The industry is undergoing a rapid digital transformation. While different sectors of the industry have always welcomed technological developments, today, the adoption of the latest tech tools and platforms is skyrocketing. More and more companies across all parallels of the industry are adopting disruptive technologies like Big Data, Data Analytics, AI, ML, and IoT to create innovative business solutions and products.
As most industrial sectors stand at the cusp of digital transformation, the demand for skilled experts and business leaders – who are both digitally and technically sound – is growing as we speak. Gone are the days when the basic knowledge of Microsoft Office would suffice. Anyone who wishes to land promising jobs in the present market must highly-skilled masters of digital platforms, possess a wide range of digital skills, and know how to use various social media tools/channels. Sadly, the demand for experts with strong digital and data skills far outweighs their supply.
This is why now is the perfect time to upgrade your skillset by acquiring digital and data analytics skills to gain the upper hand over your competitors!
How learning digital and data analytics during your MBA program will give you a competitive edge?
With digitalization taking the industry by storm, companies, enterprises, and institutions are being forced to adopt and adapt to the “digital” model. The unique power of digitalization is that it aims to break down the existing business and social structures within an organization and replace it with cutting-edge technological tools.
Today, technology and data are no longer borderline components of the business infrastructure – they are the core elements that are now fully integrated into business methodologies, operations, and processes. This is precisely the thought process behind new-age MBA courses that focus on data and digital skills.
Here are four reasons why you should boost your professional portfolio by acquiring digital and data analytics skills during your MBA training:
1. You will learn to use digital tools.
Thanks to the growing popularity of online platforms, the buyer-seller relationship has transcended the physical “retail” platform and shifted to the digital world. Naturally, brand promotion, marketing techniques, and customer satisfaction have all migrated to the online domain. Businesses are now adopting digital tools like Digital Marketing to expand brand reach, pitch to their target audience, venture into new markets, design unique marketing campaigns, and much more. Entrepreneurs realize that recruiting experts with excellent digital knowledge and skills is the need of the hour.
When you learn the tricks and trades of digital tools and techniques, you will be better equipped to help an organization align its goals with its business and marketing strategies. Furthermore, the right digital skills will allow you to drive a company towards becoming a data-driven entity.
2. You learn how to “use” data.
Data is the new currency of the 21st century, but like anything else, it has both good and bad sides. When in the right hands, data can be used to transcend business to new heights of success and productivity. However, it is also quite easy to misuse and manipulate data wrongfully. The Cambridge Analytica scandal is an excellent case in point.
An MBA course focused on data analytics will teach you how to access, analyze, interpret, measure, and use data and the insights extracted from it to make data-driven business decisions. When coupled with the relevant digital tools, data can open up a slew of unique opportunities for companies and organizations. Data analytics helps unlock the true potential of data.
3. You take on a problem-solving stance.
Data analytics is all about solving business challenges. It is the prime tool for addressing and alleviating customer pain points. Data analytics can unravel the more profound problems and issues within a business and also provide innovative solutions for the same. Learning to look at data collected from disparate sources and finding meaningful patterns within the data is a highly valued skill in the present job market.
As you learn to use data analytics, you will gain a problem-solving mindset quite naturally. Your mind will get attuned to the analytical thought process and learn deductive reasoning skills, both of which will be useful in your professional life and everyday life.
4. High industry demand
As an increasing number of organizations are shifting towards digital (online) platforms, the demand for technically sound professionals skilled in digital marketing, data analytics, big data, business intelligence, etc. Candidates who possess these skills can land senior-level and leadership job roles in companies across all sectors. Also, these skills can increase your salary package substantially.
Since there’s a huge skill gap in the data-oriented industry, these skills will give you a competitive edge over other candidates.
Long story short, aspirants who wish to stay ahead in the digital age must acquire digital skills along with data analytics knowledge. At present, data and digitalization are the key elements that go into the making of business leaders and visionaries who can think beyond their age.
If you are keen on upgrading your career with an MBA Degree, upGrad is offering an MBA in Digital Finance & Banking in collaboration with the Jindal Global Business School and the Jindal School of Banking & Finance. The program has been designed to Future-oriented content suited for those working in or aspiring to work in finance across domains. Be a JGU alumnus and take advantage of continued engagement and networking with the world of academia, policy, and industry
What are digital and data analytics?
Data Analytics refers to the ability to interpret patterns from vast amounts of data and use those patterns to make business decisions based on solid conclusions. Courses in data analytics involve training to use tools such as Excel, Qlickview, R and Python, etc. to create strong models that can be used to analyse patterns from a data set easily. These patterns can be used to infer certainties for the short term and thereby enable the management to take necessary measures. Data analytics is employed by large businesses for all facets of business – be it marketing, finance, sales, operations, technology, customer service, etc.
What kinds of jobs require digital and data analytical skills?
Digital and data analytical skills include not only being able to create models and analyze data, but also some knowledge of digital technologies such as coding languages. A candidate equipped with these skills can easily find a job that is heavily dependent on both technology and numbers – such as trading, financial planning, business strategy, digital marketing, business intelligence, and more. One can find a job in almost any retail or technology-based industry – such as IT/ITeS, BPO, BFSI, pharma, FMCG, logistics, e-commerce, shipping, private equity, social media, fintech, sports management, etc.
Is it necessary to do an MBA for a career in data analytics?
While it is not compulsory, it is strongly advisable. You can learn advanced data analytics with specialized courses that train students how to develop their prowess on various coding languages as well as use and manipulate existing tools so that they are able to reduce huge megabytes of data into something more meaningful. On the other hand, if you pursue an MBA, you will be able to understand precisely how and why you can use the aforementioned data analytics skills to add value to the organisation’s business, thereby making your career far more rewarding.