Navigating the Technological Wave: Insights from Dr. Sachin Deshmukh on Business and Career Growth

The world of business is in a constant state of change, where what is considered new today becomes history tomorrow. Amidst this ever-changing landscape, there is one constant that remains unchanged: technology. Over the years, technology has witnessed significant growth and has had a profound impact on businesses across diverse industries. Factors such as Internet Usage, Mobile Technology, Computing Power, Automation, and Artificial Intelligence have played vital roles in fostering business growth and opening up new avenues of employment.

In an exclusive interview with Dr. Sachin Deshmukh, the Director of Vivekanand Business School in Mumbai, we delve into various captivating topics concerning technology and its influence on management education. We explore how technology has created new employment opportunities and facilitated the career growth of management professionals.

1. How has technology influenced the relevance and role of MBAs in the current business environment, based on your significant experience in the field of management?

The traditional MBA was the outcome of industrialization in a number of countries across the world. Scientific management was the need of the time in the previous century. Scientific management is the need of the time even today. We can see it in the fact that Human Resources Management, Leadership, Operational planning, and Accounting are still the core courses in management programs. But a revamping of the management courses and making them tech savvy is the need of the time.

An important fact is that the technology is gaining much traction in the world of business. The business schools are expected to produce tech savvy leaders who can create a meaningful impact, both on business and the society. The most valuable companies in the world are the digital platform companies who are leaders in artificial intelligence (AI). 

Whereas in the first half of the 20^th century, management graduates had to manage the productivity transformation of their firms, and in the second half the global transformation of their firms, now in the 21^st century they have to manage the digital transformation of their firms and applaud the power of artificial intelligence.

PCs are incredible tool that are capable of multi-tasking. For businesses, computers can help in data storage, data processing and analysis, business research, production, human resources, marketing and advertising and the list continues. Data management, visualization and data analysis has become a game changer for organizations. In fact organizations are using analytics to build their competitive advantage.

2. What specific technical skills do you believe are increasingly important for MBA graduates to possess in order to succeed in technology driven industry?

Every manager has to take decisions by analysing data. He/she is expected to be well versed with Microsoft Excel. Data visualization tools have become popular in the recent times. Besides having domain knowledge, every student is expected to have skills of at least one or more visualization tools like Tableau, FusionCharts, Datawrappers and Microsoft BI.

Those students aspiring for jobs as business analyst, data scientist should possess knowledge of Statistics, Python or R (Python preferred), SQL, Hadoop, Machine Learning Algorithms and Cloud Computing.

3. In what ways do you foresee technology continuing to influence the MBA landscape in the coming years?

Technology is an integral part of modern business and its impact on the future of business management cannot be overstated. Technological advancements have led to significant changes in the way a business operates. Industry 4.0 is expected to make major changes in manufacturing in the time to come. Automation shall be in focus in manufacturing sector. Digital transformation is next change expected. Digital transformation involves the use of digital technologies to improve the business processes, enhance customer experience and create new business models. Technology has helped businesses to go global. This trend of globalization will continue in the future as well.

Technology has also had a significant impact on customer experience, enabling businesses to provide personalized, seamless, and convenient services to their customers. Advances in customer relationship management (CRM) software, mobile apps, and social media have made it easier for businesses to interact with their customers and understand their needs and preferences. Managers need to have a good knowledge of customer engagement technologies to create a loyal customer base and gain competitive advantage.

Technology also pose new security challenges to businesses. Cyber security threats such as data breach phishing and malware attacks have become more frequent. Managers should have a good understanding of cyber security risks and measures such as encryption, firewalls and incidence response plans.

4. From your perspective, what skills are necessary for MBAs to succeed in technology driven industry, and how are MBA programs incorporating these skills in their curriculum, specifically from VBS perspective?

The landscape of business and industry is continuously evolving. Organizations are facing innovation disruptions from technology every day. Therefore it becomes essential for business leaders and management to inculcate a basic understanding of technical tools. Some relevant skills an MBA should possess are given below

Data Visualization: To understand the basic behaviour of any variable under study, data visualization is the good option. Students can develop data visualization skills on software like Tableau, FusionCharts, Datawrappers and Microsoft BI.

Programming Languages: Data Analytics, Artificial Intelligence and Machine Learning Algorithms are used for analysing data. Programming languages like Python and R are popular languages in Analytics. Students interested in making their careers in Analytics are expected to know at least one or both the languages with Python preferred. At VBS students are also exposed to tools like SQL, Hadoop, and  Cloud Computing.

Financial Forecasting: Finance students are expected to know Statistics and R programming. Time series analysis play an important role in analysing financial data.

Domain Expertise: At VBS, the curriculum offers to its students an opportunity to learn Marketing Analytics, HR Analytics and Operations Analytics. These can be used to create competitive advantage for an organization.

5. How do you anticipate employment market evolving in the coming five years, and what impact will that have on B – School placement? What type of profiles do you anticipate will emerge?

The past two years have seen a clear acceleration in the adoption of new technologies among the companies surveyed. Cloud computing, big data and e-commerce remain high priorities, following a trend established in previous years. However, there has also been a significant rise in interest in encryption, reflecting the new vulnerabilities of our digital age, and a significant increase in the number of firms expecting to adopt no-humanoid robots and artificial intelligence, with both technologies slowly becoming a mainstay of work across industries. Artificial intelligence is finding the broadest adaptation among the Digital Information and Communications, Financial Services, Healthcare, and Transportation industries. These new technologies are set to drive future growth across industries, as well as to increase the demand for new job roles and skill sets.

Following is a list of new job profiles that will be in high demand in the next five years.

                Job profiles that will be in high demand in next five years.

Emerging roles clustered into the jobs of tomorrow

6. Finally, what advice would you give to someone considering pursuing MBA in today’s technology-driven business world?
Organizations are facing innovation disruptions from technology every day, right from their designs to supply chains. Therefore, it becomes essential for business leaders and managers to inculcate a basic understanding of technology. Aspiring students should look out for MBA curriculums which are imparting technical literacy.

Every recruiting organization expects the students to be strong in analytical skills and the interpretation of statistical reports. Therefore the advice to the students shall be to develop skills in statistics, data visualization and analysis. Having programming skills shall be an added advantage as one can pursue career in Artificial Intelligence and Machine Learning.

The mantra ruling the business world currently is “Data is the new oil.” Certain industries are booming, and data is the reason behind their exponential growth. One of the top tech skills for management students is to command proficiency in analytical tools like R, SPSS, SAS, Python and Tableau.

Also Read: ​Lifting the education bar, one MBA at a time: Interview with Dr. Sandeep Bhardwaj, Dean of Vivekanand Business School

Discover Why PGDM is the Best Fit for Future Business Leaders: Student Reviews and Insights, Ft. Vivekanand Business School, Mumbai

Accelerate your career growth with VBS MBA in Business Analytics

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