Blue Ocean Strategy Cell to be set up at IoBM

Lahore: With changing times the traditional approach towards Higher Education is gradually experiencing a change through “Learning by doing”: experiential learning. In this regard, the Quality Enhancement Cell (QEC), Institute of Business Management (IoBM) arranged a workshop on Blue Ocean strategy in Higher Education at IoBM with the cooperation of Higher Education Commission of Pakistan. Other universities were co-opted through video conferencing.

After researching upon over a hundred industries, W. Chan and Renee Mauborgne, both Professors of Strategy at INSEAD. Business School for the World developed Blue Ocean Strategy. Their analysis was that in today’s environment, institutions tend to engage in head-to- head competition in search of profitable growth resulting in nothing but a red ocean of rivals fighting over a shrinking profit pool. Lasting success increasingly comes, not from battling. They pondered over the real purpose of Higher Education. It should be differentiated whether the purpose of universities is to create knowledge and research or just to teach and award degrees.

Blue Ocean strategy highlights the need to develop a culture in class where students should be motivated to challenge, think and create. The teaching mode can be Flipped Classroom approach where students are given videos related to the topic to study at home and discuss in the class. Further rubrics be provided for grading before the exams so that students know importance of content in their answer scripts and presentations. The research approach should be result-oriented where the industries can utilize the outcome of research.

Quality Enhancement Cells of universities can play a major part in developing a culture where there is challenging role for revisiting the curriculum, learning outcomes, moving towards creative research, developing skills by creating blue oceans of untapped new market spaces ripe for growth. This approach needs positive attitude, courage and caring for environment and society amongst the students.

In the workshop arranged by IoBM’s QEC, experts pointed out Blue Ocean Strategy by highlighting six principles. The six principles discussed at the Workshop show how to reconstruct market boundaries, focus on the big picture, reach beyond existing demand, get the strategic sequence right, overcome organizational hurdles, and build execution into strategy. Universities can use Blue Ocean Strategy for improving the placement of graduating students and how they achieved a high growth in employability index.

Would HEC, Pakistan Engineering Council, National Business Education Accreditation council. PMDC, ICAP etc be willing to adopt Blue Ocean strategy module for Value Innovation! This approach has been successfully utilized in Malaysia in its Government offices and has resulted in profitable growth. Our Government can also make it part of their vision and mission statement and chart a bold new path to winning the future.

IoBM has decided to set up a Blue Ocean Strategy Cell, is developing expertise and is collaborating with other organizations specializing in this field and can offer its services to Government and other organizations. Dr.Akhlaq Ahmad is the Director and Mr. Moin Ali Khan is Deputy Director at QEC, IoBM. Dr. Syed Irfan Hyder, Dean CBM, IoBM has been instrumental in contributing to quality enhancement at IoBM amid full support by IoBM’s President, Mr. Shahjehan Karim, Rector, Mr. Talib Karim and Executive Director, Ms. Sabina Mohsin.