AI in digital marketing: Future of AI in the marketing industry? Posted on July 31, 2022June 13, 2023 by Online Manipal Editorial Team As they say, ‘necessity is the mother of invention’, and we have witnessed prompt and prodigious advances in the digital marketing industry. Likewise, the hype for artificial intelligence seems to get cosmic every year. But do you know the impact of AI on shaping the future of digital marketing? According to a survey conducted by Fortune Business Insights, the annual AI in business and marketing growth is expected to be 32.2% between the years 2020-2027. Digital Marketing is the perfect platform for artificial intelligence, given its ability to generate enormous data and its establishment in working with them. AI consistently continues to upswing, and it will gain an inevitable role in the future of the advertising world. What is Artificial Intelligence (AI) marketing? Have you ever used Google Assistant, Siri, or even Bixby in your life? Maybe you would have instructed Google to set your alarm for six the next morning or might have asked Siri about the latest news on NASA. And as your digital personal assistants, they will respond with relevant information by either going through your device or searching it on the internet. This is one of the simple examples of Artificial Intelligence. In simple words, Artificial Intelligence or Machine intelligence is the process of building and managing a system to make decisions autonomously and carry out various functions on behalf of a human being. How does AI help marketing? Artificial Intelligence has been covering an enormous part of our daily life activities. Similarly, businesses are taking steady yet significant steps in adapting AI in digital marketing. It has already modified the way brands communicate with customers and how campaigns are made and managed, from assisting businesses in developing effective strategies to influencing the customers’ life through chatbots. Here’s how Artificial intelligence is impacting the marketing industry. Enhance productivity You can implement the AI algorithm to automate numerous, monotonous activities. It will increase your productivity and save your precious time and money. Boost efficiency Offering AI-powered support tools to the staff will allow them to boost the quality and quantity of their work. Artificial Intelligence helps the staff handle repetitive tasks like identifying and separating leads from campaigns, answering the FAQs from customers, data input, and more. Increase ROI As many activities are automated with Artificial intelligence, it will lower the costs and increase profitability. The role of AI in the organization will facilitate a better decision-making process and aid in creating higher-converting content. What will the impact of AI be on the marketing industry? Recent analyses have even predicted that It will revolutionize the way digital marketing is being used in the future, thereby optimizing the creation of marketing campaigns, streamlining them, and preventing human errors. The scope of advanced AI in marketing companies is massive due to its ability in various aspects, from producing targeting interactive intelligence advertising to automating time-consuming tasks. Even though artificial intelligence is a powerful tool in the digital marketing industry and has ultimately aided in the overall process, it still has to reach a long way in terms of convenience and efficiency. How will AI shape the future of marketing? The development of AI is still underway in the marketing field, and there will be a positive impact. Although it can handle any complex task, what is the future of AI? Increased applications of AI across marketing don’t reduce the employment chances of individuals. Instead, it will enhance the job description with smarter data that needs smarter employees. And it ultimately improves the customer experience and boosts the brand’s profitability and productivity. Considering such benefits, various business verticals, from finance to technology and even retail, have begun to experience powerful artificial intelligence to predict and forecast future trends with the relevant data and identify potential threats. Despite their impressive features, AI technologies are still in the beginning stages. With this tremendous potential, AI is expected to contribute $15.7 trillion to the global economy by 2030, based on PwC’s Global Artificial Intelligence Study. 11 ways AI will change the future of marketing As we live in an age where industries constantly evolve, artificial Intelligence is still an unclear tech word for many. The rise of AI in digital marketing is upon us. Smartwatches to self-driving cars can stimulate human experience to new heights. Future of AI in business & marketing Content creation The secret of successful marketing doesn’t rely only on finding and reaching appropriate customers but also reaching them with the right message at the right time. It can be accomplished by undergoing effective marketing research to understand the customer’s standpoint, including their needs, age, group, education, and more. This is where Artificial Intelligence becomes important in delivering content like landing pages and consumer blogs with pinpoint precision that will likely capture the customer’s attention and enhance customer journey. Moreover, brands can promote their content marketing strategies and better personalize marketing messages. Predictive analytics Predictive analytics can be applied to the data organized from social media or web matric to build a better product or service. With growing technological innovations, artificial intelligence can successfully predict the changes in digital marketing to improve the advertising campaign. AI can process millions of social media trends and posts and find similarities in the used texts, images, and even hashtags. Even though it still needs some human effort to interpret the finding, the application is subtly fascinating. This will allow the marketers to adapt whenever there is a change in market behaviors, improving the brand’s performance as more data emerges. Better advertisements According to the Garter Analysis, 50% of the analytical decisions will be made over simple verbal interaction within the next five years. Unlike the traditional marketing approaches, AI-induced marketing will enable businesses to adapt to the changes in marketing and classified approaches. AI in digital marketing holds a colossal role in the growth of start-ups, allowing them to explore various opportunities. AI aids them in working on different thought processes, innovating new solutions, and delivering better marketing advertisements. Product recommendations Product recommendations are one of the most common uses of AI in digital marketing. Even though it was initially used in music content sites, it has extended its presence in most industries, given its exemplary growth advantages. Here, the AI combines humans’ tech intelligence and creativity to engage with customers at a personalized level to make them feel compelled to engage with your brand. Nevertheless, the AI in digital marketing knows about users’ preferences and pushes the product in front of their eyes that will exactly fit the preferences. This will not only help you craft better target content but also greatly cut down the bounce rate and increase the chances of conversions. Better customer service Many people are on social media, which pushes businesses to take place online with social media marketing. In digital marketing, one of the important aspects of attaining success is understanding the customers’ behavior and needs precisely. Artificial intelligence plays a significant role in helping marketers take customer service to the next level by leveraging more data insights. It also allows entrepreneurs to offer a more personalized experience to their customers. AI can quickly identify and adapt to the information pattern of the customers, including their past shopping history, preferences, credit scores, and more. With actionable sales intelligence, AI stimulates customer engagement in a real and impactful way. When you have communication with such prospective buyers, the entire sales process and customer service will be as smooth as possible. Augmented and Virtual Reality marketing Augmented and Virtual Reality or AR/VR modes of marketing have been in use for a while, but still, they are somewhat considered to be a novelty among consumers. However, in the future, these innovative technologies will not only rule the entertainment world but also be used in the practical application of the marketing world. Nowadays, we can see more companies embracing AR and VR, realizing how impactful they can be in terms of their marketing strategy. For example, certain furniture shops allow their customers to fix their choice of furniture in their own homes in the virtual world before buying it in the real world. Similarly, several fashion brands and opticals adapted to AR/VR by creating apps for customers, enabling them to try different options in the comfort of their homes. Voice search using NLP The world is moving to mobile, and AI-powered virtual assistants are growing proportionally. According to a recent survey, around 60% of customers prefer to use voice search to find information about a business, while half implement voice-based search to identify the local business to fulfill their needs. Since people want to switch over to a hands-free method of data input and are comfortable using voice commands, AI technology has been designed to understand human speech using machine learning algorithms. For instance, Google’s algorithms are proven to recognize human speech with an accuracy rate of 95%, similar to the same intellectual level as another human being. Automated decision making There are many challenges when it comes to making decisions in marketing. To make the best one, you need to discover and understand the customers’ specific needs, desires, and behavior. It is also crucial to alter the desire or needs of the consumers, which will guide you to make the best marketing decisions in both the short and long term. With Artificial Modelling and simulation techniques in digital marketing, it will be possible in the future to enable reliable insights into your customer personas. This will ultimately help predict an individual’s behavior and support decisions through up-to-date and real-time data gathering, analysis of the latest trends, and forecasting. Email optimization AI helps businesses to personalize their email marketing efforts with better content, maximizing their marketing success that is designed to based on user preferences. It will allow the brand to deliver relevant emails to customers’ inboxes triggered by their actions and behavior. They can use various tools to analyze and optimize the campaigns to reach the right customer at the right time with the relevant messages. It can also allow you to design an email with subject lines, product recommendations, designs, and images to get the best results. Bidding on programmatic media buys Online advertising has evolved from a simple transition to a complicated one due to today’s huge ad network. The combination of Artificial Intelligence custom bidding and programmatic buying will unlock the true potential in digital marketing. Unlike non-AI algorithms, AI can readily learn and adapt to the actions based on the new marketing patterns, which are highly suitable for the real-time environment of programmatic advertising. When they are combined, it will be easy to drive efficiency through data analysis, campaign, and AI-based custom bidding algorithms. Dynamic pricing model The dynamic Pricing Model benefits customers as well as businesses when the demand for a product or service is down. AI’s role in pricing strategy involves the determination of a product price based on the demand and supply. A chatbot in an app or website will monitor the predictive analysis through cookies, history, searches, and other activities to deliver you real-time pricing. For instance, when it comes to marketing unoccupied hotel rooms, dynamic pricing can offer competitive pricing compared to other brands to attract customers. Challenges in adopting AI for marketing AI is becoming more accessible to the advertising industry today, enabling it to grow the brand and meet the expectations of target audiences. However, it is also irrefutable that AI has to face some challenges to keep the brands in the high ranks. Some of them are listed below, Access to high-quality data AI may not have the capacity to know to take the actions automatically to achieve overall marketing goals. It will take time and high-quality data to learn the goals, customer preferences, and trends. If the AI marketing tools are trained with high-quality, timely, and accurate data, they tend to make less optimal decisions and decrease the value of the technique. Balancing accuracy Just because they are advanced technology, the predictions from AI don’t need to be as accurate as possible. It means that a wrong prediction can be extremely expensive in some cases. Likewise, precise forecasts can create more value in some conditions than in others. But this issue is often overlooked, leading to expensive mistakes which can be avoided by selecting the right approach. Detecting problems for business As mentioned above, AI could be a distinctive marketing tool, but it cannot identify and provide solutions for every problem. If you are integrating AI into your business without any insights and objectives, it will lead to failure. Hence, be sure to add the technology with clear objectives to achieve success with relevant