Transforming BBA Programs for Digital Economy

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The term ‘digital economy’ was coined in a 1995 book, by Don Tapscott; it prophesied then as to how the internet would change the way we did business. The digital economy comprising of digital networking and communication infrastructure provides a global platform over which people and organizations devise strategies, interact, communicate, collaborate and transact business.

In the recent times, the digital economy has advanced very rapidly and it is changing employment in many ways. The digital transformation has changed the landscape of the business and has created opportunities and jobs which were hitherto unknown. To capture these opportunities, business schools have been creating courses that help graduates with critical skills and knowledge needed to navigate and stay abreast of digital evolution.

Great Lakes has recently devised a very unique undergraduate business program which aims at providing necessarily digital economy skill-sets for young people who are going to graduate in later half of this decade and would find opportunities in a largely digital world. This thought has resulted from a 2011 study done by the MIT Center for Digital Business and Capgemini Consulting, that concluded that only one-third of companies globally have an effective digital transformation programme in place.

As human society is slowly transformed by the application of digital technology, business, government and other organizations are racing to catch up. Interest from organizations is not the only driver of this change. Graduates of business schools do not necessarily want to work in traditional firms either. In many cases, graduates are interested in cutting edge technology and business models and are eager to seek out exciting opportunities in fields that are innovative and exciting. The pace of change is likely to continue in the medium term, and jobs in this area are likely to grow.

The basic premise of the new BBA course with digital specializations is that the digital revolution which is rapidly transforming the fundamental nature of many companies in a wide range of industries. It is imperative now, to understand the economics, technology paradigms and management practices of innovating in digital-centric businesses. The BBA program with digital specializations is intended for students pursuing business careers in which digital innovation is critical; for example, entrepreneurial internet start-ups, financial technology, and positions in digital marketing and business analytics.

The course introduces you to the critical elements of designing and developing digital products and services, how these can be configured and lead, and how the results are managed. These elements include economic and technological principles underlying digital transformation, identifying and integrating diverse user needs, organizing and leading product and service innovation initiatives.

The Great Lakes undergraduate program (BBA) offers four distinct areas of specialization which form the pillars of ongoing digital transformation.

Digital Marketing

Marketing has been redefined in today’s digital world. Intensive inputs of this course help practical understanding of online marketing, its fit in the broader marketing framework. Students will learn to operate and design online marketing campaigns and acquire customer insight.

Career Options that such graduates can look forward are positions for Digital Content Executive, Performance Marketing Executive at online marketing firms, as well as traditional companies with strong markets focus. Independent digital marketing consultants, Creative Digital Solutions Executive, Digital Media Buying / Planning in news and media companies

Business Analytics

The specialism offers a solid, inter-disciplinary grounding in numeric ability, data analysis, and associated technologies so that one can jump start their career. The course is designed to equip you for the modern business world that relies on data analytics for better business decisions. Career Options that open are, Analytics practices at IT/Internet/Web consulting firms; Business Analyst, Data Analyst at reputed core business firms; Data Analyst at analytics firms/financial services firms and consulting firms.

E-Commerce and Supply Chain

The specialization in the area provides a firm grasp of transformative business models created by the confluence of globalization, entrepreneurship and information technology. One gets exposed to product marketing, supply chain, pricing and profit management, cross-selling, up-selling, customer service and allied aspects of the E-Commerce industry. Careers that graduates look forward to are Analyst in E-Commerce practice at consultancy firms, E-commerce Marketing Coordinator, E-commerce Content Specialist, Operations Executive at established E-Commerce businesses and Analyst at firms offering E-Commerce services to traditional businesses.

Financial Analysis & Technology

The Finance world is an intense and competitive field. This specialization equips with skills that translate directly into specialized entry-level positions in Finance, like financial analysis, security analysis, consulting and portfolio management and technology dimensions of banking and finance. Career Opportunities that emerge with such skill-sets are, Investment Advisor, Financial Consultant, and Financial Technologist etc.

This gives some indication of the scale of the change that is taking place in the area of emerging jobs. In many cases, digitally-focused employees may not necessarily be employed directly by a company. They may be brought in for particular projects. Yet, graduates from business schools are finding that there is work available for them in digital organizations. In particular, it is reported that management consulting has burgeoning practice in areas of digital transformation including Business Analytics, Financial Technologies, and Internet Businesses.

Business school graduates with such skills are highly sought after by companies to help in digital transformation and to make the most of what digital can bring, such as projects using Big Data. Getting that into perspective, it is reported that big four consulting companies are also big players in this field. Clients that do not know what to do to digitally, are turning to consultancies for help. One area where this is happening a lot is for large banks and financial institutions, which have had to embrace digital technology in several ways.

Such graduates from business schools are also being sought out by companies that are grounded in the digital industry. Here, as in other areas, data is the key word that everyone is interested in. Graduates that can help with leveraging data for organizations are particularly sought after. However, there are digital opportunities in marketing, operations, sales, product management and finance too.

To conclude, Universities and Colleges also have a strong role to play in equipping graduates with digital skills. With business school graduates having started many businesses in the digital sector, anything that business schools can do to help, such as launching programs are important and beneficial.

About the Author:

Dr. Parag Diwan is the President of Great Lakes College.