Assignment

Topic:. 4Th Industrial Revolution and its Managerial Impact in Bangladesh

Course: Principles of Management

Course Code: MGT 200

______________________________________________
Submitted to

Abdullah Al Mamun

Lecturer, Dept. of Business Administration

Submitted by

Kazi Md. Suza Akbar

Batch: 21 Section: A

ID: BBA-02107544

Dept. of Business Administration

 4Th Industrial Revolution and its Managerial Impact in Bangladesh

Index
• What is 4th industrial revolution?
• Challenges and opportunities

• Impact in Management
• The Impact on Human Resource Management

• Impact in Education
• Impact in Technology.
• Opening up new opportunities

What is 4th industrial revolution?

The Fourth Industrial Revolution can be described as the advent of “cyber-physical systems”
involving entirely new capabilities for people and machines. While these capabilities are reliant
on the technologies and infrastructure of the Third Industrial Revolution, the Fourth Industrial
Revolution represents entirely new ways in which technology becomes embedded within
societies and even our human bodies. Examples include genome editing, new forms of machine
intelligence, breakthrough materials and approaches to governance that rely on cryptographic
methods such as the block chain.

Building on the first Industrial Revolution which used water and steam power to mechanize
production, the second which used electric power to create mass production and the third, which
used electronics and information technology to automate production; the 4th Industrial
Revolution is taking automation to new levels, blurring the lines between the physical, digital,
and biological spheres and using technologies to perform tasks previously carried out by humans,
ranging from piloting vehicles to ‘rules-based’ jobs in areas such as accounting and law.
One of the main effects of the Fourth Industrial Revolution is increased human productivity.
With technologies like AI and automation augmenting our professional lives, we’re able to make
smart choices, faster than ever before.

Challenges and opportunities

Like the unrests that went before it, the Fourth Industrial Revolution can possibly raise
worldwide .Pay levels and improve the personal satisfaction for populaces around the globe.
Until this point in time, the individuals who have picked up the most from it have been buyers
ready to manage the cost of and get to the computerized world; innovation has made conceivable
new items and administrations that expand the effectiveness and joy of our own lives.
Requesting a taxi, booking a flight, purchasing an item, making an installment, tuning in to
music, viewing at the film, or playing a game—any of these should now be possible remotely.
Later on, mechanical development will likewise prompt a gracefully side marvel, with long haul
gains in effectiveness and profitability. Transportation and correspondence costs will drop,
coordination and worldwide gracefully chains will turn out to be increasingly viable, and the
expense of exchange will lessen, all of which will open new markets and drive monetary
development. Simultaneously, as the business analysts Erik Bryn Jolson and Andrew McAfee
have called attention to, the transformation could yield a more noteworthy imbalance, especially
in its capability to upset work markets. As mechanization substitutes for work over the whole
economy, the net relocation of laborers by machines might compound the hole between come
back to the capital and comes back to work. Then again, it is too conceivable that the uprooting
of laborers by innovation will, in the total, bring about a net increment in protected and
remunerating occupations.
The Impact on Management
Promote Change Agility
In the first place, pioneers must move past the mentality that advanced change is just about
expanded registering power. We have outperformed the primary PC transformation and are
presently well into the second in which mechanical capacities, interior assets, and our clients'
encounters are evolving. In spite of the significant changes happening with the advanced change,
the key parts of initiative remain the equivalent. Pioneers must depend on primary standards to
effectively explore inside 4IR. The versatile venture administrator will have a more prominent
job in distinguishing esteem, encouraging inventiveness, and empowering adaptability while
filling in as change operators and impacting multi-disciplinary groups over the association.

Evolve Intellectual Capacity

Second, advanced change will require a development in initiative aptitudes. Research
shows that by2020, two of the best ten initiative aptitudes will be intellectual adaptability and
passionate knowledge. In his book, Amount says that including these two attributes among the
rundown of most basic abilities for 2020 accentuates the significance that will before long be put
on our psychological limits and advanced administration capacities. Pioneers that can apply a
scope of essential expert proficiencies, for example, enthusiastic knowledge and social
mindfulness while exhibiting key specialized abilities, for example, basic reasoning and
examination will be at the bleeding edge of computerized change and 4IR.

Embrace Resource Dynamics

Third, venture administrators must grasp the possibility that task groups executing techniques
will no longer exclusively be included in conventional assets. Groups might be contained
existing and new ability, be cross-utilitarian, and may use propelled mechanical autonomy and
figuring frameworks. Venture administrators should make groups with parity of local
information and new encounters. Furthermore, accentuation will be on an open attitude,
intellectual limits, and passionate knowledge. These characteristics will be profoundly looked for
after by managers so as to proficiently progress the accessible assets into a digitized workforce.

Refine Emotional Intelligence

At last, 4IR will expect pioneers to offset development and turmoil with the strength of
authoritative procedures. As an ever-increasing number of associations grasp man-made
reasoning and propelled apply autonomy, the administration will turn out to be less about
individuals with titles and progressively about natural community-oriented procedures. This new
power will regularly require venture the executives and positions of authority to cover and attract
on shared information to alleviate authoritative approaches. The significance of connections and
passionate knowledge will keep on being basic for venture supervisors as we encourage
commitment, inspiration, and generally speaking energy inside associations.