metrics. Complexity Time and complexity have a prominent role in marketing using AI technology. Brands need a lot of time to build and sustain machine learning solutions. If the data is scattered, you need to combine it by successfully extracting, clearing, and reformatting the data, eventually removing the complexities. Model deployment and operations AI is still a new tool in digital marketing. The initial model deployment and operations costs will be higher, and the teams will need more time and training facilities to drive the best outcomes from it. Maybe we can say that AI is still in the stage of growth, which has a long way to go. Lack of AI professionals As AI technology brings more success to marketing, it requires the support of highly efficient employees to operate and match the information required to perform functions effectively and efficiently. However, there are not enough skillful individuals to think, learn and operate these smart tools. Resource investment Resource investment has always been an issue in the AI marketing sector due to its expenses and execution. AI is not channel-based but case-based. Hence if you want to run a search engine on your site, an effective algorithm would be the best choice for marketing. IT infrastructure insufficiency AI forms a huge amount of information that demands a strong IT framework. Moreover, an effective AI-driven marketing procedure needs high-performing hardware, frequent updates, and maintenance to assure the results. Therefore, insufficient IT infrastructure could be a hindrance, especially for small businesses. Learn M.Sc in Data Science from Online Manipal Enroll in the brilliant Master’s Program in Data Science offered by the Manipal Academy of Higher Education (MAHE) with Online Manipal. The course is led by expert educators who thrive on equipping the students with the latest skills and knowledge in the industry. During the course, you will be trained to become highly proficient in Data Science, which will have a positive impact on your career goals. There are various predictions made by professional experts about the role of data science in revolutionizing Artificial Intelligence and machine learning soon. With our comprehensive curriculum and world-class facilities, we ensure to create an enriching learning experience and exposure for the students, helping them to gain a competitive edge in the AI marketing platforms. Key takeaways: AI has dramatically reshaped the landscape of marketing and will increase the opportunity for marketers to transform the dynamics of digital marketing in the future. This latest technology unveils that there is still untapped potential in advertising and marketing a brand. Is Artificial Intelligence the future of marketing? Since technology transforms too fast, it is difficult to predict the future. However, it is well-known by now that Artificial intelligence can significantly aid and enhance the future of marketing in India. Therefore, AI in digital marketing will continue to evolve and change the way businesses advertise their brand. In this fast-paced world, it is important to stay ahead with the latest trends and embrace new technologies today to reap the greatest benefits tomorrow.
How a degree in journalism would benefit in a fast-changing media scenario Posted on July 30, 2022January 11, 2023 by Dr. Shabana Mansoor Are you at the crossroads after class 12? Or yet to decide upon the stream of your choice that would ensure professional satisfaction? A small introspection would do. What are your academic inclinations – arts, science, maths, or commerce? Would you prefer augmenting it with creative thinking and media specialisation? If yes, let’s discuss this further. An oft-heard statement about journalism in the past is that ’journalists are born and not made‘. It doesn’t truly hold good in this era of citizen journalism and social media. Yes, some people who stand out are those who have an innate skill in communication and delivery of information. But for a majority, education in the right direction, proper training and hands-on experience help them mould their skills in the media. That lays emphasis on the importance of understanding the various avenues of mass communication and journalism and the myriad possibilities it opens in the professional arena. Over a period, the term media has become synonymous with entertainment. Now, Media and Entertainment is the most preferred career choice. Earlier, it was the traditional media which ruled the roost. The electronic media encompassing radio and television and the print co-existed with one complementing the other for decades. An inquisitive and alert mind and a passion for writing, photography or videography made one a media professional with no major qualification in the discipline. The craft was primarily mastered hands-on during those days. Transformation in the Media & Entertainment industry Technological advancements have made a remarkable change in the media scene. With the advent of the internet and smart devices it collaborates with, it is the infotainment platform which has benefited the most. Marshall McLuhan’s ‘Global Village’ assumes greater connotations in this age of information revolution. It is in this context that the relevance and importance of a profession in the media world gain momentum. Unlike the traditional media where there are gatekeepers for every bit of information disseminated, the digital domain offers an open world to the self-proclaimed writer, blogger or citizen journalist. The news dissemination power of social media needs to be reckoned with, even while not overlooking its shortcomings, such as fake news and disinformation. For the same reason, it makes it least mandatory for anyone to be qualified in the journalism discipline to be a storyteller or news disseminator on social media. It is here that systematic training in the theory and practice of mass communication and journalism comes to the fore. Though waning in popularity against the overpowering digital media, the traditional media competes with the former with its fact-checking, objectivity and ethical features. Demand for skilled professionals is on the rise A few statistics from the Indian Media and Entertainment (M&E) industry will throw light on the importance of acquiring a degree in Media Studies / Mass Communication and Journalism. The growth rate of the M&E sector in the country stood at 9 per cent, while the GDP growth of the nation was at a staggering 4.2 per cent in 2019. This indicates the great opportunities offered by the media industry for future journalism and mass communication professional in the country. Quality content is what firms and agencies look for, and proper orientation and training in media studies will help you earn the skill. Continuous research, fact-checking, and editing skills can be mastered once you adapt to the journalism stream. Since a degree course brings a broad spectrum of professional spheres such as print media, audio-visual communication, digital media, photography, videography, content writing, public relations, corporate communication, advertising, data journalism, film studies, script writing etc, to name a few, a media aspirant is provided with diverse choices, either interconnected or individually distinct. ALSO READ: Why choose a Master’s in Journalism and Mass Communication Specialisations in exclusive fields like international communication, health communication, educational / development communication or in various beats such as political, crime, sports, investigative, business, courts and others further widen the spectrum of choices. Know-how of different yet related streams will equip you well for any future challenges. Wading through report writing for production, management, PR, and marketing, the fluid form of the discipline prepares one for an array of professional skills. The area of specialisation may be zeroed in on depending upon one’s passion and interest and then a related profession identified to perform to the best of your abilities. It may be recalled that even during the days of the pandemic when many mainstream businesses and ventures faced closure, new tools and forms of communication emerged. The increased media consumption at home unravels new opportunities and possibilities in the realms of communication and media. Having said that, one needs to be extra vigilant before deciding upon an institution which offers bachelor’s and master’s degree programmes in journalism and mass communication. Recognising its wide possibilities, journalism courses are being offered by higher education institutions in all nooks and corners. Full-fledged studios, exposure to different streams of the discipline, hands-on training with industrial experts, and intensive theoretical and practical coaching by academic experts are critical parameters that determine the quality of a media institute. An earnest mind, boundless energy, inquisitiveness to know and learn new things, adaptation to fast-paced technological changes and proper guidance from the experts will do the rest. So, stay focussed, and take a plunge into your career of choice!! References: https://www.stoodnt.com/blog/future-communication-pr-journalism-digitization-social-media/ https://www.allartschools.com/5-reasons-journalism-degree-matters/ https://www.greatvaluecolleges.net/lists/5-ways-journalism-has-changed-over-the-years/ https://comm.stanford.edu/journalism-masters/
India: A start-up-friendly nation for youth Posted on July 30, 2022November 16, 2022 by Online Manipal Editorial Team Gone are the days when educated youth were targeting only salaried jobs for a peaceful and stable life. With the onset of globalisation, entrepreneurship has opened new opportunities, which have seen further momentum with the advent of cutting-edge technologies. Entrepreneurship is not a new passion for many as they have family roots, but a typical Indian family remained hesitant about starting a business enterprise. Marwaris, Gujaratis and Punjabis are among a few who are known for their business skills and risk acumen. Entrepreneurship for nation-building As we know, the social environment also plays a crucial role in the growth of entrepreneurship vis-a-vis the positive political and technological environments. Families are now supporting first-generation entrepreneurs, and individuals from various walks of life are coming up with innovative ideas to start their own start-ups. Today, after graduating and post-graduating from premier institutions like IITs, IIMs and others, many individuals start their own business enterprises confidently. Entrepreneurship is essential to solving many social problems like unemployment, substandard products, overpricing, monopoly etc. It also contributes to nation-building. On one hand, entrepreneurship provides an excellent opportunity for growth, and on the other hand, entrepreneurs remain independent. Many young people have joined this field to convert their passion into a profession or to contribute to socio-economic development. An entrepreneur is an individual who is ambitious, knowledgeable, risk taker, leader, innovator, hard worker, and passionate. Such individuals have the zeal to achieve and contribute back to society. In the twenty-first century, there is an encouraging scenario for business enthusiasts to become entrepreneurs. Government interventions and growth potential Despite a significant presence of Indians in the world economy, the western world came with innovative technologies, ideas and products and dominated world trade. Central and state governments in India implemented various policies to create more and more opportunities for Indian innovators and entrepreneurs. Various schemes such as MSME RuPay Credit Card, Pradhan Mantri Mudra Yojana (PMMY), Multiplier Grants Scheme (MGS), Credit Guarantee Fund Trust for Micro and Small Entreprises (CGTMSE), Software Technology Park (STP) were introduced in this regard. The Venture Capital Assistance Scheme (VCA) are playing a significant role in entrepreneurship development. As a result, from about 750 recognised start-ups in 2016, we have over 60,000 start-ups in the year 2021. Department for the Promotion of Industry and Internal Trade (DPIIT) is optimistic about creating 2 million jobs in the coming years through these start-ups. Along with all traditional areas, sectors like tourism, automobile (especially EV), textiles, social ventures, software, engineering goods, retail, healthcare, fitness, education and training etc., have enormous potential in Tier-II and Tier-III cities. In 2020, the travel & tourism contributed USD 121.9 billion to the GDP with an annual growth rate of 10.35%. This sector accounted for 8% of total jobs in India (about 39 million jobs). The Auto & Auto Component industry contributes around 7% to the country’s GDP and is expected to grow 12%, as per the Automotive Mission Plan 2016-26. Accordingly, the electric vehicles industry is likely to create five crore jobs by 2030. Similarly, in textile, almost four crore people are employed across the textile industry across the country, and the current size of the industry is INR 10 lakh crore. The sector has potential to grow to INR 20 lakh crore in the coming five years. Courses to build future entrepreneurs Several universities and institutes have started programmes in entrepreneurship to shape the future of budding entrepreneurs. Master of Business Administration (MBA) is the most coveted programme that help candidates gain all the business and management skills to realise their entrepreneurship dreams. Even though most MBA programmes include some elements of entrepreneurship in the curriculum, entrepreneurship is now an independent specialisation.
