Trends Education

When business goes digital

Technology is now ubiquitous in all walks of life and dictates how a business runs. It also impacts the ways in which customers can escalate their experience.

Artificial Intelligence (AI), Big Data, Internet of Things (IoT) and predictive analytics with 5G support rule businesses. The future revolves around the knowledge and applications of technology, and the ability to understand its importance. The digitisation of business has made it crucial for young graduates to be well equipped with technological knowledge.

From a business point of view, customer experience is a key factor. Whether it is entertainment or food, an integrated data system has evolved to give the consumer exactly what he/she wants.

Moreover, companies are not only competing for products and services but also working to mould customer mindsets to create brand loyalty.

Robotics and algorithms now play the role of training and guide an employee’s performance. This has changed the nature of leadership in organisations.

Technology now dictates terms and supervises employees making them respond to data in real time. This includes information from social media, financial markets, CRM tools and other sources.

In demand

Business students, irrespective of their specialisations or domains, need to know, understand and apply the basics of data management, data mining, and business application. The ability to take decisions using business applications on technology platforms are now in great demand. Business students will get to see the kind of disruptions taking place and the changes taking place in the business environment.

Technology for business management has therefore emerged as an indispensable skill set for a career in business or for an entrepreneur. In their job profiles, students will be required to add their technological skills to their domain knowledge that will help them crunch data sets and present insights to set the right strategy.

The new-age business schools are now including such technology-focused courses like the SAP Advanced courses, Artificial Intelligence, Big Data Management, Robotic Applications as well as e-commerce applications in business as a supplement to core courses. Value additions like these will enable students to focus on digital innovation and entrepreneurship. This will also make them industry ready and match the demands of the business world.

The writer is the Principal of T. John Institute of Management & Science (TIMS)

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Sep 19, 2020 1:23:53 AM | https://www.thehindu.com/education/technology-for-business-management-as-an-indispensable-skill/article32587803.ece

Next Story