The Impact of Digitisation in the Fourth Industrial Revolution
The Fourth Industrial Revolution (4IR) represents a fundamental change in how we live, work and relate to one another.
The 4IR is about more than just technology-driven change. It is about the opportunities it creates for human creativity on a larger scale.
Digital technologies have the ability to empower access to information, job opportunities, and services that improve people’s standard of living.
One of the influential 4th revolutionaries is Reid Hoffman, the co-founder of LinkedIn, along with founding team members from Socialnet.com and PayPal.
LinkedIn was founded in 2002, in Mountview, California and is currently headquartered in San Francisco. It is a social networking service geared toward professionals since its launch in 2003.
The social networking service has become the number 1 go-to service for people who want to network and develop business connections.
Airbnb, Inc. is regarded as one of the changing platforms currently. The American-born company operates on an online marketplace for lodging, primarily, home-stays for vacation rentals and tourism activities.
The company was co-founded by Brian Chesky, Joe Gebbia and Nathan Blecharczyk.
Data released by Airbnb shows that hosts across the world have earned a total of $150 billion since 2010; with hosts in South Africa earning almost R12 billion in the same frame.
“Digitisation has impacted economic growth through inclusive finance, enabling the unbanked to enter formality through retail electronic payment platforms and virtual savings and credit supply technological platforms. More broadly, digitisation is enabling entrepreneurs and businesses to rethink business models that are more impactful, sustainable and connected to other sectors of the economy.
“For example, with FinTech, digitisation has gone bound the financial sector to affect the real sector and households, transforming product designs and business models across market segments. Businesses are able to design products and trade online and individuals are able to operate financial services and payments for shopping and investment. The government is also migrating to online platforms to conveniently provide public services,” says Njuguna Ndung’u and Landry Signé, executive directors and columinsts at Brookings.
The 4th industrial revolution continuously improves the speed of creative process and livelihoods across the world.