Why choose an MBA in Finance? Posted on July 29, 2022August 7, 2023 by Online Manipal Editorial Team Getting an MBA degree seems logical for individuals who want to advance in their careers. No matter what sector you are currently in, you can still profit from an MBA in Finance. Given the time and money required, some might question whether getting an MBA in Finance is worthwhile. The benefits of an MBA in Finance are plenty, as it helps to develop the leadership qualities necessary to thrive in the field, especially for those who want to work in managerial roles in financial firms or as entrepreneurs. The MBA specialisation in Finance is the most apt MBA programme for individuals interested in Finance. It provides a wide range of opportunities in various fields, including insurance, banking, investment, and the stock market. The MBA in Finance is currently a well-known and favoured career option for people worldwide. An MBA in Finance can help you develop and improve your leadership, creativity, and other talents. It allows students and professionals to get practical experience that helps them develop a strong career foundation and knowledge of the financial sector thoroughly. Read on to learn why you should choose Finance specialisation in MBA and what MBA in Finance is all about. Scope in the finance domain Students with an MBA in Finance have access to a range of career prospects in the financial sector. Students will gain knowledge on how to evaluate corporate reports, predict economic trends, maximise stock value, select investment portfolios, and strike a balance between risk and profitability in this course. Students are also instructed on how to use financial risk management principles. In both the public and private sectors, job prospects for MBA finance graduates are abundant. They can have the chance to work for businesses involved with Finance or the stock market. In addition, anyone with an MBA in Finance will also be able to operate their own business. An MBA in Finance graduate can find work opportunities in several industries, including asset financing, international finance, financial statement reporting, tax planning, and insurance management. Master of Business Administration (MBA) in Finance teaches students to manage, invest, oversee, and evaluate the resources and money collected. The course provides an opportunity to comprehend and learn the subject of Finance more thoroughly. India’s leading B-schools offer an MBA in Finance, and candidates with a good background in Maths and Accounting are suitable for the course. Notably, there are numerous lucrative employment options in this field. Who should pursue an MBA in Finance? Students pursuing an MBA in Finance must be prepared for professions in banking, accounting, corporate finance, financial planning, and other fields that are closely tied to the financial industry. Mathematics is an essential component of the curriculum because the programme participants will work solely with numbers in the banking business. Investments and investment strategies, local and international economics, acquisitions and mergers, financial theories, and corporate insurance and risk are the main topics covered in the course. In today’s changing world, financial management is an important part of an economy and a vital component of enterprises and industries. Students with the essential knowledge of both practical and theoretical ideas of finance can understand concepts like: Taxation, both direct and indirect Investment techniques Management of securities and portfolios Local and international economics Mergers and acquisitions, insurance, and corporate risk Thus, they can opt for this specialisation to advance their career. Leading financial institutions and businesses have started employing financial analysts and managers in response to the financial crisis caused due to the pandemic to protect their assets from such catastrophes in the future. It has significantly influenced employment prospects for financial experts and MBA Finance graduates at top businesses worldwide with generous compensation packages. Why should you pursue an MBA in Finance? Why to choose finance as an elective in MBA? Since an MBA is a business administration degree, the question “Why an MBA in finance?” might come to students’ minds. To simply answer this, the Finance sector is evolving, which is opening up new work opportunities in the industry. There are various benefits of an MBA in Finance. Listed below are some reasons why you should choose an MBA in Finance: Versatile domain: Finance is a discipline that is responsible for managing and sustaining the capital and costs required for almost all sectors. Therefore, unlike some other highly specialised MBA courses like hospitality or IT, this is not limited to only a few particular businesses. High demand: The need for an MBA in Finance will always exist, regardless of the business, which alone makes this programme very versatile and in high demand, especially with the growing demand for individuals with Finance specialisation. Extensive curriculum: The MBA in Finance curriculum covers an extensive range of topics like strategy, economics, statistics, leadership, and market conditions. Having extensive knowledge about these topics is the way for individuals to work as financial managers or analysts. Emphasis on skill development: Finance managers must possess a good sense of planning and strategy, as they make them extremely valuable assets in any firm. Thus, this course places emphasis on the development of skills that would be valuable for individuals who have a liking for Finance. Job security: Over the past few years, businesses that have been losing money and are unable to turn a profit have needed financial managers to help them navigate a market that is frequently uncertain. With an MBA in Finance, you’ll have the skills and business knowledge required to help a firm expand and achieve financial stability. Better earning potential: MBA Finance graduates are equipped with the skills and knowledge that are in high demand in various industries, thus possessing high earning potential. Lucrative career options: MBA in Finance graduates can work in a variety of job roles. Some of the most preferred job roles for MBA in Finance graduates are – Financial Analyst, Investment Banker, Public Accountant, Financial Advisor, Portfolio Manager, Bank Manager, Risk Manager, Credit Analyst, and Loan Officer. MBA Finance syllabus Check out the MBA in Finance course details to know in-depth about the topics covered in this specialisation. Financial concepts and analysis are given more attention in this course. Expanding expertise in statistics, economic analysis, and mathematics will help individuals to accomplish jobs and manage projects at the management level in the workplace. Students are taught these throughout the programme with various activities, including management challenges, group projects, role plays, and traditional lectures. The core subjects taught in this programme are: Cost accounting Financial planning and control Investment analysis and portfolio management Banking and insurance Micro and macro economics Fixed-income securities Advanced accounting Marketing and strategy Financial statement analysis Corporate finance You can choose from the following elective subjects in this programme: Security analysis & portfolio management Mergers and acquisitions Taxation management Internal audit and control International financial management Treasury management Merchant banking and financial Services Insurance and risk management MBA Finance salary in India Individuals often question, “What can I do after an MBA in Finance?” To answer this, individuals can work as financial analysts, investment bankers, account managers, bank managers, research analysts, and many other roles after completing the MBA Finance course. An MBA Finance graduate can expect to earn an average salary of ₹ 2.5 LPA in India. Individuals can have a successful career after an MBA in Finance as they can pursue a wide range of rewarding career options. Following are some of the top employment choices for MBA in Finance graduates: Investment Banker: An investment banker raises funds for the business from other potential investors and assists in managing securities and bonds as well as the risk of private wealth. The average yearly income for an investment banker in India is around ₹ 5 LPA. Cost Accountant: Since the MBA in Finance programme in India teaches students about costing, auditing, accounting, etc., one can also pursue a profession in cost accounting. The average yearly income for a cost accountant in India is ₹ 5.1 LPA . Financial analysts: Financial Analysts analyse market conditions, investments, stocks, bonds, assets, and every other financial aspect of a business. They also keep an eye out for risks and downturns and offer advice on when to invest and when not to. The average yearly income for a financial analyst in India is ₹ 4.0 LPA. Financial officer: A financial officer might work for credit unions, banks, government agencies, private businesses, or any other organisation that manages money and capital. They might be loan officials, stock traders, brokerage professionals, tax experts, etc. The average yearly income for a finance officer in India is ₹ 4.2 LPA. Enrol in Online Manipal to become an in-demand Finance professional The online MBA in Finance programme from Online Manipal will equip you to lead successfully in today’s dynamic world. With a variety of new-age electives to pick from, you can specialise in any elective of your choice while learning skills valuable in the job market. Learn the most in-demand skills today by gaining admission to this online programme and learn from the comfort of your home. Improve your professional career at your leisure with the help of a reputable faculty, and even take online tests with proctors from the comfort of your home. Corporate organisations, governments, and higher education institutions frequently accept MUJ’s online degrees for employment, higher education, and future chances. Manipal University Jaipur is one of the best colleges in India that offers an excellent MBA in Finance programme. Their faculty magnifies the value of real-world insights so you can confidently forge your path to success. Conclusion Earning an MBA in Finance is crucial not only for today’s labour market but also for advancing one’s career if one has interest in the field of finance and a passion for the world of capital, money, funds, assets, and wealth. When you choose to pursue an online MBA in Finance degree, you should look out for universities that have good accreditations, academic curriculum, faculty, etc. The programme should teach you both theoretical and practical concepts so you can thrive in the financial industry successfully. Prepare to enter the world of Finance with skills and tools to manage finances and advance your career.
