Everyone was taken aback by the pandemic. It is no surprise that it will no longer be business as usual in institutions providing the best Business Administration programs. But what exactly makes one among the “best” amid this worldwide health and economic crisis?
Accelerates the application of knowledge
In a virtual panel discussion hosted by the Stanford Graduate School of Business, Marc Tessier-Lavigne, Stanford president, said that quickly pivoting the curriculum to the application of knowledge from the conventional theoretical courses is essential in business administration programs. He pointed out that its school researchers immediately shifted focus to the societal, epidemiological, and societal dimensions of the pandemic.
Digital transformation as a cultural transformation
Business schools should practice what they preach about flexibility and adaptability. Tessier-Lavigne stressed that remote learning to work from home makes business education more accessible amid the COVID-19 pandemic. This is not limited to the manner of teaching though.
Upskilling has also become a necessity. In the Philippines, UnionBank president and chief executive officer Edwin Bautista said that not only do companies need to overcome the challenges of learning new systems, they also need to avoid falling into the trap of underestimating their organization’s openness to new technologies.
Reimagining business models
In the book “Driving Digital Strategy: A Guide to Reimagining Your Business,” Sunil Gupta, chair of the General Management Program at Harvard Business School, talks about how digital transformation can help companies look past any kind of disruption or crisis.
Gupta magnifies that product differentiation and low cost may not always give you a competitive advantage. Look at how Amazon evolved from a seller of books and electronics to be a competitor of Netflix in entertainment and eBay as a marketplace.
Competitors are also no longer defined by traditional industry boundaries. New players have different motivations and play by different rules. For example, Apple TV is not competing for Netflix’s subscribers, but rather it is creating content for Apple product users. The best Business Administration programs would update their syllabi to include these real-world case studies.
Rethinking human resource management
An aspect of business administration is managing human resources. The best Business Administration courses would also have to change what to teach HR managers in this post-pandemic world, where most companies have adapted to remote set-ups, or if not, physical distancing protocols in the workplace.
Telehealth provider AC Health shared that it focused on three ways for companies to leverage tools and shift mindsets: Trust, Enable, and Empower. Christian Besler, chief digital officer at AC Health, said that its employees have paid hours that are allotted for their private needs such as helping their children go through online classes. The lines of work are blurred at home, he said, so companies have to trust their people to eventually deliver.
The top Business Administration courses should likewise consider these changes in the workplace such as investing in more forward-thinking methods than the conventional duty of health care.
When looking for a business administration program to enroll in, check if the institution has made efforts to overhaul its courses to adapt to the post-pandemic world.
To further widen your knowledge about business schools and the business sector, make sure to follow MSM Unify and read our related articles.