Our lives are bound by technological advancements and we can hardly imagine our world without digital devices. We have incorporated digitization in almost every sphere of life, be it work, education, or social.
Industries underwent several revolutionary developments over the past few decades, which have ensured a promising future. Advanced and more intelligent devices and industrial machinery are being installed to enhance workflow efficiency and employee productivity. The Fourth Industrial Revolution, for example, has shown us a way towards doing our work faster, smarter, and more enjoyable.
Key Definitions
The Fourth Industrial Revolution, also known as Industry 4.0, is characterized by the fusion of the physical, biological, and digital worlds, and heralds the political, economic, social, and cultural upheavals predominant in the 21st century. The 4th Industrial Revolution marks the exponential changes that define the way we live and work today. It has impacted almost all industries, disciplines, and economies.
Digital Revolution, also sometimes called the Third Industrial Revolution, refers to the advancement of technology and the shift from mechanical and analog electronic devices to modern-day digital technology. Starting from the 1980s, the Digital Revolution is ongoing to this date, and it also marks the commencement of the Information Era.
Evolution of the Fourth Industrial Revolution
Prior to Industry 4.0 were three other revolutionary changes in the history of industrial development.
- The First Industrial Revolution is a transformation from the mechanical machines driven with the power of steam and water energy. The implementation of digital technologies did not happen overnight; it took several years and is best seen in the period between 1760-1820.
- The Second Industrial Revolution or the Technological Revolution was the period beginning from 1871 to 1914. It was a result of the introduction of telegraph networks, railroad installations, and electricity connection. Such development ensured a faster spread of ideas and communication, better working conditions for factory workers, and a huge spurt in economic growth.
- Next, the late 20th century witnessed the dawn of a new era, the Digital Revolution. Since it was seen at the end of the two world wars, it was a period of industrial slowdown. Technological advancement almost took a backseat compared to the earlier periods. The global economic crisis in 1929 and the Great Depression following it affected numerous industrial countries.
However, things gradually took place, and the period saw many significant technological developments like the Z1 computer and the supercomputer. It opened up tremendous opportunities as evident in the number of technologies being developed in the Fourth Industrial revolution, including –
- Fifth-generation wireless technologies
- Fully autonomous vehicles
- Biotechnology
- Quantum computing
- Robotics
- Artificial intelligence
- Machine learning
- Nanotechnology
- 3D printing
- Internet of Things, and the list is endless!
How is the Fourth Industrial Revolution Different from the Third Industrial Revolution?
Industry 4.0 is the era of the implementation of smart technologies in our workplaces and factories, allowing connected systems to interact automatically with related machines or processes. It is mainly characterized by the adoption of the IoT (Internet of Things), cyber-physical systems, and the Internet of Systems.
These technological devices are capable of visualizing the complete picture of the production chain and making data-driven decisions autonomously. They require minimal human interaction and are smart enough to automate vital operations.
On the other hand, the Digital revolution era is marked by the adoption of digital computers and other digital data-recording systems, which continue even to this day. In short, the Third Industrial Revolution denotes the changes that the communication technologies and digital computing mechanisms have brought about.
How to Overcome the Challenges of Digital Revolution
Being a broad technological change, the Third Industrial Revolution also comes with several challenges for businesses, such as –
● Sustainability
A common challenge of the Third Industrial Revolution is the improper link between sustainable development and the latest digital technologies. To overcome this situation, we must harmonize the transformation towards sustainability, and address the critical issues to mitigate digitalization risks.
● Ethics & Identity
While the Third Industrial Revolution has brought in several opportunities like smarter team collaboration, lack of corporate ethical identity is a common threat of the digital era. Teams should realize the company values and ethics before making any decisions to ensure a more sustainable practice while implementing digitization.
● Innovation & Productivity
It is an era of facilitating innovation and boosting productivity through the use of more advanced digital technologies. However, the digital world makes it easier for employees to get distracted more often. Businesses must adopt productivity tools like time management and employee tracking to ensure efficiency from each team player.
● Security & Conflicts
The digital world is open to severe data security threats, especially when cybercrime cases are rising. In such a scenario, you must opt for more encrypted and protected work environments. Make sure that all your data is stored securely and try to limit all unauthorized access to your sensitive information.
Some of the opportunities into which Industry 4.0 and its applications look into are:
- Increase Competitiveness: A majority of companies out there believe that digital transformation to the applications of industry 4.0 will increase the overall competitiveness. Due to automation, the given trend towards relocation is mostly driven more by the requirement of producing goods locally in the all-new market growths than the ability to produce goods more affordably.
- Utilize Opportunities & Reduce Risks: Industry 4.0 is known to represent significant opportunities for the manufacturing industry. It will end up opening new ways for organizations to integrate the respective preferences and needs of the customers into the production & development processes.
- Adjustment of Talent & IT Resources: Most of the organizations that have been surveyed observe that in most areas, they do not have access to the staff for bringing about the necessary digital transformation to Industry 4.0. If the organizations wish to ensure the overall success of digital transformation to Industry 4.0, it is essential that your business should invest in IT infrastructure and the development of appropriate skills.
Develop Potential for Individual Business Segments: Procurement, research & development, production, warehousing, and logistics tend to form the core of digital transformation to Industry 4.0. At the same time, sales & services tend to be segments delivering the greatest potential to leverage its overall benefits.
Shaping the Future
Due to the 4th Industrial Revolution, we are able to work as a team remotely while staying back at our homes to prevent the spread of COVID-19. Since then work-from-home has become the new norm and companies are now looking for more remote employees and teams to cut down on the costs.
The First World countries have started realizing the benefits of the 4th Industrial Revolution through its new and advanced products and services. Our day-to-day lives have been digitized as well, making it simpler.
Today, the impact of the digital world is such that each of our activities is centered around the latest gadgets, the primary being our smartphones, smart wearables, and others. Moreover, technologies and systems like the Internet of Things, machine learning, and VR (Virtual Reality) have taken center stage within just a few years. There are yet more to come in the next few decades!
