Combining digital human capabilities is the future of business education

The explosion of metavars and rapid technological advances are forcing companies to question all aspects of how they conduct business and to advance business education.

The fourth industrial revolution is upon us and the need for an MBA to lead the way is clear. Characterized by the rapid advancement of technology that blurs the lines between the physical, digital and biological worlds, the need for leaders who can effectively combine digital and human capabilities is clear.

Artificial intelligence, blockchain and the Internet of Things are providing innovative ways to collect, analyze and manage large amounts of digitized data and events, challenging leaders to use these tools in the most effective way to ensure companies achieve and exceed their goals. Expectations of stakeholders. In order for Metaverse to explode, companies need to question all aspects of how they conduct business.

At the same time, emphasis has been placed on the human element. Companies that successfully combine profits with purpose will lead the way in the business world of the future. Non-financial factors such as environmental, social and governance (ESG) are increasingly important for investors when thinking about risk and growth assessments. The Sustainable Development Goals, designed as a blueprint for achieving a more sustainable global future, further emphasize the need to consider how industries can contribute to greater well-being.

The global epidemic illustrates both the solutions that can be provided by technology as well as the recognition of the important role of human connections necessary for mental well-being. Continuing barriers around the world due to health concerns and political conflict highlight the need for adaptability, flexibility and innovative thinking.

What is the role of business education and especially the MBA program in the face of this complex and changing global reality? Business courses need to develop appropriate skills, attitudes and knowledge among their graduates to create leaders who will improve. In addition to a solid foundation in the application of business models, theories and structures; The development of the following skills will ensure that MBA graduates are well prepared for successful career advancement:

Strategic and Progressive Thinking: Graduates need to be able to see the world from different perspectives, anticipate future needs, and develop business strategies to effectively position their companies.

Innovation and entrepreneurship: There will be an uninterrupted prerequisite for creativity and innovation as well as the ability to identify opportunities and take calculated risks as the lines between the digital and physical world come together.

Communication and consensus building: Encouraging teamwork to effectively communicate and focus on sharing goals using different channels in a global context will continue to be an important skill.

Negotiations and mutual benefits: The ability to negotiate agreements in a way that meets the environmental and social goals as well as provides mutual benefits to all parties concerned will ensure that leaders achieve high stakeholder expectations.

Emotional and intercultural intelligence: As well as understanding their own strengths, weaknesses and biases, others will enable leaders to meet and retain the needs of employees, customers and partners worldwide, helping to build trust and ensure success in both global and local contexts.

Truthfulness and empathy: Leaders need to build an environment of trust through openness, transparency and empathy to inspire their multi-generational and multi-cultural group.

Successful business schools are moving away from the ‘stage sage’ approach of the past where students passively listen to experts who share their wisdom in the ‘side guide’ teaching method that students have to work collaboratively with to deal with authentic real life problems and opportunities. Other key elements of the future of business education include:

Technology: Students can experience the power of technology through the use of advanced learning-videos, digital case studies, innovative software and computer simulations.

Flexibility: Facilitating a good work-life-study balance by using flexible course offers will enable access to a broad and varied target audience. Giving students the opportunity to choose electives, specializations and research topics helps them to customize their learning to meet their personal aspirations.

Personalized interactions: Recognizing the importance of human interaction, programs should offer live classes (either face-to-face or online) that allow students to share ideas, ask questions, and interact with faculty members in real-time. Demonstrating empathy and confidence will enhance the students’ experience while reflecting on the desired results.

Global Teamwork: Working in multicultural and multi-disciplinary groups creates opportunities for the implementation of intercultural intelligence and the practice of communication and negotiation skills.

Application based: The transition from memory-based assessment to the application of concepts in unique situations gives students the opportunity to demonstrate their creativity, innovation and strategic thinking skills. Active projects that promote empirical learning demonstrate the practical application of theoretical concepts.

Business education that focuses on the fruitful combination of technology with the human touch will create future leaders who will prosper in the global business world of the future.

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