Task: 2 The Fourth Industrial Revolution
Student name: – Meetu Rani
Student number: – 13518185
Summitted to: – Ian Kirkwood
Subject Assessment: – The changing Business Environment (LB5228)
Date Submitted: –
Word count: –
Introduction: The first industrial revolution happen in late 1700s(factories, steam power, iron production), the second during in 20th century( public transport, planes, automobiles) and the third after second world war( computers, software’s, novel materials, But what is fourth industrial revolution? It is indicating by a fusion of technologies that create a blurring effect between the physical, digital and biological spheres (Klaus Schwab) world economic forum. The fourth industrial revolution presents the different designs in technologies for example internet, green energies, 3D printings and technical attainment. It is totally related to software’s, computers, internet and machine learnings. These designs will create more jobs and better opportunities in the future (Tomas Garcia Ferrari). The fourth generation is based on grounds such as waterpower and steam (first revolution) electrification (second revolution) and IT and fourth generation are the innovation of all these three generation. These innovations including production, advanced changed in robotics. Moreover, the major trends in 4th revolution is smart manufacturing it includes fast production, improved safety, technical and economic advantage. For, instance on international airports the fuelling system is quicker and less time consuming because all the process is functioned by onboard computers, touch screen printers and PLC measuring system to stop the delays (Adam Smith). According to the Deloitee Global survey in the age of 4.0 industry the executives are more focused on four major areas social impact, marketing strategies, talent and the workforces, technology. The fourth industrial revolution creates jobs and unlimited possibilities for people who are interested in businesses with new innovations and business models. However, what is the future of work in development technology? Well, the answer is artificial intelligence and the ways of communications and information, innovative construction system, accurate accounting and financial services, energy and environment.
Manufacturing in the fourth industrial revolution: There is no doubt in the history industrialization one of the main caused for pollution, environment issues and unsustainable models, however in the fourth generation the trends is totally opposite manufacturing works a unified way the use of cyber-physical systems and less destroy of natural resources with the safety of environment. (Nubia Carvalho, Omar Chaim, Edson Cazarini). The industrial revolution includes the smart manufacturing, artificial intelligence, internet of things and robotics. In 2020 manufactures invest AUD 267 billion to promoting intern tog things (Klaus Schwab). In the past the recycling of plastic was a big threat but now the 3d printing helps to recycle plastic waste for transportation and replacement parts.
Robots on the rise-managed by humans in fourth generation: Some economist argues that invention of robot increase the unemployment rate but in the United States the 15 million new jobs will created in the next 10 years as the result of artificial intelligence and automation because people run the robotics program, build software and hardware and maintain new equipment’s (Klaus Schwab). Switch to smart manufacturing will provide more jobs opportunities, healthier economies and save money for greater profit and increase more productivity.
Facts about industrial revolution: It has both negative and positive effects on growth in positive terms industrialization increased wealth, quality of products and innovation in machines. The means of connection with each other will be cheaper, trends in fashion and designed are highlighted. In addition, the new jobs opportunities will have increased and the standard of living is also changed in next decades (world economic forum 2017). on the other hand in the negative term the technology will cause 10% unemployment from Forrester research(Klaus Schwab).
Retail and the Fourth Industrial Revolution: The changes improved the lifestyle, income level, productivity and quality of life. The population in the Southeast Asia’s cities is increased 2.2 % annually and the middle-income population growing 70 million to 194 million by 2020(World economic forum ASEAN 2016). In retailing the way of shopping is totally changed, in the past people went to shops and markets for shopping, but now the trends are totally changed people use mobile phone, computers for shopping. In Southeast Asia 50 to 80 % consumer prefer to shop online using computers and mobiles as compared to developed markets such as United Kingdom and United states (World economic forum ASEAN 2016).
Fourth revolution: future job opportunities: In 2016 to 2026 the retail salespersons is predicting to grow 2% and in the next decades its expected to be continued. High turnover in retail workers will be opportunities to more job openings for qualified people (Philip Kotler 2017).