New programme brushes with fine art

Business Impact: New programme brushes with fine art

New programme brushes with fine art

Business Impact: New programme brushes with fine art
Business Impact: New programme brushes with fine art

Geneva Business School has launched the Fine Art International Management MBA – heralded as being the first of its kind.

Covering topics that include finance, art law, technology, logistics, ethics and compliance, the programme’s aim is to prepare managers for careers in art sales, banks and museums, as well as roles that work with cryptocurrencies and NFTs.

“There has never been a more exciting time to get into the art world. The pace of change over the past year has been electric,” explained Geneva Business School programme manager Sixtine Crutchfield-Tripet. “The added complexities of new digital formats have highlighted the industry’s need for people with real business management expertise. We have designed this course specifically to meet that demand.”

The English-language programme encompasses six conferences, as well as involvement in a school-wide intensive leadership week that is designed to allow participants on all master’s programmes at Geneva Business School to network.

The school says it is the perfect place to study an MBA in art because Geneva is a centre of art law and home to a renowned free port thought to contain art collections worth $100 billion. Switzerland is also home to celebrated art fair Art Basel. The programme’s first cohort starts classes this autumn.

This article originally appeared in the print edition (Issue 3 2023) of Business Impact, magazine of the Business Graduates Association (BGA)

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How will generative AI impact higher education?

Business Impact: How will generative AI impact higher education?

How will generative AI impact higher education?

Business Impact: How will generative AI impact higher education?
Business Impact: How will generative AI impact higher education?

The OECD’s initial prediction that around 1.1 billion jobs will undergo significant transformation due to artificial intelligence (AI) over the next decade now seems quite cautious in light of the rapid advancements in technology. Advanced AI systems, such as GPT-4 and Midjourney, have broadened the horizons of what AI can achieve. They can generate diverse content, understand complex scientific concepts and have the potential to reshape industries, such as medicine and entertainment.

It’s clear that the scope of AI’s capabilities has surpassed earlier expectations, prompting a re-evaluation of skills and professions. This changing landscape emphasises the importance of adapting higher education to equip individuals for this AI-driven world.

In this, the concept of ‘humanics’ put forward by the World Economic Forum’s Education 4.0 initiative is critical – fostering skills that are resistant to automation, such as creativity, interpersonal awareness and civic responsibility, will be invaluable in the changing job landscape.  

Yet, underscoring the ethical dimensions of AI’s growth is an open letter from the Future of Life Institute that calls for restraint in training AI systems beyond GPT-4’s capabilities. Endorsements of this letter from influential figures, such as Elon Musk and Steve Wozniak, demonstrate the concern for responsible AI development.

AI’s expansion

In spite of such challenges, AI’s power is expected to expand, reshaping industries and potentially redefining the nature of work itself. Generative AI’s transformative potential spans diverse fields and will make its presence keenly felt in education. Content creation is a prime example, as it offers industries that include media and marketing a tool to generate written materials, leveraging models such as GPT-3 to produce news articles and other forms of written content. Generative AI also has the power to aid researchers in crafting academic research papers and literature reviews, streamlining information synthesis and laying the groundwork for further refinement.

In higher education, generative AI is already reshaping simulations and virtual laboratories. Virtual patient simulators in healthcare, for example, simulate clinical scenarios and enable medical students to refine their skills in a risk-free environment. In engineering, digital prototypes and simulations replicate real-world situations, facilitating efficient product testing and development. Intelligent tutoring  technologies are also evolving, with generative AI helping platforms, such as Carnegie Learning, to deliver personalised guidance based on individual student performance, thus enriching the learning journey.

Why higher education must adapt

As AI continues to disrupt industries and redefine job roles, it’s essential for universities to step up and adapt their approach to education, ensuring that students are equipped not just with technical skills, but also with the cognitive and social skills that can’t be easily automated. Blending theoretical knowledge with practical experience through experiential learning programmes is one proactive strategy that can help business schools prepare students for an AI-driven future. Such programmes offer students the chance to establish meaningful connections with their environment and peers, giving them a competitive edge over automation. By immersing students in AI-driven workplaces, they can gain a deep understanding of industry fundamentals, even if AI begins to narrow traditional entry paths.

Experiential learning serves as a valuable alternative route, catering to a changing landscape. The impact of this shift extends far beyond the classroom. It reshapes apprenticeships, corporate training and educational technologies, fundamentally altering the existing educational system. It calls for universities to pivot their focus towards lifelong learning, recognising that the dynamic nature of AI and technology requires continuous adaptation.

In addition, this transformation aligns with the evolving needs of non-traditional learners by bringing the focus on to tailored programmes that cater to their evolving professional requirements. The synergy between experiential learning and generative AI showcases the dynamic potential of education in preparing individuals for a rapidly changing landscape of work and technology.