MBA Operations Management course guide Posted on July 28, 2022July 3, 2023 by Sagar Kumar Operations management refers to the administration of business practices to create the highest level of efficiency possible within an organization. It involves overseeing the design, planning, control, and improvement of various processes and systems that produce goods or deliver services. The primary objective of operations management is to optimize resource utilization, enhance productivity, and ensure customer satisfaction. An operations manager is usually the one who is put in charge of managing and looking after the work of all the departments and human resources, thereby ensuring that all the departments are working smoothly, and work is delivered on time. The primary goal of the operations department is to provide dependable, predictable services and products. This also means that individuals will be attempting to reduce variations in the product so that customers can trust the consistency of your product. Check out: How to become an operations manager Scope of career in operations management The scope of operations management is broad and encompasses multiple areas such as supply chain management, production planning and control, inventory management, quality management, project management, and process improvement. Professionals in operations management are responsible for streamlining operations, managing logistics, optimizing workflows, and ensuring smooth operations within an organization. A career in operations management offers diverse opportunities across industries such as manufacturing, healthcare, logistics, retail, hospitality, and technology. It is well-suited for individuals who possess analytical and problem-solving skills, have a keen eye for process improvement, and enjoy working in dynamic and fast-paced environments. What is an MBA in Operations Management? An MBA (Master of Business Administration) in operations management is a specialized degree program that provides in-depth knowledge and skills related to the field. It focuses on developing a comprehensive understanding of operations management principles, strategies, and best practices. Students pursuing an MBA in operations management learn about topics such as supply chain management, operations strategy, quality management, project management, and process optimization. The course provides a global perspective on industry trends and equips individuals with skills to meet client demand. Furthermore, with the advancement of technology, agile innovation has solved the age-old problem of integrating operations and innovation. It provides individuals with conceptual frameworks and analytical tools to design and manage operational processes. An Overview of MBA Operations Management Particulars Course details MBA in Operations Management course Postgraduate Duration of the course 2 years Eligibility of the course Bachelor’s degree Entrance exams CAT exam, MAT exam, GMAT exam, CMAT exam, XAT exam, NMAT exam Subjects in MBA Operations Management course Microeconomics Business Studies Marketing and Consumer Behaviour Organization Behaviour Financial Statement Analysis & Reporting Fee for the course INR 1,00,000 to INR 9,00,000 Average salary ₹ 2.7 Lakhs – ₹ 19 Lakhs Top companies recruiting Airtel Amazon Samsung Wipro Johnson and Johnson PricewaterhouseCoopers and Young Global limited Colgate – Palmolive The curriculum of online MBA in Operations Management program from Manipal University Jaipur is as follows: Semester 1 Management Process and Organizational Behavior Business Communication Statistics for Management Financial and Management Accounting Managerial Economics Human Resource Management Semester 2 Production and Operations Management Financial Management Marketing Management Management Information System Operations Research Project Management Semester 3 Research Methodology Legal Aspects of Business Semester 4 Strategic Management and Business Policy International Business Management Business Leadership Services Operations Management Total Quality Management Production, Planning and Control Advanced Project Management Why should you choose an MBA Operations Management program? Specialized knowledge: The program provides a deep understanding of operations management concepts, strategies, and tools, enabling graduates to excel in roles specifically related to operations. Enhanced career prospects: An MBA in operations management enhances career opportunities and opens doors to leadership positions in operations, supply chain management, and related fields. Industry network: MBA programs often provide opportunities for networking with industry professionals, which can be valuable for career advancement and accessing job opportunities. Salary potential: Professionals with an MBA in operations management generally command higher salaries compared to those without an advanced degree, particularly in managerial and leadership roles. Transferable skills: The skills developed during an MBA program, including critical thinking, problem-solving, leadership, and communication, can be applied to various industries and functional areas beyond operations management. Also read: MBA operations management after BCom Skills required for a job in operations management There are some skills that you must possess to get a job in operations management: People management skills Organizational skills Motivational skills Analytical skills Technology skills Decision-making skills Maintaining the standard of quality Data analysis in logistics Supply chain management Product design Also read: Career in supply chain management Top careers after an MBA in operations management After completing an MBA in operations management, graduates can pursue a variety of rewarding and high-demand careers. Here are some of the top careers to consider: Operations Manager: Operations managers oversee the day-to-day operations of a company, ensuring efficient production, quality control, and supply chain management. They are responsible for optimizing processes, managing resources, and improving operational efficiency. Supply Chain Manager: Supply chain managers are in charge of overseeing the entire supply chain, from procurement to delivery. They manage inventory levels, negotiate with suppliers, optimize logistics, and ensure smooth operations across the supply chain. Logistics Manager: Logistics managers focus on managing the movement of goods and materials throughout the supply chain. They coordinate transportation, warehousing, and distribution activities, ensuring timely and cost-effective delivery. Production Manager: Production managers are responsible for overseeing the manufacturing or production processes within a company. They manage production schedules, monitor quality standards, optimize workflows, and ensure efficient utilization of resources. Project Manager: Project managers handle the planning, execution, and successful completion of specific projects within an organization. They coordinate resources, manage timelines and budgets, and ensure project objectives are met. Quality Assurance Manager: Quality assurance managers are responsible for ensuring that products or services meet or exceed customer expectations. They develop and implement quality control processes, conduct audits, and drive continuous improvement initiatives. Operations Consultant: Operations consultants work with organizations to identify and solve operational challenges. They analyze processes, provide recommendations for improvement, and assist in implementing effective strategies to enhance operational efficiency. Process Improvement Manager: Process improvement managers focus on identifying inefficiencies and implementing initiatives to optimize processes and increase productivity. They use methodologies such as Lean Six Sigma to eliminate waste and streamline operations. Supply Chain Analyst: Supply chain analysts analyze data, identify trends, and provide insights to optimize supply chain operations. They use tools and techniques to improve forecasting, inventory management, and overall supply chain performance. Operations Research Analyst: Operations research analysts use mathematical and analytical methods to solve complex operational problems. They apply optimization techniques to improve processes, enhance resource allocation, and support decision-making. Check out: How will an MBA in operations management benefit engineers Who should do an MBA in Operations Management? An MBA in operations management is most suited for individuals who have a keen interest in managing operations, improving efficiency, and optimizing processes within an organization. It is beneficial for professionals aiming for leadership roles in operations, supply chain management, production management, or consulting. The program equips students with a strong foundation in business and operations management principles, which can be applied to various industries and organizational contexts. Today, many reputed universities like Manipal University Jaipur offer online MBA programs with several career-focused electives to choose from, including operations management. These online programs are UGC-entitled and have the same value as an on-campus program but are more flexible and affordable. Eligibility for an online MBA in operations management at Manipal University Jaipur Candidates must have a 10 + 2 + 3-year bachelor’s degree from a recognized university/institution or an equivalent qualification as recognized by the Association of Indian Universities with a minimum of 50% aggregate in graduation (45% for reserved categories) Candidates must clear Manipal University Jaipur’s online aptitude test as part of the application process. Candidates with a valid score (40 percentile) from any aptitude test (CAT/MAT/CMAT/XAT/GMAT) need not appear in the above test MBA Operations Management syllabus semester-wise breakdown The curriculum of online MBA in Operations Management program from Manipal University Jaipur is as follows: Semester 1 Management Process and Organizational Behavior Business Communication Statistics for Management Financial and Management Accounting Managerial Economics Human Resource Management Semester 2 Production and Operations Management Financial Management Marketing Management Management Information System Operations Research Project Management Semester 3 Research Methodology Legal Aspects of Business Advanced Production and Operations Management, Enterprise Resource Planning Logistics and Supply Chain Management Applications of Operations Research Semester 4 Strategic Management and Business Policy International Business Management Business Leadership Services Operations Management Total Quality Management Production, Planning and Control Advanced Project Management Skills required for a job in operations management There are some skills that you must possess to get a job in operations management: People management skills Organizational skills Motivational skills Analytical skills Technology skills Decision-making skills Maintaining the standard of quality Data analysis in logistics Supply chain management Product design Also read: Career in supply chain management Online MBA in Operations Management course fee structure The total course fee for an online MBA from Manipal University Jaipur is around INR 1,66,000, which is around INR 41,500 per semester. Conclusion Pursuing an MBA in Operations Management can be a highly rewarding choice for individuals seeking a dynamic and influential career. This specialized degree equips graduates with a comprehensive understanding of operations management principles, strategies, and best practices. With a strong demand for operations management professionals across diverse sectors, an MBA in Operations Management offers a valuable pathway to a fulfilling and impactful career.
