Monday, 27 July 2020

A Beginner’s Guide to Skills Requisite for a Career in Management

For a successful career in management, you will have to ensure that your leadership and management skills are beyond reproach.

Luckily, you can work on the skills required to get you up the management ladder and corporate success. The good news is that many top business educational institutions equip students with much-needed leadership and management skills.
If you, too, want to shine in this domain, we listed together a set of skills that will assist you in achieving a successful management career.
1. Communication Skills
Communication is the flow of information that supports the stable functioning of an organization. Clear communication provides easier team collaboration, faster decisions on arising issues, and conflict prevention.
Excellent communication skills are essential in the management field. This is because it determines how well learning passes throughout the team and assures integration and unity in the workforce. The ability to communicate persuasively relates to how well the team follows planned procedures, their effectiveness in completing assigned tasks, and in the long run, the progress of the company.
A leader must use all forms of communication, whether listening, verbal or written because they liaise with personalities from all levels of the organization. Exceptional communication skills help a manager to work well with employees, thus promoting the company’s capacity to achieve its objectives.
2. Empathy
Every great leader must have the ability to be empathetic.
Whenever you see an individual do something, it activates the thoughts and intentions that spark when you do the same thing. This helps you understand what drives that person’s activities. But like in most leadership roles, when you hold power over others, it makes it harder to put yourself in other people’s shoes.
To understand and stay on the same level as your team, consider trying a management method called perspective-taking.
If your co-worker says something that frustrates you, take a step back and ask yourself, how do they feel? Where is this perspective coming from? Think again about your biggest fears and challenges when you were in their role. What made you feel insecure?
Eventually, perspective-taking will allow you to understand the root cause of your team’s problems and help solve them.
3. Decision-Making
Decision-making is another critical management skill. A manager’s job involves making various decisions, both knowingly and unknowingly. Decision making is an indispensable component to the success of a manager.
When the manager can make practical decisions, the success of the organization is almost guaranteed, while bad choices result in the inadequate performance of the organization.
Precise and concise decisions help in the efficient and steady running of the organization. As a manager, you should be able and willing to take up accountability for the results of every decision you make.
4. Transparency & Trust
Great leaders trust their people, especially with knowledge. They know very well their team can sense problems in the organization. And since humans have a subconscious bias that makes them more scared of ambiguity than risk, they make sure to present as much information as possible about the issue and communicate that they’re doing everything they can to fix it.
Keeping things under wraps will not only make the team feel anxious but will also make them feel unsafe. If they know there is something wrong and are aware their leader hasn’t disclosed all the information, they’ll contemplate on the worst possible results. And this is likely to frighten the leader’s team and make them lose trust in him.
5. Problem-Solving
It’s a crucial skill that allows the manager to handle and solve common issues that arise at work. Problem-solving deals with problem identification and coming forward with the most suitable solution to tackle the problem. A manager with exceptional problem-solving ability sets himself apart from his team as it gives more confidence in the management role.
6. Team Motivation
Motivation is another fundamental management skill that you as a leader would require. It helps bring forward the desired employee response and behaviour.
These methods might include simple gestures such as offering encouragement, recognition, showing interest in your employees’ lives outside the office, and letting your staff know you value them.
These great leadership and management skills stated above will help you to move the business’ goals forward while evading all the possible hiccups and hurdles.

5 Most Common Business Education Myths: Busted!

Many business schools today offer a management education experience like no other – right from the valuable business skillset, a well-earned degree, excellent career prospects and a flourishing professional network.

