by Norman Halls, contributor
Predicting the future requires arrogance, and it should therefore be met with some skepticism. But, future technologies will alter the business, some truly do have the potential to disrupt the status quo, alter the way people live and work. Businesses, higher education, education and educators should look ahead to the possible trends that will unfold in the coming years and the 4th industrial revolution.
The industrialization of the world began in the late 18th century with the advent of steam power and the invention of the power loom, radically changing how goods were manufactured. A century later, electricity and assembly lines made mass production possible. In the 1970s, the third industrial revolution began when advances in computing-powered automation enabled us to program machines and networks. “Today, a fourth industrial revolution is transforming economies, jobs, and even society itself. Under the broad title Industry 4.0, many physical and digital technologies are combining through analytics, artificial intelligence, cognitive technologies, and the Internet of Things (IoT) to create digital enterprises that are both interconnected and capable of more informed decision-making. Digital enterprises can communicate, analyze, and use data to drive intelligent action in the physical world. In short, this revolution is embedding smart, connected technology not only within organizations, but also our daily lives. So how prepared are organizations and leaders to embrace this revolution?” wrote Punit Renjen– Deloitte Review
The global economy is undergoing massive disruption. This “Fourth Industrial Revolution” brings us a world of cyber-physical systems, characterized by the merging of physical, digital, and biological realms in profound ways. Artificial intelligence (AI) serves as the primary catalyst of this transformation. Thus, companies need a deep understanding of technological trends. And any organization that aims to succeed in this new era of continuously accelerating change will need to significantly adjust its approach to business. This is the first in a series of articles analyzing the impact of this coming wave of technology advancements on today’s industry sectors. The intent is to support much-needed dialogue in the business world about this fundamental evolution and getting ready.
Landline telephones took more than fifty years to be adopted broadly – but mobile technology took only ten years to become mainstream. It wasn’t so long ago that cellular networks were exciting high-growth businesses, billing each call by the minute – but now mobile operators offer fixed-rate monthly 4G plans with unlimited calling, leaving little room for differentiation. Along the way, once-prominent devices from Nokia and Blackberry have been replaced almost entirely by iPhone and Android smartphones, in just a few short years. In fact, today we don’t even need a phone to communicate with another person, no matter where in the world they are – we can video-chat for free from any Internet-connected computer. These are just a few examples of the accelerating rate of technological change. New products in many other industries are also finding faster adoption and becoming commoditized much more rapidly. The whole industry evolution timeframe from growth to decline is getting shorter and shorter. Why is this happening? “The explanation lies in the exponential nature of technology advancements, and their continuously accelerating rate of change. A huge wave of emerging technologies is coming straight at us – Artificial Intelligence, Robotics, Virtual Reality, Nanotechnology, 3D Printing to just name a few. In fact, many of these technologies are integrating with one another, combining to deliver even higher value than they could on their own.” Wrote Andy Zhulenev of Innovation
As in the ones that went before, the fourth industrial revolution will impact us in much more extensive ways and from various perspectives, not only from a technological and economical standpoint, but also biologically and ethically.
The German economist and professor, Klaus Schwab, who is also the executive chairman and founder of the World Economic Forum and a leading authority on the subject for almost forty years, says that this new industrial revolution is evolving with much greater speed, affecting many countries, economies and industries around the world, necessitating a complete overhaul of existing processes and systems. The 4th revolution will fuse ubiquitous computing, AI, unmanned systems, synthetic biology and 3D/4D printing technology and will lead to a culmination of physical, digital and biological paradigms, completely changing the societal fabric of our times in ways that were previously unthinkable. In his book, The Fourth Industrial Revolution, Schwab mentions the rewards as well as the challenges we face while we enter yet another era of rapid technological advancement. According to Schwab, the evidence for this impending fourth revolution is velocity, breadth and depth and systems impact.
Compared to the first, second and third industrial revolutions, the fourth one evolves at an exponential, instead of linear rate. The reason for this is that we live in an increasingly interconnected and multifaceted world and because new technological developments lead to continuously improving and newer technology.
