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AI in digital marketing: Future of AI in the marketing industry?

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. 

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?

AI helps marketing in 3 ways by enhancing productivity, boosts efficiency and increase ROI

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 organisation 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 revolutionise the way digital marketing is being used in the future, thereby optimising 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 personalise marketing messages.

  • Predictive analytics

Predictive analytics can be applied to the data organised 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 behaviours, 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 personalised 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’ behaviour 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 personalised 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, realising 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 fulfil 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 recognise 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 behaviour. 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 behaviour and support decisions through up-to-date and real-time data gathering, analysis of the latest trends, and forecasting.

  • Email optimisation

AI helps businesses to personalise their email marketing efforts with better content, maximising 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 behaviour. 

They can use various tools to analyse and optimise 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 skilful 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

Enrol 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 revolutionising 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.

How a degree in journalism would benefit in a fast-changing media scenario

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 

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 HR?

MBA is one of the best options for graduates and professionals. It prepares students for managerial roles. Hone and shape skills that help deal with work pressure, develop an attitude toward problem-solving and find innovative ways of doing a job. There are different domains in which one can pursue MBA. The popular specialisations are.

MBA in finance covers topics like taxation, finance, market strategy, derivatives, and international finance. One can work as an accounts manager, finance manager, financial analyst etc.

MBA in marketing focuses on the international market, brand development, marketing strategies, etc. The popular job profiles under this branch are marketing manager, market research analyst, promotional manager, etc.

MBA in human resources, as the name suggests, deals with the human element of the organisation. It includes recruiting, staffing, and management of the workforce. The popular job profiles are HR managers, Compensation managers, consultants etc. we will look into a detailed list further in the article. 

Scope in the HR (Human Resource) domain

MBA in Human resources is about managing companies’ workforce effectively and efficiently. The HR professionals work as the bridge between employees and the company. They are responsible for hiring the best candidates for their company, negotiating salaries, providing training and taking care of employees’ welfare. HR professional requirement is in every industry, whether it is an IT-intensive industry or an FMCG. Every company requires HR professionals to manage their workforce.

 As per the US Bureau of Labour Statistics report, there would be a 10% growth by 2030 in the jobs for Human resources professionals.

Importance of HRM (Human Resource Management) in business

HR is the bloodline of the organisation. Every organisation has unique rules, regulations, policies and procedures for its employees, and the HR professional undertakes the proper implementation of them. Following are the roles and responsibilities an HR professional undertakes in an organisation.

  • Recruiting: HR professionals understand the organisation and its required kind of workforce. They design advertisements accordingly.
  • Hiring suitable candidates: They carry on the selection process, conduct different rounds and select the best candidate for the organisation and per its need.
  • Providing training: One of the critical roles of the HR department is to provide continuous training and conduct seminars for the employee’s education and development.
  • Payroll management: It is an important work which an HR professional has to carry out on a regular basis. They are responsible for the calculations of salary to be paid, bonus and expenses reimbursement.
  • Maintaining employee’s database: They must maintain an employee database with all their necessary information.  
  • Designing and updating policies: They design employee welfare and development policies. From time to time, they keep on updating these policies as per the requirement of the organisation and the workforce.
  • Keep a check on employee satisfaction: a company with low employee turnover is considered one of the best in the industry. The HR professionals play a vital role. They continuously seek employee feedback and try to retain the right employees. 
  • Supporting managers: The HR department continuously supports managers of different departments to handle their staff and provide necessary information and training.  

Who should pursue an MBA in HR?

An MBA in HR will provide in-depth knowledge regarding human resource management. If you enjoy interacting with people and want to learn about human behaviour, this is the best option for you. The person with the following skills and qualities best fits the HR professional role.

  • Excellent communication skills are a must, and they have to communicate with employees and different stakeholders on a regular basis. They can easily bridge the gap between the organisation and its employees with efficient communication.
  • The majority of their time will be spent dealing with humans. And humans are the most unpredictable elements. They should be someone who enjoys understanding human psychology.
  • The capability to deal with emotional and difficult situations. If you are someone that avoids such scenarios, this will not be the best career choice. A person with high emotional intelligence and confidence to deal with critical situations will be benefited by pursuing an MBA in HR.

Why should you pursue an MBA in HR?

The scope of an MBA in HR is enormous, and its curriculum is designed to impart in-depth knowledge and training that will provide an edge in the industry. Let’s look into the reasons why one should pursue an MBA in HR.

