Artificial Intelligence is marking it's high presence in the B-school curriculum

When the entire business world is catching up the race to upgrade their systems with Artificial Intelligence(AI) for efficacy how can the B-schools be immune to this fervour? Since a bulk of the management graduates from the famous MBA institutes will be future business leaders, now it has become imperative to train them on Artificial Intelligence to make them industry ready.

Artificial Intelligence has become a hot field in business management which is yet to be completely explored. Harvard, Stanford's Graduate School of Business, MIT's Sloan School of Management and INSEAD of France are among the best level b-schools which are bringing out courses on Artificial Intelligence and Machine learning to assist business organizations to settle on better choices.

Artificial Intelligence is a used for computer systems that can perform undertakings which ordinarily requires human intervention with ease, visual perception, speech recognition, and decision-making are the few most common examples.

Organizations are increasingly applying technologies that use Artificial Intelligence for enhanced efficiency. Artificial Intelligence system can trawl through substantial scattered information which otherwise is quite cumbersome to grasp to reveal new insights and help the leadership to make more smarter choices and business decisions.

According to various surveys it has been assessed that in the USA, there are 10,000 positions available at the best employers’ in the country. It has been evaluated that there will be 2,50,000 data science jobs by 2024. Across all businesses, there will be a greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016.

Indian Premier Management Colleges are not far behind to implement this change. SP Jain Institute of Management and Research (SPJIMR) propelled two courses — Reinventing Business with IoT, Artificial Intelligence and Machine Learning’ and ‘IoT in Supply Chain’ for students of its flagship MBA programme.

As a component of the courses, students would manufacture their very own IoT gadgets and screen their working, utilizing cloud administrations. A virtual library has been set up as a part of the initiative to have an access to vital information in the cloud which can be utilised by the devices later.

Indian Institutes of Management (IIMs) in Bengaluru and Kozhikode are putting forth courses on AI and Robotics that can be associated with the business methodology to improve execution, yield and client encounter. Others, for example, IIM Calcutta covers AI by providing extensive courses on business and data analytics.

IIM Kozhikode's amended Fellow Program in Management (FPM) educational modules of the IT and system to suit the arising needs of Artificial Intelligence and Machine learning as elective courses.“Employability of students enhances with skills, and peaks if enthusiasm can be tapped into,” said Mohammed Shahid Abdulla, associate professor, information technology and systems at IIM Kozhikode.

Though the domain of Artificial Intelligence is vast, however, it is worthwhile to understand the areas where it can benefit the B-school students. We will discuss the more direct uses of Artificial Intelligence else it can be really vast to unfathom.

Data Analysis

One of the manners in which AI will profit business is in the field of Data Analysis. Multi-faceted Artificial Intelligence would have the capacity to understand behavioural tendencies in the data available that a professional cannot perform owing to several limitations. This empowers business' to focus on the correct clients for the item. The partnership that exists between IBM and Fluid can be taken as an example. Fluid, a digital retail company uses Watson – an AI made by IBM for suggesting items to its clients.

Marketing & Advertising

The use of Artificial Intelligence in sales and marketing appears unmistakable, considering the way that marketing experts investigate every possibility to profit their business. AI can expand the proficiency of sales and marketing. The emphasis will be on enhancing transformation rates and deals. Customized promoting, information of clients and their behavioural tendencies merely just my analysing their facial expression can create more income.

Talent Acquisition

Artificial Intelligence can be immensely helpful in talent acquisition. Human Resource managers do not have to manually go through every resume to zero out potential candidates. This is a huge benefit as it allows the recruiter to spend more time analyzing and evaluating only a smaller group of eligible candidates. In such circumstances, HR units are drastically increasing the quality of hiring decisions. Additionally, companies save a lot of money this way because they don’t have to pay the cost of poor hiring decisions.

Supply-Chain Management

Artificial Intelligence can likewise help in keeping up a legitimate store network which is, for the most part, relied on crowds of factors. It very well may be separated into two classifications

"Augmentation: Artificial Intelligence, which helps people with their everyday undertakings, actually or industrially without having complete control of the yield. Such Artificial Intelligence is utilized in Virtual Assistance, Data investigation, programming arrangements; where they are predominantly used to decrease mistakes because of human intervention.

Automation: Artificial Intelligence can help in automation, which works totally self-rulingly in any field without the requirement for any human mediation. For instance, robots performing key processes in assembling plants"

Artificial Intelligence (AI) is gaining importance in India at a blinding speed and the sector is seeing a boom currently. E-commerce giant like Amazon, other notable companies like ZS, BCG Flipkart, Airtel etc. are on a continuous hunt to find a suitable candidate who is adept in AI and data science.