Growing interest amongst business leaders within the industrial impact of generative artificial intelligence is prompting business schools to supply a slew of latest courses that teach digital understanding and skills.
A survey of about 10,000 learners in 40 countries released this month by education consultancy CarringtonCrisp found that just about half of respondents expect to study AI in the subsequent five years. Other digital topics were also trending: cybersecurity (mentioned by 33 percent), digital marketing (31 percent), e-commerce (29 percent) and data evaluation (26 percent), in addition to more traditional business skills.
The introduction of tools like OpenAI's Microsoft-backed ChatGPT, launched in November 2022, has spurred organizations within the private and public sectors to experiment with generative AI. For this reason, business schools are reporting strong interest in short-course executive teaching programs that deal with technology, whether or not they are open or business-focused programs.
Annette Saller, head of program and project management at German medical device manufacturer Hartmann Group, recognized her need for a holistic view of generative AI – beyond the hype.
“AI is about so rather more than simply generating text and pictures,” says Saller, adding that her employer uses the technology for each product innovation and operational improvements.
By enrolling within the Insead “Transforming Your Business with AI” program last 12 months – which costs €1,850 and is obtainable online for five weeks – Saller gained deeper insights into using AI in firms while clearing up misconceptions. “People often consider AI as a magic wand,” she suggests. “When you get out of this program, you demystify it.”
While some implications are clear—akin to the potential to automate tasks, gain insights, and increase efficiency—AI requires careful understanding, implementation, and management to comprehend its full potential.
Anat Lechner, clinical professor of management and organizations at NYU Stern School of Business, believes training on this area is crucial. She says: “We need to teach people the way to run businesses with AI, otherwise it doesn’t exist.”
Prof. Lechner teaches “Leading within the Age of AI,” a two-day program conducted in New York that costs $3,344. She observes a thirst for knowledge amongst managers. Demand for the course, which began in April, far exceeds supply. “We just couldn’t get enough people within the room,” she says.
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Business schools are revamping their course portfolios to satisfy this demand. They now offer knowledge and skills on topics akin to cybersecurity and digital transformation – reflecting how technology has change into an executive concern.
“It isn’t any longer true that IT is a support function; Technology plays a fundamental role in defining strategies,” notes Javier Zamora, academic director of the Digital Transformation: Senior Management Program at Spain’s Iese Business School. This 14,500 euro course is obtainable each online and in Barcelona and Madrid.
However, Julian Birkinshaw, outgoing vice dean of the London Business School, admits that demand for training in recent technologies is cyclical. “We see this each time – something gets hot and other people need to get used to it,” he says. “Just a few years ago it was blockchain; Right now it’s all about generative AI.”
At LBS, courses are being adapted and recent offerings are being developed, akin to the “Next Generation Digital Strategy” program launched in April. Birkinshaw says the challenge for training providers is to tell apart between hype and reality when developing programs.
“We talked about Web3 a couple of years ago, but nothing ever really got here of it,” he emphasizes – referring to the vague term for a decentralized version of the Internet. “We are very aware that things are all the time blown out of proportion.”
A second problem for business schools is the rapid pace of technological development, which shortens the shelf lifetime of content. “Given the speed at which things change, it’s not possible for leaders to maintain up with what it means to them,” says Theos Evgeniou, professor of decision sciences and technology management at Insead. “You can’t just wait for the subsequent program in a 12 months.”
That's why Insead has developed a brand new “filler” course, the AI ​​Executive Forum, running over three half days in June. It costs €2,990 and focuses on understanding the newest AI advances and their business impact. But Evgeniou warns leaders to not lose sight of the elemental facets of technology, akin to IT infrastructure and data management.
Focusing an excessive amount of on the noise surrounding AI can distract from understanding the broader context and implications, he suggests. “AI is so hyped that sometimes you miss the forest for the trees.”
Still, a final challenge for training providers is finding enough experts in the newest technologies – including AI – to show their courses.
Therefore, the MIT Sloan School of Management looks beyond its own faculty. Professors from the MIT Computer Science and Artificial Intelligence Laboratory are hired to implement the “Artificial Intelligence: Implications for Business Strategy” program. This course runs online over six weeks and costs $3,500.
“We are doing our greatest to maintain up with demand on the availability side, but expertise is briefly supply,” says Peter Hirst, senior associate dean for Sloan Executive Education.
