The Fourth Industrial Revolution: Managing Technology Development for Competitiveness

We are in the midst of a fourth industrial revolution, in which technological advances in every aspect of our lives are being integrated. Industry 4.0 has evolved in response to developments in information and data technology. A shift in workplace culture has been highlighted by the Internet of Things (IoT) through the exponential growth of smart devices that connect all things, data, and services, with people. Entire value chains are interconnected by autonomous systems created by intelligent machine and data networks. The unification of effective projects, products, and services is dynamic, with the consequence that entire production systems–across and within companies, industries, and society–are being transformed. The value creation chain over the entire life cycle of products is interconnected, resulting in a fusion of physical and digital worlds. An isolated aspect of the production process is no longer being considered by industry personnel. Instead, integration is being applied from inception to product output, using services supported by new, advanced, and enhanced data collection technology. Technologies such as smart and intelligent machines, artificial intelligence, cyber production systems, and three-dimensional technology are increasingly being used to accelerate product or service competitiveness. The fourth industrial revolution is transforming the economic paradigm and mechanisms used to create value and generate benefits, i.e., efficiency, effectiveness, and customization, as well as quality and innovative products, projects, and services. The extensive utilization of technological advancements in many smart city sectors, a topical IoT-related development, has become the most effective way of improving quality of life. Technological breakthroughs impact on the way in which we live, work, and interact in the urban space. The integration of smart cities technologies is becoming more visible and enhancing the lived urban experience.