This phenomenon as been spurred by innovations in areas such as IT, Telecom, Lowering of international trade barriers, easier mobility of capital and labor between countries, and a growing understanding and acceptance of the benefits of globalization. Despite globalization increasing footprint in the world of commerce, international business as an academic discipline has seen relatively low progress. This does not bode well for global businesses since the demand for well trained global managers will continue to increase coupled with rising cost.

The seminar was held in collaboration with Institute for Global Business Studies (IGBS). IGBS is an academic body that promotes education and research n the area of international business in a manner that crosses national border by fostering an international faculty and students base along with a multi-disciplinary curriculum focused on complexities of operating in an increasing global business environment. Dr. Tarun Sen, Director, IGBS was one of the speakers who gave a brief outline on the institute’s profile and the need for such an institute.

International Business is a reality that most large organizations have come to accept as the norm in the new century. It is difficult to find a fortune 100 company that is not focused on global markets and realizing significant revenues. This phenomenon as been spurred by innovations in areas such as IT, Telecom, Lowering of international trade barriers, easier mobility of capital and labor between countries, and a growing understanding and acceptance of the benefits of globalization. Despite globalization increasing footprint in the world of commerce, international business as an academic discipline has seen relatively low progress. This does not bode well for global businesses since the demand for well trained global managers will continue to increase coupled with rising cost.

The other speakers at this seminar were:

• Mr. Aniruddha Roy, Chairman, Technical Education Subcommittee Acted as the moderator of the event
• Mr. Alok Mookherjea, Ex-Chairman, CII(ER) Spoke on Management Education in Globalised Economy
• Ms. Rumy Sen, President, Entigence Corporartion, USA    Highlighted on SME-Scope and challenges in the USA
• Dr. Kalyan Sengupta, Professor, ICFAI, Kolkata Challenges in International Business, collaboration and Education
• Mr. P. K. Dan, Member, Technical Education Subcommittee, CII    Gave official vote of thanks to all the eminent speakers on behalf of CII

The overview of the seminar is as follows:

As the world is becoming a small family due to globalization it has its positive and negative impact. Globalization has made world economies more competitive and the need of the hour is to make the education market deregulated. Organizations are under severe scrutiny not just with expectation but also demand from stake holders for being responsible, not just financially but also socially and ethically. Organizations cannot be moral or ethical but an individual can be. Today in the global scene it’s about having a sustainable management.
 

New bench marks are being set all the time and that too globally and not in the comfortable environment of native. The new economic order is to set new ways to compete and challenge of working in “International work space”. It’s the duty of a management institute to prepare the students have a global mindset, to develop an attitude, trust processes rather than structures etc.

This draws attention to the concept of innovation.

SME- Small and medium enterprises – have been the catalyst for innovation. SMEs are not technologically advanced but are still there in the market because they aim for “set-asides”.

Impact of globalization, in particular, on SMEs-


·        Erosion of trade barriers


·        Accelerated innovation


·        Intensified competition


·        Shrinking value of cost advantage


SME Survival Tips:


·     Gain competitive advantage


·     Avoid human capital “risk”


·     Engage in entrepreneurial zeal


·     Leverage SMEs across borders

 
Not only with regards to SME but otherwise also it’s important for future managers to be able to make decisions in turbulent environment, which happens to be cross-border environment. There are times when managers have to decide between nationalism Vs multicultural environment. Therefore apt global education becomes important for conflict resolution as well.

Individuals’ action determines how well an organization would work. As is said that good companies produce great products, great quality, and great services but great companies in addition to all this makes world a better place to live. Thus the global education should impart not only knowledge but wisdom as well.

With such an impact of globalization, the need is to develop education system so as to cater to the challenges put forward by globalization. Every Management student is an SME in itself – they have to be innovative and entrepreneurial in nature to survive in the wave of globalization.