How AI can improve higher education

Generative AI’s influence in education spans a wide range of areas. Platforms such as Duolingo use generative AI to create language lessons and offer immediate feedback. Writing assistance systems, such as Grammarly, use generative AI to recommend ways to enhance your grammar, style and ability to spot plagiarism. Existing applications of the technology also extend to data analysis and visualisation, where tools like Tableau use generative AI to suggest efficient ways to present complex datasets in order to facilitate interpretation.  

These examples highlight the varied functions that generative AI may serve to improve education. It has the potential to transform higher education in a number of ways. One significant application is content creation, which enables generative AI models to create excellent instructional materials. This might entail writing well-organised research papers, perceptive essays and thorough textbooks and would allow educators and researchers to focus on other important facets of their job while also saving them significant time.

Generative AI also presents opportunities for individualised learning. The algorithms behind the technology can produce custom content that caters to the distinct requirements and preferences of each student by examining individual learning patterns. This could entail creating tests tailored to each student’s learning preferences, interactive activities, or even life-like simulations. Additionally, generative AI models acting as virtual teaching assistants accompany students in real-time by providing prompt responses, precise justifications and customised coaching. Bring with it a guarantee of prompt support and clarification, this type of personalised feedback stands to improve the learning process considerably. 

The significance of generative AI is further expanded by its potential applications in language learning and translation. To help learners master new languages, it can produce language drills, conversations and pronunciation manuals. Additionally, it can make translation work easier while encouraging a greater grasp of other languages and efficient interlinguistic communication. Similarly, it can speed up research and data analysis across a variety of academic domains, by developing hypotheses, navigating enormous datasets, and modelling difficult scenarios. In the arts, generative AI offers ways to ignite innovation and stimulate the birth of new artistic movements, musical compositions and architectural ideas. In this light, it becomes clear that generative AI has the potential to revolutionise education by precipitating and facilitating a re-evaluation of how humans discover, create and learn in a variety of contexts.

Rajat Gera Business Impact

Rajat Gera is director of research at the School of Business, Woxsen University.
Gera has co-authored more than 50 international and national publications, as well as three edited books and case studies published by Western University’s Ivey Business School and London Business School. He holds a PhD in management from University School of Management Studies, Guru Gobind Singh Indraprastha University, New Delhi

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The evolution of management careers in HR

Business Impact: The evolution of management careers in HR

The evolution of management careers in HR

Business Impact: The evolution of management careers in HR
Business Impact: The evolution of management careers in HR

Human resources (HR) has always played an important role in business, but in the past was typically seen as dealing largely with mundane but necessary tasks, such as payroll or booking staff holidays. However, in recent years, HR has become a critical function, playing a central role in facilitating change, increasing productivity and boosting brand reputation. – all of which contribute directly to bottom-line growth. Consequently, the image and importance of HR practitioners have transformed significantly.

A skilled and productive workforce is necessary for any company’s success in an increasingly competitive, global business environment. However, people today have a far better sense of their own worth and are far more willing to leave their existing job or refuse an offer of one if the role doesn’t fulfil their expectations. That’s why HR is so valued by today’s companies. It not only understands how to meet the ever-evolving demands of today’s workforce, but also the right way to create consumer-grade candidate experiences that attracts fresh talent.

Why effective HR is far more than custodianship

Despite this, HR is still too often viewed solely as the custodian of employment policies, practices and procedures. A custodian is a professional who performs tasks that keep the building in good shape and ensures everything runs smoothly. However, HR offers far more than simple maintenance. When senior management teams embrace and invest in it, it quickly becomes a respected part of the strategic decision-making process. This is because an established HR department understands the needs and concerns of the workforce and how decisions by senior leaders will affect them. While progress is being made in this regard, the next generation of HR leaders must continue to showcase the direct correlation between HR investment and business success.

A new study commissioned by Speaker’s Corner recently found that 91 per cent of UK business owners are struggling to recruit and retain highly skilled employees. It’s a terrible situation for businesses, especially start-ups and SMEs. In today’s world, if you want to grow your business, you must prioritise HR because recruiting, training, engaging and retaining good people is essential for organisational effectiveness.

Also, it must be understood that employee wellbeing and development have become ever more important in the last few years as recent studies, such as the WorkBuzz State of Employee Engagement report, will attest to. This found that culture, rather than higher salaries, was the most effective lever to attract talent. Simply put, keeping todays’ employees happy nowadays requires more than just a paycheck.

Careers in HR

The current geopolitical and economic climate has impacted the financial security of employees and their belief systems greatly.

HR can help steer companies through this uncertainty because it serves as a catalyst for change that is essential for survival and success. Today’s HR managers are being empowered to create employee-centric cultures, which allow for ideas, creativity and communication to pervade the organisations they work for. This allows employees to freely raise issues that senior management teams may not be aware of, but which are interfering with productivity and performance. Putting such a structure in place is a lot of responsibility and not everyone is cut out for it, but for those who are, it’s extremely rewarding.

