Assignment No 1

Name: M Hamza Sultan

Reg No: B2011062
-DEPARTMENT OF BBA 3Rd SEM SEC ‘B’-
Industrial Revolution:
The industrial revolution began in the 18th century, when agricultural communities became
more industrialized and urban. Rails crossing continents, cotton gin, electricity and other
inventions changed society permanently.
Although the Industrial Revolution took place almost 200 years ago, it was a time that left a
deep impression on the way people lived and the way businesses operated. Clearly, the
factory systems developed during the Industrial Revolution are responsible for the
construction of capitalism and modern cities.
Prior to the revolution, many Americans subsisted by farming and living in scattered rural
communities. With the development of firms, people have started working for urban
companies for the first time. Wages were often low and conditions were difficult. However,
working for businesses pays for a better life than farming.

Advantages and Disadvantages of the Industrial Revolution:

Advantages:
Industrial Revolution has created increased job opportunities. Factory wages were higher than
what people did as farmers. As industries grew, more managers and employees had to use
them, increasing service delivery and overall wages.
As more and more corporations and large companies were located near the cities, people
moved to urban areas in search of work, often furthering existing housing. This has led to
significant improvements in city planning.

Disadvantages:
Although much progress has been made during the Industrial Revolution, rapid progress has
caused many problems. When workers left their farms to work in factories earning wages, it
led to a shortage of food produced.
A dramatic increase in industrial activity led to an increase in urban pollution. Pollution was
not limited to firms; when people moved to cities, living conditions worsened as city
resources became plentiful.

Challenges and Opportunities:

Like the previous revolution, the Fourth Industrial Revolution has the potential to raise global
income levels and improve the quality of life of people around the world. So far, those who
have gotten the most out of it have become consumers who can afford and access the digital
world; technology has opened up new products and services that increase the efficiency and
enjoyment of our lives. Ordering a cab, booking a plane, shopping for a product, paying,
listening to music, watching a movie, or playing a game - any of these can be done remotely.
In the future, new technologies will also lead to the surprise of the supply side, with long-
term benefits for efficiency and productivity. The cost of travel and communications will go
down, shipments and supply chains will be better off, and trade costs will be reduced, all of
which will open up new markets and drive economic growth.
At the same time, as economists Erik Brynjolfsson and Andrew McAfee point out, the
transformation could produce significant inequalities, especially in its potential to disrupt
labor markets. As the exchange of equipment for the rest of the economy, the migration of the
network of workers may be widening the gap between returning to the capital and returning
to work. On the other hand, it is also possible that technically relocated staff, together, will
lead to a complete increase in safe and rewarding jobs.

Impact on business:
The theme of my conversation with global executives and senior business executives is that
the speed of start-ups and the speed of disruption are hard to understand or expect and that
these drivers create a constant source of surprise, no matter who is most connected and highly
experienced. Indeed, in all industries, there is clear evidence that technology underpinning
the Fourth Industrial Revolution has a profound impact on businesses.
On the supply side, many industries are seeing the introduction of new technologies that
create completely new ways of delivering existing needs and severely disrupting existing
value chains in the industry. Disruption also arises from fast-paced competitors, who say that,
due to access to global digital platforms for research, development, marketing, marketing and
distribution, they can remove well-established positions faster than ever by improving
quality, speed, or price when value is delivered.
Major changes on the demand side are also happening, such as growing transparency,
consumer engagement, and new consumer behavior patterns (further built into access to
mobile and data networks) forcing companies to adapt to how they design, market, and
deliver products and services.

Impact on government:
As the physical, digital, and biological worlds continue to come together, new technologies
and forums will enable citizens to interact with government, express their views, comply with
their own efforts, and protect the control of public officials. At the same time, governments
will gain new technological capabilities to increase their control over the people, based on
comprehensive surveillance systems and the ability to regulate digital infrastructure. In all,
however, governments will be under pressure to change their current approach to public
participation and policy making, as their key role in policy-making is diminished by new
competitive resources and the redistribution of new technologies that make it possible.
Ultimately, the ability of government programs and public officials to adapt to changing
circumstances will determine their survival. If they prove themselves capable of embracing
the world of disruptive change, placing their buildings in a transparent and efficient manner
that will enable them to maintain their competitive edge, they will persevere. If they do not
emerge, they will face growing problems.

Impact on people:
The Fourth Industrial Revolution will, in the end, change not only what we do but also what
we are. It will affect our identity and all related issues: our sense of privacy, our ideas of
ownership, our patterns of use, the time we devote to work and leisure, and how we improve
our careers, develop our skills, meet people, and care for relationships. It is already changing
our lives and leading to a “certified” person, and sooner than we think it could lead to more
people. The list does not end there because it is bound only by our thoughts.
I am a tech-savvy person and take technology first, but sometimes I wonder if the
unforgettable integration of technology in our lives could diminish some of our human
potential, such as empathy and cooperation. Our relationship with our smartphones is
exemplary. Stable connections can deprive us of one of the most important assets in life:
vacation time, reflection, and engaging in meaningful conversation.