Use of Blockchain in Supply Chain Management Posted on July 28, 2022May 12, 2023 by Online Manipal Editorial Team Blockchain technology in supply chain management is a distributed ledger technology used to record and store transactions. It is an innovative solution for many industries, including supply chain management. Blockchain technology is making waves in the supply chain management industry. This digital ledger system has many uses, but one of the most interesting and potentially disruptive is its ability to track when a product was shipped, where it went, and what’s happening with it now. It is no secret that supply chains are complicated. They involve multiple parties working together to get products from A to B. But with blockchain, those parties can work together more seamlessly and effectively. Blockchain technology can help businesses manage their supply chains by providing an immutable record of all transactions that occur along the way and it allows them to do this without having to trust each other or depend on a third party for verification. This makes it possible for businesses to maintain complete transparency in their operations while remaining flexible enough to adapt if necessary. Blockchain also offers cost reduction, improved visibility into supply chain activities, and reduced fraud risk through increased transparency into transactions between partners (and suppliers). It also delivers increased speed services when it comes to the time needed for payment processing or delivery confirmation by eliminating manual steps involved with traditional systems. Blockchain can also be used as a distributed database that can be used to store information and cryptocurrencies. Blockchain technology in supply chain management is a digital ledger that records all transactions in a network. It works as a public ledger where everyone can see the transactions, but no one can alter or delete them. Unlike traditional databases, the blockchain has no central copy or administrator, and it’s not kept on any single computer but instead shared across many computers in the network. ALSO READ: Supply Chain Management and Industry 4.0 What is blockchain technology? Blockchain technology is the backbone of all bitcoin transactions. It is a decentralized public ledger that lets users track digital currency transactions. This technology has many applications beyond bitcoin and its use in cryptocurrencies. Here are some examples of how this technology can be used in Supply Chain Management: Supply chain management (SCM) often involves multiple parties, including buyers, suppliers, manufacturers, distributors, retailers and others. The supply chain process begins when an organization receives an order from a customer and ends when it ships the product to the customer or delivers it to another party along the supply chain. Therefore, companies need to maintain visibility throughout the entire process to avoid delays or additional costs due to bottlenecks or changes in demand. Blockchain technology can help organizations achieve this goal by providing real-time visibility into each step along the supply chain and allowing them to store records securely on an immutable ledger that cannot be tampered with once data has been entered into it (e.g., using consensus algorithms). The use of blockchain technology in supply chain management for tracking shipments across borders has been limited because of issues related to regulations around privacy laws; however, new rules have recently been put into place that allow the tracking of objects till they reach their owner. Blockchain technology has many applications in supply chain management (SCM). In fact, SCM professionals have been exploring ways to use it since before it was even named “blockchain.” Some of the ways SCM professionals are currently using this technology include: Managing physical assets through smart contracts Ensuring product integrity through tracking systems Verifying shipments and packages through messaging systems 6 ways how can blockchain be used to support sustainable business practices AdvantageDescriptionMaking the process more efficientBlockchain technology is helping companies manage processes more efficiently by enabling them to maintain a secure and transparent record of transactions.Improves transparencyBlockchain technology is all about transparency and accountability. By creating an immutable record of transactions that cannot be altered or deleted, blockchain ensures that every transaction is permanently recorded for posterityCost-cuttingBlockchain can help you save money on all kinds of things, from processing payments to managing inventory and logistics.Enhance product traceabilityBlockchain technology has been used to track and trace products. This is done by monitoring the movement of goods from one location to another.Streamline product recallRegarding product recalls, blockchain technology can help streamline the process by providing a secure database that can be accessed by all parties involved in the recall. Reduce fake products/counterfeitingBlockchain technology helps reduce counterfeiting by ensuring that any product you buy has an unchangeable record of every step from production through shipping and sale. Blockchain technology in supply chain management is all the rage right now, and for a good reason. The technology has the potential to revolutionize everything from finance to manufacturing, and it is no surprise that it’s being adopted by businesses of all sizes and types. If you are a business owner who wants to make your company more sustainable, blockchain might be an ideal fit for you. In this article, we will explore six ways blockchain technology can help your company take steps toward sustainability. Making the process more efficient Blockchain technology is helping companies manage processes more efficiently by enabling them to maintain a secure and transparent record of transactions. Blockchain is a digital ledger system that sees to it that each transaction is verified by a group of participants in the blockchain, who must agree that the transaction took place, and then it is added to the chain. Furthermore, once a transaction has been recorded, it cannot be altered without altering all subsequent blocks, making blockchain virtually hack-proof. Blockchain technology can be used for any digital transaction, from currency exchanges to property transfers. It can also be used to track supply chains, verify identities and credentials, or even store medical records or other sensitive information securely and privately. Cost-cutting In our world of global trade and services, there is much to be said for efficiency. However, cutting costs is one of the most effective ways to get things done efficiently. This is where blockchain technology comes in. Blockchain has been used for almost a decade, but we are just beginning to scratch the surface of its potential. One of the most exciting blockchain applications is cost-cutting in the service industry. The reason why blockchain can help you save money on all kinds of things, from processing payments to managing inventory and logistics. Let’s say you own a business that sells widgets online. To sell the widgets, you must process payments through your bank or credit card processor, which means paying fees for each transaction made through your platform. However, these fees can be eliminated with blockchain technology because smart contracts handle transactions (instead of middlemen). You will also see cost savings while shipping products since these transactions are automated, too. You don’t need a warehouse or delivery trucks anymore! And because everything is stored as data on an immutable ledger (i.e., blockchain), it’s easier for companies like yours to keep track of what is happening with your supply chain at any given time. As such, by using blockchain technology, you can reduce costs significantly by eliminating third parties involved in facilitating transactions between two parties. This can also help improve efficiency by reducing time spent on reconciliation at every stage of your supply chain management process and improving transparency and traceability for all stakeholders involved in the transaction process. Enhance product traceability In supply chain management, blockchain technology has been used to track and trace products. This is done by monitoring the movement of goods from one location to another. This helps enhance product traceability, a key component of quality management systems. The process of tracking goods using blockchain technology involves the following steps: Put an RFID tag on the product. The RFID tag contains information about where the product was manufactured and when. Send this information through a blockchain network, which can be accessed by anyone who wants to access it via their mobile device or computer. Once this data has been sent through the network, there will be no need for any human intervention for it to be accessed. It is because all that needs to be done is for someone with access rights to request access to this data via their device or computer. Then they will automatically receive access to all kinds of information about where this particular product came from and when it was made, among other things. Streamline product recall Regarding product recalls, blockchain technology can help streamline the process by providing a secure database that can be accessed by all parties involved in the recall. This means that companies can enter data on their products and keep track of how many units have been recalled. In recent years, the number of product recalls has increased significantly. This is due to a combination of factors, including changes in supply management technology and regulations. While it is difficult to determine how many products have been recalled each year, there are an estimated 1,500 recalls per year. While product recalls are necessary for the safety of consumers, they can be difficult and expensive for companies to manage. In fact, the average cost of a recall is $10 million. In addition to being able to track products more efficiently, blockchain technology also helps companies avoid issues related to data management and privacy concerns because it does not require them to share sensitive information with third parties who may not be trustworthy or competent enough to handle such information appropriately. In simple words, there are three main ways blockchain helps streamline product recall: Blockchain makes it easier for companies to access their own data without having to rely on third parties such as manufacturers or distributors Blockchain allows companies to share this data with regulators without worrying about security breaches. Blockchain lets consumers securely access their own records if they ever experience an issue with their products or services. Reduce fake products/counterfeiting Counterfeiting costs businesses billions of dollars each year, and it threatens the livelihoods of workers who make those products by devaluing their work and deceiving consumers. Blockchain technology helps reduce counterfeiting by ensuring that any product you buy has an unchangeable record of every step, from production through shipping and sale. In fact, some companies have started using blockchain as part of their supply chain management system to track where their products come from and whether they’re authentic. Blockchain