The Fourth Industrial Revolution

Background

The Industrial Revolution, also known as the First Industrial Revolution. It was the transition to new manufacturing processes in the beginning of 18th century. This fuelled the moving from hand made production methods to invention of machines, new manufacturing and production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. The Industrial Revolution also led to an unprecedented rise in the rate of population growth.

The Second Industrial Revolution, also known as the Technological Revolution was a phase of rapid standardization, mass production and industrialization from the late 19th century into the early 20th century. Though a number of its characteristic events can be traced to earlier innovations in manufacturing, such as the establishment of a machine tool industry, the development of methods for manufacturing interchangeable parts and the invention, the Second Industrial Revolution is generally dated between late 18th & the early 19th century.

The Third Industrial Revolution is also referred as Digital Revolution where manufacturing went digital. A product could be designed on a computer and “printed” on a 3D printer, which creates a solid object by building up successive layers of material. New techniques let engineers shape objects at a tiny scale. Nanotechnology is giving products enhanced features. Most jobs will not be on the factory floor but in the offices nearby, which will be full of designers, engineers, IT specialists, logistics experts, marketing staff and other professionals. The manufacturing jobs of the future will require more skills. Many dull, repetitive tasks will become obsolete. Internet & data fuelled the growth of employment opportunities.

The Fourth Industrial Revolution heralds a series of social, political, cultural, and economic upheavals that will unfold over the 21st century. Building on the widespread availability of digital technologies that were the result of the Third Industrial, or Digital, Revolution, the Fourth Industrial Revolution will be driven largely by the convergence of digital, biological, and physical innovations. Like the Third Industrial Revolution’s start into digitization, the Fourth Industrial Revolution’s technologies, such as artificial intelligence, genome editing, augmented reality, and robotics are rapidly changing the way humans create, exchange, and distribute value.  
The Fourth Industrial Revolution
involves a systemic change across many sectors and aspects of human life: the crosscutting impacts of emerging technologies are even more important than the exciting capabilities they represent. Neurotechnology is making unprecedented strides in how we can use and influence the brain as the last frontier of human biology; technologies such as blockchain and smart materials are redefining and blurring the boundary between the digital and physical worlds. The Fourth Industrial Revolution is therefore not a prediction of the future but a call to action. It is a vision for developing, diffusing, and governing technologies in ways that foster a more empowering, collaborative, and sustainable foundation for social and economic development, built around shared values of the common good, human dignity, and intergenerational stewardship. Realizing this vision will be the core challenge and great responsibility of the next 50 years.

 

To conclude,

Projecting The Future

As CEO’s/ CXO’s, Entrepreneurs & Business Heads, we must take steps as well as the habits and mindset to develop to and transform our businesses into data and model-driven organizations to thrive in the Fourth Industrial Revolution. In many organizations, especially in the Small & Medium Businesses the first line teams are often charged with trying to make and lead this change. This perhaps must be ways to drive engagement & empower these star performers to try new ideas & initiatives They are usually very capable people who want to move their companies into the next level in data-science revolution. They are certainly able to create action plans, but they don’t have the necessary support and the acceptance from the management to be able to help them to operationalize the data strategy throughout the organization. The business processes and the cultural change required to make this happen are just not there. Data science, & “Data Driven Organization” therefore, must start as a top-down initiative. The business leaders and executives responsible for setting strategy, drive the financial & emotional needs thus making cultural transformation happen must understand and support the initiative.

Bibliography & Extracts :- Wikipedia, Articles on Brittanica.com & Data Science for Executives, by Nir Kaldero.

About Venkatesh

Venkatesh K Iyengar, Founder Tathwamsi Inc, an agile data analytics, management consulting and training partnerships for organizations. he has 18 plus years of corporate experience across Sales & Marketing function, i.e Strategic Planning, Pricing, Sales Operations, Product Management, and Process Management. He is been a guest speaker for numerous workshops and has delivered lectures on “Decoding Data for Business Growth” He is also an empanelled faculty for Marketing Analytics for various Business Schools in Mumbai. Reach me on venkatesh@tathwamasi.com