Why Workforce need to be upskilled

Why workforce need to be reskilled

by,

Manoj Kumar Trivedi

Founder Director & Business Mentor

iGlobal Research and Analytics

Fourth Industrial Revolution has changed the way we do business. It has replaced all vintage skills of 19th & 20th Century. Technological advances is garnering intense interest across industries with the field now being seen as a potential disruptor in the mass production of consumer goods and other labour-intensive activities from which human potential can be freed for higher endeavours.

Though, artificial intelligence has virtually been initiated due to labor shortage and reverse FDI outflows, a measure chiefly seen as protectionists by Western Countries, it has met with its own limitations.AI with no mind of its own, cannot replace human consciousness to derive Business, Manufacturing & Marketing stratgy in ever changing global economics.Hence striking a balance between AI & Human Intelligence will prove to be beneficial for organisations.

Modules and Charactersitics of IR 4.0 has to be integrated. Data Scientists are going through three skills- Mathematics, Technology/Hacking & Business Acumen. But are they capable enough to recognize data of economic importance? Massive IT layoffs disruptions created by the introduction of AI, robotics, machine learning and digital marketing are indicative of gigantic changes in industry dynamics and demands for skills.

Technical/ IT skills are the requirement while deployment of Cyber Physical Assets integrating with adminstrative functions, not all jobs will require to be technical.White collar professionals, both in Technical and Administrative functions, including Data Scientists,  need to be reskilled with Economic Reasoning Skill for capturing real time economic data and Economic Value Engineering, a major Characteristic of IR 4.0 addressing Diseconomies of Scale that increases the production cost while reducing profit.

Rise of Process Automation will lead to a shift in hiring requirements in the future and the focus will shift towards hiring highly-skilled employees since the benefits of Robotic Process Automation are too huge to be ignored now.

Need to upskill talents

As per print media report, Economic Times dtd 27th April, 2018 upskilled talents are being valued at @ $ 0.12 - 0.23 Millions, which is not within the budgetary limit of many. Every new technology brings new skill. Realising the importance in keeping pace with global trend, wisdom lies in upskilling talents to save cost.

Gone are the days when professionals were revered for possessing a single specialized skill. Today’s evolving job market requires professionals who possess a multitude of skills, and even that is not enough, as these skills have to be updated constantly to keep up with the changing times.

AI is designed to reduce cost through reduction in labor cost, predictive mainteance & energy management which is set to become new normal. Looking beyond these new normal, organisations will have to work hard for being more competitive in this VUCA world. While doing so, Economic Value Engineering is the only skill meant for IT employees, Data Scientists and Adminstrative functions that leverages capturing real time relevant economic data, economic analysis, quick decision making and Economic Value Addition across operation for economic growth of organisation to strategize and future-proof their organisations. This otherwise is requirement of IFRS 13 mandating Fair Value measurement across operational segment and reporting of Economic Value Addition.

Business Building Block 

Building exponential core competency economic model is therefore inevitable and mandatory to stay relevant in changing paradigm. Econometrics through Mathematics & statistics being the requirement of AI for evaluating Big Data produced by machine and productivity analysis & efficiency, premier Technological Institute of India, Indian Institute of Technolgy, has recently included in their curriculum, though theoretically, Economic Science and Econometrics. But this again is set to confine knowledge within few costly talents, whereas, such knowledge has to be practiced across heirarchy, at tandem, by all for best results.

Being SECOND TO NONE in practical application of Economic Science with business main stream of operation using Econometrics, we offer two days UNIQUE & EXCLUSIVE highly specialized educative discourse on Economic Engineering and Econometrics suitable for Corporate, Business Leaders, CEOs, Executives, Entrepreneurs, SMEs, Data Scientists, Employees and Students of Technical & Management Institutes.

With four decades of expertise across diverse industries, our expertise has been retained by International Economics Consulting Ltd of Mauritius. IECL has been engaged by Govt of UK & EU to develop industries across African & ASEAN Countries facilitating trade & invesment. This beside, his expertise has also been retained by several international and national agencies & institutes, like Ministry of MSME, Govt of India, Value Management Organisation of Netherland, VDMBee, P D Training of Malaysia & Australia etc.

We may be contacted at trivedi.k.manoj@gmail.com, or, (91) 9433013863.