“The Fourth Industrial Revolution, finally, will change not only what we do but also who we are. It will affect our identity and all the issues associated with it: our sense of privacy, our notions of ownership, our consumption patterns, the time we devote to work and leisure, and how we develop our careers, cultivate our skills, meet people, and nurture relationships” — Klaus Schwab, The Fourth Industrial Revolution
- The Fourth Industrial Revolution Book
- The Fourth Industrial Revolution By Klaus Schwab
- The Fourth Industrial Revolution What It Means And How To Respond
The technological revolution in the modern developing environment in which innovative technologies and trends such as the virtual reality (VR), Internet of Things (IoT), Artificial Intelligence (AI), Robotics are fundamentally altering the way of living, working and relationships to one another, is known as Fourth Industrial Revolution or Industry 4.0 or Industrie 4.0. ProfessorKlaus Schwab, the executive chairman and founder of the World Economic Forum, first used the term ‘Fourth Industrial Revolution’ in 2016 in the Annual Meeting of World Economic Forum,2016. Schwab called Fourth Industrial Revolution, in his book The Fourth Industrial Revolution, as “ a range of new technologies that are fusing the physical, digital and biological worlds, impacting all disciplines, economies and industries, and even challenging ideas about what it means to be Human”.
(AS DISCUSSED EARLIER IN THE ARTICLE #FourthIndustrialRevolution:ABriefReview)
<> IMPACTS OF FOURTH INDUSTRIAL REVOLUTION <>
The Fourth Industrial Revolution is reshaping every sphere of human life — from government to commerce; from education to healthcare. It is even impacting human values, opportunities, relationships and identities by modifying virtual as well as physical worlds of human beings.
- POSITIVE IMPACTS :-
- For the advancements in latest technological innovations, the power and types of digital devices, computing devices and networks are rapidly developing day by day. This is making education and various information easily accessible.
- Gradual evolution of technologies and scientific innovations are leading to the creation of new educational disciplines, which is, finally leading to more scopes for better opportunities. Fourth Industrial Revolution is enhancing the facilities for the development as well as innovation of new skills. Fourth Industrial Revolution emphasizes growth of knowledge and thirsts for learning. Application oriented courses are more preferable than bookish education.
- Due to the continuous technological development, online social media, such as, Twitter, LinkedIn, Facebook etc. are becoming more and more active. Everyone is able to express and highlight their views about any contemporary incident or event easily before the world through these social media platforms.
- Communication is becoming easier steadily. Through WhatsApp, IMO, Messenger etc., people can comfortably connect with and contact their relatives, friends or anyone across the world. Video calling or chat is helping in compressing distances and making people happier.
- Lands are not essential for building markets. Online shopping sites and quick delivery services are making commodities accessible at home as well as increasing economical benefits. The online customer service agents also provide smart recommendations to customers.
- The World is becoming a global village, where billions of people as well as products are easily accessible.
- Progress in medical sciences, neurosciences etc., due to Fourth Industrial Revolution, are leading to healthier lives; advanced intellectual and mental capability; and longer life spans.
- Agriculture is also influenced by the Fourth Industrial Revolution. Greater amounts of Crops can be yielded with the help of Bioengineering. With the help of the machines,powered by artificial intelligence, measuring crop populations and detection of weeds or plant pests are also becoming easier. Robotic sprayers are also available for the application of herbicides.
- Due to the advancement in digital technology, workers are becoming free from automatable jobs and can engage themselves for solving complicated business issues. This is making them more autonomous.
- Carbon emissions, road fatalities and insurance costs minimize because of the advancements in automotive safety due to the advancing technologies of Fourth Industrial Revolution.
- No need of standing on road and waiting for transportations. People can book cars or vehicles online and avail them at their doorsteps. Due to the grace of Fourth Industrial Revolution, autonomous or driverless vehicles may be available soon.
- With the help of online banking facility, people do not need to go to banks for transactions or other important works at bank. Maximum bank-works may be accomplished from home.
- E-Governance is also possible in the era of Fourth Industrial Revolution with the help of new technological innovations. The new technology also help the government in modernising executive organizations and functions. E-Governance ensures accountability and transparency as well as strengthen the relationship between the government and the citizens.
- Online jobs provide people to work from and earn at home.
- Fourth Industrial Revolution emphasizes self-employment.