  • Extensive HR curriculum: The human resource curriculum is vast. It covers labour legislation and strategies that an HR professional will require to carry on duties. The comprehensive curriculum provides in-depth knowledge and practical training to help deal with real-life situations. 
  • Fine-tune managerial skills: The MBA HR programme helps to develop organisational skills needed for managing human resources. It develops skills to work under pressure, deal with problems, and provide innovative solutions.
  • Learn leadership qualities: HR professionals are the leaders who understand the needs of the employees and create a friendly work environment that boosts productivity and efficiency. The MBA HR programme develops leadership and interpersonal skills that help professionals carry out their tasks effectively.
  • Grasp on organisational psychology: HR professionals’ work scope is extensive. It includes understanding the organisation’s structure and its goals. They understand the psychology of the business and the aim behind the projects and brands and help streamline it with the workforce. 
  • Job stability: there will always be the need for an HR professional irrespective of the industry. Every industry deals with humans, and for its management, it needs HR professionals.
  • Career development opportunities: MBA in HR will open a wide range of career options. One can work as an HR executive, HR manager etc. An MBA in HR will add bonus points to the resume. It will help in getting ahead of other applicants for the job opportunities.  
  • Higher salary: Compared to a non-MBA candidate, an applicant with an MBA in HR will be more likely to get paid higher. Moreover, the HR professionals with the right experience and skills are generally highly paid company employees. After getting sufficient work experience and applying for international HR opportunities, these positions are well paid in the industry. 

HR jobs for MBA candidates

After an MBA in HR, many job avenues will open up for candidates. Following are the major job roles.

  • Human Resource Manager: The primary role of this position is to lead and direct the working of the organisation’s Human Resource department. 
  • Human Resource Consultants: They are generally experts in the field and are from outside the organisations. They are hired to provide suggestions and expert advice to the organisation’s management. 
  • International Human Resource Professionals: They are also known as Global human resource professionals. They are professionals that help people find jobs in different countries and help them relocate abroad.
  • Human Resource Generalist: This job profile takes care about day-to-day working of the human resource department. They deal with employees’ issues and try to solve them promptly. It is an entry-level job profile.
  • Human Resource Specialist: They are primarily specialised in the hiring process. They understand the organisation’s requirements and find and hire the best-suited employees for the required positions. 
  • Director of HR Training and Development: They undertake the training of the new recruits and employees and conduct various seminars. They conduct these different pieces of training to keep updating the workforce and impart to them various necessary information about different HR policies.
  • Staffing Director: They perform a vital role in the HR department. They are responsible for forming staffing policies, promotion policies, transfer rules, etc. 
  • Technical Recruiter: They are experts in technical skills. Their main goal is to carry on the technical interview round of the job applicants and select suitable candidates for the positions. They are crucial for the industries like banking and IT, where applicants are tested for specific skills.
  • Employee Relations Manager: They work as the mediator between the organisation and the employees. They fill the gap and act as a bridge. They listen to the employees’ issues and complaints and resolve them in the best possible manner. They have the best interest of the organisation and employees. 
  • HR Manager Compliance: There are many laws and regulations enacted by the government that are required to comply with the companies’ laws. There are labour laws according to which the department shall design the policies. The compliance manager takes care of observing the implementation of such laws.
  • HR Professor: One can join college and work as a professor. But for this, the candidate should have deep knowledge and understanding of all the subjects of HR. Hands-on  experience will help in imparting knowledge to students. 

MBA HR syllabus

The curriculum of MBA in HR is divided into two major groups, one is a group of core subjects, and the other is a group of elective subjects. The student must study all the core subjects and choose subjects from electives per their interest and future goals. 

Following are the MBA HR core subjects:

  • Industrial Relations and Labour Legislations
  • Business Environment
  • Human Resource Management
  • Strategic Management
  • Human Capital Management and HR Audit
  • Human Resource Development and Planning
  • Human Resource Information System

One can choose the subject of their interest from the following elective subjects:

  • Advertising Management
  • Training and Development
  • International Human Resource Management 
  • Advanced Manpower Planning 
  • Organisational Change and Development
  • Human Resource Management in Service Sector
  • HR Issues in Mergers and Acquisitions

Salary after MBA in HR

Let’s look into the average MBA HR salary in India.

Job rolesSalary
Human Resource ManagerAverage salary withdrawn is around ₹7 lakhs per annum.
HR consultantHR consultant earns around an average salary of ₹5 lakhs per annum in India.
Global Human Resource ProfessionalThe national average salary is around ₹30 lakhs per annum.
Human Resource GeneralistThe average salary drawn by the human resource generalist is around ₹4 lakhs per annum.
Human Resource SpecialistThey earn an average salary of ₹5.6 lakhs per annum.
HR Manager ComplianceThey make an average salary of ₹6.8 lakhs per annum.
Technical RecruiterTheIr average salary is around  ₹3 lakhs per annum.
Employee Relationship ManagerThe average salary is ₹8 lakhs per annum.
Director TrainingThe average salary is ₹25 lakhs per annum.

