The world is changing every minute and becoming increasingly digital and tech-lead.
The development and introduction of new technologies are constantly transforming existing processes and industries and making them better than they have ever been. So, while steam, electricity, and digital tech-powered the first three industrial revolutions, the fourth one is being driven by a fusion of technologies that is “blurring the lines between the physical, digital, and biological spheres.” It was Klaus Schwab, founder and executive chairman of the World Economic Forum and author of the book The Fourth Industrial Revolution, who labelled recent advances as a new revolution and called it the ‘Fourth Industrial Revolution.’
Industrial Revolution 4.0 (4IR) is all about Blockchain, Big Data, AI, Web3, quantum computing, automation, robotics, IoT, and virtual reality and augmented reality. It has disrupted and transformed the way all businesses function and changed the way we live, work, and communicate with others. And all of this is happening at an unprecedented pace.
So how can businesses keep up and thrive in 4IR?
The scope of the Fourth Industrial Revolution is bigger and more complex than its predecessors. As the lines between the physical and digital worlds merge, businesses must start investing in new technologies that can help them make this transition smoothly. The pandemic has already pushed businesses to integrate the technologies from the fourth industrial revolution into their everyday functioning. And now, there is no going back from that.
How Can Businesses Use The Technologies in the 4IR To Succeed
Businesses that have already embraced these technological innovations are already experiencing their benefits. For instance, they have enabled businesses to offer greater personalisation and more meaningful experiences that go beyond the physical and include multiple virtual channels. They also allow them to offer more than a few choices, giving businesses a competitive advantage.
AI has also given businesses access to whole new data about their customers, which when used ethically and effectively, can help them anticipate their needs and modify and provide relevant services before anyone else.
Automation and robotics are also revolutionising physical processes in all industries and making supply chains more efficient. They are reducing the pressure and reliance on human operators for manual operations and helping them make centralised decisions.
The vital thing that all businesses must do is focus on upskilling their employees and making them ready for an increasingly tech-lead future. The idea is to bridge the digital and AI skills gap that can negatively impact businesses and keep them from progressing. Encouraging employees to train in new technologies and gradually integrating them into the workplace is the best course of action. It is also essential to increase and maintain communication and engagement between your employees and between the management and employees to ensure the successful implementation of these new technologies.
The fourth industrial revolution has been the most transformative of all. It has revolutionised the way the world functions within a short period. Despite all the challenges associated with the new technologies, overall, it has only made things better for people, businesses, and the economy in general.
How has the 4IR impacted your business?
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