Industry 5.0 heralds a new era that demands digital leadership skills. Guided by Professor Stefan Henningsson’s, find out how Copenhagen Business School’s MBA program is training graduates to be digital leaders.
Given that 87% of business leaders anticipate industry disruptions due to digitalization, the significance of this shift is hard to overstate. Professor Stefan Henningsson, from Copenhagen Business School, notes that digitalization has actually been an ongoing trend since the 1970s and 1980s. Initially, digitization focused on automating back-office functions; however, it has since evolved and continues to accelerate at an unprecedented rate.
“Every year, we sort of accelerate the permeation of digital technologies. So now almost every aspect of a business is in some way related to digital technologies,” Professor Henningsson explains. (01:05)
Industry 5.0 marks the shift from an automation-centric Industry 4.0 towards a harmonious fusion of sustainability, human ingenuity, and technological prowess. It embodies seamless collaboration between human creativity, critical thinking, and adaptability, with the precision, speed, and data processing capabilities of machines.
Digitalization and human-machine collaboration unlock new value propositions, business models, and digital services. As we move into Industry 5.0, these advancements create exciting prospects for future leaders across various industries.
Digital leadership is vital for the transition into Industry 5.0. This creates promising opportunities for MBA candidates who want to upskill, reskill, or make a career change.
By comprehending the potential of digitalization, MBA graduates can navigate the complexities of change and drive successful digitalization operations. Professor Henningsson explains the underlying value of this exciting transition, “The real power and why we really care about digital technology is that it allows us to do things differently.” (03:31)
Pioneering initiatives like Digital Twin technology and the Brilliant Factory illustrate the importance of digitalized data and communication in product development, manufacturing, and supply chains. Nevertheless, a customer-centric perspective also remains integral to the digitization process.
Professor Henningsson says, “If we want to meet the customers differently, if we want us to understand our customers differently, if we want to increase the efficiency and productivity in manufacturing, then we need to apply digital technologies.” (05:55)
As businesses increasingly leverage digital technologies, digital leaders need management skills and intricate knowledge of how humans and machines collaborate.
Notably, the Copenhagen Business School (CBS) in Denmark has been ahead of the curve by infusing its MBA programs with elements of digital leadership.
The Department of Digitalization at CBS houses academics at the forefront of research on IT and business interrelations. MBA students benefit from the blend of rigorous academics and real-world business insights.
“At CBS, we have mandatory courses in digitalization,” Professor Henningsson says. The courses are “tuned to exploring what are the key technologies at the moment and how are they changing work practices.” (07:49)
By weaving digitalization into business education, universities prepare future leaders to navigate the challenges and opportunities ahead. MBA graduates with solid experience in digitalization are better equipped to drive innovation and adapt to Industry 5.0.
Global investment in digital transformation is expected to nearly double from $1.8 trillion in 2022 to a staggering $3.4 trillion U.S. dollars by 2026.
The need for digital competencies in the job market is growing. “Companies today are lacking capacity,” Professor Henningsson states. “So when you go out to the job market, if you have digital knowledge, if you have knowledge about digitalization, how it can be used to transform a company, well then you are special.” (06:44)
As Industry 5.0 gains momentum, various sectors are recognizing the need to adapt to the digital era. Businesses are seeking digital leaders who can steer a course towards sustainable growth.
Professor Henningsson says, “There’s no better way of making yourself attractive on the job market than acquiring digital competencies that make you stand out. And that’s a boost for your career. So this would be the reason why you need to start digitalization.” (07:34)
MBA graduates with digital leadership skills are well-positioned to seize opportunities arising from emerging technologies, drive innovation, and lead digital transformation initiatives.
Mastering digital leadership is a key business skill in the era of Industry 5.0. As humans and machines partner up, digital leaders will have the power and responsibility to reshape business. Institutions like CBS are at the forefront, molding the digital leaders of tomorrow.
Are you an aspiring digital leader? Contact CBS ambassadors to learn more about the Copenhagen Busines School MBA program.
