INNOVATION THE NEED OF THE HOUR

Innovation it is said has been at the forefront of driving technological advancements across industrial nations for a good part of this century. Almost all that we value today is a result of this complex yet simple process of thinking outside the box. So what exactly does one mean when one says that innovation will drive growth and development in the future. What does innovation mean , does it mean streamlining process and systems so that they deliver more , or does it mean doing something differently in order to achieve more. Interestingly, I think it means both these and, maybe even more . Innovation in my opinion is a way to achieve a goal faster , better and maybe even cheaper. Many people confuse it to be something that is complex and often confounding. I might sound naïve in saying so but in my opinion it might not necessarily be that. Infact it might actually be something simple and basic. One of the most important enablers for innovation is the ability to think differently and that in my opinion is the real stumbling block that most people face today. As managers most of us are not programmed to think creatively and therefore we fail to innovate while at work. We simply see systems and processes in the same light as most others and are therefore not able to bring about that change or innovate. What we desperately need today is a breed to fresh young energetic and fearless managers who will literally go beyond and in the process innovate . Business schools need to play a very critical role in this process by building capacity in the fresh managers to see beyond and bring about change. Unfortunately most schools have not been able to do that in the past and therefore have failed in delivering value to the nation. Some schools have tried to do their bit in terms of ensuring that students atleast know about the process of innovation, but I think they have not been able to do anything substantial on that front. It is therefore imperative for schools to undertake this as the next big challenge and contribute towards the growth and development of industry in India.  Learning by rote has often been the objective of the school system in india. This needs to change as it is detrimental to the cause that we need to work towards. Schools have paid too much attention to the fact most lessons must be learned and then used to the benefit of the learner. In my opinion, this does not work as what I experience often stays longer with me than what I have merely read or studied. In order for creative thinking to become a process and a habit, all parties to the process will need to commit. The B-schools teaching management, the professors delivering the content and most importantly the students who received this new and innovative pedagogy. Even if one part of these three sides of the process was to renegade on its commitment, the process would fail . Therefore the change needs to be inclusive and must necessarily have the Buy-In of all parties concerned.

MARKET READY MANAGERS...

The ultimate objective of a management institution should be to provide market ready and employable business graduates who are able to deliver value to the organizations that they work in. This has however not been the case; with a majority of the B school graduates not being properly skilled. Industry experts often lament the lack of skills that some of these students display and often blame the faculty of such schools as being the cause for turning out under prepared managers. In the recent past there has been some talk of creating a skill based curriculum and the government is getting involved in this process. There have been some changes to the curriculum and I am happy to note that the government has taken some concrete steps in this direction. I wonder however if this is enough and if the government is serious in its commitment to make this situation better. 

For the situation to change, the first thing that will need to change is the old paradigm. What we need today is broad based learning that is not dependant on only one parameter or factor. The need of the hour is to enable the learning of skills and concepts that further the ability of an individual to solve problems for his organization. These skills and learning aren’t only limited to the classrooms that they are taught in; they encompass a whole range of activities and initiatives that go beyond the four walls of the classrooms. And these should also be scalable and be replicated by the entire system. At IIPM, we pay special attention to the development of such skills. We focus on ensuring that the students understand and appreciate these skills and their application in the corporate world. Right from ensuring that each student is trained in executive communication skills to developing complex skills such as project management, every minute detail is paid attention to while developing and upgrading the curriculum. All of this ensures that the students who pass out of the institute are not only ‘highly’ employable but also become ‘great’ assets for the organizations that they work for. 

To make sure that the quality of students who passout is high, the institute must also ensure that its faculty is updated on the happenings in the market. Assignments which hone the skills of the faculties and keep them abreast with the trends in the markets should be encouraged. Additionally institutes must pay attention to the research that faculties are undertaking and actively encourage and help faculty members find relevant scopes of study. This will not only help the faculties and the institutions but will largely help the management fraternity as newer thoughts and ideas would come into play. As it is, with the fear of another slowdown imminent in the market place, path breaking and out of the box strategies will help solve a lot of the problems of the future. It is therefore imperative that B-schools all over the country take note of this and commit to ensuring that their students who graduate are at least employable.

INTERSTING TIMES TO COME...

As we step into the New Year and the hype and excitement around the resolutions starts to settle, all factors point to the fact that this year is going to be a tough one for the Indian economy. Talks of a double dip recession have already started gaining grounds and this time around it seems that even the Indian economy is not going to be spared the onslaught. Several companies have already started feeling the impact and other are bracing themselves for the impact. 

The good thing however is that there is a more programmed approach to solve problems. It is not the typical knee jerk reactions that one saw the last time. And I am of the belief that the last recession has toughened us and taught us a thing or two. We are today better equipped to tackle the issues that are bound to come our way. I have often heard people say that “when the going gets tough, the tough get going”. This is for the first time perhaps, that I have realized the meaning of the phrase and have seen individuals do wonders in situations which were extremely tough and demanding. I am therefore of the opinion, that the Indian management professionals have in fact taken the acid test and have emerged winners at the end of it. This is particularly encouraging in the light of the current economic conditions that are prevalent in the world.  

