I recently applied to IIM Visakhapatnam for a visiting faculty position. What should I expect next?

If you have applied for a visiting faculty position at IIM Visakhapatnam you should wait for an interview call from them. If you are qualified enough and talented then they will definitely approach you for a faculty position. IIMs have the pressure to maintain the IIM standards so they are always on the hunt for the best professors. So if you are confident of your worth, apply to other IIMs also. I am sure one of the many IIMs will identify your talent and offer you a suitable position.