Artificial Intelligence has evolved from sci-fi movies of the 70s to the present scenario of widespread usages in the industry. At the same time, it has immense untapped possibilities. It has become ubiquitous in the financial sector with the recent trend of high-frequency trading and intelligent trading systems. Automation has become a buzzword in the business world in the last two decades
Like any other disruptive technology, there have been both sides to the debate on the impact of AI. The protagonist of AI focus on the enhanced efficiency and precision of operation. AI’s use has been envisioned in a multitude of fields, varying from application in space exploration to performing complex surgery. In this article, we will analyse the impact of AI on the MBA courses and how they can evolve their pedagogy to remain relevant to the industry needs.
First and foremost, the coveted finance jobs are being replaced by the machine with the industry forecasted to lose 30000 jobs in 2019 alone. In the scenario, the role of finance specialist will need to evolve. The mere financial analysis can be easily managed by an intelligent software program. The financial pedagogy will need to change itself with an increase in data analysis courses. Also, behavioural finance is an area in which can be focused through the curriculum.
The second most affected domain will be Human Resource Management. The impact has already been visible with the automation of generic HR functions. The HR domain has begun using technologies like big data and people analytics for better decision making.
Similarly, in Consulting and Strategy domain, the AI can propose optimal solutions based on a thorough analysis of data generated in day-to-day operations of the company. They can use complex algorithmic models to offer solutions that may increase the profitability of the company. Same can be said about the marketing and sales domain. AI can create the best marketing campaign based on the behavioural analysis of the customers.
In this scenario, all the Management domains need to specialise. There is a need for micro-specialisation of the fields. The man-machine coordination paradigm has changed now. Earlier, it was a machine that was assisting the man. Now onwards, the man will be assisting the machine in taking better decisions. The repetitive work will be performed by the machines. Only when a new situation arises or an unexpected problem surfaces, the human mind will be needed to make the machines learn how to go through with it.
All the MBA courses will need to internalise data analytics as part of the curriculum. Artificial Intelligence, Big Data, and machine learning will be crucial to success for a company. Leadership at IIM Rohtak have realised this potentially disruptive role that the data is going to play in future managerial decision making. It has incorporated data-analytics comprehensively in its pedagogy to keep the students at par with the industry requirement.