Good technology is often expressed in the way the workplace productivity and business growth is functioning.
In the first industrial revolution the growth was firstly driven by engineering, in the second revolution the growth was observed in electricity and production lines. Similarly, in third industrial revolution the growth was observed through information technology. The latest is the fourth industrial revolution and the growth is expected through a combination of innovation and human creativity. The fourth revolution promises to change the way we as a people live, work and communication. Its reshaping the government, engineering, public healthcare and almost all the field.
Industrial revolution explains the espouser changes in people’s day to day life which may also be related to work or adoption of physical system such in Internet of Things and Internet of System. With advancement of technology, every work is getting automated and smart technologies is being used in visualizing the whole system of production and companies make decisions accordingly. Fourth industrial revolution is expected to make a significant effect in various disciplines of industries and economy conditions. Fourth industrial revolution can be said as an extension of 3rd industrial revolution (also known as digital revolution). Fourth industrial revolution is expected to make a significant impact in world due to the speed, scope and organisation impact of the changes which can also be said as a distinct era. Fourth Industrial revolution is distracting most of the industry and country. Also, it is creating such a massive nonlinear change that it will be very critical landmark in history of any industrial revolution.
Fourth Industrial Revolution and Its Impact in world
Fourth Industrial Revolution is very promising and has a high possibility of improving the standards and quality of the life of the people existing in this current world. One of the facts regarding the fourth industrial revolution is that some of the first world countries has already start to take the advantage of the fourth industrial revolution. This revolution promises to help the industries to be better prepared for any hazardous situation and overcome over some of the drawbacks of the earlier of the revolutions.
Impact on Employment
Fourth Industrial Revolution effects are already seen in the market as there is a weak job opportunity with each country being hit by the recession which is causing more unemployment. Focus of this revolution is mainly on robotics and automation which is taking place in each of the industry replacing the labour work which in return is also one of the major reason for causing unemployment in a global scenario. Artificial Intelligence has taken over in almost every field. It has been observed that the artificial intelligence has advanced the world and have been of great influence in each sector. Its major impact has been on employment of the people. The automation has also gloomed the economies of many countries. In US the current revolution in last 17 years has almost lost three million jobs whereas manufacturing has increased with almost 30%.
Artificial intelligence has seen to overcome the monotonous task which were earlier performed by the worker and has proven to be much more efficient in term of assembling as well as in in terms of time. Technology has reduced the workload of the people especially in production fields. It has created an environment in which people are encouraged to be more innovative and reduce the manual work force which was needed earlier.
Industrialised economies have already seen many loss jobs but the risk for the developing economies is even more. According to World Bank around two third of total jobs in developing countries are at risk due to automation. It is due to fact that the developing countries already have the wealth, bodies which are more capable of modifying new policies and past history of revolution also suggest that the developed countries are more capable of dealing with such revolutionised changes successfully.
For the developing countries to mature, they should implement the policies which focuses on both i.e. technology as well as people (with appropriate skills). In this current revolution basic reading writing cannot help but having a proper knowledge of computer languages and work in combination with hardware and software. Information Technology is the way forward and its up to the playmakers how they can cultivate such policies to influence mass without causing a major unemployment.
Although Artificial Intelligence dramatically improves our world in many ways, there are notable concerns regarding the forthcoming impact of A.I. on employment and the workforce. There are predictions talking about millions of unemployed people in the next decades?—?primarily due to the impact of Intelligent Automation and A.I. systems. In any case, the entire socioeconomic system is entering a phase of accelerating transformation: markets, businesses, education, government, social welfare and employment models will be severely impacted.
It’s inevitable that jobs are to be impacted as artificial intelligence automates a variety of tasks. However, just as the Internet did 20 years ago, the artificial intelligence revolution is going to transform many jobs—and spawn new kinds of jobs that drive economic growth. Workers can spend more time on creative, collaborative, and complex problem-solving tasks that machine automation isn’t well suited to handle.
