The need of the hour is the creation of tech leaders who can manage digital transformation for corporates.
The Tech Revolution has undoubtedly brought IT at the core of the modern business, even for the industries which never predicted disruption. This sudden shift of focus on technology has created a huge demand for tech-literate managers, which has further widened the existing skill gap.
According to the Global Information Security Workforce Study (GISWS), 2017, it is predicted that about 1.8 million IT positions will remain vacant by 2022. The number has already increased by about 20% from the anticipated 1.5 million, in a span of just two years. The two significant factors widening the skill gap across the globe are the increasing pace of digital transformation and the impact of IT on the functional aspects of the business.
What does this mean for future careers?
With digital disruption hitting the global business, technology is evolving at a lightning speed. Not only are organizations failing to align themselves with the speed, but educational institutes are also unable to keep up with the pace. Professional education providers are lagging behind in creating programs which can accommodate the rapidly changing technology.
According to a PwC report, about 72% of companies across industries are expected to be going through digital transformation, which has created a need for managers who understand technology in the context of business and customer requirements. While traditional institutions are still stuck in the silos, progressive institutes like University of California, Berkeley, Stanford University, UC Davis Graduate School of Management and Institute of Product leadership are offering Technology Management programs to produce new-age digital managers, who have an understanding of
both technology and business operations.
Recently, California School of Management & Leadership, through its alliance with SAP, incorporated the SAP software into many of its business graduate programs. Technology management programs are gaining popularity because unlike the general MBA programs, these produces digital managers, who understand the relevant technology; and are capable of managing people, along with innovation and the business process as a whole.
“72% of companies across all industries are going through digital transformation & hence what we need are leaders and managers who can understand the context of a customer, technology, and business.”
Amit Phadnis, Office of CTO,
GE Healthcare
MBA in Technology Management/ MBA in Data Science vs. Generic MBA
A general MBA offers the same age-old curriculum which is gradually losing its relevance in the market. Out of the 5,500 B-schools in the country, thousands graduate with an MBA but only 7% turn out to be employable, according to a study conducted by ASSOCHAM. MBA in Technology Management and an MBA in Data Science provide new-age skills, along with the general understanding of the business, management, and leadership. Technology Management focuses on cross-functional skills, such as IT management and leadership. It helps in acquiring demonstrable abilities, which are relevant across the globe. The curriculum also offers certifications on the latest technology, integrated with the course, which keeps professionals a step ahead of their counterparts, who have a generic MBA or a simple engineering degree.
The silos between the IT department and business units is a perennial issue faced by many companies in recent times. To overcome the lags in decision making, an agile environment, through improved interaction between IT and business, has become a present-day necessity for organizational success. To achieve this, business leaders will have to “understand and capture IT’s strategic value”. To become a digital-ready IT professional, one has to work closely with all other parts of the business. The combined expertise of the cross-functional domain is required by business leaders to understand the potential, as well as limitations, of IT. The degree in Technology Management is, therefore, gaining popularity among students, professionals and companies alike.
What is the industry looking for?
Atul Batra, CTO, Manthan Systems and industry coach at Institute of Product Leadership stated,
“The industry wants to hire professionals who not only understand the depth of data science but can leverage that to business outcomes.”
Beyond the general skills of quick decision-making, timed reactions, and solid central steering, companies today need digital leaders, who possess the capabilities of integrating engineering concepts with the various functional and operational aspects of a business. MBA in Technology Management inculcates leadership skills in working professionals as well as fresh engineering graduates. It fosters an “executive-level perspective” and an impressive portfolio for the management of various business disciplines. Technology Management not only provides fresh graduates with a relevant degree but also gives a competitive edge to the professional looking for a mid-career transition.
In a world where economic and social advancement are increasingly dependent on integrating technology and business, tech management program provide the opportunity to make a career with a difference. MBA in Technology Management is designed to create digital managers with a prospective career as Agile Product Managers, Data Analysts, Engineering Leads, Business Analysts, Project Managers, Cloud & Dev Ops Architects, and Digital Marketing Managers, who are high in demand in the era of digital transformation.
The demand for good administrative and leadership skills is growing in technology departments due to digital disruption. Being an advanced professional degree, an MBA in Technology Management helps in upgrading a working professional to a Computer and Information Systems Manager, Chief Technology Officer, or Information Technology Director. These digital managers connect the dots between IT and the business for greater efficiency and profitability. Being a technology professional who has insight into cost structure, current industry trends, and consumer behavior, with an ability to liaison between departments, these individuals with technology management skills prove to be an invaluable asset to a company.
In the current age of digital transformation, companies are looking for technical depth, along with the business breadth in tech-savvy leaders. For a successful tech leadership career, therefore, an engineering degree is not enough, one also needs to have an understanding of the business. MBA in Technology Management provides this intersection between generic management and advanced engineering skills. It equips professionals with the ability to speak the dual language of engineering as well as business thereby assuring compensation premium, placement guarantee, live industry experience, and an unmatched business-oriented technical expertise.
| Prof. Aslam Hirani – Faculty at Institute of Product Leadership and Enterprise
CEO UAssess a new-age skill benchmarking app |
About IPL
Founded in 2012, the Institute of Product Leadership is India’s first B-school for technology managers, focusing on product and tech leadership with the aim of transforming technology executives into future product managers and industry leaders. Product Management has many definitions, but most experts will agree that it is essentially the art and science of delivering delightful solutions to real market problems, and doing so rather predictably.
Headquartered in the Silicon Valley, Institute of Product Leadership designs and delivers career growth acceleration programs for students and professionals in order to fast track their career path transformation right from building innovation to productizing in global and emerging markets.