The fourth industrial revolution, or commonly known an Industry 4.0, is the digital transformation of industries across the business landscape. The objective of this transformation is to increase productivity, improve efficiency, and develop new sales opportunities.
Right now, businesses in various sectors are exploring and implementing Industry 4.0 solutions. This includes using automation and data to perform day to day tasks, collecting and analyzing real-time data to help in the process of decision making and critical business planning.
In other words, Industry 4.0 is not going to start in the future; it is here and now. However, Industry 4.0 will not just create technological ripples across the economy; it will also impact the role of society and workers. A significant focus of Industry 4.0 is the collaboration between man and machine. More importantly, however, is the requirement of skilled workers in all industries amidst these changes.
Industry 4.0 is built on data models and data mapping, along with other technologies such as IoT, IT, cybersecurity, Artificial Intelligence, cloud computing, and more. Therefore, there is an urgent need for professionals who not only have business and management skills but are also adept at analyzing large amounts of data.
However, technological understanding isn’t the only trait the industry is looking for. The job market is looking for creative problem solvers, creators, and innovators. This indicates that professionals with the following capabilities, along with analytical skills, are going to be highly desirable:
Communication and collaboration –
Team members and leaders must be able to clearly explain how different technological needs and changes will affect other organizational players. Therefore, a basic understanding of the FinTech, MarTech, Analytics and Blockchain, and other transformational digital aspects are essential. Moreover, patience, understanding, and sound leadership skills are vital, especially when members are under the stress of project deadlines.
Big-picture awareness –
During rapid changes, it’s essential that professionals can translate their workings on just to their team members, but the higher management as well. This will ensure that all stakeholders of a project understand how their work relates to the strategic goals of the business.
Ability to adapt to change –
Every professional during this industrial revolution will need to be quick to adapt to changes. New technologies may appear suddenly, business plans can change overnight, and team members may come and go frequently. It’s vital that an individual is aware of all possibilities when a team is built. Anyone unwilling to change and upgrade their skills, will not belong to Industry 4.0.
The technologies, expertise, and talents needed to deliver, support, and develop Industry 4.0 solutions are continually evolving. Therefore, the onus is on the educational institutes to train skilled professionals who can succeed in such a rapidly changing business climate.
To design a curriculum best suited to create professionals who can thrive in Industry 4.0, IFIM Business School and NHRDN conducted a study to identify key problem areas. The insights in the research paper were made after surveying 292 executives. Moreover, insights were also collected after conducting three roundtable conferences with 46 practicing executives, of which 18 were CXOs across Mumbai, Delhi, and Bengaluru. With the help of the insights collected, we set out to create a curriculum that addressed the current needs of the industry. Here are the ten key factors that have profoundly influenced our PGDM programmes:
- Learning Orientation and Analytical Mindset
- Integration of Data, Communication, and Technology
- Solution Orientation and Problem Solving
- Dealing with Change and Uncertainty (Unstructured Situation)
- People and Team Orientation
- Innovation and Creativity – Entrepreneurial Orientation
- Social Sensitivity and Cross-cultural Orientation
- Managing Self (Self-Awareness, Self-development including Wellness)
- Business Orientation – Multidisciplinary Approach
With these insights in mind, IFIM’s unique curriculum is for Grooming T shaped professionals which is aligned to the needs of Industry 4.0 We introduced the Bespoke pedagogy, to empower students to create their own learning paths. Apart from encouraging students to leverage their strengths, we also introduced super specializations for holistic and integrated learning that enables students to become dynamic leaders.
In summary, this new industrial landscape is on the lookout for skilled professionals who can adapt to this fast-changing scenario. At IFIM Business School, aspiring leaders are geared towards learning and aiming to succeed Beyond Tomorrow.