7.

The Fourth Industrial Revolution

Introduction: The Fourth Industrial Revolution, also referred to as the 4IR, is a term used to describe the current
technological era. It is characterised by the integration of digital, physical, and biological systems. It builds upon the
previous three industrial revolutions, which were marked by the rise of steam power, electricity and the internet,
respectively. The 4IR is driven by several emerging technologies, including artificial intelligence, the Internet of
Things (IoT), robotics, 3D printing, quantum computing and nanotechnology. These technologies are transforming
industries and economies, leading to new business models, jobs and opportunities. One of the key features of the 4IR is
the increasing use of data and analytics to drive decision-making and automation. This has led to the rise of "smart"
systems and connected devices that can communicate with each other and with humans in real-time. This is expected
to lead to a more efficient and productive economy, but it also raises concerns about privacy, security and the impact
on employment. The 4IR is expected to have a significant impact on society and the global economy in the coming
years, and it will require policymakers, businesses, and individuals to adapt to new technologies and ways of working.
Definition and Characteristics: The Fourth Industrial Revolution, 4IR, or Industry 4.0 refers to the rapid changes in
technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and
smart automation. The term was popularised in 2015 by Klaus Schwab, the World Economic Forum founder and
executive chairman, and has since been used in numerous economic, political, and scientific articles.
Most academic perspectives assert that the 4IR is driven by several emerging technologies that are transforming the
way we live and work, including:
i. Artificial intelligence and machine learning, which enable machines to learn from data and improve their
performance without being explicitly programmed;
ii. The Internet of Things (IoT), which refers to the network of connected devices that can communicate with each
other and with humans in real-time;
iii. Robotics and automation, which are replacing human labour in many industries and leading to new business
models and job opportunities;
iv. 3D printing and additive manufacturing, which enable the production of complex parts and objects with greater
precision and efficiency;
v. Augmented and virtual reality, which are transforming the way we interact with information and the world around
us.
In fact, the 4IR is seen as a new era that is reshaping our society and economy. It's important for policymakers,
businesses, and individuals to understand and adapt to these changes.
Business Perspective on the 4IR: Businesses must be paying attention to the Fourth Industrial Revolution because it
represents a significant shift in the way products and services are produced and consumed. Here are some key areas
that businesses should be paying attention to:
i. Digital transformation: The 4IR is characterised by the integration of digital, physical and biological systems.
Businesses need to adapt to this new reality by adapting to the digital. This includes investing in new technologies,
redesigning business processes and adopting new business models.
ii. Data analytics: With the rise of the 4IR, businesses are generating more data than ever before. To stay
competitive, businesses need to invest in data analytics and use it to gain insights into customer behaviour, market
trends, and operational efficiency.
iii. Automation and robotics: The 4IR is also characterised by the automation of many tasks, which can lead to
increased efficiency and productivity. Businesses need to invest in the appropriate technologies and infrastructure.
iv. Workforce development: The 4IR is likely to bring significant changes to the labour market, and businesses need
to invest in workforce development to ensure that their employees have the skills needed to thrive in this new era.
This includes investing in training programmes, upskilling and reskilling.
Overall, businesses need to be proactive in adapting to the changes brought about by the 4IR and invest in the
appropriate technologies and workforce development to stay competitive in the long run.
Policymaker Perspective on the 4IR: Policymakers should be paying attention to the Fourth Industrial Revolution
(4IR) because it has the potential to bring significant benefits and challenges to society and the economy. Here are
some reasons:
i. Economic growth and competitiveness: The 4IR is expected to drive economic growth and increase
competitiveness through the development of new technologies, products and services. Policymakers can support
this by investing in research and development, promoting entrepreneurship, and creating policies that encourage
innovation.
ii. Job displacement and creation: The 4IR is also expected to displace some jobs and create new ones, which can
have significant implications for labour markets and social welfare. Policymakers can address this by investing in
education and training programmes that help workers acquire new skills and adapt to new technologies.
iii. Social inclusion and inequality: The benefits of the 4IR are not likely to be evenly distributed, and there are
concerns that it could exacerbate social inequality. Policymakers can address this by ensuring that the benefits of
technological progress are shared fairly and that vulnerable groups are not left behind.
iv. Environmental sustainability: The 4IR also has the potential to contribute to environmental sustainability
through the development of green technologies and more efficient use of resources. Policymakers can support this
by promoting policies that incentivise sustainable practices and discourage harmful ones.
The 4IR represents a significant shift in the way we live and work, and policy makers have an important role to play in
shaping its development and ensuring that it benefits society as a whole.
Changes in Everyday Life: The fourth industrial revolution is not only changing the landscape for business and
policymakers, it is also changing the way individuals live their day-to-day lives. It is important for everyone to pay
attention to the 4IR because it affects us all. Here are some of the aspects in which the 4IR changed everyday life:
i. Lifelong learning: With the rise of the 4IR, we need to be prepared to continuously learn and acquire new skills
throughout our careers. This includes investing in education and training programmes that help individuals adapt
to new technologies and industry trends.
ii. Digital literacy: The 4IR is characterised by the integration of digital technologies into all aspects of our lives.
Individuals need to be digitally literate and comfortable using digital technologies to communicate, access
information and complete tasks.
iii. Entrepreneurship: The 4IR is also characterised by the rise of entrepreneurship and the gig economy. We should
consider developing skills and knowledge that can be applied to starting our own businesses or working as
independent contractors.
iv. Social and environmental responsibility: The 4IR has the potential to significantly impact society and the
environment, and individuals need to be aware of these impacts and take responsibility for their actions. This
includes supporting sustainable practices and advocating for policies that benefit society as a whole.
v. Health and well-being: The 4IR can also have significant impacts on our health and well-being, including
increased sedentary behaviour and exposure to digital screens. Individuals need to be mindful of their physical and
mental health and take steps to maintain a healthy lifestyle.
Generally, individuals need to be proactive in adapting to the changes brought about by the 4IR and investing in
education, digital literacy and entrepreneurship to stay competitive and succeed in the long run. We must also be aware
of our social and environmental responsibilities and take steps to maintain our health and well-being.
Effects of 4IR on Bangladesh: Third world countries like Bangladesh are likely to be significantly affected by the
Fourth Industrial Revolution (4IR):
i. Increased access to information and technology: The 4IR has led to increased connectivity and access to digital
technologies, which can help individuals and businesses in our country access new markets, education and
information.
ii. New opportunities for economic growth: The 4IR is characterised by the integration of digital, physical, and
biological systems, which can lead to the creation of new industries and job opportunities.
iii. Increased efficiency and productivity: The automation of many tasks and the use of data analytics can lead to
increased efficiency and productivity, which can help businesses in Bangladesh compete in global markets.

