Adapting to rapid advances is inevitable to keep the competitive edge in businesses when the world is on the cusp of the Fourth Industrial Revolution, Governor Arif Mohammed Khan said on Thursday.
It was important to tap the possibilities offered by adopting strategies such as re-skilling and multi-skilling the workforce, the Governor said, inaugurating TRIMA 2020, the two-day annual management convention of Trivandrum Management Association (TMA), here.
“The annual convention rightly focusses on the Fourth Industrial Revolution and its impact on our business scenario. The age of Industry 4.0, is marked by automation through robotics and Artificial Intelligence (AI), promising higher productivity, increased efficiency, safety, and convenience,” the Governor said.
Job scenario
While the Fourth Industrial Revolution will make 75 million jobs obsolete by the year 2022, it is also projected to create 133 million new jobs, according to World Economic Forum report, he noted.
“Moving into the era of Industry 4.0 makes it necessary to build competitive advantage by understanding the impact of new technological changes and to adapt new business models. Business houses need to apprise governments about the active role to be played by the State, as a creator and regulator of innovation,” he said.
Qualities such as teamwork, empathy, curiosity, creativity, innovation, critical thinking, lifelong learning, social intelligence, and emotional intelligence are essential for everyone. An atmosphere of cooperation between the decision-makers and the workforce is of utmost importance in today’s work atmosphere.
Hemant Nerurkar, Director, Adani Enterprises Ltd., made a broad overview of profound changes impacting the ecosystem and ways to cope with them in his keynote address.
The Governor presented the TMA-Adani Startup award to Embright Infotech, TMA-Terumo Penpol CSR award to KEF Holdings, TMA-KIMS award for best paper presentation to Ritto Rexy and Najla Nazar of Institute of Management in Kerala for the paper “Employee engagement in the organisation.” Jain Richard and Midhuna Chandran of St. Xavier’s College of Engineering received the second prize in the category.
