In business programs this is even more important than other fields. The difference between a person with only academic experience and one with both academic and professional experience is profound. One understands focuses on theory while the other may also have experience with using theories in practice. Their industry experience helps them understand how theories operate in real life scenarios outside the higher education vacuum. Having a representation of both ensures higher value for students.
Industry knowledge filters throughout everything the professor does. Consider the following benefits of a practitioner-scholars (pracidemics):
1.) Theoretical Explanations: A greater ability to explain theories and business principles in real life form and example.
2.) Research Development: All research must eventually be applied to be of any benefit. Practioners are able to use their understandings of industry problems and find new solutions that have market value.
3.) Administration: Professors who come from a business background also have knowledge of administration and processes. They are not as concerned about titles as they are about skill and performance.
4.) Credibility: Faculty with practical experience have credibility because they know what the student will be getting into after graduation. Students view them as both professors and mentors.
5.) Course Development: Because practitioners have practical and theoretical knowledge they are able to develop content that is relevant to modern industry.
6.) Cultural Awareness: Faculty are pragmatic and bring with them a focus on "what works" and encourage universities that are cost effective.
