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Here’s how an MBA degree can benefit doctors in more ways than one

A Master of Business Administration (MBA) program is one of the most versatile degrees that is valuable for people from all walks of life, medical professionals included. As a doctor with an MBA degree, here’s my account of how an MBA has helped me.

In my opinion, there are broadly two types of doctors that benefit from an MBA degree. The first group is MBBS graduates fresh out of medical college who would like to explore a career in non-medical roles in the healthcare industry. The second cohort comprises practicing doctors with years of private practice. This group of doctors may be running their own clinics or hospitals and would want to learn more about the business side of things, or polish and upgrade their managerial skills.

According to available data, 99,013 MBBS seats are available in 650 medical colleges in India. Out of these medical graduates, around 75% practice in India either directly after graduation or upon completion of postgraduate specialization courses. The rest may move to other fields and quit medical practice to pursue business or other professions after practicing for a few years. This is a common trend across the globe.

Here comes the importance of a versatile postgraduate degree like an MBA. These graduates can enroll in an MBA and build a new career in their chosen domain. The scope for doctors with an MBA is very high, and hospitals and other healthcare organizations are happy to hire such candidates.

Read on to know more about whom an MBA in healthcare management better suits.

An MBA for doctors – Benefits

An MBA for both fresh MBBS graduates, and experienced doctors is beneficial in various ways. An MBA after MBBS gives a new outlook for doctors throughout their professional lives.

1. Give wings to your entrepreneurial journey: An MBA is beneficial for doctors with entrepreneurial ambitions to scale up their ventures. Depending on their needs, a doctor can choose any MBA specialization – marketing, finance, HRM, Operations Management, Healthcare Management, Hospital Administration, Pharmaceutical Management, or others. It helps them to run their venture more confidently while continuing their private practice.

In India, doctors who belong to the interior parts of the country usually find their fortunes in big cities. This trend is shifting towards rural areas as these doctors find potential in their native towns or villages. This has been a trend in states like Kerala for many years. But after the Covid pandemic, this trend is expanding to other states too. From a simple clinic to a corporate hospital, entrepreneurial scope in the healthcare industry is unlimited. Apart from specialist roles like dentistry, ophthalmology, skin care/cosmetic, and others, HealthTech innovations are also witnessing an upward trend.

2. A doctor understands another doctor: In the medical field, the primary stakeholders for any branding, sales, or marketing are doctors. A management or business professional with an MBBS background can easily persuade another doctor by speaking the same language. He/she is often seen as more credible than their counterparts.

3. Emerge as a thought leader: A doctor in any non-medical role in the healthcare industry will be able to share authentic information. It will give them an upper hand over others. Eventually, they can emerge as a thought leader in their domain.

4. Stand out in interviews: For any healthcare-related jobs, employers prefer knowledgeable candidates over a generalist. Even if there are several MBA graduates for an interview, a doctor with an MBA will have a competitive edge over others. The rarity of this combination is also an added advantage for such candidates.

5. Grow to top positions in healthcare: Most doctors with an MBA take up administrative roles, such as hospital administrator, human resource manager, or marketing jobs and others. Some of them perform these duties along with their medical practice, while others focus on solely administrative responsibilities. These positions enable doctors to advance their managerial skills and increase their experience. It is common to see that doctors with managerial experience and expertise are chosen for top executive posts in hospitals. Their professionalism, service-mindset, and goal-oriented attitude is seen as a plus for any top position.

You may like to know more about how MBA healthcare management help doctors.

Bottom line

Professionals like doctors are also facing the volatility and uncertainty that loom in the current business world. Cutting-edge technological innovations impact the medical industry. In this scenario, upskilling or reskilling is imperative for doctors to stay relevant in the VUCA world. Pursuing an MBA degree will add value and give them the necessary boost and shield to face the challenges and uncertainties of the world today.

(This article is written by Dr. Sunny Sachdeva, Co-founder of Clovis Diagnostics and Medi Solace Medical Tourism. He holds MBBS from KMC, Manipal, and MBA from TAPMI.)

Why you should pursue PGCP DS-ML from MIT

The future has already arrived, and data science courses are paving the way. According to one estimate, 2.5 quintillion bytes of data are created every day. As a result, it is not surprising that data science is creating millions of employees worldwide. 

Tech behemoths such as Facebook, Google, and IBM are investing millions of dollars in studying and developing various parts of Data Science, such as Machine Learning and Artificial Intelligence. It is also one of the most sought-after positions on job search platforms such as Linkedin, Glassdoor, and Monster.

If you’re wondering why you should study PGCP in Data Science & Machine Learning at MIT, keep reading.

Know about Manipal Institute of Technology

Manipal Institute of Technology (MIT) was established in 1957 as one of India’s first self-financing technical institutes. MIT provides a bachelor’s and master’s degree program in engineering. It also permits students to pursue research full-time or part-time. 

The institute conducts sponsored research projects with financing from organizations such as DST, CSIR, AICTE, and the Ministry of Environmental Sciences. It conducts joint research initiatives with leading research facilities and institutes in India and around the world.

What is PGCP DS-ML?

The Postgraduate Certificate in Data Science and Machine Learning course is a Program that provides a hands-on learning experience in Data Science labs outfitted with the most up-to-date analytics tools and applications. Learners may master Artificial Intelligence & Neural Networks, Data Visualization, Statistical Data Analysis, and Machine Learning techniques at work utilizing tools like Jupyter Notebooks for Python, SQL data, and more through this 6-month online live curriculum. 

This curriculum is certified by the Manipal Academy of Higher Education and includes three modules to ensure a holistic, hands-on learning opportunity.

Want to know if you should invest your 2 years for a data science course? Read our blog Is it good to spend two years in a data science course? to know more!

Why should you opt for MIT for PGCP in Data Science & Machine Learning? 

A PG diploma program can benefit aspiring data scientists by exposing them to various employment opportunities and specialized sectors such as data analytics and machine learning. A postgraduate degree in data science provides numerous chances and work prospects for talented persons interested in this sector.

A PG diploma program provides everything a data scientist needs to function properly. This covers extensive lessons on computer languages, data management, sorting, analytics, and data extraction. 

