The growth of technologies has aced even further these days, as we enter the era of the so-called fourth industrial revolution. We witness outstanding inventions of Artificial Intelligence (AI) and so much more automated technologies – all who have brought significant impacts on business and work productivity.
With that being said, the way we use manpower and machines have changed. We should then adjust to this rapid change brought by technologies to the industries so that we can make the best out of these innovations positively. To achieve that, let us try to understand some of the impacts of this fourth industrial revolution across different business sectors.
5 Impacts of Fourth Industrial Revolution That You Should Know About
One key highlight of this fourth industrial revolution is the bulk of data that we get to circulate today. Along with the advanced AI, these data can then be used to generate personalisation in retail businesses.
While we used to count on manpower for customer services, the virtual realm can now create algorithms of day-to-day transactions and provide recommendations specialised for each customer in a retail’s data. Retail businesses can know what customers need – therefore, they will be able to conduct targeted marketing at a very much effective rate.
Moreover, we have also heard how virtual reality can also lead to the innovations of smart devices for customers to wear as they shop in retails. With these devices, they can see relevant data popping up along the way, as well as virtually try on outfits efficiently.
The world of finance will also be positively affected by the use of AI, which can detect fraud effectively. Unlike how we used to have humans checking on the data one by one, AI will save up our time by doing these researches for us.
Financial institutions can also use machine learning to predict economic prospects and their sales cycle, next-best actions, and so on. This will mean customer journeys will be more substantially recorded, and these institutions can predict their financial goals, life events, and others.
The sector of agriculture is not opted out in regards to this new industrial revolution. Crops are the foundation of humans’ food consumption – it will be beneficial if people can make use of the new machines to increase agricultural productivity.
AI has enabled the operation of machine vision systems which can measure the populations of the crops. Not to mention how it will be much easier to detect weeds or plant pests, and that automated robotic sprayers can directly work along with these generated data. Besides, the fourth industrial revolution has also made genetic modifications of plants more efficient in producing desired crops.
In 20 years before today, who would ever think that doctors’ brains and knowledge can be aided with technologies when performing healthcare duties?
Today, we see more development on it. AI has helped doctors in analysing a patient’s medical history and lifestyle. Combined with demographic data and algorithms from different people, this analysis will even be more precise and accurate to help to diagnose someone’s health condition and determining treatments.
So, again, data is key to this technological growth.
Data is also highly functional for the insurance industry in terms of monitoring people’s movement and conditions. Wearable devices can now be used to track health and sensor driving and other habits.
To decrease insurance companies’ outcomes, tracking devices in cars can also be applied to alert drivers to potential faults and damages as they drive. Moreover, even when collision and damage do occur, these devices will enable insurance companies to contact the drivers more quickly to process the recovery.
Those are the five impacts of the fourth industrial revolution across five different business sectors. It is essential that we get to understand how these technologies impact on both manpower and machines, so we can as well prepare ourselves to adapt to this new revolution. We cannot escape technologies, after all, and we should ensure that we can make the best out of it.