Preparing India's youth for the future

Our whole survival depends on technology in this digital age we live in today. Technology is the driving force in all aspects of our lives, whether they be personal or professional, from the moment we wake up until the moment we go to bed. AI plays a significant role in our lives, whether it is through receiving purchase recommendations on e-commerce platforms, recommendations on OTT platforms, or even emails. And to top it all off, the pandemic's effects have been so profound that digital has become the turning point for enterprises. They have been eager to go through digital changes in order to meet problems and get an advantage in the market. This is increasing the need for employees who are tech savvy and can propel organisational growth.

Artificial intelligence's increasing influence across industries

Among the wide range of technologies accessible, AI is anticipated to be creating a name for itself in a variety of fields. It is assuming center stage and revolutionizing every sector of the economy, including banking, healthcare, telecom, manufacturing, and education. While end-to-end automated processes are made possible by AI, its subdomains, such as Machine learning, Data and image analytics, also have a variety of uses.

Automating corporate activities, getting insights through data analysis, and interacting with customers and workers are the three main goals that AI is accountable for achieving. For instance, AI is revolutionizing disease diagnosis in the healthcare industry, particularly with picture analysis. It is essential for the development of new drugs as well as for using data analytics to expedite the trial process. AI even enhances the job of medical assistants who assist patients with daily care needs and enables wearable technology to check health issues remotely. In actuality, NLP is also converting the unrecognizable doctor's notes into structured data. Regarding the banking and finance industry, AI aids in the detection of insurance risk, fraud prevention, identification of the greatest investment opportunities, and even offering the best financial advice.

Artificial intelligence (AI) has a wide range of applications in the education industry, and it assesses the learning gaps that exist and provides personalized learning solutions to the students, enhancing their effectiveness. AI frees up the time of the teachers by automating the repetitive chores so they may concentrate on their primary duties, like monitoring student progress and raising the bar for educational quality.

Artificial intelligence has made education a 24/7/365 idea, and even educational information has become dynamic and interesting. The system allows for real-time communication with numerous pupils at once, dispelling their worries in real-time while acting as virtual assistants and AI tutors. Overall, it is true to state that AI is enhancing not only the lives of the general public but also transforming the face of several industries and enhancing the operations of enterprises across different industries.

The talent-skill gap is being addressed through management schools

But the truth is that we face a shortage of talented professionals. This suggests that the talents skill is important. Potential employees lack digital skills, particularly in AI, which is predicted to be the future of both the country and the sectors.

In addition, as we shift to Industry 4.0, the very first step is to prepare the next generation of workers to fill the skill gap. Addressing the talent and skill gap is crucial in such a situation. Because of this, the demand for resources with knowledge of the field of artificial intelligence will increase in the next few years. And to ensure that students are prepared for tech-based employment positions, business schools are making an effort to overcome this gap by providing management development programmes and skill-based programs in the field of AI.

AI-based management courses' applicability to students

Artificial intelligence technology enables organizations to personalise and tailor experiences and operations to increase consumer loyalty and engagement. It is becoming more popular with companies in many industries. Students seek PGDM programmes in artificial intelligence in order to become the leaders of the future who are AI-ready. They can get skill sets that will enable them to handle the complexity of the actual world by enrolling in AI-based training programmes offered by the B-schools. They will also learn how the solution is strategically applied to drive growth, conversions, and revenue.

Artificial intelligence-based education: A successful method for developing tomorrow's managers and leaders

According to the International Data Corporation (IDC), India's AI market will be worth $7.8 billion by 2025 and expand at a CAGR of 20.2 percent. The country's AI software industry is anticipated to develop at a CAGR of 18.1% starting in 2020, but the AI services sector is anticipated to expand at 35.8%. All of these statistics show that as the market expands, it will also result in the creation of youth-focused AI-based jobs. The World Economic Forum predicts that AI will eventually lead to a variety of new work vocations. Data Scientists, experts in AI and machine learning.

Learners can acquire industry-relevant abilities by combining this developing technology with management education. The Artificial Intelligence based management courses assist students in maximizing the potential of AI and successfully integrating it with soft skills training and business administration education in order to prepare them for the future. A proper mix of theoretical knowledge and practical experience are now offered to the students in management studies, along with 21st-century skills like entrepreneurship and AI-based courses that combine practical learning with theory. They will be ready for work roles that either don't yet exist or are only in the infancy stages, which makes this a very futuristic mindset.

Management studies based on AI: The popular course

According to recent research from McKinsey, the adoption of artificial intelligence is considerably increasing along with the rise in digitization. This percentage is greater in Indian businesses than in APAC, and the survey also shows that AI's future prospects are anticipated to be bright. As a result, it is anticipated that business investments in AI would increase during the next 3 years. This tendency will undoubtedly increase demand for personnel who have the necessary training and work experience to benefit the organization. And this is why students would favor AI-based management studies.

A new generation of talent will emerge this year as numerous young managers start their careers, thanks to the strong popularity of management education, the development of artificial intelligence, and its widespread use in enterprises across industries. Talent can find employment with the support of practical experience and comprehensive growth. Programs in executive management can be useful in this situation. New-age PGDM programmes with a strong emphasis on experiential learning are being offered by numerous B schools. Along with updating their curriculum to reflect the AI core, they are also making sure that their teaching methods are contemporary, immersive, and flexible. Young pupils will be empowered by such a method to become leaders and managers who are truly prepared for the future!

(The author is the Dean (Corporate Relations), Professor IT)