Emerging Technologies & Their Impact on Current Management Education

By Dr. Raja Roy Choudhury

The key observations over the last few years show that globally management education is shifting from a generalised liberal program to a tech-skills (CS) based one. 

Technology right from Big Data Analysis and Machine Learning to Robotics and Biotechnology is making sweeping changes in businesses globally, requiring managers with newer skills and strong understanding of technologies. In India, many of the business graduates fall short of this requirement leading to delay in relevant employment based on the educational qualification. MBA education in US universities is increasingly re-orienting itself to incorporate the needed changes, whereas Indian universities are still in the early stage of incorporating the changes. Courses like MS in Business Analytics, MBA – Technology Management have recently been added as degree courses by renowned business schools globally.

For instance, even the newly launched undergrad business program at a renowned management institute in India has over 4 courses in pure computer science. If the institute has to stay relevant, there is a need to bring in changes which will improve the core skills of the graduates and at the same time make them more relevant for current and emerging job market in India.

Thus, it is important that the working population of any nation is equipped with the appropriate skill sets and know-how to empower themselves to achieve business milestones. This leads us to a very important question – Are MBA Institutions ready to embrace technology and blend themselves a Techno-Managerial organization?

The key observations over the last few years show that globally management education is shifting from a generalized liberal program to a tech-skills (CS) based one. Graduates with low or no knowledge about high-technologies are encountering severe hardships while hunting for jobs after the MBA program. Most of the traditional decision making is shifting towards analytics and therefore emergence of Data Science. Indian B-schools are still contemplating how to incorporate „?engineering? subjects into course curriculum. The significant GAP in learning outcomes and desired skills can be fulfilled by a modern B-School.

1. How can a Traditional B-School bring in High-tech?

There are plenty of approaches which can be adopted, some of them are as follows:

Option 1: Look at an MBA+. Student takes non-credit Hi-Tech courses

Option 2: Introduce Hi-Tech courses as electives within the program

Option 3: Students take additional certificate courses in Hi-tech along with the normal MBA course.

Option 4: Student does his thesis project in "Hi-tech" area, lending additional credibility to this CV and improving his overall skill-sets

Option 5: Offering graduate level (BS/MS/MBA) in "Hi-Tech"

Option 6: Offering Summer Programs (leading to graduate credits) in Hi-Tech (open to any student qualifying)

Option 7: All of the above

A robust combination of the aforementioned approaches backed with high quality delivery and infrastructural capabilities would definitely lead to a techno-managerial transformation.

2. Case Study: Impact of Big Data Post Graduation Programs on Traditional B-Schools

2.1 Need for Professional Courses in Big Data

There's no denial of the fact that companies backed by strong Big Data capabilities are bound to dominate the markets in the near future. Artificial Intelligence, Mobile, Social Media and Internet of Things are driving Data complexity in various forms and from a variety of sources. The combination of Big Data with High-powered Analytics enables managers to accomplish business related tasks that aim at cost/time reductions, optimized product offerings and majorly smart decision making.

Today, Data is omnipresent; almost 95% of the data that exists today has been created over the last 5 Years. This figure itself demonstrates the humongous potential which can be unleashed by efficient processing of this data. As per Team Lease Services – A leading HR Services Agency, India will face a Demand-Supply gap of 2 Lakh Data Analytics Professionals by 2020. This leads to a huge demand-supply void which essentially needs to be fulfilled by management experts and traditional management institutions.

2.2 Situational Analysis – Indian Analytics Offerings

India’s leading B – Schools have recently initiated the acceptance to transit from a myopic traditional mindset and incorporate essential courses in emerging technology. One of the most coveted amongst these offerings is the one from a joint venture of IIT-ISI-IIM, a two year post graduate diploma which costs around Rs. 16 Lakh.

Let’s take a look at other B-schools offering such courses:

Institute	Course	Fees
IIT-ISI-IIM	Two year post graduate diploma	Rs 16 Lakh
ISB Hyderabad	15-month blended certification course	Rs 7.5 Lakh
Great Lakes Institute of Management	12-month blended post graduate certification	Rs 4 Lakh
iFEEL and Jaro Education	PG Program in Data Science and Analytics	Rs 3.50 Lakh
IIM Bangalore	1-year certification in Biz Analytics	Rs 4.4 Lakh
Praxis Kolkata	9-month Certification	Rs 4.75 Lakh
NMIMS	9-month Certification	Rs 2.5 Lakh
IIIT – Bangalore + Upgrad	11-month online post-graduation diploma	Rs 1.75 Lakh

As per an Analytics Vidhya report, Great Lakes is currently ranked at the first position followed by IIM Bangalore and ISB Hyderabad.

2.3 Current Scenario of Indian Job Market for Analytics

A majority of Big Data professionals are recruited in the domains of Consulting, Finance, Telecom, Retail Startups and IT. As per Glassdoor and Monster India the common roles and remunerations offered are of business analysts with an average package of Rs 6-9 lakh and data scientist with an average package of Rs 9-12 lakh or more approx.

3. Conclusion

Technology has announced its arrival for a long time now and it is highly significant that educational institutes who wish to hold still their strong footholds and grow beyond leaps, evolve themselves with the changing times. An amalgamated approach of management and technology is the way ahead. The skill level of our country lies in the hands of such institutes which makes it even more mandatory for them to transform themselves. The partnership with leading technology solution providers can always be the first stepping stone in the journey towards achieving the perfect blend of Technology and Management. Through the interchanging usage of the individual core competencies, management institutions can thus impart knowledge and skills which would pave a path for India’s future leaders and contribute towards the dream of transforming India into a developed nation.

About the Author:

Dr. Raja Roy Choudhury is the Principal Mentor at Jaro Education