Many organizations and their teams aren’t prepared for the future. We’re talking about a future that’s being heralded as the Fourth Industrial Revolution: an exciting time where technology-meets-manufacturing to change the way we work and live.
Every industrial revolution throws the incumbent modes of productivity into turmoil. Take the First Industrial Revolution for example. The transition to move from an agricultural economy to an industrial one started in 1760 in Great Britain and took more than a century to roll out in the U.S. Going from hand-made to machine-made products ushered in a new age of increased productivity—and created a higher standard of living around the world.
And now we’re on a new Industrial brink. We’re entering an age of customizable mass production; where parts travelling between factories all over the world could be a thing of the past. Instead, Industry 4.0 could evolve into smaller regional factories that will mass produce made-to-order products—requiring fast and flexible processes to keep up with demand.
Change brings with it an awakening to a new way of doing things. Then comes the transition process. And then it’s time to adapt. “Adapt or perish,” said H.G. Wells, the father of science fiction.
Using the New Tools to Solve New Problems
There will be requirements to adapt to the Fourth Industrial Revolution. Business leaders need to be ready and teams need to use responsive software in order to keep up with new world challenges. A problem that many companies are struggling with right now is that current project systems can’t manage the influx of productivity that Industry 4.0 demands of us.
Here is what’s needed to succeed in the new world of doing business:
Agility and speed: Time will move exponentially, not linearly. Automation of assembly line at warp speeds.
To accomplish more with fewer people: AI, robotics and automation will perform repetitive jobs. Already, studies are showing that as we head into a period of increased productivity, employment is down.
Only the lean and mean will survive: Cutting costs and maximizing growth is the name of the game. In a recent LiquidPlanner survey with over 100 manufacturing companies, one of the top initiatives for business was to cut costs and drive growth.
Flexible processes: Some futurists are predicting that factories will be smaller, more agile. Scale will give way to customization at a mass production speed.
Are you ready?
In our latest eBook, Are You Ready for the Fourth Industrial Revolution?, we take a look at what this revolution is made of; what it means to thrive in Industry 4.0, and what tools are necessary to keep up with new world market demands. We’re going there right along with you!