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Gautam Pant
May 20, 2019

The Fourth Industrial Revolution – All You Need to Know

The Fourth Industrial Revolution is a way of describing the boundaries between the physical, digital, and biological worlds. Simply put, it refers to how technologies like artificial intelligence, internet of things, and autonomous vehicles are merging with the physical lives of human beings. Think of facial ID recognition, digital health-care sensors or voice-activated assistants.



These technological changes are drastically impacting how companies, governments, and individuals operate, ultimately leading to a societal transformation which is similar to previous industrial revolutions.

The previous industrial revolutions

Head of technology policy and partnerships at WEF, Zvika Krieger, said that there is a common theme among each of the four industrial revolutions. That is, the invention of a specific technology that changed society fundamentally.

The First Industrial revolution started in Britain in 1760 with the major invention of a steam engine. It enabled new manufacturing processes which led to the creation of factories. The Second Industrial Revolution came around one century later with mass production in new industries like steel, oil, and electricity. Some of the key inventions of this era were the light bulb, internal combustion engine, and the telephone. The invention of the personal computer, internet of things, and semiconductors make for the Third Industrial Revolution. This one was also referred to as the 'Digital Revolution.'

The Fourth Revolution, according to Krieger, is different from the third for two primary reasons: technology is changing faster than ever, and the digital, physical, and biological world is shrinking.

Global connectivity, new media, and smart machines are just some of the drivers that are reshaping how we think about work, how we learn and develop skills, and what constitutes work in the future. The concept of a '100-year life' is becoming a usual norm, and the majority of that is spent studying and working, meaning that learning would be a whole lot different and important for the next generations.

As the Fourth Industrial Revolution reshapes the future of work, businesses need to prepare their people for the new world that lies ahead. They require an increased focus on continual learning and skill advancement.

This is where RICS School of Built Environment comes into play with MBA 4.0 to keep up with Industry 4.0.

The institution realises that future workers need to be highly trained in advancing technologies but also in the values associated with these technologies. In the future, they need to know how to not only possess the ability to develop technology, but to also know when, where, and how to use these technologies. This kind of thinking is both reflective and interdisciplinary, and the institution has reinvented itself quickly according to the terms of Education 4.0.

Industry 4.0 would require the world to produce a new-age worker, more importantly - a knowledge worker! Tomorrow's leaders must possess new skill sets to manage and take advantage of Industry 4.0. They need to be problem solvers, critical thinkers, communicators, innovators and provide value-driven leadership. These traits define the knowledge worker, and RICS SBE aims to cater to these traits.

If you aim to be a leader of tomorrow, you know where to go!