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4IR and Its Impact on Economy

Table of Contents

1.Meaning of the fourth industrial revolution or “Industry 4.0

1.1 Brief History of Industrial Revolution

2.Impact of Economy

Impact on Current and Future Business

A New Normal

References

Meaning of The Fourth Industrial Revolution or “Industry 4.0:

The Fourth Industrial Revolution is the source of a new-fangled revolution, a concoction of cutting-edge technologies, structure, system and strategies that assimilate and accelerate the transition of edging to mediaeval culture to the new modernized culture. In 2016, Klaus Schwab has named the term, “The 4IR” where he identifies it as amalgamation among corporal & biotic ecospheres.

1.1 Brief History:

During 18th Century, with the invention of steam engine, the 1st Industrial revolution happened. Around 1870, second Industrial revolution has made significant development in electricity, nuclear gas, power production and Oil. Around 1969, the third revolution commenced with the swift in digital structures, computer programming & applications and communications which has supported knowledge sharing at all levels. With the prime of life of the Third Industrial Revolution, the 4IR has taken place in the mid of the last century, with the physiognomies of blend technologies, more ubiquitous artificial intelligence and machine learning technologies. This revolution has transformed the facets of mankind approach (Schwab, 2017). The consequence of has resulted into societal revolt at a universal scale. This revolution has not only pretentious the enticements and customs of pecuniary lifecycle, it has changed the way of human communication and psychological understanding between each other. This revolution has given larger impact on identities of human beings and different communities. This revolution has opened many doors of opportunities for a complete transformation into new world. 

2.Impact on Economy

The innovations in Artificial Intelligence and Machine Learning, Robotics, Bio and neuro technologies have redefined the value system of the economy of any country [World Economic Forum. (2016, January)]. This delivers the world through prospects to confrontation encounters like climate change, deteriorating natural resources, an upward population. This revolution has leveraged human proficiencies and flairs for development of the state-of-art. The advancement of the Industry 4.0 revolution has impacted on employment, equality issues, Trust and Privacy in economy at both the end: Positive and Negative. Artificial Intelligence revolution has affected human life on more imaginative, cooperated and multifaceted ways. The artificial intelligence revolution has transmuted many jobs—and brood new categories of professions that umph economic and commercial growth of the country. Quality 4.0 is the new term which has refined manufacturing parameters. Artificial Intelligence Algorithms and Deep Learning through Machine Learning has generated entire new imbues in 4IR ecosystem. OECD (2015) Report mentioned that around 1.3 million industrial robots which are going to be part of factories around the globe. Artificial Intelligence Algorithms valuations of market demand has engendered demand shapes characterized by day, position, socioeconomic traits, macroeconomic comportment, political grade, weather shapes and many more. 

This revolution entails an innovative leadership prototype. Emotional epochs demand for a tactic that situates individuals at the fundamental of industrial and construction. Leaders must transmute their administrations to sojourn applicable and inexpensive amongst extraordinary modification, but they obligation do so in a method that is more demand in current times to mee the needs. Leaders face two-fold errands in this background. They necessity circumnavigate their own individual revolutions in unmapped regions while controlling their folks concluded undefined pathways into the imminent. Business representations that supported establishments to the top of their productions are scorching, set passionate by knowledge, demographic modification, globalization, and other troublemaking militaries of technologies. For officialdoms to endure and prosper, their leaders must be skilled at approving new characters, fashioning new characteristics, and discovery new connotation for themselves and those they chief that attendants the publics in their employees to occasions and affluence [Li, G., Hou et al. (2017)]. Within height speed of revolution, the encounter for leaders now is erudition quicker than the world everywhere to vicissitudes. To safeguard accomplishment, leaders may requirement to recklessness old activities, conducts and opinions, only custody those that best oblige them and their individuals. When smearing this adaptive method with players, examination is crucial. To preserve up with tall swiftness modification, leaders and crews should discard a preliminary and impeccable prototypical for one of evolution to appropriateness, connotation they experimentation speedily and acquire as they verve, not adjourning rollout until the whole thing is seamless.

Renovations contract with multifaceted and adaptive circumstances wherever the delinquent announcement and the explanation are often undistinguishable. This necessitates fashioning a dream. Requisite to this is responsiveness, which empowers trustworthy assembly with individuals. Such assembly encourages them to trust and accomplish the idea by concerning to their emotions before their heads.

Knocking individuals at the midpoint is extremely reliant on upon association between manifold stakeholders – leaders from corporate, administration, industry unions and academe – who are devoted to counterfeiting a new-fangled trampled. Comprehensive leaders have a prospect – undeniably, a honest compulsion – to silhouette the construction bionetwork complete new enterprises. This must be accepted in a method that is nonaligned and unpolitical, comprehensive and task slanted towards, extremely allied and explanation determined, people-centered and justifiable. The collaboration of effectiveness of human-robot concerted work has created new paradigms of human life.

