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The 4th Industrial Revolution and How It Is Changing Business

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The world is undergoing a new change. The business realm is evolving in a rapid manner and the effects are huge. When the first industrial revolution took place hundreds of years ago, people were not ready to welcome the big changes that came as a result. It was the introduction of machine use in manufacturing.

Today, the world is in the midst of a digital technology revolution, all the while another industrial revolution aka robot revolution is on our doorstep.The world today is thinking about creating machines that are intelligent and which will replace human labor in most places. Statistics show that IT spending around the world is now growing at about 3%.

How We Got Where We Are Today

So how exactly did all this happen? How did the world come to such advancement where machines are competing with humanity? It all started with simple inventions like electricity.

Continuous access to energy gave rise to the first ever real-world machines.

Everything from communication technologies, transportation and industry changed forever. People were able to communicate faster, move things from one place to the other quicker and generally make all processes simpler.

Today, we are mainly focusing on automation, cloud computing, and virtual reality. These technologies would be inconceivable one hundred years ago.

The disruption is happening in all sectors. Just like during the first industrial revolution, every aspect of life and business is being affected by the 4th industrial revolution.

The production methods and models are changing. We are constantly discovering better and efficient ways of doing things. As a result of the many changes, some industries are going extinct while others are being born.

According to allensbach-hochschule.de, it is only a matter of time before the whole production chain changes. The new models of doing things will not just change the industries, but they will also change the way human beings act.

The Kind of Changes Being Witnessed

In the markets, change is coming in many ways. Among the major ways, change is being experienced is through the replacement of human skill with mechanical skill.

In the modern day, there are just many things that machines can do better than human beings. All sectors in organizations are adopting new ways of doing things.

The result of the proliferation of machine and algorithm in the industry has been the loss of millions of jobs. It is expected that by 2030, up to 800 million jobs will move from humans to machines. Such numbers are shocking but they only show just how much the world is going to change soon.

In the business realm, more and more top executives are concerned about the rapid changes.

The robot revolution will be great for business, and the companies that have prepared for it.

What Can Business Leaders Do in Preparation For the New Changes?

How exactly can leaders prepare to welcome the new age?

Drones, robots, virtual reality systems and other kinds of tools will very soon take over many roles humans are doing, and new roles will be created for the human workforce.

Leaders in various industries can use data to understand where the change will occur in their business and work on how to stay relevant.  These businesses will create a transition plan and train their staff.

In the financial world, look out for blockchain and other such technologies becoming the norm.

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