MBA and Industry 4.0

MBA and Industry 4.0

Punit Lalwani

02, September 2021

We are in the middle of a substantial transformation with respect to the manufacturing process at our industries. It is due to the digitalization of manufacturing that industrial revolution is in its next phase. This next phase is Industry 4.0, the fourth industrial revolution that automates business processes, production with the use of smart technology. Large machines communicate without human interference with the help of artificial intelligence which in turn supports automated decision making. Artificial Intelligence, IoT, robotics equips machines with intelligent tools for basic functions like improved communication, self-monitoring etc.

While these technologies have a positive impact on the overall production, there is a debate on role of new business managers. The debate talks about skills, knowledge, competencies, and the mindset the new MBAs should have in this automated environment. The new age managers must evolve and understand business as per the need of the hour as the usual work and tasks are now taken care by the machines. The best mba colleges in madhya pradesh and India are equipped with the modern-day management environment. The managers of the automated environment must have trans-disciplinary skills, knowledge, and competency through flexible and analytical learning, design thinking, and a positive knack for problem-solving. The current management education has to be revamped with learnings from all aspects of science, technology, arts, engineering, design for efficient decision making at managerial level.

The increased use of automation in the manufacturing and production will generate large amounts of actual data. A management aspirant should be capable to deal and compute the data to recognize patterns, identify problems and design solutions to problems. Additionally, the aspirant should have astute reasoning skills, decipher data to useful decisions and logical reasoning skills that will help cognitive load management.

A large chunk of problems that appear today and those of the future are unorganized, non-repetitious in nature. The present classroom speculations, problem analysis, solutions to problem statements will be obsolete in the near future. To comprehend with hands n problems of the future, the management aspirants need to develop design thinking skills which shall build the competence to describe and design tasks and related problems. Design thinking is an iterative process that helps an individual to understand the user, user requirements to identify alternative strategies and solutions to problem statements.

Another skill that is useful for a management aspirant is cognitive load management. It helps an aspirant to hierarchize any available information which in turn helps in analyzing business problems through cognitive and rational thinking. Overall, cognitive load management should train students to expand their understanding of cognitive functions and other industry related processes.

The new and revamped MBA program should move from absolute classroom learning to a mix of classroom and practical learning. Project based learning is a new concept that is gaining traction and is being acknowledged by the student community as well. Project-based-Learning for management education primarily includes practical, observable, and technical skills. Also, this approach of education presses on clear cut industry skills, not just as an option but at the root of the program.

Through this, the students can be taught about teamwork. Students in the future are going to learn more from real-time projects by evaluating and working on live cases. Additionally, it helps students helps develop new skill set which in turn makes them industry ready or job ready. It also can have direct or indirect implications on the business.

The enterprises of the future will rely on the employee skills that has the knowledge and implementation of digital technology and managerial expertise to link capacity building with business value. The use of technology and replicating it inside the classroom will bring the business management curriculum closer to industry and real-life practices. In short, to be a successful business leader one ought to be always on the learning mode.

Written By
Punit Lalwani

Punit Lalwani

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