How the New Industrial Revolution is Transforming Business
The business world has changed dramatically in recent years. New technologies have transformed manufacturing and opened up new opportunities for innovation. For example, autonomous vehicles are revolutionizing transportation, smart factories are making manufacturing more efficient and responsive than ever before, cloud technology is transforming how companies manage their data, and machine learning is improving decision-making capabilities at every level of an organization. All of these changes are yielding a new industrial revolution that is changing the business landscape much like factories impacted the world during the first industrial revolution. Here are some of the ways that businesses are being driven by technology changes.
Willingness to Embrace Change
From self-driving cars to tech-savvy factories, the industrial world has changed dramatically in recent years. As we move towards a future where new technologies are common practice, businesses will need to embrace this change or risk being left behind. As they try to find ways to do things safer, faster, and more affordably, innovative businesses are rising up with solutions. From AI chatbots to smart robotics, these technologies are leading to drastic changes in the workforce. Mundane tasks are taken over by machinery only to yield more intelligent humans who can keep up with all the new ways of doing things.
Major Shifts in Manufacturing
For the last several decades, business innovation has been driven by exponential improvements in technology that have transformed the manufacturing landscape. The last 20 years were a period of technological transformation in manufacturing, but we are now entering a new era, one of industrial revolution once again. While the original Industrial Revolution was characterized by steam power and machinery, this next industrial revolution will be driven by digital technologies such as 3D printing, artificial intelligence (AI), robotics, and precision machining.
These technologies are sometimes used in lieu of people. But in some cases, they are used alongside the intelligence and insight that humans have to offer. Innovative companies like Sarcos know how to develop technology with the intention of protecting people from some of the harshest and most harmful conditions. By using robotics to improve strength or remote-controlled technology to go into challenging spaces instead of people, they know there are many ways to leverage this new technology.
Digital Technology is on the Rise
It’s no secret that computers, smartphones, and apps have changed the way people do business. Even now, digital technology is on the rise with no indications of slowing down. These technologies are reshaping the manufacturing industry and are dictating what companies need to do to remain competitive in light of these changes.
Today, we are seeing an even bigger shift with tech advances that are permanent and will transform business operations entirely. It’s not just about technology. It’s about the way we think about business and the way we think about work. The New Industrial Revolution is a revolution in our thinking—a mindset shift that opens up new opportunities for innovation, collaboration and efficiency in your organization.
With these changes comes a renewed focus on human capital which is the workforce behind every company. Successful organizations will be those who find ways to harness their people’s creativity and productivity by creating work environments where they can thrive as individuals while also achieving common goals as teams.
Technology That Can Evolve
The future of business is in technology that builds on itself, learns, and evolves with us. We’re now entering an era where technology is becoming more intelligent, autonomous, distributed, integrated, pervasive, flexible, and efficient. These AI technologies can improve upon themselves thanks to innovations in machine learning and advances in software.
Technology is allowing businesses to rethink their processes, products, and services. The impact of this shift on businesses varies widely. Some find that their traditional practices are morphing into something else altogether. In other cases, the results are more incremental but no less profound for it.
Productivity is Improving Without Needing More Input
It’s becoming easier to do more with less. That’s why we’ve seen a resurgence in on-demand services like Uber and Amazon Prime. You can get anything you want without having to waste time driving to the store or waiting for delivery. This efficiency is a great way for businesses to make better use of their time and resources, allowing them to focus on what matters most which is creating value for their customers. This new world allows businesses to thrive without needing to invest so much in human resources.