Academia, industry urged to collaborate to reshape digital space

THE academia and private sector have been implored to foster collaboration to create an environment that enables digital skills to thrive for both local and global growth.

Renowned business executive, Mr Herbert Nkala said academia must equip students with the skills to leverage technology to solve business problems for both local, regional and global industry players.

He was addressing a meeting held under the theme: “Emerging Trends in International Markets: The Collaborative Role of Academia and Industry in Reshaping Global Business Dynamics” last Friday.

“Likewise industry needs to be forward-looking and actively create an environment that enables digital skills to thrive for both local and global growth,” said Mr Nkala.

“Such innovations and disruptive trends are typically incubated in Innovation Hubs such as the one here at Nust (National University of Science and Technology) and the University of Zimbabwe (UZ) where knowledge generated within these institutions is applied to develop goods and services for use in industry, commerce and society”.

The Nust Graduate School of Business will soon launch a series of management development programmes aimed at bridging the gap between academic expertise and industry needs.

He added that for such programmes to be relevant, there is a need for funding by businesses.

“Academia can play a vital role in developing sustainable business models and industry must translate these models into practical applications. Sustainability in agriculture and mining as the pillars of the Zimbabwean economy is a key research area with significant transformative potential.

“At a global level, Harvard Business School and Nestlé have collaborated on research projects to improve the company’s supply chain management and social responsibility practices, he said.

Mr Nkala further said the curriculum for universities must also aim to produce skills that are relevant at a global level and able to fit in multi-cultural and multi-disciplinary teams.

“A student studying finance must position themselves to work for Wall Street while also delivering value for local financial markets. The industry also needs to utilize the research to identify where it is better to collaborate and be a hub for global players, allowing the industry to take advantage of the opportunities,” he added.

Nust Graduate School of Business director Professor Gwendoline Nani indicated that they are set to revise and reform curricula to enhance entrepreneurial skills so that they produce graduates that offer critical thinking and create employment.

“The world of commerce is undergoing a dynamic transformation. Technological leaps, shifting economic powerhouses and innovative business models are reshaping the international stage.

“In this ever-evolving environment, collaboration between academia and industry is paramount.

“We cannot afford to continue operating in silos. Together, we can foster innovation, nurture future leaders, and pave the way for sustainable economic growth,” said Prof Nani.

ZB Financial Holdings Chief Transformation Officer, Mr Kangai Maukazuva said the financial institution is investing heavily in digital transformation, harnessing the power of technology to enhance customer experience, improve efficiency and reduce costs.

“This includes the adoption of cutting-edge technologies such as artificial intelligence, blockchain and cloud computing.”

Mr Maukazuva said innovation is also a key focus area, with the bank introducing new products and services tailored to meet the evolving needs of its customers.

Recent examples include the Hospital Cash Plan and Cash Funeral Plan, designed to provide financial support during difficult times.

“As a bank we recognise the importance of talent development hence we are investing in employees to build a skilled and agile workforce capable of driving innovation and growth.

By upskilling and reskilling our team, we are future-proofing our operations and ensuring continued success in an ever-changing landscape, he said. –-chronicle