Fourth Industrial revolution is a term coined by Mr Schwab, founder of the World Economic Forum. It represents the technological revolution we are all experiencing now, which is blurring the line between physical, digital, and biological spheres.
The industrial revolution humans faced can be classified into a few different stages. The 1stindustrial revolution was the introduction of steam power and factories opening up in 1784. The 2nd industrial revolution took place in the 1800s when division of labor, assembly line, and mass production was introduced. Something the car manufacturers are following to this day.
The 3rd industrial revolution took place in the 1970s with the introduction of computers and the internet, which drastically paved the way for all the technological marvels we are experiencing, such as online shopping and social media marketing.
The 4th Industrial revolution includes artificial intelligence, data analytics, using the Internet of Things (IoT), Network systems, digitalization of things, etc. Rather than going all-in with the complex terminologies, let's discuss what we should care about. The 4thIndustrial revolution already brought a massive change to the world. They are drastically influencing not only the industries but the consumer's lifestyle as well.
With the developed countries already adapting to this wave of changes, it is crucial for the SMEs and especially the RMGs of Bangladesh to adapt. According to a scholarly article published in 2020, around 5.7 million employees might be losing their jobs because of a lack of skills relating to technology adoption. SMEs will also find it difficult to compete with the big companies, and our renowned RMG sectors can be considered as the biggest sufferers, with an estimate of 2.7 million employees losing their job due to foreign companies adapting to this faster.
The 4th Industrial revolution will occur in 3 phases. Phase 1 will be the usage of algorithms and digitizing simple tasks, making everyday life easier. Phase 2 will affect the agriculture, service industry, and majority of the manufacturing industries as many of their tasks will be done by machine. And Phase 3 will be the full-on usages of artificial intelligence and robotics, which is estimated to lose around half of the traditional jobs worldwide.
The 4th Industrial revolution is not just a marketing gimmick, and they have actual usage. They are making lives easier for the consumers and increasing the efficiency of the companies. For example, using Uber, you can get a car to your location with just one click on your phone. We have smart home appliances which make our lives easier. or, using the smart fridges enable us to see the inside of our fridge when you're out shopping using your smartphone.
The 4th Industry Revolution elements also played a huge role during the Covid. With contactless delivery being customers' preference, it creates a huge opportunity for the self-driving car and drone companies to speed up their innovation process as driverless food & parcel delivery would be a preference for many customers.
Because of all these innovations and how they can improve efficiency, we chose to study the challenges of the fourth industrial revolution in Bangladesh. Through a detailed review of existing research on Bangladesh, which proved to be very little, and combining it with primary interviews of industry leaders and experts, we identified the challenges that plague the adoption toward the fourth industrial revolution in Bangladesh.
Among all of the factors, inadequate infrastructure and lack of skilled workers were emphasized by our respondents. For example, one of the respondents mentioned that, even if they were to go for automation, it would still be a challenge if their stakeholders, like their suppliers and customers, cannot adapt to the ecosystem. The level of Digital literacy in Bangladesh proved to be a significant setback. Also, the lack of skilled workers in terms of technology use turned out to be a huge concern.
So here are a few ways we believe how improvements can be made. For example, local corporations and MNCs are hosting many competitions. They can focus on hosting competitions such as Big Data, hackathons, and robotic competitions more often. Digital literacy can not only be addressed at the university level as most workers never reach the university. Hence, a deeper understanding of technology at primary and high schools is the only way forward to ensure we have a digitally competent future generation and a more robust workforce.
It is undeniable that we have achieved a lot as the government has invested a lot in their ICT divisions for Bangladesh to achieve the vision of digital Bangladesh. They can further hold more projects at the school level and target the industries to educate them about the 4th Industrial revolution. They can provide subsidized training as well. Governments can give subsidies and tax cuts to companies following these initiatives.
Lastly, the education system also has a huge role to play. They can update their curriculum and provide courses on coding and the internet of things to cope up with the adjustment of 4th Industrial Revolution.
is something that you can never stop from growing. Think of uber. Many people were against uber entering the Bangladeshi market. CNG drivers spent hours and days protesting for stopping uber. Now, ultimately CNGs are available on uber. People were against Netflix entering the Bangladeshi market. Today people are all digitizing, and you can barely find any shops that still sell DVDs. If Bangladesh cannot adapt to a more digitized approach, it will lose foreign revenue.
Also, the inauguration of the Padma bridge itself will initiate an industrial revolution in Bangladesh. Both foreign and home industrialists are purchasing lands with plans to set up factories and production facilities.This increases the need for adaptation of the 4th industrial revolution in Bangladesh more than ever. Because as we mentioned, technology is not something you can stop. So Bangladesh quickly needs to adapt to these upcoming changes to fulfill its vision of a Digital Bangladesh with digitally literate citizens.
Md Asif Hossain, Lecturer of Entrepreneurship & Strategy, Researcher, North South University; Independent Trainer, and Consultant. Quazi Tafsirul Islam, Lecturer of Strategy & Human Resources, Researcher, North
South University; Independent Trainer and Consultant.
