IIMs

Without Business Policy and Strategy, an organisation is like a ship without rudder, going around in circles. Its like a tramp; it has no place to go Joel Ross and Michael Kami.

Business Policy definition by Christensen : Business Policy is the study of the function and responsibilities of Senior Management, the crucial problems that affect success in the total enterprise, and the decisions that determine the directions of the organisation and shape of its future.

The focus of Strategic Management is on the strategic process of business firms and responsibilities of general management. Everything out side the four walls is changing rapidly and this phenomenon is called as Discontinuity by Mr. Peter Drucker. Past experiences are no guarantee as science and technology is moving faster. The future is no more extension of the past or the present.

The world is substantially compressed and managing the External & Internal environment becomes crucial function. What to produce, where to market, which new business to enter, which one to quit and how to get internally stronger and resourceful are the new stakes. Strategic Planning is required to be done to endow the enterprise with certain fundamental competencies / distinctive strengths which could take care of eventualities resulting from unexpected environmental changes.

The plan implemented by a company to generate revenue and make a profit from operations. The model includes the components and functions of the business, as well as the revenues it generates and the expenses it incurs. Basically IIM gets funded by the Government. But, it has developed innovative ways to raise funds over the years.

IIMs find innovative ways to raise funds, tap alumni groups and enter into corporate alliances (DEVINA SENGUPTA & SREERADHA D BASU, ET Bureau Mar 27, 2012.)

BANGALORE/KOLKATA: The premier Indian Institutes of Management are finding innovative ways to raise money in an attempt to attract faculty and keep their activities going. While some are entering into corporate tie-ups, others are applying the academic approach to fund-raising. "If they want to play on international levels and manage rising costs, IIMs have to generate funds. This is how it works globally," says Amitabh Jhingan, partner, transaction advisory services and national sector leader - education, Ernst & Young.. A few weeks ago, IIM Bangalore signed a first-of-its-kind memorandum of understanding (MoU) with start-up CrowdAnalytix, wherein an online competition will be thrown open to anyone who has a new analytic model up his sleeve. The best model wins a prize. While CrowdAnalytix keeps the IP and uses it for its other customers, IIM Bangalore earns a royalty.

A brief about how different IIMs are applying different strategies with respect to raising funds.

IIMs and Administrative Staff College of India formed in early sixties were based on American Model. IIM-A is based on Harvard Model. The All India Council of technical Education (AICTE), The Association of Indian Management Schools (AIMS) have recommended a standard curriculum including Business Policy and Strategic Management as a compulsory course. Business Policy is the preferred nomenclature but Strategic management is being progressively adapted.

IIM Ahmedabad was the second IIM to be set up in the country. It was established on 16 December 1961 as an autonomous body with the active collaboration of the Government of India, the Government of Gujarat and the industry. Eminent physicist Dr. Vikram Sarabhai, a native of Ahmedabad, played a pivotal role in setting up the Institute. The Institute was established in collaboration with Harvard Business School. This collaboration greatly influenced IIMAs approach to education, as the Institute took up the case method of pedagogy which was pioneered by Harvard Business School.

To become an Institute that is globally recognized and respected as a thought leader in management.

To transform India and other countries through generating and propagating new ideas of global significance based on research and creation of risktaking leader-managers who change managerial and administrative practices to enhance performance of organizations.

To create knowledge through applied and conceptual research, relevant to management and its underlying disciplines, and to disseminate such knowledge through publications. To establish educational facilities to prepare young men and women for careers in management and related fields in all forms of organizations. To develop teachers and researchers in management with specialization in different fields relating to management.

To improve the decision making skills and administrative competence of practicing managers through innovative and cutting edge management education programmes and providing opportunities for continuing education.

To provide advisory services so as to enhance the decision making skills and processes in organizations and the effectiveness of public policies. To improve the quality of management education and research in other management schools by building their capabilities through meaningful collaborations. To globalize the institutes operations and linkages in the context of any or all of the above objectives so as to emerge as the pre-eminent management school in India that is globally respected.