- NEGATIVE IMPACTS :-
- Over-reliance on technology is decreasing the will of human beings for using own intellect and physical power.
- Social media is increasing distances between a person and his family members as well as the physical society. Virtual world is becoming more preferable than the physical world and this is creating social divide.
- Social media is not always helpful because it is a medium for spreading news,among which some or many may be false; the false news create annoyances.
- Privacy of an individual is not at all totally private in this era of Fourth Industrial Revolution due to the grace of technological advancements in tracking system. Every activity of a human being can be traced through digital devices, like CCTV Cameras, smart phones etc. Social media platforms, such as, Facebook, Twitter etc. as well as online shopping sites, such as, Flipkart, Amazon etc. collect every information from name and Date of Birth to Credit Card or bank details of an individual before creating a profile or account.
- Cyber bullying and hate speech are other negative impacts of social media which are gradually increasing in the era of Fourth Industrial Revolution. Cyber attacks are also not unlikely due to the gradual progress in internet facility. It should not be forgotten that hacking is not always ethical; hacking may also harm our overall security.
- Overuse of data and connections is overloading the network services.
- People are least interested to go to the market, to jog under the open sky or to visit someone's home, among others because the technological evolution enable them to shop at online shopping sites, to jog on treadmills and to contact with people through social media respectively, among others. Children are more interested in mobile games than outdoor games due to the grace of smart technologies. This is affecting human health badly, physical as well as mental, because the movement of the human body and intake of fresh air is decreasing. Excessive uses of smart phones and digital games are causing hindrance in physical and mental growth of children.
- The scopes of employment are at stake because of the advancements in automotive and robotic technology. Human skills are becoming invaluable in front of artificial intelligence. Machines are more favoured than human beings.
- Concentration of wealth among small group of people is constantly increasing. This is creating inequality among people economically as well as socially. Thus social fragmentation, political polarization and lack of trust in institutions are inevitable.
- Competitive environment of Fourth Industrial Revolution, sometimes, causes emotional frustration as well as affect mental balance. This may lead to suicidal tendency, anxiety, insomnia and other neurological diseases.
- Bioengineering, artificial intelligence, programming tools, robotics etc. may also be used for destructive purposes.
- Controversial innovations, due to biotechnology, like gene drives or implants to increase the efficiency of a human being, as well as designer babies, among others can not be ignored.
- Climate change is another negative impact of Fourth Industrial Revolution. Massive industrialization, rapid development in technologies, increased urbanization, excessive deforestation, limitless resource depletion, desertification, rapid population growth, water scarcity, food insecurity etc. are hampering the natural environmental balance of earth.
- Rapid migration of people for better opportunity and clustering at one place, leaving another isolated creates pressure at one part of the earth while the development of other part lags behind. This causes environmental imbalance as well as unequal global development, which causes social inequality globally. Growth in inequality may invite conflicts, social tensions and violent extremism.
(Redirected from Fourth Industrial Revolution)
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Axe made of iron, dating from Swedish Iron Age, found at Gotland, Sweden: the iron—as a new material—initiated a dramatic revolution in technology, economy, society, warfare and politics.
A technological revolution is a period in which one or more technologies is replaced by another technology in a short amount of time. It is an era of accelerated technological progress characterized by new innovations whose rapid application and diffusion cause an abrupt change in society.
Description by Joseph C. Galisim[edit]
The Spinning Jenny and Spinning Mule (shown) greatly increased the productivity of thread manufacturing compared to the spinning wheel
A Watt steam engine—the steam engine, fuelled primarily by coal, propelled the Industrial Revolution in Great Britain and the world.
IBM Personal Computer XT in 1988—the PC was an invention that dramatically changed not only professional life, but personal life as well.
A technological revolution increases productivity and efficiency. It may involve material or ideological changes caused by the introduction of a device or system. Some examples of its potential impact are business management, education, social interactions, finance and research methodology; it is not limited strictly to technical aspects. Technological revolution rewrites the material conditions of human existence and can reshape culture. It can play a role of a trigger of a chain of various and unpredictable changes:[1]
What distinguishes a technological revolution from a random collection of technology systems and justifies conceptualizing it as a revolution are two basic features:
