Do you hold the competencies enough to cope up in the era of Industry 5.0?

MBA (Master of Business Administration) is not just a degree aiming towards inculcating leadership skills and acquiring knowledge of business principles instead it is a gateway to create professional network, provides access to extensive no of job opportunities, and the land results in bigger paycheck. This program is for people those who have the zeal to be an achiever, are high performers and the change makers.

The skill sets of today's workforce are not aligned with industry demands, and the gap is expanding at a very fast pace. The future of employment is a burning topic in the management world. Existing occupations are being reset, new jobs, new roles are being created due to which the nature of work is changing from time to time.

In today’ era where the companies are able to reach the billion-dollar mark in just a few years they need employees who can create value in short span of time so the MBA Graduates requires a variety of resources focusing towards professional development. One of the biggest challenges is to develop the Management Graduates so that they can choose the most suitable career path for them and not just taking what comes their way.

“Earlier Breadth of knowledge was crucial for developing high value decision-but now knowledge backed with relevant skill is the driving force for today's business world.

Global uncertainty is the new norm. Success in business calls for the ability to quickly adapt to this dynamic and ever-changing world. We need to explore more and think outside the box rather than focusing on the basic functional areas of a business. Nowadays as the companies are extending their reach and are becoming global they can be successful only if they see bigger picture and challenging every challenge with creativity and developing the skills to bear the risk.

Advanced analytical skills are in demand in various managerial disciplines, including marketing, strategic consulting, finance health care and many others.

The traditional problem solving tools are inadequate to handle the current set of problems. The organizations prefer to work on proactive approach which exploits the limits of traditional tools.

Businesses are looking for intellects who can lead them through the turbulent time in business phases. Emerging technologies are going to play a vital play in the future of MBA education.

To make businesses profitable, the current era requires individuals who are dexterous and hold entrepreneurial skills which will help companies grow. Management graduates need to well-equipped with the understanding of AI, AR-VR technologies, and optimization and simulation models. Analytics support is the expectation of today’s business world for managerial decisions rather than the exception.

During Industry 4.0, the process of the industry was redefined but it still had its own limitations which led to the introduction of Industry 5.0. In this era of Industry 5.0 the products will reach to the next level of personalization using artificial intelligence. The advanced stages of Industry 5.0 allow the free flow of real-time data at the various management levels. Success of our MBA graduates i.e. our future business leaders will depend on the facts that up to what extent they are able to integrate intuitive and analytical ways of thinking.

The contemporary business environment is extremely competitive and is making things difficult for the stakeholders. The recent trends and situation calls for handling pressures beyond developing a good product, pricing it attractively and making it accessible.

The industry calls for management graduates who excel in predictive analytics acting as catalyst in discovering new consumer trends, employee productivity shifts etc. At the same time the management graduates should excel in predictive analytics to take better marketing decisions and improve efficiency.

Apart from technical aspects the industry calls for management graduates who have cultural sensitivity and who can communicate locally and globally.

This demand of high-level talent is anticipated to increase thus exceeding the available supply of graduates trained in this area.

About the author

Dr Anuj Kumar is an academician with an experience of 22 years with SRMS College of Engineering & Technology, Bareilly (UP). His area of specialisation is Algorithmics and Distributed Systems. In addition to the same he is the Head, Faculty of Management Sciences, SRMS College of Engineering & Technology, Bareilly and the Director, Training, Development & Placement Cell of SRMS Engineering Institutions, Bareilly and Head, Department of Computer Applications of SRMS College of Engineering & Technology, Bareilly.

Note: The views expressed in this article are solely author’s own and do not reflect/represent those of Shiksha