Dr. Priti Pandey, Associate Director Programmes, School of Real Estate and Urban Infrastructure, RICS School of Built Environment, Amity University, Mumbai, is Doctorate in Finance and Masters in commerce. She has an experience of more than 20 years in academics, corporate training, managing of international university Degree programmes in collaboration with management institute in India.
Shekhar Nagargoje, Associate Director Programmes, School of Real Estate and Urban Infrastructure, RICS School of Built Environment, Amity University, Mumbai, is a real estate professional and academician having experience in real estate analytics, techno economic feasibility studies, highest and best land use studies, business development and real estate advisory services.
In the current context of continuous innovations and technological advancements, the importance of management education cannot be underestimated given the underlying advantages. Students coming from technical education lack preliminary knowledge of multiple disciplines like finance, accounts, audit, taxation, risk analysis, legal compliance and marketing and hence need to acquire an industry-relevant knowledge base and develop the skill set.
Management education is delivered through interactive and discussion-based learning methods. Understanding different perspectives and peer learning are very critical for the holistic growth of a professional. This kind of education provides an opportunity to develop the relationship, leadership, and communication skills. Given the UN Principles for Responsible Management Education (PRME), educational institutions must implement programmes for promoting the development of globally responsible leaders. It enables to generate a sense of responsibility amongst the professionals through achieving a careful balance of profit, planet and people and promotes Environment, Social and Governance (ESG) factors so that the companies under their leadership can act responsibly, assist in undertaking Stakeholder Analysis with emphasis on your organization, competition, financers, customer/client, consultants, government agencies, public etc. with improved analytical skills. It puts the students on a fast track to get promotions, better-paid opportunities, and an overall boost in their career, enabling exponential growth in the career. However technological advancement and Artificial Intelligence is disrupting the industry and raising concerns about the future of jobs and relevant education.
Artificial Intelligence (AI) is very much part of life today and will reshape our future in the times to come. It is evident that the arrival of this technology has sparked concerns that AI may one day make humans useless in the workplace. After all, as technology has improved, several previous manual processes have become automated. Therefore, it is natural to worry that the advancement toward creating intelligent computers will replace human jobs. However, many studies suggest that AI will continue to inspire significant innovation that will support many existing businesses and can create several new growth sectors and, eventually, additional jobs.
AI is programmed for specific tasks to solve problems; However, humans are capable of creative and complex intelligence which includes the kind of problem-solving, abstract thinking, and critical reasoning that will remain crucial in the corporate world. Even if human judgement is not necessary for every task, it is relevant at different stages across the industry. The creative intelligence of human beings has no limits and the ability to think tactical and strategic, leadership qualities, dispute resolution and negotiation, transactional intelligence, emotional intelligence, and compassion are some of the unique abilities that AI cannot replace.
Management education is also instrumental in inducting the values such as adherence to ethics, integrity, morality, and service creating awareness about the Code of Conduct. The programmes in management help to develop entrepreneurial spirit as India needs thousands of job opportunity creators in every field of development. It also helps in creating a business model from scratch to divestment through incubation hubs. Currently, the Real estate and Construction sector in India faces a huge skill shortage across all levels thus making this one of the most sought-after career options. The RICS research report highlighted a significant skills deficit across specialized professions of the built environment – planners, architects, civil engineers, quantity surveyors, project managers, facility managers, valuers, etc. – and projected widening of the skills gap in the foreseeable future. Therefore it is important to impart leadership and decision-making competencies among students and impart skills to understand and analyze the ecosystem of the built environment sector and help decision-making for governments and private organizations in the era of Artificial Intelligence.
It is also important as many corporate leaders with management education are now recognized and invited to become public policymakers and go on to occupy national leadership positions in many countries, including India.
We know that in current times of uncertainty and continuous economic upheavals, organizations have to manage with fewer actual talents and leaders, while the demand for such people is expected to rise due to globalization and growing markets around the world. Thus, it is almost impossible to ignore the ever-growing importance of management education. Management education and training address the critical aspects of business such as strategy, leadership, ethics, and growth. However, it is important that it adapts to the rapidly changing technological advancement and helps students upskill and reskill themselves and always remain relevant.