MIT offers a comprehensive Data Science and Machine Learning course with reputable accreditation. These approved courses are ideal for those who want to extend their education in data science while still working. We also allow students to take these courses from home according to their shift schedules or availability, which is a huge benefit for working people.

MIT PG courses are also highly valued by employers worldwide, with many satisfied employers and students vouching for the courses given by this prestigious educational company. MIT can be a simple way to obtain an approved diploma in data science because it is accessible from anywhere. 

Through the 9-month online program, MIT has crafted a competitive curriculum that will enable applicants to become effective professionals by acquiring trendy Data Science & Machine Learning technologies and methodologies. Through 7 Intensive Micro Projects and 2 Capstone Projects, the 9-month online curriculum will give learners an application-oriented learning experience. 

The students will work in groups of five, and the viva will take place at the end of the project. These projects seek to educate students with the Data Science and Machine Learning abilities required to confront real-world business challenges, as well as industry exposure to help them launch their careers.

The following are a few program outputs from MIT’s PGCP DS-ML.

Develop critical Data Science and Machine Learning abilities.

  • Understand Data Science Statistical Techniques and Machine Learning Operations (MLOps)
  • Understand and apply Python for Data Science.
  • Discover how to use Data Visualization and PowerBI to solve real-world business problems.
  • Gain in-depth knowledge of Artificial Intelligence, Machine Learning, and Neural Networks, all of which are required to develop Intelligent Machines.

Learn from industry expertise 

  • Learn from highly experienced Data Science and Machine Learning specialists 
  • Participate in the career and domain-specific online workshops led by industry professionals.

Gain valuable practical experience

  • Gain practical experience by participating in 7 intensive microprojects and 2 capstone projects, as well as case studies and assessment-based learning.
  • Microproject mentoring sessions

Take advantage of the placement guarantee/assistance

  • After completing the program, you will be eligible for Placement Guarantee/Assistance.
  • Use our placement training programs to improve your aptitude, build your résumé, and attend mock interviews, among other things.

The eligibility criteria for PGCP DS-ML are

Learners eligibilityGraduates with a minimum of 50% marks from a recognized institute/university in a qualifying degree that included mathematics, statistics, or programming as a subject.
Who can apply Candidates who want to learn about Data Science and Machine Learning courses
Eligibility for placement assistanceCandidates with four or more years of work experience
Participants who graduated in 2017 or before
Learners who graduated in 2018 but have had no work experience for at least a year
Eligibility for placement guarantee Candidates with up to four years of work experience
Candidates who graduated in 2018 or later

Want to know how to build a robust data science portfolio? Check out our blog on data science portfolio for further information. 

Conclusion

We live in an era when technology is rapidly advancing, and we are eager to discover new methods to make our lives easier. Data science is gradually becoming one of the most important fields of information technology. This will result in a significant increase in the need for data scientists among MNCs and enterprises. Studying data science and machine learning today will undoubtedly be beneficial and fruitful in the future.

If you want to learn more about machine learning and top data science courses, you can enroll in MIT’s PGCP DS-ML program. We provide graduate, postgraduate, and certification programs that are carefully tailored to your needs. You can learn from our expert faculty, who will guide you to a brighter future.

Key takeaways:

  • Data science is the study of extracting data by using subject expertise, computer skills and statistics. In contrast, machine learning is the study and development of algorithms that use data to improve performance or inform predictions. 
  • Machine Learning is an area of science concerned with developing methods to educate a computer to make more accurate judgments.
  • The PGCP in data science and machine learning curriculum is a comprehensive program that provides a great blend of Data Science and Machine Learning ideas to help learners become Expert Data Science Professionals.

Top industries that benefits mostly from data science

Data science is an interdisciplinary field combining mathematics, statistics, and computer science with business knowledge. Since the term was coined in finance, it has naturally been associated with that field for a long time. 

However, today, it has spread everywhere. Due to the wide scope of data science, it may be used in practically any industry. According to statistics, the data science market is expected to be worth USD 16 billion by 2025.

How data science contributes to organizations

Introducing data science into your business activities can significantly impact productivity, decision-making, and product creation – all in a positive light. It can assist you in reducing or eliminating the risk of fraud and error, increasing efficiency, and providing better customer service. Data scientists can also assist in automating time-consuming functions in your business, freeing up human hands and minds for more critical tasks.

Top industries that benefit from data science

The following are a few top industries using data science: 

  1. Finance and Securities

The so-called big names in the banking and financial markets, such as hedge funds, retail trade, and large banks, have deployed big data technologies to monitor trade analytics used in high-frequency trading, predictive analytics, sentiment measurement, pre-trade decision-support analytics, and so on. Other areas that heavily rely on data and analytics solutions include risk analysis, anti-money laundering, KYC (know your customer), fraud reduction, and demand enterprise risk management.

Banking and security organizations monitor financial market movements utilizing data analytics techniques and solutions. For example, stock exchanges employ big data and analytics in conjunction with NLP (natural language processing) and network analytics to detect and monitor illicit stock market trading methods and catch wrongdoers.

  1. Media and Entertainment

People’s entertainment consumption habits have shifted dramatically, particularly after the global pandemic. Consumers today expect rich media content in various formats whenever and wherever they want it. Examples of entertainment-streaming services are Instagram, Spotify, Netflix, HotStar, and Amazon Prime Video. These channels provide users with on-demand material that is personalized.

These businesses, for example, utilize web scraping to collect data from social media networks and discover popular topics. Data scraping solutions enable real-time data access and aid in discovering insights such as user concerns, favorites, etc. 

These data are used by businesses to generate better content for various target audiences, measure content performance, and recommend on-demand material based on individual interests. Spotify is a company that has used Hadoop’s big data analytics to analyze data from millions of customers to provide them with better music choices.

  1. Pharmaceuticals and Healthcare

The pharma and healthcare sectors are investing in modern cloud technology and big data to improve medical services and consumer satisfaction through analytics. Wearable trackers and RPM (remote patient monitoring) are only two examples of advancements in the healthcare business. 

Data science also aids in determining whether patients are adhering to the treatment plan correctly. Data accumulated over time provides clinicians with extensive information on their patient’s well-being and actionable insights. It assists medical practitioners in providing better service and reducing wait times.

  1. Education 

The education sector is among the top data science industries. Whether in schools, colleges, or corporate coaching, modern technologies and solutions have been used to provide data that administrators can graph and chart to gain insights into learning and teaching patterns and work on improving the gaps.

