From integrating AI into decision-making processes to adding global perspectives, B-schools are merging traditional education with innovative technology

In 2024, technology is influencing every aspect of life, transforming the way we communicate, learn, and run businesses. With advancements in Artificial Intelligence, Machine Learning, IoT, Big Data, Blockchain, and other digital technologies, we are currently navigating the fourth wave of the industry revolution.

Businesses primarily prioritise automation and machinery to enhance workforce operations, with 88 per cent of small business owners using automation to increase their workforce efficiency, according to an Unmudl study. This shift is driving up the demand for digitally literate and tech-savvy professionals in the industry, inspiring business schools to redesign their academic curricula. Following are the revolutionary ways technology is reshaping the business industry.

Reshaping Business Education through AI:  According to the Future of Jobs Survey, 75 per cent of companies plan to adopt AI technologies in the coming years. This signals a significant shift brought about by technology in business education; the integration of AI and ML. Artificial Intelligence and Machine Learning are revolutionising how future business leaders think and make decisions, disrupting the traditional learning models. Emerging technologies such as generative AI provide real-time feedback and high-level interactivity, inspiring B-schools to employ learning approaches to develop AI skills in students, thus, preparing them to meet the demands of a rapidly evolving business landscape. Integration of Data Analytics into Business Intelligence: Data has become the primary currency in business intelligence, helping businesses make informed decisions to enhance their growth. Technological trends such as statistical techniques, predictive analysis, machine learning, and artificial intelligence allow businesses to identify leading patterns and tailor their offerings. As recent studies by Edge Delta point out, more companies will adopt big data and technology, increasing the employment rate by 58 per cent. To help students stay competitive, B-schools actively embed data analysis into their offered curriculum, improving students’ data proficiency. Incorporating data analytics into higher education curricula, particularly in PGDM and MBA programmes, will promote innovation and solution-oriented thinking among students. 

Experiential Learning and Real-World Applications:

With the rapid inclusion of technology in business, the leading employers are excessively prioritising professionals with industry-ready technical and soft skills. The technologically integrated method of business education complements the traditional teaching pedagogy, preparing students to tackle real-world challenges and provide futuristic solutions. Through industry internships, consultation projects, case studies, and business simulations, B-school students gain hands-on experience and practical skills necessary to excel in today’s competitive job market. While a business degree holds significant importance, practical experience allows students to turn their learnings into actionable solutions.

Personalised Learning Approach: The amalgamation of technology and education has made education personal. The traditional learning model employs a one-size-fits-all approach, ignoring individual learning needs. On the other hand, the modern learning model is tailored to meet individualistic demands, making learning seamless for every student. Through tech-integrated personalised education, students can adapt the learning materials and understand at their own pace. This shift is especially impactful in business education, where personalised learning helps students stay current with industry trends, bridge the skill gap, and learn based on their proficiency.

Balance Between Human Creativity and Automation:  While many view the current era as Industry 4.0, others argue we are swiftly moving towards Industry 5.0. Unlike its predecessor, Industry 5.0 emphasises the well-being of professionals, fostering prosperity beyond jobs and promoting ecologically balanced economic growth. The upcoming industrialisation era envisions close collaboration between humans and AI tools, enhancing operational efficiency and cost-effectiveness. This has led top B-schools to thoughtfully curate the core management courses, integrating human-centricity, sustainability, and automation.

Bringing Global Perspective to Classrooms:  Business challenges today are inherently global in nature, such as sustainability issues, supply chain management, foreign regulations, and cultural diversity. By embedding a global outlook in business education, B-schools equip students with essential tools to effectively address these problems. Facilitating worldly industry collaborations and connecting peers from diverse cultures through virtual modes fosters a deeper business understanding in the students, enabling them to drive positive changes.

(The writer is Dean BMS Hyderabad; views are personal)