Fourth Industrial Revolution - Challenges and Opportunities

Fourth Industrial Revolution - Challenges and Opportunities, Technologies used in fourth industrial revolution, Challenges caused by Fourth Industrial
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 Fourth Industrial Revolution - Challenges and Opportunities

Fourth Industrial Revolution - Challenges and Opportunities

Fourth Industrial Revolution

Introduction:

Fourth industrial revolution has brought about a new world order before us where we are in the central point of transforma tion fueled by digitalization, mobilization, augmentation, disintermediation and automation. How will we discover new opportunities in one of the most transition- al times in human history? Are we driving change, or are we being driven by it? Decision lies in our hands. We all know future does not just happen, rather it gets happened. With embracing technology we can not only live better but also lead the world in the neonormal on the days coming ahead.


What Fourth Industrial Revolution is:

Fourth Industrial Revolution (Industry 4.0) refers that technological change is a driver of transformation relevant to all industries and parts of society. It represents a series of significant shifts in the way that economic, political, and social value is being created. exchanged and distributed. These shifts in values are intimately related to the emergence of new technologies that span the digital, physical and biological worlds and they are most powerful when they combine and reinforce one another. Industry 4.0 is based on the concept of smart factory, where the machines are integrated with men through cyber physical system (CPS). Fourth Industrial Revolution

Technologies used in fourth industrial revolution:

Technologies used in fourth industrial revolution are Internet of things, Big Data, Cloud computing, Cyber security, Automated robots, Additive manufactur- ing techniques and 3D printing, Augment ed reality, Horizontal and vertical integra- tion technology, Simulation system and software.


Challenges caused by Fourth Industrial Revolution:

Fourth Industrial Revolution is accompa nied by the following challenges-

(i) A gap in technical skill

Only with right workforce businesses will be able to successfully implement new technology and maintain operators. But training existing operators with specific skills in managing digital jobs is also a challenge for many companies.

(ii) Data sensitivity

Data sensitivity is a challenge as many companies are reluctant to share their data with third party solution developers.Fourth Industrial Revolution

(iii) Interoperability

Interoperability impedes companies' ability to innovate further since they can't easily "swap out" one vendor to another or one part of the system for another. It also limits options to upgrade system component.

(iv) Security

The physical and digital systems that make up smart factories make real- time interop erability possible. However, it comes with the risk of an expanded attack surface. When numerous machines and devices are connected to single or multiple networks in a smart factory, vulnerabilities in any one of those pieces of equipment could make the system vulnerable to attack. 


Handling data growth:

As more companies become dependent on AI usage, companies will be faced with data that is being generated at a faster pace and presented in multiple formats. Other challenges include the need for

Opportunities accompanied by fourth industrial revolution

(i) Increased productivity

Industry 4.0 will allow one to collect real time information across the entire supply chain, from suppliers to users, and analyze and use this data to improve and enhance operation, designs and products through instant feedback. Fourth Industrial Revolution

(ii) Reduced waste through efficiency and quality in processes 

According to a new report by the Interna- tional Solid Waste Association (ISWA), technologies such as big data, artificial intelligence (AI), automation, and the Internet of Things (IoT)-all of which form the core of the Industry 4.0 revolu tion-can play a significant role in revolu tionizing waste management.


Greater safety for workers:

Automated machines and robots can either replace workers or sustain them by making their tasks flexible, safer, and socially more inclusive. With the help of sophisticated robots, dangerous and risky work can be accomplished and safety of the workers can be ensured.

(iii) Enhanced decision making

In Industry 4.0 will ensure enhanced decision with data based tools.Fourth Industrial Revolution

(iv) Improved competitiveness 

In Industry 4.0 competitiveness is improved by developing customized products that satisfy customers need.

(v) Promotion of circular economy 

This is a departure from the traditional, linear economic model which is based on a take- make, consume, throw away pattern.

(vi) Promotion of more sustainable patterns of production and consumption 

Sustainable consumption and production refers to the use of services and related products, which respond to basic needs and bring a better quality of life while minimizing the use of natural resources and toxic materials.

Response of Bangladesh in meeting the challenges and deriving the opportunities:

It is quite challenging for both the developed and developing nations to keep pace with fourth industrial revolution. Developed nations would perhaps be able to cope with it because of their technologi- cal progress and skilled workforce with experiences. 

The question naturally arises: what will happen to developing countries like Bangladesh? Will we be able to generate enough job opportunities in our country? In order to adopt and adapt to the changes, our present government has focused on the followings: 

i. Knowledge based sector

ii. IT based sector

iii. E-commerce

iv. Online services

v. Microprocessors

vi. Software design

With an eye to transforming labour based industry to knowledge based one, Bangla desh has given emphasis on establishing ICT Industry. In the last ten years, one million jobs have been created in ICT sector because of ICT friendly and business friendly policy. 

The target of our ICT division is to create another one million jobs in the next four years. Bangladesh's In Industry 4.0 will ensure enhanced achievement can be inferred from the report provided by Oxford University Internet Society. 

According to its report, Bangladesh is the second largest source of online workers. Six hundred thousand IT freelancers contributing 16% of our global outsourcing industry. Our government is giving training for the youth under "Learn ing and Earning Development Projects". 


Conclusion:

Like all other revolutions of modern history, fourth industrial revolution has brought about myriad challenges before mankind. If we get scared and remain seated lazily without getting ourselves involved in the process of transformation, 

we cannot avail ourselves of the opportuni ties tied to fourth industrial revolution, and thus we will have to face dreadful consequence that may result in survival threat. Realizing this, the ministry of industry and the ministry of ICT division of Bangladesh have taken myriad pragmatic steps. 

As a result, we have already started deriving benefits. However, a lot of things are yet to be done to transform a labour based economy to knowledge based one.


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