Why Tech MBA? What has changed?

Times have changed quite remarkably.

With many technological changes that have taken place over the course of many years owing to the internet, we practically live in a digital society. In order to fully grasp the kind of education we need today, it is highly important that we assess and take into account the many technological advancements as well as the changing trends in the corporate world which directly impact business, both in the present as well as the future.

Owing to such major developments, the classic MBA program throughout the world no longer has the same appeal that it used to. Most of the challenges or hurdles we face in our lives are in some way or the other linked to technology.

Future of corporations: Most corporations that are part of Fortune 500 are so because they have been able to change their character with respect to the technological landscape and are known to possess a new sense of innovation that drives their business.

Since companies have a self-life, it becomes impossible to remain relevant and functioning without bringing about the change mentioned above, especially in the field of Information and Communications Technology or ICT since that is the driving force behind the change in the corporations.

It is Industry 4.0 which will determine the ‘Future of Work or Corporations.’ Technology like AI, ML, blockchain, etc. will form the foundation of a new kind of workplace, which will accomplish various technological and manufacturing bases. This would allow customers, around the globe, to access any stage of operations.

‘Future of Jobs in India: A 2022 Perspective’ is a report which was released by FICCI, NASSCOM and EY and states that globalization (implementation of modern tech, global trade, the levels of flow of FDI into India etc.), adoption of Industry 4.0 or modern technologies by Indian corporations (optimized supply chains, innovations in the field of business, focus on a sustainable use of resources etc.) and demographic changes (increased urbanization, growth of the middle class, availability of a younger workforce etc.) are the three main factors which play the most crucial role in determining the future of jobs in the country.

These factors lead to a transformation of many business models as well as the creation of new ones as well. According to statistics, 2022 will see the generation of a large number of jobs, with about 9% of the workforce being employed in jobs which have not yet been created, 37% engaged in jobs which require a new set of specialized skills while 54% would continue to do the same kind of work.

Start-up Trends: Given the advancements in Information and Communications Technology or ICT, governments have encouraged the establishment of more and more start-ups. The Prime Minister, on the 72^nd Independence Day, announced plans to achieve a – trillion-dollar economy by the year 2024.

According to the World Economic Forum, it is start-ups, micro, small and medium companies that would play a major role in attaining the said goal. The primary reason that entrepreneurship has become a medium for employment through education is that a large number of employees work in informal sectors of the economy.

Entrepreneurship helps create more job opportunities. In order to do so, there is a need for labour which is highly skilled, which in turn depends on human capital investments. It was the Graham Research Institute of London School of Economics which stated that the economy would grow only there is a growth in the intellectual economy, something which depends on the development of technology and through innovation.

GoI reports suggest that there are about 50,000 start-ups in the country currently and the number is expected to double by 2024. In the year 2018, there were about 18 tech unicorns India, each valued at about $1 billion. Between 2017 and 2018, the cumulative value of these unicorns grew from $38 billion to $71 billion. Furthermore, there are expected to be about 54 tech unicorns by 2024.

Opportunities of Digital Economy: It is important to understand that technology cannot really be reversed, and there are three such trends: the advancement of technology, the economic impact of said advancement as well as managing social issues, particularly that pertaining to privacy and ethical practices.

These developments create what is known as a new digital economy (also known as the Internet or Web economy), one which is run primarily on the growth in the field of technology and communication networks such as the internet, intranet, computers, etc.

It on the global platforms which are made available through the existence and development of a wide variety of digital infrastructure that companies and enterprises all around the globe collaborate, interact and search for information, and this very practice has resulted in global trade estimated to be valued at $65 trillion in 2020 and the creation of business opportunities.

Keeping the said scenario in mind, it is imperative that the benefits associated with digital investments are well understood since they contribute to the growth of the business and the economy as a whole. This brings in light the fact that the digital economy much more widespread than was believed to be and thus, it is necessary to plan for the future in accordance with the situation.

Government Programs: Realisation of the fact that there is an increased need for newer intellectual tools and frameworks for the growth of the country has led to the government launching a multitude of programs for the same such as ‘Make in India,’ ‘Swatchh Bharat,’ ‘Digital India’, ‘Unnat Bharat’, etc.

One needs to consider the aspect of ‘Think Tank.’ The many technological developments and the emergence of an e-society have brought about many new issues, which most countries need to deal with. Many western countries are dealing with the issue of maintaining their ownership of the Internet along with problems of privacy, cybercrime, crypto currency, etc. India, as a country, needs to figure out where it stands on these issues and also whether IITs play a role in the betterment of the situation.

Where IITs stand-in management education today?

Since IITs are some of the leading institutes when it comes to technological expertise, they are so much more capable of meeting the demands of the modern, ever-changing demands of the corporate world than most Business schools.

Combining the Management program or MBA in IITs with their already existing curriculum focused on Computer Science, AI and Robotics, Communications and Smart Technologies, Mathematics etc. would enable it to develop further and better.

Something of this sort is difficult to realize in the majority of the Business Schools. The only issue at hand is the scale at which IITs operate alongside the flow of resources on a sustainable basis.

How IIT Jodhpur can capitalize on these opportunities?

IIT campuses are much more capable of playing a major role in the realization of the country’s goals such as preparing businesses for Industry 4.0, creating more opportunities with respect to the digital economy, contributing substantially to national programs and schemes, establishing and developing the start-up movement etc.

One factor which they need to consider is enlarging their areas of discipline to include others such as Liberal Arts, Business, Law etc. since they have also been majorly impacted by technological advancements. What connects all the above-mentioned fields is Management.

The fact is, many of the older IIT establishments have departments for Management but do not operate at an optimum level and thus do not deliver desired results. Given the situation of the economy and the corporate world, IITs must work to incorporate all the fields mentioned above.

IIT Jodhpur was established in the year 2008 with the view of providing the people with better quality higher education, to create leaders for the future and to develop their skills. Not just IIT Jodhpur but IITs, in general, are considered to be some of the top-most universities and have built a formidable reputation for themselves, both in India and in the world.

Its graduates have been known to be very successful in their respective fields. Keeping with this, IIT Jodhpur seeks to add to the country’s economic growth and has a very technology-oriented vision for the same. The three driving forces of the institute are considered to be Scholarship in teaching and learning, relevance to Industry along with Scholarship in research and creative accomplishments.

It is established the new School of Management and Entrepreneurship, an 852-acre residential campus, in keeping with its multidisciplinary approach. The program seeks to add to the value of the already-existing programs at IIT Jodhpur.