New technology, shifting consumer preferences, and an increased emphasis on ethics and sustainability will all cause business education to undergo radical transformation by the year 2024. Innovations like this affect classroom practices, lesson plans, and course content. The proliferation of digital resources has improved education and produced more competent workers for tech-driven companies, all because of information and communication technology developments. Digitalisation and technology integration are terms used to describe this. Online technologies that tailor courses to each student’s unique needs and achievements have made data science and analytics standards at business schools. There has been a change toward sustainability in corporate operations due to the increased significance of CSR and the SDGs. Classes in ecological leadership, sustainable finance, and environmentally conscious advertising are all necessary. Ethical company leadership has become more important in light of the corporate catastrophes of the last decade. Business schools emphasise corporate responsibility, ethics, and governance to prepare students for the difficult moral decisions they will face on the job.

Globalisation has made cross-cultural competence an absolute need for today’s business leaders. Business schools actively promote global thinking and cross-cultural competence among their students via opportunities for international alliances, dual degrees, and collaborative research. The growing importance of innovation to the economy is reflected in the fact that business schools are placing more emphasis on entrepreneurship. Students may get assistance, connections, and resources to develop their business ideas in start-up labs and incubators. The goal of the many new design thinking and creative problem-solving courses offered by business schools is to foster in their students an attitude of constant experimentation, critical thinking, and the ability to learn from their mistakes.

Lifelong learning is gradually displacing traditional, one-time schooling as the preferred method of education, and micro-credentials and modular learning are gaining popularity. Digital technology and platforms have enabled high-quality remote teaching, leading to an increase in the popularity of online and hybrid learning methodologies as a result of COVID-19. To meet the need for business leaders with data analysis and interpretation skills, schools of business are introducing data literacy and analytics courses. With the rise of data analytics, business intelligence, and big data courses, students in business school are more equipped to make decisions, identify patterns, and drive strategic initiatives using advanced analytical tools. Bringing together theory and practice, real-time data, and dynamic case studies enhances management education.

Human-centred leadership styles and emotional intelligence training are increasingly prioritised in today’s complex corporate world. Business schools focus on student welfare and wellness initiatives to enhance mental and physical health. Students engage in real-world problem-solving through team projects, business simulations, and challenges while gaining valuable experience through partnerships and internships in the business sector. Diversity, equality, and inclusion are increasingly recognised in business curricula, with initiatives involving faculty and students, scholarships for underrepresented groups, and inclusive teaching. By 2024, business education will undergo significant transformation due to technological advancements, shifting consumer preferences, and increased emphasis on ethics and sustainability. By adapting to these changes, business schools can better prepare students for leadership roles in modern society.

The writer is the Director of Jaipuria Institute of Management, Indore.