“The Future of MBA Education: Adapting to the 4th Industrial Revolution”
Is MBA Education Leading The Way?
The 4th Industrial Revolution is about automating business manufacturing and techniques, which can be done with the help of smart technology without any interference from human beings and automated decision-making. To keep pace with the industrial revolution, managers must also equip themselves with strategies that thrive in the 4.0 environment. There are certain managerial competencies, skills and work ethos in which the new MBA students are trained so that later on, they can play a strategic role in decision-making (Bălan,2019). All MBA graduates are imparted knowledge in interdisciplinary skills, aptitude and knowledge, and this can be done through collaborative skills and increased aptitude thinking that is needed for problem-solving. In this regard, it can be said that MBA education has become a specialised and unique centre of learning that brings together art, science, and technology together, which helps in smart decision-making.
How the MBA graduates are proceeding in the 4th Industrial Revolution?
The 4th Industrial Revolution generates a huge amount of data, and in this regard, the management students shall be able to recognise the patterns and process the information to ensign the solution accordingly (Bălan,2019). Cognitive management skills are also imparted among MBA graduates so that it reduces the chances of wrong decisions. In addition, there is an increased demand for computational thinking, which can help develop the strength of MBA graduates so that they can translate large amounts of data sets into decision inputs. The present generation of MBA students possesses the skills of database and logical reasoning that helps them to excel in the professional world. The skills needed by modern leaders shall be interdisciplinary, with a major emphasis on cognitive and adaptive learning that is effective in working in a technologically advanced workplace (Bălan,2019).
Furthermore, the MBA career is augmented with cutting-edge technology as the disruptive power of technology is much more prominent in the 4th industrial revolution. Thus it is significant for the future generation leaders to possess a deeper knowledge of technology and appreciate using and knowing it simultaneously. However, a management graduate is expected to do something other than an engineer’s job. But as technology is disrupting business, leaders should have adequate knowledge of technology to make a critical decision about the trade-offs between increasing automation (Verma et al. 2022). In addition, the leaders are also required to reskill the workers if they find their existing skills are no longer useful. Thus business leaders need to comprehend the progress in Artificial Intelligence, machine learning, robotics and automation and their impact on the organisation, administration and production process. The present-day MBA program provides a course that gives an overview of the latest and recent developments in automation, information technology and robotics and how they affect work and life.
In early 2016 it was noticed that Apple and Samsung replaced about 60000 employees with robots. Furthermore, many organisations have replaced factory workers with robots and automation. Futurologists have anticipated that a day will come when robots will replace human surgeons. About 1000 stores in Japan are being replaced by robots to answer customers’ queries and sell their products. Not only this, even 24-hour security guards are provided by some organisations. In such a situation, MBA students seeking out jobs shall equip themselves with courses that stress the impotence of robotics and AI courses to enable them to decipher how the advancing technologies will impact the business in future.
Some of the world’s international MBA schools offer courses specialising in robotics or AI coursework. For instance, the Havard Business School digital invasion and technology that concerns emerging technologies such as Artificial intelligence, Blockchain and Machine Learning will impact the chain’s value and occupy a significant position in the digital economy (Kumar et al. 2021). A course named “Entrepreneurship Laboratory” imparts knowledge in new valance robotics and hand robotics.
The present-day business world is disrupted by changes in new technologies, which is affecting how companies operate. To cope with the changes, innovation is the only way. In this regard, learning blockchain technology acts as an effective resource. It teaches the systematic method and technology, which helps comprehend the new systems based on which the taxonomy was developed. While acquiring knowledge in blockchain technology and AI, MBA graduates can develop a comprehensive set of organisational, technical and analytical skills (Kumar et al. 2021).
Furthermore, they will develop the skills required to create and implement various AI solutions in the business. They also develop various types of strategies for leveraging the technology. Also, recently, firms have been using AI to manage materials and products from suppliers to help in strategic decision-making. AI also helps take over technical tasks, analyse job interviews and process resumes. In addition, the technology also helps provide insights into sales trends, ordering cash flow and various other types of financial information (Kumar et al. 2021). As a result, it helps identify how the business is functioning and where the issue might arrive when hiring anyone. In this regard, AI can completely change the game; however, it is not replicating human biases. Thus, regulating AI within the industry opens the opportunity for enforcement.
