Why Data Analytics Must Be Compulsory In MBA Programs
According to a new report by digital transformation firm Atos, 40% of businesses are using data analytics in key functions such as sales or marketing, while 23% plan to implement it within the next year. By 2020, 90% of companies intend to do the same. This comes with a number of challenges, the most pressing of which is finding the requisite talent to implement data initiatives. But, with the talent gap well publicized, are universities doing everything they can to help ensure there is a pipeline there for companies to recruit from?
Analytics skills are already in extremely high demand, largely outstripping supply. A study by McKinsey, for one, projects that ‘by 2018, the US alone may face a 50% to 60% gap between supply and requisite demand of deep analytic talent.’ And this is only going to deepen, with the Bureau of Labor Statistics (BLS) estimating that the number of roles for individuals with this skill set will grow by 30% over the next seven years. Many believe that data analytics is no longer just a useful addition to a CV, it is now essential. Eric Schmidt, executive chairman of Google‘s parent company Alphabet, for one, recently told CNBC, ‘I think a basic understanding of data analytics is incredibly important for this next generation of young people. That’s the world you’re going into.’ Jonathan Rosenberg, adviser to CEO Larry Page, agreed, adding that, ‘My favorite statement that echoes Eric’s is ‘Data is the sword of the 21st century, those who wield it well, the samurai.’’
Asking Google if data is important is a bit like asking Ford if cars are the future of transport, but they are not alone. In Alteryx’s ‘The Business Grammar Report’, 26% of business leaders in the UK said they believe that data and analytics are the most important skills for potential employees, while 60% consider them to be one of the top two skills. Alteryx VP EMEA Stuart Wilson added further that it had found that business leaders would be willing to offer a 30% higher salary to someone that has data skills over someone who doesn’t.
Universities are already catering for this demand to an extent. Business schools have been criticized in the past for not being innovative enough and failing to keep pace with change. David Sproul, chief executive of Deloitte UK, is among those to call on business schools to do more to make technology a more central part of the curriculum, citing the ever-evolving threat of cyber-attacks and the risk of disruptive innovation.
