The 4th industrial revolution
Over the past few centuries, industrial revolutions have changed everything about our lives, what we do, how we do it, how value is created and how we relate to each other. We are already seeing the effects of the 4th revolution in society.
The first industrial revolution
Came off the back of the steam engine to mechanise means of production.
The second industrial revolution
The discovery and utilisation of electricity turned mechanised production into mass production.
The third industrial revolution
Information Technology (IT) led to the automation of mass production.
The fourth industrial revolution
Is the integration between the physical, digital and biological. Advances in unrelated technologies like quantum computing, the Internet of Things (IoT), 3D printing and AI/machine learning are being connected to create new ways of living and working.
AI is now being used to write reports and generate marketing copy. How will this affect your business – org chart, strategy and tactics?
What makes this different?
The first three revolutions occurred slowly and linearly. We are experiencing the fourth at an exponential rate which has the potential to disrupt almost every industry on both the supply and demand side.
For example, many mine sites now have operation centres in capital cities and their machines and trucks are automated or controlled remotely. Think of all of the industries impacted by this change:
- Less taxis/Ubers are required as less workers are now Fly In/Fly Out (FIFO) travelling to the airport. Or less airport parking is required with less FIFO workers driving to and from the airport each week,
- Accommodation capacity and requirements in stopover cities and on-site,
- Airlines and all of their support networks (fuel, food and beverage, pilots, travel agents etc.),
- Less need for inductions, training, safety briefings, and protective clothing (PPE) with less people on site and in harms way,
It’s easy to see how these small changes can quickly snowball wiping out industries or creating an oversupply that can be taken advantage of by another industry.
We are in a new economy that’s increasingly digital and global. Counterintuitively, personalisation is more important than ever.