With the world’s economy becoming increasingly global, professionals who are well versed in strategic global business management are always in demand. Aspiring business leaders from all over the world must move from being specialists to generalists, from analysing data to executing data-driven strategies. Essential steps need to be taken by them to transform themselves from bricklayers into organisational architects who can engage with multiple stakeholders. This is where general business management competencies come into play. As businesses are becoming more volatile and the market more uncertain and interconnected, globally acceptable general management capabilities are the need of the hour. In fact, over the past four years, the average number of general managers reporting directly to the CEO has increased by 81%. This is because working professionals with general management competencies tend to succeed in the long run due to their global generalist approaches that helps them climb the corporate ladder.
Why Generalists Thrive in Leadership Roles
Within the Industry 4.0 context, global Business Management comprises all the activities involved in the functioning of an organisation. Companies need business management professionals who can build and sustain a successful business in a VUCA (Volatile, Uncertain, Complex and Ambiguous) world. A general business manager understands the bigger picture, develops ideas and solutions that benefit the business, and thinks out of the box at the right time. It’s no surprise that the 2019 PPM benchmark study found that project managers predominantly see themselves as generalists (54%). Furthermore, Harvard Business Review found that 90% of the 17,000 CEOs they studied had general management experience. This underscores the importance of global general management competencies in an industrial and tech-dominated economy. As organisations around the world try to keep up with the fast-changing business environment, a strong management system can help sustain organisational leadership and competitive spirit. Considering most activities a manager undertakes, knowledge of general business management and functional roles provide a much-needed edge to face future challenges.
General Business Management Skills in Industry 4.0
A global Business Manager must have cross-functional competencies and be aware of the management skills required across all business functions like marketing, finance, sales operations, human resources, etc., to be able to successfully lead their organisation. They should be able to moderate the influence each functional department imposes on an organisation and foster a culture of cross-functional cooperation. Business managers must exercise a strong command over concepts like – Cross-cultural Communication, Competitive Strategies, Global Strategic Management, International Trade & Laws, Market Structures and more. Yet, most professionals today lack these global general business management skills. Research reveals that 40% of high potentials promoted to the general management ranks fail. The data exposes an existent skill gap that has only worsened due to the COVID-19 pandemic. Such a paradigm begets the need for the interventions of executive education to craftily upskill aspiring global business management professionals who wish to take on the leadership mantle within their organisations. The global business management program by IIM Indore is a meaningful step in this direction.
Upskilling Through Executive Education
A professional qualification in Global General Business Management provides a holistic understanding of the management functions needed to leverage global market opportunities and address organisational challenges. While many of India’s B-Schools have started offering executive management programs, IIM Indore’s Executive Programme in Global Business Management (EPGBM) stands apart due to its myriad offerings and long-term global career benefits. The IIM Indore and TimesTSW global business management program provides learners with practical insights into globally applicable techniques and methods for managing any global business. Through an immersive pedagogy and industry-oriented curriculum, the course helps candidates develop a well-rounded skill set that is essential for the functioning of any global business. The dynamic IIM global business management program covers advanced concepts like effective entry strategies, organisation behaviour & design, international HRM strategy, Mergers & Acquisitions, strategies for globalising business models, consumer behaviour, global product strategies, cross-cultural communication, supply chain strategy, and more.
Besides training, working professionals who enroll is EPGBM or other advanced global business management competencies get exposure to becoming a part of IIM Indore’s rich and global alumni network that boasts of management professionals from diverse backgrounds who actively share job opportunities within their alumni network. Besides upskilling, IIM Indore’s EPGBM also leads to other career benefits like potential salary hikes, job promotions, networking opportunities with faculty and industry mentors, and plenty of career advancement opportunities throughout the world.
As organisations around the world try to keep up with the fast-changing business environment, strong management competencies can provide the much-needed competitive edge.
To know more: https://timestsw.com/course/iim-indore-executive-programme-in-global-business-management/
