The Challenge of Business Schools to Survive in the Digital Economy in the Industrial Revolution Era 4.0
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As written in the McKinsey Report titled "Unlocking Indonesia's Digital Opportunity", although in the future Indonesia is faced with a number of challenges, the effect of the development of digital technology on the Indonesian economy is very large. With abundant of Human Resources, Indonesia is predicted to have strong potential in developing the digital economy based on the industrial revolution 4.0. Armed with this issue, the Faculty of Economics and Business Universitas Gadjah Mada (FEB UGM) in collaboration with Michigan State University conduct a Guest Lecture with the theme of "Digital Economy and Industry 4.0". The public lecture was held in the afternoon on Wednesday (11/20) in Kertanegara Room of FEB UGM, by presenting speakers, the Dean of Board College of Business, Michigan State University, Prof. Dr. Sanjay Gupta.
Gupta explained the material about how the challenges and opportunities for business schools to survive in the era of the digital economy and the industrial revolution 4.0. Gupta gives an introduction by giving an overview what Industry 4.0 is and what the implications are for implementing it. According to him, the digital economy and Industry 4.0 gave rise to large-scale disruption that was able to declining cost of creation, information and experimental. Secondly, the existence of a digital ecosystem also leading to industry converging and increase customer expectations.
To realize Indonesia 4.0, Gupta added that Indonesia needs to double its productivity to cost ratio, increase net exports by up to 10% or more, and create 7 million new jobs.
Armed with this, Gupta entered the discussions about challenges of business schools in the era of the digital economy. Among them is how ready business school students are to succeed in this new environment, the extent to which the curriculum can handle the phenomenon of the digital economy. Then, what should be the goals and expectations of our curriculum in overcoming digital economic phenomena, and the last is the extent to which out teaching staff have a background, or awareness about digital economic phenomena?
Source: Sony Budiarso/Leila Chanifah Z.