Data analytics is a great method to improve teaching strategies, identify areas students find difficult to learn, and see how this could be changed to make courses more interactive and encouraging. 

The education industry employs data analytics to improve education and learning systems outside the classroom. For example, some educational institutions utilize data analytics to design school bus routes or improve classroom hygiene.

  1. Production

Manufacturing industries of various types of natural resources, such as oil, gas, minerals, metals, agricultural products, and so on, have generated a large amount of data during the previous few years. The data is massive, complex, and difficult to manage, making them an ideal target for data analytics.

The sector is aggressively investing in predictive analytics technologies and embracing digitization to become a data-driven decision-making industry. Companies are ingesting and integrating various important data types, such as geospatial, text, graphical, IoT, and temporal data, into datasets to provide usable information.

  1. Insurance 

Insurance is another industry that is aggressively investing in predictive analytics. They are utilizing data to boost sales and profitability. Data is being collected from a variety of sources by the industry. 

Property and casualty insurance firms use telematics, agent interactions, customer contacts, smart homes, and social media campaigns. They do this to understand and manage their connections with clients regarding claims, underwriting, future consumer requirements, and much more. Companies leverage data insights to create new goods and improve customer service, allowing them to maximize revenue.

  1. Government sector

Data analytics has shown to be extremely beneficial to the government and its many agencies. Whether it’s financial market analysis, energy exploration, health-related research, environmental protection, or fraud detection, the government is leveraging big data to improve services and satisfaction across the board. The application of data science in food and drug administration is one of the best instances of applying data analytics and data science tools in the government sector to detect and evaluate patterns connected to food-associated disorders and illnesses.

The following table shows the top data science companies in India.

CompanyAverage salary (INR – LPA)
Accenture Analytics10,50,000
Fractal Analytics17,00,000
Swiggy22,21,285 
Latent View9,46,769 
Tiger Analytics15,00,000
Genpact9,88,804
TheMathCompany10,20,000
MuSigma7,27,390
IBM6,00,275
Oracle14,98,611
Source

Conclusion

Data analytics provides the technologies and tools needed to create a big data world with organized and structured data collections. Companies can utilize these technologies to optimize efficiency and avoid resource and time waste by strengthening their decision-making capabilities using data-driven insights. The industries listed above are the most advanced in terms of using data analytics at every stage. 

If you enjoy patterns, numbers, and analytics and have the necessary skill sets, Online Manipal is a quick and easy platform to get started in data science. You can find top-rated online degree and certificate programs from prestigious institutions like Manipal Academy of Higher Education on Online Manipal. Enroll in our online programs today!

Key Takeaways:

  • Participate in online competitions and supervised workshops to master the art of reducing data into meaningful information if you are interested in data science.
  • Data scientists are in high demand across many industries, and some large corporations pay excellent salaries to attract talented candidates.
  • Data science job positions are among the highest-paying jobs in India.

Why is statistics a core subject in Business Analytics programs?

Everybody has to perform better than others in today’s competitive environment. A company must improve productivity, raise revenues, and thoroughly understand business models. Business analytics aids in understanding the viewpoint of the client and forecasting future sales because we live in a data-driven world. 

Additionally, business analytics gathers data from the database and performs analyses to obtain information that will help the business. It supports businesses’ ability to compete.

Your company can use its data more effectively than before with business analytics; you need to know where to look. Using statistics in business analytics is your greatest option for gaining the information you require, whether you’re generating forecasts or looking for trends.

Businesses can do a lot with their big data, and statistical analysis is a smart method for them to look at it and learn from it. It covers various data-related topics, such as data gathering, surveys, and experiments.

What is statistics?

The science of statistics focuses on creating and researching strategies for gathering, analyzing, interpreting, and presenting empirical data. Research in statistics finds application in almost all scientific domains. Moreover, research concerns in the various scientific fields inspire the creation of new statistical methods and theories. 

Statistics is an interdisciplinary field. Statisticians use various mathematical and computational techniques while creating new approaches and researching the theory that supports such methods.

Uncertainty and variation are the key concepts in the study of statistics. In science, as well as, more generally, in life, there are numerous circumstances where the result is unknown. When there is uncertainty, it may be because the outcome has not yet been decided (for example, we may not know if it will rain tomorrow). However, it may also be because we are unaware of the outcome even if it has already been decided (e.g., we may not know whether we passed a particular exam).

Why statistics in business analytics?

Suppose you own a knitwear factory and are unsure about the appropriate production volume. Making too many items results in a financial loss, while producing too few results in lost sales opportunities. Then, how do you come up with the ideal number? The response is in business statistics.

Business statistics experts use statistical techniques to respond to most business questions. A complex financial position could need to be described, customer behavior might need to be predicted, or the effectiveness of an advertising campaign might need to be evaluated.

A key instrument in business analytics is business statistics. Business statistics courses are a must for people who want to work in business analytics.

Are you wondering what the importance of statistics in business analytics is? Then, you should know that statistics aid in understanding the present and foretelling the future for businesses. This can reduce costs for enterprises, open up new opportunities, and boost productivity. A corporation can determine how many staff to hire or how to expand production, for instance, by using statistics to forecast sales patterns.

Business statistics experts are frequently hired by medium- to large-sized companies to assist them in their studies. Small business entrepreneurs do, however, also employ data to aid in their operations.

Statistical methods in business analytics

Listed below are a few well-liked statistical techniques in business analytics.

  1. Sampling 

It involves selecting a sample—a condensed set—of observations from a vast population. It is a frequently employed technique in all types of data analysis. Random, stratified, and cluster sampling are a few techniques. Sometimes, due to time restrictions or possible data similarities, you may be unable to analyze all the data. In this situation, sampling is an option.

