The Evolution of the MBA: Tangible ways for MBAs to embrace technology
The MBA is at a crossroads. The leaders of tomorrow need education and guidance that can accelerate their career in a changing world. Sustainability, smart cities, AI; these topics were nonexistent when the MBA was conceived. To prepare students for a business environment where digitisation is king, technology should be at the heart of every MBA. A large proportion of future MBA students will be pioneers in careers that don’t yet exist. If the MBA is not equipped to prepare them for success in these disciplines, it will simply be left behind. It really is time to sink or swim.
The MBA is no stranger to change. Things that were ‘the norm’ in years gone by seem totally inconceivable to us today. For example, it wasn’t until 1950 that women were allowed to participate in MBA programmes, and not until 1986 that the Roy E. Crummer Graduate School of Business required all students to have a laptop. In both cases, changes were needed in order to keep up, to keep the MBA current, relevant and forward thinking. We find ourselves at another time of required evolution. We find ourselves at a time where future generations will look back with the same shock we feel when we look back to 1950 and wonder why change took so long.
The way we think about change plays a big role in our ability to embrace it. Embedding technology at the core of every MBA should not be thought of as a revolution. MBAs have been evolving since day one, embracing technology is merely part of that evolution.
It’s all very well proclaiming that digitisation is the way forward, but technology has infinite possibilities. What are the tangible ways that MBAs can embrace technological change?
Data is key when it comes to recruitment. Schools spend a huge amount of time, money and resources in attracting the right students, but how do schools know if their efforts are paying off? Data and analytics can be used to highlight prospective students who are showing a keen interest, allowing schools to focus recruitment efforts on those who are most likely to enrol. For example, a school could send out a digital prospectus, identify individuals who spend more than 30 minutes reading the prospectus, and make those individuals top targets for future recruitment activities. As well as helping to save time and money, data can be used to streamline efforts for a more efficient recruitment process.
There are also more creative ways for schools to approach the recruitment process, particularly when it comes to prospective students who may be restricted by location and unable to physically attend open days or recruitment events. Using virtual reality (VR) to offer campus tours, or video chat functionality for one-to-one meetings with prospective students is a great way for schools to expand their reach as well as demonstrating that the school is modern and forward thinking in its approach to learning.
Course delivery is a huge opportunity for MBAs to embrace technology, and one of the easiest routes to offering full flexibility. Flexibility is a key factor when it comes to choosing a school, particularly for Generation Z. Remote working, changeable working hours and personalised growth plans are all things that future students will become accustomed to in the workplace, meaning flexibility is something they won’t compromise on when it comes to education. Allowing students to complete their course from a location of their choosing, at a time that suits them, will help schools to stand out in a crowded market place. By its very nature, offering flexible study conditions means becoming less reliant on ‘physical’, whether that’s classrooms, face-to-face meetings with tutors, or printed resources. Providing core resources to every student in a digital format is a simple way to provide equal experiences and support to all, whether they are studying locally or remotely. As well as providing clear benefits for students, opting for digital course delivery methods such as this offers schools a more scalable and sustainable solution, particularly for schools looking to expand into new markets.
Once schools have recruited the best students, ensuring they make it through to graduation is the next challenge. Research into MBA dropouts suggests the top reason for leaving a course early is down to being under too much pressure. Technology can also play a part here, by helping to improve retention rates. As well as being useful for the recruitment process, learning analytics can also be used to improve support networks for students. And, with the average age of MBA students dropping, it seems logical that younger students are likely to need more support than their predecessors. Adopting learning analytics can help schools to identify if a student is struggling. Low levels of content interaction, studying during unsociable hours or a drop in engagement altogether can all be warning signs that a student is facing difficulties, whether it be academic or pastoral. Data such as this can be used by schools to offer support when it is most needed, meaning students are far more likely to see their course through to completion.
Embracing technology seems far more straightforward when it’s presented as a tangible concept. With talks of AR, VR and AI, it’s likely that MBAs have been left not knowing where to begin. Recruitment, course delivery and retention are just three of a long list of challenges that technology can help address. With the MBA coming under ever intense scrutiny and pressures to modernise their approach, this seems like a pretty good place to start.
Originally published at https://www.kortext.com on June 5, 2019.
