MIP Politecnico di Milano partners with renowned academic institution, Esade

MIP Politecnico di Milano in Italy has signed an agreement with Esade in Spain to focus on expanding networking opportunities and developing students’ financial knowledge.

Esade is a global academic institution known for the quality of its education, its international outlook, and its focus on holistic personal development. Just like MIP, Esade has strong ties to the business world, making the collaboration even more beneficial for its students.

“We are pleased to expand our international network with Esade, a top-ranked and like-minded higher education institution. Networking opportunities, like the one this agreement provides to our students, are vital to the learning experience,” says Tommaso Agasisti, Associate Dean for Internationalization & Quality at MIP.

As well as expanding MIP’s students’ international networks, this agreement also benefits those from Esade, as they will be awarded with the Politecnico di Milano 1st level Specialising Master degree in “International Master in Finance, with specialisation in Fintech”.

Starting from October 2021, candidates enrolled in the International Master in Fintech at MIP will have the chance to welcome into their classes recent graduates of the Master of Science in Finance at Esade. As such, graduates from Esade will have the opportunity for a deep dive into Fintech, a topic on MIP can boast a distinctive level of know-how.

A mind map for the motivational interview

The motivational interview could be carried out by asking (and answering) only one question: “Why are you here?” −  a simple, direct, genuine and essential inquiry with a huge range of possible answers. Open questions like this, such as the renowned “tell me about a topic of your choice” during an exam, are sometimes harder to answer than specific questions; you feel lucky because they seem simple to answer but at the same time, the pressure grows since you feel you cannot fail when presented with such a unique and unrepeatable opportunity. If you are used to answering direct and precise questions and are not expecting to speak about the wider scope, you should work on creating flexible structures that could help with both open and closed questions.I have quite a clear memory of my MBA motivational interview and I can remember a simple but tricky question I honestly hadn’t prepared for all that much, because I took it for granted: Why MIP? An MBA is obviously provided by so many institutes here in Italy, abroad and remotely. If you decided to apply for the School of Management of the Politecnico di Milano there must surely be a real and valid reason. My advice is not to consider this question as trivial and also to have an in-depth look at all the initiatives undertaken by the school, so as to be prepared.

Anyway, the topics which I think it is really important to focus on are these four as a minimum: the mental side, the practical side, the areas of improvement and behaviour and culture. You should create a mind map, tidying up all your thoughts with hierarchies, branches and sub-branches in order to get a blueprint that can help you when wider open questions are asked.

By the mental side, I mean all the thoughts about your professional life so far and your future vision. As far as the past is concerned, a misleading topic is your background: do two different people, with the same university degree and same experience in the same company have the same background? Definitely not, because what you have done in the past it is not what is important but rather, how your past experiences have forged who you are and what you think now. My advice is, when you are asked to talk about your background, always link the challenges you have faced with your actual behaviour. And it is the same for the present, your resumé surely explains what you are doing; you need instead to explain how your daily work is shaping your attitudes. When it comes to the future, you need to express your goals and your “vision”. Maybe it is not too much to talk about your “ikigai”, the reason why you wake up in the morning. If you are investing time, energy and money in a Master, is because you have realized that for you, work is not the means to earn a salary, but a way of expressing yourself. The “golden circle” by Simon Sinek, explained in one of the most viewed Tedx® videos, pushes you to focus on the “why” of your ideas and actions and only afterwards on the what and the how. Before my interview, I watched it several times to gather all the implied nuances.

The practical side is about the skills you have. Practical does not mean tangible − both hard and soft skills could be considered practical. With this term, I mean your ability to turn problems into solutions by using your skills. Saying that you are a heavy user of Excel is important, but you have to demonstrate that your ability to use Excel helps your department, or the organization, to achieve tangible results. You will not be accepted (and hired) because you have attended a course on coding or because you are an organised person; you will be chosen from among a list of candidates if you are able to demonstrate how to leverage your knowledge for concrete results. MIP is the business branch of a technical school but the importance they place on soft skills is high and the collateral lectures on these subjects are both current and numerous. Surely soft skills are difficult to define and measure, they are usually interpersonal and, even worse, sometimes you cannot learn them if you do not perform them. What helped me were examples from my life apart from working hours, sports-related and social activities.

