Get ready for the Fourth Industrial Revolution

Industrial revolution as the phrase will give us more recalling of industrial development from past to present. 1st industry revolution came as steam power and water power, despite the steam power not replace the water power, the steam engine started to be utilized in many industrial settings, not only in mining, in which the very first engines were used to pump water out of deep workings after through major developments by Scottish inventor and mechanical engineer James Watt. 2th industry revolution is well known as another technological revolution was phase of absolute speedy industrialization around the end of the 19th century and technology were related electricity and assembly lines. Next is about computerization as we have careered and now we also apply this technology for everywhere and every industrial. So what comes next as the fourth industrial revolution?

You might have been aware of the fourth Industrial Revolution, but just what is it? It is definitely a subject that’s been discussed over the last couple of years but gained much more prominence after it became a focus of conversation in the recent World Economic Forum. The first Industrial Revolution has been characterized by water and steam. The next Industrial Revolution has been the addition of power to mass produce matters. The next is distinguished by the world wide web, communication technologies, and the digitalization of everything. The fourth largest Industrial Revolution is the notion of blurring the actual world with all the technological universe.

We can see that happening in many areas already. Virtual reality that allows us to transfer to new worlds or eat and interact with information in new ways, robots and applications working side-by-side with people, nano-bots that may one day be injected directly into your blood flow to heal you of a disease, 3D printing limbs and tools, voice controlling your residence, tools such as IBM Watson used to help a doctor diagnose you, and that is only for starters! In addition, we need to think about matters like the net of everything and large data.

Simply speaking, it’s the notion of factories where machines have been augmented with internet connectivity and related to a system which could visualize the whole manufacturing chain and also make decisions by itself. And it is well on its way and will alter the majority of our endeavors.

Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, has released a novel entitled The Fourth Industrial Revolution where he describes how this fourth revolution is fundamentally distinct from the previous three years, which have been distinguished largely by improvements in technology.

Within this revolution, we’re facing a range of new technologies which unite the physical, biological and digital worlds. These new technologies can affect all areas, economies and businesses, and also challenge our ideas about what it means to be human.

These technologies have great potential to continue to link tens of thousands more visitors to the internet, radically enhance the efficacy of company and associations and help enhance the natural environment through improved asset management, possibly even undoing all of the damage past industrial revolutions have caused.

However, in addition, there are grave possible dangers. Schwab summarizes his concerns that associations could be reluctant or unable to adapt to those new technology and that governments could fail to use or regulate these technologies correctly. From the book he postulates that altering power will make significant new safety issues, and that inequalities could grow as opposed to shrink if things aren’t handled properly.

Many experts suggest that the fourth industrial revolution will benefit the rich much more than the poor, especially as low-skill, low-wage jobs disappear in favor of automation.

But this isn’t new. Historically, industrial revolutions have always begun with greater inequality followed by periods of political and institutional change.  The industrial revolution that began at the beginning of the 19th century originally led to a huge polarization of wealth and power, before being followed by nearly 100 years of change including the spread of democracy, trade unions, progressive taxation and the development of social safety nets.

It seems a safe bet to say, then, that our current political, business, and social structures may not be ready or capable of absorbing all the changes a fourth industrial revolution would bring, and that major changes to the very structure of our society may be inevitable.

To be able to flourish, company leaders will need to consciously work to expand their thinking away from that which was traditionally achieved, and include thoughts and systems which could not have been contemplated. Company leaders should start to question everything, from rethinking their plans and business units, to finding the ideal investments in training and possibly tumultuous R&D investments.

The future is occurring around us. And we have to rise to the struggle to fulfill it and flourish in the new industrial revolution.

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