Fourth Industrial Revolution: Emerging trends on Business and Society

The entire concept of the fourth industrial or industry 4.0 is still not clear to many. The changes that would come along Industry 4.o would be massive both for the Society and Industry at large. FORBS, 2019 actually opened our eyes on the gamut of the fourth industrial revolution. Today in my blog I would like to mention some of the motivating and stimulating takeaways from the table of the learned personage.

The fourth industrial revolution would actually be an intersection of various kinds of technologies. The World Economic Forum has prominence of the term Industry 4.0 but how to implement it is the real challenge that the industries are facing extensively. So, in order to go about the challenge, the production units need to take an evolutionary rather than a revolutionary approach. By evolution, it is meant that the existing machineries and the way of doing work has to be gradually developed and changed rather than making a sudden and radical turn around. For this the industries need to adopt the 4 I’s; namely- 

  • Instruments of production must be changed,
  • Integrated systems have to be connected,
  • Information must be connected to system simulations,
  • Intelligence to understand the patterns and leverage data.

The concatenation and inclusion of the four I’s would help the industries achieve the benefits if Industry 4.0 sooner in India. India is not inordinately far behind in terms of tools and technologies. We have dismal electronic manufacturing capability compared to other countries. With such advantages India can actually move forward at a faster pace and enjoy the bonus as well as the utility of the upcoming Industrial Revolution which is expected to hit every industry all over the world. It is going to be a global phenomenon and hence countries would have to help each to attain Industry 4.0. As for India, it is more aggressive of a country to start electronic manufacturing in view of the job scenarios and huge investments needed altogether.

Industry 4.o will bring with it its major components scilicet Big data, Cloud computing, AI, Internet of Things and Internet of Services. Many countries have construed AI as Applied Intelligence rather than Artificial Intelligence. With the advent of technologies and the evolving industrial patterns, Industry 4.o would also have its impact on Society 5.0 and the environment. Since India has ratified and vetted the Paris Climate treaty, it has to work and bring changes according to the guidelines of the treaty since the model takes into concern the carbon footprint issue.

Carbon foot print has to be reduced in order to curb environmental degradation. Reduction in the Capital Expenditure cost, life cycle cost, foot printing cost would yield the most advantageous bidder. 

I, as a student of PGDM would like to mention that, technology per se cannot be discussed without ramification on the environment as we are already in a climate danger zone. CEOs all around the globe are discussing development only in the context of climate concerns.

Enjoy Reading!

Kanchan Sharma

PGDM Batch 2019-21