The era of “tell me about three of your strengths and three of your weaknesses” is quite old-fashioned; of course this is a tricky question and the first time someone asks this, the interviewee has some difficulty for the same reason as for the open questions mentioned above. But then word spreads and before an interview, all the candidates prepare a short list of adjectives for their own convenience. I would focus and be prepared on areas of improvement. As seen before, you have a vision and goals; along the path you have acquired, learned and sharpened new skills but you have also realized that something is missing. Talking about any personal downside during an interview might seem like a not-so-savvy strategy: instead, I think that if you have in mind a well-structured gap analysis of what you need to reach your objectives and how to improve and offset the divide, this proves a high level of maturity.

Sometimes, the last lines of a CV are about hobbies or activities performed during your spare time; it seems as if we are forced to fill in some blank spaces and to write something appealing. Most of the time they are all the same: travel, sport, DIY, books, cinema and so on. Actually, the question behind these lines is not unimportant: “Who you are, apart from your job?” But can we consider ourselves to be two different entities, one who performs a job and one who simply “lives”? I think that our attitude, our way of approaching problems, our behaviour during working hours should reflect − or at least, be similar to − our behaviour at our place of work. Some executives I have met along my path were really good at other activities not directly linked to the job (e.g. marathon runner, videogame award winner, or guitar player). Behaviour depends on personal culture and if you also demonstrate your ability in other fields, you can prove a linear way of conducting yourself.

My last piece of advice is to consider the MIP motivational interview mostly as a personal review. More than an “exam”, my interview was a rich and fertile discussion. From my side, I talked about my expectations and doubts; the interviewer needed to understand the fit with my profile. At the end, I was even more convinced to become part of this school and if I were now asked to give one reason to choose MIP, I would definitely say because of its international vocation in every aspect of the path.

 

About the author
Luca Bianchi
National Account Manager for a multinational logistics company and part of the young group of the Freight Leader Council, I would define myself as curious, ambitious and continuously disposed to improve. A strong supporter of cross-functional experiences, job rotation, teamwork and lifelong learning, my objective is to be constantly able to see challenges from different perspectives and to be adaptable in this ever-changing environment..

 

Eduniversal Best Masters & MBA Ranking 2021

Several of our master programs achieved top-10 places in the ranking issued by Eduniversal

Every year, Eduniversal’s ranking includes the best Master and MBA programs in more than 50 fields of study worldwide.  This ranking has a sector-specific approach, which is based on criteria that measure the capacity of a programme in providing students with that added value indispensable in today’s job market.

For the 2021 edition, Eduniversal analysed more than 22’000 MBAs and Masters, of which 5416 have been included in its ranking.

We are proud to announce that several of our programs achieved top-10 places in the Best Masters & MBA Ranking 2021 by Eduniversal:

  • MEM – Master in Energy Management, #1 Energy and Natural Resources Ranking in Western Europe
  • MEGMI – Master Executive in Gestione degli Asset Industriali e della Manutenzione, #1 Industrial and Operations Management Ranking in Western Europe
  • iMSCPM – International Master in Supply Chain and Procurement Management, #3 Supply Chain and Logistics Ranking Worldwide
  • BABD – International Master in Business Analytics and Big Data, #3 Big Data Management Ranking Worldwide
  • IMLUX – International Master in Luxury Management, #3 Luxury Management Ranking Worldwide
  • iMPM – International Master in Project Management, #5 Innovation and Project Management Ranking in Western Europe
  • MIT – Master in Master in Management of Research, Innovation and Technology  , #7 Business Intelligence &Strategy Ranking Worldwide
  • GEMOS – Global Executive Master in Operations & Supply Chain, #10 Purchasing Ranking Worldwide

The School obtained excellent results also with:

  • IM4 – Master in Marketing Management – Omnichannel & Consumer Analytics, #13 Marketing Ranking in Western Europe
  • EMMPF– Executive Master in Management Pubblico per il Federalismo, #13 Public Administration / Management Ranking in Western Europe
  • MPAM – Master in Performing Arts Management, #14 Cultural Management/Creative Industries Management Ranking Worldwide
  • AMIE – International Master in Innovation and Entrepreneurship, #14 Entrepreneurship Ranking Worldwide,
  • GMIM – Global Master in Industrial Management 4.0, #17 General Management Ranking in Western Europe
  • SUM – Master in Management dell’Università e della Ricerca, #20 Public Administration / Management Ranking in Western Europe
  • International Full Time MBA, #25 Full Time MBA Ranking in Western Europe
  • International Part Time MBA, #27 MBA Part Time Ranking Worldwide
  • Executive MBA, #29 Executive MBA Ranking Western Europe
  • MIFRIM – Master in Financial Risk Management, #34 Financial Markets Ranking Worldwide

Why is doing an MBA now more important than ever?

