Written by: Monika Singh
As an MBA student, I've witnessed that business precises are evolving at an unprecedented rate in my lifetime. As a result of these rapid changes, STEM (Science, Technology, Engineering, and Mathematics) education has become increasingly vital in shaping the company of the future. STEM education has an influence on current business. The following real-world examples demonstrate how incorporating STEM skills into business leadership may result in game-changing innovations and change whole sectors.
Promotion of New Business Ventures
STEM professions have been critical in cultivating entrepreneurial spirit, which is necessary for a functional economy. Consider Elon Musk, a successful entrepreneur who studied physics and finance in college. Musk co-founded PayPal, pioneered breakthroughs in the electric vehicle sector with Tesla, and is expanding humanity's reach into space with SpaceX. His knowledge in science, technology, engineering, and mathematics has enabled him to develop ground-breaking firms that have transformed whole markets.
Market expansion and global connectedness.
Consider Airbnb, the world's largest hospitality marketplace. The company's co-founder, Brian Chesky, studied industrial design at the famed Rhode Island School of Design. His mastery in design and technology helped him make Airbnb a global phenomenon that connects tourists with one-of-a-kind hotels all over the world. MBA students with a background in STEM subjects have similar potential to harness technology's capacity for worldwide expansion.
Risk Assessment and Disaster Planning
Following the 2008 financial crisis, the banking industry prioritized risk management. Ashley Bacon, J.P. Morgan's head of risk management, holds a degree in theoretical physics. His STEM education has provided him with the analytical and problem-solving skills that have been critical to the bank's performance as it has weathered previous economic storms.
Healthcare Innovation
The advancements made possible by STEM education and research have considerably helped the healthcare industry. A noteworthy example is 23andMe, which was co-founded by scientist Anne Wojcicki. Her company provides personalised health recommendations based on genetic information provided by customers. STEM has created a new way of thinking about healthcare, allowing people to have more control over their own health.
CSR and environmental responsibility in business.
Unilever, a multinational consumer goods company, has made significant strides in sustainability and corporate social responsibility (CSR). Ex-CEO Paul Polman has a commercial experience yet is enthusiastic about environmental protection. He oversaw the implementation of Unilever's Sustainable Living Plan, demonstrating how STEM-informed management can create positive social and environmental consequences.
Using Artificial Intelligence to Make Better Decisions
Amazon CEO Jeff Bezos has made STEM a fundamental aspect of the company's strategy. Artificial intelligence algorithms are employed in the company's warehouses for anticipating customer trends, simplifying logistics in the supply chain, and even robotic automation. Amazon's spectacular ascension to the top of the e-commerce market demonstrates how using STEM ideas may boost company strategy and income growth.
Work in the Coming Decade
Tesla's use of automation in the production of its electric automobiles is a good example of how STEM is revolutionizing the workforce. Elon Musk's leadership in autonomous driving technology is an example of how CEOs with STEM degrees may consciously embrace automation while creating jobs that require specialized skills to maintain and manage these automated systems.
To summarize, the relevance of STEM subjects in today's economy is enormous. You can't afford not to embrace a STEM mentality as a Master of Business Administration student. STEM (science, technology, engineering, and math) integration into the MBA curriculum helps students become more innovative leaders and learners.
Promotion of New Business Ventures
STEM professions have been critical in cultivating entrepreneurial spirit, which is necessary for a functional economy. Consider Elon Musk, a successful entrepreneur who studied physics and finance in college. Musk co-founded PayPal, pioneered breakthroughs in the electric vehicle sector with Tesla, and is expanding humanity's reach into space with SpaceX. His knowledge in science, technology, engineering, and mathematics has enabled him to develop ground-breaking firms that have transformed whole markets.
Market expansion and global connectedness.
Consider Airbnb, the world's largest hospitality marketplace. The company's co-founder, Brian Chesky, studied industrial design at the famed Rhode Island School of Design. His mastery in design and technology helped him make Airbnb a global phenomenon that connects tourists with one-of-a-kind hotels all over the world. MBA students with a background in STEM subjects have similar potential to harness technology's capacity for worldwide expansion.
Risk Assessment and Disaster Planning
Following the 2008 financial crisis, the banking industry prioritized risk management. Ashley Bacon, J.P. Morgan's head of risk management, holds a degree in theoretical physics. His STEM education has provided him with the analytical and problem-solving skills that have been critical to the bank's performance as it has weathered previous economic storms.
Healthcare Innovation
The advancements made possible by STEM education and research have considerably helped the healthcare industry. A noteworthy example is 23andMe, which was co-founded by scientist Anne Wojcicki. Her company provides personalised health recommendations based on genetic information provided by customers. STEM has created a new way of thinking about healthcare, allowing people to have more control over their own health.
CSR and environmental responsibility in business.
Unilever, a multinational consumer goods company, has made significant strides in sustainability and corporate social responsibility (CSR). Ex-CEO Paul Polman has a commercial experience yet is enthusiastic about environmental protection. He oversaw the implementation of Unilever's Sustainable Living Plan, demonstrating how STEM-informed management can create positive social and environmental consequences.
Using Artificial Intelligence to Make Better Decisions
Amazon CEO Jeff Bezos has made STEM a fundamental aspect of the company's strategy. Artificial intelligence algorithms are employed in the company's warehouses for anticipating customer trends, simplifying logistics in the supply chain, and even robotic automation. Amazon's spectacular ascension to the top of the e-commerce market demonstrates how using STEM ideas may boost company strategy and income growth.
Work in the Coming Decade
Tesla's use of automation in the production of its electric automobiles is a good example of how STEM is revolutionizing the workforce. Elon Musk's leadership in autonomous driving technology is an example of how CEOs with STEM degrees may consciously embrace automation while creating jobs that require specialized skills to maintain and manage these automated systems.
To summarize, the relevance of STEM subjects in today's economy is enormous. You can't afford not to embrace a STEM mentality as a Master of Business Administration student. STEM (science, technology, engineering, and math) integration into the MBA curriculum helps students become more innovative leaders and learners.