Who wouldn’t want a career motivating people to perform at their best or creating cultures that espouse positivity and employee wellbeing? After all, you’re benefitting the business, fellow employees and your own professional development.

From HR manager to leader

All good leaders understand the importance of professionalism, the power of experience and the need to treat those they have a responsibility to well, regardless of their status. Anyone who wants to become a leader should ask themselves: “Why would anyone want to follow me?” If you’re not inspired enough to answer that question about yourself, you’re unlikely to be able to motivate others or help develop the inspiration of tomorrow’s business leaders.

In terms of HR specifically though, you must have emotional intelligence and the ability to recognise when an organisation needs to change, whether that is by analysing market trends and competitors or identifying areas for improvement or transformation. By keeping a finger on the pulse of the industry, HR can anticipate future challenges and drive proactive change initiatives.

Michael Doolin

Michael Doolin is a subject matter expert in the areas of HR employment law, reorganisation and change, HR infrastructure and policy and procedure development. He has held board director positions and designed and developed HR strategy for some of Europe’s leading brands

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BGA members in Egypt and Germany lead way in AMBA & BGA awards

Business Impact: BGA members in Egypt and Germany lead way in AMBA & BGA awards

BGA members in Egypt and Germany lead way in AMBA & BGA awards

Business Impact: BGA members in Egypt and Germany lead way in AMBA & BGA awards
Business Impact: BGA members in Egypt and Germany lead way in AMBA & BGA awards

ESLSCA University in Egypt and Germany’s Berlin School of Business and Innovation (BSBI) are among the BGA business schools to receive multiple nominations in this year’s AMBA & BGA Excellence Awards.

With 11 accolades up for grabs in this year’s ‘Oscars’ of management education, ESLSCA University has a nomination in three categories. The Cairo-based school has been shortlisted in the prestigious BGA Business School Impact Award for its MBA programme aimed at transforming government officials into change catalysts. In addition, its diploma for visually impaired individuals has a nomination in Best CSR and Sustainability Initiative and one of the school’s students is in the running for the BGA Student of the Year Award.

BSBI, meanwhile, has secured a nomination in two categories. Alongside recognition in the Best Lifelong Learning Initiative, the school has  been shortlisted for Best Culture, Diversity and Inclusion Initiative for activities focused on celebrating and learning from other cultures.

Other members of the BGA network receiving multiple nominations in this year’s awards are the Indian Institute of Management Indore, the UK’s Adam Smith Business School, University of Glasgow, Polimi Graduate School of Management in Italy and Mexico’s Egade Business School.

Global accolades for a global industry

A total of 63 business schools based in 18 different countries are in the running for this year’s AMBA & BGA Excellence Awards. The annual awards celebrate excellence in global business education, while recognising the achievements of individual students and graduates.

With separate categories for diversity, equity and inclusion (DEI), CSR and lifelong learning, among others, AMBA & BGA’s awards are designed to reflect business schools’ potential for impact on the world of business, through their research, initiatives and development of influential leaders and entrepreneurs.  

Take a look at the full shortlist of business schools in each category, as well as all the student and graduate nominees.

Winners are to be announced at a ceremony and gala dinner in London in January 2024, with one free place on offer to every business school member of the AMBA & BGA networks. Learn more about the AMBA & BGA Gala Dinner 2024.

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Improving lives through investment in development impact bonds

Business Impact: Improving lives through investment in development impact bonds

Improving lives through investment in development impact bonds

Business Impact: Improving lives through investment in development impact bonds
Business Impact: Improving lives through investment in development impact bonds

Developing countries face a lot of challenges when it comes to economic growth and development, especially in relation to marginalised communities. For example, almost all developing countries have a mismatch of functions and finances in their federal structure, whereby the revenue generated by the government through taxation and other sources are insufficient to fulfil the exceeding demand for social challenges like unemployment, poverty, healthcare and education.

To address this gap and tackle the social issues with a flow of funds, a new financing model was developed in the UK in 2010 called the ‘development impact bond’. Development impact bonds (DIBs) are a cutting-edge method for allocating corporate funds to finance accessible housing, healthcare and education for all through government projects. The investor’s return on DIBs is based on social outcomes and these are highly dependent on the implementor of individual projects (often, government bodies) and can therefore look like a risky investment vehicle.

Theoretically, DIBs may not even be construed as ‘bonds’ but instead as a type of contract or commitment for future social outcomes. Historically, very few countries across the world have introduced such bonds and, as of July 2023, the use of these bonds globally is very sparse (please see the image below). However, here is a look at four DIBs that have been introduced and implemented in India.