There’s no doubt that the current pandemic has put a lot of things in perspective for the world. The primary factor here is the business landscape, as industries across the world grapple with the new normal and are about to start a long and arduous journey towards recovery. Businesses are re-evaluating their methodologies within the context of the pandemic and restructuring their vision and mission values to fit the new normal. It comes as no surprise then, that a lot of these businesses are looking to invest in managers and leaders who share the same level of consciousness towards the challenges that lie ahead and are able to figure out solutions to lead businesses with their knowledge and acumen.

With things having hit the reset button, it becomes imperative that investing in an MBA amidst the global pandemic makes more sense than ever! Why do you ask? So let’s take a look first at what does an MBA offer?

At its core, an MBA offers you the following key aspects:

  • Technical expertise at managing and leading a business
  • The opportunity to build a network with professionals from diverse backgrounds
  • The chance to specialize in a field suited to the constantly evolving technologies and business landscapes (Innovation, Digital Transformation, Big Data

With the pandemic severely affecting the future prospects for a lot of junior-middle management executives, the crisis also presents a fantastic opportunity to significantly add new knowledge to your current capabilities and add value to your profile. Think of it this way, nobody in the last decade who graduated as an MBA faced the same challenges while figuring out solutions to case-studies or figuring out the current scenarios in the context of Covid.

Add to this, the fact that the pandemic has limited our mobility and so scope for socializing has dropped drastically. With the backdrop of the pandemic, business schools all over the world have had to quickly grapple with the challenges and make the best use of available technologies. At MIP Politecnico di Milano, I was amazed at the rate at which these technologies were initiated for optimum course delivery. Along with the academics, it also allowed me to have live discussions with the professors as well as the wonderful set of colleagues for various assignments, projects and competitions. The fact that we are part of an international program means that I have had the pleasure of growing my network with some of the smartest minds from different parts of the world.

Another important facet of doing an MBA is that it provides an opportunity to evaluate an alternate career path. Of course, most people applying for an MBA dream of landing a top job in their preferred fields of Finance, Operations or Marketing − but what if the job market is lacking in better prospects? As someone studying business administration, I can say that the technical skills that you learn about managing businesses successfully can also provide you with a way to start your own business. The knowledge can give you deeper insights into defining the value of your product or service and enable you to work out a comprehensive business plan in order to take your solution to the market. Business schools across the world today offer their students incubators and a vast network of industry professionals in order to hone their entrepreneurship skills.

Part of studying for an MBA is being able to question the status quo and devise solutions to complex issues. The crisis will demand of business schools the fusion of prevailing knowledge with new intelligence. As new technologies emerge so will the new data points, helping us draw fresh insights into how to adapt the course offering of MBA programs to better suit the needs of the industry. It becomes imperative then, applying to take an MBA in current times will help you equip yourself better for the time when worldwide economies hit the recovery mode and employers will be looking to hire skilled people who can help them navigate the future.

Last but not least, an MBA can help boost your confidence in yourself many times over. It is not a hidden fact − the pandemic has taken a huge toll on our mental health. Being amidst high-calibre individuals with similar thoughts can help you make new friends and significantly boost your inner confidence in your own abilities as a team-player. Most MBA programs are designed in such a way as to help you learn how to manage multiple tasks by learning to prioritise and teaching you how to deal with tight timelines that follow one after the other. These traits help you develop a long-term perspective on getting a return-on-investment out of your course, because as you get higher up in your corporate journey, you need these skills more and more.

To conclude; sure, the pandemic has made us think about a lot of things, with so much uncertainty looming around us; if you’re wondering whether now is the right time to go for a business administration course, I would say that this is the perfect time to unlearn old notions, learn new things, rewire your thinking and upgrade your skillset with an MBA degree.

 

About the author
Rakshit Behel

A results-oriented marketing communications professional helping brands achieve objectives with integrated marketing campaigns built around branded content. From creatively developing and implementing digital marketing and content strategies to measuring performance with analytics and providing insights into useful data, aligned to brands’ business goals; experience of working with clients from different industries: Hospitality, IT, Fintech, Media and Healthcare.