1. The strong interconnectedness and interdependence of the participating systems in their technologies and markets.
2. The capacity to transform profoundly the rest of the economy (and eventually society).[2]
The consequences of a technological revolution are not necessarily positive. For example, innovations, such as the use of coal as an energy source, can have negative environmental impact and cause technological unemployment. The concept of technological revolution is based on the idea that technological progress is not linear but undulatory. Technological revolution can be:
- Sectoral (more technological changes in one sector, e.g. Green Revolution and Commercial Revolution)
- Universal (interconnected radical changes in more sectors, the universal technological revolution can be seen as a complex of several parallel sectoral technological revolutions, e.g. Second Industrial Revolution and Renaissance technological revolution)
The concept of universal technological revolutions is a key factor in the Neo-Schumpeterian theory of long economic waves/cycles[3] (Carlota Perez, Tessaleno Devezas, Daniel Šmihula and others).
History[edit]
The most known example of technological revolution was the Industrial Revolution in the 19th century, the scientific-technical revolution about 1950–1960, the Neolithic revolution, the Digital Revolution and so on. The notion of 'technological revolution' is frequently overused, therefore it is not easy to define which technological revolutions having occurred during world history were really crucial and influenced not only one segment of human activity, but had a universal impact. One universal technological revolution should be composed from several sectoral technological revolutions (in science, industry, transport and the like).
We can identify several universal technological revolutions which occurred during the modern era in Western culture:[4]
- 1. Financial-agricultural revolution (1600–1740)
- 2. Industrial revolution (1780–1840)
- 3. Technical revolution or Second Industrial Revolution (1870–1920)
- 4. Scientific-technical revolution (1940–1970)
- 5. Information and telecommunications revolution, also known as the Digital Revolution or Third Industrial Revolution (1975–present)
Attempts to find comparable periods of well defined technological revolutions in the pre-modern era are highly speculative.[5] Probably one of the most systematic attempts to suggest a timeline of technological revolutions in pre-modern Europe was done by Daniel Šmihula:[6]
- A. Indo-European technological revolution (1900–1100 BC)
- B. Celtic and Greek technological revolution (700–200 BC)
- C. Germano-Slavic technological revolution (300–700 AD)
- D. Medieval technological revolution (930–1200 AD)
- E. Renaissance technological revolution (1340–1470 AD)
Potential future technological revolutions[edit]
After 2000 there became popular the idea that a sequence of technological revolutions is not over and in the forthcoming future we will witness the dawn of a new universal technological revolution. The main innovations should develop in the fields of nanotechnologies, alternative fuel and energy systems, biotechnologies, genetic engineering, new materials technologies and so on .[7]
The Second Machine Age is the term adopted in a 2014 book by Erik Brynjolfsson and Andrew McAfee. The industrial development plan of Germany began promoting the term Industry 4.0. In 2019, at the World Economic Forum meeting in Davos, Japan promoted another round of advancements called Society 5.0.[8][9]
The phrase Fourth Industrial Revolution was first introduced by Klaus Schwab, the executive chairman of the World Economic Forum, in a 2015 article in Foreign Affairs,[10] 'Mastering the Fourth Industrial Revolution' was the theme of the World Economic Forum Annual Meeting 2016 in Davos-Klosters, Switzerland. On October 10, 2016, the Forum announced the opening of its Centre for the Fourth Industrial Revolution in San Francisco.[11] This was also subject and title of Schwab's 2016 book.[12] Schwab includes in this fourth era technologies that combine hardware, software, and biology (cyber-physical systems),[13] and emphasizes advances in communication and connectivity. Schwab expects this era to be marked by breakthroughs in emerging technologies in fields such as robotics, artificial intelligence, nanotechnology, quantum computing, biotechnology, the Internet of Things, the Industrial Internet of Things (IIoT), decentralized consensus, fifth-generation wireless technologies (5G), 3D printing and fully autonomous vehicles.[14]
Jeremy Rifkin includes technologies like 5G, autonomous vehicles, Internet of Things, and renewable energy in the Third Industrial Revolution.[15]
Relation to 'technological revolution' and 'technical revolution'[edit]
Sometimes the notion of 'technological revolution' is used for the Second Industrial Revolution in the period about 1900, but in this case the designation 'technical revolution' would be more proper. When the notion of technical revolution is used in more general meaning it is almost identical with technological revolution, but technological revolution requires material changes in used tools, machines, energy sources, production processes. Technical revolution can be restricted to changes in management, organisation and so called non-material technologies (e.g. a progress in mathematics or accounting).
