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B-Schools- The Solution To Private and Public Sector Woes

Private organizations and the government both suffered during the historic Covid-19 event, and they are currently coping with the uncertainty brought on by things like global environmental deterioration and political unrest. Additionally, there is a perpetual battle between these industries and new technology, making it challenging to stay up with the most recent developments.

These business and public sectors, who are helpless and in need of intelligent counsel, turn to B-Schools to employ their academic rigor to conduct excellent research. Although business schools were frequently the preferred institutions for research in the past, there is now a significantly greater need for intelligent consulting work. B-schools are increasing their capacity for consulting and research work as a result of this trend.

What makes B-School fit for consultation?

B-Schools are a viable option for doing ground-level research due to their connections with regional, national, and local governments as well as their rural reach. For some of the best B-schools, research and consultancy revenue has been increasing. In FY22, SPJIMR's research and consulting revenue increased by over six times, to INR 6.3 crores. For IIM Kozhikode, it increased slightly to approximately INR 25 crores in FY21 from INR 23.6 crores the year before.

Academics may be preferable for projects that call for on-the-ground experience, according to Awasthi of IIM Lucknow. "We have a solid grasp of how the actual world, governments, and bureaucracies operate. We also have greater job flexibility. For instance, because we are motivated by greater purposes rather than financial gain, we may change the scope of a project if the government requests it while we are already working on it " he claims.

Additionally, for small and mid-sized organizations, B-Schools are ideal as consultants. According to Sahay of IIM-A, a smaller company can get comparable advice, action items, and perhaps even hand-holding for implementation at a price that is significantly more affordable.

On-ground experience for students and faculty

Giving students, who will work as executives or consultants in the future, practical experience is one of the main goals of consulting and research initiatives. According to Awasthi of IIM-Lucknow, students are eager to participate in real-world initiatives to diversify their CVs. MBA and Ph.D. students at IIM-Udaipur may participate in short-term initiatives.

It serves as a means for the faculty to stay current with recent issues and apply what they have learned to their teaching. "The goals of educational institutions are knowledge creation and knowledge dissemination. Scholars' participation in projects will have an impact on the lessons taught in class. It is how we stay in touch with the outside world " Galande from IIM Udaipur explains.

Onboarding diverse talents

Additionally, academic institutions have access to a variety of talent. According to Setia of IIM-A, the center for digital transformation employs research associates and interns, many of whom are IIT engineering students who are eager to learn about management or specific transformational ideas. There is also a group of associates with a variety of backgrounds, including computer science, English, and cognitive psychology. Project participants come from a variety of academic backgrounds, including human resources, marketing, operations, management, and finance.