More MBA students are Studying Closer to Home in the Pandemic

For some, localization undermines the cosmopolitan experience of business school

A growing number of working professionals are fleeing the economic downturn and enrolling in business schools to upgrade their credentials. However, unlike in past recessions, many of those flocking to MBA programs this year are staying closer to home in the wake of the Covid-19 pandemic.

The trend of localization is problematic for business schools because it undermines the cosmopolitan experience, one of the hallmarks of a top MBA degree. In a globalized world, executives will travel across the world to study together with a diverse cohort of high fliers to gain a global perspective.

However, that diversity is now under threat, at least in the short-term. Last year, two thirds of MBA programs around the world reported a rise in domestic demand, but only half noted an increase in overseas applications, according to the Graduate Management Admission Council.

“The Covid-19 restrictions induced some candidates to choose programs closer to their home,” says Andrea Masini, associate dean for MBA programs at HEC Paris. He reports a 36 percent increase in applications from France in 2020. This led to a “significant” uptick in the number of European students compared to 2019.

He puts this down to a number of international candidates deferring their entrance due to travel constraints. This undermined strong overseas demand, with HEC noting that applications from Africa and Latin America were up by 47 percent and 43 percent, respectively. The challenge now will be to convince these students to take up their place next year. […]

At MIP, the Graduate School of Business of Politecnico di Milano, the dean Federico Frattini says there are enough Italian students to substitute for the school’s overseas exposure. He reports a slight decrease in international applications, but insists that the drop was offset by a 13 percent rise in domestic demand due to coronavirus uncertainty.

“In the last few years, we focused mainly on international candidates. Now, we are back to Italian students. But we hope the situation will be temporary,” says Frattini, noting that students may be keen to return to in-person study when the crisis, which has underscored the need for human connection, abates. […]

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The right mindset in a changing global context

It’s already been four months since I started my experience as an MBA student at MIP. I am still struggling to find a new comfort zone while organizing my time daily to fulfil my tasks at work, while preparing both the individual and the group assignments necessary to pass the exams without forgetting to clean the flat, go to the supermarket, do some sport and finally, get some rest.

The International MBA I have chosen is a part-time program that lasts two years. I knew it would be challenging but I have to admit that it’s not easy to predict in advance how much effort is required to work and study at the same time. I constantly need to plan my activities days ahead, I set personal deadlines for assignments and online lessons, considering that one of my goals is also to keep the quality of the work I do for my job as high as possible.

Meanwhile, the Covid-19 emergency is pushing companies and universities to be much more flexible while scheduling activities, considering and alternating both in-presence and from-home solutions. We’re using all the features that technology can offer, not only to live our new routine as best we can but unfortunately, also to keep our distance from people.

Actually, we should at least try to take some advantages from this emergency. In Italy, due to the non-stop changing of the restrictions imposed weekly by the government, companies are redesigning their businesses and employees’ tasks so as not to stop production, engineering works, sales or any other valuable function. There is an extremely low likelihood of a global pandemic breaking out and no company had made adequate  preparations for facing one. This is the real challenge, after all: being able to take advantage of adverse situations, especially when they affect the whole industry including direct competitors. Unexplored strategies can speed up responsiveness and make the difference now, far more than was the case in previous years.

I’ve grown up in a global context that has changed fast year by year but I have honestly never seen the cards being reshuffled so many times in such a short timespan. It’s time to sink or swim, to freeze in front of a disruptive event or to react fast to reduce its long-term impacts. I prefer seeing it as a forced training of being flexible to unpredictable events, when you are not only required to plan in advance, but also to prepare a plan B or even a plan C.

When I think of myself as I was before taking the decision to start an MBA, I would never have seen things as I am doing now. What I am experiencing at MIP is something different from what I did previously during my studies, it might depend on my personal maturity, on my work experience, or on challenges I have already learnt to deal with. But that’s not all.

Try to imagine you’re in class following a lecture on something about which you know little, only the information you’ve read online or in some book or other, and the professor asks the students for some considerations about a certain business case. Actually, you have your personal view of the problem and want to contribute, so you raise your hand and explain your thoughts. The professor listens, nods and then lets other students start a discussion about it. You find that even if your idea is fine, it can be enhanced by your classmates’ expertise and therefore you improve alongside them, while analysing case after case.

