As we discuss the labor market, what do you think about the current industrial revolution 4.0? What are the challenges and how we should prepare ourselves to be adaptable to the new wave?
Industrial revolution 4.0 will allow the organization that can invest and adapt to change to benefit from the competitive advantage. For example, using AI and BIG data to manage the inventory allows the supply chain planner to plan the demand and supply more efficiently. Thus, reducing the cost and maximizing the profit.
The challenge is whether the end to end processes have been fully upgraded to the latest technology so that each value chain can fully utilize the technology. Otherwise, we may see slack or inefficient outcomes.
I think to move to industry 4.0, planning and training are very important. Upskill the current employees to the next level and introduce the new tools and systems to learn. Furthermore, moving and implementing the industry 4.0 by stages so that everyone in the organization can adapt to change. However, the Covid-19, supply chain disruption, and labour issues have accelerated industry 4.0.
