Management Professionals Should Upskill To Make A Mark In Digital Economy

For management professionals to be prepared for industry 4.0, they need to be adept with the adoption of these new-age technologies in their respective industries.

The digitally transformed economy has been upending our industries and professions for quite some time. If anything, the global pandemic has fueled the whole process and accelerated the coalescence of disruptive technologies in the everyday workspace. Industry 4.0 is at the center stage in organizations of all scales, making business decisions more technology-driven. Leadership across industries have recognized the role of new technologies in global business. 

In the backdrop of this changing landscape, it is pertinent that management professionals upskill and adopt competitive digital skills to thrive. Technologies like data science, analytics, big data, artificial intelligence and machine learning have already proved themselves indispensable. However, are traditional management programs addressing this digital disruption adequately? For management professionals to be prepared for industry 4.0, they need to be adept with the adoption of these new-age technologies in their respective industries. They need to leverage this technology disruption to gain an edge. The sooner, the better - as this trend is not fading away. If anything, technological advancements are only going to grow exponentially in the coming years, making upskilling a constant part of professional growth. 

From product development to marketing, supply chain and every function of business, data has become an integral part of analysis and decision making. Businesses across sectors are increasingly leaning towards a data-driven approach for all kinds of organizational decisions. As a consequence, management professionals who are tasked with making decisions, whether it is financial advice or product marketing, cannot afford disruptive digital technologies like data science, artificial intelligence, blockchain, cyber security & machine learning and more be black boxes to them. If we look at various business verticals today, whether it is human resource, product development, logistics or marketing, the role of digital technologies like analytics and machine learning is undeniable. For example, human resources rely heavily on data analytics to optimize recruiting processes now. Even for internal employee training and performance evaluation, HR management frequently depends on analytics-based tools. Similarly, product marketing and sales are no longer limited to traditional broadcast or brick-and-mortar engagement. Digital marketing has emerged as one of the most effective ways of marketing in the digital economy and management professionals need to lead these processes in organizations today. Even with offline marketing, data plays a crucial role in performance monitoring and investment decisions. 

The best way to gain a competitive edge is by understanding the requirements of the industry and preparing accordingly. The increasing use of digital skills in global business has created a huge skill gap.  Recruiters are looking for management professionals who are armed with future-ready tech skills. The right upskilling strategy can help management professionals not only to leverage this demand-supply gap but also fit into this changing landscape with ease and make an impact.  From start-ups to MNCs, businesses are relying on professionals who can harness the digital economic framework with an effective digital innovation approach from a global management perspective. Management professionals need to cater to this requirement and future-proof their careers. 

Traditional management theories are becoming outdated for not adapting to the changing requirements of the market. However, the good news is that where traditional management programs lag, new programs step up. Education providers are recognizing the need to accommodate the changing requirements of the digital economy and designing their courses accordingly. These future-forward programs address the skill gap and help professionals master the technologies that drive businesses today.

Thanks to the online model of program delivery, we now have a plethora of online management degree programs that offer professionals flexibility and better affordability. More importantly, these are designed to cater to the needs of the digital economy adequately. From access to a handpicked global faculty to quality pedagogy, these online management programs prepare students to meet the real challenges of the market. 

In keeping with the need of the hour, these future-focused online management programs retain the basic principles of traditional management courses while including knowledge of the new-age technologies. No longer limited by geographic locations, professionals can now gain international exposure even from remote locations. These online programs provide easy access to a broad selection of cutting-edge quality curriculum on advanced business management in addition to the essential components of traditional business and marketing tools. Additionally, Indian institutions are partnering with ed-tech platforms to offer quality education that is at par with international standards.

We should also take into consideration the need for leadership teams to stay updated on the latest technologies to make informed decisions. C-level or seasoned professionals can also benefit from these online programs in picking up relevant data, tools, and technology skills to drive businesses successfully. However, it is essential that professionals navigate the changing landscape now to grow in the digital economy both in the Indian and global markets. Now is the perfect time to upskill and leverage the skill gap to stay ahead of the competition.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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