Sources: Payscale, Glassdoor

Gain HR skills with an online MBA from Online Manipal

You can enhance your resume and add required skills at your convenience by joining an online MBA from Manipal University.Jaipur. It is also the best option for working professionals who want to pursue their MBA while still working. . Once you enrol for the MBA programme from Online Manipal, you get access to live and recorded classes, and thus you will not miss any important lectures. Manipal University Jaipur has high-qualified and expert professors who provide quality education that will help upskill your career. The total fees of an  MBA in HR degree by Manipal University is just ₹1,50,000, which is only ₹37,500 per semester. The students have flexible payment and finance options. 

Conclusion

Managing an organisation’s human resources is not that easy. It is one of the most challenging jobs because of the involvement of the human factor, which is in most cases unpredictable. An MBA in HR develops all desired skills that one will need to perform the work of human resource management. The requirement of HR professionals is in every industry. Where there is a human, companies will need HR professionals for effective management.

There are international opportunities for MBA in HR. One can get desired work experience and apply for global opportunities. It even provides work independently. A professional can work as a freelancer and cater his services to different clients. An MBA in HR will not only give you an advantage for your career, but it will help in your personal growth. It develops good communication skills, interpersonal skills, leadership qualities and proper management. All these qualities will be beneficial in other aspects of life.

Why choose an MBA in Finance?

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.

Why choose an MBA in Marketing?

Master of Business Administration (MBA) is a postgraduate degree mainly focused on business administration and leadership. An MBA can be a valuable degree to break a few glass ceilings and move to the top of corporations. This is one of the reasons why a large number of people choose an MBA degree over other postgraduate courses. MBA programmes are structured to provide professional knowledge in the core specialisation. There are immense benefits to choosing an MBA over other courses, some of which we have listed below

  • New Career paths are open to you

Shifting and pursuing a new career path is not easy, especially if you have been working in the same industry for a long time. Gaining new skills could help you to shift from one career path to another. Even if your background is not typical for the position you are considering, an MBA will provide the education and skills needed to help you become a more qualified candidate

  •  Enjoy greater job security

Today’s job market is more turbulent than ever before, and we somewhat feel much uncertainty and fear of being left out with the rest of the crowd. Among the many benefits of an MBA are a more marketable skill set and greater job security which may contribute to peace of mind. The skills you develop in your MBA are valuable to corporates, and even if you leave your job, your qualification stays with you, increasing your probability of returning to work more quickly

  • Availability of numerous job opportunities

When you complete your MBA, the number of positions that are available to you rises dramatically. This is owing to the fact that you gained a lot of insight into business and managerial decisions and strategies. Having so much knowledge makes the employer hire more MBAs 

The initial phase of an MBA, usually the first year in a two-year MBA programme, is dedicated to the completion of core subjects that lays the fundamentals of the concepts across the various management subjects and in the 2nd year, you can choose to specialise in one or more areas, there can be many factors that can influence your choice of MBA specialisation such as the jobs availability in the specialisation area, your interest area, your preferred job profile and of course the salary. Here are a few of the most popular specialisations:

  • Marketing
  • Human Resources 
  • Finance
  • Information Systems
  • Consulting
  • Entrepreneurship
  • Operations 

For the rest of this article, we are going to discuss specialisation only in marketing.

Scope of Marketing Domain

MBA Marketing jobs are a fantastic option with the ability to impact both the operation and the management of the organisation. As the company struggles with recession and competition, MBA graduates from marketing are more preferred than ever before, while a lot of us get into marketing and sales with a degree. It is hard to make a switch, but recruiting companies are expected to see a more formal degree to prove your competence. A top MBA in marketing could help you to move out of the shadow and make an impact on the organisation. The various roles after completing MBA in marketing include creating marketing strategies and fine-tuning the sales pitch and product positioning, optimising the pricing, driving sales, negotiating deals, and growing the company to its new high.

Philip Kotler and Gary Armstrong, in their popular publication “Principles of Marketing,” stated that “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.”

Thus, adding value to the product you are offering is called marketing. The value could be real or illustrative, like adding a status symbol for your product. Whatever the case, If you are a person who seeks great potential in people or things that you think have value and could be placed in a market, marketing is your thing, and an MBA in marketing could lead your way ahead. Here are a few additional points that could help you make thoughtful decisions 

Reasons for choosing MBA in Marketing?

  • Dynamic domain

Marketing is a dynamic domain that could land you the best of the marketing roles available in the job market. The programme MBA in Marketing enhances your knowledge of product development, business development, advertising, and other marketing skills.

