The Fourth Industrial Revolution (4IR) and its Impact (Essay Sample)

Task 2: Writing a Well-structured and Well-argued Essay (Assessed – Writing 25%; Annotations 5%) Student Name Institutional Affiliations Instructor Date The Fourth Industrial Revolution (4IR) and its Impact The Fourth Industrial Revolution (4IR) refers to the progressive period characterized of very rapid advancements in digital and technological transformations which is reshaping different societal aspects as well as the global economy. The 4IR is characterized by the integration and emergence of technologies which are regarded to be disruptive such as cloud computing, big data analytics, robotics, automation and more importantly artificial intelligence (AI) and Internet of Things (IoT) notwithstanding. Such technologies have sparked new means of not only interaction but also communication and production with great potential to change economies, industries and people’s way of life (Mhlanga, 2020). The emergence of disruptive technologies as aforementioned, there have been concerns that such would result into in higher job losses than it creates. This essay discusses the extent to which automation in the fourth industrial revolution is likely to spark out more jobs than it creates examining the implications for different professions, economic sectors and industries. Again, it explores the beneficiaries as well as individuals who are likely to be harmed by such changes. Proponents of automation in the fourth industrial revolution assert that this revolution will bring about increased economic growth, productivity and increased efficiency. Choi (2017) believed that the integration of disruptive technologies will bring about the creation of more jobs in different emerging sectors such as digital marketing, cybersecurity and data analysis. Again, automation can lead to the realization of innovative business models and emergence of new industries which again can greatly contribute to creation of jobs. For instance, the escalation of e-commerce platforms as well as the automation of supply chains and logistics have been a revolutionizer in the retail industry (Govender, 2021). Businesses such as Amazon have used AI algorithms and advanced robotics in streamlining their operations and in facilitating efficient order delivery and fulfillment. While the proponents have had their way, the critics of automation in the 4IR also have their say. Automation in the 4IR is seen to continue to pose quite a significant threat within the labour market. Rapid technological advancements have resulted in higher loss of jobs than it has created and more specifically in the industries which are highly susceptible to automation. According to Sullivan (2021) and the World Economic Forum, it has been interpolated that by the year 2025, automation will have displaced 85million jobs on a global scale. Such a displacement will mainly impact individuals in repetitive and routine tasks such as customer service, administration, and manufacturing. In recent years the retail industry has been a victim of such job replacements with very significant shift towards online service catapulted by accessibility and convenience of online shopping. The result has been that most brick-and-mortar retailers have faced enormous challenges and they have been forced to become adaptive so as to survive in this digital age. The retail giant Sears is a perfect example being once a retail powerhouse with many stores. Sears struggled to keep up with the rapidly slippery landscape failing to embrace digital commerce (McDowell & Hartmans, 2022). This saw its bankruptcy and closure of most of its stores. Its fall was mainly traced to failure to adapt to the digital space as well as the rise of automated checkout systems. Online platforms have minimized the need for sales associates and human cashiers. Whereas some opportunities may arise in digital marketing and e-commerce management, the overall impact on unemployment is highly significant. There are specific industries and professions which are likely to meet significant challenges following the 4IR automation. Among them is transportation, hospitality and the manufacturing sectors. The realization of delivery drones and autonomous vehicles has got very high potential of replacing human drivers which results in significant job losses for taxi and truck drivers. The rise of advanced AI and robotics has seen a shift towards automated and agile processes in manufacturing. This means that tasks which are done by humans like assembly line tasks are now completed in real-time by machines and robots with greater precision and efficiency (Zervoudi, 2020). The hospitality sector also continues to grapple with the impact of 4IR automation where the introduction of AI-powered customer service and chatbots have revolutionized self-service which has cut-off the roles of customer service and receptionists’ representatives. The retail industry also continues to experience lower employment opportunities with the coming of automated checkout systems as well as online shopping platforms. The impact of 4IR automation has also extended to economic sectors with low-skilled and low-wage jobs being phased out leavings individuals in such sectors very vulnerable to unemployment. Contrastingly, the workers who are high-skilled and possess ability for leveraging technology and can adapt to changing environments are more likely to benefit from 4IR automation. They are able to harness the power of automation to cushion their productivity while augmenting their set of skills. For instance, individuals in healthcare can use AI and machine algorithmic functionalities to automate process of diagnostics which enables them to focus much more on critical tasks which are complex (Mhlanga, 2020). Moreover, the harms and benefits of automation in the 4IR are not much evenly distributed across all sectors and society. The wealthier persons and companies have a greater likelihood of benefiting from automation because they have greater accessibility to abilities of investing in advanced techno...