  1. Correlation Analysis 

It is used to examine how closely or how much related two or more variables are to one another. Most manufacturing companies want to know the relationship between –

  • Commodity supply and demand
  • The volume of production and the efficiency of machinery and equipment
  1. Regression Analysis

This statistical method is admirable and often employed in business analytics. Utilizing historical data allows for the value of future outcomes to be predicted. Time-series analysis and data forecasting are both aided by this technique. The various regression analysis techniques include the following:

  • Linear Regression
  • Multiple Regression
  • Logistic Regression
  • Poisson Regression
  1. Graphical Analysis 

The data is displayed using graphs or diagrams because data presented in the form of diagrams and graphs appear more credible and appealing. Consequently, it gives a data set a relevant outlook. Among the widely used graphical tools are:

  • Histograms
  • Bar charts
  • Pareto charts
  • Scatter plots

Learn statistics with a business analytics program

Typically, a person in the business statistics field holds a bachelor’s degree or higher qualification. Finance and business administration are popular majors. A master’s degree, such as an MBA, is frequently required for higher-level positions in business statistics. Advanced statistical methods are taught in an MBA school, and students often have greater practice using these methods to solve problems in the real world.

Check out the Manipal Academy of Higher Education (MAHE)’s PGCP in Business Analytics at Online Manipal, if you want to study business analytics and advance your profession. For professionals hoping to build a name for themselves in the rapidly expanding field of business analytics, we offer this postgraduate certificate program in business analytics. The course will teach participants how to use data to formulate corporate strategies, address organizational issues, and give customers accurate and data-driven responses.

Conclusion

The field of business statistics is currently in demand. The BLS predicts a 33% increase in the number of statistician posts between 2020 and 2030, indicating that the sector is expanding as quickly as or more quickly than other sectors. That’s the equivalent of 15,000 new jobs!

Business statistics are becoming more and more critical in today’s business environment. This is because decisions supported by mathematics are typically more sound than those supported by qualitative data. Thus, choose MAHE’s online M.Sc. in Business Analytics program and boost your career.

10 Types of Data Analysis Method 

Mathematical & Statistical MethodsAI and Machine Learning Methods
Descriptive Analysis Neural Networks 
Regression Analysis Decision Trees
Factor AnalysisEvolutionary Algorithm
Dispersion Analysis Fuzzy Logic
Discriminant AnalysisTime Series

Key takeaways:

  • People in business statistics positions can succeed with solid math skills. The job is ideal for someone who appreciates using data to solve riddles because it is highly analytical and question-focused.
  • While some roles can be filled with only a bachelor’s degree, most positions require a master’s to advance.
  • The core subjects in business analytics course are a variety of statistical techniques like hypothesis testing, correlation, regression, and so forth.

Digital marketing: The hottest career choice in 2023 

Digital marketing is one of the most sought-after career choices right now. It is a field that has made great strides in the last few years and continues to do so. The scope of digital marketing is enormous, and one can find a wide range of employment possibilities in various industries. With the ever-evolving technology, and most businesses shifting online, there is no better time to become a digital marketer than now.  

What is Digital Marketing? 

Digital marketing refers to the promotion of products or services using digital channels, such as search engines, social media, email, and websites. The goal of digital marketing is to reach and engage with customers through various online platforms in order to drive sales and increase brand awareness. Techniques used in digital marketing include search engine optimization (SEO), pay-per-click advertising (PPC), content marketing, influencer marketing, and more. 

How are businesses leveraging digital marketing? 

Every advertisement we see, every content piece we read, and every infographic image or video we see online is linked in some way to the work of a digital marketer. Technological advancements in almost every field have prompted many businesses around the world to find innovative ways to communicate with their target customers and share information. Today, smartphones have become quite affordable, and internet availability is made easy, allowing people to access vast information and make informed decisions about their purchases.  

Businesses are trying to leverage the latest technology to create strategies that help maximize their interactions with their customers. To achieve this, they have strengthened their Digital Marketing efforts. As the economy becomes more digital, Digital Marketing is gaining more prominence with every passing day, which makes a great career path for anyone. 

If you are ready to invest some of your time in learning Digital Marketing, you can have an exciting and lucrative career.  

Benefits of learning Digital Marketing 

  • High demand for digital marketers 
  • Easy to start a career. 
  • Diverse and in-demand jobs 
  • Develop entrepreneurial skills 
  • Attractive salary packages 
  • Gain business insights 
  • Helps in brand building. 
  • Allows you to start your own business: 
  • Helps in career growth 
  • Jobs unaffected by the recession 

Conclusion

When you learn Digital Marketing, you can rest assured that it is going to be a smart investment and will add an excellent career move! Take the opportunity to learn the insights and career prospects in Digital Marketing by enrolling in an online MBA program with a Marketing elective at Manipal University Jaipur (MUJ). The curriculum offered by MUJ is an innovative approach to shaping a professional to serve the economy in a win-win situation. It is adapted as per the latest thrust in the industries with broad coverage of both national and international integrated opportunities. Acquainting such knowledge enables students to grab the practicalities of modern business as well as job opportunities. 

Compensatory Consumption and how it is diverting consumers’ mindfulness 

What is compensatory consumption? 

For centuries, human beings have been mindful of the products and services that they’ve been consuming. They are used to searching for and purchasing products based on their needs and wants. This process focuses on needs first, which later get converted into wants. Our mind consciously gives priority to our needs, but we often find it difficult to choose from the multiple options available for the same product/service in the market. Therefore, it’s not only our wants which makes a purchase decision difficult but also identifying the needs and choosing the right product is getting tougher. This germinates a perpetual cycle of irrational purchase behavior among the consumers which is exactly what the marketers desire.  

Marketers are dexterous in demonstrating effects that influence a consumer to replicate the purchases made by others. It is expected that promoters send correct signals to the market to protect consumers’ interests. Unfortunately, promoters believe in sticking to compliance rather than ethically sending market signals to consumers. Multiple selling and promoting platforms are further fueling this phenomenon. Turning an ordinary consumer into a compensatory consumer. 

Components of compensatory consumption 

According to Bernadett Koles, conspicuous consumption, impulse and compulsive buying/shopping, the tendency of self-gifting, and to certain extent addiction may be the components of compensatory consumption.  Let’s discuss these dark forms of consumption in detail –     

Conspicuous consumption It includes consumption of luxurious and costly products to reflect one’s wealth and self-worth. People buying costly paintings, artifacts, gems and jewelry, luxury cars, etc., more than once is considered conspicuous consumption. People making such purchases usually belong to high society.  