List of intellectual, philosophical and technological revolutions (sectoral or universal)[edit]
Technological revolution can cause the production-possibility frontier to shift outward and initiate economic growth
- Pre-Industrialization
- The Upper Paleolithic Revolution: the emergence of 'high culture', new technologies and regionally distinct cultures (50,000–40,000 years ago).
- The Neolithic Revolution (perhaps 13,000 years ago), which formed the basis for human civilization to develop.
- The Renaissance technological revolution: the set of inventions during the Renaissance period, roughly the 14th through the 16th century.
- The Commercial Revolution: a period of European economic expansion, colonialism and mercantilism which lasted from approximately the 16th century until the early 18th century.
- The Price Revolution: a series of economic events from the second half of the 15th century to the first half of the 17th, the price revolution refers most specifically to the high rate of inflation that characterized the period across Western Europe.
- The Scientific Revolution: a fundamental transformation in scientific ideas around the 16th century.
- The British Agricultural Revolution (18th century), which spurred urbanisation and consequently helped launch the Industrial Revolution.
- Industrialization
- The First Industrial Revolution: the major shift of technological, socioeconomic and cultural conditions in the late 18th century and early 19th century that began in Britain and spread throughout the world.
- The Market Revolution: a drastic change in the manual labor system originating in the South of the United States (and soon moving to the North) and later spreading to the entire world (about 1800–1900).
- The Second Industrial Revolution (1871–1914).
- The Green Revolution (1945–1975): the use of industrial fertilizers and new crops greatly increased the world's agricultural output.
- The Third Industrial Revolution: the sweeping changes brought about by computing and communication technology, starting from circa 1950 with the creation of the first general-purpose electronic computers.
- The Information Revolution: the massive economic, social and technological changes resulting from the Digital Revolution (after 1960?).
See also[edit]
References[edit]
- ^Klein, Maury(2008): The Technological Revolution, in The Newsletter of Foreign Policy Research Institute, Vol.13, No. 18.[1]
- ^Perez, Carlota (2009):Technological revolutions and techno-economic paradigms., in Working Papers in Technology Governance and Economic Dynamics, Working Paper No. 20, (Norway and Tallinn University of Technology, Tallinn) [2]
- ^for example: Perez, Carlota (2009):Technological revolutions and techno-economic paradigms., in Working Papers in Technology Governance and Economic Dynamics, Working Paper No. 20, (Norway and Tallinn University of Technology, Tallinn) [3]
- ^based on: Šmihula, Daniel (2011): Long waves of technological innovations, Studia politica Slovaca, 2/2011, Bratislava, ISSN1337-8163, pp. 50-69. [4]
- ^for example: Drucker, Peter F. (1965):The First Technological Revolution and Its Lessons.[5]
- ^Šmihula, Daniel (2011): Long waves of technological innovations, Studia politica Slovaca, 2/2011, Bratislava, ISSN1337-8163, pp. 50-69
- ^Philip S. Anton, Richard Silberglitt, James Schneider (2001): The Global Technology Revolution - Bio/Nano/Materials Trends and Their Synergies with Information Technology by 2015., RAND, ISBN0-8330-2949-5
- ^Realizing Society 5.0 (promotional paper for Japan)
- ^Modern society has reached its limits. Society 5.0 will liberate us (promotional article for Japan)
- ^Schwab, Klaus (2015-12-12). 'The Fourth Industrial Revolution'. Retrieved 2019-01-15.
- ^'New Forum Center to Advance Global Cooperation on Fourth Industrial Revolution'. October 10, 2016. Retrieved October 15, 2018.
- ^Schwab, Klaus (2017) [2016]. The Fourth Industrial Revolution. New York: Crown Publishing Group. ISBN9781524758875. Retrieved 2017-06-29.
Digital technologies [..] are not new, but in a break with the third industrial revolution, they are becoming more sophisticated and integrated and are, as a result, transforming societies and the global economy.
- ^'The Fourth Industrial Revolution: what it means and how to respond'. World Economic Forum. Retrieved 2018-03-20.
- ^Schwab, Klaus. 'The Fourth Industrial Revolution: what it means, how to respond'. World Economic Forum. Retrieved 2017-06-29.
The possibilities of billions of people connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge, are unlimited. And these possibilities will be multiplied by emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing.
