In an increasingly digitised world, business leaders have no option but to keep pace with technological change and innovation, and it is incumbent on business schools to prepare future business leaders accordingly.
Schools around the world face cut-throat competition, and only those who actively keep pace with change and anticipate new business trends will ensure both their relevance and sustainability.
Like other leading schools, Wits Business School (WBS) has had to constantly re-examine its role in the business community. In 2016 the school re-designed its MBA curriculum to better reflect its context within an emerging market and in line with evolving business imperatives. The new-look MBA and PDBA curricula now centre on five key themes: context in Africa; context in SA; sustainability; entrepreneurial action; and critical engagement.
"We live in a fast paced, information-rich and interconnected world and our MBA programme strives to prepare students through contextually relevant material and critical thought," says Conrad Viedge, director of the MBA at WBS.
"The new curriculum also puts emphasis on problem-solving in syndicates, which is excellent preparation for effective teamwork in the business environment, challenging our students to engage with real-life business problems and offer workable solutions."
All MBA candidates at WBS gain first-hand experience in solving business cases. This year, during orientation, they were tasked with finding the "next big thing" for Famous Brands. A day later they presented their business ideas to a panel of judges comprising the Famous Brands executive committee.
"It’s a fantastic opportunity for students to engage with a highly respected SA company and apply their minds to a real-life strategic problem," says Viedge. "It sets the tone for the rest of the year."
The WBS MBA relies heavily on the case method, using recent, real-life case studies to stimulate rigorous classroom discussion on pressing issues facing mostly well-known SA companies.
In preparing students for the fourth industrial revolution, WBS has created Africa’s first chair in digital business. Headed by former Telkom chief commercial officer Brian Armstrong, it will stimulate new research that will feed into the MBA programme.
For Armstrong, the concept of "digitalisation" has become overtraded but underresearched. "New and rigorously conducted research will underpin curriculum development, and there will be opportunities for people to participate and share in this research," he says. "Much of the information we have about digitalisation is anecdotal. There is no formal body of knowledge. The digital business chair will go a long way to develop important research and teaching programmes essential for doing business in today’s digital world."
Armstrong says: "Our outputs must be seen and felt in our society. The chair must have an impact on the SA and African business communities."
The flagship programme will be a master’s degree in digital business but the chair will also develop digital business modules for the MBA, PDBA and PDM curricula, as well as various online and executive education course material.
Viedge says the new WBS MBA programme gives students more choice in their independent study component. Gone are the days when students had to complete a huge thesis at the end of their MBA. Now they can choose from options such as a consulting project, a social entrepreneurship project, a new venture creation proposal or another topic of their own choice.
"Ultimately, the MBA is a ‘stress test’ for anyone wanting to reach their potential," says Viedge. "It provides a rare opportunity to think deeply and critically — not only to absorb knowledge but to actively consider solutions in the face of complex realities. Entrepreneurship, innovation, learning to work with people, and individual leadership development are just some of the powerful ingredients which help to prepare students to meet business challenges specific to the African context."