Humanity is at the cusp of the fourth industrial revolution or Industrial Revolution 4.0. A conglomerate of digitalization and automation attributable to high advances in Artificial Intelligence (A.I.) technology. The advent of the fourth industrial revolution is the result of the third industrial revolution, which brought the internet era and the onset of the World Wide Web(www). The fourth one builds on that technology and seeks to blur the lines between physical, digital, and bionic spheres.
The first industrial revolution occurred when man used water and steam to power production. The second revolution began with the use of electric power to create mass production. The third brought the internet and the digital era. The fourth builds on the technologies which have churned out of the third revolution- the internet and artificial intelligence.
Challenges and Opportunities Related To Fourth Industrial Revolution
Artificial Intelligence (A.I.) is undoubtedly at the forefront of the fourth revolution. It is a technology that exists in the market, even today, to a certain degree and is already disrupting almost every industry that we know. Automated cars, hydraulic systems, navigations, and numerous other software have integrated A.I. into their workings in order to provide a customized experience to its users. Engineers, designers, and architects are combining computerized designing, automated manufacturing, material engineering, and synthetic biological processes to pioneer a symbiotic relationship between microorganisms, our bodies, the products we consume, and the buildings that we inhabit.
Deloitte’s Global third annual survey
In Deloitte’s Global third annual survey of around 2,000 executives across 19 countries, industry leaders were examined on the intersection of readiness and responsibility to see how they were balancing the transition to Industry 4.0—capitalizing on advanced technologies to help propel their businesses forward while acting in more socially responsible ways, particularly in the area of environmental stewardship.
Seven out of ten executives said that they believe that long-term business success requires integrating Industry 4.0 technologies into their operations. But even more—nine in 10—expect climate change to have a negative impact on their organizations. That is a reminder that the Fourth Industrial Revolution isn’t the only colossal challenge weighing on the minds of industry leaders—and those other looming concerns could radically alter how businesses adapt their strategies and activities in the future.
Aligning business strategy with Industry 4.0 technology
There is a clear correlation between having Industry 4.0 woven throughout one’s strategy and the belief that A.I., cloud computing, and big data analytics will have a profound impact on any organization. Research shows that many of those organizations that are implementing an Industry 4.0-driven strategy tend to turn to technologies such as A.I., cloud computing, and analytics as the foundations to connect their organizations and start generating data to analyze, act upon, and begin to learn from to anticipate future scenarios and shifts better.
Responsibility needs to be assumed as we move into the Fourth Industrial Revolution 4.0
The speed of technological advancements has no historical precedent. Compared with previous revolutions, the Fourth is evolving exponentially. Moreover, it is impacting almost every sector worldwide. The breadth and depth of these changes herald the transformation of entire production systems, management, and governance.
Some have argued that corporations should strive for profits above all else, that increasing shareholders’ value is a company’s sole reason for being. But as transition to Industry 4.0 continues, more business leaders are starting to see a bigger picture—and an immense responsibility. Building on last generation’s corporate social responsibility (CSR) movement, a new form of movement seems to be brewing, one that considers a broader group of stakeholders and measures societal and environmental impact alongside financial performance.