Top 6 Innovative MBA Programs to Keep an Eye On in 2021, Ft. WUD
With the markets at an all-time high, different businesses are looking at an all-time high demand for management professionals. Business study students are becoming one of the top priorities in the country at this point. Just like you keep an eye on the stock and cryptocurrency markets, MBA programs have issued their version of IPOs. Many new innovative MBA programs have caught our eye and seem to be great options for specific niche markets.
The following are six innovative MBA programs to keep an eye on:
MBA-Design Strategy & Innovation
Aimed at bringing designing into amalgamation with the general MBA stream, the course focuses on Design Strategy & Human Centred Design through a pathway of studio courses that teach how to use market insights to build products, create experiences, and launch businesses. By the end of the period, one can expect to gain adequate competence enabling them to understand and map the opportunities and design transformational strategies, manage innovation and new business development in any of all the diverse sectors from products to services, governance, crafts to ICT, life and entertainment, etc. Apart from these, it would also be helpful to explore other streams like social enterprises, consultancy or jobs always contributing to the top management function either as team players or as team leaders or even initiating start-ups.
Data Analytics has already become one of the prerequisites to getting into any business-related stream at this date. The MBA related to Data Analytics covers Big Data Analytics, Data Visualisation & Tableau, and software like Hadoop and Stark. It strengthens the foundation of data research and analytics in which a candidate can gain more experience and value-based learning throughout the MBA in Data Analytics course. This course focuses on theoretical and practical aspects of data management and Analysis. Students can also specialise in Data Analytics and Business Accounts, which is the primary subject of study for the course duration. The MBA in Data Analytics course is designed to collect, analyse, and process raw data to provide insights & data to the required domain. This information will help the students with application analytics such as neural networking, prediction algorithms, and forecasting methods applied to business strategies.
In this era of smartphones, artificial intelligence is picking up at quite a pace. Applying AI-based knowledge to businesses that can generate revenue is what this course is all about. It would cover all the information related to Artificial intelligence via the database management system of SQL and Statistics related to it and Predictive Modelling and Analysis and how to apply this knowledge to business administration, accounting and commerce.
An MBA in design thinking looks to bridge the gap within generic management streams using every organisation's design and innovation processes to manage change. These programs are intended to help management graduates to learn the essence of design processes and designers. Topics of Design Thinking methods and application, Human-centred design and systems and service design are targeted. Design Thinking will further help business leaders to incorporate thinking across multiple disciplines, undertake more ethnographic studies and less quantitative Analysis, and view richer insights about the targeted personas. It will help management graduates develop the confidence to make swift decisions, be comfortable with placing strategic bets using intuition and data, and be more customer-centric by understanding basic approaches from ethnographic research and communicating how design thinking will connect to business strategy.
This concentration is aimed at future leaders and managers of service-based organisations. It is not sector-specific and applies to a wide range of industries, including healthcare, finance, IT, travel, retail, education and even oil and gas. The course examines the complex cultural, technological, and systemic issues facing businesses and governments to create new services for now and the future. The programme will prepare students for (a) creating new consumer services by identifying human needs via Human Centred Design, transformational services, and delivery in complex organisations, for example, in retail, banking and hospitality. (b) development & innovation in public service and policy in transportation, health and education, and (c) speculative futures to envision radically new services and user experiences driven by technological, environmental and social challenges.
M.Des-International Fashion Business
The International Fashion Business program is designed to forge a leader in the global world of the fashion business. Offered in collaboration with the School of Management, the master's program comprises of three main focus areas, i.e. (a) Fashion knowledge & Analysis: fashion cycle, fashion studies, fashion trend forecasting, analytics, quantitative methods and design thinking (b) Data analysis & planning: digital marketing, omnichannel marketing, data analysis, & strategic planning, and (c) Business Application: import/export, domestic retail, overseas commercial development, fashion operations, online and offline distribution. The course is designed to offer an opportunity to study international fashion business in a creative environment to students with a range of ambitions and interests in fashion who do not aspire to be fashion designers. From the placement perspective, they'll attract opportunities in Fashion Design, Luxury Brand Management, Retail Management, and Fashion Management besides entrepreneurship.