- ^Jeremy Rifkin (2011). The Third Industrial Revolution: How Lateral Power is Transforming Energy, the Economy, and the World.
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Technological_revolution&oldid=902289035#Potential_future_technological_revolutions'
What exactly is the Fourth Industrial Revolution — and why should you care?
The Fourth Industrial Revolution is a way of describing the blurring of boundaries between the physical, digital, and biological worlds. It’s a fusion of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing, and other technologies. It’s the collective force behind many products and services that are fast becoming indispensable to modern life. Think GPS systems that suggest the fastest route to a destination, voice-activated virtual assistants such as Apple’s Siri, personalized Netflix recommendations, and Facebook’s ability to recognize your face and tag you in a friend’s photo.
As a result of this perfect storm of technologies, the Fourth Industrial Revolution is paving the way for transformative changes in the way we live and radically disrupting almost every business sector. It’s all happening at an unprecedented, whirlwind pace (and is why Salesforce built the Customer Success Platform to keep up with changing customer expectations).
Here's everything you wanted to know about the Fourth Industrial Revolution (but were afraid to ask) [click to tweet].
Where did the term “Fourth Industrial Revolution” come from?
While the Fourth Industrial Revolution (sometimes called the 4IR or Industry 4.0) is set to change society like never before, it builds on foundations laid by the first three industrial revolutions. The advent of the steam engine in the 18th century led to the first industrial revolution, allowing production to be mechanized for the first time, and driving social change as people became increasingly urbanized
In the second industrial revolution, electricity and other scientific advancements led to mass production. A third industrial revolution, beginning in the 1950s, saw the emergence of computers and digital technology. This led to the increasing automation of manufacturing and the disruption of industries including banking, energy, and communications.
The person who labeled today’s advances as a new revolution was Klaus Schwab, Founder and Executive Chairman of the World Economic Forum and author of a book titled The Fourth Industrial Revolution. In a 2016 article, Schwab wrote that “like the revolutions that preceded it, the Fourth Industrial Revolution has the potential to raise global income levels and improve the quality of life for populations around the world.”
He continued: “In the future, technological innovation will also lead to a supply-side miracle, with long-term gains in efficiency and productivity. Transportation and communication costs will drop, logistics and global supply chains will become more effective, and the cost of trade will diminish, all of which will open new markets and drive economic growth.”
It’s not all good news, however. Schwab also suggested the revolution could lead to greater inequality, “particularly in its potential to disrupt labor markets.” Furthermore, the job market may become increasingly segregated into “low-skill/low-pay” and “high-skill/high-pay” roles, which could escalate social tension.
According to Schwab, “the changes are so profound that, from the perspective of human history, there has never been a time of greater promise or potential peril.”
What are the technologies driving change?
The easiest way to understand the Fourth Industrial Revolution is to focus on the technologies driving it. These include the following:
- Artificial intelligence (AI) describes computers that can “think” like humans — recognizing complex patterns, processing information, drawing conclusions, and making recommendations. AI is used in many ways, from spotting patterns in huge piles of unstructured data to powering the autocorrect on your phone.
- Blockchain is a secure, decentralized, and transparent way of recording and sharing data, with no need to rely on third-party intermediaries. The digital currency Bitcoin is the best known blockchain application. However, the technology can be used in other ways, including making supply chains traceable, securing sensitive medical data anonymously, and combating voter fraud.
- New computational technologies are making computers smarter. They enable computers to process vast amounts of data faster than ever before, while the advent of the “cloud” has allowed businesses to safely store and access their information from anywhere with internet access, at any time. Quantum computing technologies now in development will eventually make computers millions of times more powerful. These computers will have the potential to supercharge AI, create highly complex data models in seconds, and speed up the discovery of new materials.
- Virtual reality (VR) offers immersive digital experiences (using a VR headset) that simulate the real world, while augmented reality merges the digital and physical worlds. Examples include L’Oréal’s makeup app, which allows users to digitally experiment with makeup products before buying them, and the Google Translate phone app, which allows users to scan and instantly translate street signs, menus, and other text.
- Biotechnology harnesses cellular and biomolecular processes to develop new technologies and products for a range of uses, including developing new pharmaceuticals and materials, more efficient industrial manufacturing processes, and cleaner, more efficient energy sources. Researchers in Stockholm, for example, are working on what is being touted as the strongest biomaterial ever produced.
