Building a Nationally Competitive Economy

By Williams, Doyle Z

Guest Commentary

The future of the quality of life for all Arkansans depends in a very large measure upon the state having a nationally competitive economy. To have a nationally competitive economy, it is important to the state to have a nationally competitive university. A nationally recognized university not only helps attract companies to the state, but even more importantly helps in the development and growth of companies within the state. A nationally competitive university is key to retaining within the state the talent that is critical to the development and growth of the state.

Over the last 12 years, the Sam M. Walton College of Business at the University of Arkansas has been dedicated to building a nationally competitive business school for the benefit of all Arkansans. In August 2005, U.S. News & World Report ranked the Walton College in a tie for 24th place among public U.S. undergraduate business schools. The full-time MBA program was ranked earlier in the year among the top 45 public universities for the first time. The Supply Chain Management Program is currently ranked 17th in the nation.

From 1999 to 2005. the Walton College tied as one of the most improved private and public business schools in the nation, based on the U.S. News reputation rankings. The college was second in the increase in number of places in the rankings.

During the last 12 years, the Walton College has sought to strengthen its faculty by recruiting scholars with doctorates from such institutions as MIT. UCLA, Duke. Big Ten schools, the University of Texas, Texas A & M University, University of Maryland and many other first-class business schools. These new scholars joined forces with the existing quality faculty and with the state’s business leadership (υ develop outstanding educational experiences for students.

All academic programs have undergone major revisions, with perhaps the most radical being the undergraduate business core. The new highly integrated business core was developed with considerable input from employers and has received considerable national attention. New degree programs established over the last decade include a master’s degree in information systems, the master’s of transportation and logistics management and the bachelor’s of international business. An honors program and a study abroad program were established. One class (Students Acquiring Knowledge Through Enterprise) has been incorporated as a company operated by students. A fixed-income fund and an asset allocation fund have been added to the well established stock fund that students manage.

With enormous industry support, “industrial strength” computing resources are available to students unlike any other business school in the nation. These resources have assisted the Wallon College in developing a robust enterprise technology program.

Private resources have made possible enhancement of the Wallon College’s infrastructure. All classrooms have been retrofitted with the latest technology. The Reynolds Center, housing selected Wallon College outreach programs, was dedicated in 1999. A new graduate school of business building, to be named after Willard J. Walker, is currently under construction. The Graduate School of Business has been established as well as a Career Development Center.

Having quality faculty and quality educational experiences for students has led to an increase in both the quality and quantity of the student body. For example, both the mean high school grade point average and ACT score have steadily climbed with new levels being established every year, even with a dramatic increase in enrollment. In the fall of 2004, new freshmen enrollment in the Wallon College increased by 27 percent, and we experienced a similar increase this fall. Students regularly place highly in nationally competitions, surpassing the performance of students from the top tier of business schools in the nation.

Private resources have been pivotal to the Walton College becoming a nationally competitive business school. The Campaign for the 21st Century that concluded on June 30 was a super success – surpassing the university’s goal of Sl billion. The Wallon College raised approximately $223.4 million as part of the campaign, with almost $94 million being raised in the last 12 months. Since 1993, 24 endowed chairs and professorships have been established in the Walton College, enabling the college to retain and recruit a number of outstanding scholars. The Walton College’s endowment has reached $97 million, which we believe to be among the top seven public U.S. business schools.

The generosity of many individuals and companies has enabled the Walton College to established three major research centers and a research institute that are highly engaged with a very broad spectrum of the business community. The Supply Chain Management Research Center, the Center for Retailing Excellence, the RFID Center and the Information Technology Research Institute are all helping achieve a high level of performance. These centers have led many new companies to recruit W’alton College graduates. The Garrison Financial Institute has been established to house an investment and research center, a trading center, and a personal and family finance center.

The Center for Business and Economic Research and the Small Business Development Center have stepped up their service to business and industry through sponsored research projects and consultations. The annual Business Forecast Luncheon each year draws a record attendance, now at about 1.200. The Wallon College External Relations office has done a superb job establishing the well- received Arkansas Business Hall of Fame with the induction ceremony being held in Little Rock each February celebrating the contributions to the Arkansas economy of outstanding founders and leaders of nationally competitive businesses.

As my role as dean of the Wallon College has come to an end. I wish to express on behalf of the Wallon College and staff our genuine gratitude to the thousands of Arkansans. alumni, business leaders and companies for your enormous support and investment in creating a nationally competitive business school that is iruly serving Arkansas and the world. Your efforts and commitment have provided a strong foundation for the economic advancement of the stale of Arkansas and the quality of life fur all Arkansans.

Doyle Z. Williams

Doyle Z Williams served as dean of the Wallon College at the I’nivenity of Arkansas from September 1993 until August 2005. He is now dean emeritus and professor in the Wallon College.

Copyright Arkansas Business Oct 10, 2005