courses.  These management institutes would become obsolete if proper changes in the management courses are not being incorporated. We need professionals to manage the systems from day 1. This prime reason that specialized knowledge only comes from the companies who are dealing with the same. The complex management science can only create professionals if they are being taught and developed by the companies.

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