Print Сite this

The Fourth Industrial Revolution

The beginning of the 21st century is characterized by rapid digital transformation and technological enhancement. Innovative changes that affect business and manufacturing are defined as Industry 4.0 or the Fourth Industrial Revolution (Frank et al. 23). This concept incorporates a new production approach based on the massive introduction of information technologies in various industries, large-scale automation of processes and operations, and artificial intelligence integration.

Our experts can deliver a customized essay
tailored to your instructions
for only $13.00 $11.05/page
308 qualified specialists online
Learn more

Digitalization is changing the face and structure of the economies of countries and entire regions. Intra-industry competition is growing, markets are expanding, the competitiveness of industries in individual countries in world markets is increasing. The result is the growth of national economies and challenging traditional industry market models (Frank et al. 22). Moreover, digitalization increases the competitiveness of their participants, thereby determining the growth prospects of the company, industries, and national economies in general. The emergence of digital players has already changed the face of industries such as tourism, telecommunications, printing, passenger transportation, and taxi services.

It is fascinating to pay attention to how much even the routine processes in companies have changed thanks to the technological revolution. For example, an article from the BBC lists such work tools that are already familiar to people, such as e-mail, smartphones, social networks, websites, video conferences (“How Changes in Technology Affect Business Activity – Technological Influence on Business Activity – Eduqas – GCSE Business Revision – Eduqas”). Indeed, what we take for granted is relatively new. In the meantime, these simple technologies have made telecommuting possible during a pandemic, hence helping to avoid considerable losses to humanity. Moreover, such advanced innovations as cyber-physical production systems will fundamentally change the traditional logic of production since each work object will determine what work needs to be done before manufacturing. This completely new architecture of industrial systems can be implemented gradually through the digital modernization of existing production facilities.

Works Cited

Frank, Alejandro Germán, et al. “Industry 4.0 Technologies: Implementation Patterns in Manufacturing Companies.” International Journal of Production Economics, vol. 210, 2019, pp. 15–26. Crossref, Web.

“How Changes in Technology Affect Business Activity – Technological Influence on Business Activity – Eduqas – GCSE Business Revision – Eduqas.” BBC Bitesize, BBC, Web.

Cite this paper

Select style

Reference

StudyCorgi. (2022, November 9). The Fourth Industrial Revolution. Retrieved from https://studycorgi.com/the-fourth-industrial-revolution/

Reference

StudyCorgi. (2022, November 9). The Fourth Industrial Revolution. https://studycorgi.com/the-fourth-industrial-revolution/

Work Cited

"The Fourth Industrial Revolution." StudyCorgi, 9 Nov. 2022, studycorgi.com/the-fourth-industrial-revolution/.

* Hyperlink the URL after pasting it to your document

1. StudyCorgi. "The Fourth Industrial Revolution." November 9, 2022. https://studycorgi.com/the-fourth-industrial-revolution/.


Bibliography


StudyCorgi. "The Fourth Industrial Revolution." November 9, 2022. https://studycorgi.com/the-fourth-industrial-revolution/.

References

StudyCorgi. 2022. "The Fourth Industrial Revolution." November 9, 2022. https://studycorgi.com/the-fourth-industrial-revolution/.

References

StudyCorgi. (2022) 'The Fourth Industrial Revolution'. 9 November.

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.