Embracing change: Fourth industrial revolution is transforming the future of work

Driven by transformative technologies, Industry 4.0 is reinventing business models & processes. The future of work will be centered around using technology as a tool to create sustainable organizational roadmaps. Conversations across human productivity and the future of work have been ringing across the shores as technologies like ChatGPT have been capturing global imaginations. Having amassed over 1 million users within five days of its launch, this is just one of the many AI-driven apps that’s re-envisioning human productivity and the future of work. As Satya Nadella, Microsoft Chairman and CEO had recently reiterated that a golden age of AI is underway and will redefine work as we know it.’

The use and impact of Artificial Intelligence (AI) and other new-age technologies have gone beyond the realm of movie screens and marked their presence across domains. AI has proven to bridge efficiency gaps across a number of industries, including finance, healthcare, and more creative ones with the next decade likely to witness its impact in the sales, manufacturing, groceries, and business writing sectors.

The journey

The metamorphosis of human lives with the growing pace of digitalization has been a constant subject of interest. And why wouldn’t it be – after all the genesis of our future lives lies in the present amalgamation of humans and technology.

A step back in time and we can identify how the first three industrial revolutions brought to the fore water and steam power, electricity, and digitization creating huge shifts to the social, economic, environmental, and political systems. These occurrences truly redesigned the course of humanity bringing along foreseen and unforeseen changes and challenges. And the fourth one is looking to elucidate even bigger changes and challenges.

There is a deluge of the novel, enterprising and disruptive technologies joining forces to create innovation that’s taking the journey of the fourth industrial revolution or Industry 4.0 forward. And India is climbing up the ladder of the Global Innovation Index to take a dominant position in leading this revolution from the front, as reiterated by our Prime Minister Narendra Modi as well. From the 81^st position in 2015 to the present 46th rank, the growing role of science & technology cannot be ignored.

The inevitable change is opening the scope and spectrum of a new world where collaboration between the human mind and technology will transform every possible domain. And the coming decade will present a significant number of challenges and opportunities in the world of work.

Deep Impact
The 4th Industrial Revolution will impact nearly every industry with a deluge of industry reports and statistics supporting the claim – from manufacturing, automobiles, agriculture, education, finance, healthcare, and many more.

While The Economist predicts that 50% of jobs are vulnerable to automation, the World Economic Forum reports that 38% of businesses believe AI and automation technology will allow employees to carry out new productivity-enhancing jobs while over 25% of companies think automation will result in the emergence of new roles.

The future of work is likely to be deeply impacted by advancements in artificial intelligence (AI), robotics, and other technologies that enable automation and increased efficiency. This may lead to job displacement in certain industries, but it also holds the potential for creating new opportunities for jobs that require advanced technical skills. Individuals and society as a whole need to adapt and develop the skills necessary to thrive in this changing landscape.

A new working paper by the OECD finds that 14% of jobs across 32 countries are highly vulnerable, defined as having at least a 70% chance of automation. A further 32% were slightly less imperiled, with a probability between 50% and 70%. At current employment rates, that puts 210M jobs at risk across the 32 countries in the study.

Opportunity to encash
As global businesses deal with rapidly evolving business environments, there is a need for leaders who have the foresight to prepare their people and organizations for the digital future ahead. Emerging technologies such as AI/MI, big data, IoT, or robotics are becoming integral to every stratum of organizations, making business leaders look at ‘innovation with a purpose’. I believe transformative change using technology is neither hard to attain or implement if there is a strong motivation to thrive.

And opportunities do exist. The World Economic Forum reports that 38% of businesses believe AI and automation technology will allow employees to carry out new productivity-enhancing jobs while over 25% of companies think automation will result in the emergence of new roles.

Scaling up human skills
Organizations will have to ensure their workforces possess the right skills to succeed in the Industry 4.0 environment. This can be attained through a combination of education, training, and professional development. Investing in education and training programs that focus on building skills in technology, data analysis, and digital literacy is essential for individuals to be able to adapt to the changing demands of the workforce. In fact, fostering and supporting continuous learning and professional development can enable individuals to stay current with the latest technological advancements and skills.

Moreover, identifying and addressing the specific skills gaps within a company’s workforce can help individuals and organizations stay competitive in the evolving job market. Collaboration between employers, educators, and government can help ensure that the skills taught align with the needs of the workforce and industry. Lastly, promoting the idea of embracing changes is imperative, such as encouraging employees to be open to learning new skills and adapting to new technologies, and also provide opportunities for employees to test and experiment with new technologies in a safe environment.

The voyage towards realizing the complete potential of Industry 4.0 is still riddled with hurdles with many organizations still considering it as an obligation rather than an opportunity to attain scalable growth. Technology can only succeed in providing scalable growth if it’s anchored in strategy. And when strategy leads, success follows suit.
The writer is Chief of Technology & Strategy, GlobalLogic – APAC.