The Role of Technology in Business Education: Integrating Innovation into Management Practices

The success of the company is thought to be significantly influenced by innovation. Now the real questions that arise here is, What type of innovation is required, though? In what way is the strategy defined? What steps should businesses take to promote innovation? An innovation strategy is essential to corporate innovation because it helps firms choose the innovation plan that best fits their objectives, manages their processes, and clarifies how to employ resources to generate value and a competitive edge. 

Digital tools and platforms are being used in business education as one of the main ways that technology is changing the field. A plethora of resources, including learning management systems, online collaboration tools, interactive simulations, and virtual reality experiences, are available to students nowadays to accommodate a variety of learning preferences and styles. The knowledge gap between theory and practice is reduced by these resources, which encourage participation and active learning while offering real-world context and useful applications.

 Many years ago, Schumpeter (1939, p. 84) noted that innovation is the primary factor influencing the dynamics of capitalism's development. As per a report by the Organization for Economic Cooperation and Development (OECD), there is a growing global demand to enhance educational results for students and promote equity (Vieluf et al., 2012, p. 3). "To make a meaningful impact, these new solutions must also "scale," that is, grow large enough to serve millions of students and teachers or large portions of specific underserved populations. 

Education not only needs new ideas and inventions that shatter the performance expectations of today's status quo" (Shelton, 2011). Furthermore, incorporating technology into business education helps to close the knowledge gap between industry and academia. Students can increase their access to industry leaders and job possibilities by using virtual career fairs and online networking platforms. This can help students connect and build mentorship relationships. Students' employability and labor preparedness are enhanced when teachers ensure that students have current and relevant information through the use of case studies and real-time data from actual company activities.

New business models, the sharing economy, and peer-to-peer platforms have all surfaced. It is crucial that students comprehend how these developments are affecting how firms run. Technology may assist by offering resources for the analysis, simulation, and forecasting of different business models' chances of success. By incorporating these resources into the curriculum, instructors may provide students the opportunity to investigate and contrast the effects of established and cutting-edge business strategies

Teachers must ensure that technology is used into business education in an ethical and responsible way, as with great power comes tremendous responsibility. Students must acquire a strong sense of social responsibility and ethical decision-making in order to negotiate the ethical implications of big data and algorithms. Business schools have the chance to mould future leaders who utilize technology not just for profit but also for the benefit of society at large by creating an ethical and responsible culture.

“The most important thing is to be able to think critically about technology and not just accept it as a solution to all our problems.” - Sherry Turkle.

Mini. V. K, Head, Dept. of Commerce, Al Shifa College of Arts and Science, Kizhattoor, Perinthalmanna