Data Science in Management: The Future of Business

Many business models were influenced by digital transformation and emerging innovations have rendered previously viable business cases, outdated. As a result, many organisations had to focus on cost-cutting, which implies greater process optimisation. Though many industries are considered efficient, the future of business would predictably undergo vast changes through technology intervention by means of automation, level-5 optimisation and best-in-class efficiency in their operations and product and service delivery.

One of the most popular emerging technologies that is sought-after with various opportunities is undoubtedly, data science. According to the US Bureau of Labor Statistics, employment of data scientists is expected to grow by 15% in the year 2029, much larger than the 4% average for all the other occupations.

Data is being used by an increasing number of businesses to improve their business outcomes. Data science is about more than just technology - from the pharmaceutical industry to retail, manufacturing to aviation, every industry today collects user data that is analyzed to make the best of business decisions. Data science is a broad term that does not refer to a specific skill set, however it is a career path that is quite similar to the role of an analyst or a technologist.

In connection to the above ideology, data science is vital in managing organisations that are in demand for improvement in their daily operations through effective data-driven decisions. It entails plotting an incremental process of extracting insights from data, using scientific methods and highly automated software infrastructures in order to achieve the necessary business outcomes.

Since data science is primarily a vast set of multiple data operations, data scientists are well equipped to comprehend the modern business environment by applying significant data analysis tools, in order to build efficiency and better performance-based outcomes. Data science in management therefore helps the next generation of business leaders convert data into better business decisions.

Data - The Inevitable element:

In the new world of possibilities, effective decisions are not possible without the intervention of human intelligence. Although technologies play their part, without the back-end thinking undergone by human minds, a tool is mere software. As an outcome, organisations require a provable hand with critical thinking that aids in data-driven decisions.

The essential ingredient in one’s career as they progress is that you learn and also unlearn many at times. What becomes unstoppable is that new tools will emerge and technology will continue to evolve, so one must continue to up-skill and relearn.

In the real world scenario, candidates are hired to accomplish tasks like forecasting market trends, increasing sales conversion rates, and charting business development goals. As next-generation business managers the usage of data science must be encouraged to generate better problem-solvers for the future, along with the notion to use data responsibly.

Here is a list of top-ten data science careers one could seek for,

1. Data scientist
2. Market Research Analyst
3. Data Analyst
4. Chief Data Officer (CDO)
5. Data Architect
6. Statistician
7. Data Mining Engineer
8. Chief Technology Officer (CTO)
9. Application Architect
10. Product Manager

With the ever-growing demand for data scientists and technologists who are by profession, marketers, engineers, analysts, the role of a data-driven change-agent is to effectively use the different tools applicable for daily operations and to interpret the different objectives that are set by changing environments.

Following are the few core data science skills owned by MBA professionals

1. Big data analytics
2. Data modeling & Data visualisation
3. Machine learning & Programming
4. Advanced Statistics
5. Critical Thinking & Decision-Making Skills

In the field of management studies, data science is a great choice of specialisation along with the right mode of mentorship and with real-time learning environment that plays a prominent role in providing a plethora of learning-by-doing experience.

Only a few business schools in the country offer quality management education in the field of data science that contains a great balance of research as well as, practice. With more industry exposure, practical and real-world education opportunity, experiential methodology, and a pedagogy filled with innumerable success and failure case studies, ISBR is one of a kind b-school that offers your management education in the field of data science and more.

Note: The views expressed in this article are that of ISBR Business School and do not reflect/represent those of Shiksha