3.Current and Future Businesses

The influence of The 4IR is twofold: It has given industries enormous prospects for proficiencies in technology, changing the product & services, Designing most efficient Structure- but same time it has caused new entrants in the industry, portends traditional approaches of procedure, and fashions new jeopardies to trust, confidentiality and reputation [Li, G., Hou, Y., & Wu, A. (2017)]. We breath in an epoch when diffusion of technology is making it informal set up for unified coalitions and corporations with external partnership who supports in all aspects of creating value chain analysis. 

The 4IR has impacted the current business at all aspects. Transformation and diffusion of innovation has changed the assessment of labor marks across the globe. IoT (Internet of Things) which device which supports in sending and receiving data from one device to another device at a fraction of second [Xu, M., David, et al (2018)]. IoS (Internet of Systems) supports in developing data which uses for independent decisions and marketing campaigns. This revolution has significantly impacted on recruitment industry.

The crucial workforces of the Fourth Industrial Revolution will be those who have harmonizing skillset. As the amalgamation of knowledges and technologies in the industries accelerating, workforces have to adjust to adopt new changes. This revolution entails that individuals to make more tactical approach to hire [Li, G., Hou, Y., & Wu, A. (2017)]. Artificial Intelligence software supports recruiters to find the right CVs from the pool of candidates from different social medial and open source systems. Understanding need of an hour, Industries has demanded augmented labor force with cognitive abilities for restructuring system and strategies to support automation in the industry. To make efficient platforms for innovation.

Big data, Digital disruption, mechanization, robotics, computerization – these are the drivers of the 4IR. Cloud computing and 5G mobile webs have pushed tougher on the speeding the process of transformation of eco system of every industry. Traditionally, there were no mutual exclusive relation between strategic growth and cost. But this revolution has allowed companies at domestic or global level to have growth the much faster, and at lower cost with economic of scale. 

4IR has made significant impact on education industry also. Global higher education dimensions have changed from technological multiplication to the digitalization. Borderless education and borderless universities have changed the education system at the global level. Intermingled education, flipped classroom and online education has created more effective and blend environment for diverse students to learn. This 4IR has fostered deep cross culture knowledge sharing through changes in global curriculum at HEIs to learn genomics, data mining, data storage, AI and Machine Learning, robotics, nanomaterials and so others [Schwab, K. (2017)]. This strategy has maximized the inter-culture and interpersonal skills, for generating taskforce for future development across the industries. A more challenging and demanding curriculum has demanded high faculty development and training renewal to update now discoveries in technologies and becoming more proactive. The 4IR universities continuously develop collaborative activities to meet the future requirements of generating high skills workforce [Xu, M., David, J. M., & Kim, S. H. (2018)]. The 4IR has reorganized society to integrate technology and business. This has raised good opportunities and threats together such as unemployment, trust issue, cyber-security breach and conflicts. 

A New Normal:

The unparalleled Covid 19 situation has imbalanced ecosystem of industry and pressured firms to adopted more automation and no human touch. Post pandemic economic crisis will constraint aging labor supply and low skills labor which may accelerate more unemployment. To meet “4IR New Normal” situation, policy makers are required to be more careful and design a crisis-response policy. However, 4IR technologies have supported countries to combat this outbreak. These technologies have leveraged global collaboration and camaraderie among countries to certify excellence and efficacy of the dispersion of technologies for an improved and more affluent world.

References for Knowledge Management in The Fourth Industrial Revolution

Balatsky, E. V. (2003). Global challenges of the fourth industrial revolution. TERRAECONOMICUS, 17(2), 7

Li, G., Hou, Y., & Wu, A. (2017). Fourth Industrial Revolution: technological drivers, impacts and coping methods. Chinese Geographical Science, 27(4), 626-637.

Manesh, M. F., Pellegrini, M. M., Marzi, G., & Dabic, M. (2020). Knowledge management in the fourth industrial revolution: Mapping the literature and scoping future avenues. IEEE Transactions on Engineering Management.

Morrar, R., Arman, H., & Mousa, S. (2017). The fourth industrial revolution (Industry 4.0): A social innovation perspective. Technology Innovation Management Review, 7(11), 12-20.

Schwab, K. (2017). The fourth industrial revolution. Currency.

Stocco, L. C., & Cezarino, L. O. (2018, December). Interface Between Industry 4.0 and Sustainability: A Systematic Review. In International Conference on Production and Operations Management Society (pp. 1113-1121). Springer, Cham.

Uzunkaya, S. Ş. (2020). From the First Industrial Revolution to Industry 4.0: Changes in Innovative Work Behaviours and Effects on the Global Economies. In Strategic Outlook for Innovative Work Behaviours (pp. 207-219). Springer, Cham.

World Economic Forum. (2016, January). The future of jobs: Employment, skills and workforce strategy for the fourth industrial revolution. In Global challenge insight report. Geneva: World Economic Forum.

Xu, M., David, J. M., & Kim, S. H. (2018). The fourth industrial revolution: opportunities and challenges. International journal of financial research, 9(2), 90-95.

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