\u00a0describes everyday items \u2014 from medical wearables that monitor users\u2019 physical condition, to cars and tracking devices inserted into parcels \u2014 connected to the internet and identifiable by other devices. A big plus for businesses is they can collect customer data from constantly connected products, allowing them to better gauge how customers use products and tailor marketing campaigns accordingly. There are also many industrial applications, such as farmers putting IoT sensors into fields to monitor soil attributes and inform decisions such as when to fertilize.<\/span><\/p>\n3D printing<\/b><\/p>\n
3D printing allows manufacturing businesses to print their own parts, with less tooling, at a lower cost, and faster than via traditional processes. Plus, designs can be customized to ensure a perfect fit.<\/span><\/p>\nAnd more<\/b><\/p>\n
Innovative materials \u2014 including plastics, metal alloys, and biomaterials \u2014 promise to shake up sectors including manufacturing, renewable energy, construction, and healthcare.<\/span><\/p>\nEnergy capture, storage, and transmission represent a growing market sector, spurred by the falling cost of renewable energy technologies and improvements in battery storage capacity.<\/span><\/p>\nHow will the Fourth Industrial Revolution affect business?<\/b><\/p>\n
As these technologies change what\u2019s possible, they\u2019re also transforming customers\u2019 expectations. A 2022\u00a0global survey from Salesforce Research\u00a0reveals that 88% of customers say the experience a company provides is as important as its product or services \u2014 up from 80% in 2020.<\/span><\/p>\nWith technology enabling businesses to offer greater personalization and more valuable, connected experiences across bricks-and-mortar and online channels, customers already have more options than ever, and they\u2019re not afraid to switch brands for a better experience.<\/span><\/p>\nAs data becomes the currency of our digital lives, companies must ensure the privacy and security of customer information<\/b><\/p>\n
Marc Benioff<\/b><\/p>\n
Salesforce Chairman and CEO<\/b><\/p>\n
The research shows nearly three quarters of people expect companies to understand their unique needs and expectations, and that 71% have switched brands they buy from at least once in the past year.<\/span><\/p>\nAmong the expectations customers have for the companies they buy from are that the company should \u201canticipate my needs\u201d (62%) and \u201calways provide personalized offers\u201d (56%). This means businesses must focus more than ever on delivering a customer experience that differentiates them from competitors. Get it wrong and they risk losing more than just the sale, but losing their future business.<\/span><\/p>\nBecause customers today expect personalized experiences, collecting quality data is more important for businesses than ever. Unfortunately, the research also found that 64% of customers say most companies aren\u2019t transparent about how they use personal information. Nearly 80% are more likely to trust a company with their information if its use were clearly explained.<\/span><\/p>\nTo keep customers\u2019 loyalty, companies need to not only deliver exceptional sales and service in brick-and-mortar stores and online, but also prove they have customers\u2019 best interests at heart.<\/span><\/p>\nCustomers today expect personalized experiences;\u00a0collecting quality data\u00a0is more important for businesses than ever.\u00a0<\/b><\/p>\n
\u201cDeploying AI will require a kind of reboot in the way companies think about privacy and security,\u201d Benioff wrote for the World Economic Forum. \u201cAI is fueled by data. The more the machine learns about you, the better it can predict your needs and act on your behalf. But as data becomes the currency of our digital lives, companies must ensure the privacy and security of customer information. And, there is no trust without transparency \u2014 companies must give customers clarity on how their personal data is used.\u201d<\/span><\/p>\nHow will the Fourth Industrial Revolution affect the future of work?<\/b><\/p>\n
Nowhere is the upheaval of the Fourth Industrial Revolution more likely to be felt than the workplace. As with previous industrial revolutions, the Fourth Industrial Revolution will profoundly affect people\u2019s lives as AI and increased automation see many types of jobs disappear. At the same time, entirely new categories of jobs are emerging.<\/span><\/p>\nStrategic business and technology advisor Bernard Marr said computers and automation will come \u201ctogether in an entirely new way, with robotics connected remotely to computer systems equipped with machine-learning algorithms that can learn and control the robotics with very little input from human operators.\u201d<\/span><\/p>\nHe added, \u201cIndustry 4.0 introduces what has been called the \u2018smart factory,\u2019 in which cyber-physical systems monitor the physical processes of the factory and make decentralized decisions.\u201d<\/span><\/p>\nAs the Fourth Industrial Revolution reshapes the future of work, businesses must prepare their people for the new world that lies ahead. This often means an increased focus on continual learning, upskilling to new types of jobs, and a commitment to diversity.<\/span><\/p>\nWhat should businesses do to future-proof their workforces?<\/b><\/p>\n
Businesses will need to ensure they have the right mix of skills in their workforce to keep pace with changing technology. In the Salesforce State of Marketing report, one in three marketers reported talent gaps as a top challenge. Similarly, 50% or more of service professionals say the 2020 pandemic exposed moderate or greater gaps or shortcomings across a variety of factors, including technology and staff skill sets.. Workers will more than likely need to update their skills, not just once but many times throughout their careers. Many senior executives are already asking how all this will be achieved.<\/span><\/p>\nAs AI begins to impact the workforce and automation replaces some existing skills, we\u2019re seeing an increased need for emotional intelligence, creativity, and critical thinking.<\/b><\/p>\n
Zvika Krieger<\/b><\/p>\n
Responsible innovation consultant<\/b><\/p>\n
Ebony Beckwith, chief business officer and chief of staff to Benioff, addressed the issue as part of a panel discussion at Dreamforce \u201918, where she said businesses and governments need to share responsibility for upskilling workers. In the Fourth Industrial Revolution, she said, it will be important to create nontraditional pathways for building skills. One example is Salesforce\u2019s Pathfinder training program, created in 2017 in partnership with Deloitte.<\/span><\/p>\nAccording to Tom Puthiyamadam, transformation consulting leader at PwC, it\u2019s imperative that businesses build their capacity to innovate and be agile. \u201cThink about it as a sort of \u2018no-man-or-woman-left-behind\u2019 policy,\u201d he said. \u201cDon\u2019t just hire new talent \u2014 because if you don\u2019t create an internal environment where they can thrive, they\u2019ll fail. Instead, build a holistic solution.\u201d<\/span><\/p>\n\u201cCompanies need to be thinking about enabling their employees to code in new languages, but also to change their mix of soft skills,\u201d added Zvika Krieger, responsible innovation consultant and former co-leader of the World Economic Forum\u2019s Center for the Fourth Industrial Revolution.<\/span><\/p>\n\u201cAs AI begins to impact the workforce and automation replaces some existing skills,\u201d Krieger said, \u201cwe\u2019re seeing an increased need for emotional intelligence, creativity, and critical thinking.\u201d<\/span><\/p>\nEvery business leader can have a direct role in creating economic opportunity for millions of people by investing in education and training programs for existing and potential talent.\u201d<\/b><\/p>\n
Marc Benioff<\/b><\/p>\n
Salesforce Chairman and CEO<\/b><\/p>\n
<\/p>\n
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