Among the prevailing set of business management curricula available in the education sector, PGDM is deemed the preferred career choice for students compared to MBA. PGDM as a business management education option is more concurrent, contemporary, and accommodative to market and technology trends when compared to other business management courses of varying certifications.
Emerging Business Trends Complying Business Courses to be Modified
Emerging Industry trends such as the ‘Fourth Industrial Revolution’ comprised of the current era of connectivity, advanced analytics, automation, and advanced manufacturing technology would be going to change the way day-to-day business is being carried out. Therefore, the managers of the future would have to be specialized learning and skills to carry out the business course and operations in changed business scenarios.
In a modified business environment, conventional business management courses would fail to fill up the expectation gap between career-oriented aspirants and work-oriented business owners. It is the need of time that PGDM course details should be entrepreneurship centric further leading to the workspace as a future classroom constantly driven by learning practices along with work. There a manager would have to adapt himself to a balancing act between ‘local’ and ‘global’ views with soft skills complemented by social media and networking skills.
Changes Offered by Contemporary PGDM Courses for Future Managers
The primary objective that a management education achieves is to make learners professional managers to manage business challenges and drive business toward profitability. However, imparted for a long time, management education is still archaic and largely theory and pedagogy based and has created an underlying vast gap in the business community and business academics.
In order to make modern managers multidisciplinary, education in the areas of globalization, technology, demographics, and social imperatives is inevitable for management students. Business schools are required to go beyond the curriculum and in their Post Graduate Diploma in Management should focus on some emerging trends such as:-
1. Soft Skills Are Not Enough Needed To Match With Social Skills: The reach of social media has extended to an extent that no business can escape from its impact. However, it has been assessed through several types of research that professionals are yet not ready for this social media challenge and faces several barriers. Social Intelligence now along with General Intelligence or IQ is an imperative skill set for modern managers. Collaboration and team success in social media is rather more required in PGDM courses.
2. Fourth Industrial Revolution: Contrary to each of the preceding Industrial revolutions, first steam-based, second electricity, third led by digitization, the Fourth one that is impeding is a fusion of physical, digital, and biological spaces. Due to massive automation and digitization, it is apprehended that robot and smart machines would not only take over mechanical production but also cognitive work as well. This will bind manger and business leaders to understand changing business environment and adapt themselves. But this change should take place quite a time enough before in management education where students in their PGDM courses become quite pre-emptive as future-ready managers.
3. Making Business Managers Disruption Ready: As the advent and penetration of disruption technologies are on the constant rise and entirely modify business operations in the future, therefore, the businesses unable to compete will perish completely. Business disruption technologies like as Blockchain, Internet of Things (IoT), Chatbots and Virtual Assistants, Immersive experiences, Smart Manufacturing, Artificial Intelligence (AI), and Big Data are taking over business processes. It is predicted that Blockchain will not only be concentrated only in cryptocurrencies, however, will make inroads in sectors like banking and financial services. IoT will connect with devices on the internet and make them smarter for enhanced productivity. Hence, the role of managers will be in this scenario will be from task managers to concept developers. Here, the role of PGDM courses is of optimum value as they through the proactive course curriculum make students ready for the disruptive technologies of tomorrow.
4. Experiential Learning to be Part of PGDM Courses: The gap is widening for management education where students are career-centric and businesses want them to be career ready. PGDM courses while introducing experiential learning in business management syllabus trying to fill this gap, Sparsh Global Business School is one of the best PGDM colleges in Delhi NCR, that has introduced related topics in its semesters. One such method is for analytics where gear is shifting from traditional statistical concepts to non-linear regression, analytics, data science, and business research for corrective business decisions.
5. Management Education Should Rather Be Globalized: The business world is fully globalized, while, communication and commerce are both managed digitally now management education thus should also focus on globalization & internationalization. A larger chunk of students is studying outside their home country as in US, UK, and Germany mobile enrolments are on the rise in comparison to domestic students. This trend is quite evident from n Business schools should impart education for both global as well local setups. Course curriculums should have topics incorporating topics for the international environment and cultural issues as well. Demographic Shift is another area as regions with younger population tend to have faster growth rate and proportionately requires a more educated workforce. As much as urbanization as much pressure there will be on the education sector.
Conclusion
Overall, the PGDM courses at PAN India basis needs to be completely revamped to meet contemporary business requirements while assimilating newer form of skills and course material. SGBS as one of the best PGDM colleges in India is a new-age business management education imparter through its PGDM courses largely fills technology and trend gaps for managers of tomorrow.
