Impact of AI on skill development in management students

Impact of AI on skill development in management students

By Radhika Shrivastava

The age of artificial intelligence (AI) is changing how we work, live, communicate, learn and play. Artificial intelligence has already been integrated into our daily services to enhance user experience. From personalised product recommendations on e-commerce platforms like Amazon, driven by machine learning algorithms, to the seamless speech-to-text capabilities of virtual assistants like Apple’s Siri and Microsoft’s Alexa, AI has become an integral part of our daily experiences.

The impact of AI on job opportunities

A World Economic Forum report predicts that AI technology will create 97 million new jobs by 2025. AI will undoubtedly create the most jobs in the future. With the integration of AI across multiple industries, jobs in AI and automation will be in high demand in India and around the world. AI Strategy Consultant, Data Science Manager, Machine Learning Specialist, AI Product Manager, Digital Transformation Manager, Ethics and Compliance Manager for AI, AI Project Manager, Customer Experience Manager with AI Focus, AI Sales Manager, HR Manager with AI Integration Expertise, Computational Intelligence Specialists, are some of the management job profiles in demand in the present AI domain.

MBA students must understand that jobs won’t disappear; they’ll be redefined. The emphasis here is on augmenting the capabilities of human decision-makers rather than replacing them. The algorithms may be able to handle simple problems, but they won’t be able to replace MBAs for genuine strategic leadership. With technology advancing dramatically, MBAs must take more responsibility for their career development.

The need for AI-Infused management learning

By integrating AI into management education, students can gain hands-on experience in leveraging technological advancements to enhance their analytical prowess, a skill crucial in the data-driven landscape of contemporary businesses. AI technologies equip students with advanced tools and decision support systems that analyse vast datasets, extract insights, and facilitate informed decision-making. Examples abound in data analytics, predictive modelling, and risk management, showcasing AI’s contribution to critical thinking and strategic decision-making. AI-driven algorithms enable students to navigate complex scenarios, simulate real-world challenges, and develop a deeper understanding of business dynamics. AI’s influence extends beyond analytical domains through its trending tools and solutions:

Chatbots: It is the technical core of the future. Chatbots are used in classrooms where students use laptops or iPads to communicate with the bots. It’s intended to make subjects easier for them to understand, like maths or reading comprehension. Moreover, if necessary, they can assist with analysis.

LMS or learning management system: Being current with technological developments in education is essential in today’s technologically advanced world. AI integrated with LMS provides a centralized, intelligent system for managing online operations.

Personalised Learning: AI-based learning systems can be tailored to the individual needs of each student, allowing them to learn at their own pace and style. This helps enhance the quality of learning and engagement among the students and increases the efficiency of the teaching process.

Improved Access: AI technology can help make management education more accessible to students who may not have the resources or time to attend traditional classroom-based courses. This helps reach a broader audience, including working professionals and students from geographically remote regions.

Automation: AI can automate routine administrative tasks such as grading and feedback, freeing instructors to focus on more meaningful student interactions. This leads to a more efficient teaching process and reduces instructors’ workload.

Recognizing and addressing the skill gap

AI will continue to grow and be astonishing. However, education and training institutions’ engagement with AI must be immediate and multidimensional. So far, the rate of innovation has exceeded the rate of policy development, and therefore, a considerable gap between the demands and the supply of skills is evident. To meet this demand, education systems must be prepared and equipped to respond promptly to job-specific skills and the transversal skills required to navigate new ways of working in the AI age.

This requires investment in infrastructure, training, curriculum/content revisions, planning, and governance for the AI era, ethical and inclusive use of AI, values, and skills for the AI era, and empowerment of teaching and learning through AI, as well as the creation of lifelong learning opportunities. As seen in other sectors, management colleges should invest in academic-industry relationships to engage innovative and practical learning pathways in the AI industry and create opportunities for internships, apprenticeships, and business incubators.

The author is the executive director of the Fortune Institute of International Business (FIIB). Views are personal.