The above six streams are one of the most looked for in these past years. The World University of Design offers these unique niche courses, which have a vast segment of design linked to it. WUD is India's first and only university dedicated to education in the creative domain. WUD's BBA and MBA programmes take a holistic approach to moulding students into well-rounded management professionals. In addition to building students' knowledge base and competencies in the selected area of specialisation, the focus is also on honing their thinking abilities, leadership & life skills. Thus, the university offers many options for MBA studies and is one to eye for.
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Systems Practice & when should it be used ?
Systems practice is a methodology used for Problem solving. Many times a method is used in conjuncture with other methods to come up with an array of solutions that may be used and scaled up. It is important that the problem needs to be understood well enough before looking for solutions though.
There are wicked problems that cannot be solved by one entity of individuals and hence requires a combination of various methodologies to work together. These methodologies need to be employed by various stakeholders affecting & effected by the problem. The stakeholders effected may or may not be a part of the team working towards the solutions. Though it is essential that the problem needs to be empathised with. Actual empathy should be a result of a good design research process. The Sustainable Development Goals (SDG’s) are a set of goals that may be worked on with teams like that.
In the interest of keeping the scope of this article limited to Systems practice, let’s understand what Systems Practice means. It is a problem solving method with defined steps so that there is a better exploration of the various facets of the problem. These facets then can be assigned to break in further by relevant teams to come up with solutions. The solutions are then collated to result into a cohesive strategy of iterative solutions for any given wicked problem.
A wicked problem is generally a result of a system with flaws or a system that does not work anymore. A system that is no more relevant.
A very good example for this is the locomotive movement. Automobiles replaced the movement done via animals but introduced the problem of pollution. It may happen that one solution may come with its own set of problems that may arise later to become another system flaw to understand & resolve.
A systems practice methodology helps us understand the environment that the situation / problem/ phenomena are happening. It results in exploring possibilities to come up with a strategy that may be leveraged & most effective to solve the problem. This process is always ongoing & there is a continuous adaption & learning so that the simultaneous undesirable effects of the system are minimised.
It is a detailed study and can be covered in the coming issues as a series. How about you identifying a wicked problem that you may start to solve?
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Evaluating the worth of a company
It is said that most crucial part in wealth creation is buying and selling at the right price. When it comes to buying and selling a company, then it becomes further trickier. To know the right price of a product is easy, which just requires browsing and collecting information, but for companies, such data are not available. Secondly, it requires a higher level of business acumen to value accompany.
In short, the valuation of an enterprise may be termed as the method of knowing the economic worth of the enterprise at a particular point of time. The process of enterprise valuation is carried out to know the monetary worth of the company for ownership transfer.
There are many ways to do the valuation of company. A few of the most widely used method by financial experts are Book value, public traded comparables, discounted cash flow etc.
Book Value-Valuing a company on the basis of its book value is one of the most commonly and simplest ways of determining the worth of accompany. Actually, people using any other method of valuing the worth of accompany will also invariably calculate and recalculate the book value of the company in all the cases. It is easy to understand and the required data is also available in the books. It simply requires knowing the differences between assets and liabilities in the balance sheet.
Public Traded Comparables -As always prevalent in business dealings, buyers and sellers look for the prices of companies in the similar products. In business valuation also peer group analysis or public market multiples are highly quoted figures. Under this method, we look at the relative valuation of other companies with the help of figures like PE ratios, EV, EBITDA, or other ratios. Among them EBITDA is most common. It summarises the financial health of the companies.
DCF-Another popular yardstick is Discounted Cash Flow (DCF) analysis. It is the method based on intrinsic strength, which is calculated by forecasting the cash flows in the future. The future cash flows are discounted back to today at the firm’s Weighted Average Cost of Capital (WACC).This is one of the widely used calculations done with the help of financial modelling. It has various assumptions about the external and internal factors, and also considers various probable scenarios to adjust the figures and arrive at the most reasonable one.
There are other many other methods as well and with the growth in M & A activities, lot of new practices are emerging globally.
Contributor: Manoj Kumar,
Professor, World University of Design
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