The fourth industrial revolution will open a new chapter in human development!

By: MR. Knight Dec. 24,2019

Artificial Intelligence (AI): The fundamental change in our daily work, the way we live and interact with others, will be reflected in the Fourth Industrial Revolution.

The shift from the third industrial revolution to the fourth industrial revolution will open a new chapter in human development—incorporating extraordinary technological progress. These advanced technologies are constantly emerging and will continue to converge in the business world. We see the Fourth Industrial Revolution changing the digital, physical, and biological worlds. It is creating new opportunities and hopes for a better future.

On the other hand, the development of technology will become a potential risk. The fourth industrial revolution is more than just technology-driven change. The revolutionary owner provided a variety of convenient opportunities. We see it using technology to create a people-centric and inclusive future.

The fast-paced revolution is forcing people to rethink what it means to live in a world surrounded by AI technology and question how it will develop and create market value.

★ Challenges and opportunities

The fourth industrial revolution is a continuation of the third industrial revolution. Since the last century, the digital revolution has marked the development of industry. However, this revolution is based on a fusion of technologies that ultimately blurs the lines between the physical, digital, and biological realms.

There is no doubt that the fourth revolution builds on the previous revolution, but it can be seen as an extension of the third industrial revolution. The speed, scope and influence of evolution are the driving factors of the Fourth Industrial Revolution.

The current breakthrough no longer occurs in a certain period and time. Comparing this period with previous revolutions, it is clear that the fourth industrial revolution is developing at an exponential rate. It is developing at a linear rate, disrupting all industries and sectors in almost every country.

These reasons govern change in the entire business world, production and management, and even government agencies.

★ What economists say

Economists said that the Fourth Industrial Revolution has an important trend to improve the lifestyles of people around the world by increasing global income levels. For now, consumers are the ones who benefit the most from the digital world because of products and services that use AI technology. These innovations can facilitate our professional or personal daily lives. From ordering food to purchasing goods to remote payment, it's all because of this technology.

It is expected that technological innovation will lead to long-term benefits for the supply-side industry. Communication and transportation costs will be reduced. This will ultimately lead to more efficient logistics and global supply chains. In addition, it will eradicate transaction costs and expenses. This is the main factor driving economic growth to open up new markets.

However, some economists have pointed out that the fourth revolution may pose major challenges by disrupting the labor market. This artificial intelligence technology is often considered a substitute for human intelligence, although the thinking technology behind AI is the automation of manual processes to improve productivity and efficiency. It is believed that automation can replace labor across industries across the economy, which may increase the gap between capital and labor. On the other hand, automation can also lead to safe and rewarding job opportunities.

★ The future of work

One of the biggest social problems is that the fourth industrial revolution was the term "inequality." The inequality explained the growing gap between economic benefits and wealth between workers and those who depend on capital. Providers of intellectual and physical capital include innovators and investors. Stakeholders are the beneficiaries of this innovation.

Technological advances are leading to huge advances in automation. Over time, manual processes are becoming automated and will continue in the future. This is one of the main reasons people worry about work. The growing demand for high-skilled labor in developing countries is a well-known fact. It brings high-end jobs to high-skilled workers and leaves the least opportunities for the middle class.

By 2030, about 375 million workers may have to change their occupations because market labor demand is changing rapidly. Despite these challenges, the ability to come up with new approaches can give us new opportunities. The Fourth Industrial Revolution is thought to provide us with an opportunity to learn new skills. Discover talents and create new jobs. Not only will this lead to business growth, it will also help train a new generation of highly skilled workers in more diverse fields.

★ Impact on the commercial industry

The fourth industrial revolution mainly represents the integration of different technologies-artificial intelligence, machine learning, virtual reality. The Internet of Things translates into innovative products, services and industries. The authentication market is a good example of this new artificial intelligence technology. The impact of these advanced technologies is bound to revolutionize the business world.

According to a study, the British government estimates that artificial intelligence alone could add 630 billion pounds to the country's economy by 2035. This makes the UK a world center for the development of artificial intelligence businesses. Executives and managers need to understand that this is not just a business issue, but that this change will affect every department in the world.

