The Impact of Fourth Industrial Revolution on Us Kazi Md Miraj Hossain ACS

THE IMPACT OF FOURTH INDUSTRIAL REVOLUTION ON US

Kazi Md Miraj Hossain ACS

I

ntroduction

Technologies are emerging and effecting our lives. Artificial Intelligence, robots, genomics, virtual reality, and many other new technologies are running the Fourth Industrial Revolution (4IR), sculpting and reshaping the way we work and live.

Scope of 4IR

The Fourth Industrial Revolution (4IR) demonstrate a progression of social, political and financial upswing that will unfurl over the 21st century. First Industrial Revolution was steam-fueled processing plants, the Second Industrial Revolution's use of science to large scale manufacturing and producing, and the Third Industrial Revolution's begin digitization, the 4IR's innovations, for example, man-made reasoning, genome altering, increased reality, apply autonomy, and 3-D printing, are quickly changing the manner in which people make, trade, and convey esteem. As happened in the past unrests, this will significantly change establishments, enterprises, and people. Henceforth, this transformation will be guided by the decisions that individuals make today. In coming 10 to 15 years the world will owe a ton of its character to how we consider, put resources into, and send these incredible new advancements.

It is vital to appreciate that the 4IR involves a systemic change across many sectors and aspects of human life. The crosscutting impacts of emerging technologies are even more important than the exciting capabilities they represent.

Perhaps the most meaningful and underappreciated change from the industrial revolution will be that you will likely live much longer and spend most of that time more active and healthier than previous generations. From genomics, lab grown organs, and smart cities life expectancy is expected to continue increasing, and very possibly exponentially. This is critical not only for retirement planning but also finding purpose and deciding what to do with your life.

Effect of Automation and artificial intelligence (AI):

Automation and artificial intelligence (AI) are change agents in 4IR that will make certain groups of employees redundant, replacing them with new workers with the needed skills or with machines that do the job cheaper. With technological advances, jobs with these three qualities are most likely to be automated: repetitive in nature, centered on rules and limited involvement.

Consequence of 4IR on society

4IR has the potential to raise global income levels and improve the quality of life for populations around the world. Those who have gained the most from it have been consumers able to afford and access the digital world; technology has made possible through new products and services that increase the efficiency and pleasure of our personal lives. Ordering a cab, booking a flight, buying a product, making a payment, listening to music, watching a film, or playing a game any of these can now be done remotely.

The 4IR, will change not only what we do but also who we are. It will affect our identity and all the issues related 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. It is already changing our health and leading to a “quantified” self, and sooner than we think it may lead to human augmentation.

I wonder whether the relentless combination of innovation in our lives could decrease a portion of our typical human limits, for example, empathy and collaboration. Our association with our cell phones is a valid example. Consistent association may deny us of one of life's most significant resources: an opportunity to delay, reflect, and take part in important discussion.

One of the best individual difficulties presented by new data advancements is security. We intuitively

comprehend why it is so basic, yet the following and sharing of data about us is an urgent piece of the new availability. Discussions about key issues, for example, the effect on our internal existences of the loss of command over our information will just increase in the years ahead. Likewise, the transformations happening in biotechnology and AI, which are reclassifying being human by pushing back the present edges of life expectancy, wellbeing, perception, and capacities, will propel us to rethink our good and moral limits.

All industrial revolution create and destroy jobs, but unfortunately there is evidence that new industries are created relatively fewer positions than in the past. According to calculations by Carl Benedict Frey from the Oxford Martin Programmer on Technology and Employment, only 0.5% of the US work force is employed today in industries that did not exist at the turn of the 21st century, a far lower percentage than the approximately 8.2% of new jobs created in new industries during the 1980s and 4.4% of new jobs created during the 1990s.

Are we ready?

We have seen before that the industrial revolution makes a radical change in our life and in industry. As we have seen that software is performing several task within seconds and it is taking the place of many work forces. So, there can be a concern arises among the group of Chartered Secretaries (CS) that what extent 4IR will bring the distress in relation to job functionality of Chartered Secretaries and again might question arise regarding adoptability of how the CS approach will be to keep up with the pace of change and understand the likely social and economic impact of technological innovation bringing by 4IR.

It is to be noted, that the job responsibilities of a Company Secretary is the strategic in nature apart from few routine work. The major role of Company Secretary is to provide right direction to the Board, related to any Commercial rules and regulation. The 4IR will make faster both the regular and strategic task of Company Secretary. The Company Secretary could perform their job faster than before with the help of artificial intelligence. The Artificial Intelligence can never replace the position of a Company Secretary.

All previous industrial revolutions have had both positive and negative impacts on different stakeholders. Nations have become wealthier, and technologies have helped pull entire societies out of poverty, but the inability to fairly distribute the resulting benefits or anticipate externalities has resulted in global challenges. By recognizing the risks, whether cybersecurity threats, misinformation on a massive scale through digital media, potential unemployment, or increasing social and income inequality, we can take the steps to align common human values with our technological progress and ensure that the Fourth Industrial Revolution benefits human beings first and foremost.

Conclusion:

The 4IR is therefore, not a prediction of the future but a call to action. It is a vision for developing, diffusing, and governing technologies in ways that fulfill more empowering, collaborative, and sustainable foundation for social and economic development, built around shared values of the common good, human dignity, and intergenerational stewardship.

Reference:

https://www.oxfordmartin.ox.ac.uk/future-of-work/

https://doi.org/10.1080/03085147.2019.1620027

» About the Author

Associate Member of the Institute