Despite all the offerings, today, too, there are some misconceptions about choosing management as a career path – making youngsters reluctant to apply for a program that has so much to contribute towards students’ corporate success.
We understand it’s not always easy separating fact from fiction, so we’ve pulled out some of the most common business education myths to bust, once and for all :
1. Myth: A Business degree is too general
There is not much you can learn from a business degree unless you are majoring or obtaining specialisation in any of the subjects. Business studies is too general and is not worth your time.
Fact:
With so many subcategories within the business industry, it is easy to see the field as this massive buffet where you get to taste everything without committing to anything, in your bachelor’s degree. Since corporations have many interrelated business functions, therefore it is practical to expose students to several subjects before narrowing them down to an area of interest.
When going for a master’s degree or a Post-Graduate Diploma (PGDM) program, business schools offer various specialisations as a part of the program. Whether it’s Marketing, Economics, Finance, Business Analytics or International Management, these majors equip you with in-depth knowledge about a specialised field.
No degree can fully incorporate all the knowledge you may require in a particular field. A degree is simply a stepping stone, giving you a solid foundation during preparation for your career.
2. Myth: You must be very money-minded
Only people who want to get prosperous and rich, pursue business-related study. It is also perceived that if doing so, you must also possess the desire to own a business/ become an entrepreneur.
Fact:
Taking up any business management course does not mean that you will be magically equipped with the skills and knowledge to be the next Ratan Tata or so. Neither does it imply that making money and being a business mogul is all your focus on.
The field of business covers a wide range of areas, as already stated above. For instance, the marketing field involves market research and brand promotion, specialisation in Human Resource Management includes the management of people and organisations. Business Analytics is also another field that has been in popular demand under the management umbrella.
None of these fields necessarily hold the magic pill for you to be an instant billionaire. The management professionals in their line, work with utmost passion and interest to achieve corporate success. – whether it is to revolutionise organisational change (HR), to experience the excitement of a newly launched product or service promotion (Marketing) or to help people invest in the stock market (Finance).
Bottom line: Business is not only for those who want to start their venture.
3. Myth: Business studies is one of the easiest courses
If you want to navigate through your degree without breaking a sweat, you should opt for a management course. It is so easy that you can probably graduate with a 1st class with almost no effort at all!
Fact:
It may appear to be so until you get a real taste of how meticulous business school can be. Not only that, with constant changes in the business and management field, you will also be expected to be up to date with the current trends.
Imagine having to apply multiple theories and concepts learnt in real-life settings and working with a mixture of people who may or may not have the same views as you do.
It might not be as academically demanding as a Medicine degree. Still, if you are looking to get the most out of a business program, then you will find it as challenging and exciting as any other course.
4. Myth: Job opportunities are limited to ordinary cubicle jobs
There aren’t many work opportunities for business students. You will mostly end up working in a dull, 9-5 office job.
Fact:
Unlike Engineering, Medicine or Law, there is a no clear career path for Business degree holders, which makes the world their oyster.
Management professionals are considered to be one of the most versatile in the job market, as they can be employed in several fields and industries.
Business students can be found everywhere, working in major industries from the plantation, healthcare, oil & gas, logistics, media, e-commerce to education. You can choose amongst – fast-paced jobs ( startup), constantly-on-the-go jobs (sales & marketing), fun and creative jobs. ( media & entertainment)
The choices are bountiful because a management background presents you with the requisite knowledge and skills on how to innovate and adapt in the modern corporate environment.
5. Myth: Stiff competition in the job market
Most of the students out there are pursuing business management. It will be difficult for the job market to meet such a massive supply of graduates. You’ll probably end up jobless.
Fact:
Bureau of Labour Statistics states that the employment of management sector is expected to rise by 7 per cent from 2018 to 2028, resulting in about 706,900 new jobs.
This employment growth is to be driven by the formation of new industries and the development of existing ones, which would require more professionals to manage these operations.
The above statistics are enough to prove the growing importance and job opportunities in the business management field.
Now that we have debunked some of the most prevalent myths related to business education, you can think and take that leap of faith. Attempt to choose a course that you’re both passionate and happy about because otherwise, nothing in your path will make any sense to you.
It would be best if you were studying to expand your knowledge horizons in a field you’re interested in, and not what other people think about it. Because ultimately, what course you pick doesn’t determine your success — it’s you!

