In light of the unique, amazing and thrilling nature of the Industrial Revolution, it isn't surprising that the world's greatest leaders had difficulty recognizing its impact. Every generation needs a new revolution.
And the truth of the Fourth Industrial Revolution has an aggressive pace, opposite to a linear pace rather. Revolution has always changed the world and disrupted it.
So, the Fourth Industrial Revolution is here to change the world and create the future. In no time, this global change took a stand-in in front of all the industry. Although many are scared that the revolution is so unique and amazing that it has the power to ‘robotize’ humans today.
The term “Fourth Industrial Revolution” was first coined by World Economic Forum chairman Klaus Schwab in 2016. It is often associated with Industry 4.0, which focuses on leveraging emerging technologies such as robotics, automation, and artificial intelligence (AI) to create new products and services.
However, this revolution can potentially change some human workers with robots or machines. This revolution has promised a digital transformation like none seen before, but it also brings immense risk if companies are not able to properly structure themselves for it.
Still, at the same time, it has the power to enable creativity, empathy, and new skills. It has the potential to lift humanity into new talent, possibilities and skills.
To learn more on this topic, read on below as we cover everything you need to know about the Fourth Industrial Revolution, its effects, and steps each one of us can take to thrive within such technological change.
What is the industrial revolution?
The Industrial Revolution, in modern history, was the process of change from an agricultural and handicraft economy to one dominated by business and machine manufacturing. These technological changes introduced novel ways of operating and living and transformed society.
This process began in Britain within the 18th century and from there unfold to alternative components of the world. Although used earlier by French writers, the term historic period was initially popularized by national economic historian Arnold Joseph Toynbee (1852–83) to explain Britain’s economic development from 1760 to 1840.
Since Toynbee’s time, the term has been more broadly applied as a process of economic transformation than as an amount of your time in a very specific setting. This explains why some areas, like China and India, failed to begin their initial industrial revolutions till the 20th century, whereas others, such as the U.S. and western Europe, began undergoing “second” industrial revolutions by the late 19th century.
Third Industrial Revolution in 1969, advances in computing led to machine programming, which opened the door to progressive automation.
What is the fourth industrial revolution?
The concept of the Fourth Industrial Revolution was founded in 2016 by Klaus Schwab, the founder of the World Economic Forum, in a book with a similar name. "The Fourth Industrial Revolution creates a world in which the emergence of virtual and physical systems, emergence of technology and manufacturing cooperate with each other in a flexible way at the global level".
The Fourth Industrial Revolution, however, is not only about new tech and connected machines and systems. Its scope is much wider than you think. Co-occurring are waves of further breakthroughs in areas ranging from gene sequencing to nanotechnology, from renewable energies to quantum computing technology.
In the Revolution, 4IR, or Industry 4.0, conceptualizes rapid change to new technology, industries, and societal patterns and processes in the 21st century due to the rise in interconnectivity and smart automation.
It is the fusion of these technologies and their interaction across the physical, digital and biological domains that make the Fourth Industrial Revolution fundamentally different from the previous three revolutions.
Respond to Fourth Industrial Revolution
Humans are responsible for their every path and development. Therefore, everyone is responsible for its evolution and making daily life decisions. Revolutions are always linked to people. It is the people who have the ultimate power to change things according to the changes in society.
Additionally, people can live by their values and culture. After all, that is what separates humans from animals, their willingness to act on their own whims. Adapting to the Fourth Industrial Revolution in an individualistic way is the best way to meet the challenges of the time.
This Revolution may have the huge potential to in a way ‘robotize’ nations across the globe. Still, it’s not the outcome completely, as long as people continuously educate themselves on various technologies and use imagination, understanding, and protection to create a better environment and a new and better collectiveness, based on a shared sense of destiny.
Global leaders are continually pointing out how people must develop skills in order to survive.
In today’s constantly changing world, only those who are well aware of changes can survive high-speed lines of revolution and get the most from it.
Therefore, education is the key to having a great and calm life and a peaceful business experience. Yet, it remains to see how the technology-driven world will develop in years to come and how it will affect the future and coming generations.
How will the Fourth Industrial Revolution affect the future of work?
The fourth industrial revolution will grow in technological advancements in the workplace, leading to continuous employee training to match the development of new machines. Workers have to constantly improve their skills and productivity.
From procurement to sales, the supply chain to telecommunications, the Fourth Industrial Revolution has helped reduce costs. Employees have become liberated from manual tasks to concentrate on higher problem-solving skills with digital technologies.
The 4th Industrial Revolution has impacted every industry with The Economist predicting that 55% of jobs are vulnerable to automation.
Employees collaborate with automation and artificial intelligence to get work done efficiently and innovatively. Digital tools can range from analytic software and chatbots to robotics with the power to learn and adapt using artificial intelligence, natural language processing and machine learning.
