As occurred with its predecessors, Industry 4.0 will affect how we live and work. As technology continues to make life and living more convenient and increase the opportunities for wealth creation generally, it can also help to address some of the socio-economic challenges for those at the bottom of the pyramid.<\/p>\n

Greater inequality also possible<\/h3>\n

Whilst many positives are expected from current technology and the associated disruption that is occurring, it is also prudent to consider the possibility that even greater inequality may also result. The demand for talent for high skill jobs, for corresponding high pay, when compared against low-skilled, low-paying (but still essential) jobs, may result in an even wider chasm in the job market, and a greater separation between the \u2018haves\u2019 and the \u2018have nots\u2019.<\/p>\n

Evolving supply- and demand-side approaches and behavior<\/h3>\n

The new technologies of today are having an impact across virtually all industries, and are changing the systems and processes used \u2013 end to end \u2013 to supply of goods and services to consumers. Businesses are required to be more lean and agile, and more responsive to their customers, especially as competition between firms (and market dynamics) has become even more aggressive.<\/p>\n

On the demand side, consumer behavior and expectations are also changing. Increasingly, consumers are engaging businesses and conducting commercial transactions electronically, especially on mobile and portable devices. Further, they expect that products and services can be tailored to their needs, which in turn is driving innovation among businesses.<\/p>\n

Out-dated regulations and regulatory processes<\/h3>\n

However, in order for the impact of Industry 4.0 to be fully experienced globally, it must be underpinned by progressive, relevant and timely policies and regulation. To a considerable degree, countries worldwide are still grappling with the changes that today\u2019s technologies are ushering in, for example, in term of citizen engagement, accountability and transparency, and government processes. Governments are now required to become more responsive and adaptable to the changing landscape, which still evolving, and may even accelerate in the future.<\/p>\n

 <\/p>\n

Image credit: \u00a0pannawat (FreeDigitalPhoto.net)<\/em><\/p>\n

____________<\/p>\n","protected":false},"excerpt":{"rendered":"

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