How Innovation Can Lead Management Institutes To Success

admin Events, News

A thorough management professional, Prof. (Dr.) Daviender Narang is working as a Professor and Director at Jaipuria Institute of Management, Ghaziabad. He has a rich experience of 22 years in the field of academics and management, especially in the best business and management institutes of India and abroad. He has experience of establishing successful management business schools. He has worked on a World Bank-supported project on capacity-building in Ethiopia for two years. He holds two post graduate degrees in Business Economics and Finance & Control. He has a Ph.D in Economics and his contribution to research focuses on banking efficiency in India. His areas of expertise are security analysis, corporate finance, banking, research methodology and mutual funds. He is also associated with business firms as a corporate trainer on various financial modules. A fine academic and administrator, he is known as an institution builder, an acclaimed teacher, a prolific speaker, an avid researcher, a consultant and a trainer.   

 

The paradigm of the corporate world has shifted drastically, we are in the era of disruption in a very volatile world. Given such situations, an organization that is not innovative is going to suffer a massive setback. For an organization to be innovative, the minds that are employed in the organization are required to be innovative. A productive mindset along with quality to analyze the emerging trends in the market is required in the employees these days. To cater to these needs, business schools need to be extremely cautious in the pedagogy and approach that is being employed. The onus of providing corporate ready management graduates lies on the B-Schools. The economy is currently facing a skill gap which means the prerequisites that are required in the corporate and the traits found in the management graduates are not similar. This creates a gap further creating non-fitment and unemployment in the economy. Introducing the importance of having an innovative mindset and further implementing the pedagogy that can help the management graduates to develop an innovative mindset is going to help. An innovative mindset can aid a management graduate in the following manner:

Designing a strategic orientation 

A management graduate cannot survive in the VUCA world without having a strategic orientation. Strategic orientation aids a management graduate to have a long-range vision, he/she can create a relationship between the daily tasks undertaken and the career goal. An individual with an innovative mindset has the ability to develop this kind of coherence and work in a structured direction.

Understanding the future trends

An innovative mindset can not only solve the existing innovative problems through the art of design thinking but can also understand the upcoming trends. A management graduate who is able to foresee the crisis and implement his innovative mindset to cater to the issue is going to be indispensable for the organization.

Adaptable individuals with an open mindset

In management courses, the importance of having an open mindset rather than a fixed mindset is always focused upon. Individuals who are innovative in nature possess a very open mindset. They are adaptable to new cultures, ideas, and thought processes. They act as a fixing block among non-coherent individuals thus creating a balance within the organization and thus being indispensable.

Developing human-centric ideas

Management institutes today are working on the holistic development of the student, students who can review the issue of mankind today and can solve them by implementing their innovative ideas can really aid the success of management institutes as well as the economy as a whole. Many of the government agencies are also promoting the same ground. Innovation for solving the issues faced by the people in the current paradigm is crucial and is something expected out of a management graduate.

A management institute is known by its students, developing an innovative mindset in the students can aid a management institute in being successful as the management graduate will be able to take over the points discussed above. Each organization is in need of success and long-term success requires innovation. Be it General Electric in the 1900s, Du point in 1903, Visa in the early 1970s, or Linux. The organizations that have portrayed new and innovative ideas have always been at the forefront. Innovation is the need of the hour, the B-Schools which are capable to understand this and well equipped to deliver this are only going to be in academia for a long time. Bridging the skill gap by providing corporate ready minds to the organizations is only going to aid the management institutions in fetching a successful placement and a sustainable career for the management graduates.