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The beginning of the 21st century is characterized by rapid digital transformation and technological enhancement. Innovative changes that affect business and manufacturing are defined as Industry 4.0 or the Fourth Industrial Revolution (Frank et al. 23). This concept incorporates a new production approach based on the massive introduction of information technologies in various industries, large-scale automation of processes and operations, and artificial intelligence integration.
Digitalization is changing the face and structure of the economies of countries and entire regions. Intra-industry competition is growing, markets are expanding, the competitiveness of industries in individual countries in world markets is increasing. The result is the growth of national economies and challenging traditional industry market models (Frank et al. 22). Moreover, digitalization increases the competitiveness of their participants, thereby determining the growth prospects of the company, industries, and national economies in general. The emergence of digital players has already changed the face of industries such as tourism, telecommunications, printing, passenger transportation, and taxi services.
It is fascinating to pay attention to how much even the routine processes in companies have changed thanks to the technological revolution. For example, an article from the BBC lists such work tools that are already familiar to people, such as e-mail, smartphones, social networks, websites, video conferences ( How Changes in Technology Affect Business Activity Technological Influence on Business Activity Eduqas GCSE Business Revision Eduqas ). Indeed, what we take for granted is relatively new. In the meantime, these simple technologies have made telecommuting possible during a pandemic, hence helping to avoid considerable losses to humanity. Moreover, such advanced innovations as cyber-physical production systems will fundamentally change the traditional logic of production since each work object will determine what work needs to be done before manufacturing. This completely new architecture of industrial systems can be implemented gradually through the digital modernization of existing production facilities.
Works Cited
Frank, Alejandro Germán, et al. Industry 4.0 Technologies: Implementation Patterns in Manufacturing Companies. International Journal of Production Economics, vol. 210, 2019, pp. 1526. Crossref, Web.
How Changes in Technology Affect Business Activity Technological Influence on Business Activity Eduqas GCSE Business Revision Eduqas. BBC Bitesize, BBC, Web.
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