Industry 4.0 or the fourth industrial revolution (FIRe) will usher Work 4.0. The HR community needs to be on the forefront to prepare the organization.
In the 21st century, leveraging growth came as 3rd business model for growth. This happens when a company ties up with trusted third-party resources to create new value and mutual synergies. The goal is for companies to drive innovation, accelerate advancement and capture the maximum economic benefits.
Industry 4.0 or the fourth industrial revolution (FIRe) will have more of that. It’ll be built on the digitization and automation gains of industry 3.0. It will also be known for emerging technology breakthroughs where machines, materials, and products connect and communicate with each other.
These new technologies have the potential to continue connecting more people on the web to improve business efficiency and help regenerate the natural environment through better asset management.
Nevertheless, like every major technological advancement in human history, we can expect FIRe to create new problems too. Top of mind are
Industry 4.0 in the Philippines
According to Yeo Siang Tiong, GM of Kaspersky SEA,
“The Philippines. As one of the emerging market economies in Southeast Asia, the growth prospects for the Philippines are optimistic. In the next five years to 2023, the country’s gross domestic product is projected to grow at 6.6% annually. Both government and industry sources credit the manufacturing sector as a key economic growth driver.
While the latest Nikkei ASEAN Purchasing Manager’s Index shows the Philippines registered a very high reading of 52.3 compared to its regional counterparts, improvements are still marginal though.
This is not surprising. Unfortunately, the Philippines is classified as a legacy country which possesses a robust production base at the moment but faces grave economic risks in the future.
Currently, it needs tremendous improvement first in areas such as institutional framework, investments in human capital and boosting technology platforms and innovation capacity before the country’s manufacturing sector can reap the benefits from adopting Industry 4.0.”
In fairness, PH is doing something on this matter, though I’m not sure if this is enough. Recently, a law on innovation was signed by Philippine President Duterte. Likewise, during the graduation of my daughter, Dr. Conrado Yñigo Jr., the VP for Academic Affairs, discussed Industry 4.0, Work 4.0 and Education 4.0 in his keynote address. The academic sector, at least LPU Manila, is also preparing its graduates for modern work.
In the area of Human Capital Management and Development, our group, LODI Inc., will be hosting the 2nd I Am HR Conference on September 28, 2019. Our theme for this year is “Industry 4.0, I am Work 4.0 Ready”. Our objective is to get the HR community acquainted of the framework of industry 4.0, and spur them to get ready for work 4.0.
Work 4.0 is the future of modern work, and it’ll be influenced by digitization, globalization, culture and migration. The Philippines will not be immune to these drivers. In fact, we are NOW experiencing the need to change the national framework and policies about labor, innovation, corporation, and technology as we experience an influx of foreign workers, global requirements for outsourcing business, and the ever-changing and emerging technologies.
More than ever, the HR Community needs to be on its toes.