Development impact bonds in India

In 2015, the first DIBs were first introduced in India, with UBS Optimus Foundation as the primary investor ($270,000 investment) and the Children’s Investment Fund Foundation as the result payer.

The funds raised were used in India’s education sector with an emphasis on girls’ education, which successfully enhanced literacy and numeracy for children’s education by 160 per cent and for girls’ education by 116 per cent, according to the final report by Golab.

Girls’ education students in the project’s Educate Girls (EG) schools improved by an average of 1.08 learning levels, or 28 per cent and 0.31 standard deviations, compared to students in control schools. A total of 768 out-of-school girls had been enrolled by EG by the end of the three-year programme, accounting for 92 per cent of all identified out-of-school schoolgirls who were eligible for enrolment. In this way, EG outperformed its enrolment goal of 79 per cent by 16 percentage points.

After the successful conclusion of this project in 2017, the government of India, New Delhi and the United Nations General Assembly launched a larger project in 2018 – the Quality Education India DIB. This project focused on improving on primary school education following an increase in the enrolment of children. It managed to outperform its target of enhancing students’ learning even after the impact of pandemic.

Meanwhile, the Utkrisht Impact Bond, the world’s first DIB supporting maternal and newborn health was issued in November 2017, with the aim of reaching more than 600,000 pregnant women and newborn babies in the Indian state of Rajasthan. According to the Golab report, this DIB helped improve facilities and more specifically, improving the prediction of a toll that tracks changes in mortality due to maternal and child health interventions known as the Lives Saved Tools. In total, facilities that met the quality standards set by the DIB were predicted to prevent approximately 13,449 maternal and neo-natal deaths across 405 private healthcare facilities in Rajasthan by 2023. 

Lastly, a Skill Impact Bond was initiated in October 2021 with the aim of imparting unemployed youths with the required skills to access waged employment in pandemic recovery sectors, such as apparel, logistics and retail. This DIB project is ongoing and aims to benefit around 50,000 youths in India over 4 years, with a targeted gender split of 60 per cent women.

Snapshot of India’s DIBs

DIB: Skill Impact Bond, 2021
Duration: Ongoing
Sector: Skills and employment development
Size of investment: $4 million

DIB: Quality Education India, 2018
Duration: Four years
Sector: Education
Size of investment: $3 million

DIB: Utkrisht Impact Bond, 2017
Duration: Three years
Sector: Health
Size of investment: $2.9 million

DIB: Educate Girls, 2015
Duration: Three years
Sector: Education
Size of investment: $270,000

Encouraging investment in social impact programmes

The target population for these DIBs has mostly been lower-income groups, individuals or those living in undeveloped areas, with women and youth of particular consideration. Indeed, one of the fundamental grounds for adopting DIBs is that, traditionally, the majority of governments, donor organisations and foundations have supported the provision of services based on inputs or procedures. While they release funds gradually as per the contract, a project’s success is critical for the continued commitment of investors who analyse the impact of their funding.DIB image Woxsen

For this reason, it is important to develop measurement standards for DIBS, so that corporates are motivated to sign up and support this category of bonds on a sustained basis. To date, it has not been possible to demonstrate the impact of this type of funding beyond numbers, which is a partial success indicator at best.

Buy-in for impact bonds and the complex negotiation processes that lead to projects’ implementation take time and money. To develop internal expertise, businesses and governments will therefore have to invest money in studying how impact bonds work in the long run. Outcome-focused funding organisations may also have reservations about the cost and effort involved in setting up an impact bond.

In short, DIBs in India need to be streamlined to encourage investors and charitable organisations to invest in social impact programmes. DIBs are a relatively new and promising financial tool that can be used to improve the lives of people and communities that are in need around the world. They can be used both in developing countries and in developed countries, where they can help manage the needs of aging populations, those who are homeless and other marginalised communities. However, it is because DIBs are relatively new that they require more awareness and guidance so that corporate donors will sit up, take notice and commit to them in the long run.

Headline image credit: Nikhita S on Unsplash

Disha Gupta Woxsen

Disha Gupta (left) is an assistant professor in finance and programme director for the bachelor’s of commerce programme at Woxsen University in Hyderabad, India.

Kakoli Sen is professor and dean of the School of Business at Woxsen University in Hyderabad, India. She teaches and trains in the areas of organisational behaviour, human resource management and leadership.

Kakoli Sen

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How higher education can forge successful partnerships with industry

Business Impact: How higher education can forge successful partnerships with industry

How higher education can forge successful partnerships with industry

Business Impact: How higher education can forge successful partnerships with industry
Business Impact: How higher education can forge successful partnerships with industry

Effective collaboration can shape curriculum design so that graduates enter the working world with the skills, knowledge and behaviours that ensure they are an asset to future employers. Long term, students get the best quality education so that their qualifications improve their future prospects.