Impact on education
It is often outlined that the education has an impact on an individual. Also, it said that most of the education institution in today’s world do not encourage individuals to think differently and it is generally seen that students passing out from their university are not able to prepare themselves for their career. Students are not able to identify in which they are interested in and when they enter the workplace they do not have proper skills to cooperate with the workforce system.
In recent times there has been a lot of advancement in the field of education due to the fourth industrial revolution. Education institutions have adopted artificial intelligence, profound neutral networking and machine learning which help the students to reimagine and cultivate more reality-based concepts. It has encouraged the students to do more creativity work which an impact on their concepts will not only have but will also influence when they step into the work force environment.
In modern world most of the top education institutions operate based on artificial intelligence and classroom teaching is not only restricted to the lessons thought through books. It has been observed that students usually tend to remember more things when they are made to think and develop a virtual image of their concepts. Fourth industrial revolution is promising in this aspect due to the advancement in the information technology sharing of ideas have become easier and can be shared world wide through just one click.
This revolution has also encouraged individuals to work on themselves in a much effective manner. Every individual has got their own personal work-space and can re-think and re-imagine based on their personal interest.
Today’s classrooms often operate in the same way they did when farmers composed the majority of our societies; when memorization was rewarded more than curiosity and experimentation; when getting something right outweighed learning through failure. We must transition away from our past; shift the focus from learning what we already know to an education focused on exploring what hasn’t happened yet. This system would resemble an ecology – constant, small adjustments made by independent actors inside of a cohesive whole.
The fundamental ability to comprehend and to absorb plays a vital role in personal development of an individual. It means that the ability to convert the raw data into a proper knowledge is based on personal interest which influences their understanding and learning. Education has a unique and unquestionable relation in the fourth industrial revolution.
Impact on Equality
Fourth industrial revolution has observed that there are more people being connected into each other through various social forms. The world has become a much easier way to connect. Industries such as manufacturing, construction are usually more male dominated, and this revolution is more likely to affect them via automation whereas when we say fields such as psychology, medicine, they will become more competent. Around half of population in world is female dominated which means that female have a very crucial role to play in this revolution.
It is seen that women are generally more ambitious and have more driving force to learn new things. This has been backed up Forbes that in todays world, women are holding more degrees than men \. They also, have surpassed men in terms of post-graduate., Law, PhD etc.
Women generally possess more soft skills which are now more important in the current revolution. Soft-skills is the capability to understand what actually is going on which is generally based on someone’s body language, emotional intelligence, to build harmony, mentor people and the list keeps on going.
Skills that women bring to the table, are now recognised as profitable and important: the ability to understand what is going on based on someone’s body language; emotional intelligence; the ability to build consensus; to mentor people; and more. Everyone benefits when companies have a diverse workforce, where women are given fair opportunities and paid a wage similar to that of their male counterparts.
Research conducted at the University of Michigan indicates that if you have a mixed group of men and women solving a complicated business problem, that group will always come up with a better solution than a group of men, even if the men are individually more qualified than members of the mixed group on average.
Gender equality will benefit everyone if a company has a diverse workforce and women are given a fair opportunity with respect to men and are given equal wages as compared to their counterparts i.e. men.
This revolution of digital and physical technologies gives rise to vast possibilities—but it can also has create nearly as much uncertainty as it does opportunity. A newcomer’s idea can disrupt an established industry, or a broad set of accumilated digital data by artificial intelligence and sophisticated models can rival expertise gathered over many years of hands-on experience. All these industrial revolutions have resulted in economic growth, increased productivity, and advanced welfare in the countries that managed to reap most of its positive impact, including from high-quality goods and services. However, the wealth distribution within the developed countries who led the industrial revolution was not equitable, certainly not at the global level, where inequality has become one of the key challenges along with climate change and other sustainability issues. The rapid depletion of Earth’s resources at the expense of the future of the society and environment has created an epic global challenge. Concepts such as sustainability and social innovation have surfaced and have rapidly attracted global attention as potential resolutions. The bright side of its potential instead of focusing on the potential dark side of job losses, human substitution by technological innovations, end of privacy, and potential loss of human control. The social perspective demonstrates that technical innovations are likely to positively affect the diffusion of social innovation, and vice versa.