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The biggest challenge for successful companies today, big or small, in the business of product or services, operating in the developed or emerging markets, is not about running today’s business; it’s more about the ability of its leaders to understand the deep shifts that are fundamentally changing business and revenue models in their industry.
The last few years have seen unprecedented events including the pandemic, supply chain shortages, work force upheaval, climate change, geo-political instability, and technological breakthroughs. In the book The Next New, the author Pranjal Sharma discusses the emerging groundbreaking technologies, processes, business models and even ethical systems that are true disruptors that can have a profound impact on all of us.
The fifth industrial revolution
The fifth industrial revolution, looks to be the emergence of a ‘caring era’, and is all about truly sustainable endeavours, powered by the technologies that will expand human possibility. It is playing out as we speak. It is bringing about exponential ‘technology-led’ transformations across industries. Be it smart manufacturing, green energy, mobility, aerospace, healthcare and more, the pace of change driven by automation and artificial intelligence is extensive.
Emerging technologies across sectors
Technology and sustainability are impacting all sectors driven by technological disruptions at an unprecedented level. The author discusses a series of potential disruptions, cross sectors, many of which are already happening!
Aviation, defence and aerospace have always been frontrunners in technology adoption and will continue to do so seeing fundamental shifts in terms of improved safety and fuel efficiency. Flying and mobility will remain crucial for trans-continental passenger movement, which are embracing renewable and green fuels and are driving the next level of industrial revolution in their sectors.
With the world population reaching close to 10 billion by 2050 and with so many mouths to feed, and also meet their nutritional requirements, the agriculture sector needs to push itself by at least 70 per cent compared to current production standards. Application of science and technology will need to be extensively used to ensure agro-produce yields more and delivers faster; and needs to be achieved with the least impact on the planet!
Vertical farming and tech-enhanced smart kitchens are fast emerging. 3D printing in food is being experimented through NASA exploring with 3D-printed pizzas for astronauts and other start-ups latching on. Robot prepared food untouched by human hands and emergence of robotic kitchens are not far away. AI-induced flavours, with the likes of Wasabi KitKat, dosa-flavoured burger, green tea cookies are raising trends in taste creativity!
There is a magic happening at the molecular level, which we often don’t realise; the chemistry of chemicals is in a huge transformation. Chemicals and materials, the world of polymers and resin, bio-lubricants and composites; these are quietly transforming the underpinnings of nearly every sector!
The industry 4.0 and the industrial internet of things (IoT) are leading the way to smart-manufacturing and has revolutionised the way companies manufacture, enhance and distribute their products. Robots are expected to substantially contribute in areas like mining, energy, manufacturing and construction.
Robotic skills can be deployed in precision manufacturing and will soon even be able to think and decide the future of manufacturing! Newer battery technologies, AI Chipsets, wireless charging, use of drones in factories, collaborative robots and automated guided vehicles are more of reality today.
Gone is the era of standalone machines; industrial machines are connected with other machines and they are a gold mine of information and data. Cybersecurity is already taking centre-stage and ability to withstand digital attacks is becoming vital for companies.
People mobility is under a massive transformation; machines that transport people including automobiles and transit systems will become highly automated. Fuel shifts and highly connected vehicles will impact design and manufacturing as well as freight systems. A high level of personalisation with driver preferences loaded in each vehicle is becoming a possibility; personal pod taxis could be realities soon. A mass transport system may not be necessarily a collective movement!
Climate change concerns is already pushing power companies to reimagine their business and move towards alternative energy sources. Business models based on fossil fuels are declining, but giving way to micro-grids, digital transmission and distribution market and secondary battery storage.
Clinical advances and digital technologies are at an extraordinary crossroad that is pushing the frontiers of preventive, predictive and precision medicine using AI, bio-engineering, digitalisation of clinical trials and improved understanding of human pathogen control.
While the author provides insights on a spectrum and range of technologies and their applications that are evolving, some of them specific to certain industries while other more industry-agnostic, managers need to distill down to those that are likely to become dominant in the future. While managers are today much at ease with economic, financial and operational forecasting, technological forecasting will become crucial in coming years! It will entail gauging which of those technologies companies need to choose to create value for their key stakeholders. Such technology forecasting is likely to shape ground-breaking business models that will drive competitive advantage.
Sustainability at the centre
Sustainability is becoming the fulcrum of the fifth industrial revolution touching upon human centeredness, social inclusion and concern for the environment; the stakeholders’ expectations and their urgency for companies to adopt such sustainable practices is unprecedented. In essence a technology-driven new eco-system is being created and it’s a question of how leaders seamlessly transform their companies to be a contributing member in such eco-systems.
Check it out on Amazon.
(Dr Suresh Srinivasan is the Distinguished Professor in the area of Strategy and Accounting at Great Lakes Institute of Management, Chennai).
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