Not only are Indian management professionals occupying centre stage globally, many Indian organizations have started to come of their own in the international markets. Today organizations are not shying away from taking on challenges that would have seemed impossible just a few years ago. From cars that are the cheapest in the world to technology products that have created international benchmarks, it seems that Indian organizations have started to come of age and are no longer afraid to take the fight to the competitions backyard. These are interesting time we live in and these are probably the best times for management professional to establish themselves globally. 

The last time we had a slowdown it brought about a whole new wave of innovative problem solving techniques. Managers in all functional areas literally started thinking outside the box and created some very interesting and innovative strategies that helved respective organization. Another slowdown, is sure to bring even more such innovations into the marketplace whereby making the market more dynamic and complex at the same time. I can’t stop myself from getting excited at the prospect of a whole set of new and innovative practices being implemented across workplaces to solve problems that are thrown up during the times to come. 

In this issue of CULT, we have tried to bring to you the story of the man who has tirelessly led the IIPM 

revolution form the front, Dr. M.K. Chaudhuri. We have also featured his biggest support during these times, his wife Mrs. Ratna Chaudhuri. We sincerely hope that their story of sheer passion and perseverance is able to stir your soul into action and also helps you in appreciating the power that one man’s vision and commitment has.

FORGING INDUSTRY ACADEMIC TIE-UPS

So the whole world it seems is tuned into the FDI in retail drama that is unfolding in India currently. On the one hand are the politicians having their specific gains which are at stake currently and on the other hand are the retail giants just waiting to gain access to one of the most lucrative emerging markets in the world. Stuck right in the middle are the consumers who will benefit from this revolution. In addition to creating new jobs, bringing in new investments and getting new technology into India, it will also bring about a whole new world of choices for the Indian consumer. 

One look at the last decade in Indian retail reveals that the jobs that are available for fresh graduates in the retail sector require specialised training. Something that a lot of organisations have woken up to. Keeping this in mind most big organisations have already started partnering schools and vocational colleges in imparting job specific training to aspirants. Short term courses are being offered to aspirant keen on joining the retail sector. In my opinion, this is some thing that both the academia and the corporate world have to work together on. The future lies in integrating education and learning and for this to become a reality there has to be greater collaboration between organisations and teaching institutions. At the institute, we have already started such initiatives so that we are able to help our clients achieve greater efficiencies. From partnering banking organisations which train management graduates in basic operations, to research companies which impart practical learning to aspirants, campuses today have become a hotbed of activity for companies vying to corner the best talent for themselves. 

In such a scenario it becomes essential for organisations to put their best foot forward and engage the students by providing them the right kind of opportunities to explore their passions and interests. Today the challenge is not to recruit the best students, but it is to retain them over a period of time, so that they deliver value to the organisation. Attrition today is not just because the youngsters have become fickle minded, the blame must also lie with the organisations as they have not been able to manage the expectations of these youngsters. And by no means am I suggesting organisations to go all out to woo students, I am suggesting that they be honest with the aspirant from the beginning so that they know what they are getting into. Today I think most organisations find it prudent to offer positions to those candidates who will be in the game for the long run. This is the best and in fact the only sustainable model for organisations to assimilate talent. After all how long will companies continue to battle it out to be the first one to offer a position to a candidate? The future lies in understanding the aspirations of these candidates and then aiming to fulfill them as meaningfully as possible for the organisation.

A UNIQUE OPPORTUNITY, IN AN EMERGING CRISIS

As the European economic woes continue to cause ripples in the global financial markets, the world waits and celebrates the birth of the 7 billionth baby. The crisis that started with Greece has today more or less spread like a wild fire to almost all parts of the continent and threatens to take an ugly turn if immediate action is not taken. France for one wants the developing nations to pitch in with their resources and help bail out the defaulting nations so that a bigger crisis could be avoided. Ironic isn’t it, that these nations want our monies but not our biggest asset, our people.  

Europe will need to embrace this foreign work force into its fold if they want to survive this century. How else will they carry the burden of over 71 % dependent population by 2050 which will need to depend on the age group of 15-64 for all its needs economic or otherwise? It seems that European nations have realized this fact but are wary to act on it. There seems to be no move to attract talent to their shores. As a matter of fact, if anything, they are tightening entry procedures for foreign nationals. One wonders how in such a scenario they will cope with the imminent shortfall in the productive workforce that they have. 

This situation also presents a unique opportunity for emerging markets such as India and China. Both these countries have highly trained manpower and in fact excess of it. Both these countries have economies that are running full steam currently and seem like they will continue to do so in the near future at least. I wonder if there can be a situation where these entities can collaborate and ensure a win-win situation for everyone. Or maybe I am too naïve in suggesting that it is time that we all came together to solve each others problems. International labor trends have always been an enigma to me but I surely know this that problems solved collectively often produce better results than otherwise. 

