The Fourth Industrial Revolution is here

Today, the Fourth Industrial Revolution – or Industry 4.0 – is transforming economies, jobs and even society itself. Physical and digital technologies are combining through analytics, artificial intelligence, cognitive technologies and the internet of things (IoT) to create digital enterprises that are both interconnected and capable of more informed decision-making. In short, this revolution is embedding smart, connected technology not only within organizations but also across our daily lives.
 
So how prepared are organizations to embrace this revolution?
 
Not very. We surveyed 1,600 C-level executives across 19 countries to explore a core question: How ready are the leaders of businesses and government agencies to harness the full potential of Industry 4.0 to benefit their clients, their people, their organization, their communities and society more broadly?

Deloitte Industry 4.0 Readiness report provides insight into four major areas of impact: 

• Social impact: optimism vs. ownership. While executives see a more stable future with less inequality, they are less convinced about the role they or their organizations have to play in influencing society in an Industry 4.0 era.
• Strategy: static vs. dynamic. Executives acknowledge they may not be ready to harness the changes associated with Industry 4.0. However, this lack of readiness has not compelled them to alter their current strategies
• Talent/workforce: evolution vs. revolution. Executives lack confidence that they have the right talent in place to be successful in Industry 4.0. They say they are doing all they can to build the right workforce, but their responses show talent remains low on their list of priorities.

Technology: challenged vs. prepared. Executives understand they need to invest in technology to drive new business models; however, they have a hard time making the business case for that investment because of a lack of internal strategic alignment and short-term focus.