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Fourth Industrial Revolution
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The world is evolving in the 21st century at a rapid pace. The human evolution has today been interlinked with the technological evolution, social evolution and environmental evolution. Industry sectors, types of jobs and skills are all changing and evolving. What we find relevant today may not be relevant in the future. The sustainability of global business today depends on the ability to evolve in a complex ever-changing world. Visionary and pragmatic leadership across the business world and the political world has gained utmost importance if we are to sustain and grown the world economy. The small atom of business has fused with the atoms of technology, environment and social, thus starting a fusion reaction which is spreading in all directions of the globe.
The Status quo is today in a constant state of change across countries in today’s world. As the world starts to enter the Fourth Industrial Revolution, technology and globalization has exponentially increased the pace of change both in job creation and job destruction.
Children entering primary school today will have jobs that do not exist even today and today’s education will fail to prepare them for the future thus increasing the gap between required and available knowledge, skills and abilities. Business and industries around the globe must transform towards holistic models. The future lies in transcending the power of this technological revolution for betterment of humanity.
The 1st Industrial revolution began in 1784 with steam engines which changed human mobility though locomotives steam ships and industrial production. The 2nd Industrial Revolution happened in 1870 with discovery of electricity and mechanized production and spawned inventions of daily necessities. The 3rd Industrial Revolution happened in 1969 with the discovery of communication mechanism through Internet, originally called “Arpanet”. Invention of computers and internet as a communication medium transformed our lives. A strategic shift happened in third revolution with technologies increasing exponentially compared to business growth. Earlier, technologies were being invested to support businesses, but today, business is being created to support technologies.
The 4th Industrial Revolution presents some of the most transformative opportunities in human history. Never before has mankind gone through such a revolutionary period. Such exponential rate of change in terms of technologies and its uses in business and our personal lives presents massive opportunities. The whole concept of business, how we work and how we live is changing. It’s redefining our social lives, health and behavior. Unleashing the power of technologies at such a vast scale has the potential to transcend better and efficient ways of conducting business, working and even living our daily lives.