Question Fathimath Education
Business models in managing educational change
Discuss the use of business models in the study of management of educational change?
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Answer Expert #27135
Whilst traditionally education - as developed by generous donations from charitable benefactors such as Carnegie - is often assumed to be based on altruism, in the 21st century education is big business. As such, the concept of the business model is a key tool in the pursuit of funding and in attracting students.
As a general business concept, business models are a conceptual tool which can be viewed as a recipe an organisation uses to attract customers and deliver value to them. At the very heart of all business models lies strategy and this is key to any changing environment, especially educational ones. Currently, what defines the concept of value delivery in the education is employability and relevance of education programs to employers upon the graduation of students. Just as utilising Osterwalder’s Business Model Canvas tool can assist a young Start-up company to strategically align with potential customers, in educational environments business models can strategically guide an institution to adapt to the ever-changing employment market. Moreover, should an educational institution wish, business models can be used to assist in creating relevant internal integrated strategies amongst departments to compliment overall goals in the context of changing statutory and technological environments.
With the exception of vocational careers such as medicine, goal posts of employment are continually moving, with the idea of a job for life no longer the accepted norm. Moreover, the skills required from a graduate are ever changing, with once favoured liberal arts educations being replaced by business-focused education as criteria for recruiters on the graduate ‘milk round’. To grasp this high level of change and stay relevant, carefully constructed and frequently updated business models can add structure to the strategies necessary for educational change within educational settings.