Industry globally is in the middle of transformation today under the onslaught of modern-day technologies such as Artificial Intelligence, Machine Learning, Cloud Computing, Internet of Things, Analytics, etc., and proliferation of countless connected devices such as mobiles and sensors. Indeed, the Fortune 500 companies are in the middle of a technology driven disruption themselves that seem to impact not just the product or services that they offer, but their own business processes as well.
World Economic Forum’s ‘The Future of Jobs’ report and the study by Dr Srikant Datar (eminent educationist and professor of Harvard Business School), lists out key skills essential to the success for a modern-day professional in a highly ambiguous and uncertain business environment.
To understand the unmet needs of Indian industry, IFIM, in collaboration with NHDRN carried out an CXO study to discover the skill requirements for tomorrow’s managers. This study covered nearly 300 CXOs and came out with ten needs (IFIM-NHRDN Industry 4.0 Needs) on what the CXOs look for in a modern work force.
The findings include:
Learning Orientation and Analytical Mindset
Integration of Data, Communication and Technology
Solution Orientation and Problem Solving
Dealing with Change and Uncertainty (Unstructured situation)
People and Team Orientation
Innovation and Creativity - Entrepreneurial Orientation
Social Sensitivity and Cross-Cultural Orientation
Managing Self (Self-awareness, self-development including wellness)
Business Orientation – Multidisciplinary approach, Globalization.
More details about the study can be accessed at http://ifimbschool.com/ifim-nhrdn-report/.
The study also unfolded the following insights:
Emergence of new-age areas and new-age roles
Emergence of a multi generation workforce – Need for mixing of industry executives with younger MBA participants in the same cohort
Need for continuous learning as against education as start and finishM
Integration of data, technology and communication in business
Need for a workforce with global exposure
Research needs to be integrated as part of curriculum
Emphasis on solution and execution and not just strategy
A unique opportunity for participants to study the most relevant and contemporary subjects from top business schools in the world. A 10-credit program curated for a multi-generational cohort consisting of 2 Year PGP students and executives for learning by solving real life problems at our partner global schools Darden School of Business (University of Virginia), McCombs School of Business (University of Texas, Austin) and ESCP London to groom ‘T’ shaped professionals for next-gen roles in next-gen industries
The program has the following components:
Masterclass by Faculty from International Partner School:
Group Work on the Business Case and Blended Learning with Tutorial Support
Three weeks Coursework plus Project at International Partner School
Presentation to a Global Panel
IFIM is the first B-School in the country to institutionalise this pedagogy of ‘learning by solving’, where an international faculty will mentor groups of participants to solve real life business challenges.
Recognizing that many of today’s business problems have a solution rooted in technology, IFIM has tied up with two global institutions for super-specialisations- Darden School of Business for MarTech. and ESCP London, for FinTech and Digital Transformation areas for best in class exposure.
This Request for Problem (“RFP”) is a mechanism to seek real life business challenges from our industry partners which the participating executive can solve, as part of the study-group. The problems could be from FinTech or MarTech domains.
With the advent of technological advancement, the implication of Fintech on financial services industries has touched a new pinnacle, particularly in Asia, where the size of the market is twice as large as that of the global average (McKinsey, 2019). One of the biggest disruptors in the financial industry over the last decade or so has been Fintech. While FinTech has revolutionised sectors such as personal finance and banking, there are still a few places where its potential has not been utilised. The major area where the application of Fintech has been considered as instrumental are: payment processing, block chain technology, alternative financing, (AI)-powered investment services that leverage machine learning (ML) algorithms to generate automatic investment strategies tailored to user portfolios, and internet of things (IoT) to name a few.
In the last decade marketing processes have undergone a generational change, and have impacted online and offline retail, customer experience management, sales and distribution, service management and failure, product launches, last mile connectivity, bottom-of-the-pyramid markets, to name a few.
Re-skilling / New Skilling of executives with Professional Certification
Possible Solution to an Internal Business Challenge
Relevance and currency of their functional skill inventory
Encouragement and retention of top talent by providing a rich learning experience in a top global institution.
The chosen executives will not be charged for the academic delivery certification, they will only need to bear the travel and stay expenses overseas.
In the initial phase, sponsoring organisations can get in touch with us with the following information.
Potential Area of Challenge:
Name of executive/s attending the Masterclass:
Data Handling: Data from your organisation shall be used under supervision of your corporate executive who is part of this programme and with the supervising faculty. Data will be handled in compliance with IFIM’s Information Security policies.
Travel and visa: The expenses for travel, visa, and stay of your executive to our partner institutions for the international immersion part shall be borne by your organisation.
Duration: The entire programme is modular spread over December/January 2019 till June 2020. Your executive shall be part of the complete duration of the programme including three weeks in London/Virginia.
Format:The programme starts with the Masterclass by an internationally reputed academician of two days duration. This will be followed by online instructions related to the knowledge areas and 3-weeks immersion at the partnering institution.
