In order for management professionals to prepare for Industry 4.0, they need to be proficient in adopting this new-age technology in their respective industries.
The digitally transformed economy has been advancing our industry and profession for quite some time now. If anything, the global epidemic has accelerated the whole process and accelerated the integration of disrupted technology in the daily workplace. Industry 4.0 is central to companies of all scales, making business decisions more technology-driven. Leadership across the industry has recognized the role of new technologies in global business.
Against the backdrop of this changed landscape, it is pertinent that management professionals develop and adopt competitive digital skills for improvement. Technologies such as data science, analytics, big data, artificial intelligence and machine learning have already proven themselves essential. However, are traditional management programs adequately addressing this digital disruption? In order for management professionals to prepare for Industry 4.0, they need to be proficient in adopting this new-age technology in their respective industries. To gain an edge they have to exploit the disruption of this technology. The sooner, the better – because the trend is not fading. If anything, technological advances are only going to grow significantly in the coming years, making them a constant part of professional growth.
From product development to marketing, the supply chain and every function of the business has become an integral part of data analysis and decision making. Businesses across the sector are increasingly turning to data-driven approaches to all kinds of organizational decisions. As a result, management professionals responsible for financial advice or product marketing decisions cannot afford to carry disruptive digital technologies such as data science, artificial intelligence, blockchain, cybersecurity and machine learning, and more, and may have a black box. If we look at the various business verticals today, the role of digital technologies such as human resources, product development, logistics or marketing, analysis and machine learning is undeniable. For example, human resources now rely heavily on data analysis to optimize recruitment processes. Even for in-house employee training and performance appraisal, HR management often relies on analysis-based tools. Similarly, product marketing and sales are no longer limited to traditional broadcasting or brick-and-mortar engagements. Digital marketing has emerged as one of the most effective marketing methods in the digital economy and management professionals need to lead these processes in organizations today. Even with offline marketing, data plays an important role in monitoring performance and investment decisions.
The best way to achieve a competitive edge is to understand the needs of the industry and prepare accordingly. The growing use of digital skills in global business has created a huge skills gap. Employers are looking for management professionals who are equipped with future-ready technical skills. Proper skill enhancement strategies can help management professionals not only to bridge this demand-supply gap but also to easily fit and impact this changing landscape. From start-ups to MNCs, businesses are relying on professionals who can leverage the digital economic structure with an effective digital innovation approach from a global management perspective. Management professionals need to meet these requirements and prove the future of their careers.
Traditional management theories are becoming obsolete as they do not adapt to the changing needs of the market. The good news, however, is that while traditional management programs lag behind, new programs are stepping up. Educators are recognizing the need to adapt to the changing needs of the digital economy and design their courses accordingly. These future-advancement programs bridge the skills gap and help professionals master the technologies that govern today’s business.
Thanks to the online model of program delivery, we now have an abundance of online management degree programs that offer professional flexibility and better affordability. More importantly, they are designed to adequately meet the needs of the digital economy. From access to a handpicked global faculty to quality education, these online management programs prepare students to meet the real challenges of the market.
Over time, these future-oriented online management programs retain the core principles of traditional management courses, including knowledge of new age technologies. No longer limited by geographical location, professionals can now gain international exposure even from remote locations. These online programs provide easy access to a wide selection of traditional business and marketing tools as well as a wide selection of sophisticated quality courses on advanced business management. In addition, Indian institutions are partnering with ad-tech platforms to provide quality education with international standards.
Our leadership teams should also consider keeping up to date with the latest technologies to make the necessary decisions. C-level or experienced professionals can also benefit from these online programs to select relevant data, tools and technical skills to run a successful business. However, it is now essential for professionals to navigate the changing landscape to grow the digital economy in the Indian and global markets. Now is the time to improve your skills and increase your skills gap to stay ahead of the competition.