The technological revolution that will change the way we live

The technological revolution that will change the way we live, work, and relate to one another. There are a lot of challenges facing governments while tackling the fourth industrial revolution technologies that can be categorized as per the following:
1. Talent Skillsets & insufficient qualifications of the employees (mismatched skills)
4IR technologies require specialized skills, beyond basic digital literacy. In an index of ten global cities’ readiness to implement new technologies and current initiatives, Singapore came first, but according to research by PwC (2017) (4, 5). The availability of skilled workers that can design and operate Industry 4.0 establishments. Who will invest in their skills and training? What are the implications in terms of employment for those without such skills? One emerging theme seems to be that of continued life-long learning which is particularly relevant in the context of Industry 4.0 where highly sophisticated technological systems require very specific skills. In 2017 Bloomberg Global Business Forum, Apple CEO Tim Cook commented – “If I were a country leader, my goal would be to monopolize the world’s talent.”
2. Legal framework ; Governance
Data-sharing and collaborative solutions will be required between private-sector and governments to ensure new technologies are piloted and adopted. Accordingly, public-private partnership engagements need to be aligned with the new wave of technologies, ensuring that there are creative incentive programs related to transparency and revenue. Lack of engagement between policy makers, industry and educational institutions in terms of setting the right policies that govern such technologies.
3. Cyber Security, Data Protection ; Data Security
The fourth industrial revolution calls for greater cybersecurity. Companies will need to map their networks, assessing the risk and critical factors relating to security. As more data is generated and shared digitally, balancing security and privacy concerns is already a key risk. Industrial security is an obstacle for interlinking devices and machines and their integration in external networks globally. Even though it has been identified as a challenge, no comprehensive global security solutions have been found.
4. Job losses ; disruption
Advanced robotics and AI can produce massive economic profits in many industries globally, but similarly to AI, jobs that will be lost to robotics are estimated at around 5 million jobs by 2020. The UAE is not shielded from these threats, and the WEF estimates that around 47% of jobs in the UAE are at risk of being automated as per the future of Jobs ; Skills in the Middle East ; North Africa report by WEF (2017) (2). The economists Erik Brynjolfsson and Andrew McAfee have pointed out that this revolution could yield greater inequality and disruption to the labor markets. The scarcest and most valuable resource will be neither ordinary labor nor ordinary capital; rather it will be those people who can create new ideas and innovations.
5. Climate ; Environment
Fourth Industrial Revolution technologies can help to increase energy efficiency, but their underlying use of energy is a cause for concern. Government-led standards and incentives are needed to limit and, over time, reduce energy consumption from devices, sensors and appliances, and promote renewable energy sources. (4)