The Industrial Revolutions
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.
Challenges and opportunities of Fourth Industrial Revolution are vast. It has the potential to raise global income levels and improve the quality of life for populations around the world. It has great impact on business. Across all industries, there is clear evidence that the technologies that underpin the Fourth Industrial Revolution are having a major impact on businesses. It also has impact on government and people and it can be used for shaping the future.
Here is the great article on World Economic Forum about The Fourth Industrial Revolution- what it means, how to respond by Klaus Schwab – the Founder and Executive Chairman of the World Economic Forum. Read more…