Writer: Prottoy Kanti Das. Session: 2020-21, Department of Banking & Insurance, University of Chittagong
Introduction
The fourth Industrial Revolution also known as 4IR or Industry 4.0 is a technological shift that will affect the culture and economics of the world. It advances a wide range of technologies like Artificial Intelligence, Robotics, 3D Printing, Quantum Computing, Blockchain, etc. It aims to change the way we live and radically change almost every business sector. It set out to change society like never before, it builds on foundations laid by the first three industrial revolutions. Artificial intelligence (AI) is intelligence perceiving, synthesizing, and inferring information demonstrated by machines. It is the heart of the 4th Industrial Revolution. It will help with so many critical issues in society. It will be the key factor in the future economy. Rapid advances in machine learning (ML) increase the scope and scale of AIs. The use of AI is increasing day by day in every sector. Many scholars say that 4IR will come in this decade with the help of AI.
Necessity &
Uses of AI on 4th Industrial Revolution
We are entering at 4th industrial revolution. The revolution is already begun with the blessing of AI technologies like Automation, chatbots, Facial Recognition, Virtual Assistants, Artificial Neutral Networks, etc. The First Industrial Revolution was about mechanization, utilizing water and steam power to increase production. The Second Industrial Revolution was about harnessing the ability of electricity to mass produce all sorts of products. The Third Industrial Revolution was automated production. Today, The Fourth Industrial Revolution emphasizes current automated machines with improved technology and intelligent computer system. Many people think that Artificial Intelligence is the key factor of the 4th Industrial Revolution. This thing is no remaining image now. Because we already see that the AI-based chatbot ChatGPT got a huge response in just 3 months. It helps an industry to make company-wide strategic decisions. Even many business firms make their website with the help of ChatGPT. Not only AI Chatbot but also other AI tools driving the industrial sector. Now big companies like Microsoft and Bing are investing in Open AI. Even AI is used as a branding tool now.
Industrial
artificial intelligence is going to be the foundation of a previously unseen
digital transformation and business innovation. By changing the way work gets
done, AI helps companies make the best use of practical experience, even
displacing traditional labor and becoming the productive factor itself. This
transformation will unleash massive technological productivity and economic
growth. It will offer entirely new paths toward growth for manufacturing,
service, and other industries. It will reshape the world economy.
Conclusion
The 4IR
is the upcoming revolution that aims to change the world with developed
technologies. It will drive the world economy with the help of AI. According to
a PWC study, AI will add 15.7 Trillion dollars to the world economy by 2030. It
is because in business, medicine, education, sports, entertainment, and
transportation sector the use of AI will increase tremendously.
In the 4th
Industrial Revolution, AI, Big Data, Blockchain, and many other technology will
be part of human life. This revolution will affect our economic, social, and
political life largely. And from here a new era can be discovered.
