We have started an era of technological metamorphosis, which will radically change our lives, our profession, and the way we become along with one another. System, range, and complexity - this transmutation will be unlike what humans have encountered in history. We do not comprehend how it will develop but, one thing is explicit: the response must be multicultural and inclusive, comprising all actors in the global political system, from the public and private sectors to academia and public society.
The First Industrial Revolution commenced using water and steam power to automate production. The Second used hydroelectric power to perform mass production. The Third practised electronics and information technology to mechanize generation. Since the middle of the last era, the fourth industrial revolution has driven place. Technological amalgamation disguising the barriers between the physical, digital, and organic fields distinguished this revolution.
The potentialities of billions of people to attach through mobile devices are boundless and have the unparalleled processing power, accommodation capacity, and access to knowledge. Emerging technologies like artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing augment these possibilities by accommodation. Expertise, not capital, will become a core constituent in production that will drive the expanding differentiation of the labour market into "low-skilled/low-wage" and "high-skilled/high-wage" market fragments, which will improve social tensions in the future.
According to the Smart factory review of Capgemini Digital Transformation Research Institute, from February to March 2017, although 76% of manufacturers are developing Smart factory plans, only 14% of companies are supplied with their level of achievement. Digital masters are manufacturers only by 6%.
Digital Master refers to the forward stage of digitization of the production process, which has a rooted foundation of imagination, governance, and worker skills. Beginner refers to the beginning stages of the advanced generation process. They have a good concept and good management skills, but experienced labour is not up to the mark.
To determine Industry 4.0, manufacturers demand the on-time transportation of complete products to increase 13 times, and the development in status indicators is more than 12 times the rate of improvement since 1990. They prophesy the cost items such as Capex and inventory to be rationalized (12 times) and material, logistics, and transportation cost to be rationalized the rate of improvement (11 times) since 1990. Since 1990, expedite (7 times) and the rate of growth (9 times) report for overall fecundity and labour cost.
The USA and Western Europe have already taken a more advanced role. Almost 50% of manufacturers in the US, France, Germany, and the UK execute Smart factory plans. In terms of core numbers and translation parameters, digital masters have exceeded beginners. They afford a strategy that others can support to achieve similar success.
Digitizing manners and leveraging forward digital technologies are two differentiators. 50% of their methods in all the key areas are digitalized-acknowledged 80% of digital masters. Less than a third of beginners are acknowledged identically. Similarly, only a fifth of all beginners is leveraging fundamental technologies such as big data or advanced robotics, whereas a meaningful preponderance of digital masters leverages these technologies.
Transformation Management Intensity:
Digital skills and governance are the two principal differentiators in the Transformation Management Intensity. Very few beginners are satisfied with their skill levels in core areas such as data analytics, automation, and cyber protection, whereas most masters believe in having the skills needed. In the governance area, a majority of the beginners are not following the basics of transmutation governance, such as selecting a leader and placing a road plan.
In Asia, the Digital masters who are the key players in Asia Industry 4.0 market are as follows:
1. Mitsubishi Electric- Japan
2. Omron Corporation- Japan
3. Yokogawa Electric Corporation- China
4. Fanuc Corporation- Japan
5. Yaskawa Electric Corporation- Japan
Bangladesh is a part of South Asia, a newcomer in the industry 4.0 market is endeavouring to encompass and guarantee the development of the new difficulties of digitization in various departments. According to statistics of 2018 fiscal year, contributions of agriculture, industry and services to GDP are 14.23%, 35.66%, and 50.11% respectively. Due to sound macroeconomic policies and structural improvements, growth has been steady, inflation has lessened, and foreign exchange resources have grown to a satisfactory level. The favourable position and stationary GDP make it more comfortable for Bangladesh's economy to expand in a good spot despite some political and global challenges. To get the most interest from 4IR, now it is high time for the Bangladesh government and private sector decision-makers.
The writer is a PhD Student,
Department of Economics,
University of Chittagong