“AI is a core transformative way by which we are rethinking how we are doing everything” – Sundar Pichai
The world is witnessing the biggest disruption phase of all time, which is being led by technology. In recent years, there has been a huge surge in how the Internet of Things and technological advancements are influencing business strategies world over. Subsequently, artificial intelligence has made its way into the B-school curriculum for management programmes.
As organisations invest heavily in AI and ML technology, it raises the demand for a newer version of management courses, one that is compatible with technological innovations and ever-growing specialised knowledge. Since a major chunk of millennials, looking forward to a career in management, will be the future business leaders, it is imperative to train them on business trends to make them industry-ready.
Why is there a need for AI skill sets?
The global AI market size is expected to grow by $75.54 billion during 2019-2023, at a CAGR of over 33 per cent, according to a new report by Technavio.
There is an increasing demand for professionals with skills and advanced knowledge to develop, evaluate and implement AI-enabled applications and strategies into business processes. Given the speed of technological advancements and their integration into businesses, the demand for management professionals with a comprehensive skill set of Artificial Intelligence, Machine Learning, Big Data Analytics and Blockchain will continue to rise in years to come.
Artificial Intelligence, having the capability to perform undertakings with ease, speech recognition, and visual perception, is being increasingly adopted by organisations to achieve enhanced efficiency. AI can analyse significant scattered information, which is a cumbersome process if done manually. It is helping business enthusiasts make smarter choices and effective business decisions.
AI-driven curriculum in business schools
Various important components must form a part of the AI curriculum in management schools. To elaborate, the basis for teaching AI to management students has to be different from an algorithm or computer science perspective, what AI is typically believed to be. Rather, it should be focussed on principles of information systems and knowledge representation to make students understand how programmes can find solutions to problems with AI integration.
AI curriculum targeting future business leaders should be focussed on engaging them with issues of immense possibilities, substantial challenges, and problems. It will teach them how to meet the common problems of businesses in a technology-driven way — competition, market growth, branding, employee management, and productivity. The curriculum should be able to help students grasp that AI has the potential to affect and disrupt all these aspects of the business.
What is driving AI’s popularity?
There are various areas where AI can help future business leaders. Let’s dig deep into the direct uses of Artificial Intelligence in businesses.
· AI has the potential to understand behavioural tendencies in the existing data, thereby, enabling businesses to focus profitably on correct clients for an item.
· AI can make sales and marketing more proficient as it can pull out behavioural tendencies of the client, thereby enabling customised promotion.
· Talent acquisition, with the integration of AI, can be made easier beyond imagination as HR managers don’t need to go through a pile of resumes manually.
· Artificial Intelligence, by augmenting and automating, can help in keeping up an efficient store network which, generally, relies on crowds of factors.
The bottomline
Artificial Intelligence is gaining immense popularity globally. E-commerce giants and start-ups are on a continuous hunt to find suitable candidates who are adept in AI and data science.
Premier management colleges that produce top-notch management professionals are increasingly integrating AI into their management curriculum and offering several related courses such as Descriptive and Predictive Analytics, Advanced Business Analytics, Forecasting Models and Enterprise Resource Planning.
(The writer is Director, FORE School of Management, Delhi.)