Technology is playing a big role in our
daily life. Forbes described the industrial revolution in four categories. The
first being steam and water back in the 18th century, the second
being the use of electricity back in the 19th century and the third
being the internet, technologies and digitalization back in the 20th
century. As for the fourth industrial revolution also known as “Industry 4.0”,
it includes the interconnectivity of the present trend of automation and data
exchange in manufacturing technology. Change is the law of nature, this is why
companies nowadays are moving to being more technological. The fourth
industrial revolution will change the way we do business in the future in
numerous ways. It is marked by developing technology breakthroughs in different
fields, which includes: robots, artificial intelligence, nanotechnology,
quantum computing, biotechnology, the internet of things, 3D printing and
autonomous vehicles. The fourth industrial revolution will change the way we do
business in the future.

Artificial
intelligence, also known as AI, is the reproduction of human intelligence
procedures by machines, particularly computer systems. Learning, reasoning and
self-correction are the processes included in artificial intelligence. AI also
includes voice recognition, machine vision and expert systems. AI will
revolutionize time management, timing which is the most important element, it
could decide a company’s success or failure. Firms are keen to join AI based
scheduling software, these software’s can help companies make a precise
prediction according to available historical and emerging information. AI could
help entrepreneurs to maximize the company’s productivity level. Artificial
Intelligence also increases efficiency and precision at low costs, because with
the use of AI software, the probability of mistakes that will lead the company to
lose money would be reduced. Additionally, AI will eliminate human error which
will result in a higher efficiency and accuracy, with no risk of financial
losses. Drones
which is an unnamed aerial vehicle (UAV) without a human pilot aboard is also
one of the fourth industrial revolution that will change the way we do business
in the future. Drones will play a major role in the change of the way we manage
supply chains. First, drones will decrease supply distribution time and cost;
companies are competing against each other’s about who’s going to be the
fastest, with the help of drones’ companies will be able to ensure ‘next-day
delivery’, maybe it is impossible but drones could bring products from the
warehouse to doorsteps in just 30 minutes. That’s the goal of amazon founder
Jeff Bezos said: “Drones would reduce reliance on traditional shipping
providers (like trains and trucks), significantly shrink delivery time and
increase output, without straining resources. And their parts are significantly
90% cheaper than those we use for traditional delivery.” Second drones will
allow supply chain mapping, UAVs are equipped with wireless telecommunications
and information analysis software, which allows them to track the person using
information from their smartphone before finalizing the delivery. The 3D
mapping is possible because of the cameras and GPS capabilities that are
necessary for UAVs. Drones can also do other things than just delivery, they
can achieve maintenance checks and, particularly in distant, inclement and
hazardous situations.

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3D printing is a process where material
is joined or solidified using computer in order to create a three-dimensional
object, with material being added together (ex: liquids molecules or powder
grains being fused together). The technology is used for rapid prototyping and
additive manufacturing. The three-dimensional printing will modify a variety of
industries. First of all, products will be offered to the market in a faster
way, because when a customer goes to the shop to buy a specific item, they will
print it for him on the spot, so there is no need to wait for the product to be
shipped to countries, which will save the company the shipping fees. Second of
all, this technology will add opportunities for entrepreneurs, because of the
speed and the increase of cost effectiveness of 3D printing which is providing
big opportunities for the entrepreneurs. Entrepreneurs have always had the
difficulty in terms of time to produce prototype investors can look at, with
the 3D printing this is an added opportunity for them even if it is expensive,
so in that way entrepreneurs will have more probabilities to enter markets that
were previously hard to enter; on the long-term this could lead to a faster
innovation in lot of industries, including jewelry and surgical prosthetics.
Third, the 3D printing will give a boost for small businesses, because small
businesses have some problems, specifically in the manufacturing. They don’t
have a lot of space which is needed for big machines and storage as well, the
three-dimension technology will fix this problem, because this technology can
manufacture the same products that the heavy machinery can produce. It will
give the small businesses the same benefits that large companies have; once it
becomes reliable, this could start a rapid growth for the small companies.

 

In conclusion, we can see that the fourth
industrial revolution has so many effects on how businesses will function in
the future, companies will urge to adapt these technologies; because with the
use of these technologies, companies will be able to make smart choices, faster
than ever. Industry 4.0 will bring dramatic changes in companies, which they
will need to prepare for it. The fourth industrial revolution is happening
rapidly; this is why the people behind the big decisions should think broadly
and act decisively, because their institution may play a leading role in
ensuring ‘Industry 4.0’ acts as a positive force. “There
is great promise for good in this Fourth Industrial Revolution,” says Uschi
Schreiber, Chair of Global Accounts Committee & Global Vice Chair of
Markets, EY. “The exciting potential for breakthroughs in health care, the
ability to empower more people worldwide to become entrepreneurs or access
education and the chance to drive innovation across many sectors are some of
the welcome prospects.”

 

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