 In this digital world, marketing is no longer a simplified concept as it used to be a few decades ago, big data has given insight into information that can be used by marketing personnel to enhance customer experience, and the MBA in Marketing helps you get a complete perspective of this changing trends and helps you develop skills to keep a pace with it

  • Deep marketing knowledge 

A specialisation degree gives you a deep and thorough knowledge of the respective domain. Similarly, a student gets to learn many subjects in the 2-year programme, including finance, marketing, human resource, and management accounting. Apart from getting knowledge from these diverse subjects, you will be imparted with hands-on experience doing various projects

  • Better earning potential

A master’s in marketing can help you get a good package. As per the statistics, an MBA in marketing earns somewhat from as low as INR 3 Lakh to 30 Lakh or even more, depending on your experience, your academic grades, company and the sector, and a number of other factors.

The career progress and salary of an MBA grad in marketing depend on their capacity to innovate. For example, a creative and self-driven marketing manager may rise through the ranks and could become a product development manager or even vice president of marketing in an innovative organisation. As you grow in the field, the reward in terms of salary and variable pay, including commissions, can be huge 

  • Communication skills

People usually struggle with communicating their ideas and thoughts properly, even sometimes in their native language. Lack of communication skills often leads to confusion and chaos amongst your team. An MBA is structured to provide you with in-depth knowledge in marketing that could help you to communicate easily even with an experienced person in the marketing domain.

  • Several job opportunities

Marketing professionals are in demand in every industry, such as retail, IT, hospitality, banking, media, and FMCG. In a nutshell, here are the descriptions of some of the jobs

  • Brand Manager: A person responsible for the promotion and placement of the brands of a company and data collection of rival brands
  • Sales Manager: A person responsible for sales targets and monitoring the distribution and customer service
  • Marketing Manager: A person who evolves marketing strategy but also focuses on retaining customers
  • Product Manager: A person who manages the delivery of products to the customers and is also in charge of the profitability and market growth of the products 

After completing your MBA in marketing, There is an abundance of opportunities available for you that could lead your way. We have picked a few of the best jobs that fit a profile for an MBA in marketing

  • Marketing Analyst
  • Digital Marketing Analyst
  • Brand Manager
  • Customer Relationship Manager
  • Head of Marketing
  • Advertisement Manager
  • Corporate Sales
  • Marketing Executive
  • Marketing Consultant
  • Business Consultant
  • Project Manager
  • Sales Executive

MBA in Marketing salary in India

While in your initial roles, your compensation depends a lot on your interpersonal skills and personality. An MBA in Marketing could easily land you good compensation in various roles. We have listed down some of the roles and their compensation.

Job titleAverage compensation(in INR)
Marketing Manager₹ 7.3 LPA
Business Development Manager₹ 5.2 LPA
Marketing Executive₹ 2.7 LPA
Digital Marketing Manager₹ 7.2 LPA
Senior Marketing Manager₹ 15.0 LPA
Business Development Executive₹ 3.0 LPA
Project Manager₹ 14.5 LPA
Sales Executive₹ 2.2 LPA

MBA Marketing syllabus

MBA in Marketing courses are designed to provide insight into many subjects, including marketing research, customer behaviour, research, relationship management, advertising, e-marketing, etc. The topics cover both theoretical and application-based knowledge of the subject matters of the business areas you will work. 

Below is a semester-wise MBA in marketing syllabus of Manipal University Jaipur’s online MBA course

First semesterSecond semester
Management Concepts and Behaviours on OrganisationCost Management and Operations Accounting
Managerial Economics, Environment, and Quantitative Techniques for AnalysisManagerial Marketing
Statistical Analytics and Research on OperationsConsumer Behaviour
Management Accounting and CommunicationsAdvertising and HR Management
Finance ManagementDecision Making for Accounting and Business Management
HR ManagementProduction and Project Management
Third semesterFourth semester
Research TechniquesBrand and Product Management
Marketing for Different Industries’ BusinessesManagement for International Businesses and Total Quality Management
E-Commerce and Retail MarketingIntegrated Marketing, Logistics, Distribution, and Supply Chain Management
International BusinessAny 4 elective courses in a chosen business area
Any 4 electives in a chosen business areaGraduation Project

Elective SubjectsThird SemesterFourth Semester
MarketingSales and Distribution, Logistics & Supply Chain Management, Consumer Behaviour, Marketing for the Retail Industry and Research techniques Service Marketing and Customer Relationship Management, Advertising Marketing, Sales Promotions, International E-Commerce marketing

Students who want to apply for an MBA in Marketing require to appear in a Common Admission Test, which is held once a year, usually in November or December and based on the grade they obtain in the test, they will be given admission. The MBA programme requires you to have your graduation in business, accounting, finance, or any allied field by the time you get admission. To know more about the MBA Marketing syllabus, click here.

