Industrial Revolution has been a term synonymous with wide spread change and makeover of not just the global industry but the overall face of the world. The first industrial revolution brought forward the concept of factories and machineries, bring the workers out of the comfort of their homes and into the dark factories and the steam trains. The dawn of the 20th century so the rise of mass production meeting mass consumption, led by industrialists like Henry Ford, John D. Rockfeller, Andrew Carnegie and more, the people were now being employed on the assembly line following mechanization of production.
The third industrial revolution involved the growth in technologies and growth in electronics. Revolutionaries like Steve Jobs, Bill Gates and IBM pushed forth the frontier of technological development not seen in the last two revolutions.
We are in the first phase of the 21st century and there is a brimming storm at hand which forewarns an epic change in the industrial face and how consumer and industry interact. Over the years, with companies relying on the oh-so-comfortable standardization of products, stagnancy was being reached which hindered growth.
"Any customer can have a car painted any color that he wants, so long as it is black." - Henry Ford
The answer to this stagnancy has come in the form of the 4th industrial revolution which aims to change the entire face of the industry and the consumer market. "Personalization" is the kind now, and whether you accept it or not, it is going to rule for years to come and dictate all your organizational moves and business decisions.
In this article we will try to shed light on what this personalization really is, how it will govern your organizational moves and what technologies and tools are present in the current industry which can be leveraged to encompass this "personalization" in the products and services that your organization provides.
Gone are the days when Steve Jobs could say " A lot of times, people don't know what they want until you show it to them." The consumers today understand what they want and they are satisfied with nothing less. It is better to understand what the consumer wants and then play your cards rather than playing your cards and hoping they hit jackpot! Run digital marketing campaigns and employee data science to harness information about consumer interest. Use digital technologies to interact with the customer to make a back-and-forth information exchange where you build up the consumer's interest based on what the consumer's interest really is.
Organizations like Facebook, Google, Uber, Microsoft and Tesla know that in industry 4.0 information is power. The more you know, the better business decisions can be made. Data science has made this possible in the previous few years providing such growths in the frontier of Big Data that astronomical amounts of data is being stored and processed every day today. Technologies like Hadoop, Apache Spark, Oozie, Flume and more are making data manipulations of the order of Petabytes and more which could not have been imagined before.
"Personalization" may lead to the understanding that a product is entirely customized with no connectivity to any other thing whatsoever. That is not the case in this and the upcoming industry. Personalization here objectifies the person and not the product. A consumer will expect a personalized product which can connect to all the other products he uses with efficiency. The smart phone can get connected today with anything from the coffee machine to the car. This has been made possible through Internet of things and astronomical growth in digital technologies and networking technologies.
When R2D2 made smart moves in Star Wars, it left us all in awe. Today however, this is being made possible in the real world. The most common example would be the Artificial Intelligence interfaces being integrated into our smart phones such as Siri in OsX and Google Allo in android. This was made possible through 3 overlapping domains of Machine Learning, Artificial Intelligence and Big data. Together these domainsa are about push the boundaries of technological revolution and we believe only the invasion of Skynet would stop this growth.
"The Fourth Industrial Revolution is still in its nascent state. But with the swift pace of change and disruption to business and society, the time to join in is now."- Gary Coleman, (Global Industry and Senior Client Advisor, Deloitte Consulting)
It is evident that there is storm coming and it's about to take over the global industry. Forbes predicts that 35% of companies adopting industry 4.0 expect revenue gains over 20% over the next five years and data analytics and digital trust are the foundation of industry 4.0. All the markers are there, you just need to dive in and enjoy the spoils.