What Does The Fourth Industrial Revolution Look Like?

Krishen Patel our consultant managing the role
Posting date: 3/5/2020 10:25 AM
We’re in the next stage of the fourth Industrial Revolution and technologies continue to merge. No longer is advancement as simple as adding “tech” to the end of a word - sorry Fintech, InsurTech, HRTech, and the rest.

Now technologies stand together as each becomes a separate piece of how tech operates in the business world. AI and IoT have merged to become AIoT. Data is as much commodity as it is information to fuel business growth. Computer Vision partnered with AI is teaching computers to convert their ones and zeros to images humans take for granted.  

In a word, it’s a transformative time for every industry and every industry is taking advantage of the benefits in one way or another. Smart manufacturing. Human Resources. Marketing. Even insurance has joined the party.

But, with so many advancements, we thought we’d take a look at just the tip of the iceberg, starting with A, B, and C. 

AI Meets IoT 


We’ve all heard how AI and the Internet of Things (wearable and smart devices etc.) are being used in the Health sector. With the kind of real-time Data available, patients, insurers, and medical professionals can map out health plans based on wearable devices to track patient health and encourage preventative care. 

Indeed, one insurance company is embracing these Data trends to ramp up the speed and efficiency of their data. Using Machine Learning and IoT sensors to develop an AI-based solution, customer information is used to match clients with the right policies tailored to their needs. 

Car insurance is another industry to benefit. Insurers are able to collect real-time driving data which they can analyse to determine risk or offer discounted policies for good driving. This kind of information can also be used to revisit and reconstruct accident scenes to figure out what happened and who’s at fault. 

Big Data, Big Money


We’ve all heard the phrase ‘Data Is The New Oil’ by now, which I’m sure we can all agree, just means Data is a resource everybody wants and is willing to pay a lot for. But the differences between Data and Oil are two-fold; Data has the potential to be infinite, and it tells us about what oil cannot; the human experience. 

Cloud technologies, edge hardware, and the IoT have helped shape the digitisation of objects, people, and organisations. From sensors to wearable devices, more and more data is being collected, allowing us to be more connected than ever before. It’s also providing more information to the tech giants than ever before. For example, Amazon’s Ring doorbell is logging every motion around it and can pinpoint the time to millisecond.  

Add these technologies to Natural Language Processing (NLP) and watch the world around us draw value from and understand our Data like never before. The wave of Big Data value shows no signs of slowing down.

Computer Vision in Business


In the last few years, Computer Vision has been making great strides in the business world. Yet the Data required for processing power and memory can still be impacted by image quality. The opportunities  are alive with possibility and, from small businesses to enterprise solutions, Computer Vision has seen a variety of industries finding practical business uses. 

Below are just a few additional areas Computer Vision is making its mark.

  • Facial Recognition – providing surveillance and security systems in such areas as police work, payment portals, and retail stores.
  • Digital Marketing – sorting and analysing online images to target ad campaigns to the right audiences.
  • Financial Institutions –preventing fraud, allowing mobile deposits, analysing handwriting, and beyond.

With the global market for fourth industry technologies predicted to be between $17.4 billion and $48.32 billion by 2023, now is the time to find your focus within the industry. 

Ready to take the next step in your career? Whether you’re interested in AI, Big Data and Analytics, Computer Vision or more, we may have a role for you.

Take a look at our current opportunities or get in touch with one of our expert consultants to find out more.  

Related blog & news

With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.

Visit our Blogs & News portal or check out the related posts below.

How Can Your Career In Big Data Help You To Accelerate Change?

