By Lily Bi, President and CEO of AACSB International.
Artificial intelligence (AI) is transforming the way organisations do business. Newer, more advanced models are capable of automating repetitive tasks, generating content like sales pitches, or taking on customer-facing roles – consider how many websites are now equipped with a chatbot helper, including AACSB earlier this year.
There are widespread concerns this may lead to job losses, but the situation is complicated. A study by McKinsey Global Institute estimates AI could help to create between 20-50 million new jobs worldwide by 2030, and experts at institutions like AACSB-accredited Harvard Business School suggest in many cases, AI will not replace humans, but humans empowered with AI tools will replace those who have not adopted AI.
Proficiency with AI is vital for students who will be at the forefront of innovation as they enter the workforce. AI can analyse vast quantities of data, generating quick, cost-effective market insights that enable leaders to identify gaps in the market. Generative AI can also act as a debate partner, suggesting aspects of a startup idea that need further development, which can help strengthen an entrepreneur’s pitch to potential investors. AACSB actively encourages our member institutions to explore uses of AI that can prepare students for the future workplace.
How business education is adopting AI
Adopting AI is no longer an option. It impacts what teach, how we teach, how we assess the progress of learning, and also school management. Business schools around the world are responding to the growing demand for AI skills by creating new programmes, from degree programs to online short courses, and embedding technology into methods of teaching and assessment. Faculty are utilising GenAI to more quickly plan lessons and have more time to give personal assistance to their students.
Survey data gathered by AACSB International suggests these efforts are seen as a desirable option for postgraduate study. The popularity of specialist master’s programs in areas including, but not limited to, tech and AI is a key reason for the steady rise in applications to master’s programs across the business education sector in the last six years.
How to use AI to encourage self-reflection
There are many different ways teachers can bring AI into the classroom, but a common trend is to use AI-powered business simulations. The advanced language-processing capabilities of generative AI in particular, lends itself to being used in this way. AI is used to construct a real-world business scenario, and the student learns by making a series of choices while AI reveals the impact of their decisions.
This approach encourages student engagement, as the simulation requires them to actively interact; making choices. Simulations also provide students with opportunities to tackle realistic challenges for businesses in a safe and controlled environment. After the exercise, they can reflect on their decision-making process and identify how they may approach the challenge differently in the future.
An ability to learn through self-reflection is an essential skill for business leaders and is not uncommon to have to return to the drawing board multiple times in the process of launching a startup. Students and future entrepreneurs need to be able to iterate quickly, and business simulations offer insight into how AI can be used to assist the process.
How to use AI to support learning
AI can also be used to tailor instruction to the unique learning needs of each student. Adaptive and personalised learning became a reality. This utilises AI’s advanced analytical capabilities to assess a student’s performance how quickly they progress and whether they would benefit from additional support.
Alternatively, the AI could offer assistance by suggesting learning resources to bolster a student’s understanding of a particular topic. A second option would be for the AI to regulate how quickly students are presented with new topics or learning materials, ensuring each person learns at a pace that suits them. The result is a personalised approach to education that ensures no one is left behind.
How to use AI in problem-solving
A third approach to implementing AI in teaching at business schools is to encourage students to use AI for research, both in and outside the classroom. With a teacher’s guidance and supervision, students can learn to write detailed prompts, check the accuracy of AI-generated content, and apply this content in classroom debates, discussions, and written assessments. This gives them the foundational skills to use AI efficiently and ethically outside higher education in the world of business.
Many schools make using AI for research purposes essential for students in certain courses. Assessments can move to how effectively students can employ that knowledge to answer a question, argue a case, or solve a challenge.
This focus on employing AI to assist with problem-solving is highly applicable to entrepreneurship. Startups maintain their competitive edge against larger companies through agility. Entrepreneurs who are well-versed in using AI to adapt quickly to new challenges will create more resilient companies that have a higher chance of achieving financial success.
How to ensure business education stays relevant for the future of work
Against the backdrop of an international business landscape being shaped by rapidly developing AI technology, business schools are equipping graduates with the skills to use AI efficiently and ethically, while also teaching the human-centred skills of critical thinking and emotional intelligence. We support our accredited schools in advancing their use of AI in the classroom because business schools are vital in setting a strong foundation for learners to develop an innovative mindset with AI at the forefront.
AACSB produced a comprehensive report in April “Building Future-Ready Business Schools with Generative AI” which offers rich details, guidance and advice which can support an up and coming entrepreneur.
As the world’s longest-standing accrediting body for business schools, AACSB’s mission is to foster high-quality education that responds to the needs of the global business community. This includes helping students develop their proficiency with digital tools like AI. Through our conferences, thought leadership, and robust peer-review process, we will continue to bring business schools and businesses together to facilitate the creation of engaging, relevant degree programmes that help students succeed in the age of AI.
About the expert
Lily Bi, President and CEO of AACSB International, is a dynamic leader championing the organization’s gold standard of excellence in business education.
As the principal ambassador for AACSB, which was established in 1916, Bi engages with a diverse array of global stakeholders to advance the mission of elevating the quality and impact of business schools worldwide.