The key to collaboration

The critical factor is a willingness to collaborate and this works on both sides. Employers who are committed to collaboration with higher education will get a better pick of the graduates and better graduates to pick from.

Meanwhile, higher education establishments that encourage collaboration and actively pursue a variety of strategies to bring students, potential employers and learning together will gain a reputation for being a source of first-class employees and for being a preferred choice among students in view of the avenues of opportunity it provides.

High-quality education needs to be as up to date as possible. That comes from lecturers who have a good understanding of industry and its needs, so their lectures are not purely academic, but also have a practical application. To ensure that lecturers are kept up to date and get first-hand information from today’s workplace is therefore another reason why it’s so important for higher education institutions to have strong links with local industry.

Dos and don’ts

To ensure a successful partnership, it’s essential to follow some key points:

  • Define clear and specific objectives for the collaboration. Understand what each party wants to achieve and ensure their goals align.
  • Maintain open and transparent communication channels. Regularly update each other on progress, challenges and new opportunities to keep the collaboration on track.
  • Understand the strengths of each partner and how they complement each other. Appreciate each other’s expertise and contributions to the collaboration; this is all part of the development of a strong relationship based on trust and respect.
  • Address legal and ethical considerations upfront, such as intellectual property rights, data sharing and confidentiality agreements.
  • Regularly assess the progress and impact of the collaboration. Identify areas for improvement and make the necessary adjustments to enhance its effectiveness.

There are some areas to avoid too:

  • Don’t overlook equality. Both sides should have equal opportunities to contribute and benefit from the collaboration.
  • Don’t ignore student welfare and educational needs. Avoid any arrangements that might exploit students or compromise their learning experience.
  • Don’t limit innovation and creativity. Stay flexible and open to adapting the collaboration to meet changing needs and circumstances.
  • Don’t focus only on immediate outcomes. Meaningful partnerships require time to develop and yield substantial results.
  • Don’t ignore feedback from either side. Constructive criticism and input can lead to improvements and a stronger collaboration.

In addition, it’s important to ensure that there are processes in place to address potential conflicts of interest that may arise and also to aim for a win-win situation for both education and industry partners. A 2023 report from the Office for Students in the UK goes into the benefits and barriers in considerable depth.

Collaboration between education and industry can create valuable opportunities for knowledge exchange, skill development and advancements. It can foster innovation and better prepare students for real-world challenges, allow industry partners to benefit from fresh perspectives and talent and establish the educational institution as a preferred choice for students.

Phillip Stone Headshot

Phillip Stone is head of partnerships and business at Oxford Business College. He has a track record of delivering successful projects in the further and higher education sectors.

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The value of collaboration between higher education and industry

Business Impact: The value of collaboration between higher education and industry

The value of collaboration between higher education and industry

Business Impact: The value of collaboration between higher education and industry
Business Impact: The value of collaboration between higher education and industry

Employers who work with educational institutions by offering work experience, workplace visits and sharing their viewpoint in presentations to students provide a practical insight into the workplace. Overall, it means that there will be a better match between qualifications and experience to ensure graduates are effective when they enter industry.

Hire for attitude

Legendary US businessman Herb Kelleher said: “Hire for attitude, train for skill”, a sound maxim but the key to success in applying this is that time must be set aside to carry out the training. No matter how knowledgeable a new recruit is, they still need to learn ‘how we do things here’. The more time invested in training, the more of an asset the employee is likely to become. The right attitude is the foundation on which everything else is built. 

For graduates who have had a continuous education from secondary school to higher education, the amount of training needed in the workplace will be more in-depth, as they are often experiencing a working environment for the first time.  This is where mature graduates who have returned to education with, often, substantial work experience, have an advantage as they have hands-on experience to draw on.

Where local employers have a good relationship with higher education establishments in their area, they have the opportunity to recruit graduate students directly. In fact, many employers offer temporary work opportunities for students during breaks, if their coursework allows.

It’s the responsibility of the educational establishment to educate potential employers about the kinds of opportunities that will be productive for both sides.  Students are not cheap labour; they’re looking at ways to develop their careers.  While some work experience is good for their CV, the right kind of experience is invaluable. It’s not just hiring a temp for the summer break, there needs to be time to help guide and educate the student.

What makes a superstar?

A work ethos of doing whatever it takes, not just for the individual, but also for the employer, sets a high standard. Graduates need to have an understanding of more than just their role in the organisation they’re working for, but a wider understanding of the business overall.

We believe that embedding curiosity is essential for students. When an employee has a real interest in the organisation they work for, they’re more able to see opportunities for innovation and, therefore, be more valuable to the organisation.  It’s not just about knowing what to do, but knowing why it’s important to do it.