Data & Analytics is fast becoming a core business function across a range of different industries. 2.5 quintillion bytes of data are produced by humans every day, and it has been predicted that 463 exabytes of data will be generated each day by humans as of 2025. That’s quite a lot of data for organisations to break down. Within Gartner’s top 10 Data & Analytics trends for 2021, there is a specific focus on using data to drive change. In fact, business leaders are beginning to understand the importance of using data and analytics to accelerate digital business initiatives. Instead of being a secondary focus — completed by a separate team — Data & Analytics is shifting to a core function. Yet, due to the complexities of data sets, business leaders could end up missing opportunities to benefit from the wealth of information they have at their fingertips. The opportunity to make such an impact across the discipline is increasingly appealing for Data Engineers and Architects. Here are a just a selection of the benefits that your role in accelerating organisational change could create. Noting the impact In a business world that has (particularly in recent times) experienced continued disruption, creating impact in your industry has never been more important. Leaders of organisations of a range of sizes are looking to data specialists to help them make that long-lasting impression. What is significant here is that organisations need to build-up and make use of their teams to better position them to gather, collate, present and share information – and it needs to be achieved seamlessly too. Business leaders, therefore, need to express the specific aim and objective they are using data for within the organisation and how it’s intended to relate to the broader overarching business plans. Building resilience Key learnings from the past year have taught senior leaders around the globe that being prepared for any potential future disruption is a critical part of an organisation’s strategic plans. Data Engineers play a core role here. Using data to build resilience, instead of just reducing resistance or limiting the challenges it presents, will ensure organisations are well-placed to move into a post-pandemic world that makes use of the abundance of data available to them. Big Data and pulling apart and understanding these large scale and complex data sets will offer a new angle with which to inform resilience-building processes.  Alignment matters An organisation’s ability to collect, organise, analyse and react to data will be the thing that sets them apart from their competitors, in what we expect to become an increasingly competitive market. Business leaders must ensure that their teams are part of the data-driven culture and mindset that an organisation adopts. As this data is used to inform how an organisation interacts with its consumers, operates its processes or reaches new markets, it is incredibly important to ensure that your Data Engineers (and citizen developers) are equipped and aligned with the organisation’s visions. Change is a continuous process, particularly for the business community. Yet, there are some changes that are unpredictable, disruptive and mean that many pre-prepared plans may face a quick exit from discussions. Data professionals have an opportunity to drive the need for change, brought about by the impacts of the pandemic, in a positive and forward-thinking way. In understanding impact, resilience and alignment, this can be truly achieved. Data is an incredibly important tool, so using this in the right way is absolutely critical. If you’re in the world of Data & Analytics and looking to take a step up or find the next member of your team, we can help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more.

Data Science For Business Decision Making

All strong and successful businesses are built and run upon well-informed decision-making, which derive from a mix of leader experience, industry knowledge and, more recently, the regular implementation and use of advanced Data Science teams.  While the use of data has been around for many years, it’s hard to believe that it is only in the last five years or so that we have seen the adoption of such technology and skills really take off. Five years ago, the importance and demand for Data Scientists sat at a very meagre 17 per cent, whereas in 2019, we saw exponential growth of over 40 per cent – a number that is expected to continue growing as we move forward.  Within Data & Analytics, Data Science is a crucial arm within many businesses of all shapes and sizes. Through the collection and analysis of certain datasets, Data Science teams can delve into an organisation’s pain points, any potential obstacles and future predictions; crucial elements which, if looked at and planned for in advance, can be the making of a business.  So, how else can Data Science influence the decision-making process and make a positive impact on a business and its bottom line? The removal of bias and the increase of accuracy As humans we are innately susceptible to bias, conscious and unconscious, and this can be a hindrance on our ability to make informed yet impartial decisions. By relying solely on facts and figures instead of our own opinions, we are not only removing bias, but we are in turn making the decision-making process more accurate.  Accuracy within decision-making will remove the potential risk of mistakes and the need to re-do tasks, therefore saving precious time, resource and money, unequivocally a benefit for any business’s bottom line.  Efficiency There are elements of all businesses that require trial and error for example, hiring practices. People who look great on paper and perform exceptionally well in first interview may turn out to be utterly the wrong fit six months down the line. However,  collecting and recording data of those employees who do fit well into the business, compared to those who don’t, can help to reduce the chance of choosing the wrong candidate. This in turn improves staff retention rates, helps create a positive work culture and, of course, positively impacts profitability.  Considering the cost for hiring one person for a company is around £3,000, Data Science is of huge benefit to any company, large or small, in reducing the risk of high staff turnover.  Mitigating risk All businesses at some point in their lifetime will come up against potential obstacles and risks that, if not managed properly, can be potentially lethal. The implementation of Data Science will allow senior leaders to learn from past mistakes and create evidence-based plans to better tackle, or completely avoid, similar problems in the future.  This could be for either organisational risk or strategic risk, both of which can be extremely damaging if not prepared for. Organisational risk entails problems occurring within daily business tasks such as fraud, data loss, equipment and IT issues and staff resignations. Strategic risk relates to events that cannot be planned for in advance; those sudden and unforeseeable changes - a great example being the current COVID-19 pandemic.  However, with both risk groups, Data Scientists can help to mitigate these risks through learnings and observations made from reams of previous data, as well as real-time intelligence. This allows senior leaders to act fast where needed, and plan where possible.  Data & Analytics, and especially Data Science, has been, and will continue to be, a key driver in the evolution of many industries worldwide. As we move forward, we will undoubtedly see an even larger uptake of the available technologies as business leaders everywhere begin to see the influential value of data-driven decision-making. If you’re a Data Scientist looking to take a step up or are looking for the next member of your team, we may be able to help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more.

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