B-School to influence the millennium era
Education is always renowned as the most empowering potential in the world. The human race has made significant development in the past millions of years by educating themselves in multiple ways. Today, we gear up to establish an entirely new world with a diversity of advancement. Moreover, education has always played an essential role in evolution as it provides knowledge, builds confidence, and breaks down barriers to opportunity. So, in this dynamic world, emerging opportunities allow learners/seekers to break the conventional ceilings of straight-jacketed careers.
The millennium era has already come up with many multidisciplinary courses that empower learners to be graduates for multipurpose. A business school and its curriculum are a university-level institution that bestows degrees in business administration or management. It may be addressed as a school of management, management school, school of business administration, or colloquially b-school or biz school. This multidisciplinary curriculum acquaints with topics such as accounting, administration, business analytics, strategy, economics, entrepreneurship, finance, human resource management, management science, management information systems, international business, logistics, marketing, organizational psychology, organizational behaviour, public relations, research methods and real estate among others.
The Indian government had liberalized management education in the 1990s, and it made the program immensely popular. Many universities and colleges were incepted with management programs as their specialty. The institutes offer profitable franchise opportunities to expand their presence all over India, including tier 2, tier 3 and rural areas of the country. During the last couple of years, more than thousands of B-Schools were added in India. The schools offer degrees/diplomas like BBA, MBA, PGDM and EPGM. MBA has termed as one of the most valued and inherently adopted degrees across the country.
According to a recent report on world GDP ranking 2021, India is the fastest-growing economy with 12.55% PPP terms. (Source- International Monetary Fund World Economic Outlook (April - 2021), releasing date- 03 Jun 2021). As businesses worldwide become increasingly connected, an understanding of business operations is vital for graduates willing to engage in the sector. A business school helps learners to develop the skills required in the corporate world. A business graduated candidate can get higher levels of management, can be a manager and senior manager, which certainly does mean a higher position in the company and means higher responsibilities. And the B-school provides a person with the credibility to hold leadership roles and risk-loving entrepreneur in an organization. An MBA graduate can start his/her career from the mid-management or senior management level and has far better chances of escalating upwards to become a CEO, CFO, CIO, CTO etc. The business curriculum imparts knowledge and good business insight to become more receptive to changes in the world and better equipped with problem-solving tactics. It makes business knowledge a familiar territory, consequently making the student a valuable asset to the company.
As Indian companies, entrepreneurs and not-for-profits are increasing significantly, and they require innovative ideas to compete in the market and provide a solution for upcoming challenges. So, the B-school academics are expected to focus on studying India's challenges and how business is tackling them. At the same time, Indian B-Schools could practice research on the context-specific problems faced by local and multinational companies in India. The observation and innovative ideas need to be used for the benefit of India and the world. In globalization, a collaboration of the Indian institutes with international scholar is obvious to expect; that would assist the learners to enhance their competence. Moreover, the institutions are expected to build future managers, and technologies, like Artificial intelligence (AI) and Robotics, have already begun to challenge the conventional methods of businesses. Hence, the curriculum needs to be modified and include the impact of technologies on the business world.
Considering the disruption brought about by the pandemic reinforces the discussion on the future of B-Schools and pushes it to the forefront. Despite all the problems, Indian B-Schools have maintained their shine, and students are approaching the courses and colleges to get admission. The glow would continue with modification on two fronts – skill-sets in demand and content delivery. The essential skill-sets demanded by the industry comprise negotiation skills, integrative approach, digital transformation, AI, automation and analytics, to name a few. The challenge on the content delivery side is generally from MOOCs such as Coursera, Swayam, and Udemy. B-Schools should adopt MOOCs and make it flexible into their curriculum. The pandemic has brought the most significant change that is the digital transition. As per a report by NASSCOM, digital adoption in the last six months is higher than digital adoption in the previous five years. Companies are adopting digital technologies to increase efficiency, and the graduates are expected to be trained to handle the transition. Therefore, B-Schools are a requirement for the upcoming days. The environment and infrastructure are assisting the learners in accomplishing their dream and being future managers.