CBS redefines learning model in the Metaverse era
published : 27 Jan 2022 at 10:28
Aims to cultivate smart young professionals to enter a new world
Chulalongkorn Business School (CBS) has an unwavering commitment to being a thought-leader in the development of the educational system and has always provided learning to world-class standards. Today, CBS is transforming its role from a knowledge-based facility to a smart learning centre with the goal of producing business leaders able to cope with a changing world disrupted by the continuous development of technologies.
CBS recently organised a seminar titled "Chula Masterverse 2022: Meeting Business Masters in the Metaverse Era", inviting local and international gurus from various fields to brainstorm, provide knowledge, share ideas and recommend guidelines for business practices with the aim of fostering an understanding of doing business in a new world – the so-called "Metaverse". This event not only served as a platform to provide knowledge, but also to introduce innovative wisdom.
Speaking at the seminar, Assoc. Prof. Dr. Wilert Puriwat, Dean of Chulalongkorn Business School (CBS), said that as we enter the Metaverse era, which is dramatically impacting business models and marketing strategies, it is vital that people try to understand the new technology and ask why it is like that. As a key pillar of education, CBS gathered the gurus to share knowledge, thus offering participants the ‘Masterverse’ or the universe of masters.
Interestingly, Big Data, long recognised as a powerful tool in analysing consumer behaviour in the real world, cannot be used in the virtual world because it is not the world of the actual self but of the ideal self. Hence, business leaders must create new marketing strategies with greater consumer insights in order to understand consumer psychology.
"CBS doesn't provide just knowledge but analyses the roots of what's happening because knowledge can quickly become obsolete. More permanent is intelligence that enables people to master what the innovation trends are. The innovations are not developed by technologies but by human instinct, so scientific and technological knowledge must be based on an understanding of humans. The metaverse is a combination of innovation and human insight. Thus, the role of CBS is not to provide new knowledge, but bring intelligence to the modern world to turn people from ‘Unknown Unknowns’ to ‘Known Knowns’.”
Dr. Wilert added that there were lots of interesting ideas coming from the masters and CBS expected that business executives could apply them to develop and create their businesses in the Metaverse.
Speaking on the topic “Integrating the SDGs in Business Management: Preparing Business for the Future", Dr. Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of UN ESCAP, explained why the SDGs are important for businesses. UN ESCAP has encouraged businesses to mainstream the SDGs into their management strategies and operating frameworks. Research shows that the next generation of business leaders need to create businesses that not only generate profit but also tackle social and environmental challenges.
Dr. Wilert added that in the era of online business, entrepreneurs needed not only to operate business sustainability but also ensure digital sustainability. Using the 17 SDGs as the baseline, there are three suitable goals for businesses in the Metaverse, namely the fourth (Quality Education), which leads to the 10th (Reduced Inequalities), and the fifth (Gender Equality).
"Marketing Downside-up through Solid Foundation" was another interesting topic addressed during the event. The Covid-19 pandemic has resulted in businesses facing a downside during the past two years, and Asst. Prof. Dr. Ake Pattaratanakun CBS Professor and Head of Marketing Department and Asst. Prof. Dr. Kritinee Pongtanalert CBS Professor, introduced four keys to achieve the sustainable growth: Mutation, Fusion, VA-Dentification, and Inspiration.
In his presentation, Harvard University Professor Dr. Matthew C. Stephenson focused on corruption and anti-corruption issues in businesses and marketing strategies. For years, he has carried out research into the impacts of corruption on business sustainability.
Innovation Verse: Trendy Tech Toward AI, Blockchain, and Metaverse (Statistics Department)” was another topic highlighted during the seminar. CBS Professor, Assoc. Prof. Dr. Wattana Viriyasitavat, anticipated that Quantum Computing would be one of the mega technology trends that will reshape the business world in the future.
Another speaker Jirayut Srupsrisopa, Founder and Group CEO of Bitkub Capital Group Holdings Co., Ltd., noted that the world will enter the third wave of technological development in the next decade. The so-called Web 3.0 will be created from various technologies including AI (Artificial Intelligence), Blockchain, Big Data, Metaverse, NFT, Cryptocurrency, and IoT (Internet of Things).
The event also underlined a sustainable future with ‘Green Finance’ introducing ideas and models to go green. The Bank of Thailand will be launching measures next month that will drive financial institutions to classify green and brown businesses in an open and clear manner. Meanwhile, the Office of the Securities and Exchange Commission (SEC) is encouraging listed companies to re-imagine financial reporting practices with the "One Report" model. So far, over 60 companies have already adopted One Report.
On the topic of "Management Verse: Thriving in the New World: Management Approaches of the Future", the CBS professor suggested that business leaders pay great attention to ESG, set strategies based on purpose and fight digital disruption through mergers & acquisitions or spinoffs. Finally, he said, businesses are now living in two worlds, so they need to find a balance between offline and online before entering the Metaverse completely.
"Metaverse is a ‘touchnological’ innovation which is developed from human instinct. In 2022, everyone has two worlds to represent: the actual self and the ideal self. From now on, businesses must be 100% ready to go to an online platform. Campaigns should not just promote product quality and properties but should link to feelings, emotions and society. The companies must carry out human insight, stakeholder identification and needs that can be turned into reality in the Metaverse era,, Dr. Wilert concluded.
For the full speeches of Chula Masterverse Seminar, please watch the video clips via https://www.facebook.com/CBSChula