The coining of the term, “Fourth Industrial Revolution” happened in Davos, 2016. The founder and exec-chairman of the World Economic Forum, Klaus Schwab wrote in his book “The Fourth Industrial Revolution is blurring the lines between the physical, digital and biological spheres.”
Looking back in time, one must be curious to know how it all started? Researchers have theories but historians say that we had three industrial revolutions to thank for:
Though we’re still devouring the technological advancements made in the last decade, it’s time to look forward and leap into the 21st-century revolution -The Fourth Industrial Revolution.
Companies are creating new ways to approach consumers. The main player of today’s economy is technology. We’re past the blooming of the Internet of Things. We have entered into the hyper-advanced stage where the concepts are converted into hi-tech products. The IT product industry is going to be the crucial game-changer in the fourth industrial revolution period.
Speaking from the businessman’s point of view, competition is at an all-time high. The old-school or traditional setups will find it difficult to sustain even if they sell the experience to consumers. For start-ups, it is merely a matter of the right opportunity to enter and acquire the market.
That’s possible today because companies have resources that erase the physical boundaries. Procurement, Marketing, Sales, Client Servicing, and distribution channels are open to digital mediums. The global market is always ready for a new launch.
For businesses, the options are wide open but so is the budding competition. Demand for products has surely increased with more avenues to serve. In a way, the Fourth Industrial Revolution is providing opportunities.
The development of Artificial Intelligence and Machine Learning has opened zones for new employment. However, the controversies prevail as 60 million people have recently lost their jobs to robots, automation, and the future of technology.
On the other hand, the World Economic Forum reports that 93 million new jobs are to be created within the next few years. This dynamic difference between reality and forecast only suggests that the gap needs to be filled using a more sustainable approach.
This approach is now termed the Gig Economy. Companies are now seeing high vacancies in skill-targeted roles. Experts with certain parameters of expertise are the answers to many business solutions. However, the previous industrialization has created a pattern of hiring “jack of all trades”. That’s the problem for this generation’s upcoming employees. To break the pattern, the rise in the contingent workforce for role-specific jobs has played out well.
If you’re looking to know how employment is going to get affected by the fourth industrial revolution, here’s a gist to remember:
However, if you do agree with these circumstances, then you would also find comfort in knowing that the right implementation of technology is the key to the problem.
Moving into the future, most human jobs at the ground level are going to be replenished by robots and automation. While the speed of work done is going to be a lot faster than what it is today, the need to fill an open position is going to decide if you’re working at optimal value or not.
Automation technology for workforce management is of utmost importance now than ever,
Experts advise you to take a semi-annual deep-dive review to ascertain if the automation software is working for you or not. Find out at the earliest before you’ve invested millions of dollars and hours on the wrong solution.
Improving the quality of serving your clients and improving the candidate experience is possible with an intuitive and personalized VMS platform in the staffing and human resource department. Make a conscious choice by choosing what works for you rather than what looks good.
Takeaway : Fourth Industrial Revolution is a level up for all the business elements and removing the physical boundaries with technology penetration is going to put you at the front of the race. Let us know if you’re on watch out for a Workforce Management System because our experts are readily waiting to book your Demo with us.
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