Robotics and Artificial Intelligence have managed to make their way into educational curriculum. Dr Amit K Sinha tells you how MBA students can benefit from this

A few decades ago, robots were a far-fetched dream. Today, robotics and Artificial Intelligence have managed to disrupt various industries successfully. AI will contribute as much as $15.7 trillion to the world economy by 2030, according to a recent report by PwC. The invasion of robotics and Artificial Intelligence may lead to catastrophe for certain jobs especially the ones which include mundane and repetitive tasks.

To ensure that the careers of their students are futureproofed, educational institutes have already started to update their pedagogy. What does the update mean for students? The course structure ensures that students possess the right knowledge and skills they need to succeed in more high-skilled roles that come with greater responsibilities. Therefore, the aim is to assure that students understand the changing dynamics of a leader or manager in this new world.

Moreover, to ensure that students can understand emerging technology like machine learning, business analytics, and data science, colleges have started providing various courses covering the topics mentioned above. A few management schools have the following subjects in their curriculum:

• IoT Analytics
• Artificial Intelligence in business applications
• Machine learning and cognitive intelligence (using Python)
• Data security and data privacy laws
• Design thinking and data-driven storytelling
• Business analytics project management
• Data science applications in business

In fact, various management schools provide specialisations that not only teach the basics of business analytics but also touch upon how these new advancements are changing traditional industries. For instance, the subject Financial Analysis is designed to teach students how Artificial Intelligence is and will affect this industry. The same goes for operations, human resources, marketing, banking, tourism, healthcare, and other sectors.

nHow does this help aspiring management students?

As mentioned above, those who possess high-level skills and can work hand in hand with Artificial Intelligence will succeed in the future. There is no debate that Artificial Intelligence will change the business economy. However, a robot can only do so much. This is where well-trained leaders come into the picture.

These well-trained minds will soon, with the help of Artificial Intelligence and robots, be able to spot various opportunities immediately and can start to leverage them for their business. Take a moment to think about every chance that an organisation is potentially losing today, and how the face of the economy can change if every business house can identify opportunities before it's too late. This will enable businesses to strike while the iron is hot, in a manner of speaking.

At the end of the day, progress is imminent, and there is nothing we can do to stop it, neither should we want to. Machines and humans together can achieve a lot more than either one could have done alone.

According to Urs Peyer, associate professor at INSEAD, the business school: “What’s coming will be bigger than the last three industrial revolutions.” However, if we prepare the next generation of leaders to handle this revolution, we will witness only more prosperity.

The writer is Director, Kirloskar Institute of Advanced Management Studies, Pune