Artificial intelligence (AI) has been transforming various industries in recent years, and education is not an exception. The development of ChatGPT, a large language model trained by OpenAI, has provided a new tool for education, particularly in the area of business school education. ChatGPT can benefit students, professors, staff, managers, and directors in various ways, and this report aims to explore these benefits. This report will focus on the International Partnership for Business Schools (IPBS), which is a network of leading business schools from around the world that collaborate to deliver international business education.

Current Application for ChatGPT and Business Education

ChatGPT is a natural language processing (NLP) model developed by OpenAI that can generate human-like text based on the input provided to it. ChatGPT has been widely used in various applications such as customer service, language translation, and content creation. ChatGPT has already been applied in various areas of education, such as language learning, writing assessment, and academic advising. In business education, ChatGPT can be used for various purposes, such as providing personalized feedback to students, automating administrative tasks, and delivering customized teaching materials. Recently, ChatGPT has been used in education to support teaching, learning, and academic advising services.

For example, Hong Kong Polytechnic University developed an AI chatbot called Ask JAWS, powered by ChatGPT, to provide instant support to students. Ask JAWS is designed to answer students’ questions about university services, academic programs, campus facilities, and general inquiries. Ask JAWS is available 24/7, and it can handle multiple conversations simultaneously, reducing the workload of university staff.

Another example of ChatGPT application in education is the Brevity Writing Assistant developed by the University of California, Berkeley. Brevity is an AI-powered writing assistant that can provide feedback on the clarity, coherence, and conciseness of a text. Brevity uses ChatGPT to generate feedback based on the input provided by the user, and it can suggest revisions to improve the text quality. Brevity is designed to help students, professors, and researchers improve their writing skills and produce high-quality academic papers.

How ChatGPT better prepares business students as managers.

ChatGPT can also help students develop their problem-solving skills. ChatGPT can simulate real-world scenarios and provide students with opportunities to solve problems using their critical thinking skills. For example, a business simulation game that uses ChatGPT can provide students with a realistic experience of running a business and making decisions based on market trends and customer feedback. This type of simulation can help students develop their decision-making skills and learn how to analyze data to make informed decisions. ChatGPT can help prepare business students for their future careers as managers in various ways.

Firstly, ChatGPT can enhance students’ critical thinking and problem-solving skills. By using ChatGPT, students can simulate real-world business scenarios and learn to analyze and interpret data to make informed decisions. This can help students develop the skills and competencies needed to succeed in a rapidly changing business environment.

Secondly, ChatGPT can improve students’ communication and collaboration skills. By using ChatGPT, students can learn to express their ideas clearly and concisely, and to work effectively with their peers and colleagues. This can help students develop the interpersonal skills needed to lead and manage diverse teams in the workplace.

Thirdly, ChatGPT can facilitate students’ learning of complex and technical concepts. By using ChatGPT, students can access vast amounts of information and knowledge, and learn at their own pace and style. ChatGPT can provide personalized and adaptive learning experiences that meet the diverse needs and preferences of students. This can help students develop the knowledge and expertise needed to excel in their chosen field.

Risks of ChatGPT in Global Business Education

While ChatGPT can bring significant benefits to business education, it is not without risks. One of the main risks is that ChatGPT may become a substitute for human interaction and critical thinking. If students rely too heavily on ChatGPT for problem-solving and decision-making, they may miss out on the opportunity to develop their own analytical and creative skills. They may also become over-reliant on the AI-generated responses and not learn how to navigate real-world scenarios where there is no “right” answer.

Another risk is that ChatGPT may perpetuate biases and reinforce existing stereotypes. Since ChatGPT learns from large amounts of text data, it may inadvertently pick up on biases and stereotypes that exist in the language and culture of its training data. This can lead to the perpetuation of these biases in the responses generated by ChatGPT. Business schools must be aware of this risk and take steps to ensure that ChatGPT is not reinforcing harmful biases and stereotypes.

Moreover, there is a risk of data privacy and security breaches when using ChatGPT. ChatGPT relies on large amounts of data to learn and generate responses, which means that business schools must be careful when collecting and handling student data. They must ensure that the data is stored securely and is not accessible to unauthorized users.

Finally, there is a risk that ChatGPT may not be able to keep up with the rapidly changing business landscape. Business education needs to be adaptable and responsive to the latest trends and developments in the industry. While ChatGPT can provide valuable insights and information, it may not be able to keep pace with the latest developments and trends in real-time.

Business schools must ensure that students are not overly reliant on ChatGPT and that they are encouraged to develop their own critical thinking and problem-solving skills. They must also take steps to ensure that ChatGPT is not perpetuating biases and stereotypes and that student data is handled securely. By being aware of these risks, business schools can ensure that ChatGPT is used in a responsible and beneficial way.

Why embracing rather than fighting AI in business education makes sense.

The use of AI in education can help bridge the skills gap in the workforce. AI can provide students with the skills and knowledge needed to succeed in a rapidly changing business world. By embracing AI in education, business schools can better prepare students for their future careers as managers and leaders.

AI can help business schools stay competitive and relevant in the rapidly changing business world. With the advancement of technology, many traditional jobs are becoming automated, and new jobs are emerging that require new skills. Business schools that embrace AI can differentiate themselves from their competitors and attract students who are interested in learning about cutting-edge technologies and their applications in business. AI can also help business schools build partnerships and collaborations with companies and organizations that are developing and using AI technologies.

Business schools can also use ChatGPT to provide students with real-world experiences. For example, ChatGPT can simulate scenarios that reflect the challenges and opportunities of the business world. This can help students develop the skills and knowledge they need to succeed in their future careers.

AI can enhance the quality of academic advising services provided by business schools. By using AI-powered chatbots and writing assistants, academic advisors can save time and focus on providing more personalized and meaningful advice to students. AI can also help academic advisors monitor students’ progress and identify areas where additional support is needed by automating administrative tasks, such as grading assignments and answering students’ questions. This can free up staff / faculty time and allow them to focus on more important tasks, such as developing teaching materials and interacting with students.

It is also important to note that the use of AI in education is still in its early stages, and there are challenges that need to be addressed. One of the challenges is the potential for AI bias, which can perpetuate existing inequalities in society. Therefore, it is important for business schools to ensure that the use of AI in education is transparent, fair, and ethical.

From Concept to Impact

Business schools that embrace AI in education can better equip their students with the skills and knowledge needed to succeed in the rapidly changing business world. The use of ChatGPT in business education can benefit students, professors, staff, and managers and directors at business schools and universities that are members of the International Partnership for Business Schools. students, professors, staff, managers, and directors in various ways. ChatGPT can better prepare students for their future careers as managers, enhance teaching and learning, and bridge the skills gap in the workforce.