Changes call for innovation, and innovation leads to progress. (Keqiang, 2018) The only constant in the technology industry is change. The science of today is the technology of tomorrow. (Edward, 2018)
Industrial Revolution is defined as the changes from agrarian and handicraft economy to one influenced by industry, transportation and machine production. Individual manual labor is retrieved by motorized mass production, and craftsmen are substituted by construction lines.
New technologies can be powerful vehicle for excellence. The fourth Industrial revolution alters how we live, work and communicate. It is reshaping government, education, healthcare, and trade- almost every aspect of life. The power of technology is expanding swiftly and accelerating incredible levels of transformation.
According to Klaus Schwab, Founder and Executive Chairman of World Economic Forum, “We stand on a brink of technological revolution that will fundamentally alter the way we live, work, and relate to another”. He describes an industrial revolution as the advent of “new technologies and distinguishing ways of appreciating the world that activate a thoughtful change in economic and social form”. We do not know how it will emerge, but the reaction will be extensive and blended with all the contributor privately and publicly. (Klaus, 2016)
The impact on business:-
A key trend is the development of the technology-enabled platforms that combine both demand and supply to disrupt existing industry structures, such as we see on sharing or demand economy. These technology platforms rendered easy to use smartphone, convene people, assets and data – thus creating new ways of consuming goods and services in the process. There are four main effects of 4 IR on business- on customer expectations, product enhancement, on collaborative innovation and on organizational forms. Whether consumers or businesses customers are increasingly at the epicenter of the economy which is all about improving how customers are served. Moreover, physical products and services can be enhanced digitally which will improve their value. The 4IR is forcing companies to reexamine the way they do business. The leaders and senior executives need to understand their changing environment, challenge assumptions of their operating teams and continuously and relentlessly innovative.
Impact on government
Governments will gain new technological powers to increase their control over population. As the digital, world continues to converge new technologies and platforms will increasingly enable citizens to engage with governments, voice their opinions, coordinate their efforts and even circumvent the supervision of the public authorities. overall the government has to face pressure to change their policies and approach to public engagements. It will owe new methods of competition and redistribution and decentralization of power that the new technologies make possible.
The 4IR will have profound impact on the nature of national and international policy. The history of international security and warfare is the history of technological innovation .
Impact on people
The 4IR will change not only what we do but will change what we are. It will change our identity and issues related to it: our privacy, our time for work and leisure, how we develop our careers, cultivate our skills, greet people and nurture relationships. The new technology will share and track information related to us.
The first industrial revolution began in Britain in late 18th century. It was a period when agriculture, rural societies became industrial and urban. The iron and textile industries, with the expansion of steam engine played a pivotal role in the industrial revolution. The second industrial revolution came in the end of 19th century which was marked as a period of brisk industrial development. It was distinguished by global use of machinery, construction of railroads, extensive iron and steel production, use of telegraph, steam engine, petroleum and electric energy. The first two industrial revolution made people wealthy and more civic. Then third industrial revolution came in the second half of the 20th century in which process became digital. It used electronics and information technology to regulate production. Now we are on the passage of high-tech mushrooming and social change that is Fourth Industrial Revolution. The fourth revolution is unfolding before our eyes. The new and old industry focus to become a bridge between creation method in order to empower their communication in real time.