Saturday, 4 July 2020

Looking for Gateways Towards a Lucrative Career? Here’s How Business Analytics Management can Help

The technological advances in the last decade have impacted our world, and the business world in particular, in significant ways. An extensive amount of data today is being gathered and stored. Furthermore, ever faster computers and optimization methods are now available to transform this data into information for better business decision-making.
The evolution of data analytics makes it possible to implement advanced methods to solve business problems for multiple sectors & industries — ranging from detailed supply chain optimization to health care applications and service industries.

The methodology that refers to the skills and technologies to explore business data is called Business Analytics (B.A.). It uses statistical and quantitative analysis, data, and predictive modelling to make businesses work better. Through business analytics, organizations can tap on trends and patterns underlying their data.
For instance, by figuring out data of their customers (age, location, and shopping history), firms can precisely determine what products or services can be offered to boost sales or build brand loyalty.
Business analytics, as a profession, demands technical skills, strategic thinking, and business acumen to turn data into insights and insights into active business decisions.
What is Business Analytics Management?
Business Analytics Management is defined as a process of methodical exploration and management of business data.
The methods in Business Analytics rely on statistical analysis and encourage organizations to make informed decisions. It also empowers companies to optimize and automate their business processes. Business analytics helps firms get insights about their performance, giving them a competitive edge.
Why Do Companies Need Business Analytics?
According to a recent report published in Global News Wire by Reportlinker.com, “the Global Big Data & Business Analytics Market is bound to grow from USD 192.24 Billion in 2019 to USD 446.42 Billion at a Compound Annual Growth Rate of 15.07% by 2025.”
Moreover, “the analytics software application and business intelligence market is expected to reach around 14.5 billion U.S. dollars in 2022”, published in a report by Statista in January 2020.
The data above clearly speaks volumes about the growing demand for Business Analytics as a profession in the coming years.
Today, businesses that market to customers give exceptional value to the Big Data. Their business decisions involve vast sums of money, stiff competition, and require a quick turnaround. Such companies identify themselves as “data-driven” and place a particular focus on making decisions powered by reliable information.
Data-driven companies aim to gather high-volume and high-quality data. They rely on professionals with specialization in business analytics to help them make sense of it.
Here are some industries with a high demand for business analytics:
E-commerce
E-commerce is the most relevant industry that requires data analysis at the highest level. The efficient implementation of data analysis helps the e-commerce organizations to predict the sales, profits, losses and tracking the behaviour of their customers.
Banking & Finance
Business analytics is helping the financial institutions to engage with customers in a meaningful manner by learning about their transactional patterns. The transaction data is being used in risk and fraud management.
Healthcare
Business analytics offers a relevant opportunity for healthcare providers to ensure better patient care supported by actionable insights from previous data. From improving care delivery to achieving operational experience, the data & analytics are helping in optimizing every aspect of healthcare operation by unlocking the data potential.
Transport
The use of analytics contains the potential to transform insights into planning and managing transportation networks. Insights from the captured data are being used to achieve a competitive advantage, improve service reliability, and mitigate risks.
Business Analytics Management- Right or Wrong Choice for You?
If you have a flair of statistics with an analytic and strategic mindset, you might be interested in tapping into this challenging and in-demand field.
A Post-Graduate Diploma (PGDM) in business analytics management is a perfect way to launch a business analytics career, specifically if your primary interest is in the applied aspects of the field i.e. guiding business practices through data-driven decision-making.
A PGDM in Business Analytics Management is a multidisciplinary course and covers training in technical skills, business management practices, leadership, in addition to those skills specific to business analytics.
Jobs you could Bag with your Business Analytics Management Degree
With a PGDM in Business Analytics Management, you’ll be eligible for a broad range of careers, including coveted c-suite jobs ( the executive level positions in an organization). This is primarily because postgraduates are qualified for leadership roles in a variety of business settings.
You will be eligible for data-focused business positions with a background in analytics along with getting a distinctive edge for more general positions in business management.
A typical job role for business analytics includes obtaining data from multiple sources, running it through the analytics platform, and creating visualizations of the same.
They then proceed to spend hours analyzing the data from various perspectives, looking for trends that may reveal problems or opportunities. These insights are then communicated to business and technology leaders with recommendations to adapt to existing/new business strategies.
The business analytics role might come with a lot of accountability, but the rewards are worth all the toil & hard work. The field will continue to evolve in the coming years, and the businesses will be heavily relying on the insights from the analysis (rather than instinct).
So, if you have it in you what it takes to be the one, NOW is the chance to make a breakthrough career in Business Analytics. Give it a thought and aim a great shot!

