Future of MBA in India Post COVID
MBA and its Specialized Branches
Management studies promise a satisfying future for the approaching generation. Researchers have predicted that the upsurge of varied specializations starting from AI to healthcare will create multitude of job opportunities with high salaries and a satisfying career. MBA graduates specializing in technology are going to be in great demand.
Globally, technological advances like digitalization, big data, and AI keep impacting the way companies create values for his or her customers. Any graduate with a superb understanding of these technological trends is going to be in great demand. The impact is going to be greater in developed economies where competitive environment force companies to be more innovative in differentiating value propositions. The businesses also stress, that they expect soft skills like creativity, leadership, communications skills, and innovation from their manpower.
MBA graduates don’t need to be computer engineers, electrical engineers, or data scientists. But they need to understand that a big part of the worth creation in companies revolves around connectivity and platforms and interpreting massive amounts of knowledge generated by 24/7 connecting customers anytime anyplace with products.
Business graduates without a solid understanding of how technological solutions can generate value for patrons are going to be hopelessly stuck within the 20th century and be at an obstacle on the sector where competition really takes place within the 21st century. So as to include such important values within the core of the MBA graduates, a huge number of specializations are going to be provided; the subsequent are some fields, specialization during which is predicted to grow within the changing face of selling and services.
MBA in International Management
A specialized MBA in International Management is fit for students who aspire to work in multi-national companies. The course offers to inculcate the extremely important trait of critical thinking, finance, marketing, operations etc. International management prepares one to do business worldwide, with the help of exceptional financing skills and marketing.
MBA in Consulting
Management consulting is one among the foremost sought-after skills within the business world. A specialized degree in the field will empower business students to enter a promising industry post-graduation, helping clients manage their companies more successfully.
MBA in Strategy
Another popular specialized MBA program, it offers insight into how successful business decisions are made; students study business development, consulting, risk management, and planning—skills that are applicable across industries.
Generalized MBA
Of all the specialized MBA programs, this program is consistently one of the most popular. In General management students learn a spread of management skills and perspectives which will be applied to organizations in any industry, from human resources and marketing to systems and UX.
MBA in Finance Leadership
For business students who prefer to focus on finance, a study in Finance could be a great choice. Many prestigious bankers, controllers of finances, chief financial officers, and finance managers specialized in finance. Students study statistics, analytics, accounting, and more.
MBA in IT or Technology
This specialization puts MBA graduates at the leading edge of UX, design, and therefore the flow of data technology. If you want to manage how data moves within companies, between them, and into the world, this specialization is a prerequisite.
MBA in Operation Management
a specialization in Operations focuses on planning, organizing, and managing and production to maximize efficiency. If one is interested in supply chain management or logistics, one must consider this specialty.
MBA in Marketing
if one is interested in marketing and advertising, one must consider a specializing in the field of Marketing. Marketing instructs how to encourage services and products, design and execute marketing campaigns, and communicate with customers—skills that can be applied across marketing and sales roles at companies.
The above mentioned specializations enhance and enable the aspirants to grow in their respective fields all of which are important and suitable for the futuristic market. The characteristics traits of the current market are changing at a fast speed. It is the duty of the organizations and institutions to equip students for the coming challenges; they seem to do this via hefty and highly oriented courses in Marketing, UI/UX, Finance, and International Management.
Changing Futuristic Trends of Master in Business Administration
It’s one among the foremost interesting, and also challenging times currently to be working within the marketing domain. Catching attention and connecting with today’s tech- savvy consumers to drive the message is no mean feat.
Segmentation is complex than ever before because the same consumer can buy a product from high or low-price range, challenges are manifold- today’s consumers have several touch points to form, attention spans are dwindling, and competition is stiff. With marketing field undergoing a significant shift, its near future looks significantly different from its current state.
Amidst these rapidly changing customer expectations, conventional and traditional marketing rules not hold true. These new times has placed new demands upon marketers. They not only need to be creative to deliver relevant messages but need to deliver it to the relevant customer through the relevant touch point. This needs marketers to equip themselves with the proper tools and get on the highest of emerging trends and possess a thorough knowledge of an equivalent.
The long term market and services are going to be highly data driven and specialists within the field will help boost revenue, services and markets. The changing faces of such trends are apparent within the times itself, we already depend upon technology to assist us make important and informed decisions, be it buying a house, investing in mutual funds or something as trivial as buying clothes.
The recommendations software employed by companies’ tracks our interests and suggests their products and services consistent with our taste and interests. Technology and AI are already a serious and important a part of our lives, this involvement is about to extend within the coming decades, and make our lives less difficult and cozy.
