CIMA E1 Syllabus B. Technology In A Digital World - 4th Industrial Revolution - Notes ^{1 / 1}

An industrial revolution can be described as a rapid and major change in the economy, driven by a shift in the methods and types of work undertaken.

1. Advancements of the 1st Industrial Revolution – this was during the 18th and 19th Centuries in Europe/North America. Advancements included mechanisation, water power and steam power.

2. Advancements of the 2nd Industrial Revolution – advancements of this period, 1870-1914, included mass production, assembly lines, the light bulb and the internal combustion engine.

3. Advancements of the 3rd Industrial Revolution – Otherwise known as the Digital Revolution began in the 1980’s and is ongoing.  

   Advancements included the personal computer, the internet and automation.

4. Advancements of the 4th Industrial Revolution include decentralised consensus. It surrounds technology such as blockchain.

4th Industrial Revolution

The 4th Industrial revolution is powered by digital technologies such as cloud computing, big data, data analytics, process automation, artificial intelligence, data visualisation, blockchain.

Features of the 4th industrial revolution include:

1. Increased autonomy, for example, self driving cars.

2. Increased automation, making jobs redundant. This means that new jobs will also emerge.

   Accountancy is one profession where adaptation is crucial as artificial intelligence replaces the routine tasks

3. Greater customer expectation for products and services provided

4. It will drive positive change as there will be more efficient use of natural resources and potential technological innovations in recycling and re-using materials

5. Technology disrupting industries and supply chains

6. Increased collaborative innovation between organisations

7. Speed of technological change

8. Opportunities for new, more agile competitors to challenge existing organisations