2. The Fourth Industrial Revolution

The Fourth Industrial Revolution is a way of describing the blurring of boundaries between the physical, digital, and biological worlds. It’s a fusion of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, big data & cloud services, quantum computing, blockchain and other technologies.

It’s the collective force behind many products and services that are fast becoming indispensable to modern life. Think GPS systems that suggest the fastest route to a destination, voice-activated virtual assistants such as Apple’s Siri, personalized Netflix recommendations, and Facebook’s ability to recognize your face and tag you in a friend’s photo.

While the Fourth Industrial Revolution (sometimes called Industry 4.0) is set to change society like never before, it builds on foundations laid by the first three industrial revolutions:

• The advent of the steam engine in the 18th century led to the first industrial revolution, allowing production to be mechanized for the first time, and driving social change as people became increasingly urbanized.
• In the second industrial revolution, electricity and other scientific advancements led to mass production.
• A third industrial revolution, beginning in the 1950s, saw the emergence of computers and digital technology. This led to the increasing automation of manufacturing and the disruption of industries including banking, energy, and communications.

While previous revolutions were characterized by technological developments that enabled better production processes and information sharing, the Fourth Industrial Revolution is distinguishable by its development of “cyber–physical systems”. In cyber–physical systems, technology interacts with both people and machines in new ways. This interaction changes the capabilities of people and machines, and augments technology into people’s lives and bodies.

Nowhere is the upheaval of the Fourth Industrial Revolution more likely to be felt than the workplace. As with previous industrial revolutions, the Fourth Industrial Revolution will profoundly affect people’s lives as AI and increased automation see many types of jobs disappear. At the same time, entirely new categories of jobs are emerging.

As the Fourth Industrial Revolution reshapes the future of work, businesses must prepare their people for the new world that lies ahead. This often means an increased focus on continual learning, building more on-ramps to new types of jobs, and a commitment to diversity.

All previous industrial revolutions have had both positive and negative impacts on different stakeholders. Nations have become wealthier, and technologies have helped pull entire societies out of poverty, but the inability to fairly distribute the resulting benefits or anticipate externalities has resulted in global challenges. By recognizing the risks, whether cybersecurity threats, misinformation on a massive scale through digital media, potential unemployment, or increasing social and income inequality, we can take the steps to align common human values with our technological progress and ensure that the Fourth Industrial Revolution benefits human beings first and foremost.