We are now living in a time where we can see the Fourth Industrial Revolution with our own eyes. One of the things we are going to notice is that major changes are being made in the business environment. These occur due to the impact of the Fourth Industrial Revolution on other socio-economic and demographic factors. This combination creates significant disruptions in the labor market. As a result, you’ll notice the emergence of new job categories. That means some of the legacy jobs are being replaced by new ones. People must be ready for this kind of change as it transforms the way people work.
There are four drivers of change that have a strong say in the market today. Here are the ones that we must take into account: the ubiquitous high-speed mobile internet, artificial intelligence, widespread adoption of big data analytics and, last but not least, cloud technology. These are set to dominate the 2018-2022 period because these drivers of change will most definitely affect in a positive way the way businesses grow.
Another important change comes with the increasing transition towards automation as nearly 50% of companies surveyed expect that their full-time workforce will decrease as a consequence.
This finding is based on the job profiles of their employee base today. Even with this happening, we must take into account the fact that 38% of businesses surveyed expect to extend their workforce to new productivity-enhancing roles, and more than a quarter expects automation to lead to the creation of new roles in their enterprise.
There is a range of roles that will experience increases in the period up to 2022: Data Analysts and Scientists, Software and Applications Developers, and E-commerce and Social Media Specialists. We can tell that these roles that are significantly dependable on the use of technology. Another important aspect is that there is obvious evidence of accelerating demand for the latest technologies such as AI and Machine Learning Specialists, Process Automation Experts, Big Data Specialists, User Experience and Human-Machine Interaction Designers, Information Security Analysts, Robotics Engineers, and Blockchain Specialists.
Everyone must be ready for what’s coming by preparing ahead of time instead of adapting to change that’s already happened.
The first graphic presents the technology adoption by Automotive, Aerospace, Supply Chain & Transport industry. A huge share of survey respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.
In the second graphic, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show you which were the obstacles that were selected by the surveyed people that were perceived as impediments to successful new technology adoption faced by their company.
The following graphic shows the expected impact of new technologies adoption on workforce. Here you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.
Technological advancements are very likely to present real challenges to existing business models and practices. But hopefully in the next years, these dynamic changes, whether they are disruptive or constructive will be the exact reason why new opportunities of growth appear.