Artificial Intelligence: The fourth industrial revolution
The fourth industrial revolution (4IR) is expected to bring forth a major shift in the way we live, work and plan our future. In fact, the 4IR is much than just a technologically driven-change, it is the opportunity to improve living conditions around the world; a chance to sustain the present and the future.
Before getting into the nitty gritty, let me explain in simple words what the 4IR actually is. The fourth industrial revolution represents the fusion of advances in machine learning, artificial intelligence, block chain technology, internet of things, and all the rest of the fancy technological developments.
Now, lets dig into it a little deeper.
A major shift in the economy
When we talk about 4IR and the impact it is having on the economy, businesses, and workplaces, we can say that artificial intelligence is perhaps the strongest driver of this revolution.
Truly, it has the potential to turn cumbersome manual tasks into automated ones. Not only does this reduce the workload on millions of workers, but also provides industries the chance to shift focus on scaling production and better management of their resources.
Also, AI is being leveraged by more supply-oriented industries with the aim to increase long-term gains. It has the potential to reduce communication and bring down transportation costs which will ultimately lead to effective logistics and global supply chain.
Other than this, artificial intelligence can also help the global trading system by cutting down on trading costs and expenditure.
Talking about the economy as a whole, it is expected that by 2030, AI is going to add 16% or around $13 trillion to current global economic output. Also, according to a recent report by PwC, by 2030, AI could lead to a 26% increase in gross GDP growth.
The automation of labor is one of the biggest contributors to this figure, which could add up to $9 trillion or 11% global GDP by 2030, and innovations in goods and services, which could lead to a GDP boost of $6 trillion or 7% by 2030.
Changes for the better
As mentioned above, the fourth industrial revolution is affecting the way we live, work and communicate. It is changing the landscape of every aspect of life including healthcare, commerce, education, and more.
We can already see AI having a huge positive impact on the education sector. Advanced technologies in the education sector including education software development, online schools and courses, gamification and all other AI trends have led to an increase in the accessibility to education and research, even in the underdeveloped nations.
Furthermore, the social media revolution embodied by YouTube, Twitter and Facebook has provided everyone with the ability to raise their voice to communicate instantly across the globe.
According to stats, there are more than 2.8 billion social media users worldwide, which shows that more than a third of the world’s population is communicating through some form of social media.
“The Fourth Industrial Revolution, finally, will change not only what we do but also who we are. It will affect our identity and all the issues associated with it: our sense of privacy, our notions of ownership, our consumption patterns, the time we devote to work and leisure, and how we develop our careers, cultivate our skills, meet people, and nurture relationships.” — Klaus Schwab, The Fourth Industrial Revolution.
The retail experience is already being redefined with the use of online shopping and delivery services. The easy accessibility to products and services can transform whole communities, even in rural areas, boosting the potential to develop stable economies.
As for the physical realm, technological advancements in the healthcare sector can help people lead longer and healthier lives. Advances such as telemedicine, virtual nursing assistants, image analysis and more have already fundamentally transformed the healthcare world. Imagine all that robot power combined with human problem-solving skills.
Agile Governance for Survival
It’s high time that businesses and individuals stop believing in AI myths, and start working towards implementing them in organizations.
AI and machine learning are advancing quickly, and the increased implementation of these advanced technologies is pushing the government to its limit. Mechanical and linear processes no longer follow a strict top-down approach.
Therefore, to survive this technological wave, the government must use a more agile, data-driven and public-focused approach. To keep things under control, the government should harness AI systems today, so their evolution is followed by only a significant positive impact on the environmental conditions, leading to as few complications as possible.
One of the ways to tackle growing challenges associated with the fourth industrial revolution is to implement proper laws and policies that can ensure the use of technology is aligned with the values of humanity, guaranteeing secure applications of these innovations.
Read more about AI and its impact across the globe here: AI for the Earth: Ushering in a Sustainability Revolution
