StartUp Terminal
No Result
View All Result
Friday, March 5, 2021
  • Login
  • Home
  • News
    • Tie-up
    • People Movement
    • Tie-up
    • Launch
    • Funding
  • Interview
  • Opinion
  • Feature
  • Events
  • Variety
  • Video
Subscribe
StartUp Terminal
No Result
View All Result
">
Home Opinion

Importance of Data Science in post-COVID-19 world

by StartUp Terminal Bureau
June 15, 2020
in Opinion
0
Importance of Data Science in post-COVID-19 world
154
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
">

Author: Dr. Bappaditya Mukhopadhyay, Professor, Great Lakes Institute of Management,
Gurgaon

  
As uncertainty
grips the post COVID19 phase, the definition of “new normal” keeps evolving,
one fact that strongly emerges out of the discussions and debate is that
neither the business models nor the work place dynamics will be the same as
before. The social distancing which almost all the nations, developed or
otherwise, has advocated so far, is going to be an essential part of the new
normal. “Work From Home” will be a part of an employer – employee contract.
This is amplified by the fact that a quick google search on “work for home jobs
in India”, returned 40,50,000 returns with 422 new postings regarding the same
in LinkedIn. So what will drive such change? What will be the skill
requirements in the new scenario?
Business models
driven by Data Science has been growing steadily over the last few years. Post
COVID-19 era will only accelerate it further. While data driven decision making
and unstructured data was increasingly being used across all business
verticals, companies were reasonably behind the curve when it came to employing
them in the manufacturing process. We must race for a major disruption in the
manufacturing process owing to increased automation and using robotics. Scenes
from Sci-fi movies will become reality very soon where a handful of experts
will be running and developing complex computer simulations while the shop
floors will be ‘manned’ by robots. Decisions like these will not only be driven
by market efficiency, but also concerns about maintaining ‘social distancing’.
COVID-19 will eventually subside but the next one may not be too far way.
Businesses and Governments will endogenise such eventualities in their decision
making. This leads us to two  important
questions-one, what are the new skill sets that are required and two, how does
one acquire them?
Integration of AI
ML knowledge with Business would require professionals who can blend domain
expertise with technical skills. The concept of manager will undergo change.
Our approach to adopting AI ML in workplace so far has been, a balance between
demand and supply lead. Organizations mostly applied available tools and
techniques in Data Science to solve problems and at times extracted or
generated newer data depending upon the business forecast. The future would
tilt more towards demand lead problems. For example, as a response to the
current uncertainty, more emphasis will be on immediate short run projections
and challenges. This would mean extremely precise predictions. Such predictive
modelling exercises will dominate business as well as policy making.  Questions like, how do we plan against all
contingencies for each month will not be relegated as academic. To answer
these, professionals need to frame the right problem and adopt the right AI ML
tools.
The training
will undergo major transformation too. While the AI ML related training will
remain skill based, there will be now a lot of emphasis on problem structuring.
For example, one will have to integrate components of AI ML both within the
courses as well as in the program. The need will be to move away from defining
a customer in generic terms to a more nuanced definition of customers. The new
customer will be one who will now be assumed to be more digital savvy. This
would mean strategizing based on her digital footprint. The importance of
social media Analytics will occupy the centre stage. Curriculums that can
integrate traditional models with data and analysis that is in the domain of
social media will leap frog. Even the delivery of such curriculum will show a
significant shift towards online delivery. We are at an early stage, however,
innovative models to engage on line learning has already began. Perhaps this is
an area that will work in Indias’ favour too.
The success
stories in online education portal is usually measured in terms of program
completion rate. The Indian education system which crucially depends upon
“tutors” is handy as it allows constant engagement with the participants who
otherwise often struggle to complete online courses.
Amidst all
these, there is an increasing concern that we will see more and more
individualistic approach. Social distancing would reduce the need for human to
human connect even further. While it may be too early to fathom what will be
its possible fall out, organizations will face even greater challenge to create
synergies. It is absolutely important that professionals now are both skilled
technically as well as embrace empathy. A new order awaits us.

Dr. Bappaditya Mukhopadhyay,  Professor, Great Lakes Institute of Management, Gurgaon
Dr. Bappaditya Mukhopadhyay,
Professor, Great Lakes Institute of Management, Gurgaon

(Author Dr. Bappaditya Mukhopadhyay is Professor at Great Lakes Institute of Management, Gurgaon. Views expressed in the article are of the author.)


Send us your feedback at startupterminal@gmail.com

Tags: Opinion
  • Trending
  • Comments
  • Latest
Five Management Consultancy Trends for 2021

Five Management Consultancy Trends for 2021

November 4, 2020
Arianna Pacchiarotti

International Women’s Day: Interview with Arianna Pacchiarotti

March 5, 2021
Samina Yusuf

International Women’s Day: Interview with Samina Yusuf, Manager, Pixcom Group of Companies

February 25, 2021
Subrata Nag, Co-Founder, Chairman & MD, True Frog

True Frog: An Environment-Friendly Personal Care Brand from Earthy Blend

February 13, 2021
Cashcow aims to become India’s No. 1 Fintech Company in next 3 years

Cashcow aims to become India’s No. 1 Fintech Company in next 3 years

4
“Discount Kitna Milega” a Fast-Growing Online Marketplace in India. Though it’s fairly new to the E-commerce space, yet it’s doing incredibly well

“Discount Kitna Milega” a Fast-Growing Online Marketplace in India. Though it’s fairly new to the E-commerce space, yet it’s doing incredibly well

3
Interview: Mitali Srivastava, Co-Founder and Managing Partner at Utopeia

Interview: Mitali Srivastava, Co-Founder and Managing Partner at Utopeia

2
LatestOne.com plans to go global and aim to find themselves uniquely positioned in emerging economies

LatestOne.com plans to go global and aim to find themselves uniquely positioned in emerging economies

1
Imogen Micklewright-Hill

International Women’s Day: Interview with Imogen Micklewright-Hill

March 5, 2021
Tracey Jewel

International Women’s Day: Interview with Tracey Jewel, Founder, Upself Self Care

March 5, 2021
Patricia Pallozzi

International Women’s Day: Interview with Patricia Pallozzi, Director, Raffaele Ciuca

March 5, 2021
Liv Jones

International Women’s Day: Interview with Liv Jones

March 5, 2021

Search News Item Here

No Result
View All Result

Email ID

editorial@startupterminal.com

Categories

  • Acquisition
  • Events
  • Feature
  • Funding
  • Interview
  • Launch
  • News
  • Opinion
  • People Movement
  • Singapore Startup News
  • Tie-up
  • UAE Startup News
  • UK Startup News
  • Uncategorized
  • Variety
  • Video

Site Navigation

  • Home
  • About Us
  • Corporate News (AF)
  • Advertise
  • Contact Us
  • Corporate News (IN)
  • Privacy Policy

Global News Portal on Technology, Business, and Startups.

© 2021 Startup Terminal - Global News portal on Technology, Business, and Startups by Startup Terminal.

No Result
View All Result
  • Home
    • Home
  • News
  • Interview
  • Variety
  • Funding
  • Events
  • Opinion

© 2021 Startup Terminal - Global News portal on Technology, Business, and Startups by Startup Terminal.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?