What you need to know about the 4th Industrial Revolution
In our world of today, where technology is evolving as days are counting by, the quest for human curiosity, everyday research and hi-tech innovations are drifting us from one industrial revolution to another.
Industrial Revolutions thus:
1st IR: known as the mechanization era where water and steam powered technology was utilized to carry out production activities.
2nd IR: Electricity came to the fore, and mass production in the assembly line became possible.
3rd IR: This is known as the digital revolution involving ICT, computerized stuffs and automation became rampant and widely harnessed.
Today, the idea behind the 4th Industrial and Revolution (4IR) is not far fetched as cutting edge technology are introduced to solve realistic problems. In other words, the 4IR involves the integration of cyber and physical systems. It is marked by emerging technology breakthroughs in a number of fields, including robotics , artificial intelligence, nanotechnology , quantum computing , biotechnology, the Internet of Things, the Industrial Internet of Things (IIoT), decentralized consensus, fifth-generation wireless technologies (5G) , additive manufacturing/3D printing and fully autonomous vehicles. The third industrial revolution previously has the potential to be trans-formative with automated driving, and 5G network, Internet of things & renewable energy. This innovation brought about 4IR (Industry 4.0).
The Fourth Industrial Revolution builds on the Digital Revolution, representing new ways in which technology becomes embedded within societies and even the human body. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
The Good and Bad of 4IR
Emphasis : Why a lot may become jobless in 2035…
According to world economic forum after 4IR what follows next is society 5.0. Obviously, the 4IR has the potential to raise global income levels and improve the quality of life for population around the world. When compared with previous industrial revolutions, the Fourth is evolving at an exponential rather than a linear pace. Moreover, it is disrupting almost every industry in every country. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance. In our digital world, technology has made possible new products and services that increase the efficiency and pleasure of our personal lives: ordering a cab, booking a flight or an hotel, buying products, making payments, listening to music, watching a film or playing a game etc, any of these can be done remotely.
In future, the technological innovation will be of great importance but at the same time, the revolution could yield greater inequality, particularly in its potential to disrupt labour market. As automation substitutes for labor across the entire economy, the net displacement of workers by machines might exacerbate the gap between returns to capital and returns to labor. On the other hand, it is also possible that the displacement of workers by technology will, in aggregate, result in a net increase in safe and rewarding jobs.
We cannot foresee at this point which scenario is likely to emerge, and history suggests that the outcome is likely to be some combination of the two. However, I am convinced of one thing — that in the future, talent, more than capital, will represent the critical factor of production. This will give rise to a job market increasingly segregated into “low-skill/low-pay” and “high-skill/high-pay” segments, which in turn will lead to an increase in social tensions.
The largest beneficiaries of innovation tend to be the providers of intellectual and physical capital — the innovators, shareholders, and investors. As a result, the demand for highly skilled workers has increased while the demand for workers with less education and lower skills has decreased. The result is a job market with a strong demand at the high and low ends.
The bottom line, however, is the same: business leaders and senior executives need to understand their changing environment, challenge the assumptions of their operating teams, and relentlessly and continuously innovate even as STEM training is carried out in our schools not just for kids but also our youth to make them get use to newer technologies as we enter into the competitive labour market. Thanks to Tony Elumelu one great philanthropist of our time for introducing Afri-Capitalism to Nigeria and Africa at large.
Courtesy : iotea lab