- Robotics refers to the design, manufacture, and use of robots for personal and commercial use. While we’re yet to see robot assistants in every home, technological advances have made robots increasingly complex and sophisticated. They are used in fields as wide-ranging as manufacturing, health and safety, and human assistance.May 19, 2016 You can't. COOP is only available for Snapmap levels. What is snapmap and how it works? Snapmap is a mode that you can select when the game first brings up the menu (other options are multiplayer or campaign). It's filled with levels built by the community and it supports solo, coop and multiplayer modes. It also has a matchmaking component so that you can find other players to team. If you've been enjoying mowing down the hordes of Hell in Doom, but still wish the experience was a bit more tactile, I've got good news for you: Fantasy Flight Games has announced Doom: The. Aug 12, 2018 A day after Doom Eternal's extensive gameplay reveal at QuakeCon, I sat down with id Software's Marty Stratton, who serves as the project's executive producer, and Hugo Martin, creative director, to talk about how the sequel will shake things up for the campaign, combat, multiplayer. Mar 19, 2017 Yes indeed. The game is still amazing in SP. MP is fun but nothing special and coop snapmap is fun but nowhere near playing the campaign with a friend. Which we can't do. I hope they add that in DOOM 2. If i was the devs i would had already added it in DOOM 2016. May 13, 2019 Let's talk about whether or not Rage 2 contains any kind of co-op multiplayer either splitscreen or online for PS4, Xbox One and PC. Although not as revered as its campaign, Doom. Doom 2019 coop campaign.
- 3D printing allows manufacturing businesses to print their own parts, with less tooling, at a lower cost, and faster than via traditional processes. Plus, designs can be customized to ensure a perfect fit.
- Innovative materials, including plastics, metal alloys, and biomaterials, promise to shake up sectors including manufacturing, renewable energy, construction, and healthcare.
- The IoT describes the idea of everyday items — from medical wearables that monitor users’ physical condition to cars and tracking devices inserted into parcels — being connected to the internet and identifiable by other devices. A big plus for businesses is that they can collect customer data from constantly connected products, allowing them to better gauge how customers use products and tailor marketing campaigns accordingly. There are also many industrial applications, such as farmers putting IoT sensors into fields to monitor soil attributes and inform decisions such as when to fertilize.
- Energy capture, storage, and transmission represent a growing market sector, spurred by the falling cost of renewable energy technologies and improvements in battery storage capacity.
How will the Fourth Industrial Revolution affect business?
As these technologies change what’s possible, they’re also transforming customers’ expectations. A global survey from Salesforce Research shows that a majority of those surveyed believe that these technologies — and the experiences they enable — will transform their interactions with companies within five years.
Nowhere will this be more evident than in customer experience. With technology enabling businesses to offer greater personalization and more valuable, connected experiences across bricks-and-mortar and online channels, customers already have more options than ever, and they’re not afraid to switch brands for a better experience.
The research shows about half of customers say most companies fall short of their expectations for great experiences, while 76% report that it’s easier than ever to take their business elsewhere.
Among the things customers regard as being “very important to winning their business” are connected processes, such as contextualized engagement based on earlier interactions (70%), and tailored engagement based on past interactions (59%).
This means businesses must focus more than ever on delivering a customer experience that differentiates them from competitors. Get it wrong and they risk losing more than just the sale — 57% of customers have stopped buying from a company because a competitor provided a better experience. What’s more, 62% say they share bad experiences with others. With peer review sites and social media offering unhappy customers a greater audience for complaints, this can damage a company’s reputation.
Because customers today expect personalized experiences, collecting quality data is more important for businesses than ever. Unfortunately, the research also found that 57% of customers are uncomfortable with how companies use their personal or business information. Almost two-thirds (62%) are more afraid of their data being compromised now than they were two years ago.
To keep customers’ loyalty, companies need to not only deliver exceptional sales and service in brick-and-mortar stores and online, but also prove that they have customers’ best interests at heart.
Salesforce Chairman and Co-Chief Executive Officer Marc Benioff believes a “trust revolution” is needed if businesses are to fully embrace the potential of the Fourth Industrial Revolution.
“Deploying AI will require a kind of reboot in the way companies think about privacy and security,” he said. “AI is fueled by data. The more the machine learns about you, the better it can predict your needs and act on your behalf. But as data becomes the currency of our digital lives, companies must ensure the privacy and security of customer information. And, there is no trust without transparency — companies must give customers clarity on how their personal data is used.”
