24 Jan 2018

Entrepreneurs are “optimistic” in the face of changes brought on by the fourth industrial revolution

Entrepreneurs and world government leaders are optimistic about the changes that stem from the fourth industrial revolution, but they underline that organizations are not yet ready to make the best of every opportunity, concluded a study by Deloitte which was released today.

"The evolution of technologies linked to the 4.0 industry is triggering rapid social and economic changes in an unprecedented context of global connectivity and demographic change. We are living in a period of great opportunities, but also some risks. Through this study, we got to know how executives are managing these changes and which areas can influence the impact that the fourth industrial revolution will have on their organizations and in society, "said, in a statement, the person responsible for Deloitte’s products industries, services, utilities and resources, António Lagartixo.

According to the study ' The Fourth Industrial Revolution is Here--Are you Ready? ', as far as the social impact is concerned, 87% of respondents believe that the fourth industrial revolution will impose greater equality and social and economic stability. Two out of three executives who contributed to the result indicate that companies will have "much more influence" on building the future than governments and other entities.

However, they admit that they may not be prepared to take advantage of the changes associated with the 4.0 industry, and that this eventual lack of preparation will not lead them to change their strategies. Only a third of the total respondents say they are "confident" in their company's management abilities and 14% say they are "extremely confident".

According to the Deloitte data, executives are not sure that they have the right talent to succeed in the 4.0 industry.

However, 86% of respondents ensure that they are doing "everything in their power" to create the workforce for the fourth industrial revolution.

Only a quarter of the respondents claim to be "fully confident" with the makeup of their team and its set of skills to meet the challenges of the future.

"Executives know they have to invest in technology that promotes new business models. However, they find it difficult to create a business strategy that allows them to address the opportunities of the 4.0 industry, due to a lack of internal strategic alignment and their short-term focus, "the study reads.

For António Lagartixo, if leaders adopt a more comprehensive view, they "will be winners" in this new era, as they find a number of links between their business and social needs, between financial results and innovative strategies, between productivity and a sense of stability, between existing technologies and the creation of "completely new solutions".

Deloitte interviewed more than 1,600 executives from 19 countries to analyse the level of the organizations’ preparedness for the 4.0 industry challenges and to understand how these changes can benefit customers, employees and the surrounding community.


In, AICEP



Source: In, AICEP
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