New era of business education

With technology evolving at rapid pace, business schools must keep up

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KARACHI:

The world of business is transforming at an unprecedented pace. Technological advancements have reshaped industries, redefined business operations, and transformed decision-making processes.

In this rapidly evolving landscape, business schools across Pakistan must recognise a fundamental truth: traditional business education is no longer sufficient. If we fail to adapt, we risk producing graduates who are ill-equipped for the realities of a digital, technology-driven economy.

The World Economic Forum Job Survey Report 2024 highlights how macro-trends and emerging technologies are rapidly reshaping global labour markets and business models. The pace at which technology is evolving means that in just a few years, industries will look drastically different, and business education must keep up.

Compared to the developed world, the adoption and integration of technology in developing economies remain significantly lower. However, with the rise of artificial intelligence, automation, and the digital economy, these economies must catch up sooner rather than later. The future of business is heavily reliant on technology-driven models, and economies that fail to embrace this transformation risk falling behind.

If we continue to delay the adoption of macro-trends, evolving market dynamics, and technological advancements in business curricula, the consequences will be severe. Our economy will struggle to compete, and graduates from business schools will lack the skills to make meaningful contributions to economic growth.

They will struggle to adjust to the changing job market, losing opportunities to more tech-savvy global competitors. However, if we equip students with the right knowledge, adaptability, and critical thinking, they will not only thrive but become key drivers of economic progress, innovation, and market growth.

For decades, business education in Pakistan has centered around finance, marketing, supply chain, HR, economics, and management. While these remain essential, they can no longer function in isolation.

The job market today demands professionals who can merge business expertise with technological proficiency – those who understand AI-driven decision-making, business analytics, financial technology, and blockchain applications. Despite this, many business programmes still lack a focus on these critical areas, leaving graduates at a disadvantage in the global workforce.

Recognising this shift, business schools in Pakistan must take immediate and strategic steps to integrate technology into their curricula. This transformation does not mean discarding traditional theories but enhancing them with technological applications, data-driven insights, and digital tools.

Business education must not only emphasise critical thinking, problem-solving, and analytical reasoning but also ensure these skills are applied practically in real-world business challenges. These elements have always been part of business education, but now, they must be embedded more strongly and practically to meet evolving industry expectations.

Moreover, enhancing students' communication skills is crucial to help them articulate complex business strategies, collaborate in diverse settings, and thrive in a competitive global economy.

Some universities in Pakistan have already taken steps towards this transformation. In my university, we have introduced forward-thinking programmes that merge business and technology.

However, business schools should not only focus on producing professionals for existing industries. They must also boost entrepreneurial minds, leaders who will drive innovation and create new market opportunities. The future of business education should encourage entrepreneurs who leverage technology to build transformative business models.

By integrating technology, computing knowledge, and global business trends into business education; through case studies, digital tools, and startup incubation models, universities can nurture tech-driven entrepreneurs who create opportunities rather than just seeking them.

This entrepreneurial shift will redefine the role of business graduates. Instead of merely competing in traditional industries, they will become trendsetters, identifying market gaps and introducing innovative solutions that reshape entire sectors. By backing a business-technology hybrid mindset, universities will equip students to lead, innovate, and redefine industries rather than just adapting to them.

One of the biggest challenges in implementing these changes is faculty readiness. Many educators, especially those who have spent decades teaching traditional business theories, may hesitate to incorporate digital tools, AI-driven strategies, and emerging business technologies. However, many faculty members have already recognised that technological advancements are now essential in business education. They understand that integrating applied technology into business studies is no longer just an enhancement – it is a necessity.

Educators must step out of their comfort zones and acknowledge that technology is no longer an option; it is here to facilitate us, not disrupt us. Over time, as business faculty adopt and integrate these changes, it will become evident that technology and business education are not separate but rather complementary.

The first step is always the hardest, but once that initial step is taken, the following steps will become easier and more natural. This transition will not only enhance teaching experience but also equip students with a more relevant, future-ready education.

To bridge this gap, upskilling and reskilling faculty members must be a priority. Universities across Pakistan should strengthen their collaboration with computing departments to provide business faculty with structured learning opportunities in applied computing. Faculty members should enroll in courses that focus on business-oriented technology modules such as AI in business decision-making, digital transformation, cybersecurity, and data-driven strategy. These training programmes should not only introduce technological concepts but also demonstrate their practical application in business models.

This transformation must be gradual but consistent. A structured, phased approach will ensure long-term sustainability rather than short-lived educational reforms. Universities should implement faculty training, curriculum restructuring, and interdisciplinary collaboration in a way that ensures business education does not fall behind industry advancements.

With these structured reforms, business graduates will not only compete in existing job markets but will redefine them. They will be equipped to drive innovation, lead in an AI-driven economy, and contribute to national economic progress.

Business schools in Pakistan must take decisive action – the time for debate is over. The world is evolving, and education must evolve with it. The fusion of business and technology is not a passing trend; it is the foundation of the next era of business leadership.

By embracing technology, entrepreneurship, and critical thinking, business education can produce graduates who don't just follow the market but actively shape its future. We must ensure that the next generation is equipped with skills, mindset, and vision to thrive in an increasingly digital business world. The future of business education is digital, data-driven, and innovation-focused, and the time to act is now.

The writer is a professor at the Mohammad Ali Jinnah University, Karachi