AI also helps in marketing and has ethical implications as well. It helps in the adaptation of the content of the digital screen. Similarly, courses on machine learning have made their way into the MBA curriculum as the role of the manager is changing with the emergence of robots. Also, the emergence of big data analytics makes it important to digitise MBA (Kumar et al. 2021). Thus the ability of the machines to execute challenging cognitive tasks to make complex decisions and analyse data.
Today, each MBA student will be asked to present machine learning or AI technology. Besides this, the blockchain incorporates the existing processes and systems, which enable the technology to be trustworthy for global implementation and extend global career opportunities. Blockchain technology also enables the manager to make effective decisions, reshape the supply chain, transform the stagnant business and develop existing business models. As a result, blockchain has become a popular transferable skill. In Deloitte, 81 per cent of seniors practice blockchain technology as it is widely scalable to business organisations. Blockchain also helps elevate the exciting career by developing existing skills (Kumar et al. 2021). The instances of blockchain comprise blockchain developers, engineers, designers, project managers legal consultants. By acquiring knowledge in blockchain, students are taught to analyse the strengths and drawbacks of the blockchain. Also, they can communicate with the IT developers.
Why is an MBA degree different?
MBA graduate degrees are different because they concern the development of specialised skills. Compared to hard skills, organisational behaviour and business ethics are also taught to the students. MBA programs thus teach the holistic approach to business and further teach to adapt the traditional rule of business to a world of fast technological changes. Thus, implementing robots in the MBS courses helps develop analytical reasoning and problem-solving skills along with computational thinking that employers mostly require. As AI continues to disrupt the industry, the demand for professionals and AI expertise is on the rise. The unparalleled networking opportunities offered by MBA programs help link the students to future business leaders. Thus, the professionals who know how to integrate AI knowledge, notice opportunities, identify emerging trends and find innovative solutions to deal with challenges get hired by better recruiters. So they can maintain a competitive edge in the ever-evolving business environment.
Thus MBA programs empower students to adapt to the dynamics of business landscapes impacted by technological disruption and overcome the challenges that arise from the technological disruption. The present-day MBA programs bridge the gap between theory and practice, and this helps the students in developing insights into a business environment that is solely relied on technology.
- Bălan, C., 2019. Potential influence of artificial intelligence on the managerial skills of supply chain executives. Calitatea, 20(S3), pp.17-24.
- Verma, A., Lamsal, K. and Verma, P., 2022. An investigation of skill requirements in artificial intelligence and machine learning job adv
- Kumar, K., Zindani, D. and Davim, J.P. eds., 2021. Artificial intelligence in mechanical and industrial engineering. CRC Press.
Ans: An MBA degree can change the future as it helps students by equipping them with knowledge and skills, both managerial and technical, helping to boost confidence and the level of credibility. It offers courses on subjects such as accounting, finance and marketing that enable the students to master their problem-solving skills, communication skills and innovative thinking skills.
Ans: In the 4th Industrial Revolution, MBA is leading the way. It teaches the students which businesses are being automated with the implementation of smart technology. In addition to this, it also imparts knowledge concerning automated decision-making. The students are taught in all these pursuits because it will help them to play a strategic role in decision-making.
Ans: The MBA degree is regarded to be different because it adapts all the students to the changing business environment compared to hard skills. The students are taught soft skills such as interpersonal relations, communication, and entrepreneurial skills. In other words, it enables the student to access a more professional network and avail the wide variety of available jobs.
Ans: The MBA in blockchain and Artificial Intelligence provides students with the knowledge and comprehension of innovative technologies such as blockchain technology and AI. This enables the learners to know how businesses shall improve their operations, increase the customer experience and reduce the cost with the help of AI and blockchain technology.
Ans: The MBA program can adapt to the digitised business landscape. This is because organisations require employees who are technologically well-equipped and great innovators. The students are empowered to get accustomed to the dynamics of the business landscape as the integration of AI, data analytics, and blockchain technology impacts it.
Author Bio: Mark Edmonds, an accomplished academic writer at Academic Assignments, empowers students with premier MBA assignment help. With a passion for fostering excellence, Mark brings a wealth of expertise in business education and the 4th Industrial Revolution’s impact. His insights inspire future business leaders to navigate the dynamic landscape through comprehensive analysis and strategic thinking. Mark is dedicated to academic excellence and contributes significantly to students’ success by sharing practical knowledge and insightful perspectives in MBA education.