As Simon Sinek has written: “Very few people or companies can clearly articulate why they do what they do. By ‘why’ I mean your purpose, cause, or belief – why does your company exist? Why do you get out of bed every morning? And why should anyone care?.”

Soft skills are important and often make the difference during the recruitment process. Courses like communication, business English, planning, social media (particularly LinkedIn) and other soft skills that will enhance and underpin the educational qualification all contribute to a highly desirable employee.  Encouraging students to undertake this kind of additional learning establishes a habit of continuous professional development (CPD) that is essential for any professional.

Practical strategies for business

One of the strategies that Oxford Business College actively pursues is inviting guest speakers on specialist technology changes, industry developments and today’s hot topics. This is where industry leaders are invaluable in sharing their knowledge and expertise to inform students about real-world issues.

Another strategy we use to help students get hands-on experience in business is to use business simulations. This system puts students into teams where they compete to work through a scenario where they are working with specified resources and have to make decisions, while managing people and materials. 

Typically, a simulation will run over a five-week period with a small group of students.  Each week, two sets of decisions have to be made, with an additional two decisions in the final week. These simulations are all developed from industry, giving authentic scenarios for the teams to work on.

This gives students the experience of assessing the viability of their actions and of making decisions under pressure, offering a more real-world experience than theory alone can provide.

Plan for the future

One challenging and interesting area where education and industry can collaborate is artificial intelligence (AI).  

The ongoing concern that AI will replace human roles with digital interfaces isn’t new. When the internet first emerged, the same concern was expressed, but while some jobs were made redundant, the information superhighway didn’t displace libraries as reference points and, has, in fact, created new jobs that couldn’t exist without it.

Perhaps it will no longer be necessary to memorise vast tracts of information to pass an exam, but to be able to judge the quality of a generative AI’s output, or its contextual implications may be skills that a workforce of the future will need.

Working with local industries ensures academia is up to date with current technology, what’s being put into practice and, subsequently, how we can best equip students with the skills to give them an advantage. 

Changing the curriculum for any programme takes time; typically, university course programmes are reviewed every five years – and then most first degrees take three years to complete, so, potentially, there is a time lapse of up to eight years between curriculum changes and qualified graduates being available. However, technology is changing much faster than that and the skills a graduate needs today are likely to be vastly different in three years’ time. That’s why real-time input from industry is of such enormous value.

Headline image credit: Darwin Vegher on Unsplash

Phillip Stone Headshot

Phillip Stone is head of partnerships and business at Oxford Business College. He has a track record of delivering successful projects in the further and higher education sectors.

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How to use your business to make the world a better place

Business Impact: How to use your business to make the world a better place

How to use your business to make the world a better place

Business Impact: How to use your business to make the world a better place
Business Impact: How to use your business to make the world a better place

As children, we were taught to do the right thing through consequences. Misbehave and you get a time-out, tidy your room and you may watch TV. Back then, we did the right thing because we knew we’d get rewarded for it and vice versa. But, at some point, we outgrew that reward system and started doing the right thing simply because it’s the right thing to do.

So, why do many business leaders still operate with a reward/punishment mentality? Shouldn’t we, as adults, be doing the right thing without the threat of fines, penalties, or bad PR? This brings us to the first point…

Don’t just do good, be good

With the demand for responsible capitalism growing every day, customers are looking for real change – not just lip service. The same brand awareness that pillared companies in the past, might now be their undoing. If you don’t care for the environment, your customers will find someone who does. Their thinking has changed and they expect you to change with them. However, this shouldn’t be your main motivator.

Acting responsibly just because you fear losing customers is like a teenager behaving well just to avoid being grounded. Instead, as a leader, you should be proactively looking for ways to minimise your environmental impact because, ultimately, it’s something that affects you, your brand and everyone you know.

Give back from the start

At CodeCrew, we founded our email marketing enterprise on the principle of giving back – using business to make the world a better place, if you will. So, from the get-go, we made a list of ways CodeCrew could be an asset in the world and these are now part of our very fibre. We now do regular pro bono work for various NGOs. From helping to revive the world’s bee population to raising awareness about ocean plastics, if we can help a worthy cause get the exposure it deserves, we’re all in.

In addition, from the first month we made a profit, we joined Patagonia and countless other brands in donating one per cent of our revenue to sustainable causes by signing up to 1% For The Planet. We’re also part of One Tree Planted and have planted around 5,000 trees globally… and counting.

The key driver here is not virtue signalling, rebates or trying to win over clients – it’s who we are. We’re passionate about trees, bees and people; that’s our journey. Your journey will be different, but the important thing is finding your calling and using what you have to make it happen. By sticking to your goals and following your proverbial true north, the right customers and clients will come.

Get with the times

The age of plunder-for-profit is over and customers have adopted a zero-tolerance attitude towards companies that are adding to society’s growing challenges. The world needs givers, not takers and those in the latter category are under increased pressure to roll up their sleeves and toe the line.

