How To Keep Up With The 4th Industrial Revolution?

Throughout history, we have witnessed three industrial revolutions. First one was responsible for mechanizing production using steam power; the second one for the application of electrical power for mass production; and the third one for the emergence of technology to automated production. Now the world is on the brink of the 4th and most complex industrial revolution. All of these, however, have one thing in common — they all led to the death of jobs and businesses that didn’t adapt accordingly.

What is the 4th Industrial Revolution (4IR)?

In simpler terms, the 4th industrial revolution or Industry 4.0 is the fusion of our digital and physical world. In other words, the various branches of information technology i.e. robotics, IoT (internet of things), Big Data, AI (Artificial Technology), 3D modeling, VR (virtual reality), and quantum computing will merge to blur the boundaries of physical and digital realms.

This article will describe how this tide of innovation will shape the reality around us and the steps businesses can take to keep up with the 4th industrial revolution.

How can 4IR Impact the Future of Business?

The 4th industrial revolution is expected to revolutionize the way we live, work, or even interact with fellow human beings. This upcoming revolution will unfold at an unprecedented, whirlpool speed resulting in new results driven primarily by vast amounts of data. During the coming years, accelerated innovation in the field of information technology will completely change the course of production, endorsement, trading, and management within a company. So how will it impact the nature of business and the workforce responsible for running it?

What Steps Businesses can Take to Keep Up with 4IR?

So here are a few ways organizations can prepare themselves to safely ride the wave of the 4th industrial revolution:

Tailored Engagement

The physical retail world is set to shift completely online, generating massive amounts of data in the process. This coined with groundbreaking advancements in the fields of data science and artificial intelligence can allow businesses to communicate effectively with the consumers.

Experts can leverage information from past interactions with customers to identify their behavior and meet their expectations. Tailored engagement will be highly crucial in the future to stand above the competitors as customers will have tons of options at their disposal.

Data Protection

However, the accumulation of personal data by the companies raises serious concerns among the public regarding privacy protection and data integrity. Customers are now more concerned than ever regarding how companies are using their personal information.

Therefore, online retailers and businesses should devise the required strategies to address the rising fear among the masses regarding the protection and security of their data. 

Data Transparency

One of the ways customers can feel safe while sharing their information online is when companies offer complete transparency of how their data is used. Apart from offering tailored engagement for generating exceptional sales, companies should focus on building trust with their consumers.

In the words of Marc Benioff, CEO of Salesforce: “A trust revolution is needed if businesses are to fully embrace the potential of the Fourth industrial revolution”.

Digital Transformation

To match the fast-paced digital disruption of our physical world, businesses should proactively engage in developing a digital transformation strategy. Start by identifying the processes and practices that can be enhanced digitally. Then, optimize the workflow by using AI-powered automation tools for increased productivity.

The next step is to future-proof the workforce by recognizing the skill set that can help employees keep up with the digital revolution. Invest in their training to learn new tools and take advantage of groundbreaking technology. This is the only way to help the employees overcome the fear of job security.

Process Automation

With the emerging technologies, we are moving farther down the road to industry 4.0 that promises higher automation of manufacturing processes than the third revolution. The prime difference is that this wave offers automation of operations and management practices as well.

Robots and Machine Learning algorithms have been designed to carry out monotonous yet high-volume tasks. Thus, allowing workers to shift their focus towards more productive problem solving through critical thinking.

Choosing the Right Tools

This is a pivotal element while developing a successful digital transformation strategy. Consider the following factors when selecting digital tools for your business:

·         One-stop-solution

• Integration with the current software environment
• Cloud-based, centralized data management system
• Cyber- and malware-protected
• Allows optimized automation
• User-friendly interface
• Allows real-time processing of data

The 4th industrial revolution will pose unique opportunities and challenges for us both individually and socially. However, we humans still have the power to ensure that it benefits everyone by creating economic opportunities, providing training for new tools, and raising awareness about cyber protection.