The first-ever Industrial Revolution that took place during the late 18th and early 19th centuries changed the way the world had been functioning for centuries. The shift from manual labour to the mechanisation of all modes of labour became the core of Industrial Revolution 1.0. Ever since then, there have been life-changing developments in how we view and use technological innovation and business models to improve the lifestyle we live and those we seek.

Industrial Revolution 4.0

In the current times when we stand seeking a post-pandemic world, Industrial Revolution 4.0 is going to change the way we operate within and outside our homes, educational institutions, businesses, multi-million-dollar companies, etc.

Industrial Revolution 4.0 will not just bring in change, it will revolutionise the world in a manner that has never been experienced before.

Industrial Revolution 4.0 And Its Relationship With Management Education 

The various Industrial Revolutions through the centuries have forged new routes for the revolution of businesses and business models.

• During the First Industrial Revolution, this was seen as the requirement for skilled labour who could operate machines and contribute to the growth of the industry as a shift from core manual labour.
• The Second Industrial Revolution brought with it the need for setting up factories and the development of combustion engines. This involved labour and built on new models of business operations which were run by various business owners who required the setting up of these large-scale factories.
• The Third Industrial Revolution took the association of Business Management requirements, with the growth of the industry, to the next level, through automation and digitisation being at the core of a majority of the business models.

To put all of this into place, there has always been a requirement for individuals who understand the dynamics of Business Management. An MBA graduate has thus fit this role perfectly in such scenarios. However, with the coming up of Industrial Revolution 4.0, the needs have changed and levelled up to a whole new dimension. The features of Industry 4.0 are marked by Artificial Intelligence, Virtual Reality Systems, Big Data Analytics, Industrial IoT, and developments of similar kinds. These are skills that have not yet been part of the curriculum for a student of Management Education, and thus there is a big requirement to bring these additions into the curriculum to develop what would be known as MBA 4.0 in the field of Management Education 4.0.

Management Education 4.0 And MBA 4.0 

With the coming up of Industrial Revolution 4.0, a whole new wave of change that ties Business and Education—Management Education—stands imperative and inevitable. Thus, we could predict not only what we would call Management Education 4.0 but also (and as a result of which) MBA 4.0.

Management Education 4.0 is a new design model that Business Schools are developing for Business Management graduates in the form of MBA 4.0. This new model will encompass the skills, the programmes, the course structures, and the industry experience ideals that are required for the development of the right skill for an Individual to succeed in their career as an MBA 4.0 business graduate. 

How Will Industry 4.0 Change the Dynamics of MBA Education in India?

Industry 4.0 is the characteristic of developments that are significantly changing the dynamics of MBA Education in India. Here are some of the major ways in which B-schools are and will be adapting to these changing dynamics to build Management Education 4.0 and, thus, MBA 4.0.

Course And Curriculum Changes

• The addition of texts and programmes enables and enhances cross-cultural communication among students. This will enable them to not only collaborate better in virtual and offline settings but also help them realise the value in the diversity of cultures that our country and so the world have to offer.
• The addition of texts and programmes enables personal and professional development for communication, wellness—both mental and physical, and upskilling through a third party or integrated courses and certified programmes. 
• Inviting industry leaders and arranging conferences wherein students get to be involved in business strategy and decision-making models while working along with these leaders and learning the outcomes of their contributions from them can prove beneficial.
• Integrative Learning Management Systems must be included within the course curriculum with compulsory and choice-based business tools and learning objectives from the fields of AI, VR, Big Data, IIoT, and other choice-based Management and tech programmes.

These changes will give them an experience of what working with professionals in a team of varied individuals with varied cultures, learning, leading, and working styles would look and feel like. It will help them better adapt to these when they are collaborating skills that various field professionals (Big Data Professionals, IIoT Professionals, Marketing Professionals, and the like) would bring into the team.

Other Developments

• Increased student involvement in national and international skill-based conference models, field learning activity camps and workshops, community projects, industry internships, and more.
• Assessments that assess practical skills like AI- and VR-System Management and understanding.
• Digitisation models for learning, assessments, and evaluation.

Activity involvement in the abovementioned would ensure that a student of MBA 4.0 is well equipped with hands-on experience in what work-life would look like for them, and thus result in their skill development and enhancement.

Conclusion

Management Education 4.0 stands as the backbone of the Industrial Revolution 4.0, as going forward, it is clear that this revolution entails revolutionising the business mindset and the functioning of the industry. Thus, we can say that the main area of focus for all higher education institutions will be on up-levelling the dynamics of MBA education in India. And we might soon enter the stage where MBA education becomes MBA 4.0.