Keeping this in mind, fresh business graduates of today can also look at international careers for themselves. However before this becomes a reality, they must ensure that they develop their skills accordingly. As it is the reputation of Indians abroad is stellar and with the emergence of quite a few Indian top executives, the stage seems set for us to take the world by storm. In our cover story for this issue of CULT, we have focused on what IIPM does in terms of giving global exposure to its students. We strongly believe that students who are aware of global issues and are equipped to handle them have a much better understanding of the global business environment and can therefore help the organisations that they work for in the international markets. At the institute we have been running global orientation programs for more than twelve years and have found success in all such endeavors. Recruiters who have tasted our talent have been coming back for more year after year and alumni working on international assignments with multi national companies have done us proud and have held the IIPM flag high.

In keeping with the changing times...

An often used and quoted phrase from Heraclitus is “Nothing is constant but change”, I wonder how one man could have so plainly and accurately conveyed the one and only absolute truth that governs us all. If we look around us also, the rate at which the world is changing is mind numbing. Here today, changed tomorrow is real and it is the only paradigm that leaders of the world live by. 

I have often heard teachers and educationists commenting on the fact that how the student population is changing. Comparisons are drawn of how students were more sincere and committed earlier than now. I feel, in the light of all that is changing, why shouldn’t the students change. Being a part of the change themselves, they learn and grow as they see the change shaping up around them. It would be unwise to assume anything but otherwise. 

In these changing and dynamic times, education as a concept and an industry needs to change too. Only those institutions that are in touch with the changing times will survive and consequently grow. Today the rate of the change is such that content and pedagogy designed even one year ago becomes irrelevant in the face of the changing times. The economic slowdown of 2008 also brought into focus the relevance and criticality of these issues. When business managers didn’t know how to react, they took decisions that in their limited vision helped their organisations whereas infact, these very decisions proved detrimental to the interest of the organisations that they served.

Many business managers feel that B-schools need to partner corporations in such situations and help them recover from the abyss that they have slipped into. IIPM has been one such front runner which has constantly innovated and enhanced it curriculum based on the ever changing demands of the corporate world. We have also partnered organisations and developed industry relevant curriculum so that these organisations can reap the benefits of these partnerships in terms of trained manpower, brand building in the campus etc. We have been encouraging our faculty and researchers to take on corporate consulting assignments, so that they bring these learning into the classrooms as they take classes. It is due to such initiatives and many more such wonderful programs that we deliver world class education to our students and help them stay relevant in the corporate world. And at the end of the day that is what counts. With changing times, students have also become more aware of what they want for themselves and have also become more assertive of their rights . Today information is available at the touch of a button and with every window, a whole new world of opportunity opens up. The information age has truly brought about an abundant availablity of information and choices. In the real sense of it, the only option is either adapt and change or don’t adapt and perish.

A revolution of ignited and passionate minds

As I sat down to write the first ever editorial of my life, I realized I had a monumental task in front of me. I wondered how one begins to describe in words, what has been one of the greatest impacts in my life. I remember distinctly, the day a young boy of seventeen, stepped tentatively into a auditorium for his all important orientation into the world of business. It has been a 15 year journey full of ups and downs and I still feel that I am just about getting started. And I realize that, the reason I feel this way is because I am surrounded by young and energetic people who never let you slacken or relax. The energy in a campus is infectious, and each day I step into the campus I take a breath and pause just so that I can take it all in.

I sometimes feel, whether there is another career as rewarding, as fulfilling and gratifying as that of a teacher. The change that one wishes to see is all so visible in the canvas that we paint around us each day and it is also visible in the lives of the people that we touch each day. In my opinion an institutions greatest success is its ability to sow the seeds of that change in the minds of its students. And every day as I walk into the corridors of the campus and see students joining IIPM and stepping into classes with anticipation, wondering what new world beckons them, to their metamorphosis into smart, dynamic, confident management practitioners of tomorrow, I feel the power of the change we bring in their lives. I see broader horizons for them to dream in, I see greater intelligence, emotional and otherwise, for them to bank upon and I see the confidence to conquer the world in their eyes. And as I pause to take it all in, I realize the change that IIPM has been able to bring about in India. IIPM is not just a place to study, not just a place to learn, not just another portal of academic excellence, but something greater and more meaningful that most of us can fathom at first glance. The realsiation dawns on me that we have infact created a “revolution of ignited and passionate minds”. A revolution that most certainly has never been created before and perhaps will never be replicated in the future too. And today as I write this editorial I am confident that this is the change that Dr. M.K Chaudhuri wanted to bring about when he established the institute in 1973.

It is with this conviction that we bring to you the first issues of the IIPM alumni magazine “CULT”. CULT is both an opportunity to showcase the stalwarts who have contributed to the cause and also a celebration of the triumphs of these individuals who have demonstrated tremendous resolve, strength of character and steely nerves to overcome all the challenges that life had to throw at them. I salute the spirit with which these people have gone about life, winning every moment of it and living it on their own terms. It will be our endeavour at CULT to bring to you such stalwarts and both document their efforts and applaud their contribution towards making IIPM the only “revolution in management education and thinking”.