It’s so astonishing to understand that as a silo you can only be good, while as part of a team, you can seek excellence. Studying several essential topics should be only one part of the improvement path, in the end it’s more important to surround ourselves with reliable and skilled people from whom we can learn, share knowledge and points of view. In some way, when you choose to start an MBA, you’re automatically designating the university to shape a well-mixed team of students to guarantee this.

The unexpected adversities and the fast-changing environment can be properly handled by being agile and flexible, but this is not sufficient. Teamwork should also be enhanced to its maximum, starting from the operatives right up to management level.

Finally, while writing this article, I have realized that I should not be looking for a new comfort zone  ̶ rather, what I actually need is to keep myself trained to be resilient enough to face unexpected situations with fast and solid resolutions. Surely the combination of work, university and a global pandemic can be the right gym.

 

About the author
Simone Moscato

Having graduated at Politecnico di Milano, Simone is now working as a civil engineer in an international EPC Company while attending the International MBA at MIP. An enthusiast for travelling and fighting sports, he’s always searching for new challenges. After years, he’s still struggling to learn how to play the guitar.

 

 

Communication needs to be well-rounded

Today, when we talk about advertising, we immediately think about catchy slogans and messages that leave their mark. There are some that have become iconic, such as Nike’s “Just do it.” or De Beers’s “A diamond is forever”.And yet, it wasn’t always this way. Originally, communications agencies were limited to selling advertising space, while the claims – thought up by salespeople – had a unique message. Buy me. It was J. Walter Thompson, at the beginning of the 1900s, who was the first to entrust the conception of advertising claims to writers and playwrights, thus transforming advertising from a simple invitation to purchase into quality communication content.

How has the role of communication changed since then? And what are the career prospects in this sector? We asked Professor Lucio Lamberti, Director of the International Master in Media and Communication Management at MIP.

 

Sometimes, there is a somewhat limited perception of what “communication” means. Why is this? And what role does it play today?

Being a head of communications is a bit like being the coach of the national football team: everyone has their own opinion of your work. It is very evident what communication is and perhaps for this very reason, it is seen as something trivial. It is not that at all, though.

Just think of how many different roles there are in this sector. There are those who buy advertising space, those who design communication messages, those who do public relations, those who take care of social networks, those who do Search Engine Marketing…
Apart from anything else, communication is an economic phenomenon that is anything but trivial, on which an important employment chain also depends. To give you an idea, annual global investment in advertising is around $590 billion, of which 25% is dedicated to digital.

Investments which, in order to achieve the predetermined communication objectives, must be allocated to different channels. To do this, it is not only important to know exactly how individual channels can contribute to achieving the result, but also to orchestrate them in a way that conveys a coherent and high-value image. Not only that, it is also necessary to assess what proportion of your budget to allocate to each channel.
So in the end, it is not as trivial as it may seem at first sight. On the contrary, serious expertise is required − and it was this need that gave rise to the International Master in Media and Communication Management.

 

From those first communications agencies dedicated solely to the purchase of advertising space, the sector has come a long way. How has the approach of companies and agencies changed? 

Digital has changed the world of communication, making it accessible not only to large companies but also to the smaller ones, thanks to mechanisms like cost per click.

The advent of digital channels has also highlighted the issue of optimising spending on communications. Statistical models enable you to modify the percentages of the budget allocated to the various channels in order to optimise the output in terms of sales, brand awareness, etc.

This is not an easy task – far from it. In fact, traditionally, companies have always relied on agencies to do this.
Agencies which, after having undergone a great fragmentation over the years due to overspecialisation, are now moving in the opposite direction. We have witnessed a consolidation that has led to the formation of the “big 4” – WPP, which among other things is a partner of the Master, Omnicon, Publicis and Interpublic –  which Dentsu has joined.

Agencies are also important for companies because they have a market vision that identifies new communications trends and helps them get to know the platforms –  which are constantly evolving – better.
This is increasingly important because, with the explosion of digital channels, communication has become a conversation.  Today, businesses are called upon to listen, as well as communicate. This is an opportunity to get to know your target group better and identify the tones, registers, and content to which it responds.

Did you know that according to statistics, we are exposed to more than 800 marketing messages a day? Of these, which ones will we remember? Probably those that are relevant to us − and only by listening to the consumer can a company understand what is relevant to its audience.