10 Ways GIBS Ensures Campus Safety During COVID-19 for Students

At a time when COVID-19 is wreaking havoc across the world, going to a college to study has become a far-off dream. Group studies, field trips and classroom activities are seeming like activities from a different era. While the digital world is providing us with everything in our homes, there’s no doubt we miss the dynamic environment of a college.
How do you trust which college to apply to for a business degree? Will the next batch have in-person classes? Will the college take enough safety measures?
If these questions are running through your mind, let us show you why the Global Institute of Business Studies (GIBS) should be your choice.

Being in the top 30 best Business schools in the country requires work and commitment. GIBS has proved time and again that they have both. Their dedication to their students is par excellence.
While the world is reeling under the COVID-19 pressure, GIBS has swiftly taken steps to ensure their campus is safe for aspiring students.
Here is a list of 10 steps GIBS has taken during the pandemic.
Campus Disinfection
On an everyday basis, the campus is sanitised and disinfected. Superior quality sodium and ethyl alcohol are used for disinfecting surfaces and all items respectively. Trash clearance is carried out with utmost precaution.
Availability of Sanitisers
Sanitisers have been placed at all entrances of the campus. From the gates to offices and classrooms, it is mandatory for everyone to sanitise before entering.
Thermal Scanning
One of the most important methods being used across the country – thermal scanning. The institute will ensure everyone’s temperature is checked before they step foot inside the campus.
Restricted Entry
Any symptomatic individuals with signs of a fever, cough, cold, etc., will not be allowed in the GIBS campus. Only those who pass the thermal scanner with normal temperature will be permitted access.
Online Conferences
Conferences and seminars are significant learning opportunities for students. Without compromising on the faculty and material, GIBS has shifted all conferences and seminars to the digital medium. This will continue until it is safe for gatherings to happen.
Social Distancing
Another vital precaution against COVID-19 which is advised and re-advised by authorities. GIBS is following social distancing everywhere. Whether it is the classrooms, computer labs, canteen/mess, library or the hostel, students are to be seated at a distance of 2 yards.
Compulsory Masks
Masks are being referred to as the new norm in society. While many are breaking this rule at the risk of their own safety, GIBS has made it compulsory. They will be providing masks to all students on campus.
Immunity Building Food
Health experts have advocated the importance of nutritious food in augmenting immunity. GIBS has made sure that only immunity-boosting food is provided on campus. Improving the immune system has become paramount at this juncture.
Counselling
COVID-19 has also caused mental stress and trauma to many people around the world. Always keeping mental health on top priority, GIBS has counsellors available on campus for any students that may require help.
Anti-bacterial Hand Wash
A simple but critical addition to all washrooms on campus, liquid anti-bacterial hand washes have been fitted.
Along with all these measures, GIBS is constantly monitoring the situation in the country. Until it is advised to make the campus experience available to students, they are leaving no stone unturned to beef up virtual learning. Classes, assignments, seminars, internships, certification programs, industry exchange programs – you name it, they have it!
If you are looking at pursuing a degree in business but are worried that COVID-19 will ruin your plans, don’t fret. GIBS has got you covered. Don’t let the pandemic diminish your dreams in any way!

6 Best Finance Career Options for the Ones Who Love to Play With Numbers

Globalization, mergers, deregulation, acquisitions, changes in taxation laws, emerging start-up culture and rapid technological innovations are forcing every business, to rethink its strategies continually.
In the ever-changing business environment, finance professionals, too, are exploring new strategies to bring higher value to their organizations. Today, finance executives have to think beyond their traditional roles of financial book-keeping, audits, and regulatory reporting. Their role is now much more dynamic, challenging, intellectually satisfying and financially rewarding.

