Companies could miss out on the 4th industrial revolution - unless they change one simple thing

Companies could miss out on the 4th industrial revolution - unless they change one simple thing

The consulting firm Deloitte revealed on Monday, January 22, 2018 that most executives, both private and public, believe that the organizations for which they work are not ready to exploit the opportunities offered by the fourth industrial revolution.

Also called “industry 4.0”, this fourth industrial revolution corresponds to the transformation of the means of production via the emergence of smart factories, but also of the means of management and governance. It will be powered by a dozen emerging technologies including artificial intelligence (AI), IoT or geo-engineering.

According to the Deloitte study of 1,600 executives in 19 countries, only a quarter of the executives surveyed say they are confident that their companies have the necessary workforce and talent for the future, even though 84% of them said they are doing their best to train employees.

In fact, many leaders focus their energy on traditional missions such as product development or increasing productivity, instead of developing new talent or bringing out innovations disruptive, creating value, Deloitte explained.

Moreover, less than a quarter of the people surveyed by the international consulting firm believe that the company for which they work will have a strong impact on key factors such as education, sustainable development and social mobility in the era of the 4th industrial revolution.

The stakes are high: just with AI, one of the emerging technologies that will propel Industry 4.0, companies will see their profitability increase by 38% on average by 2035, predicts a study by consulting firm Accenture published in July 2017.

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