Industry 5.0 Is All Set to Highlight the Significance of Humanity at Workplace******
“The industrial revolution was another of those extraordinary jumps forward in the story of civilization.”
– Stephen Gardiner, English bishop, and statesman.
Standing at the threshold of the 5th industrial revolution (also known as Industry 5.0 or 5IR), we are poised for another jump forward. And yet, we have seen in the past that the march of these successive industrial revolutions has left an element of dehumanization in their wake. Will that be true of the 5th industrial revolution as well? Experts disagree, which is good news indeed.
This blog takes a look at how the 5th industrial revolution is bringing the focus back to humanity.
A Phenomenal Journey Towards the 5th Industrial Revolution
The journey started in 1760 when the first industrial revolution ushered in urbanization, providing work for people at factories.
The second industrial revolution changed the socio-economic situation of the world, improving transport and communication. Also, better automation provided better employment opportunities.
The third industrial revolution saw the invention of the computer, enabling automation in both the office and production lines.
The fourth industrial revolution brought in better communication and connectivity across the globe. It saw the advent of intelligent technologies like robotics, blockchain, IoT, and more.
Artificial Intelligence, Robotics, Augmented Reality and more such technologies have changed the technological landscape like never before. Let’s not forget how Artificial Intelligence has tremendously transformed, customer experience, in recent years. Here’s a look!
That leads us to the question: What can we expect from the 5th industrial revolution and will it help improve humanity?
Before that, let us find out what the 5th industrial revolution is exactly.
The 5th Industrial Revolution
Though different experts have different explanations about what the 5th industrial revolution is, most of them agree that the 5th would be based on the 4th.
A look at history shows that each revolution became the foundation for the next revolution. We can thus expect the 5th revolution to be built over the 4th revolution, but it will go one step further.
An article developed in collaboration with the World Economic Forum puts it this way: “In contrast to trends in the Fourth Revolution toward dehumanization, technology and innovation best practices are being bent back toward the service of humanity by the champions of the Fifth … In the Fifth Industrial Revolution, humans and machines will dance together, metaphorically.”
With this in mind, we can foresee the 5th industrial revolution to be an AI (artificial intelligence) revolution with the potential of quantum computing which will draw humans and machines together at the workplace. It is about harnessing the unique attributes of AI by recruiters and employers who in effect will be more equipped to make even better and more informed decisions.
“AI is becoming more prominent with 50 percent of workers currently using some form of AI at work. However, 76 percent of workers (and 81 percent of HR leaders) find it challenging to keep up with the pace of technological changes in the workplace.”
How Industry 5.0 Brings Back the Focus to Humanity
1. Uncaging recruiters
The 5th industrial revolution (5IR or Industry 5.0) places greater importance on human intelligence than ever before. Even today in the war on talent, AI enables recruiters to capture better profile matches. 5IR brings huge benefits in providing the candidates with a more personalized experience in their job search.
“According to an article in Forbes: 34% of HR leaders are investing in workforce learning and reskilling as part of their strategy to prepare for the future of work!”
5IR will also uncage human resource teams from the major part of daily administration. This will give them time to fine-tune and meet talent requirements, allowing them to focus on the growth and productivity of their organization.
Read more: Learn why you need to develop a custom platform for remote employee hiring and onboarding.
2. Puts women at the forefront
Martha Plimpton said, “Women have always been at the forefront of progressive movements.” This is true even with regard to 5IR. It will play a critical part in shaping the role of women. As businesses hire unbiasedly, women and girls worldwide will be empowered.
3. Prevents the repetition of Engels’ pause
During the first industrial revolution, though per worker output expanded, real wages stagnated for about 50 years. This stagnation was called Engels’ pause. It is estimated that 5IR has the potential to prevent such stagnation. Though 5IR will take away mundane and repetitive tasks, it opens the way to curiosity, creativity, empathy, and judgment ensuring a balance between people and technology.
