The data and information ecosystem is evolving at a rapid pace. To keep its students abreast of this trend, B Schools is venturing into the fields of new age technologies.
Recently, IIM Ahmedabad established a Center for Data Science and Artificial Intelligence (CDSAI) with the aim of providing a platform for academics and professionals to come together to conduct research in this field.
Increased focus on artificial intelligence and data science
“Companies are beginning to realize that it is important for managers to work closely with technology centers in order to generate significant competitive advantage and business value. Recent years have seen a shift in curriculum towards inputs more integrated into the fields of technology through data science and intelligence, “said Ankur Sinha, associate president of CDSAI” The curriculum in business schools aims to graduate managers with an appropriate mix of competencies to meet the growing demand for people in emerging roles. “
Sinha added that new age technology, such as data science and artificial intelligence, is increasingly affecting society, economies and businesses around the world. It is important to have a thorough understanding of the possibilities of these new technologies and the best ways to apply them.
Businesses have leveraged data to make decisions and drive business value for decades. However, as the digital universe grows in size and computing power increases, companies are in the process of organic transformation to take advantage of the opportunities presented by upcoming data technologies.
“The management curriculum was originally developed in the 1970s when manufacturing was the main focus. Today, technology is part of the way we work, from booking a taxi to shopping online, there are a transition from manufacturing to digitization not from the tech-savvy generation. Therefore, the new managers are expected to be at the forefront of technology. “
Ranjan Banerjee, Dean Birla Institute of technology school of management (BITSoM) added that managers do not need to be technical experts, but they must be able to understand new age technology. BITSoM is in the process of establishing a Design Thinking Lab in collaboration with US universities along with a dedicated data analytics center.
Management courses with technical specialization
In addition to dedicated centers that focus on new age technologies, management institutes also offer specialized courses in artificial intelligence, data science, business analytics, and many more.
IIM Bangalore offers a two-year MBA program in Business Analytics. Program leader R Srinivasan said that data analytics and artificial intelligence / machine learning are no longer sources of competitive advantage for companies, but are rapidly becoming essential technologies in all industries. Therefore, future managers cannot be effective without a thorough understanding of these systems. It is not enough to understand them only as tools, but as business enablers. Therefore, these MBA programs must be integrated into the curriculum.
He added that in addition to tools and techniques, there are quite a few skills that a smart manager should have: storytelling through effective data visualization (given the volume, variety, and speed of the data) and natural language processing (due to the arrival voice-based audio). technologies and products / services) and deep learning (as well as machine learning and statistical learning).
branches in Emerging traditional businesses
In the recent past, companies have absorbed many different branches of core functions such as design thinking, innovation, and financial technology. IIM Kashipur has a Center for Design Innovation while IIM Raipur has a Center dedicated to the Digital Economy.
Sumeet Gupta, Head of the Center for Digital Economy, IIM Raipur, said that technology companies are at the forefront in all areas, be it financial or production. “From e-government to financial technology, all companies are involved in some other technological aspect. Traditionally, the administration had four basic functions – human resources, marketing, production and finance – but now each area has an additional technical function.”
As part of the activities of the center, the institute organizes conferences and seminars on digital economy for future managers. The center will organize its fourth conference on “Creating a responsible and responsible digital society” on December 3-4, 2021.