There is no question; the Fourth Industrial Revolution will bring about significant change for almost every aspect of society. In addition, the rate of change is increasing far beyond previous industrial revolutions. If you look at the first, second or third industrial revolutions, technology was changing, but over lifetimes or generations. Today, human evolution is accelerating at an unprecedented pace. In fact, so fast that the extent of the collective change will take on a dimension, unimaginable to our predominantly linear-thinking brain. Impact is best illustrated as an ever-expanding cube. Four dimensions of exponential growth, each compounding on one another: through horizontal and vertical differentiation, supply chain diversification, as well as through the cross-related invention overflow between one another. To explain this further, let's take an isolated look at just one invention: the self-driving, electric car. At first glance, it is obvious that the careers of taxi, bus and logistics company drivers are affected. Vertically, this one invention places considerable budgetary stress on major oilproducing countries and related companies. Laterally, insurance organisations are rethinking premiums; consequently, the finance industry is involved. The chain reactions go on and on. Additionally, there’s an innovative overflow to industries such as shipping and aviation; it’s not just vehicles that will be autonomously driving or electric.
Norway plans to substitute all short-haul flights up to 1.5 hours using electric planes with the first electric-powered flight scheduled as soon as 2025. Now, try and imagine the magnitude of all new technologies. We are left with high levels of ambiguity - even the most accurate modelling through leading agencies like Deloitte Digital are estimates. The result for some is amygdala hijack. Our fight or flight mechanism naturally kicks in, and crisis mode is elected. We focus on the threats rather than the opportunities; and whilst this is necessary to “brace for impact”, significant damage is done to our psyche. The real challenge is not whether we are moving into this next phase or the amount of change – but altering how we think, train and work with new technological advances and their human impact. We need to wander back into the neocortex.
The quicker we can embrace the new, the smarter we will be able to adjust. Mindset, adaptability and creativity form the new currency for success and industry leaders have already recognised this. A recent survey of 1,603 global executives conducted by Forbes and Deloitte Insights revealed that 87% of executives believe that Industry 4.0 will lead to more social and economic equality and stability. They regard technology as an equaliser, that will provide more access to education, jobs and financing across different geographies and social groups. Peter H. Diamandis - Founder and Executive Chairman of Singularity University and multiple New York Times bestselling author - is one of the most optimistic visionaries of Industry 4.0. www.coachinglife. com.au
