The barrage of new technologies that are introduced to the market, each with the promise of altering (or at least affecting) the corporate world, can easily make one numb. However, our examination of a few of the more important IT trends makes a strong argument for the fact that something important is taking place. Granularity, speed, and scale—the three key elements that have characterized the digital era—are typically being accelerated by these technological advancements. However, the extent of these shifts in bandwidth, computer power, and analytical complexity is what's creating new opportunities for organizations, inventions, and business models. Greater innovation may be made possible by the exponential gains in processing power and network speeds brought about by the cloud and 5G, for instance. Advances in the metaverse of augmented and virtual reality provide opportunities for immersive learning and virtual R&D using digital twins, for example. Technological development
We understand how conservative academic colleagues may be," adds Laing, who has led the school since 2015 and is the former chair of the Chartered Association of Business Schools (CABS). However, the transition from face-to-face to online education has been seen throughout the business, demonstrating the ability of schools and academics to adapt fast, he argues. "It has given us a new perspective on our future, allowing us to think deeply about how we deliver rather than just what we deliver. I believe it's the start of a long journey.Beyond that, Laing believes it has highlighted concerns about business schools' and universities' revenue streams, particularly their reliance on international student flows. Many
Laing believes that we've passed the height of international student mobility
Despite the unknowns of the future, he is keen to stress the positive aspects of the student experience. He's noticed that many students are hesitant to speak up in a large lecture hall, for example, thus the move to online benefits them. They are much happier asking a question through the chat bar. In reality, at the University of Lancaster, the Student Union has been working hard to make more digital content available. Students are quite clear about what they are searching for. They operate in a digital world; much of what they do is digital, and the pandemic has made everything digital. "That is the expectation." It appears to be working well. Vernon Smith, an American economist and Nobel Prize recipient, was scheduled to give a lecture on campus this summer, but it was instead held via Zoom, with almost 500 participants. Lancaster has had similar success with their business programs, particularly the masterclasses they offer for NatWest Bank around the north of England. New questions about business school infrastructure. What do these lasting changes entail for infrastructure Lancaster recently invested millions of dollars on a new building, according to Laing, but he wonders if we should be thinking more about digital infrastructure rather than.
What we now value is the participatory, educational experience available online, which
in many ways, requires a different skill set. I wonder if there will be less demand for discipline research-focused academics and more emphasis on academics who can truly enhance the learning experience." "I think it opens up different markets for some schools that they've not traditionally serviced," Laing adds. "I believe colleges like Lancaster will gain an advantage over schools located in large urban regions, which have long benefited from proximity to a large number of working, part-time students. We are an hour's drive from Manchester Central, and it is difficult to find that type of part-time post-experience student. I believe we will see a rebalancing of the business that business schools receive.And, according to Laing, students don't have many options when it comes to when they'll be studying, so concerns regarding student numbers may not be as dire as some have suggested. "They completed their bachelor's degree. They probably have a year or two to complete a post-graduate, master's program, and then find work. They don't have much time, and things they would have done otherwise, like getting a job or going on a trip, aren't an option right now. While initial mood analysis suggested they'd rather not attend this year and avoid blended delivery, the harsh reality is, what are the alternatives
Lancaster, together with Manchester, Liverpool, Leeds, and other institutions, is even
working to arrange flights from India and China into Manchester to give a safe and secure way for students to go. physical infrastructure. We also need to start thinking about the workforce we need; do we have the right people to do this? I believe some people are not convinced that the world has truly altered. For what it's worth, I believe it does. I believe this fantastic accelerator has crystallised many things. The dam has broken open. I don't think we'll go back. Finally, Laing argues the epidemic has altered the way business schools work. He proposes that the paradigm of creating academics over the last few decades should be reconsidered in order to ensure that the skills required for new ways of delivery are in place. schools rely on a small number of markets, most notably China and India, and there are financial ramifications not only for the business school, but also for the institution as a whole, given the role we play as business schools inside a university in ensuring the model's survival. The question in my mind is whether the current pattern of foreign student movement will continue.
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