Technology is playing a big role in ourdaily life. Forbes described the industrial revolution in four categories.
Thefirst being steam and water back in the 18th century, the secondbeing the use of electricity back in the 19th century and the thirdbeing the internet, technologies and digitalization back in the 20thcentury. As for the fourth industrial revolution also known as “Industry 4.0”,it includes the interconnectivity of the present trend of automation and dataexchange in manufacturing technology. Change is the law of nature, this is whycompanies nowadays are moving to being more technological. The fourthindustrial revolution will change the way we do business in the future innumerous ways. It is marked by developing technology breakthroughs in differentfields, which includes: robots, artificial intelligence, nanotechnology,quantum computing, biotechnology, the internet of things, 3D printing andautonomous vehicles. The fourth industrial revolution will change the way we dobusiness in the future.Artificialintelligence, also known as AI, is the reproduction of human intelligenceprocedures by machines, particularly computer systems.
Learning, reasoning andself-correction are the processes included in artificial intelligence. AI alsoincludes voice recognition, machine vision and expert systems. AI willrevolutionize time management, timing which is the most important element, itcould decide a company’s success or failure. Firms are keen to join AI basedscheduling software, these software’s can help companies make a preciseprediction according to available historical and emerging information. AI couldhelp entrepreneurs to maximize the company’s productivity level. ArtificialIntelligence also increases efficiency and precision at low costs, because withthe use of AI software, the probability of mistakes that will lead the company tolose money would be reduced.
Additionally, AI will eliminate human error whichwill result in a higher efficiency and accuracy, with no risk of financiallosses. Droneswhich is an unnamed aerial vehicle (UAV) without a human pilot aboard is alsoone of the fourth industrial revolution that will change the way we do businessin the future. Drones will play a major role in the change of the way we managesupply chains. First, drones will decrease supply distribution time and cost;companies are competing against each other’s about who’s going to be thefastest, with the help of drones’ companies will be able to ensure ‘next-daydelivery’, maybe it is impossible but drones could bring products from thewarehouse to doorsteps in just 30 minutes.
That’s the goal of amazon founderJeff Bezos said: “Drones would reduce reliance on traditional shippingproviders (like trains and trucks), significantly shrink delivery time andincrease output, without straining resources. And their parts are significantly90% cheaper than those we use for traditional delivery.” Second drones willallow supply chain mapping, UAVs are equipped with wireless telecommunicationsand information analysis software, which allows them to track the person usinginformation from their smartphone before finalizing the delivery. The 3Dmapping is possible because of the cameras and GPS capabilities that arenecessary for UAVs. Drones can also do other things than just delivery, theycan achieve maintenance checks and, particularly in distant, inclement andhazardous situations.3D printing is a process where materialis joined or solidified using computer in order to create a three-dimensionalobject, with material being added together (ex: liquids molecules or powdergrains being fused together).
The technology is used for rapid prototyping andadditive manufacturing. The three-dimensional printing will modify a variety ofindustries. First of all, products will be offered to the market in a fasterway, because when a customer goes to the shop to buy a specific item, they willprint it for him on the spot, so there is no need to wait for the product to beshipped to countries, which will save the company the shipping fees.
Second ofall, this technology will add opportunities for entrepreneurs, because of thespeed and the increase of cost effectiveness of 3D printing which is providingbig opportunities for the entrepreneurs. Entrepreneurs have always had thedifficulty in terms of time to produce prototype investors can look at, withthe 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 thatwere previously hard to enter; on the long-term this could lead to a fasterinnovation in lot of industries, including jewelry and surgical prosthetics.Third, the 3D printing will give a boost for small businesses, because smallbusinesses have some problems, specifically in the manufacturing.
They don’thave a lot of space which is needed for big machines and storage as well, thethree-dimension technology will fix this problem, because this technology canmanufacture the same products that the heavy machinery can produce. It willgive the small businesses the same benefits that large companies have; once itbecomes reliable, this could start a rapid growth for the small companies. In conclusion, we can see that the fourthindustrial revolution has so many effects on how businesses will function inthe future, companies will urge to adapt these technologies; because with theuse of these technologies, companies will be able to make smart choices, fasterthan ever. Industry 4.0 will bring dramatic changes in companies, which theywill need to prepare for it. The fourth industrial revolution is happeningrapidly; this is why the people behind the big decisions should think broadlyand act decisively, because their institution may play a leading role inensuring ‘Industry 4.
0′ acts as a positive force. “Thereis great promise for good in this Fourth Industrial Revolution,” says UschiSchreiber, Chair of Global Accounts Committee & Global Vice Chair ofMarkets, EY. “The exciting potential for breakthroughs in health care, theability to empower more people worldwide to become entrepreneurs or accesseducation and the chance to drive innovation across many sectors are some ofthe welcome prospects.”