CBA Faculty attends Industry-Academe Business Analytics Conference
Article/News by: Yvonne Hitty Mier
Date Posted: February 13, 2017
The College of Business Administration faculty attended the much awaited Industry-Academe Business Analytics Conference 2017: Meeting Tomorrow’s Demand last February 3, 2017 at the University of Asia and the Pacific, Manila. The delegates who immersed themselves on Big Data and Analytics were Mrs. Marietta Asia , Mrs. Melody Canlas, Mrs. Marilyn Iglesias, Ms. Maria Adela Krisha Medrano and Ms. Yvonne Hitty Mier.
The focus of said conference is bridging the gap between the industry and academe in terms of demand and supply in Business Analytics. Business Analytics, which is the practice of methodical investigation of business data with emphasis on statistics, is becoming increasingly relevant in today’s globally competitive environment.
We are now in the so-called “Digital Age” where myriads of transactions happen simultaneously at the touch of a screen. The Industrial Revolution of the 1800s has long come and gone.
Perhaps the great irony here is the belief that “a jack of all trades is master of none.” In the past, these types of workers were given less preference to those who had specialized skills, like accountants and IT specialists. The latter were highly sought after and received handsome paychecks.
Now, however, there seems to be a paradigm shift because in the labor pool, workers who are marketable and “irreplaceable” are those who have a unique skill-set. In other words, industry is no longer looking for one specific skill in a candidate, but multiple skills. It is these multiple skills that render a candidate (fresh graduate or otherwise) versatile. Where specialization used to be the “it”, versatility is the new black.
Such is the coverage of Business Analytics. Like Organizational Behavior that takes philosophies from multi-disciplinary fields like psychology, engineering, medicine and sociology, Business Analytics also takes principles from statistics, operations research, business and IT.
As such, any individual or graduate armed with the know-how of Business Analytics will certainly be in demand. Despite this strength, a SWOT analysis shows a weakness in the field. High though the demand may be for Business Analysts, there is still a huge deficit in its supply. Why? This is due mainly to a shortage of trained educators qualified to teach the subject and secondly, I believe, is due to a lack of awareness amongst undergraduates about Business Analytics.
If only more students would be made aware that business analysts get paid around Php3.2M a year (according to consulting firm McKinsey and Company), perhaps they would take up this specialization when offered in their respective colleges or universities. How ideal would that situation be? And perhaps that time, the industry would not only be able to meet tomorrow’s demand in the Philippines, but would also become an exporter of world-class business analysts like how we are doing currently in the fields of healthcare and tourism.
While threats come in the form of other business schools, colleges and universities already offering Business Analytics, opportunities now lie in the form of the Business Analytics Society of Educators (BASE) in the Philippines whose mission is to promote awareness of BA concepts and practices in business schools, colleges and universities in the country. Talks, seminars and conferences, such as the one held on 3rd February, are also making rounds and gaining momentum. Lastly, the initiative of the Commission on Higher Education (CHED) to promote and push forward the inclusion of Business Analytics as a specialization for Bachelor of Science in Business Administration. This falls under CMO No. 11 Series of 2013. Although this has already been put forward a few years ago, this remains to be implemented and integrated in the college curriculum.
Endorsed by Sr. Josefina Quaichon, President, and Dean Arnel L. Cadeliña, the CBA faculty are now excited and optimistic about Business Analytics as we are now in the “Digital Revolution”. To be among the pioneers is always an edge. Now is the best time to jump on the bandwagon and seize the day.
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