The blue chip firms and KPMG will educate future executives on the explosion of business data that is shaping their organizations. These companies have told BusinessBecause their investments will likely lead to MBA job opportunities.
“We must become the best at financial process data analytics,” said Nick Frost, partner at KPMG UK.
KPMG deepened ties with Imperial College Business School with the launch of a big data observatory. The company said it will invest £20 million in data projects with the business school.
Nick said KPMG’s alliance with Imperial College highlights the firm’s desire to get the best of big data.
He added: “There are immense benefits from those who come from formal programs such as MBAs and, certainly, we need to tap that source actively, like we should all sources of talent.”
Stuart Ramage, e-commerce director at Dixons Carphone, said: “There is a growing and vital need to develop graduate knowledge and skills in data science and analytics.”
The $3.7 billion electricals and mobile group has teamed up with University of Edinburgh Business School to fund teaching and research in data science.
Stuart said that the company values managers with analytics skills. “These skills are fundamental to our business.”
But it is difficult to find, hire and retain these executives. “As business becomes ever more digital and data-driven, this talent is becoming increasingly sought-after,” he said.
Genpact is one of a number of service providers offering a broad suite of analytics and other solutions to one-fourth of the Fortune 500.
The US based company has struck a deal with India’s ICFAI Business School to develop an analytics research program for its students.
Amit Bhaskar, head of financial services analytics at Genpact, said: “Our experience with such partnerships that we have established with universities is that it helps bring a practical, worldview to the students — and gives us access to a rich talent pool.”
Companies are desperate to harness the power of their data on everything from consumer shopping patterns to changes in the supply chain.
“In a truly data-centric organization, data is the backbone for all business decisions,” said Roy Lee, assistant dean at NYU’s Stern School of Business.
The shortage of talent in this area has prompted a number of large companies to tap talent at business schools, which are developing more education programs around big data.
“Every sector is showing interest now,” said Arne Strauss, associate professor for the MSc Business Analytics at Warwick Business School. “IBM are keen to take on graduates with these skills, along with SAS, SAP, HP and Google.”
The data revolution promises to open up not just new job opportunities but new business opportunities for the companies that are ahead of the analytics curve.
“A major impact of big data is on the development of new information-based services and products,” said Theos Evgeniou, professor of decision sciences at INSEAD.
The Internet of Things, for example, has the potential to transform the business models of companies producing physical products, he said.
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