The Fourth Industrial Revolution (or Industry 4.0) is here, and it’s making many executives apprehensive and worried about being left behind. Here’s why you shouldn’t be.
1. It’s a group effort.
While businesses do need to make movements towards innovation and new technology to not become outdated, this should be a constant process of digitaliization. Digital transformation is not a finite process, and it allows you to stay ahead of your industry and set yourself apart.
However, it’s not all on your shoulders. Luckily, there are many different companies preparing themselves for the Fourth Industrial Revolution, and you won’t be left behind. In fact, the World Economic Forum and McKinsey & Company have recently explored the concept of ‘lighthouses’ – factories and sites that integrate new technology and early adoption into their factory processes.
They’ve also established the Global Lighthouse Network, which includes these such factories in a comprehensive knowledge-sharing network. Among these are factories such as POSCO (Korea), Nokia (Finland) and Zymergen (USA).
2. The Fourth Industrial Revolution might be here – but only in its early stages.
The Fourth Industrial Revolution is only just beginning, so you don’t need to be too worried about missing out just yet. Early adopters are blazing the way for the Fourth Industrial Revolution and the advent of new technology.
There is time for other businesses to catch up – as long as they act soon.
3. The Fourth Industrial Revolution is about more than just new technology.
The Fourth Industrial Revolution is the future of work. It will require a new way of life, too (which some coin ‘Society 4.0’). The sheer digital disruption that will be caused by Industry 4.0 will change the way we interact with one another – and the way we interact with the workplace.
The way we work will change. Work will become more flexible, digital, problem-solving based and integrated.
4. It will be safer and more secure.
Industry 4.0 won’t compromise the safety of our digital systems. In fact, it will optimize their security through secure and safer technology, backed by innovations such as AI, blockchain technology and even, potentially, quantum computing.
These technologies can make our data safer and more secure, and affect the way we interact with it.
5. Despite the tech, it’s about humans.
The Fourth Industrial revolution is inherently human-oriented, despite the prevalence of technology such as artificial intelligence and automation – so, basically, robots.
We will likely have a combined workforce which integrates both robot and human.
It will be personal, creative and, above all, productive. This will allow both companies and workers to make profit out of more flexibility and creativity in the workplace. It will also make our jobs easier and allow us to focus on the less manual, more thought-intensive aspects of our work.