Trends to Watch in the Business World: Insights for MBA Students
Before the coronavirus epidemic’s advent, the business world has been working and achieving success by utilising advancing technological tools, economic reliance and political disruption. Specific terminology and several acronyms explain the contemporary atmosphere, like the unpredictability, confusion, intricacy and fluctuation. Companies in the global market today deal with a major issue and also exist with a chance when there is a need for radical transformation. And to achieve future success in the corporate world, students opting for MBA courses need to learn to be flexible and adaptable in their problem-solving ability. And, due to the rapidly changing needs of the corporate sector, students are attracted towards learning and pursuing MBA. And thus, the need for learning MBA is increasing daily and will continue to grow.
Artificial intelligence (AI), Blockchain, 3D printing, Robotics, IoT and AR/VR all have a critical effect on the firm’s functioning in the future. Therefore, there is a large need for students to learn these applications and tools, which can help expand and enhance the corporate world. Several Business Schools that provide degrees for an MBA course include data, coding and analytics in their syllabus concerning the requirements of the recent corporate world. The main aim is only sometimes to employ proficient graduates in every ability but also to teach them and make them learn how to be engaged with and check who the individuals are.
Despite the economic slump globally, the salary trends for students with an MBA degree have stayed strong in the most recent years. This ultimately makes the student who has completed their full-time schooling earn practical and potential experiences in their job at the time when the student studies and completes his degree. Several individuals working in the organisations are mainly transforming into skill-based and short online degrees like the mini and micro MBAs for further schooling and job expertise. Hence, the need for acquiring abilities in business and management and thus learning from online platforms also helps make it easy for individuals with professional and educational backgrounds to acquire and learn skills by opting for MBA programs.
Trends in the Corporate World for an MBA Student
- Digital marketing management – Marketing and sales are considered the two most important functions of a business as they contribute to the overall development of revenue and profit of any company. Consequently, a student with an MBA degree in digital marketing will get a good career opportunity in the coming future.
- International Business – A student holding an MBA degree in International Business is considered a significant speciality these days because companies hire individuals who can represent their company globally. The basic aim of acquiring this knowledge is to aid students in making them understand the obligations of international trade and its operational techniques and discover the best strategy for enhancing the export and import via analysing, examining and research development. While learning this specialisation, students can easily understand how to deal with international business issues like economic restraints, demographic restraints and trade barriers.
- E-commerce – A student opting for an MBA degree in E-commerce has a better knowledge and understanding of the basic concepts of conducting an online business and the differences between the practices of online business and traditional business. This course consists of various parts, such as decision-making, leadership, problem-solving ability, marketing and financial skills and general business management. It enhances the capabilities of the students to run their e-firms smoothly meanwhile ignoring the pitfalls of the common industry.
- Data management and big data analytics – With each passing day, the need for analysis of big data grows; this is why companies are mainly looking for managers who have experience. As a consequence of this, a degree in Master in Business Analytics and Big Data from a reputed business institution make students learn about this course and learn how to value the data, and in the meantime, they quickly examine, evaluate, interpret and decrypt actionable solutions to be answered and to have a positive effect on the business.
- Communication management – As there is a lot of technological advancement and it is evolving rapidly, programs such as communication management with an MBA degree have emerged in the growing world. As an outcome, students opting for an MBA degree specialising in Communication management should be able to think critically and analytically. It includes research that aids students in comprehending the framework of socio-psychological business and communication in a better way and also helps in resolving issues that help them in making better choices.
- Innovation and Entrepreneurship – In the last few years, entrepreneurship has emerged as a superpower globally, where young entrepreneurs opt for an MBA in Entrepreneurship to achieve success and excel in their future. Thus, so many institutions worldwide include this specialisation to provide their students with the appropriate knowledge, skill, information and opportunity needed to create a unique business concept, start a business or manage the networks needed for the development of the corporate sector effectively. Moreover, the study of entrepreneurship covers the practical and technical features important for starting a business.
- Supply chain management and logistics – This course is another popular program in MBA course. Supply chain management and logistics are considered the most important areas to be focused on in any company. The students opting for this program for their future career goals must have administrative and managerial skills. As an outcome, seeing this gaining popularity recently, jobs related to this area are regarded as lucrative.
- Research, design and development – This specialisation is also the most important and popular area that is getting famous daily. The commercial market highly requires employees with the ability of product development mainly associated with designing, researching and developing products. Students opting for an MBA degree with this specialisation have better career growth.
- Automation and robotics – After the emergence of covid-19 pandemic, there was a shortage in the workforce, and the organisations faced a lack of supply chain. Medium and small technological organisations are still trying to move ahead in time and capabilities, enabling the routine business process to become automatic. Organisations mainly hire those employees who acquire the ability of managerial and technical skills and can bring modifications in areas like security, e-commerce, gaming, dating apps and network to name them by controlling the overall procedure of automation and robotics (implementing robots interoperability, multi-purpose robots and autonomous delivery robots).
- Artificial intelligence and machine learning – Digital and technological start-ups and big consulting companies mainly look for employees who acquire appropriate and proper knowledge, attitude and skill to control and manage their firm, which is effectively built on machine learning or artificial intelligence technologies. These advanced technologies are increasingly utilised in specific areas like cybersecurity, metaverse, e-commerce, manufacturing, and others. The market requires managers who can improve and enhance the ability to develop and manage the services and products mainly run by artificial intelligence technologies and then utilise the fundamentals of machine learning and analytics.
- Sustainability – As per the need of today`s business, managers with a mindset of focusing on striking a chord through the parameters set by sustainability development goals. These young managers mainly head towards a green generation. Companies are looking for individuals with this mindset, and the job roles like transport analyst, manager of the regulatory framework, manager of energy control and business analyst of ecological sustainability are envisaged. The goal is to have proper positions in big companies that mainly act and think from the viewpoint of societal implications and involves the well-being of various stakeholders of an organisation altogether.
- Edtech and Fintech – As we know that the world is rapidly evolving, financial services are also evolving with a greater speed and moving into a high technological market by employing novel technologies like blockchain and cryptocurrencies, hyper-automation, cloud computing, low-code and no-code, non-fungible tokens to offer convenience to better productivity to their customers. Moreover, financial companies are looking for employees who acquire the ability to manage their financial ventures efficiently and create customers’ share of wallet and mind in a crowded place. Identically, edtech organisations are also gaining popularity. And with technological advancements, these organisations are modifying their workforce by reskilling, upskilling and skilling experienced and fresher professionals in the business. These organisations mainly look for individuals with fresh knowledge and skills acquired from reputed Business schools who can multitask and manage difficult business models that have attractive schemes for their users.
In conclusion, as the corporate world evolves rapidly with each passing day, there is a need to advance and implement technologies in the corporate sector. And, if one acquires the knowledge and understanding of utilising these tools properly can have better career growth in the future. Thus, it is crucial for students who are pursuing an MBA degree to acquire a specialisation in automation and robotics, AI and ML-based production, digital transformation, supply chain management and logistics, sustainability, entrepreneurship and innovation, data analytics and management, international business, edtech and fintech and e-commerce and many more.
Author Bio: Mark Edmonds is a recognized proficient in business trends and training, loaning his skill to MBA students worldwide. As an unmistakable individual from the Academic Assignments team, he is focused on engaging students with thorough experiences into the dynamic business landscape. Enthusiastically for upgrading growth opportunities, Imprint’s commitments have been critical in offering top-level MBA assignment help. His broad information and devotion make him an important resource, motivating students to explore the intricacies of the business world with certainty.