Industry 4.0 & Digital Transformation
Of Note; this is part of the course:
Title: “Decide Wisely: A Guide to Choosing A Medical Specialty In The Post-Pandemic Digital Healthcare Era”
Section: Understanding Logarithmic to Algorithmic Change
To learn more about the course: Visit the Academy!
Tech Giants & Digital Transformation:
If you look at the leading companies in different sectors, you will realize that they don’t own the assets with which they do their business. For example:
Largest Hospitality Company — AirBnb — Own No Real Estate
Largest Fleet Company — Uber — Own No Cars
Largest Retail Company — Alibaba/Amazon — Own no Inventory
Largest Media Company — Facebook — Own no Content
What do you think will the future of Healthcare really be?
“Industry 4.0 is more than just a flashy catchphrase. A confluence of trends and technologies promises to reshape the way things are made.” — McKinnsey
There are four generations of the industrial revolution as illustrated in the below image. Each generation is a confluence of technology that enables a transformation and new world of technologies.
- Generation 1: Invention of Steam Engine
- Generation 2: Assembly Line Production System
- Generation 3: Internet, Computer, Communication and Automation
- Generation 4: Internet of Things — Cyber Physical Systems
The main underpinnings have always been Finance and Economics. But the economic development brought in by the fourth industrial revolution is much faster, bigger due to the convergence of technological advancements.
Artificial Intelligence is at the heart of all disruptive technologies.
Ds of Industry 4.0
- Digitize — Everything is getting digitized — No more airline bookings via phone calls
- Demonetize — The value of things is getting cheaper (smartphones, TVs, exchange)
- Dematerialize — Sourcing materials, globally is getting easier and faster
- Decentralize — Work can be decentralized as needed (beyond borders)
- Democratize — People can now vote from their wallets or at least can share their opinions
- Deregulated — Global economy is essentially Deregulated or Self-regulated
- Deceptive — Suddenly creps up and then becomes the norm (e.g digital camera)
- Disruptive — Suddenly near completely replaces older model (e.g. LED lights)
- Exponential Growth — Logarithmic as compared to linear growth
Future is Faster than You Think!
- Gene Sequencing