Answer to Question #298185 in Management for gtmoyana

Question

Develop an Infographic to illustrate how companies are coming up with strategies to exploit this new era of digitalization created by 4IR.

Answer 1

The Fourth Industrial Revolution is unprecedented in terms of its scale, scope and complexity. It is the convergence of a variety of emerging technologies, including AI, robotics, the internet of things, 3D printing, autonomous vehicles, quantum computing etc. This convergence of technologies is blurring the lines between the digital and the physical world. It is fundamentally affecting the way people work, live, think and interact with each other. The acceleration of innovative technologies has ushered in a lower cost of processing power, computing speed and storage.

Following the discovery of the internet, and new advances in computing and mobile technology, new opportunities emerged for businesses. Some opportunities involved applying digital technology to existing businesses like the use of a mobile banking app, while other opportunities involved brand new markets altogether like e-commerce. The combination of these opportunities, and the ways businesses took advantage of them, became known as digitalization. Since the advent of e-Commerce technology, home buying became a convenience factor. Companies have created online platforms where consumers can order goods and have them shipped directly to their homes. The 4IR has also made digital communication possible. Building upon telephone communication technology, many companies have created digital alternatives for communication. Some have introduced mobile smartphones with increased communication and Internet usage, while others have created video and web conferencing tools. Also chat features like skype and slack have become prominent.

The automation of jobs has improved productivity in organizations. From procurement to sales, the supply chain to telecommunications, 4IR has helped reduce costs and improve the bottom line. Employees have been liberated from manual tasks to concentrate on higher problem-solving skills. Employees can unleash their creative side using new tools and techniques to become more engaged and fulfilled in their jobs. This revolution has also opened doors to new markets and economic opportunities and introduced the gig economy. Individuals perform tasks from anywhere in the world with the help of online platforms.