The fourth industrial revolution is going to force companies to adopt new business models. And to do that, they’ll need to make changes that work for their production processes and their customers.
What does it mean for your company?
Companies worldwide need to change to meet this challenge: customers want unique services – but they don’t want to pay any more for it. They expect it as standard. This demand is forcing businesses to adopt more and more disruptive technologies, so they can become more efficient and cost effective.
Ultimately, customers are demanding more from businesses. So you’ll want to make sure you can customise your products and services for them, and that this customization is reflected, in real time, in your production line.
It’ll transform the entire economy
Everything indicates that, soon, we’ll use a lot more renewable energy. And from sources that aren’t controlled by a single provider. We’re already seeing people using more electric and driverless cars. People are even setting up solar panels on their own houses, and selling the extra energy back to the grid.
This trend will only continue – into every industry. Not just energy. To succeed, you’ll need to set up your business in two ways. Firstly, to give the right services as your customers change. And secondly, to accept these changes and adopt them into your internal processes.
Not every company will survive
The fourth industrial revolution, like those before it, will question whether some companies even need to exist. This is a problem we’ve been overcoming since the dawn of humanity. When the first person discovered iron – wooden toolmakers had to learn to work with iron or be made redundant.
We’ll see the same here. It’s just a matter of time. So companies need to think about how they’ll reinvent their processes to become more efficient and flexible. How will they use new technologies? Especially at a time when customers are practically co-creating their experiences.
So focus on your people
As happens with all revolutions, you can only succeed if you focus on the people. Your own people. Prepare your teams well. Spot what’s best in them. Develop their skills. And encourage them to change their mindsets, so they become the protagonists of this new era.
The revolution is inevitable. But it’ll change people’s lives – and the way corporations run – for the better.