Based on the above introduction and brief description of the fourth industrial revolution, it can be said that the skills that are required to succeed are in contrast to those that were required in the past. Earlier possessing certain skills could have been quite important than others for succeeding and exploiting the opportunities. However, in the fourth industrial revolution, integrated and comprehensive efforts involving all the stakeholders are required. The key aspects related to the fourth industrial revolution and how it is different from the ones that occurred in past providing understanding on the skills that are essential is discussed in detail.
Features of Fourth Industrial Revolution
Pace of Growth
Firstly, the levels of technological changes that are taking places in the fourth industrial revolution are much faster in comparison to the technological growth in the past. In all the three previous revolutions, there are significant but limited technological changes that are taking place (Schwab, 2016). However, the technological changes in the fourth generation are much quicker and the transition time has reduced. There is exponential growth in the fourth industrial revolution.
Second important aspect is the scope. Earlier, the technological changes were either confined to a certain region or resulted in the exploitation of other region. Thus, there was only a small fraction of population that had access to the technological changes that took place. Today, globalization has ensured that there is exchange of ideas, technology and access to these changes (Schwab, 2016). Technology itself has enabled and contributed to the connectivity and access to knowledge. This has triggered the growth in modern technology that was not possible in the past.
Third aspect associated with the fourth industrial revolution is the ‘Systems Impact’ wherein the contribution of the advancement that has taken place is evaluated. The evolution in the computer technology and has ensured that the ability to handle huge amount of data has improved considerably. This leads to better interaction between different industries. This is one of the key aspects of fourth industrial revolution wherein the collaborative efforts to enhance the value is focused upon (Schwab, 2016).
There are certain challenges and opportunities related to these aspects. These efforts will contribute to growth in terms of revenue and improvement in the quality of the products. The efficiency in handing the business operations and cost reduction has been the pillars of the fourth industrial revolution. With respect to this discussion, it can be said that in the fourth industrial revolution, rather than introducing new technological inventions, the focus will be on enhancing the value of the existing technology.
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