Hello, and welcome to another educational weekly article. This week I would like to focus on Micro/Small businesses in the Fourth Industrial Revolution (4IR).
This new industrial revolution is due to emerging technology breakthroughs in fields such as artificial intelligence, robotics, quantum computing and nanotechnology. We are in fact at the beginning of a revolution that is fundamentally changing the way we live, work, and relate to one another.
Like any other industrial revolution, the transition from the 3rd to the 4th revolution is bringing disruptions to the business world, due to an already well established digital platform. The 4th industrial revolution has the potential to connect billions of people to digital networks, dramatically improve the efficiency of organizations and even manage assets in ways that can help regenerate the natural environment, potentially undoing the damage of previous industrial revolutions.
However, where there is change, there is also the potential for great concerns. For example, organisations might be unable to adapt, the government could fail to employ and regulate new technologies to capture their benefits, shifting power will create important new security concerns, inequality may grow, and societies fragment.
Larger organisations are already working intensively to upskill or re-skill employees as well as implementing a digital strategic plan to stay competitive in this new world. Such changes are very costly and can’t be implemented quickly. Change is specifically a stressful time for employees, as robotics and artificial intelligence are taking over some or all of their work, which leads to unexpected unemployment.
This is a serious concern for the Micro/Small businesses as customers prefer to utilise the new 4IR technologies to decide when and what to purchase. The 24/7 digital interaction with customers has taken over the face-to-face conversation. To provide this new interaction requires the skill of utilising modern technology and excellent time management. Unfortunately, non-tech savvy businesses will not survive in this new digital world.
The other day I was lecturing new small business owners on various business-related topics. I was surprised at how many of my students still would spend a lot of money on printing company letterheads and use snail mail to send out quotes or start a business without a website. The old method of operating a business is still very much embedded in us, which encourages me to help specifically those businesses which are most vulnerable in this new industrial revolution.
My team is currently organising a national speaking tour, which will enable me to enlighten the most affected businesses in this new digital world. I am also finalising my book on the 4IR, which will be targeted at the same audience.
If you would like to find out more how the 4IR will affect your business, please give us a call. I am very happy to provide you with a tailored seminar or prepare a digital strategic plan, which will help your organisation to transition into the digital age.
Synergy Consulting Australia provides a large range of business consulting services which includes 4IR, Legal, Accounting, Marketing, Project Management, Migration services and many more tailored business solutions. This also includes a full market research and feasibility report before investing. www.synergyaustralia.com.au
Synergy Consulting Australia is led by Ilona Solinska. Ilona has over 18 years’ international business consulting experience. She is a successful business growth strategist, Keynote speaker, and writer. She has coached hundreds of businesses in the area of Marketing, Finance, Legal, Compliance, Operation, Change & Project Management and is a highly sought-after presenter on a wide variety of business topics.