Topic: BusinessIndustry

Last updated: January 1, 2020

The Fourth Industrial Revolution: what it means, how to respond
Everything we live in and for today is based on technology. Technological revolution has taken over the way we live, work and relate to one another. For this revolution to get where it is today it’s because:
? The First Industrial Revolution used water and steam power to mechanize production.
? The Second Industrial Revolution used electric power to create mass production
? The Third Industrial Revolution used electronics and technology to automate production
and now the Fourth Industrial Revolution is building on the third.
? Moreover, the Fourth Industrial Revolution is distinctively evolving at an exponential pace, and its disrupting every industry in every country and the depth and breadth of these changes proclaim the transformation of the entire systems of the production, management and governance.
Artificial Intelligence is all around us from the self-driving cars and drones to virtual assistants and that translate or invest.
Challenges and Opportunities
? The Fourth Industrial Revolution has the ability and potential to raise and grow the global income levels and yet improve the lives of the people around the world. Technological innovation will lead to a supply side-miracle, with long term gains in efficiency and productivity. The costs of transportation will decrease and the global supply chains will become more effective. Technology is one of the major reasons why income have stagnated or even decreased.
The Impact on the Business
? Fourth Industrial Revolution has a major impact on businesses. On the supply side, many industries sees the introduction of the new technologies quite destructive because they are therefore going to disrupt existing industry value chains. The fourth industrial revolution allows businesses to be transparent with consumer and try to adapt to the way they design, market and deliver products and services. Customers expectations should also be taken into account
The impact on Government
? This technology allows and enables citizens to engage with the government voice their opinions, coordinate their efforts and even circumvent the supervision of the public authorities.
The impact on People
? The fourth industrial revolution is changing who we actually are, it will somehow affect our identity and issues associated with the sense of privacy. Privacy will be the greatest challenge being posed by the new technology
Shaping the future
? It is often said that the world is in our hands, but clearly that seems to change its like the world is in the hands of technology. However us as human we have to shape the Industrial Revolution and direct it toward a future that reflect our common objectives and values


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