Impulse buying: It is a sudden and irresistible urge to purchase a product. It is unplanned in nature and does not cause much harm to the customers. Although the dominating cause behind impulse buying could be strong human emotions, many other factors such as the external environment or instore ambiance, effects of advertising on consumers and self-esteem can be the cause behind impulse buying. According to the buyers’ purchasing strategies, sellers believe that billboards and customized online advertisements based on consumer search history are effective means to induce impulse purchases  

Compulsive buying: When impulse purchases become repetitive, leading to the purchase of unwanted stuff, it takes a more serious form of consumption known as compulsive buying behavior. This behavior is dangerous as it emerges from stress, anxiety, and depression. Its consequences could lead to financial distress for an individual, leading to bankruptcy. People with compulsive buying may excessively use credit cards, borrow money heavily, and could be a defaulter in the payments of financial liabilities. 

Self-gifting: It is a tendency of an individual to purchase a product for self-use, it is considered a reward that one wants to give himself or herself. As it is a self-indulgent behavior the person suffering from it may repeat it and this becomes a cycle.  

Addiction: It is the most severe form of dark consumption. This includes the intake of substances harmful to the health, like drugs or excessive use of alcohol and tobacco. Gambling, hoarding, and excessive compulsive disorders like binge eating and purchasing could be other forms of addiction. 

How to avoid dark purchasing behavior? 

The role of the seller’s approach, advertising policy, and customized promotions on social media platforms enhance the chances of the customer adopting dark buying behavior, which is the greatest hurdle of mindful consumption. Consumers must be aware of their choices and consumption pattern to avoid excessive purchases. An act of purchase that leads to long-term sustainable satisfaction brings happiness and reduces post-purchase dissonance. Making correct purchase decisions is an art to be practiced quite frequently. Knowing one’s social stratum is the first step to consuming consciously. This reduces post-purchase anxiety as one displays purchase achievements to the group members of the segment to which they belong. 

Product usage value should be more than its brand value. The advice of an opinion leader, coming from a well-known reference group, is more reliable than the advice of a celebrity. Divert your overconsumption habits into sustainable consumption. Identifying need-based items and purchasing them more will not lead to deleterious results compared to the items purchased under emotional conundrum.  

Conclusion 

According to Keynes, consumption leads to economic development of society, which makes it an important part of the economy. There is no harm in increasing consumption using societal and ethical marketing practices through optimized marketing efforts. It is different from under-marketing, where the needs and wants of the consumers are ignored or overmarketing, that aims to increase consumption at the cost of societal well-being. 

If you’re someone who’s looking to pursue a career in marketing, you can learn more such interesting marketing concepts by enrolling for an online MBA with marketing elective through Online Manipal. The state-of-the-art LMS, meticulously designed curriculum, expert faculty, and domain and career-specific webinars that are available to you during the program will enrich your knowledge and skills to thrive in this highly competitive business world. 

Top emerging technologies in financial services and how to upskill in them

The future of the financial services industry is changing with digitization taking over the sector. The global financial services market is expected to grow at an 8.8% compound annual growth rate (CAGR) from $25848.74 billion in 2022 to $28115.02 billion in 2023. Thus, the need for new, innovative ways to save money, invest and borrow has never been greater. With this comes the need for new technology to support these needs. Here are some of the top technologies in banking and financial services that are completely transforming the sector:

  • Cloud banking

Cloud banking is a new way of banking and is more convenient, secure, and efficient than traditional payment processing methods. Cloud banking enables you to access your account information from any device anytime via the internet or mobile device. You can also use this technology to make payments through an app on your phone or tablet without worrying about remembering passwords and PINs.

  • Artificial intelligence & Machine Learning

Artificial intelligence (AI) and machine learning are the next big thing in financial services. AI can help banks with their day-to-day operations, including fraud detection and customer service. In addition to these benefits, AI technologies have the potential to transform how banks do business with their customers by automating processes that humans previously performed.

For example, if a customer sends an email requesting information about their account or making a payment request, AI could analyze this message automatically using natural language processing algorithms before sending it back to the client with relevant information attached. It would save time for both parties as well as reduce costs associated with manual workarounds like phone calls—all while enhancing user experience even further.

  • Robotic Process Automation

Robotic process automation (RPA) uses software to automate business processes. It can include a variety of tasks, including data collection, scheduling, and reporting. RPA has been used in many industries over the past decade and has become increasingly popular as an alternative to human workers when it comes time to perform repetitive tasks that require little or no training.

Robotic process automation is often used in finance and insurance because these sectors have high volumes of repetitive tasks that humans cannot efficiently perform on their own (e.g., customer service). Robotic process automation makes sense because it enables businesses with constrained budgets or resources to access extra services without their staff investing extra time.

  • Advanced cyber security

Cyber security is a major concern for financial services firms as cyber threats are a constant risk. Cyber attacks have become more common, but they’re also getting more sophisticated and difficult to combat. Cyber security challenges will only increase as new technologies like artificial intelligence become more widespread and widespread adoption of mobile technologies increases. As financial services firms continue to grapple with these issues, they need to be prepared for the future by investing in advanced cybersecurity measures before it’s too late.

  • Blockchain

Blockchain is a distributed database that can be used to store and transfer data. It is decentralized, meaning it doesn’t require any central authority or middleman to validate transactions. Blockchain technology has been around since 2008 but has only recently become mainstream with the rise of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Blockchains are public ledgers where all users have access to read-only copies of the ledger. It makes them resistant to manipulation as there’s no central point of failure. Each node on a blockchain maintains its own copy of the information about past transactions in order for it to function properly so no hacker would have enough power over multiple nodes simultaneously.

  • Data analytics

Data analytics is the process of using data to make sense of it and make predictions about future behavior. It can be used for many purposes, including improving business processes, customer satisfaction, and other aspects of your organization’s operations. Data analytics can be used to predict what customers will do or say in response to specific marketing campaigns or promotions. In some cases, this information can also be used as part of a decision-making process. Data analytics also allows companies to identify opportunities they might not have otherwise seen (e.g., understanding customer needs).

  • Neo banks

Neo banks are a new type of bank that is being developed. They’re a mix of traditional banks and blockchain technology, with the goal of making fintech in banking and finance services more accessible to everyone around the world. Neo Banks have been around since 2017, but they’re still in their infancy phase. There aren’t many currently operational ones yet, but they’re expected to grow rapidly as more people become aware of them and want to use them for their own financial needs or business operations like loans and investments.