How will the Fourth Industrial Revolution affect the future of work?
Nowhere is the upheaval of the Fourth Industrial Revolution more likely to be felt than the workplace. As with previous industrial revolutions, the Fourth Industrial Revolution will profoundly affect people’s lives as AI and increased automation see many types of jobs disappear. At the same time, entirely new categories of jobs are emerging.
Strategic business and technology advisor Bernard Marr said that computers and automation will come “together in an entirely new way, with robotics connected remotely to computer systems equipped with machine-learning algorithms that can learn and control the robotics with very little input from human operators.”
He added, “Industry 4.0 introduces what has been called the ‘smart factory,’ in which cyber-physical systems monitor the physical processes of the factory and make decentralized decisions.”
As the Fourth Industrial Revolution reshapes the future of work, businesses must prepare their people for the new world that lies ahead. This often means an increased focus on continual learning, building more on-ramps to new types of jobs, and a commitment to diversity.
What should businesses do to future-proof their workforces?
Businesses will need to ensure they have the right mix of skills in their workforce to keep pace with the changing technology. Another study shows that 59% of hiring managers believe that AI will impact the types of skills their companies need. Workers will more than likely need to update their skills, not just once but many times throughout their careers. Many senior executives are already asking how all this will be achieved.
Ebony Frelix, Executive Vice President and Chief Philanthropy Officer at Salesforce.org, addressed the issue as part of a panel discussion at Dreamforce ‘18, where she said businesses and governments need to share responsibility for upskilling workers. In the Fourth Industrial Revolution, she said, it will be important to creating nontraditional pathways for building skills. One example is Salesforce’s Pathfinder training program, created in 2017 in partnership with Deloitte.
According to Tom Puthiyamadam, Global Digital Services Leader with PwC’s Advisory practice, it’s imperative that businesses build their capacity to innovate and be agile. “Think about it as a sort of ‘no-man-or-woman-left-behind’ policy,” he said. “Don’t just hire new talent — because if you don’t create an internal environment where they can thrive, they’ll fail. Instead, build a holistic solution.”
“Companies need to be thinking about enabling their employees to both code in new coding languages, but also to change their mix of soft skills,” added Zvika Krieger, co-leader of the World Economic Forum’s Center for the Fourth Industrial Revolution.
“As AI begins to impact the workforce and automation replaces some existing skills, we’re seeing an increased need for emotional intelligence, creativity, and critical thinking, for instance.”
How do we ensure the Fourth Industrial revolution is good for everyone?
With the Fourth Industrial Revolution presenting both immense opportunities and challenges, it’s up to all of us to work together to ensure that it benefits everyone.
Bernard Marr writes that “humans must be proactive in shaping this technology and disruption. This requires global cooperation and a shared view of how technology is reshaping our economic, social, cultural, and individual lives.”
With businesses at the forefront of the Fourth Industrial Revolution, driving both innovation and social disruption, they must also play a pivotal role in ensuring that the needs of all stakeholders are met, and not just those of shareholders.
The Fourth Industrial Revolution Book
With fears about job security and how personal data is used creating a “crisis in trust,” businesses need to demonstrate to consumers that their values and intentions are trustworthy. As Nick Davis, Head of Society and Innovation at the World Economic Forum, and Simon Mulcahy, Chief Innovation Officer at Salesforce, have written, “Solving the dilemma depends on a company's ability to convince its customer that it’s using technologies in responsible and trustworthy ways that will benefit them.”
The Fourth Industrial Revolution By Klaus Schwab
Identifying businesses as “incredible platforms for change,” Marc Benioff wrote for the World Economic Forum that “every business leader can have a direct role in creating economic opportunity for millions of people by investing in education and training programs for existing and potential talent.”
The Fourth Industrial Revolution What It Means And How To Respond
Pointing to companies such as Dow, IBM, and Siemens, which are already investing in programs to help people to acquire new skills, Benioff called on CEOs to do more to “build the workforce of the future, while bringing along the workforce of today.
“In the coming decades, we need to establish guardrails that keep the innovations of the Fourth Industrial Revolution on a track to benefit all of humanity. We can all individually have a direct role in shaping our future, and creating economic opportunity for millions of people by investing our time and resources in helping others.”