Innovations like self-driving cars and ChatGPT often dominate discussions about artificial intelligence (AI) and machine learning (ML). While those technologies grab headlines—sparking excitement and fear—businesses have quietly put AI and ML to work behind the scenes in less conspicuous but similarly impactful functions.
Online retailer Wayfair, for one, optimized container ship logistics during the pandemic using ML to route goods to appropriate ports. The company’s efforts netted a substantial 7.5% drop in inbound logistics costs. Here’s another transportation-related application: Many aircraft operators now use an AI prognostics platform called Predix to determine how long a plane’s landing gear can operate before needing service. The information helps them avoid delays by preventing unexpected equipment problems without unnecessarily boosting maintenance costs.
For AI and ML, the future has arrived. To keep pace, today’s and tomorrow’s business leaders will need a thorough understanding of these groundbreaking technologies’ implications and use cases. A Master of Business Administration program, such as the Online Master of Business Administration at the University of Tennessee, Knoxville, can provide the technical and soft skills needed for ethical and successful AI and ML implementation. Read on to learn how.
The Business Implications of Artificial Intelligence
A Forbes survey of business owners found a wide variety of current and planned uses for AI:
- Accounting
- Audience segmentation
- Content production
- Customer relationship management
- Customer service
- Cybersecurity/fraud management
- Digital personal assistants
- Inventory management
- Product recommendations
- Recruitment and talent sourcing
- Supply chain operations
Industries use ML to process large amounts of data quickly. ML can analyze data in real-time, spotting patterns and anomalies. An ML algorithm can pinpoint a machine working below capacity and prompt corrective action quickly and accurately in ways humans simply cannot match.
Credit card issuers use ML to monitor purchases and flag suspicious ones. E-commerce companies use ML to tweak prices and predict demand trends. When a website recommends products similar to ones you’ve recently searched for, that’s ML in action.
The Forbes survey mentioned above found that one-third of respondents plan to use ChatGPT to write website content; 44% intend to use it to generate content in other languages. Skeptics note that AI content generation is not without risks. ZDNet recently identified five potential problem areas:
- Hallucinations, which are errors in the form of misunderstandings and wrong answers.
- Deepfakes, in which someone uses generative AI to create images or recordings mimicking real people.
- Data privacy, where sensitive personal or business data breaches violate confidentiality.
- Cybersecurity, where malfeasants can use generative AI for phishing threats or malicious code generation.
- Copyright issues, in which AI creates new content that draws heavily on the work of others.
Business leaders need adequate preparation to navigate the nuances of AI and ML and the concerns they raise. Proper training in agile leadership can help businesses adapt these tools successfully and understand their long-term implications.
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What Business Leaders Need to Know About AI
Executives need a basic understanding of advanced computing issues. However, they don’t necessarily need to be computer science or data science experts to see the implications and opportunities for AI within their organizations. Instead, they must commit to continuous learning, cultivate skills in forging interpersonal connections, and become great coaches who can lead a high-performing team. As Liesbeth van der Linden puts it in her Forbes article “Navigating the Leadership Blindspot in the Age of Technology and AI“: “In this era of rapid technological advancement, investing in leadership development is pivotal for retaining talent and creating success.”
That kind of focus will enhance a business leader’s ability to adapt to AI and ML as well as general industry trends and new technologies. Entrepreneur recommends a six-step approach that balances innovation, leadership and ethics:
- Embrace AI as a tool
- Foster a culture of innovation
- Develop a data-driven mindset
- Build a diverse and inclusive team
- Invest in employee development
- Prioritize ethics and responsibility
What is the best way to learn these approaches and develop these skills? A hands-on MBA program.
How the UT Online MBA Prepares Future-Focused Leaders
The Online MBA program at the University of Tennessee, Knoxville (UTK), positions professionals for success by empowering them with the hard and soft skills needed to adapt to a changing business environment. Even courses without an AI focus can help students build the tools to make valuable decisions around the use of AI and similar technologies. Examples include:
- Strategic Decision Making, an introduction to managing people and organizations as well as making decisions and taking actions for competitive positioning in an industry.
- Customer Insights, which looks at complex techniques for generating customer insights in service of strategic decision-making.
- Emerging Issues in Strategy, Organization and Management, a deep dive into emerging topics and issues in the broad fields of strategic management, organizations and management.
An Emphasis on Analytics
Quantitative courses are integral to any MBA program. They enforce an analytical approach to solving business problems, which is valuable when considering the business effects of adopting new technologies or processes.
Courses offered in the UTK Online MBA program include:
- Financial Statement Analysis, which focuses on the essential components of financial statement analysis and their implications.
- Quantitative Methods, a statistics course that teaches quantitative methods for data-driven business insights.
- Supply Chain Models, which demonstrates data-driven modeling approaches for effective decision-making in supply chains.
An Action-Oriented Approach
UTK’s Online MBA program uses hands-on and applied coursework that challenges students to understand the theory as well as the use case and context for the skills they learn. For example:
- In Financial and Managerial Accounting, students analyze and interpret financial statements of public U.S. companies. In the process, they learn methods and techniques that managers use to solve business problems and to plan and assess business operations.
- In Supply Chain Models, students use realistic industry-based problems, with an emphasis on identification of appropriate data and data sources, and identification of appropriate descriptive, predictive and prescriptive analytics techniques to support value creation in supply chains.
- The Strategic Management Capstone course incorporates an applied, problem-based approach to tackling firms’ strategy decisions.
A Holistic Education
An MBA facilitates careers in a wide variety of fields, including for-profit corporations and non-profit organizations. The Online MBA at UTK prepares students for the career path of their choosing, whether it’s finance or health care, professional sports or logistics.
Accordingly, the program is not industry-specific or designed for someone with any particular background or set of experiences. This creates a learning environment where students collaborate with leaders who have diverse perspectives and backgrounds, reinforcing the soft skills that MBA graduates need to navigate an evolving business climate, such as communication, problem solving, leadership and networking.
The Volunteer Spirit That Drives UT MBA Graduates
The Haslam College of Business Online MBA at UTK trains forward-thinking leaders, cultivating the skills they will need to adapt to AI, ML, and any other innovations the future may bring. The Volunteer Spirit animates graduates who think big and lead courageously, emerging as catalysts for opportunity and forces for good in their communities.
The program was built for full-time working professionals looking to advance their business acumen and become more effective leaders. Earning an MBA online connects you to a global network of Volunteers and allows you to complete a degree at your own pace. Online MBA students have the full support of UT Haslam faculty and advisors, with countless resources to ensure success in the virtual classroom. Interactive live lectures and remote office hours allow students to connect with Haslam faculty, ask questions and solidify course concepts.
Want to take the next step toward earning an Online MBA from UTK? Start an application or contact an enrollment advisor to learn more.