Functional strategies include Marketing Strategies, new product development strategies, human resource strategies, financial strategies, legal strategies, supply-chain strategies, and information technology management strategies. In case of IIM A, the Functional heads of respective departments are responsible for carrying out the functional strategies of the Institute. The emphasis is on short and medium term plans and is limited to the domain of each departments functional responsibility and is executed by Functional heads. To some extent their strategies are derived from broader Corporate & Business strategies which are developed by the CEO and Dean.

Research is at the core of IIMA and provides a major interface with the wider academic and business world. It provides new theoretical frameworks that enable reassessment and refinement of current practices and thinking. Groundbreaking interdisciplinary research by the faculty feeds directly into an enhanced learning environment at the Institute and indirectly to a wider audience of practicing managers and teachers of management.

The Research and Publications Committee is responsible for the formulation of the overall policies governing the Institute's research and publications activities.

The Chairman is responsible to the Director for the development of research activities at the Institute, including case research. He is expected to take initiative to stimulate research amongst the faculty, formulate and implement research policy, locate and negotiate with sponsors of research projects, develop research facilities, and plan budgets for research.

The lowest level of strategy is operational strategy. At this level, detailing is done to add completeness to Business & Functional Strategies. It is very narrow in focus and deals with day-to-day operational activities such as scheduling criteria.

With IIM A, the operational strategies differ with respect to the functional strategies. It is carried out by the Academic staff which has the support of research staff and Faculty.

The Indian Institute of Management Bangalore (IIMB) is an autonomous institute which was established in 1973. IIMB consistently figures among the top business schools in India in domestic and international surveys. IIMB's Executive Education is aimed at broadening the outlook and strengthening the skills of practicing middle and senior managers across the globe to make them more effective in a fast-changing world scenario. Customized Programmes that are designed to meet the specific needs of organizations and International Programmes offered in collaboration with leading international business schools and universities for global practicing managers.

IIMB has a strong brand identity with a logo that has great recall. The sun symbol has been designed by the National Institute of Design, Ahmedabad, and has been in use since 1994. The concept of the current logo is based on a line from the Sanskrit shloka which has become the motto of IIMB: Tejasvi navadhitamastu. This line, derived from the peace invocation of several Upanishads, translates as: Let our (the teacher and the taught) learning be radiant.

IIM Bangalore aims at augmenting the management resources of the nation through programs of teaching, research, training, consultancy and other professional services. Within this broad canvas, the institute strives to enhance its contribution to further strengthening managerial competence in business and industry. With this as the mission, the programs and the activities of the institute are specifically designed and developed in order to: Provide a steady stream of competent and valueoriented management graduates through appropriate training programmes;

Strengthen the existing management process in industrial organizations and those in public systems through continuing education programmes; Contribute to national and regional policy making and to management literature; Assist in quality improvement efforts of educational institutions, especially schools of management in the southern region.

The mission outlined above has been committed to by the institute since its option. Over a period of time, the recruitment and development of the Faculty and the institutes activities have followed these commitments. The institutes efforts would be to sustain and further reinforce the objectives through its academic programmes, continuing education programmes, research and consultancy and through the activity centres.

IIM B has a similar structure as that of IIM A. Both of them come under HRD ministry. The Top management decide on the corporate strategies of the institution which have a direct effect on the functional strategies. These functional objectives vary according to the need of the hour. This is the whole crux of IIM, they ensure that the courses that are designed for an upcoming year covers all factors necessary to tackle current changes and complications in environment.

Operational level strategies are informed to business level strategies which, in turn, are informed to corporate level strategies. Important activities like Advertising, Web site operations, distributions are involved at this level. IIMB's focus on research and education in the area of management is enabled by faculty from amongst leading universities worldwide who are actively engaged in research, teaching, consulting and pedagogy development.