Of course, no one’s making you do it. Many business leaders will continue to exploit every possible resource with no consequences. The point is, why do it, though? If you could make even the slightest difference in the world with little to no cost to yourself, why not jump at the opportunity?

If we’re to evolve beyond the punishment/reward system and start seeing the bigger picture, we must see a business as part of a larger macrocosm that’s connected by something more than economics. Don’t get us wrong, profit is good… it’s very good. We’d never advocate for anyone to run their company at a loss to plant trees. But, with success comes the opportunity to improve the world around us. Anyone who finds that idea abhorrent, should (probably) not be responsible for the livelihood of others.

Our company is not run by children – we don’t need incentives, threats or guidelines to do the right thing. If you’re reading this, it means you feel the same way. You understand that it’s not about following a rule – it’s knowing why the rule exists in the first place. We urge you to find something you care about and use your business to make it better. And do it like no one’s watching.

Alexander Melone Headshot 1

Alexander Melone is a co-founder and chief production officer at CodeCrew, an email marketing agency based in Oakland, California.

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Digital transformation: What business schools should teach

Business Impact - Digital transformation: What business schools should teach

Digital transformation: What business schools should teach

Business Impact - Digital transformation: What business schools should teach
Business Impact - Digital transformation: What business schools should teach

Business schools should teach students about digital transformation in the same way companies see and do digital transformation. For example, most ‘digital transformation’ projects are not ‘transformative’. They don’t disrupt business processes or whole business models. Instead, they tend to be ‘incremental’ or just as often part of planned technology ‘modernisation’ initiatives. These kinds of projects are safer, less expensive and ‘politically’ protective of executive reputations, which is perhaps why the vast majority of digital transformation (DT) projects go down this line of focus.

Real DT projects that are truly transformative have targets of replacing or automating business processes, or replacing or automating whole business models. These goals are riskier, more expensive and politically dangerous than incremental/modernisation ones. Impact and risk are brothers and sisters: incremental/modernisation projects are easily less impactful than disruptive ones. Companies must decide what and how they want to ‘transform’, acknowledging the likely return on their DT investments. But eventually, because of the trajectories of technology and business, they will have to pursue more disruptive transformation and leave incremental transformation to operational technologists. The difference between incremental/modernisation DT is small and in fact not that different from ‘business as usual’. Will incremental/modernisation DT keep companies competitive? Will they enable profitable growth? Are they responsive to the competition? Can companies respond slowly to market trends believing they always have time to pivot to more disruptive behaviour? Or should they pivot to disruptive transformation? These are some of the questions that should be explored in business school.

Five digital transformation myths

Myth #1 – some companies can skip DT: It’s clear that every company must incrementally change the way it does business and modernise its ageing systems. Companies that refuse to change at all will find themselves at a competitive disadvantage. So, yes, every company needs to digitally transform, but we should note that refusals to change will likely be listed by the business coroner as the most likely cause of death.

Myth #2 – DT must leverage emerging or disruptive technologies: Incremental and modernisation-focused DT often uses conventional, existing digital technology. There’s often no need to adopt emerging technology to affect incremental changes or modernisation projects. Incremental/modernisation DT can stick with tried-and-true technologies. But disruptive transformation almost always leverages emerging technologies.

Myth #3 – profitable companies are more likely to launch digital transformation projects: The assumption that market leaders are the most innovative is usually false. Companies doing well believe that doing well is the result of repetitive processes and an unassailable business model. They do not believe their path to profitability should be disrupted.

Myth #4 – companies need to disrupt their industry before someone else does: Market leaders do not usually sense disruptive competition, especially from new entrants. So, no, market leaders are not obsessed with vulnerability. Instead, they feel strong and powerful, even invulnerable to disruptors that impact whole industries, such as Airbnb (hospitality), Uber and Lyft (transportation), Amazon (retail), SelectQuote (insurance) and Netflix (entertainment), among others that have reinvented a broad range of vertical industries.

Myth #5 – executives are hungry for DT: They’re not – unless their companies (and therefore themselves) are threatened by falling revenues and serious competition. But that doesn’t stop executives from talking endlessly about their digital transformation projects and goals.

Benefits of using the case study method

Case study analysis is a business school staple. Teaching students about the different types and myths of DT and then presenting them with some specific case studies would enable a good understanding of the range and impact of DT projects. Business schools might consider offering some dedicated classes or programmes that are organised in this way. They could also assign cases to students, or groups of students, to spark debate on the opportunities and risks around DT. Such cases should breathe life into classes that are managed by professors of practice. However, it’s integral that the process is led by identifying the types of DT projects companies undertake and the myths that surround them. DT is not abstract, theoretical or hypothetical. It’s in the trenches and should be taught that way.

