You may have heard of the fourth Industrial Revolution, but what exactly is it? It's definitely a topic that has been talked about over the past few years but gained even more prominence after it became a focal point of conversation at the recent World Economic Forum. The first Industrial Revolution was characterized by steam and water. The second Industrial Revolution was the introduction of electricity to mass produce things. The third is characterized by the internet, communication technologies, and the digitalization of everything. The fourth Industrial Revolution is the concept of blurring the real world with the technological world.
In an era marked by rapid advances in automation and artificial intelligence, new research assesses the jobs lost and jobs gained under different scenarios through 2030.
The technology-driven world in which we live is a world filled with promise but also challenges. Cars that drive themselves, machines that read X-rays, and algorithms that respond to customer-service inquiries are all manifestations of powerful new forms of automation. Yet even as these technologies increase productivity and improve our lives, their use will substitute for some work activities humans currently perform—a development that has sparked much public concern.
Building on January 2017 report on automation, McKinsey Global Institute’s latest report, Jobs lost, jobs gained: Workforce transitions in a time of automation (PDF–5MB), assesses the number and types of jobs that might be created under different scenarios through 2030 and compares that to the jobs that could be lost to automation.
The results reveal a rich mosaic of potential shifts in occupations in the years ahead, with important implications for workforce skills and wages. Our key finding is that while there may be enough work to maintain full employment to 2030 under most scenarios, the transitions will be very challenging—matching or even exceeding the scale of shifts out of agriculture and manufacturing we have seen in the past.
IIoT has crossed the chasm, and savvy manufacturers are investing aggressively in technologies that will create a smarter, more connected plant floor to achieve greater operational visibility and enhance quality.
The malware entered the North Carolina transmission plant’s computer network via email last August, just as the criminals wanted, spreading like a virus and threatening to lock up the production line until the company paid a ransom.
AW North Carolina stood to lose $270,000 in revenue, plus wages for idled employees,
Survey suggests more growth ahead for Midwest economy
When company owners prepare for a sale or transfer of leadership, they must be able to clearly and effectively communicate with the next generation about how to best steer the organization through these choppy waters.
The U.S. dollar depreciated 5.5 percent in the first half of 2017, but it remained 19.6 percent higher than it was three years ago.The trade-weighted U.S. dollar index against major currencies from the Federal Reserve Board has declined from 95.7631 on December 30 to 90.5364 on June 30. This index reflects currency units per U.S. dollar, suggesting that the dollar can now purchase less than it could before and vice versa. With that said, the index was 75.7513 on June 30, 2014, illustrating the dollar’s continued strength. For manufacturers, growth in the dollar’s value over the past three years presents a real challenge as firms seek to increase international demand. Yet, that drag was lessened recently, especially with the depreciation seen year to date.
Missouri recently received high marks in a manufacturing study. For the tenth year in a row, Ball State University in Indiana has ranked each of the 50 states in a variety of categories involving manufacturing and logistics.