The fourth industrial revolution will fundamentally alter humans thinking process, living standard and working environment. Its scale, scope and complexity will not be like anything humankind has ever experienced before.
What is the Fourth Industrial Revolution?
The Fourth Industrial Revolution describes the exponential changes to the way we live, work and relate to one another due to the adoption of cyber-physical systems, the Internet of Things and the Internet of Systems. As we implement smart technologies in our factories and workplaces, connected machines will interact, visualize the entire production chain and make decisions autonomously. This revolution is expected to impact all disciplines, industries, and economies.
The fundamental difference between past revolutions and the Fourth is the pace of progress – breakthroughs are happening at an unprecedented rate and the scale of interruption is changed at an accelerating speed.
The changes are so profound that, from the perspective of human history, there has never been a time of greater promise or potential peril.– KLAUS SCHWAB, FOUNDER AND EXECUTIVE CHAIRMAN OF THE WORLD ECONOMIC FORUM, AUTHOR OF THE FOURTH INDUSTRIAL REVOLUTION
How will the Fourth Industrial Revolution affect business?
The research shows about half of customers say most companies fall short of their expectations for great experiences, while 76% report that it’s easier than ever to take their business elsewhere.
This means businesses must focus more than ever on delivering a customer experience that differentiates them from competitors. Get it wrong and they risk losing more than just the sale — 57% of customers have stopped buying from a company because a competitor provided a better experience. What’s more, 62% say they share bad experiences with others. With peer review sites and social media offering unhappy customers a greater audience for complaints, this can damage a company’s reputation.
According to the Deloitte Report, The Fourth Industrial Revolution, also known as Industry 4.0, refers to the marriage of physical assets and advanced digital technologies — the internet of things (IoT), artificial intelligence (AI), robots, drones, autonomous vehicles, 3D printing, cloud computing, nanotechnology, and more—that communicate, analyze, and act upon information, enabling organizations, consumers, and society to be more flexible and responsive and make more intelligent, data-driven decisions.