![]() What if you just need a ride? Services like Uber and Lyft have disrupted the transportation industry. In the process, they are disrupting the notion of car ownership. In today’s times, do you need to own a car? Or can you simply share one?Ĭar-sharing services work across multiple industries-transportation, technology, insurance, finance-to provide a seamless customer experience from request to payment. Let’s dive in deeper, industry by industry, to help you understand how the new technologies of the Fourth Industrial Revolution are shaping the economy. Medicine: Assist doctors in identifying different types of cancer cells and spotting intracranial abnormalities in real time.Travel: Plan vacations with the acumen of a human assistant.Manufacturing: Optimize supply chain operations and predict the failure of machine parts.Retail: Highlight consumer sentiments toward a brand or predict which customers are mostly likely to purchase a particular product.Here are a few examples of machine learning innovations, organized by industry: They can help businesses anticipate trends in consumer demands, personalize promotions for individual customers, and optimize pricing. Machine learning algorithms can analyze these billions of transactions and variables to make businesses smarter. AI is driving innovation across growing numbers of products and services, and the more data you have, the better the predictions get. Things like GPS coordinates, environmental data, clickstreams, and health status.Īll of this data is like food for artificial intelligence. ![]() And billions of people sharing translates to billions of devices with embedded sensors, sending trillions of real-time signals to the cloud. ![]() How are they doing this sharing? They’re using connected devices. They’re posting images, videos, and tweets. Data Is the New CurrencyĮvery day, billions of people are sharing online. To be successful, businesses need to shift from a transactional model, focused solely on selling products, to a relationship model, built around selling services and creating deeper connections with customers. As consumers, they expect businesses to anticipate their needs and provide personalized support.Ĭustomers, whether as individuals (B2C) or businesses (B2B), are increasingly at the center of what’s known as the digital economy, which is a fancy way of saying the economy that’s built on Internet-based and digital technologies. They grew up on digital technology, and they now make up more than half the workforce. How can you expect a customer to wait on hold when they’re used to the speed of interaction on social media? Or when the answer to any question is one Google search away?Īnd let’s not forget the millennial generation. Make no mistake about it, the services these companies provide have raised the bar for the customer experience. Think about it-just 20 years ago, companies like Google, Alibaba, Facebook, Twitter, YouTube, Uber, Airbnb, Salesforce, Snapchat, Instagram, Fitbit, Spotify, and WeChat did not exist. Well, the technologies around us have evolved, bringing customer expectations with them. Whether they tweet, email, chat, or call, they want instant, personalized service. ![]() These Days, Customers Expect MoreĬustomers today expect to get an answer anytime, on any channel they choose. In this module, we talk about the impact of the Fourth Industrial Revolution, including the positive and the potentially negative. There are some hefty moral and ethical implications for many of these innovations, and in some cases, we’re left with more questions than answers. With technologies like AI and automation augmenting our professional lives, we’re able to make smart choices, faster than ever before.īut it’s not all rosy, and we’re not trying to sugarcoat things for you. One of the main effects of the Fourth Industrial Revolution is increased human productivity. If those 10 technologies are the cause, then this module explains the effect. In Technologies and Trends of the Fourth Industrial Revolution, you learned about the 10 technologies behind the Fourth Industrial Revolution.
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