How to upskill yourself?

The TAPMI online MBA-BKFS program through Online Manipal is a fully accredited MBA program that offers working professionals in the BFSI sector the opportunity to gain a deep understanding of the role of the financial services industry in today’s world. The program is specially designed to cater to working professionals with 3 – 5 years of working experience in the BFSI sector and to prepare them for leadership roles in finance, banking, and other related fields.

The curriculum includes 4 industry-oriented electives – Analytics for banking and finance, Banking, Capital Markets, and Advanced Corporate Finance. Learners will also be introduced to the skills and knowledge necessary for advancing to managerial positions in the BFSI industry. Learners will gain command over significant areas, such as digital transformation in the banking sector, cryptocurrency and blockchain technology and other innovations in the banking sector. 

Conclusion

In conclusion, emerging technologies are a great way to upskill in the financial sector. They’re fast-moving, constantly changing, and can help you keep up with your industry and stay ahead of competitors. And because these technologies are moving so quickly, it’s important to be ready for them when they come. By keeping up-to-date on the latest developments in your field and learning new skills through online courses or apprenticeships, you’ll be able to use these technologies in your work and be more successful than others who aren’t as well versed with them.

Emerging trends in corporate finance

In the corporate finance world, change is constant and keeping up with the latest trends is essential for banking and finance professionals who want to stay ahead of the curve. Some of the most popular corporate finance trends right now include big data and analytics, alternative financing, and environmental, social, and governance (ESG) investing. Big data and analytics are being used more and more to inform strategic decisions in corporate finance. 

Alternative financing is another growing trend in corporate finance. With traditional bank lending becoming increasingly difficult to obtain, many companies are turning to alternative lenders for funding. These lenders include online peer-to-peer lending platforms, private equity firms, and venture capitalists. Finally, ESG (environmental, social, and governance) investing is becoming more mainstream as investors seek out companies that are making a positive impact on society and the environment. 

So why is it important for banking and finance professionals to keep up with these trends? Because these trends are influencing the way companies make financial decisions. If professionals don’t stay up-to-date with the emerging trends in the industry, they will be at a disadvantage when it comes to working in the industry and providing advice or services to their clients.

Here are some of the emerging trends in corporate finance that are completely transforming the sector:

  • Digital transformation

As traditional business models are transforming and companies are looking for new ways to be more agile, the focus of corporate finance professionals is shifting toward digital transformation. This trend has been driven by the need for a more effective and efficient business model. Companies are now looking at e-commerce as a way to increase customer engagement and sales. In addition, they are also looking at online marketing as an effective way to enhance brand image and awareness.

  • Integration of FinTech & financial institutions

The integration of FinTech & financial institutions is another emerging trend in corporate finance. This trend has been driven by the need for more efficient financing solutions for corporations. Corporates are looking at FinTech companies as a way to reduce costs and improve efficiency in terms of accessing funding options from various sources in one place.

  • IPO finance for corporates

IPO is the public offering of a company’s shares and a way for a company to raise capital by selling its shares to the public. The process begins when an entrepreneur or business plans on issuing new shares for sale at an initial public offering (IPO), which usually occurs after it has grown into a successful and profitable entity. When this happens, investors can buy these newly issued shares in order to gain ownership stakes in those companies.

  • FPOs

FPOs are used to finance a company’s growth. They can be used to bridge the gap between the company’s existing debt and equity, and they allow for additional capital to be raised without diluting ownership or control of your assets. FPOs typically have a longer maturity period than traditional debt instruments, so you’re able to use them as long-term financing solutions for projects with low-risk profiles.

  • Corporate bond market

The corporate bond market is a place where corporates can raise funds, borrow money, or invest in bonds. Bonds are debt securities that entitle the issuer (the borrower) to interest payments over time and repay the principal at maturity. They’re issued by companies or governments around the world in order to finance projects like infrastructure, equipment purchases, etc. They’re typically not fixed-rate securities because their value depends on how much investors believe they’ll sell for at maturity.

  • Private Equity

Private equity is a form of investment in which the investor does not have any control over the management of the company. Private equity firms are large and dynamic entities that provide financial resources to help companies expand their operations or acquire other companies and franchises. They also offer management services to help their portfolio companies operate more efficiently through their expertise in finance, accounting, human resources, and general management.

  • Merger & acquisition

Mergers and acquisitions are a way for companies to grow. They can be used by organizations as a way to expand their businesses or by investors who want to buy into promising companies at an attractive price. Mergers and acquisitions (M&A) are often viewed as positive steps in the life cycle of an organization because they contribute positively to long-term growth prospects and increase shareholder value. 

New emerging trends in corporate finance

  • Digital transformation 
  • Integration of FinTech & financial institutions
  • IPO finance for corporates
  • FPOs
  • Corporate bond market
  • Private Equity
  • Merger & acquisition

Pursue TAPMI’s online MBA BKFS

Pursuing TAPMI’s online MBA BKFS program through Online Manipal is a great opportunity for working professionals in the BFSI sector to gain a broad understanding of business, leadership, finance, and banking concepts. The program is designed to help working professionals develop their potential so that they can advance their careers to leadership and management roles. 

Learners can choose from 4 industry-oriented electives to gain specialized knowledge and skills. Professionals with working experience in the BFSI sector can broaden their knowledge and skill sets that are more aligned with the emerging demands of the BFSI sector and corporate finance.

Conclusion

Corporate finance is constantly evolving, and it can be difficult to keep up with the latest trends. However, understanding these emerging trends in corporate finance can help businesses make better decisions that will lead to improved financial health and increased long-term success. From leveraging technology for efficiency gains to using big data analytics for decision-making, companies must stay ahead of the curve if they want to remain viable and competitive in this ever-changing landscape.

How MBA-BKFS helps you transition into leadership positions in the BFSI sector

4 industry-relevant electives

TAPMI’s online MBA-BKFS  program offers 4 industry-relevant electives to provide professionals in the BFSI industry a chance to explore their interests and choose their preferred field. The 4 industry-oriented electives of the program are discussed in depth below:

  • Analytics for banking and finance

Analytics is a key part of the BFSI sector, as it helps in decision-making. It also helps in understanding the business, customer, and market dynamics. This can be used to create better products or services that meet client requirements and expectations. Analytics helps in making informed decisions on where to invest capital or resources, which will result in better ROI (return on investments) made by banks across countries around the world.

