The whole world is being digital and is getting influenced by technology. How management could be deprived of such a giant. Machine learning and data science which are complete tech stuff is leaving their footsteps in management.
Top schools are exploring novel alternatives to the traditional classroom. Advanced technology, from HDTV sets to artificial intelligence, is increasingly utilized in business schools as they search for better ways to educate the growing number of remote students who do not have the time to take two years out of the workforce to get an MBA.
In the Oxford HIVE, as it is known, professors engage with up to 84 participants. The technology is fully interactive; teachers can address participants individually, split them into groups and conduct real-time polls. And, of course, participants can see and hear one another. The software is so advanced it monitors the level of attentiveness in each individual, which it judges and scores based on their facial expressions and engagement with the class.
Meanwhile, schools are experimenting with classrooms that enable the digital visualization of data as it becomes more important to business management careers. The Schulich School of Business and Deloitte are creating a “Visualization Lab”. The approximately 800-square-foot room will explore advances in predictive analytics, natural language processing, machine learning, analytics design and data-based story-telling. It will be available to students in Schulich’s master of business analytics program, MBA and other courses.
Visualization techniques are the easiest way to translate very complex data into a form that is ready to be used by business executives to solve problems and plan for the future. There is a high demand for leaders who can analyze and communicate trends, quickly understand industry shifts, and influence and drive change.
Data science has gone from the preserve of geeky engineers to one of the most preeminent and sought-after proficiencies in a business manager’s toolbox. One recent study from the Graduate Management Admission Council, which runs the GMAT, said that demand for business school graduates in data analytics roles had outstripped demand for them to work in consulting and investment banking functions — their traditional forte.
Examples include marketeers or salespeople combing through customer data to create more targeted ads and pitches, but beyond that, data science is transforming the work of businesses in all industries, from finance and banking to retail and transportation.
As a result of the widespread embrace of data science, business analytics courses are cropping up on MBA programs at a rapid rate, and schools are launching standalone master’s programs too. Of 209 business schools surveyed recently by Kaplan Test Prep, an education services company, 72 percent said they offered courses in the subject.
MBA students will need a thorough education in the art of data science, given the growing prevalence and importance of it in the corporate world. This includes the economics of analytics, its strategic ramifications and the more technical content, such as how to use algorithms.
Data suggest career prospects are rosy for those with data analytics skills. The consultancy firm McKinsey & Company forecasted that by this year, the US alone would face a shortfall of 1.5 million managers with the know-how to use data analysis to make effective decisions. Industries that are data-rich, such as technology, definitely seem to value any skill that enhances the ability to work fluently with data. These skills are undoubtedly an advantage on the job market
What makes technology to step in MBA? There is a strong need in business for leaders who understand all dimensions of analytics in an enterprise environment. The ideal MBA serves as the interface between the technical and the non-technical members of the team.