On the other hand, there are also challenges and risks associated with the 4IR, including:
i. Disruption of traditional industries: The 4IR can disrupt traditional industries and jobs, which can lead to social
and economic instability. Bangladesh has a considerable population and the industry crisis can impact our
economy significantly.
ii. Digital divide: Due to being a developing country, Bangladesh lacks the necessary infrastructure and resources to
fully participate in the digital economy. This is becoming increasingly concerning because our competitors have
more resources.
iii. Need for investment in education and training: The 4IR requires individuals and businesses to continuously
learn and acquire new skills. We must invest in education and training programmes to ensure citizens have the
necessary skills to participate in the digital economy.
Overall, third world countries like Bangladesh are likely to be significantly affected by the 4IR, and will need to adapt
to these changes in order to take advantage of the opportunities it presents while mitigating its risks and challenges.
Adapting to the 4IR: To adapt to the Fourth Industrial Revolution (4IR), Bangladesh can take several steps,
including:
i. Investment in infrastructure: Bangladesh should invest in infrastructure such as high-speed internet and
communication technologies to support the development of the digital economy.
ii. Investment in education and training: The government of Bangladesh should invest in education and training
programmes that help citizens acquire the skills and knowledge needed to participate in the digital economy. This
can include programmes that teach coding, data analytics and other digital skills.
iii. Encouraging entrepreneurship: Bangladesh can encourage entrepreneurship by providing incentives for the
creation of new businesses, such as tax breaks and access to funding.
iv. Promoting innovation: The government of Bangladesh can promote innovation by creating an environment that
supports research and development and by providing incentives for businesses to invest in new technologies and
processes.
v. Collaboration and partnerships: Bangladesh can also collaborate with other countries and international
organizations to share knowledge and resources, and to promote the development of the digital economy.
Overall, adapting to the 4IR requires a multi-faceted approach that involves investments in infrastructure, education
and training, entrepreneurship, innovation and collaboration. By taking these steps, countries like Bangladesh can
position themselves to take advantage of the opportunities presented by the 4IR, while also mitigating its challenges
and risks.
Conclusion: Like the three industrial revolutions before it, the Fourth Industrial Revolution is fundamentally changing
the way we live our lives. It is essential for us to keep pace with these new changes lest the world moves on without us.
Countries like Bangladesh have new opportunities and new challenges. Government initiatives like Vision 2041
already show our commitment to keep up. However, our policies are yet to be effectively implemented. We must be
proactive in our development and be up to date with the latest technology. The Fifth Industrial Revolution is on the
horizon and we must be prepared to meet it as well.

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