How are you leveraging yourself now that the Smart industry is ready to go mainstream?
Smart manufacturing is when one uses technology that capitalizes on internet-connected machinery to oversee the process of production. Smart devices, therefore, have all of their processes automated and use data analytics to enhance performance further.
The innovations and technologies powering the smart industry use the so-called Internet of Things (IoT). This involves a system of interconnected computing devices, digital and mechanical machinery, and people, animals, or objects possessing unique identifiers and the capability to transfer data to a network without any human-to-human or computer-to-human interaction.
Today, the megatrend of smart devices encompasses many things, including phones, cars, electronic appliances, tablets, watches, glasses, medical equipment, and so much more.
In the past, technological developments have caused some jobs to disappear while creating unheard-of roles. However, before thinking about how to use smart technologies to keep yourself relevant in the workplace, taking a deep dive and arming yourself with knowledge about the smart industry is necessary to grasp its implications in the world of work.
It is high time to understand the smart industry and why it’s the next big thing in technology.
What is Industry 4.0: Megatrends in the Smart Industry
1. Edge Computing
It would be an understatement to say that edge computing is reshaping IT and business computing.
What underlying concept is edge computing based on?
Edge computing refers to a distributed information technology architecture where the client’s data is processed at the network’s periphery or as close as possible to its source.1
Businesses today are overloaded with data. This has implications for how companies now do computing. Edge computing transfers some of the storage and computes resources from the central data center and closer to the data source.
Therefore, work gets done where the data is generated initially instead of being transmitted. This could be in a department store, factory plant, or a smart city. Then it generates real-time business insights, near-accurate forecasts, and actionable steps for businesses and organizations.
With edge computing, the performance of devices becomes boosted. It also enhances privacy protection, data security, reliability, and resiliency. Artificial Intelligence and Machine Learning are also well supported by edge computing. Finally, many businesses have embraced edge computing because it reduces operational costs and helps them meet regulatory and compliance requirements.2
2. Industry 4.0
The first industrial revolution involved using steam power, which led to the mechanization of production. The second industrial revolution capitalized on electricity and assembly line production. Partial automation and the emergence of the computer led to the third industrial revolution. Finally, cyber-physical systems such as the Internet of Things and the Internet of Systems are the defining features of the fourth industrial revolution or Industry 4.0 (4IR).
In the 4IR, smart devices, which can handle vast amounts of data, will have enough information processing capability to make autonomous decisions that can powerfully aid key business processes such as supply chains. This can also offer vital support for human input.
Industry 4.0 will be made possible by four significant innovations. These are high-speed internet, Ai and automation, big data analytics, and cloud technology.
A McKinsey study reported that Industry 4.0 will have robots replace 800 million workers globally. While many of you may feel threatened by this data, the World Economic Forum also reported that automation will create new jobs and allow employees to fill new roles with tasks that did not exist before the automation era.
3. Blockchain
The blockchain is a distributed database or ledger shared within a computer network. Then it is stored in a digital format. You have probably heard of this in conversations involving cryptocurrencies like Bitcoin. In cryptocurrency systems, the blockchain is responsible for maintaining a secure and decentralized record of transactions without any need for a third party.3
Blockchain greatly disrupts the traditional finance sector, such as banks and payment systems. This is also why many governments worldwide seek ways to regulate the blockchain ecosystem and cryptocurrencies the way traditional finance sectors are regulated.
This is also why blockchain is a megatrend today and draws so many people to it. For one, you do not have banking hours because the blockchain never sleeps. You can tap it anytime. However, putting money in the blockchain and trading it as you do in the stock and capital market may allow you to double or triple your investment in a matter of days or have them all wiped out in just a week.
4. 5G
An innovative wireless network with tremendous potential – this is what 5G is all about.
5G utilizes shorter frequencies, resulting in larger bandwidths. What does this mean for you? Higher internet speeds, enhanced capacity, lower latency, and better service.
This year, 2022, is said to be the year when 5G launches in a big way. According to Boston Consulting Group, 5G will funnel around $1.7 trillion to the American economy in the next decade and generate some 4.6 million new jobs.
Experts also project that 5G will lead the way toward realizing smart factories, smart buildings, and smart cities. It will boost productivity by an estimated 30 percent and make assembly times 50 percent more efficient.
Furthermore, 5G, when combined with edge computing, will enhance digital experiences. The combination also promises to improve performance, enhance data security, and allow more efficient operations in almost every industry.4
As a job candidate and future employee, you may be working for a business that can already virtualize the cloud beyond the limitations of the data center.
While these trends can potentially eliminate jobs that can already be automated, as a job candidate, you are living in the best of times and in the worst of times. As a tech professional, here are some practical ways to prepare in advance for when these megatrends in the smart industry start to take over the world of work.
Obsolescence Can Be Avoided: Future-Proof Yourself
While these trends can potentially eliminate jobs that can already be automated, as a job candidate, you are living in the best of times and in the worst of times. As a tech professional, here are some practical ways to prepare in advance for when these megatrends in the smart industry start to take over the world of work.
1. Build Future-Resilient Technical Skills.
Innovations in technology, particularly in the smart industry, call for a set of skills that are constantly updated. This is where upskilling and reskilling are very much needed. These include technical skills such as computer programming, coding, project management, financial management, and other tech-based skills.
The demand is high for tech talent with industry-specific skills and targeted training. As a tech professional with a unique skill set and technical training, you should be researching and decoding global trends all the time to better prepare for the new roles needed in the smart industry.
2. Hone Your Soft Skills.
It would help if you kept in mind that soft skills are equally important as technical skills. As a job candidate, the intersection between your tech/hard skills and soft skills is the sweet spot to leverage in looking for a role that suits you best in the smart industry.
Soft skills include communication, teamwork capabilities, creativity, problem-solving, critical thinking, people management, and, importantly, emotional intelligence. These are the skills that robots cannot replace humans and are, therefore, must-haves.
3. Have an Entrepreneurial Mindset.
The ability to transform an idea into reality is the best proof that you have an entrepreneurial mindset. You can only make innovation possible when you spot a need and change your objective to answer that need. More importantly, it would be best if you remembered that entrepreneurial management must go hand in hand with having the ability to work with teams and to think critically.
LEVERAGE YOUR SKILLS AND MAKE THE SMART INDUSTRY YOUR PLAYING FIELD.
You can never go wrong with preparing for the megatrends in the smart industry. Make the Fox Search Group a partner for high-impact job searches to prepare yourself for an exciting tech labor market powered by the smart industry.
Reach out to us to enlist the support and help of a staffing agency that knows the latest trends and the direction paved by the latest technological innovations in the job market.
1 Bigelow, Stephen, “What is edge computing? Everything you need to know” TechTarget.com, Updated 2021 December https://www.techtarget.com/searchdatacenter/definition/edge-computing
2 Okeke, Franklin, “Benefits of Edge Computing” TechRepublic.com, 6 September 2022 https://www.techrepublic.com/article/edge-computing-benefits/
3 Hayes, et al. “Blockchain Facts: What Is It, How It Works, and How It Can Be Used” Investpedia.com, Updated 23 April 2023 https://www.investopedia.com/terms/b/blockchain.asp
4 IBM Executive Summary “%G and Edge Computing are on the Rise” IBM.com https://www.ibm.com/cloud/smartpapers/5g-edge-computing/