If you’ve noticed the rapid pace of transformation in the technology sector recently, you’re not alone. The introduction of new concepts like IoT, machine learning, and artificial intelligence is transforming the way businesses operate for good. In fact, this progress has prompted something called the “fourth industrial revolution.”
The fourth industrial revolution is characterised by a new selection of skills and technologies that fuse the digital and physical worlds together.
According to experts, this revolution will have an impact on all economies and industries. The question is, are you ready for the change?
Defining the Fourth Industrial Revolution
We’ve seen several revolutions during human history.
In the past, steam, electric, and even digital revolutions have liberated humans, empowering us to accomplish, create and explore new things. For instance, just as the steam revolution took us away from animal-powered tools, the digital revolution gave us a new way to communicate.
The fourth industrial revolution is a concept outlined by Professor Klaus Straub, and it highlights the fact that we’re moving into a world where reality and digital reality are increasingly connected.
The fourth industrial revolution changes everything; from the way we work to the people we hire. For instance, companies are now looking for AI experts, digital analysts and CRM experts that didn’t exist five years ago.
Are Leaders Prepared for “Industry 4.0”?
While most companies already recognise the looming presence of the fourth industrial revolution, or “industry 4.0”, many aren’t prepared to handle it. In fact, one study by Deloitte found that only 14% of CXOs feel confident in their ability to embrace this new environment.
The Deloitte study also highlights that although 57% of respondents placed developing products and business practices at the top of their priority list, companies still don’t know how to use digital technology in creating new business models.
A new era of technology and automation is sure to transform everything we do. For instance, digital marketers are already exploring the potential of working alongside artificial intelligence to deliver greater business results.
How to Prepare for The Fourth Industrial Revolution
As daunting as the concept of a new business environment can be, companies in the technology sector, as well as many other industries engaged with tech will need a plan to immerse themselves in the future.
One way to prepare for Industry 4.0 is to reskill workers and hire new experts capable of dealing with a growing range of technology innovations. Agile leaders, for instance, can push employees towards greater accomplishments with everything from IoT, to financial tech.
Other ways that companies can prepare for the revolution include:
1. Creating Customised Training Materials
The training strategies used to prepare leadership in the past no longer fit into Industry 4.0. Businesses who want to be on the cutting edge of transformation will need to adjust their educational and development strategies to suit the needs of their employees.
This means not only analysing which new pieces of technology they’ll bring into the organisation but figuring out which staff members need which forms of education.
2. Embracing a Growth Mindset
Many businesses will also need to change the way that they approach technology innovations. As the world we live in continues to transform, a growth mindset can make your company culture more successful.
The growth mindset aligns with agile business practices, by reminding people that it’s okay to make mistakes in the pursuit of innovation. A growth mindset treats every failure as an opportunity to learn, and encourages innovators to act quickly, and overcome problems fast.
3. Promote Diversity
A world of disruption requires insights and agility from various perspectives. One of the easiest ways to make sure that you’re ready for the future and industry 4.0, is to work alongside your recruitment agency to hire a diverse selection of talent.
Employees from a selection of different backgrounds will be able to offer more creative ideas on how to deal with the challenges that the fourth industrial revolution may present. As well as working closely with their hiring team, companies will also need to make sure that they’re offering the right benefits, remuneration and development opportunities to appeal to a diverse workforce.
4. Explore New Values
Finally, the fourth industrial revolution gives modern companies a great opportunity to re-think their business processes and explore new values. For instance, this might mean giving employees the opportunity to work remotely or choose their own schedule. On the other hand, it may mean that technology leaders begin to concentrate more on the results of projects, than the techniques that are used to achieve those results.
Industry 4.0 will be a complicated issue for any firm to come to terms with. The good news is that the passionate and disruptive nature of the technology sector means that IT companies are on the front line of this new revolution.