Question

How 4IR and Technology have impact on organization's decision making process?

Answer 1

The underlying topic of my discussions with world CEOs and senior managers is that the pace of innovation and the speed of change are difficult to grasp or predict and that these engines pose a source of constant surprise, even for the most experienced and linked. In fact, there is clear evidence in all industries of the significant impact of technology underpinning the Fourth Industrial Revolution on business.

Many companies on the supply side are seeing emerging technologies launching, providing entirely new ways to satisfy customer requirements and changing the current value chains of the industry significantly. The disruption also comes from agile, innovative competitions, who can expel well-established incumbents faster than ever by improving the quality, speed or value, through access to global digital platforms for research , development, marketing , sales and distribution.Major demand shifts are also happening because increasing transparency, consumer participation and new consumer behavior patterns are forcing companies to adjust their way of designing, marketing, and delivering products and services.

One of the most important developments is creating technology-driven networks, mixing demand and supply to challenge traditional systems, including those in the 'share' or 'on-demand' economy. These platforms make it easy for people, assets and data to be used on a smartphone, thus creating entirely new ways of consuming goods and services. They also reduce the barriers to wealth creation for businesses and individuals and alter employees' personal and business environments. These new platform companies are rapidly multiplying into many new services, including laundry, shopping, parking, massages and travel.In general , four major effects are on business – customer expectations, improved products, collective innovation , and organizational types – that the Fourth Industrial Revolution has. Whether consumers or businesses, customers become an economic epicenter that enhances the way they serve their customers. In addition, digital technologies that improve their value now boost physical goods and services. New technologies make the assets more durable and resilient and transform data and analysis.

In the meantime, new collaborative practices, especially given the speed at which innovation and interruption take place, are essential to a world with customer experience, data-based services and performance through analysis. Finally, with the emergence of global platforms and other new business models, talent, culture and organisation.In general, the inexorable change from simple (third industrial revolution) digitalization to innovation based on technology combinations (fourth industrial revolution) forces businesses to revisit their business practices. However, the bottom line is the same: corporate leaders and senior executives need to consider their evolving world, question their business teams' assumptions and constantly and aggressively innovate.