Question

In: Economics

1)What is your impression of this current industrial revolution? What are your concerns or hopes that...

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?

Solutions

Expert Solution

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.


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