ARE WE READY FOR INDUSTRY 4.0?

The Fourth Industrial Revolution or Industry 4.0 has garnered significant interest from scientists, academicians and policy makers globally. It is characterised by advancements in physical, digital and biological technologies that are expected to drastically alter our lives, production methods, businesses and the worldwide economy in the next decade or so.

“While this revolution holds great economic promise due to technology driven production systems, it also poses challenges that must be addressed promptly,” notes Gamini Ranasinghe, Director of Business Development at Orel.

“Industry 4.0 is characterised by a shift where technology will play a major role in shaping the economy and our daily lives, and the relationship between humans and machines will take on a new form,” he adds.

The rise of machines in industries is leading to a decrease in human involvement – causing a major shift in the global job market.

Elaborating further, Gamini says: “The future of trade from east to west may be disrupted as technology driven industries are expected to be established mainly in developed countries. This could result in further economic advancement in the developed world but pose a threat to the job security of large labour forces in developing nations.”

Balancing technological industrialisation and equitable economic growth will be a significant challenge in his view.

Gamini notes: “Therefore, it is essential to integrate current manufacturing methods with new technological innovations to ensure equal economic growth for all.”

“It’s important to remember that the previous three industrial revolutions had significant social and political impacts – and Industry 4.0 is no exception. It is essential to consider the potential consequences that this new era of technology may bring,” he explains.

Gamini believes that as technology advances, it will bring major changes to existing political, economic and social systems.

“In the near future, individuals will have greater access to knowledge, enhanced connectivity and more diverse means of education,” Orel's Director of Business Development muses.

Current technological advancements have the potential to tackle some of the major problems facing society such as unemployment, empowering women, improving education and healthcare, addressing climate change, managing disasters and resolving conflicts.

Gamini elaborates: “Additionally, by utilising technology, we have the opportunity to enhance cross-cultural comprehension, empathy and other positive human values, which can help combat prejudice, violence and extremism.”

Adding to this, he says: “Industry 4.0 holds the potential to transform human societies based on moral principles. It is important to equip our younger generation with the necessary skills and resources to effectively tackle future challenges. It’s critical that investment in education and training sectors is encouraged to equip students with the skills necessary to succeed in a rapidly evolving job market.”

“Moreover, reforms must be made in socioeconomic institutions, starting at the grassroots level, to overcome outdated cultural norms and institutional inertia, and fully realise the benefits of new technologies,” he stresses.

Gamini points out that Industry 4.0 has far-reaching effects in various fields, from employment to privacy. A collaborative effort between the public and private sectors is needed to harness the benefits of technological advancements for the betterment of society as a whole while also ensuring that these innovations do not cause harm to individuals or the environment.

In today’s world, many people still lack basic necessities like food, hygiene, healthcare and education. With the growth of new industries and business models in the future, it is important to ensure that the advancements do not perpetuate or worsen existing inequalities among different socioeconomic groups.

“The interconnectedness of the world means that individual states cannot thrive by themselves. To tackle the challenges and uncertainties of the future, global cooperation is imperative. Efforts to promote inclusive economic growth through global initiatives must be intensified. The creation of a more integrated economic system could potentially provide everyone on the planet with their basic needs,” Gamini points out.

Therefore, he urges individuals, organisations and governments to collaborate, and adapt to the technological advancements and their potential challenges, by taking appropriate measures at regional and sub-regional levels.

“In this way, we can ensure inclusive economic growth in developing nations,” Gamini enthuses.

During an economic crisis, Industry 4.0 can play a critical role in helping companies maintain their competitiveness and remain profitable.

“One way to do this is by streamlining operations, and reducing costs through automation and data analysis. This can help companies adjust to changes in demand and supply while maintaining high levels of efficiency,” he notes.

Moreover, Industry 4.0 can enable companies to quickly pivot their production to meet the changing needs of the market, reducing waste and increasing agility.

Gamini outlines: “In addition, Industry 4.0 can also provide new opportunities for companies to expand into new markets and create new revenue streams. For example, the integration of advanced technologies can enable companies to offer new and innovative products and services such as predictive maintenance, which can be highly valuable to customers during a crisis.”

– Compiled by Yamini Sequeira

Telephone: 0773 184642 | Email: gamini@orel.com | Website: www.orel.com