ADVERTISING FEATURE
how will schools have to adapt to this? There are several new needs and trends to which schools will need to adapt, such as lifelong learning, hybrid ecosystems, micro-credentials, soft and hard skills, revenue models and managing new incumbents. But if I were to emphasise one area of focus, it would be having a unique 360-degree view of the entire student journey. Today, this is a continuous circle along all parts of the institution’s value chain, to provide students with the seamless experience they expect. This holistic student view should be a strategic priority for institutional leaders, alongside other key areas such as financial health, sustainability and operational efficiency – with a focus on data security within all of these areas. In my assessment, through
Are schools under pressure to change their fundamental value proposition? Some 80% of the industry leaders we surveyed think they need to evolve their institution’s value proposition and business model. The motivation is likely new market entrants creating competition and accessible courses. There are three factors creating pressure: lifelong learning and a workforce that demands re-skilling and upskilling; hybrid learning (not only where and how students are taught, but how institutions have to meet the demands expected of the wider learning experience in terms of content, format, platform, credential validation and networking); and how to develop a sustainable business model based on evolving market trends to convert them from challenges into opportunities.
and investigating how to better digitise off-site campuses – what we call ‘phygital campuses’. As institutions develop this approach, the underlying vision should be to provide a seamless experience throughout the entire student journey and lifelong learning path, enabled by technology. Are micro-credentials a passing phase or something that all business schools will need to factor into their thinking? Our research shows that half of institutions are already developing some offering of micro-credentials – as a standalone programme or part of an unbundling strategy. Micro-credentials are the result of two main industry evolutions and will therefore stay. First, the unbundling of the learning process, historically dominated by the institutions and now owned by the student (who will create his or her learning path as a system of ‘Lego’ blocks). Second, the world is moving towards lifelong and real-time learning. In this context, micro-credentials are a good way to provide value for learning specific skills, but the learning process, content and validation must be curated to guarantee quality, trust and recognition. Ultimately, the labour market will be the customer and beneficiaries of micro-credentials and re-skilling offerings at universities and business schools. Are there other emerging trends in programme formats or delivery that schools will need to adopt? My view is that the industry has to be prepared to evolve and get ready for unforeseen challenges that take business schools outside of their comfort zone – whether that be the format of course delivery or the types of course in demand. Another consideration for business school leaders is the implications for key players. Professors have had to reinvent themselves and discover techniques to engage students virtually.
partnering with several business schools, the next challenge goes
beyond digital transformation to meet the changing needs of business school students. I suggest the strategy takes a long-term approach that addresses the total student journey, rather than siloed areas, and makes use of technology to ensure a single source of truth; provide cyber security and local/global data compliance; create efficiencies by automating processes; personalisation and predictability (AI), and integrate the inbound and outbound omni- channel ecosystem of any institution and customer (students=b2c & companies=b2b). Has the function of the physical campus changed post-pandemic? What will business school campuses look like in the next five years? Research we conducted in March with AMBA and BGA revealed that most of the institutions surveyed have been developing virtual campuses within their strategic plans over the next five years. We, as an industry, have moved from being almost 100% on a physical campus before Covid-19, to suddenly moving to 100% online delivery. Now, business schools are evolving and shifting towards a hybrid model
“The industry has to be prepared to evolve and get ready for unforeseen challenges”
15
Julio Villalobos is the digital strategy expert at Salesforce Education. He has spent most of his career working for global education technology companies and won several innovation teaching awards. Since 2000, he has been a part-time professor for top-ranked business schools. Villalobos holds an Industrial Engineer degree, a BBA in Marketing and an Executive MBA. He is a firm believer in lifelong learning to update his skills for what business schools need now.
To find out more about the emerging trends in business school education, read more at: https:// www.salesforce.org/wp-content/uploads/2022/04/ Emerging-Trends-in-Business-School-Education.pdf
Made with FlippingBook - Share PDF online