 

It is clear that the world of communication is very varied and constantly evolving. In terms of job opportunities, which are the most sought-after profiles today and what advice would you give to those who want to enter this sector?

My advice? Not to set becoming a social media manager as your goal. Not because it is not a valid or interesting profession but because right now, a communication professional needs to have a 360-degree view. It is not so important to specialise, but rather to have a thorough understanding of the processes. Specialisation is built over the course of one’s professional career. Those who have the basics also have the capacity to transform themselves in the world of communication.
The goal of the International Master in Media and Communication Management is precisely this: to create a well-rounded professional, who knows everything well enough, but what they know best is the whole picture.

This means knowing how to understand the various channels, the logics of communication, knowing the creative processes as well as the analytical aspects. We want our students to understand the point of view of the client, i.e. the company, and the agency, which is the executor.
In fact, agency work is very different from that of a company’s communications manager. This is why we have decided to emphasise these two different approaches through two dedicated strands within the Master.

There is another matter which a “well-rounded” professional cannot ignore: that of sustainability.
Communication and sustainability are sometimes thought to be antithetical terms, forgetting that the same tools can be used in a company as well as in an NGO. Indeed, it is precisely the non-profit sector that is often an example of great communication skills and significant investment in the sector.
It is different when it comes to sustainable communication in the sense of ethics. In fact, it is important that a professional knows the boundaries within which to move to avoid falling into misleading communication or greenwashing. That is why we have also included this aspect in the Master’s programme.

The world of communication is a fragmented ecosystem, involving various players with different and sometimes overlapping roles. Only those with a clear vision can not only handle the resulting complexity, but also leverage it to create value.

This is the characteristic feature of this Master’s programme: it aims to create a professional capable of adapting to the context.

In fact, in a world that runs ever faster, what companies need is a person who is able to move not only vertically, but also horizontally, so that they can be employed on multiple fronts.

It’s all a matter of mindset − and here comes the added value of doing a Master’s degree in communication at an engineering school. A certain type of troubleshooting approach allows you to manage everything from designing an automated engineering plant to modelling social interactions.

Digital transformation and i-Flex, enable your business to deal with changes

The entire world is changing. This has always been the case but in the last few decades the phenomenon has accelerated as never before. It was not so many years back that we witnessed first the industrial revolution and then an information technology revolution  ̶  now a new way of conceiving the world has arrived, from several point of view. It can be seen both in the goods we are using, and related technologies. Let’s think of smartphones, and how many things multipurpose devices have enabled in our lives. It can be seen in human interaction and relationships. Let’s think of social media and how they have turned our lives upside down. Let’s notice the sales services like e-commerce or sharing services like house-sharing, car-sharing, right up to the simple sharing of software/hardware instead of downloading/owning it.

The rules that worked until few a decades ago for industry leaders, the famous “too big to fail”, may no longer be valid nowadays, since incumbent industries can be destabilized or even devastated overnight by something better and cheaper. Bezos himself, founder and CEO of Amazon, said in 2018 to his employees, “I predict one day Amazon will fail”. He is aware that disruptive innovations are continuously happening. Every business knows that it’s mandatory for survival to adapt to environmental and economic changes. To compete with younger, fresher and lighter startups with their disruptive innovation it’s necessary to have the ability to surf the waves of the digital revolution and be able to handle digital transformation. Options could be either succumbing or getting the enormous benefit from it.

Hence, digital transformation is not only a trend of the moment, but is overwhelming businesses, and, in a kind of Darwinian evolution, selecting only those firms that are able to foresee the opportunities and threats. It embraces all the functions of the business. Everything can start precisely from the strategy of a business. Many new business models have been devised in this period by those who have the vision to see business opportunities which did not exist until the day before. It’s necessary to re-adapt the strategy processes in order to be able to recognize and welcome the changes. Or just to stop a startup hindering the work you have done until now.

But recognizing incoming change may not be enough. It’s necessary to be able to manage the change. The internal organizational structure may need to be updated in order to host more flexible processes or a simplified structure that can implement new strategies. Timing is important for business competition, being reactive is vital. A key aspect that has been introduced by digitalization is the ability to test and revert back. Digital technologies have a pivotal role in the implementation of BPM (business process management) principles.