Be a top-notch marketing professional with Online Manipal

A Master’s in Business Administration degree with marketing as an elective can give you the necessary career boost – both in terms of earning potential and much-needed entry into executive and managerial roles. With increasing awareness on  the internet, online MBAs are gaining more popularity than ever before. Here are a few of the benefits of opting for an online MBA programme:

  • Obtain a degree at your own pace

The main idea behind online MBA programmes is to help students to obtain a degree from anywhere and anytime. Considering that most of the students enrolled in online MBA programmes are working professionals with huge job commitments, the flexibility of academic scheduling is by far the most important component of an online MBA 

  • The quality of education at Online Manipal is comparable to the on-campus MBA.

The MBA curriculum, faculty, and alumni network of Online Manipal is the best and is on par with the on-campus counterpart. 

  • Designed to match the on-campus curriculum

The Online MBA programme of Manipal University Jaipur are designed to match the on-campus curriculum as closely as possible, and there are recorded as well as live classes and interactive video conferences. Students get the chance to interact through live forums or chat rooms, and some of the programmes even include career coaching sessions. 

FAQs about MBA in Marketing

  • How could an MBA in Marketing shape your career?

During the 2 years, MBA changes you and makes you a better version of yourself by improving your communication and overall personality. An MBA also helps to acquire several other valuable skills in the respective domain that can help you to start your own business. An MBA degree also helps you to become self-confident and develop your analytical and critical thinking abilities and provides you with immense knowledge but also a sense of discipline, and makes you a market-ready person

  • Is it worth doing an MBA in marketing ?

There is a lot of scope for an MBA in marketing, and it is a vast field of study. After completing your MBA, Big corporations such as HUL or Marriott International, or ITC, employ them as managers or sales executives. Candidates can also work in retail, tourism, marketing research, and other allied industries.

With an MBA degree in marketing, candidates can also work as lecturers in prestigious institutions. If you are interested in higher studies, then you can also pursue a PhD programme in related studies.

Conclusion

MBA in Marketing has excellent potential as a career option given the compensation and the skills you will have post completion of the degree. Pursuing an MBA in Marketing from an esteemed university opens up new career opportunities for students as well as working professionals who wish to step into managerial roles.

MBA Operations Management course details

An MBA in Operations Management programme includes a two-year postgraduate specialised degree course. The most evident aspect of this course is that it helps candidates develop an in-depth understanding of operations systems which form the base of a business enterprise. This programme or course deals with product or service launch and its management.

An MBA in Operations Management is one of the most popular specialised courses among other MBA specialisations. The course curriculum prepares students to manage different parts of business planning, supervising, organising, developing products, and manufacturing them. It also consists of the production process and service with maintenance.

The role of operations management includes interaction with engineers, researchers, professionals in marketing and other shareholders/collaborators. MBA in Operations Management can be pursued as a full or part-time educational programme. Top colleges in India, like IIM, include operations as a specialisation or optional subject during the final year. 

An Overview of MBA Operations Management 

ParticularsCourse details
MBA in Operations Management course Postgraduate 
Duration of the course2 years 
Eligibility of the course A bachelor’s degree with a minimum total score of 50%
Top MBA Operations Management course 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 Organisation Behaviour Financial Statement Analysis & Reporting 
Fee for the course INR 1,00,000 to INR 9,00,000
Average salary₹ 5.5 Lakhs – ₹ 11.5 Lakhs
Top companies recruitingAirtel Amazon Samsung Wipro Johnson and Johnson PricewaterhouseCoopersErnst and Young Global limited Colgate – Palmolive

What is an MBA in Operations Management? 

So what is an MBA in Operations Management? An MBA in Operations Management is a popular specialisation at most business schools. 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. The course provides individuals with conceptual frameworks and analytical tools to design and manage operational processes.

Suppose a company is in production, let’s say, manufacturing some products or service industry. There are some sets of processes to manage the things, such as planning, supervising, execution and how the works are done at different levels. So a company hires different employees to take care of different departments. 

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.

Students can choose from a wide range of electives in this such as:

  • Demand management and price optimization
  • Supply chain management
  • Risk analytics
  • Operations strategy
  • Sustainable operations
  • Real options
  • Service management
  • Six sigma tools and techniques

It’s a two years course which can be pursued after graduation. This course has both practical and critical presentations, guest lectures, case studies, etc. Placement facilities depend from college to college; there is no fixed placement available. 

This course focuses on specifics like demand and business forecasting, business skill development, project management, business communication, corporate legal environment, international marketing, advertising, retail marketing, enterprise resources planning, and many more.

