Fourth industrial revolution is changing the way we do business. It replaces all vintage skills of 19th & 20th Century. Skills that thrive in IR 4.0 environment will be different from what we practice today and it is worth knowing what skills will thrive.
Economic Times report dtd 27th April, 2018 suggest each such skill are being valued at ₹ 1.5 Cr+, both technical and administrative. With such employment cost, organisations will go bankrupt in no time.
Provided further, talents with no such skill will not find any job. Both organisations and talents will become irrelevant in changed scenario.
AI may accelerate production but cannot increase productivity. It has been designed to reduce cost by reducing labor cost, reducing maintenance cost by forecasting predicitive maintenance and reducing energy cost. This is set to create new normal and competition within its ambit. However, it cannot derive business & manufacturing strategy. Looking beyond new normal, organisations will have to reduce cost leveraging operation which is the powerhouse generating revenue and profit. For this purpose UNIDO (United Nations Industrial Development Organisation) has suggested Economic Value Engineering as the major characteristic of IR 4.0.
Global organisations have all along preferred to work through heirearchy of commandment following objective principles of management shunning individual ideas & opinions. They have preferred soft skill development-Personal & Interpersonal skill. It has all through ignored developing & updating Business Skill. Due to ongoing technological disruptions in this highly competitive market, objectivity is fast disappearing paving way for subjectivity inviting all individuals of organisation to contribute through innovation and creativity adding economic value in the organisational activites.
Big data produced by machine has to be analysed for economic growth of any organisation. In doing so, it requires economic reasoning skill. But, economic science being the basic foundation of any business has grossly been ignored by organisations to develop, update & implement. For economic value engineering economic reasoning skill is mandatory.
On the other hand, all the organisations and manufacturing set up is suffering from underperformance connundrum due some basic questions which still haunt them. Diseconomies of scale increases production cost and reduces profitability which has not been preferred to explore and find solution:
The situation will not improve by switching over to smart factory. To improve and remove barriers of Disconomies of scale, Economic Value Engineering is a must irrespective of the fact whether smart factory is preferred. Reading operational economic fine prints through rational thinking at margin, neutralizing macroeconomic implications at microlevel of operation on real time basis, weighing decisions against real time cost to add economic value across operation is a must. AI can only facilitate real time macroeconomic changes and datas but the operational strategy reducing cost has to be derived by individuals talents only.
Realizing the importance of such knowledge, Indian Institute of Technology has theoretically included in their curriculum Economic Science and Econometrics recently. But, this will confine the knowledge within few costly talents only, whereas, this need to be practiced across heirarchy and functions by all and at tandem for best results.
We at iGlobal Research and Analytics are second to none across globe in practical application of empirical Economic Science with business mainstream of operation using Econometrics.
Our expertise has been retained by International Economics Consulting Ltd, Mauritius, who have engaged by Govt of UK & EU to develop industries across African and ASEAN Countries facilitating re-negotiation and trade & investment, post Brexit beside many others like PD Training of Malaysia & Australia, City University College of Science and Technology, Malaysia, London based Incubator, Innovitas, Netherland based value management organisation VDMBee etc.
We offer two days unique and exclusive highly specialized educative discourse on Economic Engineering and Econometrics to Corporate, Business Leaders, CEOs, Executives, Entrepreneurs, SMEs & Employees. However, we offer special mentorship program at a special discounted rate to SMEs within ₹100 Cr turnover who are bound by their financial limitations either to hire costly talents or even invest in smart factory.
All said and done, there is NO-ONE-SIZE-FIT-ALL solution to every problem.
Write to us with your requirement for customized solution at [email protected], or may like to speak at (91) 9433013863.