The Impact on Human Resource Management

HR needs to be involved in identifying what roles can be automated or robotized and what roles
should be done by humans. In identifying what skills are required, HR teams can develop staff
internally and recruit accurately externally. At the same time, departments will need to help their
people adjust and stay relevant in the new world of work.

TRAINING AND DEVELOPMENT

Arranged execution of preparing programs and administrative improvement programs is required

to be attempted to hone and upgrade the aptitudes and to create information on workers. Pay as
compensation, extra, stipends, motivating forces, and perquisites is to be paid by the presentation
of individuals. A word or letter of gratefulness is likewise to be given if some of them have done
their employments past desires to keep their resolve up.

MANAGEMENT AND EMPLOYEES

In Human Resource Management, Industrial connection is a significant part of the HR work, is

that keeps up a superior relationship with the representatives. At the point when the Management
acquaints new strategies with the business, there will be chances for getting a struggle between
the administration and representative. That ought to be tackled for the compelling exhibition of a
business.

MANAGING CHANGE

Change is that the existing operations of business were removed or updated towards meeting the current
requirement of management in order to survive in the global market. It is the roles of Human Resource
Manager to coordinate the industrial change which automation, use of robotics to increase the efficiency
of business operation.

MANAGING THE HR ISSUES

Due to Fourth Industrial Revolution Production function of business were get more benefit by using the
automation technology and robotics in the business. But the Human Resource Function were affected by
the fourth industrial revolution, for that the management need to follow certain strategies to handle the
critical situation.
The Impact on Education

As per the World Economic Forum, 65% of kids entering grade school today will wind up
working in totally new openings that don't exist yet. This reality represents a genuine danger to
preparation for 4IR.

A basic assessment of SA's instruction framework focuses to the accompanying difficulties

identifying with availability for 4IR:

• Current school curriculum does not equip learners with the right skills or education for the 4IR.

• Computer science skills are at the centre of this revolution, however, very few primary and
high school learners have access to computers. Some learners reach Grade 12 without ever
interacting with a computer.

• Access to fast and reliable internet is a national problem, while for those who can access the
internet, this is a costly exercise.

• Coding an important technical skill for future jobs is not part of the curriculum. This is an
important skill even for students who take up non-technical subjects.

Teachers at both primary and high school level are not being provided with training and
development to capacitate them to teach a 4IR geared education to their learners. The disparity
between urban, rural as well as township and suburban schools exacerbates the situation. The
resourced schools have the advantage of better equipping their learners for 4IR while rural and
township schools are at a disadvantage.

The Impact on Technology

Fourth Industrial Revolution has just set in. The World Economic Forum initially drew the
consideration of the world to the Fourth Industrial Revolution which is driven by phenomenal
mechanical turns of events. Fast mechanical changes and digitalization have just handled a
significant effect on worldwide monetary development and social advancement. Mechanical
changes have prompted advancement and change to establish the framework stone of the new
turn of events. With the creation of AI, AI, virtual and increased reality, 3D printing, block
chain, and web of things, business and social situations are going up against the new reality
consistently. Changes are quicker than envisioned and occurring wherever over the globe: in
business what's more, enterprises, horticulture, and cultivating, in the social and world of
politics, likewise in style and personal conduct standards. Contrasted with the past three
Industrial Revolutions, the fourth one is developing at an exponential pace instead of straight
rate, and its multidimensional effect is probably going to realize a complete change in
perspective and change of the whole arrangement of creation, the board and administration just
as the perspective. The mechanical change will on a very basic level adjust the manner in which
individuals work, live, and identify with one another. This will lead us to concentrate on
progressively important methods of getting things done, planning arrangements, and keeping up
the great standard over the businesses. Speed and stream of progress can't be confined; we are to
modify our sails to the bearing of unavoidable trends. Change delivers two chances and
difficulties. The individuals, who can secure the adjustments ahead of time, can break down the
effect and penchant of progress, and take the necessary planning by investigating and adjusting
abilities, and consequently really accept the advantages of open doors made by the evolving
condition. Then again, to the individuals who are ill-equipped, change comes out of nowhere
past their desires, and force tremendous difficulties and subsequently are unfavorably influenced.
Fortune favors the valiant fortune likewise favors the individuals who can see past the limitations
of time and take planning to acknowledge and encase chances of progress. Referenced before,
the effect of the fourth modern upset is exponential and multidimensional. In the quickly
evolving condition, no arrangement can have a dependable impact rather an answer for being
balanced, reconsidered, and rebuilt consistently tending to the fast and exponential changes
(necessities) of innovation, natural conditions, client's standards of conduct, works place blend
and so on.

Opening up new opportunities

4IR will require schools to properly prepare learners with the right tools to come up with new
and innovative solutions to today and tomorrow be problems facing society. This revolution can
lead to greater inequality if the right skills are not taught to every learner. With the right skills,
all learners will have a better chance of succeeding whether it be in the job market or as
entrepreneurs. Entrepreneurship in the 4IR will open up new opportunities that don't yet exist, it
is important that the education that learners receive equips them with the necessary skills to
succeed as entrepreqeneurs. Creativity, problem-solving, critical analysis, independent thinking
and analytical skills are some of the skills needed to exploit opportunities presented by the 4IR.
As such, teacher competency and deskilling is necessary. Educators must possess skills and tools
necessary to prepare learners for opportunities in the 4IR. A revised curriculum that includes
new topics and subjects such as coding, data analysis, and robotics must be introduced at school
level