can help reduce the number of fake products on the market by allowing people to check whether their purchase is authentic. If a company uses blockchain technology, then they can provide information about their product’s origin and what materials they use in production. This information can be accessed by anyone who wants to know it when they buy something from that company. Improves transparency Blockchain technology is all about transparency and accountability. By creating an immutable record of transactions that cannot be altered or deleted, blockchain ensures that every transaction is permanently recorded for posterity, and that all parties involved in an exchange can verify each other’s identity and interests. This can help eliminate fraud and corruption in many fields, including finance and government. YOU MAY ALSO LIKE: Job opportunities for an supply chain management graduate Learn supply chain management with PGCP in Logistics and SCM from Online Manipal Learning blockchain and supply chain management with PGCP in Logistics and Supply Chain Management from an Online Manipal course is a great way to gain the knowledge you need to advance your career. Supply Chain Management (SCM) is integral to many businesses and can be challenging to learn. Many companies have large departments dedicated to SCM and the logistics management of their supply chain, so these skills are in high demand. If you are looking for a way to expand your knowledge base and improve your skill sets, consider taking an online SCM course. This will allow you to learn at your own pace while still meeting deadlines and other requirements set by employers. The benefits of learning blockchain and supply chain management with PGCP in Logistics and SCM from Online Manipal include: Flexibility: You’ll be able to study when it is convenient for you, whether during work hours or after hours. Convenience: An online course means no travel time or having to find childcare for the kids during class time! You’ll be able to complete assignments on your own schedule without needing help from anyone else (except maybe Google). Lower cost than most on-campus courses today thanks to lower overhead costs for students and instructors who teach professionally in an easy understanding way. Key takeaways: Blockchain is a distributed database that is used to create a permanent, tamper-resistant record of transactions. The technology can be used in many industries, including supply chain management. Blockchain was originally developed as the accounting method behind Bitcoin and other cryptocurrencies, but its potential applications are much more extensive than just digital currencies. Blockchain technology can be used to track the movement of goods through supply chains and to verify that products are authentic. This allows companies to reduce costs associated with counterfeiting, fraud and theft, while also increasing trust among consumers who might be concerned about where their products come from or who made them.
What is Data Science? Posted on July 28, 2022November 16, 2022 by Online Manipal Editorial Team Key takeaways Due to tremendous technological advancements, data science has become an essential part of many industries, including healthcare, e-commerce, finance, and gaming. The primary use of data science is to make predictive analyses and make appropriate business decisions. A data scientist collects, analyses, and processes organisational data to gain effective insights. A career in data science is highly in demand and is predicted to be the trendiest in the market in the upcoming years. Data science eligibility is not specifically defined. However, having a degree in data science, maths, or statistics may be helpful. Data science has a wide future scope as well as high-paying salaries. Coding is not essentially needed to start a career in data science. Data science: Explained What is data science? Data science is nothing but a blend of various tools such as machine learning, algorithms, automation, etc. It is a technological process that is used to derive meaningful data and helps in making business decisions. The technique allows businesses to analyse all the data using complex machine learning algorithms, which helps in building predictive business models. With the help of data science, businesses can effectively make appropriate decisions with a strategic project plan. Roles and responsibilities of a data scientist Now that you have understood what data science is in simple words let us start with the next point. So, what exactly does a data scientist do? The basic task of a data scientist is to analyse the business’s data to gain meaningful insights. The roles and responsibilities of these professionals may be different for every organisation. However, we have curated a list of the most common roles and responsibilities that they undertake. As the name suggests, a data scientist must work with the organisation’s data. So, all the roles and responsibilities of a data scientist revolve around the respective organisation’s data. From extracting the data to finding meaningful insights, a data scientist needs to process the data to complete the entire process. The roles that a data scientist needs to undertake while completing this entire process are given below: Collecting, preprocessing (structured and unstructured data), and analysing the data.Identifying the problems associated with the organisation.Build models and machine learning algorithms to showcase all the problems.Present all the data using various data visualisation techniques.Identify valuable data sources.Automate the data collection processesDiscover the business trends and patterns.Combine all the predictive models using various ensemble modelling techniques.Find out solutions and strategies for various business challenges.Collaborating with the product development teams. Application of data science with examples We have listed applications of data science in various industries. Sr. no.IndustryExamples1HealthcareMedical image analysis, drug development, virtual assistance/online chatbots, genetics and genomics, predictive modelling for diagnosis, etc.2Search enginesGoogle, Bing, Yahoo, Ask, etc.3TransportDriverless cars4FinanceRisk analysis automation5E-commerceFlipkart, Amazon, Myntra, etc.6Image recognitionAuto-tagging of images7Airline route planningPredicts flight delay, derives which tickets to buy, etc.8GamingComputer opponent9Delivery and logisticsDerives the best route for shipping, best mode of transport, etc.10AR and VRGames like Pokemon Go How to get into data science? Once you understand the roles and responsibilities of a data scientist, the next questions are how can one become a data scientist? What is the eligibility to get into data science? So, there are no specific criteria for who can get into a data science field. All you need is a degree and the required practical skills to assess with the same. QualificationSkillsMasters degree in mathematics, statistics, data science, computer science, or any other related field.– Strong maths and statistics– Strong analytical skills– Proper knowledge of various programming languages such as Python, SQL, and R– Well versed in using various data visualisation tools such as Tableau and Power BI– Good foothold on machine learningSoft skills (communication and presentation skills) The most important part here is to showcase your skills. So, try taking live projects and creating a portfolio of the same. Doing an internship will also be of additional benefit and help you land a good job. Apart from that, start networking with people already involved in the data science field. Note that networking is the key to a successful data science career. Is data science a good career path for you? First, find out whether you are passionate about making a career in data science. Start looking out for your interests and passions. If you are someone who likes Maths, Statistics, working with chunks of data, coordinating with a team, solving all business problems, etc., data science may be the right path for you to choose. Data science is gaining popularity day by day. The increasing advancements in data science have increased the future demand for the same. It is, therefore, one of the most lucrative choices. Why data science? After reading all the above points, you may now have a clearer picture of a career in data science. If not, we have another solid reason for you to know why data science is among the best career options. The forecast predicted by the US Bureau of Labour Statistics shows that the data science field is more likely to grow by 28% by 2026. The constantly increasing growth in the field shows the increasing demand trend. It shows the data science field’s durability, scope, and longevity. As a result, the salaries for any job role in the field of data science will go on increasing year by year. And the most amazing part is that you can also learn data science online through various platforms. Hence, if you want a secure, stable, as well as high-paying career, you can always choose data science as the perfect profession without any second thought. Does data science require coding? Many people in the data science field do not have a coding background. Recently, low-code and no-code data science platforms are getting popular. So, even if you do not have any prior coding experience, it is okay. You can still get into the field of data science. However, to keep making progress in your career, it is advisable to learn at least basic coding. As the data science job market has been in tremendously high demand, you need to know coding to be able to compete with the ones who are already well-versed in it. There are a lot of coding courses and boot camps available online, where you can learn all the basics of coding. You must then consistently practice, take up coding projects and internships to keep learning more about the same. What is the eligibility to get into the data science field? There are a few requirements for entering the data science field. A strong background in computer science and mathematics Data scientists have to be able to think abstractly and solve complex problems, so it’s important that they have a good understanding of how computers work and what makes them tick. Proficiency in analytics techniques and data mining techniques You must know how to take raw data from sources such as sensors or other systems, clean it up so it’s usable, then make sense of it by analysing patterns and trends. Knowledge of programming languages Finally, you’ll need experience with programming languages like Python or SQL (structured query language). These are used to query databases so you can ask questions about your data set, like “How many people bought Product X?” READ MORE: Top opportunities with M.Sc. in Data Science in India Pursue M.Sc. in Data Science from Online Manipal Today, data science is one of the trendiest career options in India as well as Abroad. Starting a career in data science without a relevant degree may not be easy. Most of you might be unsure of how to learn data science. You will need to learn various skills by taking up random courses online. However, Online Manipal has got it all for you under a single roof. Now, you can do an M.Sc. in Data Science from the prestigious Manipal Academy of Higher Education (MAHE). The intent of this programme is to create smart data scientists depending on today’s market needs.
