MBA in the Age of Artificial Intelligence: Imperatives for B-Schools?

AI's Revolutionary Impact Across Industries
“Artificial Intelligence is profoundly reshaping almost all business domains and function including marketing, finance, HR and operations,” said Mr Amit Agnihotri, Founder, MBAUniverse.com as he kicked off the discussion. He highlighted how companies like Amazon utilize sophisticated algorithms to analyze customer behavior, delivering tailored product recommendations that not only enhance the user experience but also significantly drive sales. He also highlighted how in human resources, AI has transformed traditional processes and improved workplace dynamics. For instance, automated recruitment systems, like those used by Unilever, streamline tasks such as resume screening and initial interviews, minimizing biases and saving time.Similarly, the finance sector has also seen significant advancements due to AI adoption.

Quoting studies by IIM Ahmedabad, Professor Bharat Bhasker, Director of IIM Ahmedabad, shared insights about the state of AI in India. "India is poised to enter into a digital revolution where successful AI adoption by our industry can be a crucial determinant of India’s competitiveness globally. Successful adoption of AI could add up to 1.4 percentage points annually to real GDP growth of India. From the perspective of corporates, successful adoption of AI is expected to add over a five-year period, INR 1.5-2.5 trillion in incremental pre-tax profit for the top 500 Indian companies alone. This presents an incredible opportunity for the Indian industry”. He highlighted that select Indian BFSI companies (particularly banks and new-age NBFCs) have very high AI Maturity, on par with global frontrunners. 

Quoting another recent IIMA study, Dr Bhaskar said: “55% of employees surveyed reported that they have used AI tools at their workplaces. Furthermore, 48% of survey participants indicated that their organisations provided them training to use these tools. The benefits of AI for efficiency and productivity improvement are also being experienced. 72% of respondents acknowledge that AI boosts their work performance, and 59% believe that AI complements their job functions.” He further added that, the current graduation/postgraduate setup is not optimal for the AI era. The awareness and adoption of AI tools and AI training are low among recent graduates and entry-level workers (less than five years of experience). This indicates a gap in their current education and training…, he said. 

Dr. Bhimaraya Metri, Director, IIM Nagpur added, “AI is here to stay. It is a force multiplier that all Industries is leveraging today or planning to leverage in coming days. Industry expects B-schools to create AI-ready MBAs.”

Changing Managerial Competencies and Skills Requirement 

“Proficiency in AI technologies is essential for making informed decisions and successfully leading AI integration within organizations. Analytical skills will play a crucial role in interpreting AI-generated data, which is vital for strategic planning and addressing complex problems,” said Dr. Pawan Kumar Singh, Director, IIM Trichy. He further added, “Not just AI-Proficiency, but AI-Wisdom will become important in times to come. Ethical leadership will become a cornerstone of managerial roles, as managers are tasked with ensuring the responsible and moral deployment of AI systems amidst intricate moral dilemmas.”

Global Initiatives in AI Education
Mr Agnihotri shared how Business schools around the world have already begun incorporating AI into their curricula to prepare students for the challenges of tomorrow. He shared how Columbia Business School integrates AI into classroom learning, enabling students to gain hands-on experience with AI applications in real-world scenarios. At MIT Sloan, specialized courses on the impact of AI on business strategy equip students with the tools needed to lead AI transformations in their organizations, he said. 

Implications for Business Schools in India 
So, what are the implications for Indian B-schools? How should B-schools get ready for Age of Artificial Intelligence? What are the imperatives…
Highlighting an important use case, Dr Vishal Talwar, Director, IMT Ghaziabad, said, “Personalization of learning is one to the biggest opportunities that AI brings. B-schools should use student assessment capabilities of AI, and create customized learning plans for each MBA student.”

Sharing his perspective, Dr. Umakant Das, Director, IRMA Anand said, “We should explore how we can use AI in all aspects of MBA program.” 
During the session, Speakers offered following ways to leverage AI in management education:

1. Rethink learning goals: To remain competitive, MBA institutions need to rethink their learning goals, ensuring that AI literacy becomes a fundamental component of student outcomes. 
2. Curriculum Integration: Curricula must be restructured to include AI applications across various business functions, such as strategy, operations, and analytics. 
3. Experiential Learning: Furthermore, experiential learning should take center stage, with students working on real-world AI projects or participating in internships that allow them to apply theoretical knowledge in practical settings. 
4. Faculty Enablement: Faculty enablement is another critical area where AI can be leveraged. By adopting AI tools for administrative and academic tasks, educators can streamline their workload, allowing them to focus more on teaching and mentorship. 

Call to Action for Business Schools
This special session ended with a call to B-schools to explore curriculum innovation, experiential learning, and ethical AI deployment to shaping the next generation of AI-ready MBAs. 

Dr. Bhimaraya Metri, Director, IIM Nagpur said, “Indeed, AI is here to stay. Industry expects B-schools to create AI-ready MBAs. However, few B-schools have made it a strategic priority. It is time all B-schools created an AI Plan for leveraging AI in teaching, learning, and other aspects.”

The ISDSI Global Conference 2024, held at PIBM Pune on Dec 26-28, 2024 attracted many distinguished speakers and delegates from all parts of the country and abroad. MBAUniverse.com was the session partner, and contributed to the rich discussions.

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