The COVID-19 pandemic has disrupted most facets of our lives. The new normal brought on as a result of containing the pandemic saw the acceleration of digitalisation in work and life. Companies across the globe have had to accelerate their digitalisation journey to mitigate the disruptions from COVID-19 and to transform their businesses to stay ahead of the swiftly-changing macro trends.
As we transition into the digital age, what skills will continue to be highly sought after in the job market?
Mr Richard Lowe, Chief Data Officer at UOB shares why acquiring data skillsets is important and how UOB is developing the next generation of data specialists through the UOB-SMU MSA scholarship.
If there is one thing the COVID-19 pandemic has shown, it is that we are now firmly in the digital era, and technology and digitalisation have become an integral part of our work and life. Driving the digital era which Mr Lowe describes as “the rails on which the digital economy runs” is data.
Market Demand for Data Experts
Today’s connected economy has created new digital touchpoints for businesses to serve and to engage with their customers. As companies tap technologies such as artificial intelligence to improve their business performance and to enhance the customer experience, insights on customers’ choices reveal opportunities that businesses might have never considered before.
Mr Lowe points out that all of this is made possible by the huge amounts of data being generated, which when “used in the right context and ethically, can help companies to enhance their performance – be it in determining potential markets in which to expand, or sharpening talent management efforts.” He adds, “Companies will need people with the expertise to help them harness the relevant insights from the fast-growing pool of data to serve the needs of their customers more efficiently and decisively.”
Closer to home, Mr Lowe shares that UOB’s Data Management Office consists of data experts to drive data-driven business intelligence across all business units and support functions within the Bank.“ As we deepen the use of data in the digital age, we will need the support of talent who are not only equipped with data expertise but who have a deep knowledge of our business and business needs. This will enable us to make a meaningful and positive impact on our customers’ lives and to drive business performance.”
Developing skillsets in a digital economy
To build the talent pipeline by developing the next generation of data experts in the banking and finance industry, UOB launched the UOB-SMU Master of Science in Accounting (MSA) (Data and Analytics) Scholarship in 2018. The MSA programme is the first specialised Master’s degree that combines accounting with data analytics in Asia.
Mr Lowe shares that the decision to work with SMU was driven by the institution’s reputation for having an innovative teaching pedagogy. “Unlike other postgraduate analytics programmes, the MSA’s data and analytics track goes deep into the application of data technology in the accounting and finance domain. Armed with the knowledge of machine learning and data analytics, graduates will be better equipped to bring value to their workplaces, from banks and audit firms to technology companies. The skills learnt such as modelling, statistical reviews, and data visualisation will hold graduates in good stead as more companies emphasise data-driven decision making for their businesses,” Mr Lowe says.
SMU MSA graduates have embarked on successful careers in companies across various industries, including UOB where they have become integral members of the Bank’s business and support functions.
Blurring Lines
Beyond accountancy, one of the greatest advantages of the MSA programme is its relevance to non-accountancy fields. Graduates of MSA will find that they will be able to apply the cutting-edge data science techniques learnt to business challenges that are relevant to any company in the digital economy. Mr Lowe adds, “ This permanent shift towards increasing digital consumption (accelerated by Covid-19) will only seek to accelerate the proliferation of data and open up business opportunities. The data expertise that the graduates acquire from the programme is industry-agnostic and would enable them to take on data-related roles in finance and in other industries.”
UOB-SMU MSA Scholarship and Other Grants
The UOB-SMU MSA (Data & Analytics) Scholarship, fully funded by UOB, aims to support academic excellence and talent development in the MSA Programme. Application to the scholarship is only available upon matriculation into the SMU MSA programme. Outstanding applicants pursuing the MSA programme are encouraged to apply.
In addition to the UOB-SMU scholarship, other forms of financial assistance, including scholarships, SkillsFuture Credit and Study Awards are also available. For more information, visit our Financial Assistance page.
For more information on the MSA programme, please email msa@smu.edu.sg.
