Integrating technology with business: The modern way of business management

Artificial intelligence, machine learning, and similar next generation technologies have changed the way people look at their surroundings. From facial recognition and android assistants to talking robots and driverless cars, futuristic technologies have often been classified as ‘resources with unlimited potential’ – particularly when one would consider its application in business. And although the field is still making its way to be a part of regular life, their application has seeped its way into business management.

Technology and Business Management

BA aspirants follow the common notion that technologies such as Artificial Intelligence will replace them in the long run. However, this is a wrong assumption. The applications of such technologies like data analytics, machine upgradation, etc, are going to improve the decision making ability of managers instead of replacing them. The idea is to use AI in a way that improves the impact of a manager’s decisions on the organization and individual success.

In this direction, companies such as IBM have made significant advances. Factoring in the constant influx of data in terabytes from different sources, IBM has created the Watson Studio that provides an environment to analyze and shape data. In addition, Rob Thomas, General Manager of IBM Data and AI, said, “The automation capabilities we’re putting in Watson Studio are designed to smoothen the process and help clients start building machine learning models and experiments faster.”

How does this effect MBA aspirants?

With technology running the markets and data influencing decisions, the modern management grad needs to be adept at understanding and operating technology. This comes after the fact that integration and use of technology in business management is only going to increase with time. In such a scenario, the combination of core management skills and knowledge of AI, ML, and analytics in businesses will enable the professional to optimally utilize the organization’s resources while improving their decision quality.

Result? The management graduate is prepared to analyze, understand, and meet the industry as well as customer requirements along with confidence of facing any challenge. However, the ability to understand the use of technology in business management requires the adequate blend of professional guidance, theoretical knowledge, and application simulations.

PGDM – Business Analytics at Woxsen School of Business

Only a handful of B-schools in India offer a MBA program that factors in the transforming future of the business industry and includes technical advancements as well. On that note, Woxsen School of Business, an emerging B-school in Hyderabad, offers a dedicated PGDM course in Business Analytics so as to teach the use of business sciences and analytical tools along with core conventional specializations. The objective of the course is to improve the decisions of the new age managers and enable them to scale businesses exponentially. This includes introduction and knowledge of softwares and languages such as Python, R, SPSS, Data Mining, Tableau, and Social Media analytics.

The corporate manager of present and future needs to know how to utilize data, understand customer habits, and factor in their impact while planning a service or releasing a product in the market. Here’s what Woxsen School of Business has to offer in their PGDM – Business Analytics course:

• The first three trimesters focus on developing an inherent statistical and analytical approach towards business analytics.
• Student works on business fundamentals of dedicated management domains at the same time.
• A unique two specialization option in terms 4 to 6, where the students get a chance to choose an area of specialization such as Marketing and Finance. In these areas, seven courses can be selected within the second specialization. This helps to develop a strong command over management fundamentals along with reasonable knowledge of business sciences.
• This knowledge meets the aspect of practical application with the International Immersion Program at Nanyang Technological University, Singapore. Being the capstone project of the program, the intensive research and regular discussions contribute towards improving the ability of practical execution of business concepts.

That said, the future of Business Management is certainly going to have a significant influence of Artificial intelligence and other similar technologies. Provided that the students select the right course and work towards developing an equivalent quotient of front-end management and back-end science, the employment numbers of MBA graduates and business acceleration will surely improve in the future.