Organisations desirous of joining this programme can write to:
Fintech Area:Prof. Parameshwar H. S at email@example.com
Martech Area:Prof Rajesh Kumar at firstname.lastname@example.org
Established in 1995, IFIM Business School, Bangalore is currently amongst the first six Business Schools in India to have been awarded the AACSB accreditation. IFIM is also accredited by National Board of Accreditation (NBA), and South Asian Quality Assurance System (SAQS), and is ISO 9001:2008 certified. Various programmes at IFIM include (1) Two-year full-time residential Post Graduate Diploma in Management with options to do Major in Marketing, Finance, Digital Business, Analytics, HRM and International Business (2) PGDM (Data Science), (3) PGDM for Working Professionals. Actively engaged in research and consulting, IFIM hosts several Centres of Excellence such as AIM-Parasuraman Centre of Service Excellence and Centre for Consulting in Digital Leadership. IFIM has an elite set of international academic partners including leading institutes such as ESCP-London, Darden Business School (University of Virginia) and McCombs Business School (University of Texas at Austin).
IFIM Business School’s mission is to groom holistic, socially responsible, continuously employable professionals; It positions itself for “Beyond Tomorrow” by:
Grooming ‘T’ shaped professionals aligned to the needs of industry 4.0, through its unique Be-Spoke Curriculum
Best-in-class faculty; A blend of PhD trained and experienced practice-oriented professionals
Global connect through partnerships with top global business schools offering courses in new-age areas
Award winning Practice Driven Initiatives: Research Incubation, Social Immersion, Personality Enhancement Program, Long duration Industry Internship and Corporate Mentoring
Founded in 1819, ESCP Europe has produced generations of leaders and entrepreneurs. With its six urban campuses in Berlin, London, Madrid, Paris, Turin and Warsaw, ESCP Europe's truly European identity allows it to offer a unique multicultural education style in the field of business and a global view in International Management issues. Each year, ESCP Europe welcomes over 6,000 students and 5,000 executives from more than 120 different countries, providing them with a comprehensive offer of Management courses and specialised programmes (Bachelor, Master, Executive MBA, PhD and Executive Education). ESCP Europe is included among just 1% of business schools in the world that possess the Triple Crown Accreditation (AACSB, AMBA and EQUIS). www.escpeurope.eu – Follow us on Twitter @ESCPeurop. ESCP Europe Master in Management programme has been ranked 4th worldwide by Financial Times (https://www.escpeurope.eu/news/escp-europe-mim-programme-top-ranking-confirmed-economist-2019-global-ranking)
The University of Virginia Darden School of Business delivers the world’s best business education experience to prepare entrepreneurial, global and responsible leaders through its MBA, Ph.D., MSBA and Executive Education programs. Darden’s top-ranked faculty is renowned for teaching excellence and advances practical business knowledge through research. Darden was established in 1955 at the University of Virginia, a top public university founded by Thomas Jefferson in 1819 in Charlottesville, Virginia. The Economist ranks UVA Darden number 1 in Education Experience in USA (https://news.darden.virginia.edu/2019/11/02/no-1-education-experience-in-us/)
IFIM offers both open and customised Management Development Program of varying duration. These programs address contemporary issues/ challenges faced by industry professionals across domains. A significant number of participants are found to be moving from a functional role to general management roles. A few of the popular MDPs are as follows:
Participants to this program receive IFIM MDP alumni status.
Given the school’s focus on employability in a VUCA world and its locational advantages as well as technological focus, the school has chosen to position itself as a teaching focussed international business school that aims to nurture students for needs of the industry ‘Beyond Tomorrow’.
In this regard, a highlight of our effort post AACSB accreditation was the launch of a new curriculum, aligned to the needs of Industry 4.0. The institute is mandated to validate its curriculum architecture every 3 years. This exercise was conducted in 2015 to impact the curriculum for the students enrolled in the academic year beginning 2016.
Inspired by the World Economic Forum report on ‘Future of Jobs’ that identified ten skill areas, IFIM Business School conducted a Pan India study in collaboration with the National Human Resources Development Network (NHRDN), to identify what are the India specific industry needs in the age of Industry 4.0.
The exploration began with the following research questions:
A questionnaire-based PAN India survey was administered over 292 corporate executives, and 3 round table conferences were held at Mumbai, New Delhi and Bangalore that saw a participation of 43 practicing executives and including 18 CXOs.
The study revealed the following ten India specific Industry 4.0 needs:
The study also brought about the following insights:
To ensure that students graduating from all the courses offered by IFIM Business School succeeded in Industry 4.0, the Curriculum was revamped to include a larger number of credits for ‘Practice Courses’. The Practice Courses along with the Core Courses, a large variety of Majors, Minors and Super Specializations were designed to ensure that students were transformed into T-Shaped Professionals who could thrive in Industry 4.0. The structure of the Curriculum is given in the below image.
The Practice Courses at IFIM is an important pedagogical intervention and are accorded great priority. Almost one third of the total credits in the entire PGDM program is assigned to practice courses. The Practice Courses are ‘Hands – On’ and serve to ensure that students get ready for Industry 4.0. Through the Core and Practice Courses, Students are equipped to have a ‘breadth’ in their knowledge and skills. And through the Majors, Minors and Super Specialization Courses (Indian Tracks & International Tracks), they achieve a depth of knowledge and skills in a specific area pertaining to Industry 4.0. The below image showcases how the Curriculum shapes the development of the T-Shaped Professional.
The Grooming of T-Shaped Professionals is one of the main missions of IFIM Business School and this commitment is seen across the entire portfolio of programs.