The Krannert School 50th Anniversary Celebration was a great success (see page 14). For those in attendance, the many accomplishments and contributions of the Krannert School were evident. But what about the future? What will the next 50 years look like at Krannert?
It is almost certain that Krannert will continue to emphasize analytical thinking and quantitative decision models. Economics and management will continue to find a common home in the school. Quality will continue to be the guiding standard for all things at Krannert. However, change will be necessary for continued success, and the future promises to hold significant changes for business schools around the world.
Advances in technology will continue at a rapid pace, making things smaller and faster. Handheld devices already allow us to do almost everything from text messaging to ordering dinner to checking our stock portfolios. The methods of delivering education are certain to dramatically change over the next 50 years with advancing technology. The virtual classroom may capture the advantages of face to face classroom experiences while not requiring people to be in the same actual physical proximity.
The implications of this are enormous. One could design a virtual campus for students to experience. There could evolve an elite group of master teachers to deliver the instruction in the virtual classroom on the virtual campus to masses of students. And a separate group of faculty researchers could evolve, devoting the vast majority of their time to addressing vexing economic, political, and social problems of the time.
Having said this, I am somewhat old-fashioned in that I think there will continue to be a significant role for the residential campus in providing opportunities for social development and a transition for many from high school education to becoming knowledge workers in the global economy. But the need for a residential campus for professional graduate programs, such as the MBA, may be more debatable.
Speaking of the global economy, the next 50 years will continue to see the expansion of higher education from regional to global contexts. Being an optimist, I hope that barriers that divide people around the world will continue to crumble, much like the Berlin Wall. Economic prosperity is a cornerstone for peace and collaboration around the world. Over the next 50 years, Krannert will play a key role in helping to raise the economic standards and expectations in all corners of the world. By the way, Africa, the “forgotten continent” for economic development, eventually will become a foremost factor in manufacturing and economic growth.
I believe the social responsibilities for businesses around the world will grow and become more and more of the modus operandi for management. If true, the curricula for business schools, including Krannert, will expand content and attention to managing complex organizations in a social context. At the heart of this is the requirement to encourage our future business leaders to use integrity in making decisions.
This also implies that Krannert will continue to become more engaged with its stakeholders and focus on economic development. Accountability of higher education to faculty, students, alumni, and general citizens will become more of a strategic component. Fortunately, Purdue and Krannert already recognize this important trend.
A friend many years ago explained the difference between an organization and an institution. An organization is a collection of things — people, facilities, equipment, etc. An institution, however, is something larger than the sum of its parts; it has a unique identity that transcends its components and typically a life that outlasts most components. Purdue and Krannert are institutions — they are a sure bet to be thriving and contributing to society in 50 years and beyond.
Richard A. Cosier
Dean and Leeds Professor of Management |