4. Changes the way we work
Most of us no longer want to work at 9-5 jobs. The way we work is dramatically changing. As our preferences in job and timings change, companies are forced to change too. Surely 5IR will change this even further.
New employees will no longer have to read a pile of documents or sit through meetings to get all the current and accurate information. This would mean that you can onboard them very easily without having to invest a great deal in training. 5IR will help companies make the most of existing resources helping management teams to focus on more strategic tasks.
The recent pandemic situation has also paved the way for remote working culture, which is now gaining fast popularity. Innovative cloud platforms, such as InfinCE, are supporting this rapidly evolving work culture with streamlined collaboration and smooth communication solutions. Enabling enhanced communication channels, video conferences, and a secured environment for task sharing, monitoring, and collaboration; InfinCE and such other integrated cloud platforms are revolutionizing the work culture of the future. Let’s not forget that with the revolutionary 5G technology, remote collaboration is expected to take new heights with virtual meetings and augmented solutions. Here’s a deeper look into how 5G is reinventing the way we work.
Although the advanced communication channels and collaboration apps, along with 5G technology is creating an impact on work culture, experts call AI and Remote Work, a match made in the future. Why? Here are a few reasons!
- Monitoring the outputs of the remote workforce has always been a concern. But with machine learning and artificial intelligence, tracking remote tasks in real-time is not just possible but also effective and seamless.
- The HR management has to comply with company policies and other legal requirements before recruiting, and these tasks prove quite tedious. Utilizing intelligent technologies to create remote positions can streamline these procedures and turn down the load of the people management department.
- Implementing survey-based tools can simplify collecting reviews and reports on employee performance which in turn can help strengthen the workforce of a company.
Intelligent technologies are sure to take a lead when it comes to human resource management, and 5IR is sure to embrace this change!
5. Paperless technology
As mentioned earlier in this blog, 5IR is all about embracing digitization and intelligent technologies to enhance human efficiency. And paperless technology is doing just that!
Simplifying strenuous paperwork across industries, paperless technology is turning to become the future! Reducing excessive manual effort, to reducing duplication of work and errors, paperless technology is already highly streamlining complex work processes in Banking, Finance, and Law sectors.
Another industry that has hugely benefited from this technology is the field service industry. Going paperless on the field is not just enhancing field service management efficiency but is also enabling field technicians to leverage complete digitization. Mobile field service apps like ReachOut Suite are utilizing these evolving capabilities of mobility and digital forms to empower field workers with streamlined collaboration, easy management, and instant report generation solutions to deliver enhanced customer experiences.
When talking about paperless technology and the future, let’s not forget how machine learning is impacting and shaping this new paperless era. With advanced tools to print, scan, and sign digitally, ML is taking the paperless revolution to the next level, providing a wider scope for paperless offices and digital environments. Here’s a deeper look into how Machine Learning edges us closer to paperless offices!
The 5th Industrial Revolution is Just What We Need
In 5IR, technology will bend back towards the service of humanity, marked by creativity and a common purpose. 5IR will empower us to close the historic gap and create a new socio-economic era. Isn’t that exactly what the world needs?
Fingent offers custom software solutions to address your unique business needs. If there is anything that we could help you with, please connect with us.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
There are over two billion smartphone users in the world, and an average US adult spends about 3 hours and 15 minutes a day on mobile apps alone. The spread of the BYOD culture has led to smartphones permeate the enterprise in a big way as well.
The huge surge in adoption and popularity of enterprise mobility is not just owing to the unmatched convenience it offers, but also owing to its potential to unleash innovation that transforms enterprises and enable it to remain competitive in a highly challenging environment.
Unlocking New Possibilities
The direct impact of mobility is the ability to transform a static enterprise, limited by geography, to a dynamic enterprise transcending geographical limitations. A bigger benefit is, however, the ability to leverage mobility to realize opportunities and satisfy customers. IBM Institute for Business Value reports 84% of CIOs rating mobile solutions as a critical investment to get closer to customers.