Ways in which data science helps organisations Posted on July 28, 2022August 7, 2023 by Online Manipal Editorial Team Key takeaways: Data science is a dynamic discipline that can change the way organisations operate. Data science teams are tasked with finding new ways to use data to improve business processes, and they work closely with teams from other departments, such as technology, marketing, and human resources. Data scientists use machine learning algorithms to analyse large amounts of data and then use their findings to make predictions about future events. They also help companies understand how customers behave and what products or services they might want in the future. The most successful data scientists can communicate clearly with non-technical people in order to present their findings in a way that makes sense for business purposes. As a business leader, you know that data is the lifeblood of any organisation. But have you ever wondered how it affects your employees’ productivity and engagement? Or how it can be used to better serve clients? Businesses are built on relationships, which are built on trust. And trust thrives solely on knowledge. That’s where the benefits of data science come in. When companies have access to more information about their customers and their operations, they can make informed decisions about how best to serve those customers and improve their operations. Data science uses algorithms and statistical analysis to help companies make better decisions. It is a way for organisations to leverage their data, and their employees’ expertise to understand their customers, improve their products, and anticipate future trends. And it is not just for big companies either: small businesses can also benefit from using data science for decision-making! How is data science beneficial for your businesses? Data science is a powerful tool that can help organisations make better decisions, improve their products, and grow their business. It is no wonder that the demand for data scientists is growing by leaps and bounds. So what does data science do, and what are the benefits of studying data science? There are many ways that data science can help organisations: Assists with decision-making process The first and most obvious way data science helps businesses is by assisting them make more accurate predictions about the future. If you can predict what your customers are going to want or how many people will buy your product, then you can plan better, which will save you time and money. Data science can also help businesses in less obvious ways. For example, it can help them improve their processes by identifying bottlenecks and optimising them. Increases data security in the organisation Data security is an important part of any organisation. It is very essential to take care of the data and make sure that it is stored in a safe place. The security of data plays a vital role in increasing the productivity of an organisation. A proper way of storing data can also help you in making your business more efficient, accurate and effective. Data science helps in increasing the security of data by providing various tools that can be used by employees for encrypting their data. It also provides them with better ways to store their files on cloud storage platforms such as Dropbox, Google Drive etc. Helps sales and marketing with target group optimisation Data science helps sales and marketing professionals with target group optimisation by giving them the tools they need to collect, analyse, and apply data to their decision-making processes. This helps them better understand their customers’ preferences, buying habits, and needs so they can make more effective marketing decisions for their business. It can also be used to optimise your sales and marketing efforts by keeping track of your customers’ reviews and preferences. You can use this information to target your customers with relevant offers that they are more likely to respond to. This can help you close more deals, increase revenue, and reduce costs associated with customer acquisition. Optimise recruitment process by automation When it comes to recruiting, data science can help optimise the process by automating parts of it. For example, if you are using an applicant tracking system (ATS), the software may be able to automatically create a job posting based on your list of requirements and then automatically send out emails inviting candidates who meet those requirements to apply for the job. This saves organisations’ time and money by cutting down on manual labour tasks like copy-pasting job descriptions into emails or writing personalised emails every time you post a new job opportunity. Helps in business predictability Data science can help business predictability by helping to understand the relationship between different variables. For example, maybe you want to know if there’s any correlation between product sales and the number of people who visit your website. If you are using data science on this problem, you might be able to find out that product sales go up when more people visit the website. Or maybe they go down when more people visit the website! It all depends on what kind of data you have available and how you use it to create a model. Provides real-time business intelligence Data science helps in providing real-time business intelligence by creating a synergy between the data and business. It includes a combination of statistics, machine learning, and artificial intelligence (AI). Data science helps in gathering, analysing, processing and interpreting data to make decisions that are more informed and accurate. The benefits of data science can be understood by imagining a scenario where a company wants to develop a product that has never been developed before. In this case, the company will need to gather data about their users so that they can understand how people use the product and whether or not it will be successful. This process is called data collection which is an integral part of many businesses today. The collected data is then analysed by using statistical tools such as regression analysis and time series analysis which provides insights into what users really want from their products. Helps optimising organisation process and workflow Data science helps to optimise organisational processes by making better use of data. For example, if a company wants to improve its customer service experience, it can analyse customer complaints about its products or services using text analysis software. This analysis will tell them which problems their customers are having with their products or services, and how serious those problems are. Armed with this information, they can work on resolving customer complaints more quickly and efficiently than before by focusing resources on the most common issues first. Get a Master’s degree in data science with Online Manipal Masters in data science with Online Manipal is a great option if you want to boost your qualifications without having to leave your current job. Here are some of the benefits of this programme: It is flexible You can learn at your own pace, and there’s no need to commute to a physical campus. It is affordable Online MBA programmes offered by Manipal Academy of Higher Education are quite affordable than the regular on-campus MBA programmes. You will get a degree from one of the top universities in India Manipal Academy of Higher Education (MAHE) is ranked as one of the best universities in India by The Times Higher Education World University Rankings 2019. The programme is accredited by AICTE (All India Council for Technical Education), which means that it meets all Indian government standards for higher education institutions, including those for online education programmes. Nutshell We can research more in data science and apply the best methods to our current business model to make it more efficient. By making data-driven decisions, we can improve the efficiency of each department in our business and therefore increase revenue. We can also gain amazing insights into our product and, therefore, develop a more effective one. The next step would be how not to conduct all these in-depth mathematical analyses, so for this, we strongly recommend you consult a data scientist.Check out the MBA programmes offered by Manipal Academy of Higher Education (MAHE) for a deep understanding of data science.
Importance of Business Intelligence in B2C companies Posted on July 27, 2022November 16, 2022 by Online Manipal Editorial Team We are living in a digital era where technological developments have completely revolutionised our everyday lives. If any business has to survive and progress, then the adoption of digital technologies is a must. Timely and accurate decisions are vital for any firm to become competitive in the market. Therefore, companies have to use data-driven tools and technologies which can help them know their customers and themselves better than ever before. These tools will help them design better strategies to not just serve their customers better but also improve their business processes. Companies can be benefitted by using business intelligence tools and platforms. What is Business Intelligence? in a way that it can easily be used by strategists in a business to take effective decisions. Business intelligence in consumer companies provides information that is critical to the success of multiple areas of business including sales, marketing, production, finance, etc. The benefits of business intelligence include empowering businesses with actionable data, providing prodigious insights into industry trends, and facilitating a more strategically geared decision-making model. ALSO READ: Business Intelligence vs Business Analytics: Simplified Benefits of Business Intelligence to consumer companies As we have understood what business intelligence is, let us now look at some of the business intelligence benefits: Gain customer insights: One of the primary reasons that consumer companies are using business intelligence tools is because it helps to provide the great ability to understand the consumers’ buying behaviour and trends. This information helps consumer companies to design products and improve the existing products to meet the customers’ expectations and needs. Once the customers are satisfied the consumer company’s business motive is fulfilled. Quick and precise reporting: All business intelligence programmes are connected with real-time data. Employees are provided with templates and customised reports to monitor the KPIs using a variety of data sources collecting data from sales, finance, operations and other departments. As these reports are generated in real-time using the most relevant data so the decision-making can be faster than ever before. The reports include easy-to-read visualisations, interactive tables, graphs, and charts. Competitive analysis: Business Intelligence can help you get insights into the competitors’ moves in the market, allowing your organisation to make informed decisions and plan for future endeavours. Therefore, it helps in attaining competitive advantage for businesses. Valuable business insights: Business intelligence tools help businesses to get internal insights about how the employees are performing, how the sales have been moving in the last few years, the revenue status as well as department-specific performances. So, the company’s strengths and weaknesses can be unveiled as BI tools facilitate consumer companies to understand what is working and what is not. Improve proactiveness: Due to the visibility of various business functions’ performance in the BI tools, the consumer companies have better control over their business processes and SOPs. The decision-makers no longer need to go through hundred pages of the report to assess the performance of their business rather they can just see the infographics provided in the business analysis dashboards and take the decisions. Therefore, BI helps organisations to become proactive rather than reactive by providing real-time and beforehand insights about the business and industry. Efficiency improvements: Another business intelligence benefit is improvement in efficiency. BI systems facilitate vital information sharing across various departments with ease and help save time on reporting, data mining, and interpretation. It further helps consumer companies eliminate redundant roles and duties. Now, the employees can focus on their primary roles rather than focusing on processing data. As a result, the operational efficiency improves which consequently increases productivity, and the organisation’s revenue also increases. Identifying market trends: Business intelligence benefits also include identifying market trends. Using the market data, consumer companies can identify new opportunities and build a strategy accordingly. This will help consumer companies build their existing business as well as expand their business in new markets, directly impacting long-term profitability. Employees can utilise external market data with internal data to find out new sales patterns by analysing customer data and market insights, as well as identifying business problems. YOU MAY ALSO LIKE: 5 ways how business analytics can help your business grow What are Business Intelligence tools? BI tools are types of software used to collect, process, analyse, and create visuals of large volumes of past, and current data to generate actionable business insights and predictions, produce interactive reports, and ease out the decision-making processes. These business intelligence platforms include vital features such as data visualisation, visual analytics, interactive dashboarding, and KPI scorecards. Additionally, they enable users to utilise real-time reporting and predictive analytics features, which makes the analysis process efficient. Some most popular Business Intelligence tools Tableau PowerBI SAS Business Intelligence Zoho Analytics Datapine Oracle Business Intelligence IBM Cognos Analytics Qlikview Dundas BI, etc. ALSO READ: 15 trends in Business Analytics for 2022 and beyond Conclusion In a nutshell, business intelligence in consumer companies provides organisations with market insights, competitors’ strategies, identifying new business opportunities, identifying strengths and weaknesses of the companies, and customers’ buying behaviours and market trends. This information can be utilised to make appropriate strategies and decisions, which leads to better revenue and growth for the company. By availing business intelligence benefits, consumer companies can create a competitive advantage.
