AI and machine learning have gone beyond science fiction stories and movies in recent years. AI is talked about everywhere, and artificial intelligence applications have become an important part of everyday life – autonomous home appliances, driverless vehicles, smart assistants, chatbots, text editors, digital assistants, and much more. Nearly every aspect of our everyday life is touched by AI and machine learning. Want to get to a new restaurant for lunch or dinner? Google Maps powered by AI can get you there. Even this is just a drop in the sea. Both AI and machine learning have tremendous scope and potential to transform the way we live our lives.
AI and machine learning – Positively impacting businesses in every way possible
- Statistics reveal that 61% of employees say that the adoption of AI within the workplace has resulted in a boost in productivity.
- 44% of organizations have reported an increase in cost savings due to AI implementation.
- Nearly 52% of marketers believe that AI is critically important for their success.
Just like AI and machine learning are impacting various aspects of everyday life, they are influencing the lives of PGDM students too.
Here are the 5 different ways in which AI and machine learning are impacting the lives of students pursuing a PGDM course.
Enrolment of students in a PGDM course
- AI and machine learning can be used for student enrollment in PGDM courses.
- It is possible to train AI by listening to the voice recordings of phone calls and interviews of students who have given their consent.
- Based on the training of AI algorithms using the calls and voice recording, it will be possible to assess a potential PGDM candidate based on their speaking patterns and facial expressions.
- AI and machine learning can help gauge how positively they are responding, and their genuine interest in the PGDM course.
- With AI, it is also possible to reach out to potential PGDM applicants on social media portals based on search data.
Robo-teachers and instructors
- Up until this point, business training and education has avoided the massive digital disruption that has been witnessed in several industries such as media.
- PGDM is mostly a campus-based course. However, technology and innovation is changing the way students learn.
- One example of how technology is changing the learning aspect in PGDM courses is through AI-powered robo instructors (teachers).
- London’s Imperial College Business School makes use of an AI chatbot to address their queries and answer questions faster than human professors can do.
- Some colleges even use a robot that assists teaching in computer science classes.
Job displacement
- One of the biggest dilemmas future business leaders will face due to AI and machine learning is the automation of jobs.
- For example, AI-powered drones are helping the environment and climate by replanting millions of trees in Myanmar.
- The Chinese retail giant JD.com has introduced cutting-edge technologies like AI and machine learning in nearly 500 distribution bases. Here, AI-powered robots organize and sort packages for delivery of goods. All this is being manned just by four humans.
- Robots powered by AI and machine learning can perform physical tasks quickly, efficiently, and reliably than humans.
- Students who are pursuing a PGDM course and would be future managers should automate tedious and repetitive tasks to AI-powered robots.
Marketing
- AI and machine learning are a part of the PGDM syllabus too, with several institutes offering plenty of use cases for students.
- A popular business school mentions that AI and machine learning have promising applications in marketing.
- For example, KFC and Baidu employ facial recognition to recommend what customers may like to order, based on the facial expression, age, and gender of an individual.
- All this may appear to be very interactive and interesting. However, it comes with certain ethical implications too.
- For example, AI can determine the sexual orientation of an individual based on his/her facial image.
- Since AI can be used for something, doesn’t mean you have to compulsorily use it.
- It is essential to make PGDM students familiar with AI and machine learning, as an AI algorithm can go wrong.
- Organizations are looking for managers that can use AI to create value and ensure that an AI algorithm is ethical without any biases or prejudice.
Career guidance
- Many people are of the opinion that AI and machine learning will result in a lot of uprooting of jobs due to automation. However, AI may also help them get jobs.
- Based on the data gathered from past PGDM students based on their career path, aspirations, and present employers, AI and machine learning can help identify the skills required by present PGDM students to succeed in their career.
- AI and machine learning can also guide PGDM students to tailor-made learning programs conducted by business schools.
- It can also help them connect with organizations that are looking out for their range of abilities and expertise.
- AI and machine learning can also help students go through the recruitment process by analyzing how a resume is written, how a PGDM student is presenting himself/herself with a video and providing the right feedback.
The impact of AI is visible even in the world of PGDM. From career guidance to robo instructors in business schools, there are many artificial intelligence applications that can help PGDM students.
