A dual doctoral degree holder in Economics and Psychology, Dr. Raja R Choudhary, Director of Academic Affairs at Universal Business School recently had a conversation with InsideIIM to make us understand the importance of Data Analytics, how data is changing the world and careers and where to get the best education around it. Here are the excerpts from the interview:
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1) The world of today has become heavily data-oriented. The more you are equipped to manage data, the better your chances of opening up more doors to success. Do you also subscribe to this view?
I will give you some numbers that will help you understand how data is revolutionizing the world. 180 zettabytes of data in 2025 - up from less than 10 zettabytes in 2015 is Ushering in a fourth industrial revolution – Digital Business Transformation. Analytics is required everywhere!
- Determining credit risk
- Developing new medicines
- Finding more efficient ways to deliver products and services
- Preventing fraud
- Uncovering cyber threats or
- Retaining the most valuable customers
Hence, it is extremely important to have a data oriented approach for future careers.
2) How Data Analytics as a skill will make you ready for the world of tomorrow? Give us an anecdote or example to understand this better.
Students will learn contemporary technologies that make machine learning, optimization, and statistical models relevant, accurate, and secure. From Machine learning and Artificial intelligence to business intelligence and quantitative methods, students will explore the ecosystem of topics and learn sophisticated technologies. They will also learn to build the capacity to adapt and respond expeditiously to Black Swans (high-impact, hard to predict, and rare events) like COVID 19 or the economic downturn of the 2008s.
Under manufacturing technology uses are as follows:
- 3D Printing
- Smart Electronics
- Optimized Supply Chain using RFID, IoT
Under Banking & Finance:
- Algorithmic Trading
- BlockChain & Crypto-Currencies
- Internet banking / Payments Bank / NFC
- Money Laundering and Forensics
- Identity Security
- Self Driving Cars / Smart Cars / Hybrids
- Computer Vision / GPS navigation
- Early warnings (accident preventions)
Similarly in Media and Entertainment, Retail, IT/ITES, Healthcare, and telecommunications industries have been impacted. In order to be future ready, students need to prepare themselves accordingly.
3) Being the director of Academic Affairs at Universal Business School, why would you suggest students opt for the Business Analytics Program?
Global management education is undergoing a tectonic shift from a generalized liberal program to a technological skill-based approach. Commonalities in Maths- Stats-Computer Science-Electronics are increasingly becoming inter-operative and a new discipline popularly known as "High Tech Management" is emerging. Most of the traditional decision making is shifting towards Analytics and thus leading to the emergence of Data Science. In order to fill this significant GAP in learning outcomes and desired skills, UBS envisions to launch their prestigious School of Quantitative Science.
4) Who are the ideal candidates to opt for the Business Analytics program at UBS and how is it going to help them in the future?
BE/B Tech/BCA/BSc/BBA/BMS/B com(Maths) with minimum 60% marks or GPA of 2.67 out of 4 in Graduation and minimum 70% marks in X & XII standard students are eligible to apply for this program. As mentioned earlier, this program is going to help students from any backgrounds to be ready for the future of workplace.
5) Tell us about some of the unique features of the MS in Business Analytics program at UBS along with its partnership with the University of Dallas?
This is a pathway program to pursue an MS in BA through UBS. Our students would get 12 credits through their learning in the 1st year at UBS. They would be getting a STEM (Science, Technology, Engineering, and Mathematics) Induced MS in BA with 3 months of CBT (Curriculum Based Training) and 3 years of OPT (Optional Practical Training).
6) Big Data, Data Mining, MIS Reporting, predictive modeling are some of the roles of the future when we talk about analytics. How do you think the coursework of MS in Business Analytics makes sure that students get not only the basics but are prepared to take up challenging roles going forward?
The institute, collaboratively with the technological partners SAS, will train students to become core data scientists. The course will encompass AS programming, Introductory Statistics, Data Management & Manipulation, Data Quality, Working with Hadoop, Hive & SAS, and Data Visualization. Post Graduate Program in Business Analytics with SAS will be taught collaboratively with SAS. The program will include several applied analytics modules to train students to apply machine learning in business.
7) Tell us about the infrastructure at UBS to make sure that a course like Business Analytics can be carried out without any glitches?
Situated in the lap of nature, the UBS campus was designed by world-renowned American architects keeping in mind the motive to make it the perfect place for pursuing extremely rigorous and intellectually challenging programs. Rated as “Five Star University” for best infrastructure by India today, UBS has state of the art facilities in place to impart the best possible education for the Business Analytics students.
8) What are your future plans for developing the MS in Business Analytics program?
Option 1: Look at an MBA+. Student takes non-credit Hi-Tech courses
Option 2: Introduce Hi-Tech courses as electives within the program
Option 3: Students take additional certificate courses in Hi-tech along with the normal MBA course.
Option 4: Student does his thesis project in ‘’Hi-tech’’ area, lending additional credibility to his CV and improving his overall skill sets
Option 5: Offering graduate level (BS/MS/MBA) in “Hi-Tech”
Option 6: Offering Summer Programs (leading to graduate credits) in Hi-Tech (open to any student qualifying)
Option 7: All of the above
9) What would be your advice for students who are interested in getting into the big bad world of data and how should they approach it?
Students should learn sophisticated technologies that will distinguish them from their peers in the world of business analytics. Learning from distinguished international academicians/practitioners would help them understand the concepts better.
They should also follow a well-researched pedagogy with concepts, used capstone projects for academic and experiential learning requirements for new age professionals. They should also enrol in unique blended programs offering both classroom and online learning.