The Challenge Garage detects the seven major changes that companies face

A study performed by the Barcelona School of Management, the Pompeu Fabra University’s business school, states that the needs of big companies need to be coordinated better with the assets of the new start-ups. It will thus be possible to take better advantage of the innovation processes, to come closer to the real needs of consumers and to benefit from the advantages offered by the new technologies and the talent of employees. This could be the summary of seven major future changes in business management detected in the workshops by the Master of Science students of the Barcelona School of Management and the international experts coordinating the Challenge Garage project.

After three months of intense work, the Barcelona School of Management’s international group of master’s programme students has set out the major management challenges that will be confronted by companies in the medium and long term, if they want to maximise the advantages offered by a globalised and multidisciplinary market. This year the Barcelona School of Management’s Masters of Science brought together 75 students with 23 different nationalities and from all disciplines (engineers, economists, lawyers, etc.). A series of lines of research arose from their experience and their contributions, summarised in seven issues or future challenges, valid both for consolidated groups and for the new projects of technological entrepreneurs.

Co-creation and customisation

The final conclusions indicate that a greater interaction between the ideas and the processes implemented in start-ups, and the real needs of medium and big companies, can solve their respective problems, without this meaning that the models are exclusive or that they have to aspire to become like each other.

All the analyses involve taking greater advantage of the data and the options offered by the online world so that companies know their customers better and adapt their products and their management models to the new needs which arise in the market.  Processes like co-creation, customisation or personalisation of products or the analysis of databases (big data), are areas on which the experts and the students of the Barcelona School of Management have focused in order to be at the forefront of market research and the organisation of companies and production processes.

There was also an analysis of the formulae for retaining and managing talent in companies, with more communication tools and the participation of all the employees, something which represents a change of business culture about which everyone is talking, but which very few organisations truly apply at present.

Cutting-edge training

The conclusions of this year’s Challenge Garage, the first to be held by the Barcelona School of Management, will help to provide guidance on the studies and techniques of its Masters of Science and of all the disciplines and programmes offered in the centre. Starting from this initial experience, the process will be repeated each year and the lines of most interest at each moment will be supported, in order to offer state-of-the-art training to the school’s international postgraduate students.

The aim of the challenge was to seek integration (participants from different programmes come together in this space and collaborate through participation) and to contribute to transmitting cross-disciplinary values and to identifying the values that the Barcelona School of Management wants to incorporate into its broad and diverse programmes.

The three values that the Barcelona School of Management transmitted in the Challenge Garage were Creativity, Coopetition and Holistic Thinking. The online part was carried out using an open innovation platform There, the students had access to learning resources and spaces which allowed the competition of ideas and the teamwork necessary to solve the challenge.

The Barcelona School of Management thus becomes one of the best instruments that the Pompeu Fabra University has to create leaders capable of managing their own future and taking the most appropriate decisions at each time. This differentiation in the training, together with the prestige and the quality offered by the UPF’s Department of Economics and Business, means that this new training centre for managers has become a reference in just two years of operation.