Talent crisis, as predicted and reiterated repeatedly,has started to haunt Business Leaders and Organisations. Several Indian #Startups hunting for talent in AI, machine learning, robotics and big data to overcome a big demand-supply mismatch for talent with knowledge of futuristic tech. Poor availability of talent in cutting-edge fields such as technology, education, gamification, robotics and healthcare, what have triggered this drive include increasing global focus and the need to understand various markets outside, experts said
As predicted earlier, Industry 4.0 will replace all skills. Existing skills will be of no use under new normal. New skill need to be developed, both technical and commercial.
Such new skills will henceforth be available at premium. Economic Times report technical skills are being offered salary 100 of Millions. But skills are not limited to technical aspects only. Machines producing huge data need to be captured on real time basis and analysed with critical thinking. Industrial democracy will be restored empowering employees for judgment and decision making at execution level.
Characeristic of Industry 4.0 includes strong commercial skill beside technical aspects in the form of Economic Value Engineering.
Leaders who understand economy's stress point fare the best. Business Economics is the basic foundation of any business. While corporates have all along focused on Personal and Inter-personal skill, Business Skill has been ignored although Prof C. K. Prahalad and Gary Hamel have in their 1990 article "“The Core Competence of the Corporation” published in Harvard Business Review advocated core competency skills.
India strongly lags behind both Technical and Commercial skills so as Western countries.
Industry 4.0 has basically been framed by Western Countries to protect their economy view FDI to developing countries due to shortage of labors. To deal with the situation and reverse FDI flow, measures of automation were taken creating technological gap. But as per Mr. Bernardo Calzadilla-Sarmiento, Director, Department of Trade Investment and Innovation at UNIDO (United Nations Industrial Development Organizations), western experts fall short of creating business and manufacturing strategies. Because, Robots, IoT, Computers, Digital equipments have no mind and consciouness to frame strategies and decide future of the organisation through optimum resource utilisation.
Moreover, Industry 4.0 will have the ability to reduce Labor Cost, Costs through Predictive Maintenance and Energy Management, but in the medium to long term this will be new normal for all industries leaving competition as it is. For being competitive to beat the competition, organisations have to look beyond these standards. This calls for extraordinary skill leveraging operation, reading operational economic fine prints through economic value engineering.
Corporates shunning objective management principles and for creativity across operation and economic value addition have to empower employees restoring "Indistrial Democracy". Executives and Managers will have to play the role of enablers. There will be no place for supportive functions like HR, Accounts, Finance, Administration etc.
Profiling white collar worker in the age of disruption is mandatory creating opportunity for both organisations and white collar workers embracing the revolution.
Disruptions and growing business complexity are the biggest organisational dilemma. Growth is directly proportionate to shrinking leadership ability. Adopting to frequent economic changes, re-skilling talents to reduce gap between market orientation and performance relationship and related investments in technology is a continuous phenomena that disrupts business resulting in shrinking leadership ability. The reason why industry underperform is the inability of leaders to execute tasks against the issues arising today or on real time basis in a way that prepares organisations for the future.
Industrial democracy helps building "Cross-functional Skill" allowing talents to analyze and understand resource behavior that takes them to third stage of cognitive development when they start realizing - different discipline makes very different assumptions leading to a different conclusions about what is "right"- a stage of creativity through economic reasoning.
Harnessing power of constantly evolving digital disruption to break down well-established barriers to entry and devise new business models is a complex endevour, but equally necessary.
They have to re-skill now before its too late and end up in paying hefty salary to increase their overall cost.
Second to none, looking beyond general desrciptive discoure, our two days highly specialized and educative discourse on Economic Engineering and Econometrics takes to the realm of Economic reasoning. The hallmark of our discourse is that every segment of business is set on economic principles and strategic discourse, a rare skill, that is immediately followed by real time and practical execution with following key cognitions to meet specific aims and objectives of operational excellence-
●Knowledge ●Business Skill ● Transformation ● Excellence
• Importance of building exponential economic business model under Industry 4.0 environment.
• Characteristic of Fourth Industrial Revolution
• Change perspective and Management- Reflex and Controlled identification
• Business Economics- Economic principles and Laws of Economics
• Economic Value Engineering across dynamics of Supply Chain
a) Neutralizing macroeconomic implications at micro level of operation
b) Transforming Procurement function for economic value addition
c) Reading Operational Economic fine prints, Manufacturing strategies and Operational research
d) Logistics and Marketing strategies
e) Role of supportive functions in business mainstream - no function could now afford to be supportive f) Long term integrity of cost structures, systems and Econometrics- weighing decisions against real time costs.
g) Importance of Industrial democracy for creativity, innovation & economic value addition
Our services has been accredited and sought by Mauritius based Global Economic Consultant who has been assigned project of developing industries and re-neogiate trade and investment with African and ASEAN Countries following Brexit, both by UK Govt and EU beside Ministry of MSME, Govt of India and others.