Chula Business School redefines learning model in the Metaverse era

The aim of the seminar was to foster an understanding of doing business in a new world – the so-called "Metaverse", the school said.

Speaking at the seminar, Assoc Prof Wilert Puriwat, the dean of 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, he said.

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 provides not 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,” he said. “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’.”

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”, 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.

Wilert said that in the era of online business, entrepreneurs needed to not only 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 Ake Pattaratanakun, CBS professor and head of the marketing department, and Asst Prof Kritinee Pongtanalert, CBS professor, introduced four keys to achieve sustainable growth: mutation, fusion, VA-Dentification, and inspiration.

In his presentation, Harvard University Professor 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 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, the founder and group CEO of Bitkub Capital Group Holdings, noted that the world would 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 is encouraging listed companies to reimagine 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 Environmental, Social and Corporate Governance, set strategies based on purpose and fight digital disruption through mergers and acquisitions or spinoffs. 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 per cent ready to go to an online platform,” Wilert said. “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,” he added.

For the full speeches of Chula Masterverse Seminar, please watch the video clips via https://www.facebook.com/CBSChula/.