Management education as pioneered by the US B-schools and blossomed by the hallowed schools at home, has continued to contribute to the dynamism of the Indian industry, business and prime employment scenario. MBA is no longer “THE APPRENTICE” as pilloried by the establishment but is now being perceived as the change agent in the public and private sectors as well. Like the sphinx, many have emerged as victors from the fire walk and continued their march regardless, to the Corner Room with aplomb and grace. Barring aberrations, the MBA’s have kept pace with the ever rising competency bar and complex business scenario to pull their weight to take the Indian economy beyond the two trillion USD mark. Amen!
However Post liberalization, beyond the fourth wave which lifted us to be an IT services super power, we are now in the cusp of the fifth wave - IOT (Internet Of Things). These waves, which are now a universal phenomenon, have pitchforked us into an era on mass uncertainty. As the global realpolitik drives us into an era of stagflation, the markets at home and abroad seem to be threatening to plunge us into an era of darkness. As the political uncertainties in the Middle East continue to push the fuel prices upwards, the falling rupee and weak exports are leading to the widening trade deficit thereby adversely affecting the fiscal deficit at home. It is this “Perfect Storm” which further unleashes THE VUCA syndrome.
Welcome to the world of business education where the B-Schools are striving to keep up with the pace of change in industry and business so as to shape the MBAs to take the challenges of the turbulent market place. The technological advance of the IOT driven industry has resulted in twenty four hour business and news cycles. The instantaneous on demand access to knowledge challenged through the social networking and blogs breeds hostile environment in business. This demands a significant shift in the mindset and learning process of the young professionals as they seek the MBA experience to success. Therefore, the rigour and pedagogy at the B schools has necessitated almost a paradigm shift and retooling so as to develop and refine lateral thinking and coordination capabilities.
To meet the “The Perfect Storm” halfway we at the B-schools are trying to incorporate the latest e-Business tools, business analytics, business simulation games, as well as global strategic inputs to help them appreciate the challenges of a boundaryless world. By exposing them to the courses in ethics, EG, SQ, experiential learning, team working, entrepreneurial inputs, design thinking etc. there is an effort to build a high competency professional through the holistic learning process. There is a greater emphasis now on students taking live projects both in industry as well as social sectors, as they come up with bits and pieces of live data bits which then need to be put together for the B-schools. It is this highly interesting and engaging method now labelled as “RAW CASE STUDY” approach by the elite, which is involving students to assemble and scan vast amounts of material to build, analyse and evolve business and social solutions applicable to demystify and wade through the seen and the unseen storms.
Thus the B-schools are shaping the MBAs to help industry achieve transformation beyond the iron clad business models to shape dynamic organizations evolving solutions more like writing notes to unheard melodies. This is the principal challenge of the times resulting in emergence of the Transformational Leaders building Apple, Amazon, Microsoft, Tesla in the west and Infosys, HCL, HDFC, Paytm, Ola etc. at home. Undoubtedly they are all seeking for that spark, the change agent who will bash along the road untrodden. As these leaders build teams to embark on the voyage of uncertainty, the MBA fits the bill as the expendable volunteer.
We have no doubt that the MBA will emerge as the BEACON of the transformational leadership driving the dynamic organizations to sustainable and
highly rewarding future. As Coco Chanel, puts it the MBA BEACON will plunge headlong since…
“Success is often achieved by those who don’t know that failure is inevitable”.
Prof. (Dr.) Vijay Page
MET Institute of Management