Comprehensive MBA programs in the time of Industry 4.0

In this age of Digital Transformation, also christened the Fourth Industrial Revolution and Industry 4.0, the business environment has altered exponentially.

With businesses rapidly embracing Digital technologies to gain global competitiveness and efficiency, their very core, their foundations, are changing. New age businesses are building themselves around new age guiding principles, all new business practices and yes,  people, with a new age mindset and orientation to run them.

Today, 21st-century managers are not only focusing on becoming experienced in strategic thinking and cutting-edge management techniques and tools, they are also looking to become deeply familiar with Digital Transformation technologies that are reshaping organizations. While people just beginning their career journeys are finding ways in which they can acquire knowledge and skills that make them suitable for futuristic careers, senior professionals are seeking ways to remain more relevant in their existing job profiles.

Until now initiating people into the world of business management has been a task that has been ably performed by leading learning institutions dispersed globally. Master of Business Administration (MBA) programs abound which have taken both new learners and experienced professionals towards their career goals and leadership opportunities.

These schools of learning have been doing a fine job of preparing an international workforce that enables companies—from entrepreneurial ventures and start-ups to established behemoths—to achieve the vision and mission of their businesses.

Offering a mix of theoretical and experiential training, these management institutions have established courses that have helped shaped generations of business captains.

Today, however, with the business landscape entering the next phase of evolution, traditional MBA programs are also going through revamps. Like all components of the Digital revolution, they too are moving to align themselves with the requirements of Industry 4.0. The world’s top B-Schools are therefore working to create ‘rightly-skilled, Day 1, Hour 1, industry-ready’ job aspirants. They are focusing on helping existing professionals to upgrade and upskill for Digital Transformation.

An indication of this phenomenon can be found in the World Economic Forum’s ‘Future of Jobs Report’ which states that jobs in Digital technology will grow from 17 percent in 2018 to 33 percent in 2022. Estimates have indicated that 75 million jobs may be displaced by a shift in the division of labor between humans and machines, while 133 million new roles may emerge that are more adapted to the new division of labor between humans, machines and algorithms. This demonstrates a huge requirement of skilled employees for futuristic industry 4.0 job roles. It also points clearly to a greater deployment of Digital technologies by corporates and the need therefore, for training that prepares employees for this emerging environment.

The World Economic Forum report additionally states that 54 percent of all employees will require significant re-skilling and up-skilling by 2022. Of these, 35 percent shall require additional training for six months, 9 percent for 12 months and 10 percent for one year, it adds.

It is becoming apparent then that future-focused institutions of higher education—and here the reference is to those offering Management programs—have to be cognizant of these trends and gear up students and professionals for this new animal—the Digital corporation.

Going forward, besides simply adding leadership, strategic thinking, management skills, as well as enlarging career opportunities for learners, these schools must ready them for the Digital workplace and businesses shaped by Digital.

NIIT University (NU) based in Neemrana ranks among the institutions that have been quick to recognize this trend and take necessary action. NU, an innovation hub in the field of higher education and a provider of learning in the emerging areas of the knowledge society, has been proactively introducing programs that address the requirements of Industry 4.0.

NU’s four-year Integrated MBA program in particular, which is creatively designed for students with managerial and leadership aspirations, is a case in point.

A multi-disciplinary course, it aims to holistically develop students by offering them a specialization in cutting-edge areas like Marketing and Marketing Analytics; Entrepreneurship; Finance, Banking and Fintech; Business Analytics; Communication and Media Studies; and Digital and Social Media Marketing. The program has an industry-linked curriculum which can be customized up to 31 percent by students through specializations, electives and projects. During the course, students are guided by an industry expert from the corporate world through a Unique Mentorship Program.

Interestingly, and where NU’s MBA has an edge over other programs available in the market, is its ‘comprehensive approach’. As we know, currently, the demand for comprehensive courses is on the rise owing to the productive results. Based on this, NU has introduced its 4 year Integrated MBA  course which is targeted at students keen on acquiring a management degree after three years of graduation. As the program focuses exclusively on management from Class XII onwards, it is preparing candidates better for managerial profiles. The program is helping them to enhance their business skills while gaining valuable expertise in the domains of their choice.

Not only is the program offering students an education in comprehensive management, it is saving them a year by enabling them to complete an MBA in four years!

Not surprisingly, since its introduction, the program has received an excellent response from youth. The industry-linked MBA program has also become a destination for working professionals and leading organizations. Over 750 MBA NUtons have graduated from NIIT University over the last eight years and been placed in new-age careers in Banking, Finance, Business Analytics, Digital Marketing, and Data Sciences, among others.

NU has also instituted a special Alpha NUtons scholarship of INR 75,000 per year to further promote future technologies in management education. The scholarship is applicable to all students selected for NU’s Integrated MBA program for all four academic years.

To encourage and support other meritorious candidates, NU has implemented yet another very distinctive merit scholarship initiative called the ‘NU Scholar Search Program’. Merit scholarships ranging from 25 to 100 percent are available on a first-come-first-served basis, especially for students applying for early admissions.

NU therefore, has taken a lead in helping students to understand and learn about new-age management roles in the Digital Economy and ready them and existing professionals for what lies ahead in the realm of business.

About the Author: