Editor’s Note
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The Institute is in search of excellence in the field of management education. Its range of academic activities includes teaching, research,training consultancy so as to continuously create intellectual capital.

  On the other hand, NEXT practices are practices that are not commonplace today, in some cases they have not yet arisen; however, their arrival is only predicted. Using nano robots for medicinal purposes, is one such practice, whose arrival is predicted, stem-cell therapy is still a NEXT practice, that is finding a wide variety of applications in cancer related diseases, Voice Over Internet Protocol (VOIP) has the potential to throw traditional landline service providers out of business, an event that has not yet occurred, but may happen in future. Outsourcing of processes to BPO/ KPOs is already a best practice, what is not yet a best practice is collaborative R&D, the type BOEING and HCL are engaged in using Russian aeronautical engineers from Mikoyan MIG Design bureau, famous for designing MIG fighter jets, the mainstay of IAF for more than 3 decades now. A majority of these engineers were freed by the design bureau, due to lack of work and now their unusual talent is being used by BOEING Corporation, combined with software design skills of HCL engineers to design a series of next generation passenger planes. (For details refer “World is Flat” by Thomas Freidman, 2006, Penguin, India) Yet collaborative R&D may become commonplace tomorrow in a flat and interconnected world.

Hence a simple definition now can be provided: BEST practices are what every body does, NEXT practices are practices of tomorrow that eventually will become BEST practices. Hence it can be concluded that to retain a sustainable competitive edge, a firm has to continuously invent new practices, such companies are known as “Grey Haired Revolutionaries” (Gary Hamel, 2000, HBS press) and INTEL is the best example, which continuously launches new chips, to stay ahead of its competitors.

Obsession with best practices will then definitely produce competitive myopia; best practices don’t provide the competitive edge, its something that everyone knows and does and at best gives a quality assurance to the customer. The real competitive edge comes from inventing practices, not practiced by others. The industry’s obsession with best practices has to be replaced by an urge to create tomorrow’s practices. In this flat and interconnected world of today, products and processes are getting commoditized at a much faster rate and best practices will not ensure growth and market share, because knowledge constantly makes itself obsolete and in a flat world One Has To Build One’s Tomorrow Today, Because Tomorrow Will Arrive Sooner Than One Thinks.
Editor’s Note
The latest issue of the newsletter is ready with the information and happenings of our beautiful campus. The atmosphere was full of enthusiasm and dynamism as we got the approval from the AICTE for five more courses: three Full time PGDM courses (International Business, Marketing and Banking & Financial Services) and two Executive PGDM courses. Campus was busy welcoming its new student members, and was also full of other activities like the Faculty Development Programme, Special Guest Lectures and many more. The emphasis was on the faculty development programmes as the Institute invited some of the eminent persons for the same. We are introducing a new column ‘Campus Update’. Please keep us updated by sending in the latest information, involvement etc. from the campus.

We are open to your suggestions and views,

Warm regards,
Tulika Chandra