After pursuing this course, graduates can get placed in different companies like Tech Mahindra, Amazon, Bank of America, and many more.

Who can enrol in an MBA Operations Management programme? 

Individuals who want to advance into managerial roles and have a knack for working in the operations department can enrol in this course. Candidates interested in business administration practices have to make the highest level of planning within an organisation and can pursue this MBA in Operations Management.  

A professional or a business owner or entrepreneur with experience of 1 to 5 years who Iis  looking to boost their career or wants a raise in salary, can consider enrolling in the MBA Operations Management programme. 

An aspiring candidate involved with important and relevant business skills like planning, operations management, market strategy, and handling customer relationships, possessing skills such as product designing, development, or supply chain management, with data analysis in a technological field or logistics can also enrol in the course. 

The eligibility criteria to enrol in an MBA Operations Management programme may vary for different institutes. However, the standard eligibility criteria are as follows:

  • A bachelor’s degree is required in any recognised stream from a reputed institution, with a minimum score of 50% to enrol and become eligible for pursuing the course of MBA Operations Management. Relaxation of a 5% score is allowed for candidates who belong to reserved classes like SC, OBC, and ST. 
  • Various institutions conduct admission tests for MBA Operations Management candidates whereas some colleges consider marks of national entrance exams such as CAT, GMAT, CMAT, etc. The cut-off highly depends on class reservations and institution. 

Admission procedure to enrol in an MBA Operations Management course

The admission procedure to enrol in an MBA Operations Management programme differs based on the different modes students opt for.  

MBA in Operations Management full-time course – The admission process for a full-time MBA Operations Management course includes an entrance exam followed by a group discussion round and a written test. If a person qualifies in all the rounds, a personal interview is conducted. Once the candidate clears this round they are granted admission.

MBA in Operations Management part-time course – The admission process of an MBA in Operations Management in distance or online mode usually does not include any entrance exam, group discussion, written test, or a personal interview. The admission process is solely based on the candidate’s merit and experience. Therefore, the candidate’s graduation marks are considered and based on their merit they are granted admission to the course

Executive MBA in Operations Management programme – Executive MBA Operations Management programme is a specialisation for professionals with working experience. The admission process is purely based on the candidate’s work experience, group discussion, and written test followed by a personal interview. 

How can I pursue an MBA Operations Management course?

Students who match the eligibility criteria and have relevant working or educational experience can easily pursue an MBA in Operations Management programme. Students can pursue the course in different modes like regular, distance, or online.

Students can choose from the different modes which is the best-suited option for them according to their working or educational experience, career goals, and preferences. 

With the shift of education online, many students opt for the online mode as it provides them with all the facilities of a regular programme right in the comfort of their homes. Students can take up the course in their leisure time and prepare in their own time. Individuals who are currently working and want to advance their career without leaving their jobs usually opt for the online mode. 

Online Manipal provides a variety of MBA specialisations to aspiring individuals in a completely online format with various facilities and benefits. Check out their website to know more details about the courses offered by them.

Future Prospects after an MBA Operations Management course

 

If you graduate with an MBA in Operations Management, you will be able to choose from a variety of job roles and responsibilities. The operations department is an essential part of a business and since this programme deals with technical as well as managerial parts of a business, individuals with this specialisation can work in various roles with a good hike in salary.

Individuals usually get alluring designations with good salary packages. Some of the common job roles in which MBA in Operations Management graduates can work are Operations Manager, Manager of Supply Chain programme, General Operations Manager, Business Process Manager, Operations Manager of technical field, Area Operations Manager and Plant Manager.

Higher education opportunities after an MBA in Operations Management  

Students can opt for higher education opportunities in various domains after an MBA in Operations Management, and can also study abroad. If you have a degree from a reputed institution, then it will significantly impact your job opportunities. 

MBA in Operations Management salary prospects

Job positionAverage salary 
Operations managerINR 7.5 lakh per annum
Manager of supply chain programme INR 10 Lakh per annum 
General operations managerINR 18.5 lakh per annum
Business process manager INR 10.17 lakh per annum 
Operations manager of technical fieldINR 13.5 lakh per annum 
Area operations managerINR 8 lakh per annum 

MBA Operations Management core topics

The core topics included in the MBA Operation Management course are Microeconomics, Business Studies and Statistics, Marketing and Consumer Behaviour, Organisation Behaviour, Financial Statement Analysis and Reporting. But this MBA in Operations programme also includes a large number of topics like:

  • Management organisation 
  • Managerial economics 
  • Corporate legal environment 
  • Accounting for manager 
  • Management of international business 
  • Business skills development 
  • Business policy and strategic management 

