Why An MBA Is Not Enough - Data Science and Business Analysis skills becoming Mandatory
Already an MBA or an MBA in 2020? Limited immediate upward mobility for young MBA grads. Data Science and Analytics, however, can enhance your MBA !
March 02, 2020
- There is a way now to make your MBA much more useful quite early in life !
But allow me to first introduce you to the concept of Big Data. It’s a simple concept – data has been lying in servers from the first time that a computer was used by an organisation. Most organisations, large, medium or small, have some kind of digital ERP system that has given the company the necessary efficiency to become successful – and each year the amount of data has grown exponentially – over the years most companies have invested in bigger capacity storage in their servers. It’s only in the last 10 years or so that some sharp minded top executives discerned the usefulness of the mountains of stored data – they realised that this data can be used in new ways! They found that it can be used to predict outcomes or reused differently to facilitate better outcomes.
So, here’s a million $ question : how many organisations do you know that DO NOT use computers? Can’t recall even one? Imagine the amount of data awaiting new use in almost every organisation in the world – of course the progressive companies are already employing Data Analytics! The use of this large amounts of data in new ways, for new outcomes, using new sets of algorithms, sometimes combining this with new technologies such as AI, IoT, BOTs, etc, is referred to as Big Data or Data Analytics. But wait a minute, it’s NOT ONLY the reuse of data from 10, 20 or 30 years back, even new businesses based on digitization as a core function have no option but to use Big Data Analytics almost from day 1 as their core business strategy.
Guys, Industry 4.0 is well upon us. If you are a recent MBA your knowledge of the fourth industrial revolution is greater than ours. But know that Industry 4.0 and Big Data Analytics are the flip sides of the same coin! Nay, Industry 4.0 cannot progress without the complementary service of Data Analytics. India is poised to be the hub for Data Science and Analytics hereafter. With more than 8 lakh vacancies (as per NASSCOM forecast), India is the second-biggest market for Data Analytics jobs after the US, & I have no doubt that the numbers will more than double in the near future. Tech heavyweights are constantly looking to hire MBAs skilled in Data Analytics. MBA Graduates, are you listening?
India is set on becoming a 5 trillion-dollar economy, the demand for MBA Graduates with Data Analytical Skills is the need of the hour. MBA recruiters in the country want Analytics skills in new MBA hires. The message?? Data Analytics as a co-skill is a must for MBA students and graduates to build a secure career with quick upward mobility in this highly competitive digital era. While it is laudable to do the MBA, is not enough if you don’t complement the MBA with a liberal dose of Data Analytics – and that comes with a good course in Data Science from a reputable institute.