March 12, 2018
There has never been a time of greater promise, or greater peril, remarked Klaus Schwab, Founder of the World Economic Forum (WEF), commenting on the Fourth Industrial Revolution at the 2016 WEF Annual Meeting.
In fact, with technological and economic development happening at a breakneck pace all around the world, it isn’t hard to envision how advances in technology could lead to the automation of our future.
This is the double-edged sword of Industry 4.0: the complete integration and digitization of the industrial value chain by merging technology with traditional production systems. It is characterized by new ways to collect, analyze, and operationalize data – where advanced technology becomes embedded within businesses and societies. Businesses able to successfully integrate the technological advances that power Industry 4.0 (IoT, Big Data Analytics, AI, etc.) into their business models will be able to leverage its capabilities to break new ground and capture higher revenue.
Macroeconomically, the ...