How will the Fourth Industrial Revolution affect business?
Fourth Industrial Revolution refers to “smart technology” and is connected to production systems designed, predict, and interact with the world to make real-time decisions that support production to selling products. Businesses have increased productivity, energy efficiency, and sustainability.
It also increases productivity by reducing downtime and maintenance costs.
Fourth Industrial Revolution an increase in production line availability by 5 to 15%. It can also give opportunities for energy saving and sustainability through optimisation.
The fourth industrial revolution brought artificial intelligence (AI), machine learning, virtual and augmented reality, 3D printing and the internet of things into reality, making entrepreneur life easier. Designer auto cars are a prime example of this new reality.
What should businesses do to future-proof their workforces?
Future-proof business is a kind of strategy that encourages sustainable models and plans to guarantee a company stays with the trend. It is important to know how to adapt, optimize, and plan for future events.
Customers care about the ethical sourcing of goods and a company’s efforts to combat climate change, and sustainable practices can also save your company energy and money in will help you to stay in the market business.
Automation is kind of appealing because it can save money and increase efficiency. However, many jobs still need a human touch, no matter what technological advancement brings comes in future. Know where you can save on costs and where you can maximize a workforce’s skills to stay current with new trends.
4th Industrial revolution impact on businesses
Fourth Industrial Revolution has increased human productivity and self-aware products that are capable of sharing information about their health, location, usage level, storage conditions, and many more. The data these smart products share can help you improve everything from product quality and customer service to logistics and R&D.
With new technologies like AI and automation augmenting, doing business has become easier. New roles and responsibilities also lead to more companies employing specialist contractors or remote workers. Due to new technology and changing demands, businesses are becoming more supportive of existing employees wanting to work remotely or have flexibility.
In what ways are technologies driving change?
The easiest way to understand the Fourth Industrial Revolution is to focus on the technologies driving it. These include the following industries that were affected by the industrial revolution
1) Artificial Intelligence
AI ( Artificial Intelligence) describes computers that can “think” like humans. They can recognize complex ways, process information, draw conclusions, and make recommendations for you. AI is used in many ways, from spotting patterns in huge piles of unstructured data to powering the autocorrect suggestion on your smart devices.
Blockchain is a secure, decentralised, and transparent way of recording and sharing data, without relying on third-party involution. The digital currency Bitcoin is the best and most popular blockchain application. However, the technology can be used in other ways, including making supply chains traceable, securing sensitive data anonymously, and combating voter fraud.
3) Faster Computer Processing
New technologies are making computers smarter. They enable computers to process massive amounts of data faster than ever before, while the advent of the cloud has let businesses safely store and access their information from anywhere with internet access.
Quantum computing technologies now in development will eventually make computers millions of times more powerful and smarter. These computers will have the potential to supercharge Artificial intelligence, create highly complex data models in seconds, and speed up the discovery of new materials.
4) Virtual Reality and Augmented Reality
VR offers enveloping digital experiences (using a VR headset) that simulate the real world, while augmented reality (AR) also merges the digital and physical worlds comes in a great example of 4ir technologies.
Biotechnology harnesses cellular and biomolecular methods to develop new technologies and products for various uses, including the development of new pharmaceuticals and materials, more efficient industrial manufacturing processes, and cleaner, more efficient energy sources.
Robotics refers to the design, creation, manufacture, and use of robots for personal and professional use. Today we see robot assistants in every home, technological advances have made robots increasingly complex and sophisticated. They are used in industries as wide-ranging as manufacturing, health and safety, and human assistance.
7) The Internet of Things
The IoT describes everyday products from medical wearables that monitor users’ physical condition to cars and tracking devices inserted into parcels connected to the internet and identifiable by other devices. Today businesses can collect customer data from constantly connected products, which lets them better gauge how customers use product marketing campaigns accordingly.
8) 3D printing
3D printing allows manufacturing businesses to print their parts with less tooling, at a lower cost, and faster than via traditional processes. Plus, designs can be customized to ensure a perfect fit according to need.
The Fourth Industrial Revolution is both inclusive and human-centred. This revolution is about much more than just technology; it is an opportunity to unite global communities, build sustainable economies, adapt and modernise, reduce material and social inequalities, and commit to values-based leadership of emerging technologies.
Therefore, the Fourth Industrial Revolution is not a prediction of the future but a call to action which took place. It is a vision for developing, empowering, collaborative, and sustainable foundation for social and economic development, built around shared values of the common good, and human dignity.
FAQ's on Fourth Industrial Revolution:
1. The steam engine
2. the age of science & mass production
3. The rise of digital technology
The Industrial Revolution shifted from an agrarian economy to a manufacturing economy where products were no longer made by personal hand but by machines.
The Industrial Revolution had many positive effects. Which were an increase in wealth, the production of goods, and the standard of living.