Less artificial, more intelligent

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Less artificial, more intelligent

Wednesday, 17 June 2020 | Dr Jitendra K Das

Less artificial, more intelligent

Given the speed of technological advancements and its integration into businesses, the demand for management professionals with a comprehensive skill set of artificial intelligence, machine learning, big data analytics, and blockchain, will continue to rise, says DR Jitendra K DaS

The world is witnessing the biggest disruption phase of all time, which is being led by technology. In recent years, there has been a huge surge in how the Internet of Things and technological advancements are influencing business strategies world over. Subsequently, artificial intelligence has made its way into the B-school curriculum for management programmes.

As organisations invest heavily in AI and ML technology, it raises the demand for a newer version of management courses, the one which is compatible with the technological innovations and ever-growing specialised knowledge. Since a major chunk of millennials, looking forward to a career in management, will be the future business leaders, it is imperative to train them on business trends to make them industry-ready.

The global AI market size is expected to grow by USD 75.54 billion during 2019-2023, growing at a CAGR of over 33 per cent, according to a new report by Technavio.

There is an increasing demand for professionals with skills and advanced knowledge to develop, evaluate and implement AI-enabled applications and strategies into business processes. Given the speed of technological advancements and its integration into businesses, the demand for management professionals with a comprehensive skill set of artificial intelligence, machine learning, big data analytics, and blockchain, will continue to rise in years to come.

Artificial Intelligence, having the capability to perform undertakings with ease, speech recognition, and visual perception, is being increasingly adopted by organisations to achieve enhanced efficiency. AI can analyse the significant scattered information which otherwise is a cumbersome process if done manually. It is helping business enthusiasts make smarter choices and effective business decisions.

AI-driven curriculum in business schools

Various important components must form a part of AI curriculum in management schools. To elaborate, the basis for teaching AI to management students has to be different from algorithm or computer science perspective, what AI is typically believed to be. It should be rather focussed on principles of information systems and knowledge representation to make students understand how programmes can find solutions to problems with AI integration.

AI curriculum targeting future business leaders should be focussed on engaging them with issues of immense possibilities, substantial challenges, and problems. It will teach them how to meet the common problems of businesses in a technology-driven way– competition, market growth, branding, market growth, employee management, and productivity. The curriculum should be able to help students grasp that AI has the potential to affect and disrupt all these aspects of the business.

There are various areas where AI can help future business leaders. Let’s dig deep into the direct uses of Artificial Intelligence in businesses.

AI has the potential to understand behavioural tendencies in the existing data, thereby, profiting businesses to focus on correct clients for an item. AI can make sales and marketing more proficient as it can pull out behavioural tendencies of the client thereby enabling customised promotion.

Talent acquisition with the integration of AI, can be made easier beyond imagination as HR managers don’t need to go through a pile of resumes manually.

Artificial Intelligence, by augmenting and automating, can help in keeping up an efficient store network which, generally, relies on crowds of factors.

 Artificial Intelligence is gaining immense popularity globally. E-commerce giants and start-ups are on a continuous hunt to find suitable candidates who are adept in AI and data science.

The premier management colleges that produce top-notch management professionals are increasingly integrating AI into their management curriculum and offering several related courses such as Descriptive and Predictive Analytics, Advanced Business Analytics, Forecasting Models and Enterprise Resource Planning.

The writer is Director, FORE School of Management

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