This course comes with various specialisations and electives like:

  • Operations research 
  • Business statistics 
  • Project management 
  • Materials management 
  • Resource planning of an enterprise 
  • Financial accounting and management 
  • Supply chain management 
  • Technology and innovation management 
  • Marketing management 
  • Human resource management 
  • International logistics 

MBA Operations Management syllabus semester-wise breakdown 

The curriculum of the MBA in Operations Management programme generally is a combination of general business management and principles of management from various subjects. The semester-wise breakdown is listed below:

Semester 1 

  • Organisational behaviour 
  • Accounting management 
  • Managerial economics 
  • Economic analysis for business 
  • Corporate environment 
  • Legal aspects of business 
  • Demand and business forecasting
  • Business skills development 
  • Statistics of management 
  • Management of organisation 
  • Communication skill development 
  • Quantitative techniques and methods 
  • Microeconomics 

Semester 2 

  • Business process modelling 
  • Corporate legal environment 
  • Project management 
  • Business research methods 
  • Business communication 
  • Financial management 
  • Human resource management 
  • Quality management 
  • Marketing management 
  • Information management 
  • Production planning and control 
  • Macroeconomics and policy 
  • Business policy and strategic management 

Semester 3 

  • Business policy and strategic management 
  • Management of international business 
  • Logistics and supply chain management 
  • Enterprise resource planning 
  • Product design and development 
  • Operations management and strategy 
  • Marketing and finance 
  • Information technology 
  • Material management 
  • Human resource management 

Semester 4 

  • Applied operations research 
  • Enterprise resource planning 
  • International business management 
  • Logistics management 
  • Product design and development 
  • Strategic management 
  • Supply chain management 
  • Costing products and services 
  • Indian banking and financial marketing 
  • Marketing of products and services 
  • Human resource management 

Lastly, students have to work on an MBA project in operations management in semester 3 and another in semester 4. 

MBA elective subjects include 

  • Global supply chain management 
  • Service operations 
  • Lean Six Sigma 
  • International marketing advertising 
  • Sales management 
  • Retail marketing management 
  • Consumer behaviour 
  • Operational leadership 
  • Human resource planning and development management 

Check out the complete syllabus of MBA Operations Management Course

Why should you choose an MBA Operations Management programme?

There are many important reasons why you should pursue an MBA Operations Management programme.

  • As you might know, almost all businesses need operations handling and management to function as a business. Operations are known to be an essential part of the functioning of a business. The skills of operations management bring out an amazing manager who can handle difficulties well. The knowledge and skills in operations management can help you become a top executive of a company. 
  • The skills equipped by students in an MBA Operations Management course can be used in all industries and sectors varying from banking and finance to even healthcare. An MBA in Operations Management can assist individuals to enter and work in the banking and finance industry. Operations management skills can also bring innovation and contribute to the air travel industry. 
  • The course MBA in Operations Management can also help you gain entrepreneurial skills which will help you build up a start-up and start your venture. 
  • Candidates who graduate with an MBA in Operations Management also get good compensation. Companies like Apple, Amazon, and Wipro usually look for and hire individuals who graduate with an MBA in Operations Management. 

Benefits of pursuing MBA in Operations Management programme

 

Pursuing an MBA Operations Management programme presents individuals with several benefits like:

  • Pursuing an MBA in Operations Management helps individuals to get equipped with different interdepartmental activities in corporate companies and thereby prepares them for the industry’s specific needs. 
  • It gives you theoretical knowledge and practical knowledge, which helps you become an asset to a company and advance your career. 
  • There is an increase in the requirement for specialists in operations management, thus, several opportunities will open up for a graduate in this course. The manufacturing unit especially is recruiting managers for production efficiency. 
  • You acquire in-depth knowledge while pursuing MBA in Operations Management. The course gives you in-depth skills in business analysis, vendor management etc. and prepares you as a skilled individual.
  • There is a demand for individuals with a specialisation in operations management in almost all sectors and industries, especially in the corporate sector. Thus, individuals with this specialisation can choose to work in their preferred sector.

Required skills for a job in operations management

There are some skills that you must possess to get a job in operations management:

  1. People management skills 
  2. Organisational skills 
  3. Motivational skills 
  4. Analytical skills 
  5. Technology skills 
  6. Decision-making skills 
  7. Maintaining the standard of quality
  8. Data analysis in logistics
  9. Supply chain management 
  10. Product design 

These are the most required and core skills for an individual to get a job in operations management. 

Is an online MBA in Operations Management a good option? 

Yes, an online MBA in Operations Management is a good option for working professionals ready to advance their prospects. It’s perfect for individuals who don’t have enough time to attend regular classes. The duration of the online MBA in Operations Management course is 2 years. 

