Business analytics programs require a strong collaborative approach to development.
Prof. Sangeeta Shah Bhardwaj
In today's rapidly evolving business landscape, the surge in digital transformation has propelled a shift towards data-driven decision making. This shift underscores the crucial importance of expertise in Business Analytics and Artificial Intelligence (AI) as foundational pillars for navigating the technological terrain of modern enterprises. Recognizing this pivotal shift, educational institutions are adapting and ushering in a new era of innovative programs aimed at nurturing tech-savvy and data-savvy leaders.
This endeavour is far from transient; it demands concerted efforts across multiple fronts. Strategic collaborations must be forged, cutting-edge curricula must be developed, and students must be equipped with indispensable tools to make well-informed decisions, shape strategies, and secure a competitive advantage.
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The Rise of Business Analytics Programs
The indispensable roles of business analytics and AI are not just in the technology itself but also in the career opportunities they create. As these technologies continue to evolve and become more integrated into business operations, the demand for skilled professionals in these fields is on the rise. Recognizing this, business schools and engineering institutions are actively launching degree and diploma programs tailored to these domains, crafting comprehensive curricula to equip students with the necessary skills and prepare them for a promising career in business analytics and AI.
As more and more institutions dedicate their focus to business analytics and AI, the demand for professionals in these fields is skyrocketing. Recent forecasts highlight the immense potential of the data and business analytics market, projecting a staggering USD 420.98 billion by 2027. This robust growth, with a compound annual growth rate (CAGR) of 10.9% from 2020 to 2027, underscores the promising career prospects in these domains.
Collaborative Approach of Business Schools
Business analytics programs require a strong collaborative approach to development. This is why these programs are often designed when an institution collaborates with industry giants. This ensures that the curriculum of those programs is properly aligned with the real-world needs of businesses. This collaborative environment helps them provide students with a well-rounded education in business analytics.
Centers of Excellence
Numerous academic institutions have established Centres of Excellence (CoE) in AI and Machine Learning (ML) to develop skills and promote collaboration between industry and academia. The Center of Excellence in AI/ML at the Management Development Institute (MDI) Gurgaon is one such example. These centres act as hubs for cutting egde research, knowledge creation and exchange, developing Proof of Concepts (PoCs) in collaboration corportaes.
MDI Gurgaon has also recently signed a memorandum of understanding (MoU) with Brandscapes Worldwide to establish a Neuro-Behavioral Lab on its campus. This initiative further underscores MDI's commitment to cutting-edge research and interdisciplinary collaboration, enhancing its capabilities to understand consumer behaviour through advanced neuroscientific techniques.
Hands-on Education
Programs in business analytics strongly emphasize hands on practice on available technology, learning through live data based projects available through various websites like kaggle as well as experiential learning, which includes case studies, classroom discussions etc. These methods help students to be industry ready by developing capabilities with practical / hands on training as well as conceptual and foundational understanding of the subject. Numerous colleges have partnered with businesses to expose students to industry best practices and real-world initiatives.
Addressing Responsible and Ethical AI, embodies the principles of transparency, fairness, accountability, and societal well-being in the development, deployment, and utilization of artificial intelligence systems.
The growing impact of artificial intelligence (AI) and business analytics has made it imperative to address ethical issues and ensure appropriate data usage. For instance, the use of AI in hiring processes has raised concerns about bias and discrimination. The business school's curriculum addresses and gives due importance to responsible and ethical use of AI. These programs are also getting traction and AI leadership training programs are designed that go beyond the degree program to promote responsible and ethical use of AI by the employees . .
Deciphering AI and Data Analytics for Senior Executives
Senior executives increasingly realize how crucial AI/ML and data analytics are to achieving company success. They also play a pivotal role in ensuring the ethical use of these technologies. Training programs are being established to assist them in understanding the possible return on investment, identifying use cases for their businesses, and demystifying new technologies. Business intelligence issues previously unexplored and unreachable by conventional systems, such as Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP), are now being handled by AI/ML technologies. For instance, the finance industry increasingly depends on AI/ML systems for real-time fraud detection.
The agenda for the boardroom: enhancing skills and tackling obstacles
Data analytics and AI have sparked transformative discussions in boardrooms, with media coverage highlighting their revolutionary potential. Organizations are actively exploring ways to build the associated capabilities, opening up new avenues for solving complex issues, creating innovative goods and services, and attracting top talent. The impact of these technologies extends far beyond operational efficiency, inspiring a new era of business possibilities.
Data Will Drive the Future
Academic institutions are taking a proactive stance in fostering the next generation of leaders and innovators. They are integrating AI and business analytics into their curricula, ensuring that students are well-equipped to navigate the complexities of the data-driven business landscape. These programs not only address ethical issues but also promote industry-academia collaboration and emphasize experiential learning, instilling confidence in the future of business ethics.
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