Impacts and Risk of 4th Industrial Revolution
It's one thing to know something is going to happen. But it's very different thing when you know what to do about it.
The Risk and Opportunities of the Fourth Industrial Revolution
The technologies and companies of the Fourth Industrial Revolution are rewriting the playbook entrepreneurs, companies, startups and governments have been playing by. The rules which used to work ten years ago before the 4IR are irrelevant in the modern economic, business, employment and market landscapes. Using the old playbook to get ahead as a business or investor will leave people investing in dying businesses who are do everything right in an old way. Artificial Intelligence, Automation and Robotics will reshape how companies compete internally for external success.
Likewise, individuals who are not paying close attention to the changing demands of the job market will can easily find themselves studying skills that are no longer in demand, entering a market segment which won't exist in the next few years or worse, unemployed and unemployable. They won't be unemployed because they don't want to work, they will be unemployed because they are unemployable in the modern workplace. These individuals simply won't have the skills or foundation to meaningfully participate in the workforce.
The technological advancements and corresponding economic impacts will greatly change how companies operate and how we work. There are estimate that some industries and jobs will be automated be 5% to 100% in some cases. On average the general consensus is that 45-55&% of the workforce will be automated across all industries/sectors on a blended average. So while some jobs might go completely away other will not.
But even is the 45-55% is wrong half, that would still leave roughly 25% of the workforce out of work and possibly unemployable if they do not have any transferable skills. That's the same rate as the great depression.
A huge risk of the Fourth Industrial Revolution is that companies, employees, students and governments do not pay attention to the warning signs we can also so clearly see. The doom and gloom of unemployment do not have to be set in stone if we start working on solutions to retrain massive portions of the population now, creating more sustainable business models and create incentive programs between enterprise and governments to provide more economical services to the domestic populations.
I do believe that if we look at history we will be put into a reactionary situation instead of the more logical and safe preventative one. I know on my end my companies, employees and colleagues will focus on preventative measures so that we can all benefit and grow with the changes of the Fourth Industrial Revolution, regardless of the speed.