Acing Business Learning: Integrating Technology Into Education For Future

Education has always been a cornerstone of development, but to prepare students for an ever-changing world, there must be an evolution in teaching approaches. In today’s fast-changing world, the integration of technology in education is more crucial than ever.

Omita Sharma, HR and consultant, highlighted the growing need to shift from a purely theoretical curriculum to one rooted in practical learning. She emphasised that students need to be equipped with skills that meet both current and future industry demands. She delved into a practical approach, including live projects from day one and internships as a vital element in fostering an environment where students can learn and grow through real-world experiences. 

"We need to make our curriculum more current and have it evolving, continuously as per industry needs with the focus on functional, technical, behavioural, and meta-competency areas such as emotional intelligence, coding, and cybersecurity as well," she added. 

According to the World Economic Forum, by 2025, 50% of all employees will need reskilling as the adoption of technology increases. These statistics emphasise the need for a curriculum that goes beyond books and focuses on preparing students for real-world challenges. Further steps could be taken to enhance interactivity in the learning process. Engaging industry mentors and leveraging alumni networks could play a crucial role in guiding students towards career readiness.

Promoting Ethical Leadership
Ethical leadership is crucial for creating a just and responsible society. A recent Deloitte survey found that 77% of millennials believe businesses should play a role in addressing societal issues, underscoring the growing emphasis on ethical leadership in today’s workforce. 

While talking about fostering ethical leadership in students, Sudeep Luthra, CHRO with Kent RO Systems Limited said that ethics cannot simply be taught in a classroom but are shaped by an individual’s life experiences and upbringing.

Sudeep stressed that being ethical goes beyond avoiding corruption; it involves being fair in all dealings, whether in a corporate role or even in small businesses. Students must be made aware of the broader societal impacts of their actions, and as future leaders, they must promote ethical practices. 

"College or the institute is the environment where a person can be made to realise what is right and what is wrong. What is ethical, and what is unethical? And then the college can devise ways where the ethical behaviours are promoted and incentivised, and unethical behaviours are penalised," he added. 

On Making Faculty Relevant
Educational institutions evolve with the members associated with them. Faculty play an integral part in making things relevant as the industries witness changes. According to a recent Markets and Markets report, the global AI in education market is expected to grow by 40.29% by 2025, signalling a shift toward technology-driven education.

Neeraj Narang, Global HCM Director at Oracle delved into the importance of keeping faculty relevant in the ever-changing educational landscape. He proposed that educators should spend time in the corporate world, gaining first-hand experience of industry trends and challenges. This would allow them to better prepare students for the future by incorporating real-life examples into their teaching. 

Neeraj also suggested creating an application for faculty, where they can partner with corporate mentors to learn new teaching methodologies and gain industry insights. This would help educators co-create a curriculum that aligns with the evolving needs of the job market. 

Incorporating technology such as AI into the classroom could revolutionise the learning experience. On this, he said, "AI should teach the normal aspects or whatever is required for students to learn with the experiential learning way. So that means AI technology can be used and treated as a faculty for students to learn new things, and it should be a personalised experience for an individual."

Industry Collaboration with Skill Sets
Industry collaboration plays a crucial role in aligning education with the ever-evolving demands of the workforce. According to the India Skills Report 2023, only 45.9 per cent of graduates are considered employable. By fostering partnerships between educational institutions and industries, students gain access to real-world experiences. 

Educational institutions can position themselves as strategic partners to industries. Deepak Malik, National Head of Sales Operations, National Head at Bennett Coleman identified the lack of readiness among students for corporate roles. "Students are not ready for the corporate world. They are skill-deficient in areas like written and verbal communication," Deepak noted. "The first 90 days are the most vulnerable, but if colleges take the proactive step of both inclusive and supportive learning, it can make a significant difference," he added.

Deepak advised fostering innovation through collaborative projects and leadership. He suggested using gamified learning, hackathons, and longer working assignments in corporate settings. These initiatives would sharpen students' technical abilities and prepare them to deal with challenges, such as failures and dynamic work environments, which are key to long-term career success. 

Making Learning Practical
Integrating practical, real-world experiences into education is essential. Mohammad Tabrez Khan, HR head at MB Informatics pointed out that students often view their education as something to pass exams, with little connection to real-world applications. He said this gap between theory and practice can be bridged through the increased use of case studies and local knowledge, connecting global concepts with regional challenges.

He pointed out that with attention already divided among numerous subjects, narrowing the curriculum can help students concentrate on key areas. Tabrez suggested a "fixed and fluid ratio" in the curriculum, with 60–70 per cent focused on core concepts and 30–40 per cent on current industry and societal trends. This approach aims to keep education relevant while maintaining a strong foundation.

"Making them ready for technology or making them ready for a new world, 4.0 is to make them believe that anything they can think of can be done. We need to make them understand how technology can be applied to a practical scenario" he added.

Tabrez emphasised that incorporating training in soft skills such as handling failure, persuasion, and interpersonal relations into the curriculum can significantly benefit students. Developing these skills in a structured way will make students more competitive, helping them not only survive but thrive in challenging situations. 

A Call for Innovation: Modernising the MBA Curriculum
The relevance of business education, particularly in the MBA format, is often questioned for its ability to stay aligned with current business demands. According to a 2022 report by the National Employability Report, only 17 per cent of Indian MBA graduates are employable in management roles. 

Dwarka Uniyal, an Educator offered a perspective on the need for a fundamental overhaul of business education. The current structure, with its rigid timelines and curriculum, is not sufficient to prepare students to become entrepreneurs and innovators. “The traditional MBA format, adopted from Harvard’s model over a century ago, no longer serves the needs of today’s dynamic business world," he pointed out. 

A 2023 Financial Times survey found that 65 per cent of business school deans believe that MBA programs need significant innovation to remain relevant.

“There is a pressing need to disrupt the conventional educational format and incorporate more intensive, real-life immersive experiences. The focus should be less on theoretical learning and more on cultivating an entrepreneurial mindset, allowing students to experiment, innovate, and learn from failures," he added. 

As the education landscape continues to evolve, the need for practical learning, ethical leadership, and updated teaching methodologies becomes even more critical. By embracing these changes, educational institutions can better prepare students not just for jobs but for purposeful careers that contribute positively to society.

The event ‘Disrupt or Be Disrupted: Envisioning the Next Era of Business Education’ organised by BW Businessworld in collaboration with UPES at IIC, New Delhi