Smart enterprises have unleashed several innovations that ushered in new business models, with enterprise mobility apps at its core. Businesses have leveraged mobility to offer new products and business models, ranging from Uber taxi solutions to distance learning courses, and from smart apps that allow customers to order their menu before setting out to the restaurant, to apps that allow passengers to choose their seats, meals, and special preferences at flights, and much more. Such innovation has permeated almost all sectors, freeing up staff, saving the customer’s time, improving accuracy, and offering a greater deal of choice and flexibility.
- Financial services leverage mobility to deliver new workflows, aimed at improving customer services, while strengthening their compliance practices at the same time. Mobility becomes an effective means to innovative and cope with the increasing pressure to meet continuously changing regulatory requirements and competitive threats while providing enhanced customer service experiences at the same time.
- Healthcare companies leverage mobility solutions to push healthcare information to patients and offer innovative options. Smart apps, for instance, allow patients to self-diagnosis and transmit key parameters to the physician.
- Retailers embrace mobile technologies to expand their customer base, offer better and innovative options for their customers. E-commerce itself was a path breaking innovation that has been extended to mobility in a big way. This apart, smart-devices offer a platform allowing customers to pay and purchase in many innovative ways.
- Manufacturers leverage mobility to forge an effective collaboration among employees, contractors, third parties, and even customers, at a global scale. Many manufacturers have successfully innovated with mobile apps to deliver end user requirements of reliable and fast access to critical design applications.
Centralization of the core end-user activities in the cloud at the backend enables unbridled access to mission critical applications on any device, and anywhere, and is a key enabler of delivering innovative business processes.
Another key area where enterprise mobility apps have a big impact is marketing. Today’s customers demand multi-channel engagement, with mobile devices a key element in the mix. Delivering innovative apps to serve the needs to the customer in the simplest way, and also stand out from the competition is the key to retaining customers.
Transforming the Enterprise
Mobile apps have transformed the workings of an enterprise in a big way, unlocking new possibilities, improving productivity manifold, accelerating the velocity of work, and more. The innovations in this space have been continuously on the rise.
The first wave of mobility resulted in apps connecting executives on the move, to facilitate real-time and instant decision making. Several apps also made work seamless. For instance, apps allowed employees to upload a presentation and use it at the client site. As mobile technology advanced, more complex innovations have started to emerge, such as enabling field service executives to connect to experts in the command and control center, to spare the need for revisits or even deploy highly paid technocrats to site visits. Apps powered by Augmented Reality enhance the insights available to a customer-facing employee.
Mobility facilitates a radical redesign of work. Consider the case of a debt collection team, or a machinery service team. The old way of assembling at the office every morning and making a list of site visits is highly inefficient as well as inflexible. Mobile apps automatically assign the next port of call for a debt collector or technician based on distance, expertise, and other factors, improving efficiency manifold, speeding up work, and delivering results in better job satisfaction as well. Mobile apps also keep the team updated on latest knowledge and information. In-built Location tracking capabilities allow team leaders to remain in control of the situation, without having to intrude.
For top management, mobility apps enable the enterprise and its key stakeholders to get access to contextual data in real-time. When routed through powerful analytical engines of today, the raw data is crunched into actionable insights, extremely useful to make high-quality business decisions based on real and emerging trends, and also seize the moment with a customer, improving customer satisfaction manifold.
A Survey by Constellation Research reveals more than 80% of the enterprises are aware of the impact of mobile transformation on internal and external stakeholders and have established dedicated teams to work on solutions
While the potential for mobile apps to transform the workplace and business is unlimited, such benefits do not realize without a nicely designed app that serves its intended purpose. We are experts at building highly intuitive power packed apps, with a veneer of simplicity, as our hundreds of customers, cutting across industries will vouch. With us as your partner, your mission to unleash innovative transformation becomes that much easier. Contact us now.