In today’s digital driven world, analytics has become an important tool for banks to understand their customers better so that they can provide them with appropriate solutions according to their needs at any given point in time when needed most by clients/customers based on how much value they place upon certain aspects like convenience versus cost-effectiveness etc.

The topics covered under this elective are:

  • Analytics & AI In Finance & Banking 
  • Risk Analytics In Finance & Banking 
  • Financial Engineering & Structured Finance 
  • Credit Analytics 
  • Financial Modeling Using Excel & VBA 
  • Data Analysis & Interpretation 

Some top job roles you can choose from with this elective are:

  • Financial Data Analyst
  • Chief Financial Officer
  • Financial Manager
  • Chief Analytics Officer
  • Banking

Banking is a profession that requires an individual to have strong communication skills and analytical reasoning, as well as the ability to assess risk. A banker’s role varies depending on the type of bank they work for; however, all bankers are expected to handle financial transactions and make decisions on behalf of clients.

A banker is responsible for ensuring that his or her company’s customers receive quality service at all times by providing excellent customer service through telephone calls, emails, and face-to-face interactions with clients. This includes making sure that each client understands what he or she needs in order to meet his or her goals while also keeping accurate records so that everything can be tracked down later if necessary.

The topics covered under this elective are:

  • Banking Laws & Regulations 
  • Treasury & Asset Liability Management 
  • Fraud Risk Management & Forensic Accounting 
  • International Banking & Foreign Exchange 
  • Credit Analysis & Risk Management 
  • Financing Of International Trade

Some top job roles you can choose from with this elective are:

  • Financial Risk Manager
  • Asset Manager
  • Business Analyst
  • Internal Auditor
  • Credit Analyst
  • Capital markets

Learners will be able to understand the fundamentals of capital markets by choosing this elective. This includes understanding how it works, its risks, and its opportunities. They would be able to make informed decisions on behalf of their clients or company as they can relate to the financial needs and goals. Learners will be able to deal with risk in a way that meets the needs of investors while minimizing any potential losses for themselves or their client(s).

The topics covered under this elective are:

  • Financial Derivatives 
  • Global Capital Markets 
  • Fixed Income Securities 
  • Technical Analysis 
  • Market Microstructure 
  • Investment Management

Some top job roles you can choose from with this elective are:

  • Merchant Banker
  • Fund manager
  • Business development manager
  • Risk manager
  • Stock Broker
  • Advanced Corporate Finance

Corporate finance is the art of managing a company’s finances. Financial modeling is the application of mathematical methods to help identify and evaluate financial risks and opportunities, as well as make informed investment decisions. Financial management involves all aspects of corporate finance, such as planning, budgeting, analysis, and presentation of financial data for internal or external purposes.

Financial reporting includes preparing reports on income statements (balance sheets), cash flow statements (invoices/payments), statements showing assets acquired or used up during a period, and many other types like leases, etc., which are then analyzed by managers who use this information for making decisions about investments in order to achieve profitability at any given point in time. 

The topics covered under this elective are:

  • Mergers & Acquisitions 
  • Business Analysis & Valuation 
  • Corporate Restructuring 
  • Behavioral Finance 
  • Private Equity & Venture Capital 
  • Investment Banking & Value Investing

Some top job roles you can choose from with this elective are:

  • Financial Analyst
  • Cost Analyst
  • Credit Manager
  • Investor Relations Officer
  • Treasurer

In-depth understanding of business finance decisions

The online MBA BKFS syllabus provides professionals with an in-depth knowledge about business finance decisions and teaches them how to make efficient business finance decisions. The syllabus of the program helps learners gain varied real-world learning experiences, allowing industry integration and cross-fertilization of ideas. The program covers topics such as:

  • Understanding the function of the company’s finances, including its cash flow, debt management strategy, and customer relationships.
  • Evaluating complex financial transactions such as mergers & acquisitions (M&A), restructurings, and IPOs/IPO equivalents in an unbiased manner based on sound logic and common sense principles.

A deeper understanding of key areas

The banking sector is currently in the midst of a digital transformation, which will have a lasting impact on how you conduct your business. As such, it’s important to understand how this could impact your career path and how MBA banking and financial services can help you transition into leadership positions in the BFSI sector.

  • Digital transformation in the banking sector

The BFSI sector is increasingly focusing on digital transformation as traditional business models are changing and businesses are looking for new ways to be more agile. The demand for a more effective and efficient business model has fueled this trend of digitization in the sector. The MBA BKFS program will provide learners with the trends of digitization in the sector.

  • Cryptocurrency and blockchain technology

Cryptocurrency and blockchain technology are ongoing trends in the BFSI sector. Cryptocurrencies are digital currencies that record and secure every transaction using blockchain technology. Learners will be able to gain advanced knowledge of these topics with the program.

Network with professionals in the BFSI industry

Professionals in the BFSI industry can use the MBA BKFS program to build their career paths and advance their careers within the BFSI industry by interacting with peers and expanding their networks. They will find that networking is an important skill for any professional in this field. Networking in the BFSI industry will allow professionals to stay updated about the trends in the industry and explore various opportunities in the field to advance to leadership and management roles.

TAPMI alumni status

TAPMI’s online MBA-BKFS program is designed for working professionals in the BFSI sector to expand their knowledge and skills to advance to leadership and managerial roles. The program not only gives you the knowledge, training, and experience necessary to excel in the banking sector but also provides opportunities for networking with professionals from across the globe. With its focus on leadership development, global exposure, and career advancement, the MBA program will help you become better prepared for any role or position in the BFSI industry.

Additionally, having an MBA from this institution gives you access to a range of benefits, including:

  • Access to exclusive events & networks with other alumni members.
  • Exclusive educational opportunities, such as workshops conducted by experts/professionals related to important concepts in the field.

Conclusion

Today, the field of banking is one that is crowded with many active and promising leaders who are looking to make a difference in their respective careers. With BFSI being one of the most important sectors of all, it should come as no surprise that there’s a considerable number of highly qualified people who want to make the leap into leadership positions in the sector. However, these BFSI leaders need to be well-versed in how to design and lead a team. To ensure that you can master these skills, which will help you advance to leadership positions, consider enrolling in TAPMI’s online MBA BKFS program to familiarize yourself with key concepts.

