Technology has and will continue to drastically change the way business is conducted and organisations are run. Sophisticated technologies and advanced analytics are transforming the manufacturing industry and paving the way for increased efficiency and automation.
According to Wikipedia, Industry 4.0 is the name given to the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the internet of things, cloud computing and cognitive computing. Industry 4.0 is commonly referred to as the fourth industrial revolution.
Why does Industry 4.0 matter in the business world?
Industry 4.0 has been described as the fourth industrial revolution and one of the most important disruptions to happen to the manufacturing industry in recent times. The third industrial revolution, which saw the digitisation of manufacturing goods, introduced brand new technologies to increase efficiency. Industry 4.0 has introduced the connection between these technologies, how they interact with each other and how they interact with humans. Technologies such as AI and smart factories can now communicate with one another and make decisions without human involvement.
According to a Deloitte Insights article, titled Forces of change: Industry 4.0, the “The Fourth Industrial Revolution is important to understand because it can touch all of us. “[It] will likely change how we make things, but it could also affect how those things are moved (through autonomous logistics and distribution), how customers interact with them, and the experiences they expect to have as they interact with companies. Beyond that, it could drive changes in the workforce, requiring new skills and roles.”
Leading the way in Industry 4.0
By 2030, Gartner has predicted that 30% of our conversations with technology will be through conversations with smart machines. The fourth industrial revolution will have a dramatic effect on the future of all industries and organisations. Leaders need to be prepared for this new industrial wave by understanding the emerging technologies that will soon be widespread, how they interact with each other and how they can deliver value and growth in a business.
With Australia on the brink of a potential leadership crisis, it’s essential that the leaders of the future have a strong focus on innovation, communication and adaptability. Undertaking further education and upskilling to prepare for this new disruptive revolution is essential to stay ahead of the curve. An MBA with a focus on technology, innovation and design can introduce leaders to a new way of thinking as technology transforms the traditional workplace.