Industry 4.0 & MBA Education: What industry really wants, and how B-schools can reshape curriculum, reveals IFIM-NHRDN study

Powered by rapid technological advancements, the Industry 4.0 or Fourth Industrial Revolution Trends are transforming every business function - be it manufacturing, services, sales & marketing or HR. As Indian industry adapts ferociously to these trends, B-schools must rethink their curriculum or face the ignominy. A study by AACSB accredited IFIM Business School, Bangalore & National HRD Network (NHRDN) has researched 300 business executives and prepared a blueprint of what the MBA Curriculum should be for the Industry 4.0. The study identified 10 expectations from Indian MBAs and suggestions on how to serve these needs.

The report titled Curricula 4.0 - Creating Future Managers was released in Bengaluru on January 8, 2019, by Dr Tom R. Robinson, President and CEO, AACSB; Management Guru Dr Jagdish Sheth, Dr A. Parasuraman, Professor of Marketing at University of Miami, USA, Mr Dhananjay Singh, Director General NHRDN and Dr Atish Chattopadhay, Director, IFIM Business School.

What MBA Skills does Indian Industry really want for Industry 4.0 Era
While there has been a lot of international literature and reports on Industry 4.0 trends and MBA education, little is known about how these trends are changing the expectations that Indian industry has from MBAs.
IFIM-NHRD study reveals 10 Industry 4.0 needs

Learning orientation and analytical mindset
Integration of data, communication and technology
Solution orientation and problem solving
Dealing with change and uncertainty
People and team orientation
Innovation and creativity
Social sensitivity and cross-cultural orientation
Managing self (self-awareness and self-development including wellness)
Entrepreneurial and business orientation
Globalization

Commenting on the relevance of the study, Dr Atish Chattopadhyay, Director, IFIM Business School said, This is the first time that a Business School, in India, has taken such an exhaustive initiative to reach out to 300 industry executives to find out the skills required for Industry 4.0. The ten needs identified for industry 4.0 along with the insights, will go a long way in aligning the future of business education with the future of work.
Complimenting IFIM for the initiative, Tom Robinson, AACSB Internationals President and CEO, added, I am pleased to see AACSB-accredited IFIM Business School deeply engaging business in this initiative to shape future management curricula.

Mapping IFIM-NHRD study with WEF report and Dr Datars book
How do these requirements map with international studies? IFIM Study also maps these gaps with respected studies by Harvard Business Schools Prof Srikant Datars book Rethinking the MBA and World Economic Forums Future of Jobs Report.

Industry 4.0 needs from IFIM study Unmet needs from Rethinking the MBA WEF skill dimensions Learning Orientation and Analytical Mindset Integration of Data, Communication and Technology Oral and Written Communication Complex Problem Solving Solution Orientation and Problem Solving Organizational Realities: Power, Politics, and the Challenges of Implementation Service Orientation Dealing with Change and Uncertainty
Risk, Regulation and Restraints - Understanding the Limits of Markets and Models Judgment & Decision making People and Team Orientation Leadership Development Co-ordinating with others Negotiations People management Innovation and Creativity - Entrepreneurial Orientation Creative, Innovative thinking Complex Problem Solving Critical Thinking Creativity Social Sensitivity and Cross-cultural Orientation The Roles, responsibilities, and purpose of Business Managing Self (Self-awareness,Self-development including Wellness) Leadership Development Emotional Intelligence Business Orientation - Multidisciplinary Approach Integration Cognitive Flexibility
Globalization Global Perspective

Talking about what the comparison with the two international studies reveals, Dr Chattopadhyay says, Learning Orientation has emerged as a distinct need owing to multi-generation workforce within an organization, requiring reskilling at various levels. Similarly, Communication is not just a combination of oral and written communication but needs to be integrated with data and technology. The study brings in a completely new dimension Wellness as an element of self-management, hitherto not talked about or revealed by any of the past studies. The other important insight revealed by the study is that Solution, as reflected in service mindset and execution, assumes more significance than strategy. The study clearly indicates that there is a need for reorientation of the curriculum, pedagogy of teaching-learning and introduction of a new category of faculty, for example, yoga or gym instructors as part of the mainstream.

Key Findings and Possible Curriculum Interventions
So, what are the lessons from this study for Indian B-schools? How can they reshape their curriculum to prepare their students better for Industry 4.0 era? The study gives the following recommendations, that are aligned with each industry need:

Industry 4.0 needs from IFIM study
Potential Curriculum Interventions
Learning Orientation and Analytical Mindset
Decision Making Sciences
Modular Programs for Practitioners
Integration of Data, Communication and Technology
Being comfortable with technology
Digital Business and Strategy
Solution Orientation and Problem Solving
Execution is more important than strategy
Strong practical focus and real-life projects
Skill orientation / Technical skills
Service mindset
Effective Solutions through Institutional Projects
Industry Internship Program
Proficiency in Business Tools
Management of Service Process, Quality and Productivity
Dealing with Change and Uncertainty
Innovation Incubation
People and Team Orientation
Cross-cultural Communication
Negotiation
Outbound Leadership Lab
Innovation and Creativity - Entrepreneurial Orientation
Research to be a part of the curriculum
Abstract thinking applied to strategy
New product marketing
Appreciation of consumer centric design
Design Thinking
Research Incubation
Innovation Incubation
Social Sensitivity and Cross-cultural Orientation
Social responsibility and sustainability
Empathy
Social Immersion Program
Cross-cultural Communication
Managing Self (Self-Awareness, Self-development including Wellness)
Ability to re-invent oneself
Greater accent on soft skills
Introducing sports and gym for physical fitness and yoga for inner engineering
Personal Growth Lab (PGL) including psychometric assessment
Self-Development guided by industry mentor
Oral & Written Business Communication
Wellness and Fitness
Business Orientation - Multidisciplinary Approach
Integrative Course on Behavioral Science and Business Economics
Courses in functional areas like Marketing, Finance, HRM
Integrative Course in Business Strategy
Globalization
Projects and courses at partner international schools
International Students in class

Research Methodology of IFIM-NHRDN Study
The study was conducted over six months in 2018, involving about around 300 senior managers across 13 industries such as IT, Consulting, Education and Manufacturing, who shared their opinions on what according to them should be the right skill set for future leaders. This was followed by a series of roundtable discussions, across the country, comprising heterogeneity of CXOs and the academia to further understand the unmet needs - present and future. The findings will be implemented into a next-gen MBA curriculum.

The study was jointly conducted by National HRD Network and IFIM Business School, Bangalore. National HRD Network is an association of HR and business professionals with 30 chapters, which together have over 8,000 members in India.

Established in 1995, IFIM Business School, Bangalore became only the sixth management institute in India to receive the prestigious accreditation from the AACSB International and is currently among the eight AACSB accredited B-schools in India.

Based on the study findings, IFIM is busy updating its own curriculum for upcoming Batch of 2019-21. IFIM offers four 2-year MBA equivalent programs -- PGDM, PGDM (Finance), PGDM Marketing & PGDM (International Business). Recently IFIM announced 100% Placements for its 2018-20 batch with record salaries. IFIM Admission process is currently open.Read more details. IFIM is also offering merit-based scholarships to deserving candidates.