PGDM in Finance
Finance is one of the most prominent choices for a postgraduate management study. Banking remains the most preferred one since the sector involves great wages and fantastic growth opportunities.
PGDM in Finance is a 2-year intensely structured and industry-oriented programme where the students develop expertise across diverse financial verticals.
Students with post-graduation in finance are the favourite choice of Bankers, KPOs, Wealth & Investment Advisory Service Providers, Brokerage Firms and Financial Planning & Asset Management Companies.
Experiential learning through a post-graduation program provides students with the ability to sharpen their trading and analytical skills in a live market situation. The study offers hands-on, real-world training in Financial Securities, Foreign Exchange Trading and Commodities. It equips students to compete for the most exceptional jobs and entrepreneurial opportunities, globally.
So whether one has an undergraduate finance degree or a post-graduation diploma in finance, read on to find out seven careers that can be considered:
Stockbroker/ Trader
While Stock Broking involves buying and selling of stocks, Trading consists of buying and selling bonds and other financial instruments. These are the fast-paced jobs, including long hours usually starting early with the opening of international markets. Trading survives in a cut-throat environment, but with the potential for very high rewards.
Financial Manager
A financial manager is responsible for giving financial guidance and support to their clients and colleagues. In more prominent companies, the role is more concerned with strategic analysis and management of financial services. In smaller businesses, responsibility involves the collection and preparation of accounts.
Other responsibilities for a financial manager can include managing budgets, liaison with auditors to ensure annual monitoring and arrangement of new sources of finance. A financial manager or Chief Financial Officer are senior roles and requires high capabilities and growth within a company.
External Auditor
External auditors review and analyze financial records along with other data to give companies, investors a clear idea of how they are performing.
Their work can be split into two different areas – a financial audit, monitoring the company’s financial statements or a non-financial audit to help companies solve particular business problems. Many companies employ external as well as internal auditors with attractive salary packages.
Actuary/Risk Management
Actuaries evaluate and advise companies on financial risks. They use statistic theories to estimate the likelihood of a particular event, including their possible financial costs. They design creative ways with this knowledge to reduce the possibility of unwanted events to occur and also minimize the impact of such events that do occur.
The study of uncertain future happenings by actuaries is of particular concern to insurance and pensions companies. Still, actuaries can work in a wide range of sectors. Work is high-pressured, but the returns are equally rewarding.
Risk management professionals are perfectly-skilled to provide consultations based on the analysis of market risk and the recognizing results of a bad investment. They use mathematical reasoning to advise their clients to ensure their business model are defined within the mission and vision of the company.
5. Financial Analyst
Financial analysts collect financial data and supervise the investment decisions of their employer – which could be a corporation, government, individual or a non-profit organization.
Analysts recommend the best course of action to identify challenges. For this, they need to stay aware of market trends and investment opportunities continually.
A career in financial analysis suits data-focused individuals who possess strategic thinking skills and an inclination towards statistics. Other related roles in this field include credit analysts and budget analysts.
6. Accountant
Accountancy has been a popular career path for finance graduates. Accountants are employed by individuals and companies to support them with financial market issues such as budget, taxation, profit/loss, identifying and solving fraudulent financial activities.
Excellent communication skills with close attention to detail are pre-requisites for this job to be able to find out complex financial solutions.
In-house accountants are responsible for preparing profit and loss statements, accounting annual reports along with other financial tasks. Alternative careers in accountancy include tax advisors, forensic accounting and chartered accountancy.
Many financial jobs and roles require diverse abilities and complex work conditions. Hence, it is important to choose the one that aligns with your long-term goals. For example, if one has excellent interpersonal skills, they may work well as a financial advisor. Moreover, if someone enjoys working with numbers, then they may perform exceptionally well in public accounting.
The bottom line is to research the options thoroughly. The time spent on choosing the right career path can help save time and work in a position that will truly fit.