3 Review(s)

The fourth industrial revolution, also called Industry 4.0 has significant implications on organizations in terms of how they conduct business. At the core of Industry 4.0 is the advent of "cyber-physical systems"- the blending of hardware, software, and people to complete work. Add artificial intelligence (AI) and machine learning to the mix, and everything is transforming-from how factories are run to how services are delivered to how people contribute to the economy. Since the cost of automation begins to decrease like the cost of data, fewer employees will be needed for redundant process-based tasks in all domains be it manufacturing or services. More and more jobs will be created to develop and optimize cyber-physical systems. This might seem alarming, given the creation of manufacturing units that can run themselves with minimum human labour; however, an automated factory left alone cannot stay competitive for long. This still requires skilled labour to assess, install, and maintain the hardware and technology. The software that powers a factory will also continue to improve as today's algorithm will not meet tomorrow's needs. Therefore, an increasing supply of skilled labour is needed to develop software, run it, and monitor the process and flow of information.Along with new markets and new businesses originate new job sets that use human talent in very innovative ways. Many of the most popular jobs in Industry 4.0 did not exist 10 years ago. App developers, cloud computing specialists, and data scientists were all popularized by the explosion of new technologies. Rideshare drivers (namely, Uber and Ola), drone operators and, recently, driverless car engineers, are all examples of high-demand jobs created by industry 4.0. Social media managers and sustainability managers are critical for marketing these new technologies as well as other products and services. Automation almost always requires humans to first design and complete the job. Our experience from past industrial revolutions indicates that humans will design new, higher-value jobs that allow people to turn their passions into greater value for the economy and society.