Why Management discipline at IIT Jodhpur?
With numerous business schools in India, and a slowing economy, adding an additional program to an institute, especially one like IIT Jodhpur or IIJ seems like nothing more than a burden on both infrastructure as well as the resources; the idea of it feels overwhelming.
The institute is still in the process of developing and establishing its core technology programs, and it seems as though setting up a new school for Management would only prove to be a distraction from that process. However:
- Despite the economy slowing down, the institutes which are ranked the highest, such as IITs and IIMs, would not be affected. The economic slowdown is more likely to only affect institutes that belong to the lower ranks since the ones on top will continue to remain so and shall be the most preferred and trusted among aspirants.
- According to the 2016 ASSOCHAM report, there are about 5500 Business schools operating in the country with about 5,20,000 seats available. However, besides the government-run institutes such as IIM, IIT and others, there are only a few Business schools that have produced highly qualified professionals. Students graduating from the others are not qualified enough and are thus, less likely to find employment. Reports suggest that only a mere 7 percent of the MBA graduates can actually find employment, and only 1% jobs pertain to managerial levels.
- Many such Business schools are not being able to meet the requirements to bridge the gap between the needs of the corporate world and the MBAs produced especially at a time when the market trends have changed, and the industry is going through a major transformation, seeking for highly qualified, specialized and versatile professionals.
- It is a quality MBA of which we are talking.
- What is very important is that the ‘future of jobs’ is deciphered, something which is highly dependent on trends of Industry 4.0 as well as new and upcoming technologies. World Economic Forum released an analysis of ‘Future of Jobs Survey 2018,’ and it is shown in Table-3.
- It is quite evident that only specialized MBA graduates, a new class of highly qualified professionals, have the chance to find lucrative employment.
- Keeping up with new market trends, something like a startup, which is slowly becoming prominent, requires a different approach.
Keeping the above-mentioned points in mind, an institute like IIT Jodhpur would undoubtedly be on the right path by attempting to cater to the demands for qualified MBAs; those who would have a very clear understanding of industry 4.0 and would have acquired ample knowledge pertaining to their fields. Not only that, but starting an MBA program would also promulgate the concept of ‘Entrepreneurship learning,’ another area of focus for multiple institutes of higher education.
What Would Differentiate IITJ in Business School Space?
Availability of courses regarding and expertise on a multitude of technology disciplines, an ever-growing faculty, prominent and preferred Undergraduate programs around STEM, ample opportunities for conducting research, a formidable doctoral program amongst many other factors make this globally recognized and accredited institute has nothing but advantages to gain by venturing into the field of management.
Given the way Industry 4.0 functions, primarily on technological advancements, IITs have become leading institutes that cater to the needs and demands of the modern corporate world, especially for MBAs. It is thus important to assess the situation very carefully and to respond adequately to said demands. What holds the most importance in such a case is the ready availability of new knowledge along with people who ready with the same.
It is key for Indian Business Schools to understand the changes in industry patterns and to figure out a way to effectively contribute to the country’s economic growth, Unfortunately for India, its Business Schools are known more for generating manpower and less for manpower which is actually qualified and capable of tackling the new issues of the corporate world.
In order for them to realize their goals, they need to have a clear vision, not just to provide knowledge but also to create professionals who would be able to meet the needs of the changing economy and would be capable of actually contributing to the country’s growth.
IIT Jodhpur must aim at providing aspirants with academic programs which would suit the changing economic situation, or Industry 4.0 as we know it, and thus, should focus on areas other than technical knowledge and research. Here is what the business leaders of future enterprises would look like:
- They would be able to somewhat predict the key role that technology would play in determining future business
- They would have the skills to both work in as well as lead teams
- They would be able to comprehend the implications of emerging technologies
- They would portray a strong sense of personal belief in ethical practices
- Would be a responsible corporate citizen besides being a conscious and aware person
- Would possess the qualities to understand and succeed in different types of cultural settings
The Tech-MBA program, a one of a kind management program introduced by IIT Jodhpur, seeks to communicate as well as implement the above-mentioned ideas and elements in the hopes that it would better prepare individuals to thrive in the changing corporate world; that it would not just create knowledgeably but also highly qualified professionals who would be able to meet the demands of Industry 4.0. Courses such as regular MBA, Flexible MBA, Tech-MBA, International MBA etc. are instruments for the same.
By venturing into this area, IITJ can almost be compared to MIT and Sloan School of Management located withing MIT premises. The two have existed side by side and have been some of the world’s leading institutes imparting technological knowledge while producing corporate leaders at the same time. However, there is a long way to go before one can talk of such co-existence in India.