It’s an exciting time to be alive! Why? The fourth Industrial Revolution is upon us, and it’s about to bring some significant changes to our way of life, culture, and even how we connect. From business opportunities to shifts in employment to industrial changes to economies as a whole, everything will be affected by this Revolution, and we need to be prepared for it.
Let’s start by defining what this Revolution is in the first place.
The 4th Revolution, according to Forbes, describes the “exponential changes to the way we live, work, and relate to one another due to the adoption of SMART technologies in our factories and workplaces.” This technology includes artificial intelligence, big data, augmented reality, blockchain, the Internet of Things, and automation.
Our technology is becoming more advanced than ever, and we need to be ready for it to affect almost every industry across the world. Experts predict that the merge of physical, digital, and biological is going to happen at a rapid speed, which forces us to rethink how countries develop, how brands create value, and what it even means to be human. It’s going to be a massive change in a non-linear, unpredictable sort of way.
What are the business opportunities?
Get ready to adopt new technology as it becomes available. The pivotal point of this Revolution will be when humans and machines begin to work together – which has already started.
According to Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, “this shift and disruption is a time of great promise and peril. We will have the ability to connect billions of people on digital networks, improve the efficiency of organizations, and manage assets in ways that can help regenerate the natural environment.” Essentially, this Revolution might undo the damage that past revolutions have done.
What are the business risks?
Of course, this Revolution doesn’t come without its risks. First and foremost, the organizations that resist change or are unable to adapt are likely not to make it through the shift. The key is keeping up with the technological advances and strategically implementing them into your company.
Certain job positions will be at risk, being replaced with automation and SMART technology, while new jobs will be created in new industries and different skills will be required.
New technology may improve salaries and living conditions, or it could do the opposite. According to Forbes, “this shift in power will create new security concerns, inequality, and fragmented societies.”
No one can predict the future and no matter how prepared you are, you’re company might feel the ripple effect from this Revolution. It’s hard to say exactly what will happen, but one thing is for sure, your company and its people need to be versatile.
How do we prepare?
We can certainly see a common theme from the information above. The ones who are most adaptable will survive. To achieve this, ensure you’re hiring and developing leaders who can grow and manage change. As employees, be open to additional education, workshops, and certificates, adding to your skillset, as your job might look very different in the future. Embrace change and be open to innovation. It will save you your career and your company in the long run.
Klaus Schwab “calls for leaders and citizens to band together and help shape the future for all by putting people first, empowering them, and constantly reminding ourselves that these new technologies were made by people for people.”
Never hesitate to contact us about leadership training or employment skills – we are here to help you prepare for the future.
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