How does Business 4.0 work best?
Business 4.0 is agile, automated, intelligent, and it’s on the cloud. Companies that are agile and innovative will thrive – if they follow four critical behaviors:
1. Driving mass personalization
Data and AI analysis gives businesses insight into their customers like never before. At the same time, new technology has altered what the consumer expects to experience.
Using these insights will allow businesses to reimagine services and help their customers get their job done in new and better ways beyond simply improving current processes.
2. Creating exponential value
Business 4.0 is as much about mindset as it is about behaviours. There is a whole world of answers and solutions beyond the walls of a company. Delivering the best results for customers will mean collaborating with others. It’s a world away from the proprietary mindset we know today.
3. Leveraging ecosystems
Whether a business is involved in software development or heavy machinery, every part of it must be digitally connected to truly tap into the abundance of the digital age.
The use of the cloud to store data means that equipment and operations can be optimized by leveraging the insights of others using the same equipment. It also allows smaller enterprises to access technology they wouldn’t otherwise be able to.
Data focused on operations can help businesses work faster, smarter and more efficiently.
4. Embracing risk
Business 4.0 also brings many challenges.
For instance, we’re facing a global skills gap. There aren’t enough skilled people to step into the jobs that can help businesses embrace Business 4.0. There’s the threat that automation might dislocate jobs and alter the societal fabric.
But it’s also a time of limitless opportunity, where more customers can be reached, better and more personalized service can be given, and a more holistic, environmental approach to business can flourish.
Technology will allow us to control our energy and utility use like never before, altering consumption, while auto technology is set to make our roads safer and our journeys more enjoyable. Doctors will diagnose disease at an earlier stage and be able to offer life-saving treatment.
In addition, the very technology powering Business 4.0 can also be used to mitigate risks.
Imagining the jobs of tomorrow
According to the World Economic Forum, we are now entering Globalization 4.0, an era when the forces that propel Business 4.0 are ushering in a new economy and a new form of globalization.
Richard Baldwin, Professor of International Economics, Graduate Institute, Geneva, writing for the Forum believes that: “Future globalization will be very different from the globalization we know today and the globalization we have known in the past. Moreover, it is coming incredibly fast – and in ways few people expect.”
Indeed, when the first steam engine was invented, no one could have predicted the impact it would have nor the radical transformation that electricity and then computing would have on the world.
Companies who decide to wholeheartedly embrace the risk of an uncertain and continually changing future will surely reap the greatest rewards.
But one thing is certain; most of us can’t even begin to imagine the type of innovations that may one day become known as the fifth industrial revolution.