Education is the most powerful armament which is used to change oneself first and then the world. It widens our experience and changes the way we perceive things. Ensuring quality higher education is the key to the freedom and commission of unborn generations. After the Covid-19 pandemic hit the world in 2019, the education sector has been one of the worst affected. Schools, colleges, universities, and other educational institutions are floundering to meet their requirements and finances. Business schools are facing new and complex challenges.
Although the epidemic has brought tremendous trouble, it has also given new openings for us to borrow in the business world. Institutions are readily expanding their scope and reach and evolving the needs of their students, staff, alums, and business stakeholders.
Traditional vs. Digitalized Business
The competition that the best business schools faced in the past was primarily among themselves. But in the current environment, technology is the rival. Quality skill training is accessible to everyone because of smartphones and the internet. Social media and mobile applications offer a wealth of content that may be used to advance one’s knowledge and abilities in any profession one chooses.
It provides prompt and innovative responses, similar to what we observe following the lockdown. Who believed high school and college students could learn well and gain more knowledge by using the internet? Unlike what is in books, the content on the internet is not restricted to a single topic or subject. The barrier to entry is lowered by alternative providers. Traditional business schools are receiving assistance from cutting-edge start-ups, commercial companies, and non-profit groups.
Importance of Climate Awareness
In 2022, promoting climate consciousness was the global focus. Many business schools are taking steps to promote “Green” funding and talk about the troubling aspects of climate change. Additionally, they are changing to become more environmentally friendly. Students majoring in MBA and Business and financing are coming up with creative solutions to save our mother nature from the concrete jungle we have made.
It is highly astonishing in the business world that a few Southeast Asian nations, such as Singapore, China, Indonesia, Vietnam, etc., take the lead in presenting Green Building structures to the world. Buildings in these nations proudly demonstrate their commitment to sustainability with green balconies and roof gardens that support fern and vine growth. Its sustainability features include a powerful cooling system, rainwater collection, lightning sensors, high-performance window glass, and hot water pumps. With the help of new businesses taking environmental action, other nations may adopt this trend.
The Big Emphasis on Business Analytics, Hands-on Learning, Entrepreneurship and Leadership Skills
The four key topics of analytics, action learning, entrepreneurship, and leadership skills have been the four most significant trends in business schools during the previous ten years. Because of the demand from businesses, many of which employ MBA graduates for their own firms, no business school on earth will ever be able to dismiss any of these developments. It is reasonable to anticipate that in the next ten years, artificial intelligence and machine learning may play a significant role in society. All of this is an attempt by business schools to satisfy their clients. Business education institutions must concentrate on introducing students to new technology because doing so opens up many opportunities for them in the future. Additionally, students want to ensure that they leave school with excellent skills.
Rise of Double Degree or Interdisciplinary Curriculum
In 2023, the perimeter of university campuses will no longer be adorned with business educational institutions. Instead, they are working with other departments to integrate knowledge from many different sectors, including the humanities, the food industry, political science, the arts, fashion, and design. Students majoring in MBA and Finance and marketing study coding and sustainable finance as business institutions adopt an interdisciplinary approach. They place more emphasis on how business and the environment interact to meet the two main demands of the global community.
Up-skilling Business School Faculty
Teachers play a crucial role in every educational setting. They also carry out their own research and study while serving as mentors, facilitators, and counsellors. In order to better teach new technologies to students, business schools must make sure that their faculty is kept up to date. They must fulfil the challenging roles for the hybrid models and technologies that are essential to the establishments’ success. Business education has a huge impact on workers and carries many responsibilities.
It is fair to assume that professors in business schools are charting technological advancement to assist students in staying on top of the newest developments, including analytics, artificial intelligence, machine learning, augmented reality, robotics, and the Internet of Things. For the development of their students and the expansion of enterprises in the future, business education schools are also putting an emphasis on soft skills, including critical thinking, empathy, assertiveness, and teamwork.