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As expounded in a recent book by Klaus Schwab [1], it can be argued that we are now in the midst of a 4^th industrial revolution.

1760-1840: Railroads, steam power, mechanical production.

1867-1914: Electricity, assembly line, mass production.

1965-1999: Mainframe computers, personal computing, digital electronics, Internet.

2000-?: Mobile internet, IoT, Artificial Intelligence, machine learning, advanced robotics, nanotechnology, energy storage, quantum computing, autonomous vehicles, 3D printing.

The differentiation with today's changes is in size, speed, scope and the fact that virtual and physical systems are globally interacting and co-operating. In this age of ‘supra-data', Klaus Schwab argues that there are four particular conclusions:

• Consumer expectations are shifting
• Products are being enhanced by data, which improves asset productivity
• New partnerships are being formed as companies learn the importance of new forms of collaboration - compete and collaborate
• Operating models are being transformed into new digital models

In this fourth revolution, we are facing a range of new technologies that combine the physical, digital and biological worlds: these new technologies will impact all disciplines, economies and industries, and even challenge our ideas about what it means to be human. [2]

It is clear that these advancements, which are on-going and irreversible, will dramatically change the way that humans interact by introducing efficiency gains to our personal and business lives.

As explained in Wikipedia[3], Industry 4.0 is the current trend of automation and data exchange in manufacturing technologies. The term ‘Industrie 4.0' originates from a project in Germany that promotes the computerisation of manufacturing.

The European Commission[4] defines the term "Fourth Industrial Revolution" as referring to technologies and concepts of value chain organisation which aim to leverage differences between the physical, digital, and biological sphere.

A very useful fact card can be downloaded via the EEF website.[5]

In September 2016, the UK government committed Britain to being at the "forefront" of the new Fourth Industrial Revolution (4IR), the unprecedented, fusion of digital, physical and biological technologies, which is being catalysed by artificial intelligence (AI), mass-automation and hyper-connectivity.[6]

www.tradefinance.training

[1] The Fourth Industrial Revolution, Klaus Schwab (Executive Chairman, World Economic Forum), January 2016

[2] Bernard Marr, "Why Everyone Must Get Ready For The 4th Industrial Revolution", April 2016

[3] https://en.wikipedia.org/wiki/Industry_4.0

[4] https://ec.europa.eu/digital-single-market/en/fourth-industrial-revolution

[5] https://www.eef.org.uk/campaigning/campaigns-and-issues/current-campaigns/industry-four/4th-industrial-revolution-facts-and-figures

[6] http://www.huffingtonpost.co.uk/alan-mak/fourth-industrial-revolution_b_11976160.html