In today’s fast-paced business landscape, understanding how to leverage AI and develop robust problem-solving skills is essential for students. Bobby Savoie, the newly appointed dean of Loyola University New Orleans’ business school, shares his vision for the future of business education, emphasising the need for adaptability and analytical prowess.
A Journey to Academia
Bobby Savoie’s transition to academia is a fascinating story. With a rich background in engineering and software, he has built and sold three successful companies, including Geocent, which was acquired by Sev1Tech in 2021.
How Did He Get Here?
Savoie’s move to academia was unexpected. After a busy career of over 40 years, he had formally retired and was celebrating his milestone with his wife in Europe when he received a call from Loyola’s President, Xavier Cole. They needed someone with his experience to lead the business school, and after much consideration, Savoie accepted the role.
“It’s a chance for me to give back,” he reflects.
The Core Teachings for Future Business Leaders
Savoie is clear about what he wants to instill in the next generation of business students. The key is to cultivate problem solvers who can effectively navigate the complexities of the modern business world.
Essential Skills for 2024
- Critical Thinking: Students must develop the ability to analyse information and make informed decisions.
- AI-Infused Analytics: Understanding AI and analytics is no longer optional. Savoie insists that every student should be comfortable using AI tools relevant to their field, whether it’s finance, marketing, or entrepreneurship.
- Adaptability: In a rapidly changing environment, the ability to adapt and learn new technologies is vital.
Savoie has even hired a young professor who specialises in AI and machine learning, ensuring that students have access to the latest knowledge and skills.
Curriculum Updates: Staying Current
To meet the demands of today’s job market, Savoie is making significant changes to the curriculum.
Key Changes Include:
- Modern Programming Languages: Moving from outdated languages like C++ to Python and data analytics tools.
- Focus on Real-World Applications: Courses are being revamped to ensure they focus on solving actual business problems, not just theoretical knowledge.
“We need to produce graduates who can help companies tackle challenges effectively,” Savoie explains.
The Evolution of Business Education
When Savoie reflects on his own education, he acknowledges significant changes in how business concepts are taught.
What Has Changed?
- Technology Integration: Today’s students learn to use advanced software and data analysis tools, something that was not available during his time.
- Expanded Knowledge Base: Students now get a broader understanding of business, including business analytics, alongside traditional subjects like accounting and finance.
What Remains Essential?
Despite the advancements, some principles are timeless:
- Foundational Knowledge: Understanding the fundamentals of business remains crucial. Students should learn a bit about every aspect of business, from finance to marketing, and then specialise.
Teaching Strategies for Success
In today’s classroom, educators can focus on making businesses successful, not just teaching basic concepts.
Current Focus Areas:
- Real-Time Problem Solving: Unlike the slower pace of the past, businesses face immediate challenges today. Teaching students to think on their feet is vital.
- Encouraging Innovation: Instead of viewing tools like ChatGPT as a threat, Savoie encourages students to utilise every resource available.
Standing Out in the Competitive Landscape
Loyola’s business programme distinguishes itself from others, such as Tulane’s, by focusing on local talent and community impact.
Key Differentiators:
- Local Commitment: While Tulane attracts a large number of students from outside the region, Loyola aims to develop talent that benefits local businesses and the New Orleans community.
- Ignatian Values: The university’s focus on social justice and service resonates deeply with students and faculty alike, fostering a strong community spirit.
Connecting to Roots
Savoie’s journey began in Belle Rose, Louisiana, where his family has a long history in the sugar cane industry. He remains involved with family businesses and values the connections to his roots, which inform his perspective on education and community impact.
Conclusion: Preparing for Tomorrow’s Challenges
As business students prepare to enter a dynamic and ever-changing workforce, the emphasis on AI, analytics, and problem-solving cannot be overstated.
With leaders like Bobby Savoie at the helm, Loyola University New Orleans is poised to produce the next generation of business innovators equipped to tackle the challenges of 2024 and beyond.
