The Fourth Industrial Revolution

Abstract

Robotics, advanced materials, genetic modifications, the Internet of Things, drones, neuro-technologies, autonomous vehicles, artificial intelligence and machine vision are becoming more integrated into our physical, social and political spaces, ‘altering behaviours, relationships and meaning’. Translating their many facets into practical implications means that their potential can be mapped across digital energy, digital health, digital transportation, digital communication and digital production. The impact of all of them simultaneously will create unprecedented change with a confluence of key technologies automating many aspects of work and life—a Fourth Industrial Revolution or Industry 4.0. It will lead to new jobs and types of jobs, the development of new skills and radically different approaches to ways of working. A critically important question facing business leaders and managers in this dynamic environment is how to craft a strategy for their organisations to achieve competitive advantage, taking account of technological factors, the necessity to protect their workforces through effective health and well-being policies——accentuated by the experiences of the pandemic of COVID 19 and preservation of the environment. In managing the integration of multiple technologies in the workplace, managers will require skills in agile governance and collaboration across networks in fluid organisation structures. They will do each of these with a diverse, multicultural and collaborative workforce where the creation and dissemination of knowledge will be critical success factors. New and enhanced competences will be necessary to perform effectively.