The Fourth Industrial Revolution
Estimated Reading Time: 5 Minutes
What is Industry 4.0, and why is it important to us?
These are the questions you are most likely asking yourself. Industry 4.0 or the Fourth Industrial Revolution, are not terms most of us come around on a daily basis. In fact, most heard of “THE” industrial revolution, you know, the one with steam and things……..
But fewer have heard that there is a Fourth Industrial Revolution. And it’s happening right now, all around us.
Just like the first, second and third industrial revolutions before it, Industry 4.0 has massive implications on our lives. The way you do business, the way you do your work and even the way you simply live your life are impacted by it. And similarly to the revolutions before it, if you don’t get with the program quick, you will be left behind. You will lose your business, you will lose your job, and might never find work again.
Let’s get ahead of the curve and use the opportunities presented to us and avoid the pitfalls that Industry 4.0 is presenting.
The Fourth Industrial Revolution
We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold, but one thing is clear: the response to it must be integrated and comprehensive, involving all stakeholders of the global polity, from the public and private sectors to academia and civil society.
The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
We must develop a comprehensive and globally shared view of how technology is affecting our lives and reshaping our economic, social, cultural, and human environments. There has never been a time of greater promise, or greater peril.… Click To TweetThe Fourth Industrial Revolution is still in its nascent state. But with the swift pace of change and disruption to business and society, the time to join in is now. - Gary Coleman Click To Tweet
Steady evolution of the same or massive jump?
Mr. Schwab also offers further context for the proponents of the argument that technology has been advancing since decades and that there is no fundamental change in this at this particular moment, hence we shouldn’t worry or adjust our modus operandi:
There are three reasons why today’s transformations represent not merely a prolongation of the Third Industrial Revolution but rather the arrival of a Fourth and distinct one: velocity, scope, and systems impact. The speed of current breakthroughs has no historical precedent. When compared with previous industrial revolutions, the Fourth is evolving at an exponential rather than a linear pace. Moreover, it is disrupting almost every industry in every country. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance.
The possibilities of billions of people connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge, are unlimited. And these possibilities will be multiplied by emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing.
For many people, the smartphone is the first and only computer they have. - Inga Beale Click To TweetDigital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000 - Pierre Nanterme Click To TweetAny skilled engineer can take control remotely of any connected 'thing'. Society has not yet realized the incredible scenarios this capability creates. - André Kudelski Click To Tweet
This evolution and rapid jump in technology are impacting our daily lives. Artificial Intelligence and it’s algorithms are already defining how or what information we consume and base our decisions on. Technology is helping recruiters in making hiring decisions. Big Data and deep learning change the way business leaders are making strategic decisions. And consumers are changing their buying behavior based on much more information than they did just five years ago.
Fredy and Osborne predict that almost half of all US manufacturing jobs will be rationalized away by the year 2030 due to automation of their occupations and the impact in the developing world will be even more significant. 11 million young Africans are joining the labor market yearly, which creates immense pressure on the already strained labor market. If there are no significant changes in skill development, most people will never find a job.
Organizations that don’t adjust to this NOW, will go out of business within the next few years. Technologies of the fourth industrial revolution are so deeply ingrained into our daily lives already that many of us don’t even see the implications. As the old saying goes: Can’t see the forest for the trees…..
This is the philosophy that underlies Emanuel Dominic’s coaching activities. Emanuel focuses on how Industry 4.0 developments shape career development and job search. How Industry 4.0 development shapes consumer behavior as well as data gathering and analysis and in turn business decisions.
Let’s talk about how we can position you for your future success!
You cannot wait until a house burns down to buy fire insurance on it. We cannot wait until there are massive dislocations in our society to prepare for the Fourth Industrial Revolution. - Robert J. Shiller Click To Tweet
An Industry 4.0 enthusiast, social entrepreneur and a changemaker by nature. He wants to see people and businesses prosper and reach their full potential.
Start a business without any capital? Start a business without money? How to start a business when you’re broke? for?read more
Learn how to Elevator Pitch, what does it take to pitch effectively? What do you need to watch out for?read more