Today, everything ranging from the button of a remote to robots is being driven by technology. In fact, technology has made so many advancements that it’s difficult to imagine human life without the boon of technology.

Internet of Things (IoT) has become an indispensable part of technological advancements and is influencing business strategies worldwide. Consequently, artificial intelligence (AI) has also influenced the curriculum of B-schools and hence, made its way to management programs.

Companies are launching new solutions driven by AI and ML technology, which are compatible with technological innovations having the potential to serve ever-growing demands. As a result, reputed organizations invest in ML and AI technology, which provide specialized management courses.

Moreover, millions of students take admission in management courses every year who will be the future leader of the nation. So, they need to have knowledge about the latest business trends

Why is AI essential?

According to the market research conducted by Technavio, it is expected that the global market size of AI would rise by $75.54 billion during 2019-2023. 

This has increased the demand for professionals to have advanced knowledge and skills to evaluate and develop AI-driven applications and solutions. Subsequently, the need for management professionals having experience of technologies like Blockchain, Artificial Intelligence, Machine Learning, Deep Learning, and Big Data Analytics would increase in the coming years.

Organizations are focusing more on AI-enabled solutions and strategies with an amalgamation of speech recognition and visual perception to enhance the efficiency of the application.

In fact, AI has the potential to culminate crucial information from the scattered data, which would be daunting if done manually. It also enables you to make smart choices and effective business decisions by giving an insight into future trends.

Why should AI be part of the management curriculum?

As the management, students are going to be the upcoming leaders of the nation, so it’s imperative to teach them about the latest market trends. This would make them industry-ready with proper skill set. So, the principles of AI should be taught in a way that the students could grasp a deep understanding of AI. And consequently, they could find a solution to any problem with the integration of AI.

This would also help them to meet the market requirements like productivity, brand value, and could face the competition as well. By developing fast and reliable applications, the upcoming leaders could thrive in their business and withstand the competition.

Why is AI popular?

There are numerous areas where AI could provide the best solution and hence, could help future business leaders to make an efficient decision. The following are the areas where Artificial Intelligence could be used directly in business-

• AI could recognize the behavioural tendencies from the existing data, thus helping the leader to make profitable decisions.
• AI could enable customized promotion and make the marketing proficient as it could gather customers’ behavioural tendencies.
• Talent acquisition could be made more comfortable with the integration of ML and AI technology. As a result, the HR manager need not go through piles of application to find suitable candidates fulfilling the eligibility criteria. 
• An efficient store network could be maintained by enabling Artificial Intelligence into the current system.

The Bottomline

Artificial Intelligence is gaining immense popularity day by day across the globe. As a result, all the startups and tech-giants are looking for the candidates having in-depth knowledge of AI, ML, and data science.

Reputed management institutions are also integrating AI into their curriculum to make the management students industry-ready. Consequently, they are offering related courses such as Advanced Business Analytics, Enterprise Resource Planning, and Descriptive and Predictive Analytics to help the students.

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 Source – The Hindu Business Line.