Dr. Uday Salunkhe's Recently Published Research
Dynamic Role Of Management In Global Economy Co-authored By Dr. Uday Salunkhe, Group Director, WeSchool
Introduction
One can find several types of changes which have been witnessed in the realm of business during the past two centuries are of such a fundamental character that they have materially altered the entire fabric of man’s way of life. The concept of global economy has now become a reality. Indian economy is passing through critical phases of globalization and liberalization. Now we are facing tremendous competition from MNCs.
- Emergence of Management: The activity consisting of those tasks that are performed to ensure that the mission of a project is fulfilled by planning and controlling its scope, schedule, costs, resources and communication.
- Management Dynamics: Dynamism in Management is possible by inventing Creative Thinking and New Innovations in Management. Creative thinking is not an ability restricted to an artistically gifted minority, but rather a learnable competency for all. Since creative thinking is a learnable competency, it can be increased by training programs.
- Innovation Management: It refers to the requisite organizational values, resources and processes that enable a high level of consistent innovation. Innovation management requires employee training in creative thinking, plus modification of the corporate culture to encourage risk-taking and the provision of logistical resources to enable the progression from developing creative ideas to successfully rolling them out as innovations.
Management’s Contribution to World Economies
What we knew about management 60 years ago – and have codified in our systems of organized management education – does not necessarily help managers meet the challenges they face today.
Dr. Uday Salunke, Group Director, WeSchool, further says “India has been leading in the world in software development and exports. It shows that on an average India has been able to produce 1% of the World’s wealth every year. If it continues thus, by 2025, our country would be in an enviable position and will be able to produce more than 25% of the world’s wealth within a span of 20 years.”
Major points discussed in the paper by Prof Dr. Uday salunkhe and co-author, Prof. Dr. P.S. Rao, were:
- Business Growth and Expansion: The proportion of contemporary change that is either planned or issues from the secondary consequences of deliberate innovations is much higher than in former time. From the point of view of business, it can be safely stated that the most serious problem that business everywhere faces today concerns the challenge of this rapidly changing environment.
- Entrepreneurship: It is obvious from the beginning that management and entrepreneurship are only two different dimensions of the same task. Management must focus on the results and performance of the organization. Management exists for the sake of the institution’s results. It has to start with the intended results and has to organize the resources of the institution to attain these results.
- Changing Business Environment: Management should therefore be able to feel the several forces which shape the environment and judge the effects of their impact on business activities. Broadly, these forces may be classifies such as:
- Technological
- Economic
- Socio – political and psychological
- Sustainable Society: This task lies with the future managers and with their effective management education. Stability is the main plank on which every society is built upon. However, the objective is to build a protean society.
- Future: “BRICS report” published by Goldman Sachs contends that in the next 40 years the BRIC nations (Brazil, Russia, India and China) could become larger than the g6 nations in US $ terms. The emergence of the BRIC nations as the new engines of demand, growth, and consumer spending has interesting consequences for the world economy and the balance of the power in international trade.
Contributed by Prof Dr.Uday Salunkhe, Group Director, Welingkar and Prof. Dr. P.S. Rao.
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