MCA project topic ideas 2022 Posted on July 27, 2022November 16, 2022 by Online Manipal Editorial Team Master of Computer Applications (MCA) is one of India’s most popular courses. It is a three-year degree course that provides knowledge of concepts related to computer science and their practical applications by developing various projects. It is a degree that provides a chance for students to work with the tools that enable them to create more effective and faster computer applications. The industry is facing a considerable amount of shortage of IT qualified professionals. Thus, this degree can prove to be a significant breakthrough in opening different career opportunities while training you to become a successful professional. Is an MCA project compulsory for students? The project work which forms a part of the curriculum for the MCA degree should be approached with caution and attention. The project work enables students to enhance their skills, thus providing specialised skills. It also fulfils the requirement of practical experience professionals should possess before entering the industry. The main motive for conducting this project is to implement and sharpen software development skills among the students. MCA projects help students in the identification and evaluation of problems. Once the problem is evaluated, it is essential to define the scope of the problem. After this step, the description of SDLC (System Development Life Cycle) is created. Thus, the information is collected to determine the requirements of the problem. And then, the final construction and evaluation of data flow diagrams take place. Steps to prepare an MCA project For a student pursuing the MCA degree, completing the project in the way it is meant to be is essential. The following steps should be followed to achieve relevant results in the project. These steps will assist you in acquiring the determined results and monitoring the schedule of the project: Pick your project topic carefully It is essential to carefully select a topic from the final year project ideas for web development because once the topic is selected, the project cannot deviate from the initial idea. Your complete project plan should focus on the topic chosen for the project. Select a project mentor At the next stage, find a mentor to guide you through the project. They will keep you on track if your project deviates from the initial idea on which it is based. You’ll also need to work and present to your mentor an appropriate project proposal based on your project topic so that they can provide their suggestions on the same. Make a thorough project plan Break your project into various stages with a thorough project plan for the smooth implementation of the project idea. Sound planning will help adequate time allocation for every stage, thus, facilitating timely completion of the project with effective results. Scan the published research papers related to your topic Make proper documentation of the evaluation of the research papers and research conducted by you by scanning the documents and saving them appropriately for future reference. It will serve as a base and explanation for the development of the application. Prepare and submit a research report to your guide After conducting proper research on your topic and creating the documentation, prepare a final report based on your analysis. Update your database and prepare detailed tables with foreign and primary keys. Then, create proper data structures as per your venture for ease of reference. Provide numbering to the modules and give the description. Ensure to process the logic to all the modules and programmes. After completing the project requirements, finish the report and submit it to your project guide for approval. Test and execute your project After the final preparation of the project report, conduct test runs of your project idea. It will identify any flaws in your project at an early stage before its final execution and presentation. This stage should be part of your project plan and planned accordingly. Present your project Make the final presentation after configuring the improvements identified at the testing stage. A proper trial run should be conducted after configuring the changes in the program. A practice test will enhance your confidence in the final presentation. One should take due care that all the formalities are duly complied with, such as authentication from the supervising examiner and other vital measures. 10 Recommended MCA project ideas The front page design of the computer project should mention the project topic and objective. The below-mentioned MCA project topics are inspired by all real-life situations that demand easy performance of daily operations in day-to-day life: Develop an app to locate a car in the crowded parking lot Create an application with advanced features that will enable the identification of the location of a person’s car in a parking lot containing numerous vehicles. The application will allow the tracing of the car through the detector already installed in the vehicle assisting in tracing one’s car even in a highly packed parking lot effortlessly. Classifying online user behaviour using contextual data Gathering the data based on the user’s surfing habits on the internet will enable us to study different users’ patterns of likes and dislikes. The contextual data will allow various entities to understand their potential customers and users existing in the market. Thus, it will enable entities to strategise their marketing policies depending on the purchasing patterns of their consumers. Application of neural network to recognise a human signature Instead of identifying the human signature through human expertise, the utilisation of neural networks will enable the identification of authenticated human signatures consistently. Since the neural network mimics how biological neurons signal to one another, it will allow more consistency and less human interference in the procedure. Interactive intelligent tourist guide for India Since travelling in India is becoming more convenient and cost-effective, a guide enabling the tourist to migrate among different places can prove to be a great success. Trusting an application or cross-checking it is more preferred in today’s time. The location of landmark places, residential facilities near them, restaurants near them, and a lot more information regarding the speciality of that area will help the tourists to figure out their travelling plans more precisely. Sentiment analysis for google reviews Providing an in-depth analysis of google reviews will help the viewers make a proper selection of different restaurants, shops and other aspects of the locality. Predict e-commerce sales using listing keywords This kind of program will assist e-commerce businesses in understanding the demand of consumers. The keywords appearing based on the frequency of searches and algorithms enable the e-commerce sellers to update their inventory levels and analyse which products customers are searching more. Using tweets for single stock price prediction A program that identifies the tweets, which consists of the keywords or hashtags related to the stocks which are limited in numbers, will enable the stock sellers to determine the prices of the single stock present with them and earn short-term or long-term profits from trading. Identifying gender from facial features Facial features are always unique to every human body. However, certain similarities can be incorporated into the program to determine the gender present in front of it. It can play an influential role in the utilisation of resources specially conserved for women. This feature is also more trendy in photo applications that provide filters which can be more specialised as per the gender. It can be part of a computer graphics mini project with unique features. Develop a social media app for blood donation Creating an app that can connect people in urgent need of blood belonging to different blood groups can prove to be a great initiative in supporting medical institutions. The application should be capable of registering people in need of blood and people willing to donate blood in their vicinity. AI-based city traffic control unit Traffic congestion is one of the biggest issues in metro cities. An application that will identify the areas where there is more commotion during peak hours on a frequent basis will enable the precise deployment of traffic police units in the city. It can also work as a guide for the traffic control unit. Check out some MCA FAQs How to choose the best MCA project topic? One should always preferably select the project topic in which their core interest lies to present a specialised project. Here are some tips and guidance that will enable you to choose the right topic for you: As mentioned earlier, select the topic relevant to your interests and skills to make the research more relevant to hone your skills.Narrow your topic down to a single problem to complete in the scheduled time. If the time permits, you can always widen the scope of the topic by covering some limited extraordinary points. Refer to the guidelines determined for your project to stay in their compliance. Communicate with your friends regarding your project idea to gather more views and points, which will provide you with more information on your topic. Analyse why you selected a particular topic, where you can gather more information regarding the same to make your project work more manageable within the scheduled time. Significance of project work in the career advancement of MCA grads MCA is one of those degrees whose pursuit will directly impact an organisation’s operations because, in today’s world, no organisation can function without the use of information technology. The Master of Computer Applications degree trains students to take up several challenging roles such as System Designers, System Analysts, Program Managers, and Software Programmers. In most professional courses, project work and practical training constitute the essential elements of the curriculum. Students pursuing an MCA degree are encouraged to spend the last six months of the course on their MCA final year project. This three-year course provides more comprehensive knowledge to work on several application domains. The theoretical knowledge introduces the students to essential concepts and principles and strengthens their foundation. However, the project provides them with an experience of the practical application of how to operate with different operating systems, software tools, and programming languages. The goal of the MCA project work is to develop effective solutions in the form of advanced software. Students should make an effort to participate at all the SDLC levels while emphasising creating trustworthy software programmes. Become an MCA graduate with Online Manipal Pursue one of the most in-demand post-graduation courses like an MCA from one of the most reputed institutions like Manipal University Jaipur (MUJ). The online MCA course will enable you to save on travelling time and hefty course fees and will let you invest more in research and analysis. The online MCA programme offered by Online Manipal is recognised by Universities Grants Commission (UGC). Get better placements at multinational companies with decent salary packages with the MCA degree from Manipal University Jaipur. Conclusion Online courses are gaining faster recognition in recent times in post covid-19 situations since it saves several resources and energy while providing you with the required expertise. Thus, it’s an excellent opportunity to gain the best education from a renowned University and reputed faculty while staying safe at home.
