The world has just entered into a new decade, standing in the midst of a technological revolution that will fundamentally, throughout the 21st century, alter the way we live, work, and relate to one another. The global transformation will be unlike anything humankind has ever experienced before, considering the scale, scope and complexity. Although Industry 4.0 will evolve at a rapid pace in the future, there is a known fact that the response to it will and must be integrated and comprehensive involving all stakeholders of the global polity, from the public and private sectors to academia and civil society.
Prior to what is now known as the “Fourth Industrial Revolution”, the world experienced three others. The First Industrial Revolution, a process that began in Britain in the 18th century, which later spread across the world, used water and steam power to mechanize production. Second, another great leap forward in technology and society during 1870-1914, used electric power to create mass production. The Third, that began the in the 1950s, used electronics and information technology to automate production. Now that the current Revolution is building on the Third, and the digital revolution has been occurring for close to 70 years, since the middle of the last century, characterized by a fusion of technologies, it is blurring the lines between the physical, digital, and biological spheres.
The Fourth Industrial Revolution, evolving at an exponential rather than a linear pace, has been a hot topic for several years and took center stage at The World Economic Forum in Davos in both 2019 and 2020. Despite its complexity and disruption of every industry in every country, there is a rather simple definition which refers to how technologies like Artificial Intelligence (AI), Autonomous Vehicles, Blockchain, Drones and the internet of things (IoT) that are merging with humans’ physical lives. It is an age from the digitally connected consumed products and services, to advancements in smart cities and factories and increasingly common automation of tasks and services at home and work.
Although this new era is often referred to as The Fourth Industrial Revolution (4IR), it is at the same time, the Revolution that encompasses Industry 4.0. Another name for the latter is “Smart Factory”- the cutting-edge development in the digitization and automation of manufacturing processes that incorporates the most advanced and innovative technologies such as 3D- Printing, machine learning and cloud computing as well as Big Data. This suggests that IR4.0 is indeed a subset of 4IR.
Written by Yasuna Ogimura, Intern at 27 Advisory, Bachelor of Business and Commerce (Accountancy and Banking and Financial Management), School of Business, Monash University. Yasuna has an interest and passion for financial services and investment banking. After her internship she aims to pursue a career in finance.
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