In: Economics
1)What is your impression of this current industrial revolution? What are your concerns or hopes that stem from all these new technology?
2) What breakthrough in technology do you think will bring us to the next level of economic growth?
We are in the phase of fourth industrial revolution, which is
the digital revolution. It is a fusion f technology which merges
the physical, digital and biological sphere. Comparing with the
previous revolutions, this is more exponential than linear pace.
This makes a transformation of entire system of production,
management and governance. There is unlimited connection of mobiles
with unprecedented processing of water, storage capacity and
unlimited access to knowledge. The emerging technology of
artificial intelligence, robotics and internet of thoughts,
autonomous vehicle, 3D printing, nanotechnology, biotechnology,
material science, energy storage and quantum computing improve the
overall all phenomenon. There is a huge impact of this revolution
over by the business. On supply side, new technologies crated new
ways of serving existing needs and disrupt value chains of existing
industry. This enhance global platform, improve marketing sales,
its distribution, quality and speed of delivering system tec. On
demand side it improve the growing transparency, consumer
engagement, and several new patterns of consumer behaviour which
force the companies to adapt new way of design, market and deliver
products and services. These new adoptions of technologies enhance
the overall economic development and growth. There is a high level
of hope gained from this revolution for the next generation. There
are four major impacts regarding this, customer expectation,
product enhancement, collaborative innovation and organisational
form.
The robotic and artificial intelligence in business management will
improve this filed. There is an attainment of high level of
efficiency can be maintained through this. The digitalisation
process can maintain the loop holes in the previous aspect.
Digitalisation also enhances the living standard and economic
background f the people. The entire dead schedule will be changes.
The new technologies in the supply side will make high level
production. The national income and the investments will increase.
By using this digitalisation in every sector will leads to more
scientific and systematic modes in the next generation. Virtual
market in all over the world can be attained through this.