MBA in Artificial Intelligence and Machine learning
At just one occasion, AI, data-driven marketing and voice program optimization (VSEO) were ambitious concepts bordering on impossibility. Today, these innovative digital marketing trends are among the highest most priorities for several business owners in 2021.
“Artificial intelligence is that the biggest commercial opportunity for companies, industries, and nations over subsequent few decades and can increase global GDP by up to 14% between now and 2030,”
As predicted by Gartner, the approaching years may even see tons of individuals awakening to the dominance of AI (AI). It’s bound to be at the guts of worldwide business and industry within the future – and it’s already taking up many simple jobs. Analysts predicted that by 2020, AI technologies are getting to be more pervasive in almost every new software package and repair.
AI can analyze consumer behavior and search patterns, and use data from social media platforms and blog posts to help businesses understand how customers find their products and repair
The age of Chabot’s
AI-powered chatbots are being verified because they’re subsequent next big thing in customer relationship management, as they’re going to understand complex requests and personalize responses.
As per Research and Markets analysis, over 50% of customer queries could even be managed today via AI-based chatbots and thus the worldwide AI enabled market will reach $2.2bn by 2024. Because the technology still matures, we will expect ‘AI first’ strategy to be the new normal in marketing by 2025.
During a short time AI and Machine Learning are at the very best of every marketing trend. From enabling more accurate, real-time analytics and measurement; improving customer experience and support; optimizing line pricing strategy to minimizing customer churn, AI and machine learning bring massive benefits to marketing. According to Forbes findings, 75% of enterprises using AI and machine learning in recent years were able to enhance customer satisfaction by 10%.
Many purchasers prefer interacting with chatbots as they’re responsive 24×7, give answers promptly, accurately recall your entire buying history, and never lose patience. These virtual assistants offer outstanding customer service by meeting customers’ expectations and automating repetitive tasks – which suggests that you simply simply can concentrate on more important work.
Potential of the Blockchain
Blockchain is that the newest thing around and is being touted as a technology which can bring dramatic transformation to an honest range of industries. With blockchain, marketing can address variety of its biggest concerns and challenges.
Resolving privacy concerns, increasing transparency in terms of identifying bots and building consumer trust are variety of the key areas where blockchain’s potential is being evaluated currently like any nascent technology, there will be some challenges, pitfalls and learning in adoption.
That said, by 2025 we may expect to determine some innovative use cases of blockchain. The uses of blockchain are far more wide-reaching than simply the financial world, however; this technology is additionally making waves within the digital marketing world. Blockchain removes the intermediary link in digital marketing, builds trust by means of transparency, drives public accountability and offers benefits for branding.
During a nutshell, ‘Everything for everyone, customized’ is that the mantra which can evolve the long run marketing trends. Technology will emerge because the core fabric of selling to concentrate and understand customer’s demands and meet their expectations.
Omni channel Marketing
Omni channel marketing is that the process of selling across multiple platforms, like social media, application, emails and blogs, therefore the customer can connect with prospects on more touch points. When the businesses do Omni channeling right, they will offer an enhanced user experience and essentially cohesive brand messages that drives people to action.
To remain in the race, brands must present a seamless, consistent voice and message across all available mediums, including physical storefronts, social media channels, online, in catalogs and anywhere else you’ll imagine.
All channels should be linked in one all-encompassing strategy for the simplest results. Statistics shown by researchers at Gartner predict an enormous leap in marketing from5.4% on single channels to 18.96% on Omnichannel, the typical order value, customer retention etc, were predicted as follows.
Ø Engagement rate: 18.96% on omnichannel vs. 5.4% on single-channel
Ø Purchase frequency: 250% higher on omnichannel vs. single-channel
Ø Average order value: 13% more per order on omnichannel vs. single-channel
Ø Customer retention rates: 90% higher for omnichannel vs. single-channel
With ever-more sophisticated companies providing the tools to manage multiple channels more efficiently, it’s becoming easier to manage an omnichannel strategy, although it is often a challenge. Users look for personalization and need to be ready to browse a physical store, view products on social media, and buy online. And if you’re not maintaining with their demands, somebody else will get that business.
User Generated content and Geo fencing
With ever-more sophisticated companies providing the tools to manage multiple channels more efficiently, it’s becoming easier to manage an omnichannel strategy, although it are often a challenge. Users demand personalization and wish to be able to browse a physical store, view products on social media, and buy online.
