AI tools in business education are becoming increasingly important as the world becomes more digitized. These resources can assist students in building the analytical, creative, and problem-solving skills necessary for success in the modern workplace. The advantages of using AI-driven educational solutions are numerous. They allow students to not only understand theoretical ideas but also get practical experience with real-world applications. Business schools must recognize the value of AI-driven education which equips students to become tech-savvy, adaptable professionals who are prepared to face the challenges of tomorrow's changing business environment. The study examines the benefits and challenges of incorporating AI tools into the business education curriculum in India. This chapter outlines the various AI tools relevant for business management students. The study sheds light on how different Indian business schools have included AI tools in their curricula. The study is useful for two stakeholders that are business management students and educational institutions.
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In the fast-paced and ever-changing business world, integrating artificial intelligence (AI) tools has become essential for achieving success. The continuous advancements in AI have brought about revolutionary changes across various industries and in business education. As AI continues to shape industries and disrupt traditional business models, it is essential for educational institutions to equip students with different AI tools that they can use in the future for their business growth (Chen et al., 2020). By harnessing the power of AI, educational institutions can offer students hands-on experiences, interactive learning opportunities, and personalized education, empowering them with the essential skills and competencies needed to thrive in their professional journeys (Desai, 2023). The demand for AI-trained professionals is consistently rising, which is evident in the year-on-year increase in companies' investments in AI initiatives. The AI market is projected to surpass a surpass $500 billion by 2023 (Blue Wave Consulting, 2023). Nonetheless, organizations face a challenge in finding employees with the required AI qualifications and the ability to apply their AI skills effectively within the organizational context (Celik et al., 2022). This is where business schools can play a pivotal role in bridging the gap and meeting the needs of these organizations.
In India, there is a notable shift in schools' teaching methods, transitioning from conventional approaches to innovative education, aiming to enhance students' learning experiences. This transformation, often referred to as “Education 4.0,” involves the integration of AI into the learner-centered education system, advancement from the previously tutor-centered traditional system (Enholm et al., 2022). One significant driving force behind students' choice of educational programs is employability, even if it requires considerable financial and personal sacrifices (George, 2023). However, there is an unspoken mismatch between the desired jobs, the required skills, the actual training provided, and the available jobs (Chamorro & Frankiewicz, 2019). This mismatch highlights the growing importance of AI in various domains, including business, where it is increasingly influences business operations and everyday life. However, there is still uncertainty and a need for consensus on what aspects of AI should be included in business education.
To cater to the needs of the global business community, business educators must continuously evaluate the strengths and weaknesses of their programs (Jaiswal & Joe, 2021). As AI significantly impacts business education, business schools adapt to this technological revolution by integrating AI into their curriculum (Sollosy & Marjorie, 2022). This integration is crucial as it equips future business leaders with the skills and knowledge necessary to navigate the rapidly changing business landscape, with AI finding applications in finance, marketing, HR, supply chain, manufacturing, software development, and data management (Tapalova & Zhiyenbayeva, 2022).
In this context, students enroll in programs, choose areas of concentration, take classes from academic experts, and graduate job-ready and equipped for the future, with employability being a primary motivator for their decisions (Statista, 2023). Business education institutions are responsible of preparing students for success in the digital age by imparting relevant knowledge and skills (George, 2023). Several AI tools are highly relevant for business management students, and faculty members should incorporate these tools into business education. The use of AI in education is anticipated to bring significant reforms to the Indian education system (Govindarajan & Sikka, 2020).