Industry 4.0: Risk or opportunity?

The disruptions of the last two and a half years has prompted many organisations from a wide range of industry sectors to invest in digitisation. Driven by the practicalities of contending with country lockdowns, supply chain logjams and competitive pressures among other things, there has been a notable acceleration in our digital journeys.

In fact, we are around three to five years ahead of where we would have been all other things being equal, according to research by the Information Services Group.

“The pandemic has forced enterprises to explore new ways to enable remote work, manage supply and demand and remain competitive,” says Prashant Kelker, partner and Americas leader, ISG Digital. 

From our adoption of cloud technology and 5G, advanced analytics - including AI and machine learning, through to the design of smart factories, widespread use of sensors/the Internet of Things (IoT) and predictive shipping, everywhere you look, the landscape has shifted.

In many cases, it is about taking the human out of the equation to improve efficiency, innovation, quality, supply chain transparency and spot weaknesses and other patterns that may otherwise be invisible to the naked (human) eye.

So all good then? 

While there are many benefits to the digital era, it is not all upside. As with all emerging technology and connected systems, there are inevitably new and emerging risks to consider, however remote.

As this year’s WEF Global Risks Report warns: ”In the context of widespread dependency on increasingly complex digital systems, growing cyberthreats are outpacing societies’ ability to effectively prevent and manage them.”

To find out more about how we should adjust our risk radar to better anticipate and manage the risks associated with Industry 4.0, please sign up for what promises to be a fascinating discussion and webinar on 22 June, in partnership with AXA XL.