The development of communication and information technology brings massive change impact to society, from basic needs to the need of self actualization. Currently we are entering industry 4.0 that connects all physical systems with virtual and cyber processes. Human beings keep innovating continuously to obtain a better life by creating invention that can produce something that is effective and efficient. These days, the world is experiencing disruptions marked by indicators: simpler (easier), cheaper (cost less), accessible (more affordable), and faster. In the business world fundamental changes occur in all lines of both aspects of production and distribution.
Some conditions that characterize disruption era include 1) cost saving through simpler business process; 2) better product quality; 3) disruption has the potential to create a new market, or turning the exclusive ones to be inclusive; 4) the product/service from disruption should be more accessible or reachable by the users. For example online taxi or online banking services including financial technology, all is now available in our hands, in our smartphone; 5) disruption makes all things smart. Everything is smarter, time-effective and more accurate.
Readiness to face Industry 4.0 can be measured through several aspects such as technology and innovation; human resources; investment and global trade; institutional framework; natural resources; market forces; research and development as well as economic scale. The demand of work competence in Industry 4.0 is divided into 3, namely 1) Abilities including cognitive ability (cognitive flexibility, creativity, logic, sensitivity to problem, mathematical ability and visualization), physical ability (physical strength, agility and precision); 2) Basic skills including content skills (active learning ability, oral expression, reading and writing skills, knowledge on information technology and communication), process capability (active listening ability, critical thinking, self-control and environment-control); 3) Cross-functional skills including social skills (coordinating with others, emotional intelligence, negotiation, persuasion, service orientation, training and teaching people), system skills (assessment and decision making, system analysis), complex problem-solving skills, resources management skills (financial resources management, raw material management, personal management and time management), technical skills (machinery/ equipment maintenance and repair, machinery/ equipment operation and monitoring, programming, quality control, technology and user capabilities design).
Higher education as the provider of human capital for the industry must adjust themselves to meet the competency needs of Industry 4.0. Various innovations must be done to upgrade human capital in accordance with the needs of industry 4.0. Basic things a university needs to do are reviewing and redesigning curriculum, encouraging foreign talent mobility program, collaborating with stakeholders including industry and government as the users of university graduates. Considering this background, Pelita Harapan University, Swiss German University, Multimedia Nusantara University, and industry related conduct the first International Conference on Global Innovation and Trend in Economics (InCOGITE) 2019 presents a theme “Innovation Challenges toward Economy 4.0”. InCOGITE 2019 accommodates various scientific disciplines of science that synergize one another in innovation and economy.