INDUSTRY 4.0: READINESS & CHALLENGES FOR BANGLADESH TO FACE THE TRANSITION Mir Shariful Bashar ACS
T
he concept of Industry 4.0 (4IR) assumes to be blurring the differences between the labor of people and the work of machines. Recent Technologies like: Analytics & Artificial Intelligence - is distorting the lines between virtual & Physical worlds. This revolution is going to transform largely the Industries, economics, society & individuals itself. It is a time when due to natural effects of the modern technology - man & machine come together & moreover, sometimes even competing each other seems to be taking over the places for obtaining results. Like: the first industrial revolution improved the operation of manufacturing, the second one introduced electricity into the industry and the third one automated the uniform tasks of line workers, and the fourth one improves information management and decision-making, which can be termed as the digital revolution. The fourth industrial revolution mostly differs from the previous ones with the fact that it relates to all the pitches of life. Within its own framework, the industry processes and commercializes the exchange of information among people, between people and objects and also among the objects themselves. The concept of the Internet of Things (IOT) allows for carrying out the order, production, implementation and delivery of the product without human participation at any time in the course of the process. So, the intention of this write-up is to present an approach to Industry 4.0, to indicate readiness for implementing the elements of this concept and to highlight the barriers as well as the challenges ahead - which may probably impede industrialization at enterprise level in the effective realization of a higher technological movement and organizational benchmark of success. The term Fourth Industrial Revolution (4IR) was first coined by Prof. Klaus Schwab - which he explores in his book: “The Fourth Industrial Revolution”. According to his thoughts: “It is the Technological revolution that blurring the lines between the physical, digital & biological spheres”. If we break it down into our way technologies like AI, Autonomous Vehicle, IOT are becoming ingrained in our day to day lives and even our bodies. We may think of voice-activated virtual
44 | October -December 2019
assistants, face ID recognition or health care sensors etc. In our time the creation of the internet and its multifaceted uses resulted in a major shift in business. Tom Goodwin, Senior Vice President of Havas Media, dictates these shift by saying, “Uber, the biggest taxi company in the world, has no taxis themselves. The world's biggest social media platform Facebook doesn't make any content themselves. Alibaba, the world's most important retail platform does not have its own storage. And the world's largest housing provider airbnb does not have any real estate itself. And for these reasons, Klaus Schwab - says that, all these changes are signs of the fourth industrial revolution. He however refuses to accept these changes as merely an extension of the third industrial revolution. Because if you talk about the scope, rate of growth or impact of these revolutions - none of it is comparable to what happened during the third revolution. There is no historical evidence of such uncontested growth and it can be said that these changes are happening at an exponential rate. And these changes are affecting every inch of our lives from 360 degrees angles of our periphery. How the 4IR relates the Transformation of our Societies: The world is ever changing; in the nature we can see revolution everywhere that constructively supports the progress of the civilization in this universe from its very beginning. The upcoming technologies coming up with 4IR are bringing transformative impacts to the thinking, values, life and work of every person living in this society, enterprise, industry and nation in ways that have been massive until recently. These changes also evolve around every sphere of human life which includes the economic, social, cultural and psychological aspects. Every revolution in history established new norms and values that most suited & maintain legacy with each of those periods. This new revolution is a distinct one in terms of the ‘velocity, scope, and system’s impact.' It is said that the 4IR is encompassing every industry in every society; every country and the changes that are brought forth are