And if you’re not maintaining with their demands, somebody else will get that business. While the thought of selling to people supported their location is nothing new, we do expect an increase within the utilization of geo-fencing – this market is close to grow to $2.4 billion by 2023 – in conjunction with the rise of mobile use. Geo-fencing allows real-time targeting supported a user’s location.
The Face of Future: Data Analysis the backbone of Society and the changing trends
The COVID-19 outbreak has exposed the shortcomings of healthcare systems across the world. Strengthening of public health as well as data analytics, along with the integration and interoperability of data, will help us be better prepared for the future.
With increasing globalization, migration, international travels, data analysis is progressively being recognized. Within the new data-driven age, the government and other healthcare agencies can play a big role by helping build elaborate and accurate datasets on various facets of human health and other aspects.
The health sector will majorly benefit with the intervention of AI, which can help in predicting and creating, extremely person-oriented healthcare plans which will enhance the anticipation of ailing individuals. Aside from the health sector the tech sector also will reach unimaginable heights. Technology will become an inseparable a part of the human lives.
With such striking advances, it are often said firmly with little question that the prevailing market trends will drastically change. The face of the longer term market are going to be increasingly different from the present one, i.e. Data Sciences will govern the market predicting and influence human deciding , therefore, the importance and demand of knowledge analysts are set to grow manifolds within the coming generations.
Big data comprises both the unstructured and structured information kept by an entity that’s collectively overlarge for traditional systems and techniques to process. It is also associated to the speed of the processing capability.
Some businesses need insights in virtually real-time, and large data software can provide them, whereas traditional methods couldn’t. Augmented reality, computer game, Predictive models are just a few futuristic traits of the changing market
Decision making through Augmented Reality
Analysts at Gartner see augmented analytics shaping bi data future trends. It involves applying technologies like AI (AI), machine learning and tongue processing to big data platforms.
This helps firms and companies reach decisions faster and recognize trends more efficiently. Rita Sallam, president and analyst at Gartner, suggested what could even be on the horizon, “[This trend is] really about democratizing analytics … it’s really about getting insight during a fraction of the time with less skill than is possible today.”
Interactive Content Marketing
talking of instant access that brings us to a minimum of one among the fastest-growing digital marketing trends in recent times: interactive content. In 2021, we’re destined to determine a shift from traditional text-based content toward dynamic, engaging content that provides users an immersive experience. Interactive content is more engaging, more memorable and more likely to urge the results your business needs.
Content marketing is so important that 88% of B2B content marketers agree that creating content makes their audience view their organization as a reputable and trusted resource. Content marketing costs 62% but outbound marketing and generates 3x as many leads.
It has lowered up-front costs and deeper long-term benefits than paid search. Businesses even if they happen to be small, with blogs generate 126% more leads than those without blogs. Content marketing rakes in conversion rates 6 xs above other methods.
Data driven Marketing decisions
Mass, untargeted broadcasting are going to be come integral and data will be at the guts of selling strategy. Data is around us everywhere, which provides us key insights into customer expectations and buying patterns.
As more and more devices—right from cars to home appliances still be connected—it will provide brands the prospect to form smarter, customer-centric communication.
By 2025, marketers are getting to be slicing and dicing metadata for actionable insights and highly specific marketing. Brands will use complex combinations of personal data, location data and environment data to specialize in their customers with the right message at the right time on the right device
Data driven Marketing decisions
Mass, untargeted broadcasting are going to be come integral and data will be at the guts of selling strategy. Data is around us everywhere, which provides us key insights into customer expectations and buying patterns. As more and more devices—right from cars to home appliances still be connected—it will provide brands the prospect to form smarter, customer-centric communication.
In the next five years, marketers are getting to be dicing and slicing metadata for actionable insights and highly specific marketing. Brands will use complex combinations of personal data, location data and environment data to specialize in their customers with the right message at the right time on the right device.
Video Marketing, voice searches and smart searches
Video marketing is one among, if not the, most vital marketing trend today and certain for subsequent 5-10 years. One among the problems that marketers have faced in recent years is that the growing shifts to mobile devices. And therefore, video can present equivalent information during a format that works perfectly no matter the device. One among the simplest things about video marketing is that it makes it easy to reformat your content.
Adopting a voice search strategy isn’t just about remaining relevant – it’s also about creating a unique and optimized customer experience that will foster relationships and build brand loyalty.”
The increasing use of this feature has made it important for companies to rethink their digital marketing strategies in 2021. Voice search plays a crucial role in providing all the relevant information that folks are checking out through audio content. AI is getting smarter and therefore the number of errors made by voice assistants like Alexa, Siri and Google has reduced greatly.
