Five industry trends that MBAs need to know
As the world economy rebounds
from the havoc created by Covid, businesses are geared up to fully compensate
for their losses in profit and productivity. Coupled with this zeal are the
radical changes we observe every day in the way products and services are being
consumed as well as the disruptions in the technologies and ecosystems built
around them.
This critical combination of
motives, competencies, and lack of skilled human resources have actually opened
up a wide array of career trends that any B-school graduate or MBA aspirant can
look forward to.
Robotics and automation
This is clearly a winning
choice for the graduates as companies have faced serious supply chain and
manpower shortages after the pandemic. The global industrial robotics market
was $14.7 billion in 2020 and is expected to grow to $32 billion by the end of
2028. Also, small- and mid-sized tech companies continue to leapfrog in
capabilities and time, thus enabling routine business processes to become
automated.
Companies would look for
skilled individuals with technical and managerial skills who can bring in
changes in domains such as network security, gaming, e-commerce, and dating
apps, to name a few, by managing the entire process of robotics (implementation
of multi-purpose robots, robotic interoperability, autonomous delivery robots)
and automation.
Sustainability
Today’s world need managers who
can just not think, but feel, too. We are clearly heading toward a green
generation, a community of young managers whose key focus is to strike a chord
with global parameters set by the sustainability developmental goals. Roles
such as business analyst of ecological sustainability, transport analyst,
manager of energy control, manager of regulatory frameworks, for example, are
being ideated and the hunt to fill these roles is on.
The agenda of the day is to
have dedicated positions in large corporates who would think and act purely
from the perspective of societal implications and include the overall wellbeing
of multiple stakeholders of businesses.
AI and ML
Tech and digital start-ups as
well as large consulting firms are looking for talents who possess the right
set of knowledge, skill, and attitude to manage their businesses that are built
on AI or ML-based technologies. These technologies are increasingly being used
in fields such as manufacturing, metaverse, cybersecurity, ecommerce, and many
other spheres.
The market needs managers who
can drive the bottom-line by developing and managing products and services that
are AI enabled and use machine learning fundamentals and analytics at their
core.
Healthcare management
Huge investments are being made
to introduce new technologies around predictive and preventive healthcare. The
size of the global healthcare app market is estimated to touch $105 billion by
the end of 2023, which was a meagre $2.6 billion market in 2017.
Biotech and healthcare firms
are recruiting MBA graduates who can quickly learn the market dynamics and
thereafter apply business fundamentals to expand the size of hospitals and
healthcare systems, manage costs, develop and nurture community-based
healthcare centers, and cater to the growing needs of emergency healthcare —
something the pandemic had taught us.
Fintech and edtech
The financial services industry
is rapidly moving to a hi-tech market with the aid of new-age technologies such
as cryptocurrencies and blockchains, non-fungible-tokens, cloud computing,
no-code and low-code, and hyper-automation, in order to provide superior
productivity convenience to the consumers.
We are living in the era of
fintech 3.0 that has surpassed ATMs and online banking to mark its presence in
services such as mobile wallets, robo financial advisors, and peer-to-peer
lending, to name a few. New-age firms as well as large financial institutions
are looking for managers who can effectively manage their fintech ventures and
establish consumers’ share of mind and wallet in a crowded marketplace.
Similarly, edtech companies are
also on a rise. With the help of technology, they are on the journey of
transforming workforce by skilling, upskilling, and reskilling freshers and
experienced business professionals. These firms are looking for fresh talent
from B-schools who can multitask and manage robust business models that have
exciting propositions for the users.
For example, many edtech firms
are working on MOOCs to create meaningful conversations and seamless interactions
between students and professors. Joining an edtech company in order to manage
and grow its business should be on the choice list of MBA graduates.
If you are soon to graduate,
look forward to these upcoming career trends with an open mind, an attitude to
learn, and a passion to excel in the world of business.
Source | BUSINESSLINE| 7th
Novmber 2022
Regards!
Librarian
Rizvi Institute of Management
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