The management technology revolution has been just very dramatic. Gut-feeling business decisions and pencil-and-paper accounting are now things of the past and don\u2019t work anymore. Cloud computing, data analysis, artificial intelligence (AI), and automatic computing enable businesses today to make smarter decisions and make well-informed decisions.<\/span><\/p>\n From business administration to business digitalisation, technology has transformed all aspects of how businesses compete, operate, and expand. But what does this imply for managers? How can professionals prepare for the dynamic digital age?<\/span><\/p>\n In this article, we\u2019ll explore how technology in management is influencing leadership, operations, and decision-making. We\u2019ll also discuss the role of general management programs in preparing professionals for the challenges and opportunities of digital transformation.<\/span><\/p>\n Technology simply continues to automate mundane work to enable managers to focus on higher-level decision-making. Automation and AI are now being incorporated in most business activities, streamlining and optimizing them.<\/span><\/p>\n How AI is Changing Business Management:<\/b><\/p>\n Fact<\/b>: McKinsey believes that companies utilising AI in an efficient manner can increase productivity by 40% over the next decade. (<\/span>Source<\/span><\/a>)<\/span><\/p>\n Real-World Example<\/b>: <\/span>Amazon<\/span><\/a> practices AI-driven logistics that automates stock management, and the product appears at the right time.<\/span><\/p>\n Gut intuition and experience-management was the order of the past. Presently, analytics offers managers an option to base their decisions on assumptions but factual facts.<\/span><\/p>\n Key Benefits of Analytics for Business Management<\/span><\/p>\n \u2714\ufe0f Better Projections: Companies use predictive analysis to forecast customer behavior, trend forecasting, and inventory.\u00a0<\/span><\/p>\n \u2714\ufe0f Customization: Companies customize products and advertisements based on customers’ preferences.<\/span><\/p>\n \u2714\ufe0f Performance Indicators: Companies monitor key performance indicators (KPIs) for the purposes of measuring profitability as well as efficiency.<\/span><\/p>\n Stat<\/b>: According to <\/span>Harvard Business Review<\/span><\/a>, fact-based firms are 23 times more probable to gain new clients and 6 times more probable to have customers remain.\u00a0<\/span><\/p>\n Example<\/b>: Data analytics are applied by Netflix in providing targeted suggestions to users to increase user interaction and loyalty.<\/span><\/p>\n Cloud computing transformed data storage, access, and business management of data. The managers are no longer required to appoint the traditional IT infrastructure; they may use cloud systems for team work simultaneously.\u00a0<\/span><\/p>\n Benefits of Cloud Computing for Business Management<\/b>:<\/span><\/p>\n \u2714\ufe0f Cost Savings: No on-site infrastructure cost.<\/span><\/p>\n \u2714\ufe0f Remote Work Enablement: The employees can work from home, and productivity increases.<\/span><\/p>\n \u2714\ufe0f Scalability: Companies can expand without great investment in IT.<\/span><\/p>\n Stat<\/b>: 85% of companies will be cloud-first by 2025 (<\/span>Source<\/span><\/a>).<\/span><\/p>\n Example<\/b>: Google Drive and Microsoft OneDrive enable companies to store files in the cloud, and it is simple for groups to share.<\/span><\/p>\n Digital business transformation helps most companies but puts them at risk of cybersecurity attacks. Ransomware, data breach, and phishing are some of the largest threats companies are facing now.<\/span><\/p>\n Critical Business Cybersecurity Threats<\/b>:<\/span><\/p>\n Stat<\/b>: Business executives will spend an estimated $10.5 trillion in 2025 on paying cyber attackers to buy cybercrimes (<\/span>Cybersecurity Ventures<\/span><\/a>).<\/span><\/p>\n Example<\/b>: Tesla and Apple spend billions on cybersecurity shield to protect intellectual property and customers’ data.<\/span><\/p>\n \u2714\ufe0f Solution: Multi-level security controls have to be implemented and the workers have to undergo cybersecurity training.<\/span><\/p>\n Even as technology advances at a lightning pace, the managers would need to upskill and update themselves. A GMP from a top-ranked B-school such as IIM Ahmedabad involves training and exposure that experts must go through to drive digital transformation in the best manner possible.<\/span><\/p>\n Areas of advantage in a GMP<\/span><\/p>\nHow Technology is Changing Business Management<\/b><\/h2>\n
1. Automation and AI: The Next Generation Workforce<\/b><\/h3>\n
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2. Data-Driven Decision Making: The Power of Analytics<\/b><\/h3>\n
Digital Transformation in Business: A Paradigm Shift<\/b><\/h2>\n
3. Cloud Computing: The Backbone of Today’s Businesses<\/b><\/h3>\n
4. Cybersecurity: A Growing Managerial Problem<\/b><\/h3>\n
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The Role of General Management Programs in Navigating Technology<\/b><\/h2>\n
5. Why Managers Need a General Management Program (GMP)<\/b><\/h3>\n