Many firms, brands and companies are already including voice search voice in their digital marketing strategies to deliver value-based content effectively to their customers. Optimizing for voice search may be a good way to spread brand awareness, but how is that getting to convert into sales?
Well, in 2021, we’ll see more businesses attempt to tap into this potential, experimenting with new ideas to use smart speakers as a lucrative channel for driving sales.
The New Normal
As the Pandemic hit and held our lives at a standstill, companies and organizations came up with various strategies of selling to spice up their sales, which is now termed because the ‘new normal’. Which started only are a substitute alternative, now seems to possess made its thanks to the trends of the new market.
Brands and corporations are coming to terms with a tough truth: the ‘new normal’ is – perhaps ironically – getting to be prolonged period of uncertainty. The longer term of labor is looking pretty bright, a minimum of within the medical sector and software developers.
Many medical and tech jobs are likely to stay growing within the next several years, and pay handsomely also. Many professions are predicted to be high in demand within the health, tech and services sectors. These include statisticians, healthcare experts, technicians, engineers, software developers etc. Software development, AI and robotics are thought to be subsequent big thing
Right now you’re reading this text on some quite computing device- phone, tablet or laptop. That wouldn’t are possible without a software developer writing the specified lines of code for your device or application.
Solving problems is that the most focus of software development. Finding ways to automate tasks and improve human interaction with technology are getting to be a neighborhood of your daily duties. While having a relevant degree can assist you, it’s not a requirement.
There are many successful software developers earning a comfy living without degrees. And if you’d wish to be like them, you’ll need to invest during a course and become certified (if necessary), to prove you’ve the required skills.
Technology will continue growing at a rapid pace. And software developers are in increasing demand. Data Analyst and Statisticians analyze and apply data during an enormous sort of fields. Utilizing advanced knowledge of statistical interpretation, prediction and arithmetic, statisticians work with government, research institutions, universities, finance and insurance companies, healthcare services and consulting services.
Statisticians predict trends and outcomes, anticipate problems, trace problem to their source and develop models of prediction. Statisticians predict trends and outcomes, anticipate problems, trace problem to their source and develop models of prediction.
To perform these roles statisticians must design experiment, surveys and polls, must apply mathematical and statistical principles and process creativity and important thinking skills. With organizations of all sorts and sizes relying on statisticians to help in making key decisions, the world is predicted to grow significantly over next decade.
Along with the above mentioned the sector of banking, management and services too, will notice a hike employed. Various MBA specializations are granted within the same. The domain of finance and banking includes portfolio management and security & investment analysis. MBA graduates can find jobs in banks, insurance companies, security firms and various financial organizations.
A number of the foremost prestigious companies that provide jobs in this domain are Barclays, RBS, Nomura, JP Morgan, Goldman Sachs etc. As far, the banks concerned, jobs are available in both public and private sector banks. For getting jobs in various sectors, students need to clear the recruitment exams conducted by the respective banks.
For jobs privately banks, students got to participate within the selection process conducted by banks that involve conference, Personal Interview, written Ability Test etc. service industry may be a promising field also, if one is sweet at problem-solving, jobs in service industry are best suited for them.
The responsibility of graduates in commission industry is to unravel organizational issues. He/she is additionally responsible for embracing fresh ideas and new problem-solving methods. a number of the favored companies that hire MBA graduates as management consultants are Cartesian Consulting, People Strong, Deloitte, Michael Page, Infosys industry , PwC, KPMG, BCC (Bain) and Cognizant Business Consulting
Employment Scope in MBA
Many major Organizations and Multinational Companies have recognized the changing shift within the face of the approaching markets and have began to customize and make changes accordingly to suit within the coming world. Both indigenously and internationally companies have began to employ highly trained and aspirants who posses specialized skills in their respective fields.
The necessity of employment of highly trained and specialized individuals have given a lift to the specializations hauled within the MBA courses, from marketing, to tech to healthcare. The recruitment of such graduates enhances and improves their services, consultancies and overall results of the market by boosting revenue.
Companies recruiting MBA individuals Internationally
Apple: Apple is understood because the world’s largest IT Company. Aside from judging candidate’s skill and knowledge within the relevant subject, the recruiters of Apple search for professionals who understand the stress of the consumers and are willing to find out and are able to add a team.
