The abbreviation VUCA, standing for Volatility, Uncertainty, Complexity, and Ambiguity, coined 5 years back, recognized the level of insane the society had become. Climatic Situation and the ongoing battle to limit pandemic (COVID-19) have demonstrated the unpleasant truth of the VUCA world.
On the good side, technology disturbances, driven by the growing entrepreneurial hunger of the world, exacerbated by Chinese growing share of the world economy and Gen Z’s ambition to invest in impact, all contribute to promising answers to the areas where we most need them. These instances should make us understand that it is time to rethink how we are defining and developing leadership. Can we consider what is needed if volatility, uncertainty, complexity and ambiguity are all growing in a digital (networked) environment?
The brain is a key resource more than ever.
The (lean) processes and the execution of people for outcomes have been the key to success. Today, it’s still essential but not enough for excellence and performance. The business that can leverage the collective capacity of its brains instead is gaining an important competitive edge and will successfully adapt to a growing world that is exponentially changing. The brain and the ideas it produces constitute industry 4.0’s most important resource.
One term for the prevailing situation in the computing and data sharing of manufacturing technology, including tech systems, IoT and Cloud Computing as well as smart-fabrication is Industry 4.0. The objective of Industry 4.0 is to facilitate autonomous decision-making, real-time monitoring of assets and processes, as well as in real-time networks for connected value generation through early stakeholder involvement and vertical and horizontal integration.
In terms of connectivity across continents and reshaping our global economies, Industry 4.0 has a global impact. According to Deloitte Insights, new technologies created 3.5 million additional jobs in the United Kingdom alone between 2001 and 2015.
Japan is a strong player in manufacturing and production but faces many societal challenges. Industry 4.0 aims to solve these challenges by implementing new technologies such as ‘Society 5.0’. The technology could be used to create jobs for young people and reduce the ageing population. Canada is today a hotbed for cutting-edge technology, ranging from block chain to artificial intelligence and digitalization. The Canadian government is even experimenting with block chain solutions in their communications.
Several new ideas also arose, including the construction of technology demo sites where SMEs may view Industry 4.0, as well as an objective tool on ‘digital readiness assessment,’ to enable SMEs to obtain insight into the opportunities, problems and blind spots confronting them. In India’s manufacturing, real estate, IT and other sectors, Industry 4.0 has begun to make inroads. The epidemic of COVID-19 has sped up the digitization process by at least a decade.
Opportunities to be generated under the veil of Industry 4.0 are boasting and can see a great future in creating high-end jobs and upliftment of profits in every sector of income comprising the epidemic as the catalyst factor. The digital transformation of Industry 4.0 is driving connectivity, automation, and optimization and will prove smart factories a reality.