Quantitative skills and their importance in today’s business scenario
We have talked a lot about skills. We have discussed interpersonal skills, motivational skills and traits that entrepreneurs need to develop. If you notice, all these skills are qualitative in nature. They are more of soft skills that one needs to achieve professional as well as personal success. There is another set of skills that is gaining popularity nowadays which is quantitative skills. Let us understand what these are and how important it is for managers and business owners to learn them.
What are quantitative skills?
Quantitative skills (QS) relate to the ability of handling data. It is about using numerical data systematically. QS may include designing surveys to assessing them and using the data derived from surveys and digital media to arrive at results.
You can say that QS is all about crunching numbers. Till recently we had an idea that people from the finance or marketing division need to know QS as most data generated within a company are for them. However, with the advent of the internet and social media what we are witnessing today is information explosion. Huge amounts of data are generated each moment which can be used to take better business decisions and thus QS does not remain restricted to the purview of the finance or marketing only. Today a HR manager is expected to know the performance data of the rival company and the sales team should be aware how social media marketing is performing. Thus everyone needs to study QS now.
The importance of QS to a manager
Having thorough knowledge of QS helps a manager to take effective decisions. He can design his strategies based on data and make them more objective. His planning would be sound if it is built on the foundation of empirical data.
Quantitative skills are required today in businesses as competition has increased manifold. The business strategies need to be formulated quickly and effectively and this can be only done if QS is involved.
MK Business School aims to provide modern business education to the students so that they become competent managers in the future. We look after overall development of the students and hence include all the updated courses in the curriculum. At MK Business School, QS is taught with care so that the students become confident of handling data in later life. We teach them how to collect data and analyze it using proper tools and decipher the results. With our advanced courses, the students learn all about QS and how to use it. Check our website http://busiver.com/ to know how we can help you in building your career.