The Fourth Industrial Revolution represents a fundamental change in the way we live, work relate to one another. It is a new chapter in human development, enabled by extraordinary technology advances corresponding with those of the first, second and third industrial revolutions. These advances are merging the physical, digital and biological worlds in ways that create both huge promise and potential peril. The speed, breath and depth of this revolution is forcing us to rethink how countries develop, how organizations create value and even what it means to be human. The Fourth Industrial Revolution is about more than just technology-driven change; it is an opportunity to help everyone , including leaders , policy-makers and people from all income groups and nations, to engage converging technologies in order to create an inclusive, human-centered future. The real opportunity is to look beyond technology, and find ways to give the greatest number of people the ability to positively impact their families, organizations and communities.
Advantages of Fourth Industrial Revolution.
- It increased job opportunities.
The industrial revolution made it possible for more people to have jobs. Before this era, jobs were based on educational studies, family traditions, or a unique talent that someone had. when factories began to be built around the world, it allowed people to earn a living in away that was very different in the past. It gave the average person an opportunity to change stars. Numerous, stories, from George Stephen to Richard Arkwright, showed how one person could change the course of the world with these technologies.
2. It inspired innovation.
Great wealth was available within the industrial revolution. One example of this is the wealth that Andrew Carnegie developed in the steel industry, making him one of the richest people to have ever lived. His wealth was over R 300 Billion in todays value. Because of the opportunities available to build wealth, many looked to create and innovate for their chance to take advantages of what the era offered.
3. Production levels increased.
Before the industrial revolution, many products were built or made by hand. This required a specific time investment by the creator, so mass production was virtually impossible. The industrial revolution changed that. Factories allowed for groups of people to be more productive than one person on their own. It allowed for better products to be made or improve their quality of living over time because there was greater access to goods and services.
4. Competition was created.
Because multiple products could be made in any industry or sector, free market economies began to develop. Instead of consumers being reliant on a business or provider to give them what they needed, they could choose from a variety of products so they could best meet their own needs. The industrial revolution shifted power away from businesses and into the hands of consumers.
5. It improved processes in virtually any sector.
After the industrial revolution, buildings could be made better. Transportation no longer required a horse. Clothing could be more durable and wouldn’t need to be made at home. Food products became cheaper to produce. Almost every sector of commerce and industry improved during this period, making products and services better even if there wasn’t a direct influence on the industrial revolution.
Disadvantages of Fourth Industrial Revolution.
It is all about who gets the benefit of this technologies and of the result it helps to produce. The reality is that the largest beneficiaries tend to be the providers of intellectual and physical capital such as investors, shareholders and innovators. Technology is the one of the main reason why incomes have stagnated or even decreased for a majority of the population i high income countries. What hurts is that the demand of high skilled workers has increased while the demand for workers with less education and lower skills has decreased and the part of between them will start to wear thin. So this will also lead to the potential job losses. The worse part is that developing countries there are technological an infrastructure challenges and skill challenges that are easy to overcome.
2. Cybersecurity risk
When everything is connected the risk of hacking data and tempering with it or using it for malicious intent is now more prevalent. It is not as contained as before, it is more frequent that people hear the dreaded news of a new data security breach.
3. Core industries disruptions
Organization will be disrupted because apps have to install so that people must request in their comfort of their zones. However, people who are in rural areas will be disadvantaged since there will be having a network challenge. Some companies who are located in rural areas will be forced to close them since an organizational will not be achieved. For example, taxis are competing with uber.
4. Ethical issues
With improved genetic engineering and increased automation, there are new ethical consents and questions of morality than already differ greatly from individual to individual. With access to more data about an individual and a group of people, the risk of using it for personal gain and manipulation is even greater. For example, in 2018 Cambridge analytical data scandal when it was revealed that had harvested the personal data of millions of people’s Facebook profile without their concern and used it for political advertising purposes.
As we have discussed the above Advantages and Disadvantages of Fourth Industrial Revolution we think is good because every one can run his/her own company to generate income instead of working for other people who will pay him/her less money.