How Is MBA Education Adapting To Industry 4.0 In India

The Fourth Industrial Revolution, which is characterised by robotics, internet of things (IoT), internet of service, cyber-physical systems, big data, smart systems and analytics, artificial intelligence (AI), and cloud manufacturing, has had a strong impact across all industries. While the previous three industrial revolutions (Industry 1.0, Industry 2.0, and Industry 3.0) were more traditional and the skills required were limited to higher education institutions and human workers, Industry 4.0 requires way more upgraded skills and technology.

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The skills provided by the old academic curricula of higher education degrees don’t fulfil the current demands of Industry 4.0. The higher education system must provide the industry with graduates who have skills and competencies that meet the requirements and needs of an era where industry departments are interconnected and automated.

Therefore, higher education today needs to provide industries with analytically skilled and intelligent individuals who are flexible, innovative, and creative. Parallelly, there is an urgent need to transform the higher education curricula to produce students with higher technological skills and competencies that fit into Industry 4.0’s working environment. 

The modern MBA program now has courses that provide an overview of the latest developments in the below fields :
1. Robotics
2. Artificial Intelligence
3. Data Analytics
4. Big Data
5. Internet of things
6. Industrial internet of things
7. Cyber-Physical Systems

MBA courses today are being designed in such a way that rather than the professional technical journey of any employee starting at the industry level, after joining the position, their technical training is included in their MBA curriculum.

These days many B- Schools are offering integrated courses with traditional MBA courses and these technology integrated courses are the most effective ways of inculcating technology-driven learning into traditional MBA courses to create professionals with great managerial as well as technical expertise.

The flexible nature of the management course makes it possible for it to be offered in different formats like:
1. Weekend program
2. Distance learning programs for working professionals
3.  Executive MBA
4. Blended program which uses the help of technology to bring the classroom to the student.

There are many niche-specific courses also offered which the student can select depending upon their interests. Today there are some IITs and engineering institutes that offer B Tech+MBA dual programs. The combination of B Tech and MBA is one of the most sought-after ones in the job market.

One of the best options for students looking to prepare themselves for Industry 4.0 should consider an integrated MBA program. B.Tech + MBA is a five-year duration program also called an integrated MBA program and is curated for those who are looking for a combined MBA degree with technical qualifications. The program is well designed to cover all the aspects of management and technology. By the end of the program, the students are well equipped with both technical knowledge and managerial skills.

The engineering section covers various tech topics required to excel in the automation world of Industry 4.0. The MBA portion of the curriculum covers the managerial part of the course like Finance, General Management, Human Resources, International Business, Marketing, Operations, and Production.

Now let’s see what are the benefits of an integrated program :

• Every student is well equipped with adept technical as well as managerial knowledge.
• The candidates become industry-ready by possessing skills, which are necessary for hands-on work potential in both fields.
• The MBA course will give all the required managerial skills to the engineers.
• The candidates having a dual degree will acquire the knowledge of using the management skills and technical know-how, which will make them versatile and stronger on the professional front.

For those students who are pursuing MBA and wish to go for technology-based MBA programs, there is also a Masters of Business Administration in Technology Management. MBA Technology Management is a postgraduate management course for two years. The course concentrates on creating business world leaders who are not only good at handling emerging technologies but also understand how to adapt within the workforce to its rapid changes. This course combines the expertise of Technology with the skills of Business Administration.

Conclusion 

Industry 4.0 is extremely demanding when it comes to skill sets whether it is technology-wise or managerial qualities. Thus, our Indian B- schools need to prepare themselves with more and more integrated teaching methods and courses that combine the best of managerial skills and technical skills so that our professionals are completely industry-ready when they are applying for a job in the Industrial Revolution 4.0