★ Four influences on business

Due to technological advances, innovation and disruption in all industries worldwide is difficult to predict. There is no doubt that this is clear evidence of the significant impact of the Fourth Industrial Revolution on businesses; however, the four main effects are:

1. Customer expectations

2. Product enhancement

3. Cooperative Innovation

4. Organizational form

Customers are the cornerstone of any economy, which is why both consumers and businesses. All this is to improve the service provided to customers. Products and services can be enhanced with digital features that increase the value of the product. Take artificial intelligence as an example authentication service, this technology is making the authentication industry more resilient, and according to a report, it is expected to grow to $ 12.8 billion by 2024.

In a world where business success depends on customer experience, data-based artificial intelligence services, and effective results through analytics. New forms of collaboration are equally important, as is the speed of innovation and disruption. In addition, due to global platforms and technology-based business models; organizational forms and culture must be modified.

★ Supply and demand economy

The supply industry is looking for new technologies and practices that can create new and enticing ways to meet the existing needs of companies and break existing value chains. Innovative competitors are the driving force behind this chaos, as it no longer follows a top-down approach.

Similarly, a major shift in demand is taking place. An increasingly transparent environment between consumers and businesses and changes in consumer behavior and participation. This participation forces organizations to modify and adapt new design methods. This design affects the market and its delivered products and services.

★ Data is the new currency

With the advancement of technology, the use of the Internet is now very common. People spend a lot of time on social media every day, sharing their photos, status, hobbies, and comment posts. In addition, billions of people use search engines to perform different searches every day. All of this search history and personal information (GPS coordinates, clickstreams, environmental data, etc.). Stored in the cloud. This leads to a lot of data.

Data is artificial and intelligent food because it drives innovation. By applying machine learning algorithms based on the data obtained, companies can get better forecasts of user interests and needs; this helps product and business growth. Personalization is taking a new step in the market. Artificial intelligence makes the customer experience more personal and one-to-one. That's why the lines between sales are blurred. Marketing and services now focus on improving the user experience.

★ National and International Security

The fourth industrial revolution is expected to profoundly affect national and international security by affecting the nature and increased likelihood of conflict. War is not just a single concept of the traditional battlefield. Now it depends on technological innovation. Modern security issues are more like a hybrid in nature, that is, the combination of traditional battlefields and technology platforms. The distinction between war and peace, violence and non-violence (such as cyber warfare) has become somewhat blurred. For example, cybercrime and cyberattacks are new forms of security.

Governments will equally or more invest in digital security infrastructure. Cyber protection is more important for any country, and global regulators are more cautious than ever in enforcing compliance.

For example, consider KYC and anti-money laundering compliance. Also look at CCPA and GDPR, and how they are used for identity and data protection. These protections will fight cyber attacks domestically and internationally. Artificial intelligence technology Effective in service development, this will create potential for reducing government and business security concerns.

★ Impact on people

Artificial intelligence has entered our daily lives. However, in the near future, this will be crucial for everyone. Artificial intelligence innovations ultimately enable technology to make our lives easier and happier. Entering a technology-driven society is bound to influence the way individuals live. There will be challenges and opportunities in the next few years, which will shape a person's career and personal future.

The revolution in biotechnology and artificial intelligence is pushing back the threshold of human life and ability, which will surely prompt us to rethink our moral and ethical boundaries.

★ Privacy issues anytime, anywhere

The Fourth Industrial Revolution not only changed our way of life, but it also affected us. The advent of technology (on the one hand, making our lives easier) has also caused serious concerns about privacy.

We always believe in the importance of privacy. However, digitization has made our information sharing and trail an important part of the world.

★ Face becomes ID

In the past few years, the application of artificial intelligence has undergone a whole new development. Digital fraud and cybercrime are evolving at such a rapid rate. Does this force businesses and individuals to integrate artificial intelligence solutions to protect their identity? In addition, customers are increasingly expecting organizations. Individuals expect that personalized and exceptional service can be performed perfectly and securely. There seems to be no exception. The trend of biometrics to prove your identity has been around for many years, but is now replaced by human faces.

Many businesses use faces as the primary factor in identity verification, which will increase the use of face recognition technology.

★ Shaping the future

Technology is a human invention. Consider the previous industrial revolution and the innovations and disruptions associated with it. Nothing is beyond human control. We brought the revolution to the front, so we have the potential to use these opportunities to shape the fourth industrial revolution. We move towards a better future, achieve our common goals, and reflect our common values and goals.

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