Why is an online MBA from Online Manipal the best option?

Many individuals don’t have enough time to attend classes regularly, so an online MBA from Online Manipal is the best option. The course is designed by reputed faculty members and offers you various facilities with a semester-wise syllabus breakdown. You can visit their website and get enrolled. The process to enrol is quite simple and easy for candidates who match the eligibility criteria.

Eligibility requirement to get admission in MBA from Online Manipal 

  • The candidate is required to have a bachelor’s degree from a well-known institution or university with an aggregate score of 50%. 
  • The candidates must have reasonable scores in the aptitude entrance exams like CAT, GMAT, MAT, XAT, or CMAT. 
  • If they haven’t cleared these entrance exams, then the candidate will have to clear the aptitude tests and then clear the online aptitude test, which is conducted by Online Manipal.

Eligibility criteria for international students for online MBA

There are some basic criteria that international students must fulfil to take admission into online MBA courses. Like having a bachelor’s degree from a reputed institute with good merit. They must clear the admission tests conducted by Online Manipal to complete their admission procedure.

Online MBA in Operations Management course fees structure

The total course fee for an online MBA from Online Manipal is around INR 1,50,000, which is around INR 37,500 per semester.

Online MBA scholarship offered by Online Manipal 

Online Manipal provides scholarships to deserving and meritorious candidates. The procedure to apply for the scholarship is mentioned on their website.

Placement assistance at Online Manipal

Placement assistance is offered to students at Online Manipal to enhance their employability in finding job opportunities after completing the programme. Manipal University Jaipur (MUJ) maintains an administrative network connection with the best companies all over India. They aim to ensure that graduate candidates are matched with the best career opportunities. 

MUJ focuses on the initiatives that are needed for any job seeker. They assist them with interviews and provide training for required skills. Mentors help the candidates learn more about the job role and train them accordingly. 

MUJ also hosts a job fair for final-year students in the undergraduate and postgraduate programmes. Interested students can attend this job fair virtually or in person. The job fair provides students an excellent opportunity to get into top-tier organisations. 

FAQs 

MBA in Operations Management or MBA in IT and Systems, which is a better course? 

Both are specialised MBA degrees. They are both very popular and in demand. One can pursue either of them depending upon the interest and academics. 

What are some career opportunities after MBA in Operations Management? 

After you complete an MBA in Operations Management programme, you can seek a job in various industries at the managerial level. Such as in e-commerce, consulting, information technology etc. 

What is the admission process for MBA in Operations Management? 

The admission process for the full-time MBA Operations Management course includes an entrance exam and group discussion followed by a personal interview. 

What is the general course fee for MBA in Operations Management? 

In private colleges, the average fee for this course is around 10 lakhs or more. While in government colleges, the fee is around 2 lakhs.

What is the starting salary for Operations Managers? 

The starting salary for an operations manager is INR 7.8 lakh per annum. If a candidate is from a renowned college, they get recruited by top companies with an average salary of INR 14 to 23 lakh per annum. 

Conclusion

An MBA in Operations Management is in demand in organisations, and it is a great career opportunity that one can pursue. It is a perfect course for you if you have a relevant interest in business, technology etc. Candidates with an MBA in Operations Management degree can utilise their skills in a wide range of responsibilities, from product design to business and finance, technological skills, logistics with supply chain management, and data analysis.

There are various career opportunities available if you do an MBA in Operations Management. You can get placements in well-known companies. 

MBA in Operations Management also includes various job roles, such as operations manager, business analyst, supply chain manager, human resource manager, area operations manager etc. 

The online MBA programme in Operations Management from Online Manipal provides excellent placements and training. An online MBA in Operations Management is a great option for working professionals who want to study and work at the same time. After the completion of an MBA in Operations Management, people usually gain a lot of experience. Overall, an MBA in operations management course is worth it.

Use of Blockchain in Supply Chain Management

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.

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 decentralised 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 organisation 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 organisations 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

AdvantageDescription
Making 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 posterity
Cost-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 revolutionise 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.

What is Data Science?

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 processes
  • Discover 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.IndustryExamples
1HealthcareMedical image analysis, drug development, virtual assistance/online chatbots, genetics and genomics, predictive modelling for diagnosis, etc.
2Search enginesGoogle, Bing, Yahoo, Ask, etc.
3TransportDriverless cars
4FinanceRisk analysis automation
5E-commerceFlipkart, Amazon, Myntra, etc.
6Image recognitionAuto-tagging of images
7Airline route planningPredicts flight delay, derives which tickets to buy, etc.
8GamingComputer opponent
9Delivery 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.

QualificationSkills
Masters 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

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.