Those changes will impact the business overall. Examples are multiple. Operations have been drastically reconceived. It’s being talked about Industry 4.0 and Agriculture 2.0. IoT systems entering firms. Digital innovations are becoming part of all production services, not only reducing costs (leading to adapting cost strategy) but mainly improving product quality (adding the differentiation and quality strategy) and enabling higher customer intimacy in the services provided. The market itself is being hit by new ways of being in contact with clients, attracting them and extracting analysis and trends from customers. Everything starts from customers and ends with customers. New branches and jobs are created in the omnichannel marketing area. Also neurosciences are fed with tons of data for their inferences. Data is an important asset in a business, maybe the most important. It makes it easier to perform internal management control or get external insights. Branches like Big Data, Deep Learning or Neural Network find their space in the new mechanisms, or create their own new ones.

Digitalization is also updating the ways of interacting with credit, or of getting funds. New forms of financial services are being introduced that allow differentiation in sourcing or investments. It’s changed the way to approach innovation as well. Depending on strategies, relaxing the confines of internal research and being open to new ideas from outside could be options that would make it possible to generate a significant impact in the differentiation and innovation of a company’s own products or processes.

Those I’ve just mentioned could be only a few suggestions about what digital transformation could mean for present and future businesses, and for society as a whole. It’s a wide argument that is impossible to cover in just a few paragraphs. And it’s in constant evolution, following its characteristics and prospects. Learning and being able to handle all the aspects and functions of a business is becoming crucial. The i-Flex MBA program offered by MIP Politecnico di Milano wants to raise attention with regard to evolving digital trends. It’s structured to place the traditional MBA topics alongside emerging tendencies, revisiting the offer with a view to digital transformation tools and instruments which enable new competences. All the subjects mentioned above, and many others, will be part of your journey, both in the i-Flex MBA program and, more importantly, in your future working life.

Digital is no longer a reason for competitive advantage, rather, it is a reason to succumb if you have not adopted it in the right way.

 

 

About the author
Vito Conversano

Chief Information Officer @ San Marzano Vini SpA with extensive international experience in IT & strategic consultancy for fortune 500 companies. Creative, Curious, Travel lover. Passionate about discovering new concepts, learning continuously and developing new ideas.

 

How to Pay for an Online MBA

Budget cuts caused by coronavirus are (sometimes) making corporate sponsorship scarcer, and scholarships can be hard to find. Here’s some tips on how you can pay for your Online MBA. Although the payoff can be huge, studying for an MBA, even an online program, is a long-term investment that requires significant sums of money, time and effort.

With coronavirus roiling the world economy, record numbers of people are applying to business schools to improve their credentials. But many of these students, while by no means poor in most cases, will face a harder time funding their studies during a sharp global recession.

“Funding seems to be a pressing concern for candidates. Indeed, we are receiving more requests about loans than in the past,” says Greta Maiocchi, chief customer management officer at MIP Politecnico di Milano, the Italian business school.

Is employer funding for Online MBA programs drying up?

Traditionally, employers have been more willing to pay for their staff to complete a part-time program, such as an Online MBA, over a full-time degree. That’s because online students continue to work, applying their insights on the job in real-time.

However, employer funding is now drying up because of coronavirus. In a recession, companies will cut costs to shore up their bottom line, though not all organizations.

“Some companies have increased their investment in education despite the pandemic, while others — which used to pay for their employees to do a part-time program — are now slowing down,” says Maiocchi.

Matt Wakeman, director of student financial services at Jones Graduate School of Business at Rice University in the US, notices a reduction in the level of corporate sponsorship for students working in the oil and gas sector, which is reeling from the collapse in the price of oil.

It hasn’t been all doom and gloom, though. “Several companies with prominent education programs haven’t scaled back at all; some have actually expanded their benefits,” says Wakeman. “Even during difficult economic times, they understand how beneficial it can be to attracting and retaining employees.”

Online MBA funding: loans and other options

Wakeman says his office has seen an increase in the number of students with questions about funding their education.

He is getting more queries about loans, but for opportunistic reasons. “With federal interest rates at historic lows, even students who are fortunate enough to be in a position to pay for their education out of pocket are considering taking out federal loans,” he says.

Last March, America’s Department of Education set student loan interest rates to zero until the end of September 2021. However, such loans are unavailable to overseas students, who make up a minority of students on most Online MBA programs, which tend to attract people who want to study closer to home.

