Executive Summary
Innovations driving what many refer to as the Fourth Industrial Revolution are as varied as the enterprises affected. Industries and their supply chains are already being revolutionized by several emerging technologies, including 5G networks, artificial intelligence, and advanced robotics, all of which make possible new products and services that are both better and cheaper than current offerings. Unfortunately, not every application of transformational technology is as obviously beneficial to individuals or society as a whole. But rather than panic, regulators will need to step back, and balance costs and benefits rationally.
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Amid the economic upheaval caused by Covid-19, technology-driven disruption continues to transform nearly every business at an accelerating pace, from entertainment to shopping to how we work and go to school. Though the crisis may be temporary, many changes in consumer behavior are likely permanent.
Well before the pandemic, however, industries and their supply chains were already being revolutionized by several emerging technologies, including 5G networks, artificial intelligence, and advanced robotics, all of which make possible new products and services that are both better and cheaper than current offerings. That kind of “big bang” disruption can quickly and repeatedly rewrite the rules of engagement for incumbents and new entrants alike. But is the world changing too fast? And, if so, are governments capable of regulating the pace and trajectory of disruption?
The answers to those questions vary by industry, of course. That’s because the innovations driving what many refer to as the Fourth Industrial Revolution are as varied as the enterprises affected. In my recent book, Pivot to the Future, my co-authors and I identified ten transformative technologies with the greatest potential to generate new value for consumers, which is the only measure of progress that really matters. They are: extended reality, cloud computing, 3D printing, advanced human-computer interactions, quantum computing, edge and fog computing, artificial intelligence, the Internet of Things, blockchain, and smart robotics.
Some of these disruptors, such as blockchain, robotics, 3D printing and the Internet of things, are already in early commercial use. For others, the potential applications may be even more compelling, though the business cases for reaching them are less obvious. Today, for example, only the least risk-adverse investors are funding development in virtual reality, edge computing, and new user interface technologies that interpret and respond to brainwaves.
Complicating both investment and adoption of transformative technologies is the fact that the applications with the biggest potential to change the world will almost certainly be built on unanticipated combinations of several novel and mature innovations. Think of the way...
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