Fourth Industrial Revolution is the present era of innovation when advanced technologies radically change entire sectors of the economy at a tremendous rapid pace. There will emerge a completely new type of industrial production. Let’s see in detail what the Fourth Industrial Revolution is.
Steps that will help survive the Fourth Industrial Revolution
We live in the era of the Fourth Industrial Revolution or the digital transformation. Technologies such as artificial intelligence (AI), the internet of things, and Big Data have become part of our routine. They affect every aspect of our life – the way we work, learn, communicate, and relax. Therefore, everyone should be aware of the changes and take advantage of opportunities.
For example, 52% of companies published in 2000 in the list of Fortune 500 companies no longer exist. As for the list for 2016, it is predicted that 75% of companies within 10 years will either cease to exist or completely change their activities. This question is very worrisome for the leaders of companies: thus, according to https://essay.online, the speed of technological changes can hamper business development in the opinion of 63% of CEO polled. How to develop a company in such conditions?
Start with yourself
It is more difficult for large companies to keep pace with the times – the same presentation of a new product for corporations takes on average about three years, whereas startups are launched in a few months. To successfully implement innovations and make changes in the company, managers need to develop the following qualities:
- Thinking forward – implies focusing on the search for radically new solutions that will allow you to move forward making large steps.
- Expanding borders – means that the leader constantly helps his teams to go beyond what they have already achieved and develop their ideas.
- Adaptive planning – allows you to cope with rapidly changing conditions because this skill involves adjusting the business decisions after each action and its result.
- Openness to new opportunities, technologies, tools, and markets is necessary to choose the most effective solutions and to find the most successful and potential markets.
Follow the novelties of the digital world
Transformation of businesses and entire sectors is due to the rapid development and introduction of technology. Success in the field of AI already provided the businesses with the opportunity to communicate with clients faster and more efficiently through chat bots. Machine learning analyzes large data sets many times faster than a person. Therefore, we are looking forward to bots-lawyers, bots-editors, and even bot-diagnosticians.
The development of 3D printing has a huge impact on production. With this technology, products that were previously produced for several months can now be printed in a few days or even hours. For example, the Japanese manufacturer of small cars, Daihatsu, already offers customers to make their car unique due to the details printed on a 3D printer.
Do not be afraid of changes
Digital transformation brings many benefits to companies that have dared to innovate. Among them – an increase in the number of clients (up to 75% according to Santoku Partners) due to the improvement of client experience. In addition, the companies also note an increase in customer satisfaction, traffic growth, and increased conversion.
The more innovative the vision of the company, the more profit it can get and the stronger its separation from competitors. Non-standard business models are called transforming or disruptive as they change entire spheres of business.
Often, at the beginning of their activities, such companies are not major players in the market but in the end, they turn out to be leaders. Take, for example, Netflix – when it became inconvenient to take rental discs in a store, the company invited users to choose movies online and receive them on e-mail. When the use of e-mail also began to spoil the user experience, the company transformed and offered video streaming. Buzzfeed was conceived as a small media but today, thanks to posting on 30 different platforms, it received an audience of 650 million people.
Digital transformation creates more opportunities than ever before, but at the same time it makes you think in a new way and be ready for change. Companies should get used to the idea of constant changes to find their place in the world of the Fourth Industrial Revolution.