dictated by business school professors. The customer, as I previously remarked, now wields unprecedented power, much like that mighty beast, King Kong. “However, this does not imply that physical business school campuses will become obsolete. Some students still crave the allure of an attractive school environment where they can mingle with their peers and esteemed professors. Nonetheless, they also yearn for the convenience of logging in from the comfort of their homes, or even while basking on a sunny island during a family holiday. “Moreover, students may find value in embarking on joint study trips to visit companies in interesting destinations, or collaborating with peers from di erent business schools in virtual teams. Engaging in action-learning projects at a client company’s premises adds another dimension to their educational experience. “Consequently, the business schools of the future must curate an enticing portfolio of diverse and captivating learning opportunities. In this regard, they are similar to multichannel retailers that o er a wide array of touch points and attempt to o er something interesting and new to keep their customers engaged and loyal.” With so many challenges on the horizon – the ongoing conflict in Ukraine, the rapidly rising cost of energy and the challenge of reaching sustainability goals – is there still room for optimism when we consider the outlook for management education in the next three to five years? “Despite the challenges ahead, I believe there is reason to be optimistic when it comes to management education. Business schools have demonstrated adaptability and resilience, embracing digital transformation and technology to enhance remote learning and collaboration. Recent AI developments provide additional opportunities for education and data-driven insights for improvement. “Sustainability goals present an opportunity for schools to lead by example, preparing future leaders to address environmental and social challenges. Global challenges require international collaboration, something that calls for business schools to foster partnerships so as to be able to tackle complex issues. “The rapidly changing business landscape demands a skilled workforce. Schools can o er reskilling and upskilling programmes, preparing professionals for evolving industry needs. Challenging times fuel innovation and entrepreneurship. Business schools nurture entrepreneurial mindsets, encouraging creativity and problem-solving. “Diversity and inclusivity in leadership are crucial for addressing complex challenges. The management education sector promotes diversity in its student body and faculty, preparing graduates to lead diverse teams and create inclusive work environments. “Lifelong learning gains importance as the business landscape evolves. Business schools can o er continuous learning
with unprecedented precision. As a result, marketing has become an omnipresent phenomenon, permeating every aspect of our lives. “One of the most notable changes is the empowerment of consumers. For a start, they can now compare competing o ers more easily than ever before. The rise of online shopping has expanded their options, enabling purchases from geographically dispersed sources. Furthermore, consumers have gained the ability to personalise products and services according to their preferences and needs. “While it has always been said that the customer is king, nowadays the customer is more like King Kong. This shift has compelled businesses to become more customer-centric, placing a greater emphasis on understanding and meeting individual consumer expectations.” In what ways would you say the landscape for business schools has changed during your time as chair of AMBA & BGA? “Business schools have undergone significant changes due to technological advancements, impacting both customer outreach and teaching methods. Online platforms like Moodle and Canvas, as well as community-building tools such as Yellowdig, have transformed pedagogy. AI further enables customised content delivery, exemplified by the likes of Microsoft’s Flexa. “Technology has also expanded the geographical reach of business schools. Spanish institutions, for instance, now o er courses in Latin America. In the realm of executive education, business schools face new competition from platforms such as LinkedIn Learning, while also exploring collaborations beyond traditional boundaries, including with corporate universities and online providers like Coursera. “Moreover, there is an increasing focus on the societal impact of business schools. This shift influences teaching content and the target demographics served. Profit generation is no longer the sole driving force, as inclusivity and reaching new audience segments gain importance. “Lastly, it is worth noting the rise of business schools outside North America and Europe. Nowadays, exceptional institutions are scattered across the globe, with Asian schools experiencing remarkable growth in both teaching quality and research output. This is evidenced by their strong positions in rankings and the increasing number of accredited schools.” The pandemic impacted negatively on virtually all industry sectors, but it was a mixed blessing for business schools as it acted as a catalyst for them to o er remote teaching. How do you think this will play out in terms of o ering hybrid learning solutions to future cohorts? “Students like to learn where, when and how it suits them – not how it suits the business school professors. Students are demanding more control over their learning experiences. They no longer want to conform to the rigid schedules and methods
18 | Ambition SEPTEMBER 2023
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