Indian Institute of Management (IIM) has been set up by the Government of India, Ministry of Human Resource Development in 2010 at Raipur, the capital of Chhattisgarh. Chhattisgarh is one of the fastest growing states of India with its rich mineral, forest, natural and local resources.
The Institute believes in preparing ethical leaders who are not only committed to business, commerce and industry but are also socially conscious towards their contribution in nation building and bring in name for the country globally. The institute is abuzz with activities carried by the student clubs which are now expanding their scope of activity and bringing luminaries from the Corporate.

To become:

A world class institute with global outlook imbedded with regional and national focus. An institute par excellence, which will be known for outstanding value based quality education, high quality research, executive education, consultancy and strong corporate as well as international linkages. A B-School, which will serve the society, the state and the nation for economic growth and prosperity.

To provide scholars with necessary skills to identify and research complex issues in the field of management in real life world. To contribute to the creation, transmission and application of knowledge in the field of management. To do research and publications of international standard in inter-disciplinary areas of management that will add value to the society and to the body of knowledge. To meet the teaching and research manpower needs of academia and industry by producing highly skilled individuals with exceptional analytical ability and training in conducting applied research.

Established in 1996, Indian Institute of Management Indore is the sixth in the prestigious IIM family of management schools. The institute was chosen to be set up in Indore to give an impetus to management education in central India and has ever since been acting as the pioneer in the field of management, interfacing with the industry, government sectors and PSUs.

The Symbol consists of a circle in four segments. The concept is visual and doesn't depend on letters of the alphabet. Instead, three segments, in blue, form three quarters of a circle, while three other elements move out of the space which would have been occupied by the fourth segment. The circular form in the center suggests the institution, while the incoming white space shapes the three moving elements. These elements indicate a freedom from all constraints, and form a separate entity, devoted to a specific purpose, in this case, management. These individual pieces put together collectively show that management is multi-dimensional and has to move together to form an organic whole.

To emerge one among the Top 5 management institutes in the country in the next five years (2009 - 2013). To evolve as a contextually relevant business school with world-class academic standards. To propagate, assimilate and develop contemporary innovative management practices and systems to contribute to social capitalism in India. To illustrate and experience the uniqueness of embedding a business school in a social science setting. To have a dominance presence in all segments of management education in India and abroad

The Indian Institute of Management Calcutta (IIMC) was the first IIM to be established. It was established in the year 1961. Over the years, IIMC has grown into a mature institution with global reputation, imparting high quality management education.

Today, the institute serves as an autonomous body, continually evolving to meet its goals in an everchanging business environment.

To be an international centre of excellence in all aspects of management education.

The mission of the Institute is to develop innovative and ethical future leaders capable of managing change and transformation in a globally competitive environment and to advance the theory and practice of management.

We shall strive to develop and sustain the following values to provide the context for all our programmes and activities: Excellence, Academic Freedom, Commitment, Responsiveness to Societal Needs, Creativity, Openness, Diversity with Synergy

To provide excellent executive education To improve managerial and leadership capabilities of participants To help faculty members become conversant with the issues and challenges facing industry

Overall, All the IIMs have some similarities in them. They focus heavily on functional strategies, which are formulated by the functional heads of every department. These functional strategies act instrumental in shaping the institutes entire working. The corporate and business strategies formulated at the apex of the organization have a direct impact on the functional strategies. IIMs focus on short term or medium term plans which help them plan out the objectives clearly.

IIMs are funded by the government and their business model revolves around generating money through default sources like fee structure. Lately, they have been associating themselves to some innovative ways to generate income. The entire motive to generate revenue is to invest it in the betterment of the institute in terms of Infrastructure and courses and better faculty.

Hence, we can sum up by telling that the reason IIMs are extremely efficient at their working is because they are very clear about their Vision, goals and objectives. The fact that all departments come together and work towards attaining objectives which might be functional or operational ensures smooth working of the intitute.