Leading organizations are preparing themselves for the next wave of technology to avoid making costly mistakes. From the days of bronze casting to the rise of automatons, advances in technology have always shaped the way we live and work.
This latest wave– 4.0 –plays an increasingly important part in the ways that organizations are optimizing themselves to compete more effectively, and will help define the paths they are taking into this digital future.
But what will happen to companies that are not prepared for the fourth industrial revolution? Already some are proceeding blindly, by embracing outdated strategies. Smaller businesses are not taking full advantage of new technology that could be the difference between success and survival.
To avoid major setbacks, organizations should learn how to prepare for the 4.0 industrial revolution. Let’s discuss “How to be prepared for the 4.0 industrial revolution.”
Awareness about New Age Technologies
The industry 4.0 is mostly about digital transformation and automation. With technologies like AI and blockchain becoming more prevalent, future educational programs need to prepare students for the modern workforce. Government, employers, and educators should work together to answer “what” skills people need to succeed in the coming years.
One way we can prepare for the inevitable changes that come with new technological developments is an educational program that teaches people about hard and soft skills around modern technology.
Workers also need a keen awareness of new technologies, as they will disrupt the workforce. New education initiatives should teach people to think creatively and think out of the box, while also being prepared for inevitable changes as digital transformations have an inevitable pace and change regularly.
Develop and Implement a Digital Transformation Strategy
To start adopting industry 4.0, when developing a digital transformation strategy, we need to take some time to evaluate the current capabilities. When deciding on improvements or updates to make, we need to identify which are the most in need of development or improvement.
With most of the new transformation, one major challenge is outdated skillsets of the workforce. Make sure the affected team is updated with regards to new skills needed for automation, artificial intelligence, and analytics.
Developing a digital transformation strategy is no easy task; make sure to invest in tools and training to support your strategy.
Organizations Need to Choose the Right Digital Tools
Using the right digital tools, digital transformation strategy can work effectively. For example, financial institutions that want to tackle the digital transformation and digitise their core business often start with making the onboarding of new customers flawless, remote and digital.
On their way there, financial players such as traditional banks and fintech have to overcome certain hurdles such as changing regulations on identity verification (e.g. KYC, AML) or high demands from digitally minded customers. Identity Verification for Financial Services in the UK should, therefore, always be able to adapt to regulatory changes and make customer onboarding as pleasant and intuitive as possible to keep the conversion rate high.
Therefore, only those who simultaneously master regulatory requirements and customer demands for fully automated and digital customer onboarding can successfully transform their business in the financial industry.
Understanding the power of the industrial revolution will help businesses adapt. The fourth industrial revolution bridges the digital and physical realms, shaping how we interact with both worlds.
Taking time to understand industrial revolution 4.0 makes us more qualified to reap rewards in the long run. Start preparing for the fourth industrial revolution today, if you have not started yet.