We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
Digital technologies have had widespread and positive economic effects on the global economy as well as for individual countries
To realise the benefits of new technologies while navigating economic transitions, management should pursue policies that incentivise investment and promote development of digital economies. They will encourage network investment that improves connectivity.
Technology only moves forward, each advance building on the last until an inevitable breakthrough changes everything. It changes the way companies are run, how customers are acquired and how enterprises do business. And the pace of change is fast—those that are slow to react are likely to find themselves at a disadvantage to fleeterfooted competitors.
Digitalisation drives company growth