Sixty-five percent of children entering elementary school today will grow up to work in positions that don’t even exist today, according to the World Economic Forum. Spurring this transformation? Industry 4.0. Characterized by digitization and smart technology, this fourth industrial revolution is changing how we work with the need for a highly skilled workforce emerging as a top priority.
And while keeping up presents unprecedented obstacles for organizations, equally unprecedented opportunities exist for those with the right leadership in place. Here’s a closer look at Industry 4.0, why it matters, what skills are needed for the workers of tomorrow, and how a degree in manufacturing automation and digital transformation can position aspiring business leaders to successfully navigate this evolving new reality.
What is Industry 4.0?
The manufacturing sector has undergone many transformations over the years. The first industrial revolution saw a shift to mechanization through water and steam power while the second ushered in the era of mass production with the introduction of the moving assembly line. Then there was the third industrial revolution, also known as the digital revolution, resulting from the inventions of semiconductors, computers, and the internet.
Industry 4.0 is the natural next step, one that involves the “blurring [of] the lines between the physical, digital and biological spheres,” according to Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF) and author of the 2016 book The Fourth Industrial Revolution.
Perhaps Bernard Marr summed it up best for Forbes: “Industry 4.0 optimizes the computerization of Industry 3.0.”
In other words, while computers were initially disruptive because they introduced an entirely new technology, their vastly enhanced connectedness has changed the game again with the introduction of many different technologies, including cyber-physical systems (CPS), the Internet of Things (IoT), big data, cloud computing, and cognitive computing.
Why Industry 4.0 matters
Through everything from autonomous equipment and vehicles to additive manufacturing (3D printing), Industry 4.0 has vast potential across many aspects of business, including:
At Mantissa College, we deliver the part-time mba programs Master of Business Administration programme, a programme in collaboration with Paris Graduate School of Management, France case studies comprise an impressive 50 percent of assessments while the remaining 50 percent is designated for assignments. The takeaway? When it comes to an active, engaging and hands-on business degree, you’d be hard-pressed to find one better than this MBA.
Mantissa College’s MBA program boasts a dynamic global network of more than 80,000 alumni. One recent alumnus, Harrison Jub, says, “I took the 15-month Master of Business Administration course and in the first week, I was discussing the Real Case Study with groups of working professionals from different fields. And so I was learning from real people with real problems. Thanks to the case study based learning approach I am now capable of taking up more projects because I had been exposed to a wider perspective on handling matters from my learning experience.”
Certainly, evidence attests to the tremendous value of case studies in business education. Between its focus on this learning style and many other desirable attributes, Mantissa College’s Master of Business Administration offers an invaluable inside edge for aspiring business leaders.
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