The Impact of Fourth Industrial Revolution on Business in the UAE

Today we are discussing the future. The future of business and the future of life in general. We are lucky, we live in the days when the whole world and the whole humanity is shifting to a new way of life, work and even relations.

The first industrial revolution was about the water and steam that mechanized mass production. The second industrial revolution went further and electricity was used instead of steam and water. The third industrial revolution substituted electricity with electronics and information technologies to automate production. Now it’s the fourth industrial revolution sometimes called “Industry 4.0” is the trend for automation and data exchange during production. It includes internet of things, cloud-computing, big data, smart devices, decentralized management, cognitive computing and artificial intelligence, cyber-physical objects. Cyber physical objects gather into cyber-physical systems which communicate and operate with each other via internal and external Internet of Services, and communicate and share data with humans and each other in real time.

Some examples of Industry 4.0 machines are machines and systems that predict failures and trigger maintenance processes autonomously. Modern IT technologies help early detection of defects and production failures, enabling necessary prevention and increasing productivity, quality, and agility benefits that have significant competitive value.

But as we talk about business here what is the impact on business you might ask?

There are four main effects here: customer expectations, product development, innovative team work, new organizational forms.

The most vivid is a shift from local business to global business. Many businesses, enterprises, and even large scale industries experience the introduction of entirely new ways of serving daily needs. The growing transparency, engagement of consumers and consumer behavior patterns significantly influence how companies design, market and deliver their products and services.

The automation is penetrating every possible sphere of daily activities make many of us rethink talent, culture and organizational forms. Blockchain technology that can not be compromised and forged opens absolutely new opportunities and challenges to almost every sphere of human being. When everything is clear and don’t need any proof is a huge shift in overall communication and trust patterns of humans, peoples, and nations. At the same time, the question of privacy is more and more pressing.

The automation is slow, but as you remember we overestimate what will happen in 10 years but underestimate what will happen in three.

How you as a business owner can benefit from the automation right now. Have you ever hear of chat bots? Chat bots, as explained by NBC, are “simple artificial intelligence systems that you interact with via text. Those interactions can be straightforward, like asking a bot to give you a weather report, or more complex, like having one troubleshoot a problem with your Internet service or to proceed with the service.”. You have a business, and the first point of interaction after your website, of course, is a receptionist or call-center agent or direct manager of this or that department. But imagine that automatic conversation machine talks to your clients in their native language and human-like way about your business-related subjects.

To see where all is going we can look at WeChat that is used in China. This is an app that is being a search-engine, photo -sharing, social networks, marketplace, money transfer in one app solution. As marketing is going into the area of personalization and super-targeting, marketing chatbots are taking the stage, as they allow to send individualized messages not only to meet customers but to offer them the most relevant products based on their location, social activity, liked pages and posts, preferences, etc. Consumer engagement comes to the next level.

Why do you need to think of chatbots right now?

Chatbots can answer hundreds and thousands of queries simultaneously, while a manager or call-center agent or receptionist can handle one query at a time only. Only in 2017 28 trillion messages will be sent, the number has doubled since 2012. The open rate for mobile direct messages is 98%, which is five to ten times higher than email open rate. Six of the top apps used globally are messengers apps. And now, as the artificial intelligence is developing the chatbots are becoming more and more human like and less and less irritating.

Another interesting topic is funnels and tunnels.

The conversion funnel is a marketing metaphor used to describe a path that consumer takes through an Internet advertising or search system, navigating a website and finally converting to a sale.

Think about any e-commerce purchase funnel. There are a few steps a visitor has to go through before they can purchase a product. Here’s how it looks:

• Visit a website

• View a product-page

• Add a product to the cart

• Purchase the product

The tunnel is a set of actions a viewer need to go through to get the sale.

We will not get much into details about funnels and how to build them, for that you better come to our master classes or live events.

What is important for you as a businessman to understand now is the possibility to automate funnels and tunnels, step out of operations and manage the business from your, modern technologies allow you to manage your business from your mobile phone.

If you want to know more about Dubai freezone company formation, feel free to get in touch with our professional consultant team and we would be delighted to assist you and help you to compare Dubai freezone company setup costs and help you to find that free zone, which would suit your business needs the most.

Disclaimer: Business Boutique UAE-Consultants.com is not affiliated with any particular government or legal entity. Business Boutique does not give professional legal advice nor any other professional advice subject to a public office in the government. This article merely sets out a simple and basic idea as to the reasons of Dubai freezone company setup and Dubai free zone company formation cost. Business Boutique in no way holds nor imposes any official governmental or legal authority and the article herein is only to be taken as a guide. All further governmental or legal issues should be addressed to the corresponding authorities.

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