Dr. Nitin Patwa is deputy director of the undergraduate program and director of simulations at SP Jain School of Global Management in Dubai, which offers a unique try city undergraduate program in Dubai, Mumbai, Singapore, and Sydney.
The industrial revolution currently sweeping the globe is changing things exponentially and impacting every industry. We are extending industry 4.0 to 5.0 and moving from Web 2.0 to 3.0. Through seamless access to digital technologies enabled by AI, metaverse, and edge computing, Web 3.0 developed upon the critical ideals of decentralization, openness, and better user utility. Industry 4.0 focuses on digitalization and AI-driven technologies to boost production flexibility and efficiency; extending this to social fairness and sustainability is the goal of industry 5.0.
This revolution differs from the previous in terms of speed, extent, and influence. A convergence of technologies that influences every aspect of how we work and live during the digital revolution presents challenges and opportunities. The demand for some technological talents, such as applied technology, artificial intelligence, and data analytics, is rising, on the other hand. The internet of things, blockchain, artificial intelligence, and other ICTs are driving this convergence, which is expected to considerably impact the availability of employment and the workforce’s skill set.
These changes may cause business schools and management institutes to reconsider how we approach business education. For example, in addition to specific commercial specializations, there should be an increasing focus on competencies and applied technologies.
Our formal education-based skills are currently becoming obsolete. Corporate training and education initiatives are falling behind and urgently need to change due to how swiftly technology develops. To enable uniform training across all business sectors, especially management and leadership the business schools should emphasize education in fields like analytics, data communication, artificial intelligence (AI) as augmented working, user experience design, user interface design, and cyber security skills; more said, data security, in addition to the traditional core curriculum of business pedagogy. Companies are searching for someone who can connect technology with business and understand it from a technical perspective to use technology to benefit businesses.
It will be crucial for gauging customer service because consumers are becoming more vital to the economy. Given the speed at which innovation and disruption occur, new kinds of cooperation are necessary in a world of consumer experiences and data-based services. The financial services sector is poised for a significant technological upheaval due to a confluence of trends and events. Financial institutions enthusiastically embrace the digital economy, and banks have redoubled their efforts to promote technologically innovative products and services and asset performance through analytics.
Business schools must rethink how they educate and accelerate their participants’ careers in a digital-first, tech-savvy world due to the advent of global platforms and other new business models that necessitate rethinking organizational structures in terms of people, culture, and organizational forms. Therefore, business schools must foster an environment, adapt, and give a chance for participants to learn the technological know-how and business attitudes needed to continue offering top-notch customer service and succeed in the future workplace.