Comments come as a slew of elite consulting firms snap up more digital consultants
McKinsey & Company and Boston Consulting Group have urged MBAs to better understand big data — highlighting the growth in digital consulting and demand for consultants who can utilize analytics.Julia Booth, advanced analytics business manager at BCG, said: “Data, analytics and digital are the future — understanding the key drivers of these phenomena and how to get value from them will differentiate organizations the world over.”
The comments by McKinsey and BCG, made this week to students at a conference at London’s Imperial College Business School, come as a slew of other elite consulting firms show increasing demand for strategists who can harness the power of big data.
“There are growing opportunities to work in consulting for people interested in digital transformation,” said Zoe McLoughlin, London Business School’s head of consulting.
The onset of large data sets and powerful analytical tools are reshaping the way companies form strategy.
But a severe shortage of talent means many businesses are looking to consultancy firms for expertise. Digital — including big data, the cloud, and artificial intelligence — is the fastest-growing consulting line in the UK, rising by 27% to $1.4 billion in 2015, according to the Management Consultancies Association.
“A large number of their clients ask for services related to digital transformation, as they want to find a better way to engage with their customers via the digital medium,” said Stephane Ponce, global consulting lead at INSEAD, the business school.
The gap between supply and demand for data analytics talent will hit 1.5 million by 2018, according to McKinsey. “It is critical to understand the value of data in today’s economy,” said Mark Skilton, professor in the Information Systems and Management Group at Warwick Business School.
It is not just elite consulting firms, such as Bain & Company, Accenture and Deloitte that need trained talent. Demand for MBAs who understand big data is surging across the board, according to Gregory LaBlanc, faculty director at Berkeley’s Haas School of Business. “There is huge unmet demand for data science,” he said.
Alwin Magimay, a partner at McKinsey, said that business must turn data science into a discipline. “Data scientists are today what programmers were in the early 1990s.”
Business schools have made bold bets on the need for managers to harness the same skill-sets. Duke’s Fuqua School of Business this month launched a specialist masters degree in analytics.
Meanwhile, Wharton School in March launched an MBA major in business analytics. The same month, MIT Sloan rolled out a data analytics masters degree. And in April, Cornell University’s Johnson School of Management began teaching a big data course to MBAs with Lutz Finger, LinkedIn’s analytics chief.
McKinsey’s Alwin added: “Data is destined to become so valuable that I predict that not so far in the future it will be included on balance sheets in the same way tangible assets are.”
Student Reviews
Duke University Fuqua School of Business
Supportive atmosphere
The professors at Duke university exhibit exceptional commitment to the success and well-being of their students by ensuring their academic growth and fostering a supportive social atmosphere. Moreover, the entire community is recognized for its amicability and inclusiveness.
Diversity
The people or the students are without a doubt Duke's greatest asset. While all students are driven to succeed, they are also enthusiastic about a variety of hobbies. You run across a huge lot of diversity. It is the ideal example of a school with well-rounded students and the ideal balance of campus life in a metropolis.
Happy to school
All I could ever hope for is Duke University. That really epitomizes the "work hard, play hard" philosophy that elite colleges frequently pursue. Even though you'll have a lot of schooling to complete over the week, it's simple to keep focused because all of your friends are putting in similar amounts of effort. Many events taking place on and around campus on the weekends provide a great way to unwind. The combination of demanding academics and traditional college fun strikes the perfect balance.
Good schooling
Living, eating, learning, and developing who you want to be as an adult are all fantastic at Duke. I participated in student athletics, and I couldn't have asked for a better interaction with the faculty and other students. I appreciate all of the help I get from the Duke community more than anything. Furthermore, the teachers take the time to get to know you, and the lectures are diverse and demanding (if you do the same). I'd give it a 10 out of 10.
Beautiful School, Nice Classes
DU remains one the greatest and best universities that I have ever stepped in. The school is beautiful and neat. The classes are spacious and also very nice. I enjoyed attending my Lectures in those lecture halls. I also loved the Lecturers because of the good work they did. The university also has very good dorms that are given to students on first come first serve basis and they are affordable
Amazing experience
I received my B.S. in Biology and B.A. in Global Health with a minor in Chemistry from Duke University. I was able to grow as a student, scientist, and global health advocate with the help of my friends, professors, and other mentors I met along the way. A lot to learn if you look and ask, a great place to learn for those who want to learn.
whirlwind of growth and change
An amazing 2 years, with covid and everything else happening Duke has been a place of growth for me. The courses , classes were one of a kind, online and on campus. But the valuable lessons learned in the classes are irreplicable. The students are amazing here, so much diversity , I had no problem fitting in. The teachers are down right brilliant and so helpful. Don't be afraid to ask them anything. Graduated with my MBA with Duke and now my future awaits.
One of the best for Business students
Graduated with an MBA. The classes were very insightful and engaging. The staff are very easy to deal with. The teachers and students, are truly amazing people. Grateful to all the people I've met along the way at Duke. I've learnt a great deal that will help me in my future endeavors. The campus itself is a marvel, it is beautiful.
The university campus is awesome
I graduated with a masters degree in Religious Studies from Duke University. One thing I really liked about the university is its huge campus. It is spread in a large area with a lot of greenery and also have the facilities of reading rooms for single person also. My department building was very well taken care of. The library is immensely populated with books for all your needs. The faculty is very nice to students. The classes are equipped with latest technology to cater the needs of students. The University also provides room rentals for international students. They are very well maintained and priority is given to the International students for a comfortable stay there. There are weekly events conducted by the University as well as Student clubs for the entertainment of students. Anybody can take part in them and show their talents. I enjoyed my degree and I graduated in 2021 and was very happy that I had graduated from a reputed University.