Stephen J Andriole is professor of business technology at Villanova School of Business in the US and author of The Digital Playbook (FT Publishing International, 2023).

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Humanising leadership through the arts: part II

Business Impact: Humanising leadership through the arts, part II

Humanising leadership through the arts: part II

Business Impact: Humanising leadership through the arts, part II
Business Impact: Humanising leadership through the arts, part II

In the first part of this two-part article, I made the case for recreating work around human fulfilment by learning from the arts and curbing the demise of creativity in our organisations. But if we’re going to adopt more practices from the arts to be fit for tomorrow, we might well ask if we have sufficiently innate creativity to accomplish this goal. When I facilitate workshops on innovation for business, I usually begin a session by saying: “Please raise your hand if you do not regularly think of yourself as a creative person.” Almost inevitably, I’m confronted with a forest of arms signalling agreement with this statement. But if we reflect on our childhoods, we intuitively understand that the exact opposite would be true. As children, we are supremely creative human beings. 

Creative capacity inverted

The late professor George Land at the University of Minnesota assessed 1,600 people over their development from children to adults on their ‘genius’ levels of creativity, defined as ‘divergent thinking’. With research already establishing that high IQ and creative aptitude are not correlated, Land’s study produced some intriguing results. At ages three to five, 98 per cent of test subjects scored as creative geniuses. At ages eight to 10, that plummeted to 32 per cent. At ages 13-15, only 10 per cent were geniuses, and by age 25, a paltry two per cent were still creative paragons. Notice that by the time these children reached adulthood, their creative capacity completely and exactly inverted (see Greg Orme’s The Human Edge). At the youngest ages, only two per cent were not considered creative geniuses, while as adults only two per cent continued to score as creative geniuses.   

These results may not surprise us. When I discuss this study, most people respond that school and society are to blame, incentivising conformity and ‘one right answer’ thinking.  If that diagnosis is true, then the solution is apparent as well. For us, individually as adults and collectively as organisations, we must rediscover at least some of the rhythms, routines, incentives and habits that we practiced as children.

For starters, I’m sure we all remember that a typical day as small children included an abundance of art and play. Isn’t it funny that the corporations that we celebrate today, from Google and Kickstarter to Pixar and LEGO, create those same environments of art and play in their cultures that most of our organisations work terribly hard to suppress?

Catalysing shifts in mindset

While I am indeed advocating for revolutionising how we work, I stress that such revolutions begin at the level of the individual within their own work life. Leaders, of course, have an overweighted influence in what is prioritised and how their culture is role-modelled among their teams and organisations. The payoff then has a high rate of return in that a small degree of personal change may catalyse widespread shifts in habit and mindset in the people around the leader. Such shifts then allow both leader and team, and even company, to enable the priorities of innovation, adaptability and inspiration to materialise rather than to languish eternally as aspirations.

In humankind’s quest to perfect the process by which we create wealth, the previous ménage à trois between science, business and art became a cosier domestic arrangement between science and commerce, elbowing the arts into the periphery, in terms of the habits, goals and philosophies of leadership and organisational life. This paucity of artistic creativity and inspiration is a symptom of the Industrial Revolution (1760-1914), an era that perfected the philosophy of Frederick Winslow Taylor’s scientific management. That philosophy hypothesised that the way in which we should organise business is to drive efficiency in and variance out, implying that a human labourer is but a cog in an industrial machine. ‘Taylorism’ was perfect for the manufacturing heyday of a century ago when Henry Ford once famously quipped, “Why is it that every time I hire a pair of hands a brain comes attached?” 

Nurturing adaptability, creativity and inspiration

Over a short period of time, the skyscape of business lost its constellation of artistic exploration – a critical mindset laid to waste. We dehumanised our companies in perfecting Taylorism and combined that philosophy with the obeyance-driven, hierarchical architecture of the Roman legions. Yet today, we lament that we lack humanity in our work life.  Why are we surprised? Adaptability, creativity and inspiration are the leadership qualities that our organisations require today. Both employer and employee need these capabilities now and we don’t have centuries to develop them anymore. Making these qualities preeminent in our organisations is the next revolution and there’s still time to be at the forefront of this changing tide.

In rediscovering the virtuous habits of art and play, we can spark and nurture the characteristics of innovation. This encompasses divergent thinking, collaboration, mindfulness, inspiration, as well as the ability to explore untraditional ideas and picture the future. In so doing, we can uncover anew the state of mind and spirit that we have always naturally possessed and encourage an environment among our companies that we have always craved as individuals.

Read the first part of this two-part series on Business Impact

Adam Kingl is the author of Sparking Success (Kogan Page, 2023) and an adjunct faculty member at UCL School of Management and Hult Ashridge Business School. He is also an associate of the Møller Leadership Institute at Churchill College, University of Cambridge.

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