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The 4th Revolution – how do we get ready?

This article was inspired by Rocky Scopelliti who shared this article on LinkedIn 

https://www.futurithmic.com/2019/02/13/industry-4-0-could-create-millions-new-jobs/

So what is the 4th revolution?

This type of intelligent, interconnected ecosystem  of mobile, cloud computing, analytics, automation, artificial intelligence (AI), the Internet of Things (IoT), 3D printing, autonomous robots, and augmented- and virtual reality (AR/VR) has been dubbed the fourth industrial revolution.

These technologies will  add accuracy, efficiency, productivity and personalized customer service to business and industry in unprecedented ways and  will lower the cost of doing business.

A 2017 Accenture study estimated the average U.S. company could save $85,000 per employee

A McKinsey Global Institute study estimated  that intelligent automation technologies could save employers worldwide a staggering $15 trillion in wages by 2030.

Jobs displaced …

McKinsey concluded, estimated between 400 and 800 million current occupations could be displaced by 2030 – including 

  • physical labor, 
  • data collection/processing, 
  • manufacturing, 
  • retail, and accommodation/
  • food services

We’ve been here before with the advent of PCs, Mobile and Internet transforming how and where people work. 

… Jobs created

The World Economic Forum (WEF) Future of Jobs report in 2018 predicted strong employment growth in emerging sectors like AI, robotics and blockchain – but also in non-tech positions such as customer service, sales, marketing, training and skills development.

McKinsey estimates that between 1980 and 2015, the introduction of the PC displaced 3.5 million jobs in the U.S.  — but also created 19.2 million new ones in the #Nexttechrevolution 

Growth Industries

  • elderly care, 
  • green technology, 
  • Training 
  • consumer goods and services

Will the 4th Industrial Revolution  will create more jobs than it destroys over the coming 10 years ?

McKinsey says yes ….estimating overall creation of 555 to 890 million new jobs by 2030.

… What we need to do 

There will need to be significant workplace transformation

McKinsey estimates 75 to 375 million people will have to switch occupations and learn new skills by 2030.

“It is critical that governments , businesses and individuals need to take an active role in reskilling and upskilling. 

Individuals need to take a proactive approach to their own lifelong learning

Governments and Enterprises need to create an enabling environment.

Workers need to learn to work alongside  machines – which will increase productivity, employment  and create abundance 

As Heather McGowan says – the key is to teach our children to learn how to learn!

Lifelong learning will be a part of the DNA of every human and machine in the workforce!

– #australia2030 #industry4 #skills #reskilling #jobs #technology #digital #data #artificialintelligence #datascience #stem #science #engineering #humanresources #futureofwork

Other articles to read 

https://www.futurithmic.com/2019/07/09/from-killer-robots-to-automated-colleagues/

Posted on July 17, 2020

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