With the Fourth Industrial Revolution, also known as Industry 4.0, changing the way we live and how we work; it has been increasingly apparent that world leaders need to re-think the way they approach and do things in order to be successful in this new era.
Welcome Industry 4.0
Competing on the Industry 4.0 global stage demands leaders optimise three unrelenting and inevitable key influences:
- Common digitisation – The constant connection of people and devices;
- Disruptive technologies – The driver for how we improve the efficiency and effectiveness of our daily lives, fast and frequently;
- Artificial intelligence (AI) – Increasingly and irresistibly used to develop and control machines for autonomous behaviours.
In a recent global research by Deloitte, it suggests that there is no set formula or manuscript for how leaders survive, let alone thrive Industry 4.0. However, it offers commentary about the role of leaders to bring clarity and action to the ambiguity and uncertainty.
Four types of stand-out Industry 4.0 leaders were identified:
01. Social Supers
Leaders in organisations where profits come from revenue streams that bring social or environmental benefits, they are more confident in their ability to handle the workforce challenges of Industry 4.0;
02. Data-Driven Decisives
Leaders that analyse data and data-driven insights above all else when making decisions; they invest in disruptive technologies, care about the ethics of new technology, and ensure employees are up-skilling in the right direction;
03. Disruption Drivers
Leaders who report that they have unsettled their markets and competitors. That is, they are more likely to invest I n new technology as a way to protect themselves from disruption as are looking to disrupt other industries;
04. Talent Champions
Leaders who hold themselves accountable for defining and creating the necessary skills sets in employees. They future proof their workforce, their business outcomes, and generate new revenue streams.
If you’re a leader seeking to prepare for the challenges of the fourth revolution, the four personas above can be used to shape your own strategies for success, either for yourself and or your business. Investing in new talent and skills for the business is a great way to start; Ribit can connect you to a number of tertiary students with skills that can be nurtured and developed, to help your business succeed in Industry 4.0.