DALL-E to ChatGPT: Impact of AI in higher education

AI can be used in education in various ways. Students can use it to get answers for homework and other schoolwork or as a tool that supports their learning. This can be done through chatbots or virtual tutors who answer real-time questions.

Artificial intelligence in education can analyze student data from tests, quizzes, and homework to understand what concepts students struggle with or which ones they excel at. 

Want to know how AI can change the marketing industry? Check out our blog on AI in the marketing industry for more information.

What is ChatGPT?

ChatGPT is a chatbot that can answer any queries related to any topic. It can write programs and provide solutions.

ChatGPT works on the premise that every query has a solution and will find it for you. The bot has an AI model to detect problems and provide real-time solutions. You don’t have to wait for answers—they’re already there!

The beauty of ChatGPT is that it goes beyond providing answers; it writes code for you based on your input.

Want to know the different types of machine learning algorithms? Check out our blog on machine learning methods for more information.

Impact of AI on Higher Education

AI is a game-changer. And it’s not just for the business world—it’s also changing how we learn and teach.

By 2030, AI is predicted to contribute as much as $15.7 trillion to the global economy—more than China and India’s combined output. 

Advantages of AI in Higher Education

  • Enhanced learning environments for students

AI in education can help create more personalized student experiences by providing customized content, recommendations, assessments, and virtual tutoring instructions based on their individual goals, preferences, and habits. 

  • Improved student engagement and satisfaction

Chatbots can be used to engage students who are looking for opportunities to learn more about a particular subject or course. This allows universities to reach out to potential students through multiple channels such as social media, emails, etc., thereby improving student engagement and satisfaction.

  • Enhanced data-driven decision-making processes

The role of artificial intelligence in education has helped universities make better decisions based on data analysis and predictive analytics. This has resulted in increased efficiency of operations such as admissions management and staff management, leading to improved outcomes for students and staff members!

  • Improved information retrieval

AI chatbots in higher education can search for and retrieve academic data. This can include everything from academic journals to textbooks. The bot can then present the information in a more easily understandable way by students and faculty members.

  • Reduced costs

Chatbots are a cost-effective way to reduce the number of human employees needed to support students and faculty. By automating repetitive tasks, chatbots can help save money and time.

Want to know the difference between data science and machine learning? Check out our blog on Data science Vs. Machine Learning for more detailed information.

Drawbacks of AI in higher education

  • They may not be able to learn from mistakes made by humans

The first drawback of using AI in higher education is that it may need help to learn from human mistakes. The problem with this is that if something goes wrong with the system, like if someone accidentally feeds it insufficient data, the results will be inaccurate.

  • The AI system can be biased

Bias exists because the data that is fed into the chatbot is not neutral; it’s biased. This means that when the chatbot encounters a new situation, it will give you a response based on its past experiences, which its training data have influenced. This can lead to offensive results (e.g., if the chatbot was trained on racist data) or generally inaccurate results (e.g., if the chatbot was trained on biased data).

  • The AI system could make mistakes because of human error

Human fault can lead to inaccurate results due to several technical factors, including:

  1. Faulty Algorithms
  2. Bugs and Malware
  3. Less Efficient Coding Languages

Want to know more about the tools used in machine learning? Check out our blog post on essential tools for machine learning!

  • Accuracy

The next drawback of using AI for higher education is accuracy. Many studies have shown that AI can’t accurately predict the future of education and make predictions based on past data. This is especially true when predicting human behavior and emotions, which are very important in the classroom setting.

  • AI cannot develop new ideas or perspectives on old ideas

Since AI is software and not a human, it cannot develop new ideas or perspectives on old ideas. While this may seem like a minor deal at first glance, it can be incredibly problematic when trying to teach students who are still learning to think critically about topics such as politics or history.

  • AI would not be able to understand students’ learning styles

Students have different learning styles and need to be taught in a way that suits their specific learning styles. The AI program cannot do this since it relies on statistical data, meaning it cannot make any decisions based on the individual student’s needs.

  • Students may feel isolated from one another

The last major drawback of using AI in higher education is that students may feel isolated from one another. If your program uses a virtual chatbot instead of real-life teachers, your students will never interact with real people! 

Future of education

The future of education is AI, and it will be a game-changer for students and teachers alike.

As we move forward in this new era of technology, we will see more and more integration of artificial intelligence into our classrooms. AI can help teachers analyze student data over time to reveal patterns of behavior that would otherwise be invisible to the teacher. It can provide personalized learning based on each student’s needs, interests, and preferences. This could be done by analyzing student data over time to reveal patterns of behavior that would otherwise be invisible to the teacher.

Want to have more information on data science? Check out our blog on the pillars of data science for detailed information.

Pros And Cons Of AI

ProsCons
Efficiency and accuracyUncontrollability
Effective data acquisition and analysisDon’t have emotions
Reducing costsDegradation (Unable to self repair )
Improving human decision makingReduced no. of jobs for humans
Mechanical advantageHigh costs and lacks creativity
Understanding high dimensional dataAbsence ethical considerations

Conclusion

The DALL-E system uses artificial intelligence to compose images from textual descriptions. At the same time, Chat GPT allows users to type in questions about AI and then gets back to them with answers in seconds. 

Want to make an AI that is more efficient than these AI’s? You can find variety of online learning programs in data science and machine learning at Online Manipal. Offered by the prestigious Manipal Academy of Higher Education (MAHE), online M.Sc in Data Science covers the advanced data science and machine learning methods and tools to help students to become significant in their professional lives. Whether you want to expand your knowledge or take your career to the next level, you can learn from industry leaders and become an expert in data science and machine learning!

Key takeaways:

  • AI is changing the way students learn and interact with their teachers, which changes the overall experience of attending a university.
  • It is also changing how universities teach their students, giving them more flexibility to focus on individualized learning.
  • This new flexibility can be used for both positive and negative outcomes, but overall it will lead to better education for all students and teachers alike.
  • Finally, AI can also help learn from past mistakes and ensure that they do not happen again, which helps create safer learning environments for everyone involved in higher education today!

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