Even bank loans can be difficult to obtain for international students, usually requiring a domestic citizen to co-sign the loan. For this reason, some business schools have struck partnerships with alternative lenders that provide loans with favorable terms for its students.

MIP, for example, works with Prodigy Finance, a peer-to-peer lender which does not require a co-signer, nor collateral. MIP also works with Germany’s Deutsche Bildung, which offers loans with income-linked repayments over a number of years after graduation.

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Innovation: the key pillar for future managers

A year has now passed since I introduced myself with my first article for the Polimi School of Management community. Back then, I had only high hopes for the path I was about to undertake. Today, as a result of the new knowledge and skills that I have acquired, I have many more convictions. One of the main focuses of MIP’s MBA Programs is innovation, which is covered in many courses, such as the last one I attended: Innovation Strategy, held by Dean Federico Frattini, Prof. Josip Kotlar and Prof. Reinhard Prügl.But first, what is innovation?

In the current economic and social context, innovation is one of the main development drivers and a determining factor for business success. It is talked about a lot, but all too often without its true meaning being known. My favorite definition of innovation is that of the Hungarian biochemist, Albert Szent-Györgyi:

“Innovation is seeing what everybody has seen and thinking what nobody has thought.”

One of the most interesting aspects is that this “innovation awareness” no longer belongs only to large companies: in fact, we are witnessing a process of a progressive “democratization of innovation”, also driven by the most recent paradigms, such as Open Innovation, which are multiplying the opportunities to innovate, even in smaller companies. This is, above all, thanks to the lower cost of access to innovative solutions, ideas and skills, a privilege historically reserved for large multinationals.

This is the historic moment when every company should ask itself: “Am I doing things right?” And to achieve this awareness, one cannot only look inside, but also (and above all) to the continuously developing economic and social context that surrounds us.

As the famous inventor, Charles Franklin Kettering, once said: “If you have always done it that way, it is probably wrong.” And this is absolutely true! If the world around us changes, we, too, must change accordingly. And if we haven’t done it yet, we are probably already lagging behind.

Successfully innovating, however, is not always easy. There are some enabling factors that can help achieve the desired goal.

The first of these is having good vision, or the ability of the top management to steer their company effectively towards the chosen goal.

Another important key factor is the culture of failure. While it is essential to have clear methods to avoid the commitment of resources in favor of initiatives that will not be successful, it is equally essential to activate mechanisms for capturing knowledge and learning from cases of company failure.

Finally, the last fundamental factor is to have a well-defined strategy, focused on specific objectives. Frenzy and instinctive decisions can be very dangerous. For example, introducing a very powerful technology, but one which you do not know what to do with, or do not have the skills to manage, can have a negative impact on the performance of an organization.

In this regard, from what emerges from a recent study conducted by PwC, 54% of the managers interviewed argue that within innovative companies there is a struggle to bridge the gap between business strategy and innovation strategy. Both strategies must move in the same direction. Even better, they should be two sides of a single model geared towards achieving economic results over time. And this is even more achievable through the concept of Open Innovation, theorized by the US economist, Henry Chesbrough, in the essay “The era of open innovation”.    According to Chesbrough, “Companies can and must make use of external ideas, as well as internal ones, and access markets internally and externally if they want to progress in their technological skills”. Adopting an open approach, therefore, means innovating by leveraging one’s talents within the organization, but also involving various actors outside the company boundaries.

The result? A much more democratic and much more widespread access to new technologies.

Now, the last question which could come to your mind is: “Ok, in the MIP classes you talk a lot about innovation. Do you really put it into practice, though?”

The answer is yes, if you’re willing to. MIP offers you access to research articles, events and webinars about innovation. Most of all, however, it provides all the alumni with the chance to be supported in the creation and development of deep tech startups, providing services for acceleration, access to funding, mentorship, and advice, thanks to the strong connection to PoliHub, the Innovation Park & Startup Accelerator of the Politecnico di Milano. So what we learn is not just the concept of innovation, but how to make it real. And that’s important, because, quoting Goethe:

“Knowing is not enough; we must apply. Willing is not enough; we must do.”

 

About the author
Marco Di Salvio

Student of the International Part Time MBA at MIP Politecnico di Milano.
Industrial Engineer currently working @ Gucci as WW Supply & Demand Planner, based in Florence.
Tech passionate, Cinema-lover, Sports addicted.
Solving the world’s problems one spreadsheet at a time.