• Amazon: Amazon is understood because the world’s largest cloud infrastructure service. It’s also known to be one among the highest recruiters of MBA professionals in India. MBA graduates with excellent analytical skill and artistic bend of mind are picked up by Amazon with astounding pay packages. Usually, the competent professionals are absorbed in Marketing, Retail, IT and HR division of the corporate.
- Deloitte: Deloitte is understood to be the world’s largest professional services company supported revenue. Per annum, it absorbs skilled and proficient MBA fresher’s under its fold and offer them good remunerations. The MBAs can get to figure here in Technology, land and Retail sectors aside from providing consultation. Candidates with excellent academic records, leadership skill, analytical skill and extraordinary communication skill are hired by the corporate to fill a number of its leading positions.
- BCG: The Boston Consulting Group is one among the highest recruiters of MBA students with offices in 45 countries. While selecting candidates, the recruiters not only consider their academic excellence and skills but also check out their extracurricular activities, innovativeness and dedication towards the organization, resilience, adaptability and language skill.
- J P Morgan: JP Morgan recruits professionals for various positions in investment, sales, private banking and research operations. Being one among the most important banks, J P Morgan conducts Winning Woman MBA Internship Program, which helps female MBA students to return up as successful women professionals. It not only employs Management graduates from the financial sector but also from other sectors.
- Microsoft: the most important global software maker Microsoft started its journey in 1985. It hires the absolute best number of MBA for various positions in finance, marketing, operation and sales for its offices across 70 countries. Candidates with a minimum of seven years of experience within the industry are preferred by the company. The chosen candidates are then provided training to be suitable for full-time jobs within the corporate.
- Morgan Stanley: Morgan Stanley may be a global financial service provider. It recruits MBAs with a financial background with the absolute best payment offers. It also conducts summer internship programs for the aspirants.
Companies recruiting MBA Individuals indigenously
Reliance Industries Limited: RIL selects the simplest talents for corporate jobs in its IT, land, telecommunication and various other sectors. In RIL, candidates get exposure to showcase their skills and skills and within the process experience career growth. Candidates who possess the analytical skill, excellent communication skill, an eye fixed to review the changes in consumer behavior are successfully absorbed in RIL.
- Tata Consultancy Services: TCS is one among the leading Indian recruiters with employees working in 46 countries worldwide. It hires best talents from the renowned B-schools of the country for a few of the leading positions within the industry with the very best remuneration.
- Wipro: Wipro is one among the front runners among the leading global information technology, consulting and business process services companies. Per annum representatives of Wipro visit the highest rank B-schools to settle on skilled and competent candidates for various job positions, offering them an important pay package. Like other recruiters, Wipro, too, looks for young enthusiasts who would contribute successfully to the expansion of the corporate.
- Cognizant: Cognizant India may be a global business house that gives technological and business solutions to a good range of clients across the world. It hires skilled and efficient MBAs for its offices in several countries to supply business and technological solutions. While interviewing the candidates, the recruiters judge their communication skill, observation power, innovative skills along side academic qualifications.
- Infosys: With experience of more than three decades Infosys is serving its clientele in their digital journey. Ever since the inspection, Infosys is striving for growth and customer satisfaction. Infosys is one among the highest recruiters of management professionals. It provides excellent opportunities to candidates who have an ingenious bend of mind, analytical skill, perseverance, ability to review the market strength, etc.
Besides, there are other renowned companies hiring managerial talent from leading B-schools like Hindustan Liver, KPMG, Accenture, Larsen & Toubro, Aditya Birla Group, Axis Bank, HDFC Bank, etc.
Conclusion: MBA the Gateway to the New Marketing
It can be fairly concluded that to keep up with the changing trends of the world, the students must and should be kept up to date with the changing technologies by doing specialized and increasingly data- centric courses and diploma.
The new normal would force people to enhance their knowledge in the field of Artificial Intelligence, Data Sciences, AR and VR. The face of all sectors and corporate, be it private and government are set to change, and to keep with this demand aspirants will have to inculcate intensely intricate and oriented skills.
Companies now want to recruit highly versatile individuals that could cope up with the increasing demands of the world of market and services. It is advisable to teach students and aspirants basic soft skills and encourage them to pursue the route of technology and science, for statistics have shown these sectors to boom in the coming future.
Aspirants should make sure to specialize in the various fields to meet up with the rising and changing factors of the world of marketing. Specializations in data sciences and analysts promise a bright future. Major sectors are changing at a great speed and MBA offers to promise to inculcate the prerequisites for the same. Specializations in MBAs are the next big thing in the future that will help individuals to cope up with the changing marketing trends of the world.
