Artificial Intelligence (AI) is having a profound impact on business and is witnessing an accelerated adoption to support several mission critical decisions and activities. AI adoption manifests in various forms, from facial recognition to sophisticated technology applications such as autonomous vehicles.
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AI mimics the problem-solving capabilities of human beings, this is achieved through a complex deployment and synthesis of tools like Machine Learning, Deep Learning, Neural Networks, Robotics, facial recognition, and Recommender Systems. Various industries, including banking and finance, healthcare, retail, manufacturing, and entertainment, have accelerated the process of AI deployment. Furthermore, the advent of Large Language Models (LLMs) like ChatGPT has expanded the AI footprint to bolster human capabilities in industries such as education, tourism, and hospitality, where a responsive human interface remains a critical success factor. According to reputed publications like Forbes (December 2023), the global artificial intelligence market is poised for remarkable growth, with a projected compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. This surge is anticipated to result in a substantial market size of $1,811.8 billion by 2030.
This remarkable impact of AI on business functions is transforming MBA education, and B-Schools worldwide are embedding AI and ML as part of their curriculum. MBA schools must integrate AI tools in the classroom pedagogy to impart experiential learning to students. This approach will enhance students’ learning quality and lighten the workload of the faculty. For example, AI can curate and summarize crucial points required for developing course content and lesson plans. This is especially helpful for cutting-edge course offerings, reducing preparation time for teachers while enhancing the quality of lecture materials. Similarly, providing domain-specific real-life examples or case studies for the diverse MBA cohort can be a daunting task, however AI tools can complement the effort. AI has not only been used for content development and delivery but also for assessment purposes. AI-powered digital evaluation platforms can aid in students’ assessment by summarizing their answers and extracting crucial points through natural language generation. This approach speeds up the evaluation process and enhances the objectivity of evaluation.
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Virtual assistants can be used during classroom activities like simulations and role-plays. Participation levels during such activities can be monitored effectively using virtual assistants integrated with generative AI. This can assist the faculty in providing relevant feedback to the students. The use of AI embedded tools can reduce biases in assessments, which is prevalent in human-led assessments. Several B-Schools are also using virtual interview platforms for their student intake process. B-Schools can also use facial recognition technology for attendance tracking effectively.
With the emergence of low-code, no-code, open-source platforms, the barriers to AI application development are falling at an accelerated pace. Students can build domain-specific applications without the technical know-how of coding and feel confident about using AI in the industry.
It is often argued that extreme dependence on AI technologies will replace the human touch in learning. However, the idea is to embed AI to augment learning, not replace human interaction. It is essential that before embracing AI, we must find ways to tackle the ethical challenges associated with it. For example, AI tools that are trained on biased or skewed data can result in unfair outcomes for the learners. Over Reliance on generative AI can restrict students’ critical thinking and problem-solving abilities. When students sit together and brainstorm over a given problem, they learn from serious discussions and intense arguments, leveraging diversity is not possible with an excessive dependence on a tool like generative AI. Addressing these challenges and concerns is vital to ensure that AI is used responsibly and ethically in MBA education. With careful planning and implementation, AI can be a powerful tool for enhancing the learning experience and preparing students for success in the future of business.
In conclusion, AI has the potential to significantly impact MBA education by making it more personalised, efficient, and effective. However, addressing the challenges and ethical concerns associated with AI is essential to ensure its responsible and beneficial use.
