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PGDM Education needs to be creative, realistic and innovative

Think contemporary job portfolios and naturally, management education comes to mind. Known by different names like Business Administration, whether for a bachelor’s or master’s degree, the essentials are so much the same except in greater depth and detail. Specializations like finance, marketing, HR or Healthcare point towards certain particular areas of expertise and they are all expanding rapidly.

Specializations are bound to grow in spectacular dimensions because human existence depends upon them. How can the world live without agriculture, supply chain management, and rural management, among several others? The best guarantee among professional degrees in the contemporary world anywhere in the world is a business management degree. Valuable internships during study expose to the real conditions of working life. Not that doctors and engineers are irrelevant, but management would apply to both fields in addition to technical knowledge.

Institutions that award management degrees

In the endless race to turn out job-ready management professionals, a large number of institutes, colleges, and universities of differing standards have sprung up. In Asia and Africa itself, management institutes are common, not to speak of advanced America, Europe, Canada and Australia.

What does IFBS teach?

Creativity and Innovation lie at the heart of the successful business manager. With business as the agenda, grounding in economics, commerce, banking, and finance would be essential. A history of the global industry, particularly the specialization area would be crucial. Besides, the development of the personality and character IFBS teaches skills appropriate to business settings of the modern day world. When it comes to the particular competitive needs of the industry, realistic assessments of the need of the hour would be targeted.

Faculty, Guest Speakers, and Industry leaders

Besides all the infrastructure and technology that prevails in the campus, the learned faculty often makes all the difference! A genuine concern for trainees rather than monetary rewards convinces the future managers and instills values and traditions. The occasional Guest Speakers with ample experience of Banking or Healthcare as the case may be would share their valuable experiences across a lifetime. Learning from others is certainly important. While undergoing training to be an industry leader, it would be inspiring to hear what celebrity industry leaders have to say.

Innovation paves the way to successful business futures

Using an analogy, innovation in business terms resembles the building of roads and bridges that open up new opportunities. Being able to conceive of the idea of the road or bridge is innovative thinking. While building roads may not serve any purpose in the middle of the remote jungle, they would make a lot of sense between the orchards and the town for transport and marketing purposes.

Thus, spotting business opportunity calls for innovation. Research clarifies the nature of the innovation. Customer research specifies what buyers want. Consider the favorite example of smartphones that have nowadays become like the sun, reaching everywhere! Detecting possibilities of marketing certain new models in particular price ranges would be innovative thinking. Geographically speaking, demands and specifications would differ. Spotting the differences would take time, effort and expense.

Creativity lies at the heart of successful business policy

Carried away by primarily monetary thinking, it may not seem obvious at first glance that creativity is the king.  In terms of software that rules much of the present day universe in every field, the role of creativity may be obvious.  In less likely applications like framing the vision and mission or deciding policies and philosophies for a company, creative thinking is needed.  Creativity is usually considered to be the opposite of logical and reasoning ability. Mathematics with the two plus two equals four approaches allows no room for creativity.

Down the ages, the creative ability of artists, poets, painters and designers has been shrouded in mystery, as if it was a supernatural gift. In the example of innovatively locating the market potential of smartphones, it is creativity that will help design the new models according to customer preferences. In this case, the software may be involved, but it is so much more! Dimensions, shapes, logos and slogans display many creative ideas and they all come from certain sources. Perhaps religion and culture, likes and dislikes may be some ways in which creativity is born and expressed.

How would concepts of innovation and creativity be taught in IFBS?

A lot of ground is covered during the two or three years of a management course. Since the best courses are invariably residential courses, trainees are immersed in teaching-learning experiences almost round the clock and on holidays. Besides a range of programs like Six Sigma, Campus to Corporate and Microsoft and Google, for instance, the Case Study approach has proved feasible. Institutions throughout the world adopt this teaching method with great success.

Case Studies present real life situations taken from industry when a crisis or an emergency is involved. Perhaps a fire broke out suddenly and the manager must make immediate decisions! The trainee is asked what his or her strategies would be to save the workers and the equipment. Thinking on the feet is the hallmark of a dynamic leader.

The role of assignments, projects, presentations, internships, classrooms

Imitation is a related term as well as invention, two common words with charged meanings! Whether it is process and design, HR, market, knowledge or networking based, innovation and creativity refer to them all. Computer games would be an excellent example that illustrates many such features by means of story and characters, backgrounds, plots, and action.

Brainstorming and visual prototypes represent other approaches to similar problem solving of one kind or another.

Just like stories in books and films must present conflicts to which answers are gradually found in the plot, management education deals with a series of problems.  A multimedia approach with all the advantages of technology and the internet has speeded up the process and made it more interesting. Instead of imaginary fictional tales, real industry problems are considered through case studies, brainstorming done. Innovation finds a way and creativity is applied to find solutions.

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