-Prof (Dr) Nitin Kumar Saxena, Professor – Marketing, Jaipuria School of Business, Ghaziabad
The Fourth Industrial Revolution, often known as Industry 4.0, refers to the digitization of manufacturing, specifically how technologies such as the blockchain, machine learning, internet of things, and artificial intelligence work together to transform production.
Digital transformation is on the rise and affecting every industry possible. Lack of digital skills among management graduates who are about to enter the job market is a cause of worry for all. The shift to online business operations due to the COVID-19 pandemic has further augmented the need for digitally knowledgeable workers who can extend their knowledge and skill for transition of traditional businesses to an e-commerce world.
According to a survey, skills that students lacked most in preparing for Industry 4.0 are: knowledge of digital skills (30 percent); data analysis and interpretation (15 percent); and understanding of new and emerging technology (13 percent). The students were comparatively less worried about lack of skills in marketing and HR. Almost 90 percent believe that skills such as search engine marketing and data analytics are the most significant skills that they need for the future of work.
Over 70 percent of the students surveyed also believe that senior leaders lack understanding of digital skills and industry 4.0. The emotion linked with their job search were: concerned (30 percent), excited (20 percent), and interested (16 percent).
Bridging the digital divide of a global skills gap is a complex problem that entails all stakeholders to work in harmony to make the world a more capable, more resilient and more inclusive place. Developing advanced digital skills propel innovation and help employees to remain competitive and have a chance to contribute to their communities, explore a wide range of professional opportunities, and future-proof their careers.
Respondents believed that they require more than what they study in their B-Schools to grab their desired role. The survey reveals that 86% of job seekers had opinion that a degree alone wouldn’t provide the necessary knowledge to kick start a career in their preferred industry.
When asked how B-schools could improve to help them get a job, the students believed that integration of employment skills into degree programs (65%), opportunities for internships (57%), and availability of consulting projects (55%) are critical initiatives that the B-School should undertake.
B-Schools have to consider incorporating the digital literacy in their curriculum, as businesses will not be able to flourish without it. It is vital for B-Schools to continue to evolve and upgrade as providers of skills, knowledge, and experiences to facilitate students for what is now a dynamic and digital business environment.
Though B-schools are upgrading their curricula by adding internet of things, data analytics, machine learning, blockchain, automation, and artificial intelligence, industry experts expect a tug-of-war between a B School degree’s adaptability and possessing industry-specific skills.
Jaipuria School of Business, Ghaziabad ensures the right mix of digital interventions while designing the curriculum and the course delivery. To prepare students for industry 4.0, we offer courses on Big Data Analytics, Exploratory Analytics, Web Analytics, Social Media Analytics, Marketing Analytics, Fraud & Risk Analytics to name a few. Further, the students are offered a workshop on Emerging Technologies & Business Disruption so that they can appreciate the digital transformation and also gain confidence.
Registering in a Business Master’s programme that offers tech-focused curriculum may provide the right platform to launch a career within a digitally transformed business world.
Also Read: EWIHER 2022-2023:India’s Top 100 Private B-Schools
