Are you ready for the Fourth Industrial Revolution?
What are the top ten new technologies that will transform the global economy by 2025?
How these new technologies will impact the future of Project Management?
Watch the video below to get answers to the above questions.
Download the free audio mp3 podcast of this episode on iTunes.
Note: This video and podcast episode is a sneak peek of the presentation on “Timeless Project Management – Are You Ready for the Next Revolution?”, presented by JR Karbowski at the Project Control Summit 2020. To get access to the full presentation and other recordings of the Project Control Summit, please click here.
The Fourth Industrial Revolution (Industry 4.0)
We’re on the cusp of the Fourth Industrial Revolution, or Industry 4.0. Arguably the term was coined in 2016 by Professor Klaus Schwab, founder and executive chairman of the World Economic Forum in his book “The Fourth Industrial Revolution”.
The Fourth Industrial Revolution is quite different than the three Industrial Revolutions that preceded it:
1st Industrial Revolution: steam and waterpower
2nd Industrial Revolution: electricity and assembly lines
3rd Industrial Revolution: computerization
The reason is primarily due to the fusion of technologies across the physical, digital, and biological worlds.
The Fourth Industrial Revolution will bring exponential changes to the way we live, work, and relate to one another due to the adoption of new technologies.
What are these new technologies that will lead to the fourth industrial revolution?
Ten Technologies That Will Transform the Global Economy by 2025
Technological advancements are progressing at an unpredictable and unprecedented rate. Here are the top ten technologies that are claimed to transform the global economy by 2025:
1. Mobile Internet
Apps, sensors, and interfaces will evolve as mobile computing devices dominate internet connectivity. By 2025, an additional 4.3 billion people will have access to mobile connectivity.
2. Artificial Intelligence
Artificial intelligence (AI) obviously is going to have an impact because of machine learning.
Imagine processing a large set of data, detecting the issues, and forecasting the project trends and behaviors using AI and machine learning, which is going to help evolve the future of project management.
3. Virtual and Augmented Reality
Can you imagine what’s happening today in virtual and augmented reality and how that’s going to evolve?
Just think of a few years ago where we had 3G technology, and now we’re moving to 5G technology and how fast that took place.
Can you imagine the graphics and the effort that’s going to be evolved in terms of virtual augmented reality for the future?
Goldman Sachs is forecasting the virtual and augmented reality industry to get tenfold and become an $80 billion market by 2025.
Major upgrades will come to technology infrastructure and an ecosystem of apps will form for consumers and enterprises, which transform the future of project management and the way we manage and control projects.
4. Cloud Technology
We’ve already started using cloud technology in the last decade, but it will continue to evolve.
Imagine how software providers could deliver literally every IT service and web app through the cloud with more enterprises using the public cloud as cybersecurity improves.
The cloud technology will result in a significant reduction in the number of servers, the software cost, and the number of staff\without impacting an organization’s IT capabilities.
In the world of project management, it means expediting data sharing, data accessibility, and reporting capabilities.
5. Internet of Things (IoT)
Do you use an Alexa to connect things in your house, such as turning on and off lights and thermostats?
Can you imagine what’s going to happen five years from now with embedded sensors, software, and other technologies that are connecting and exchanging data with other devices and systems over the internet, known as the Internet of Things (IoT)?
Did you know more than 9 billion devices are currently connected to the internet – that number is estimated to grow between 50 billion to nearly 1 trillion in the next decade?
Organizations will face monitoring and securing products, systems, devices, and even people in the future using the IoT. Obviously, it will impact the future of project management.
6. Advanced Robotics
Advances in artificial intelligence, machine vision, sensors, motors, hydraulics, and materials will change the way products and services are delivered. A surge in tech talent for building, operating, and maintaining advanced robots will occur.
What does this mean for project management?
Robots are becoming more agile and able to adapt in real-time without being programmed for the task in advance. Also, it’s possible for them to analyze larger data sets and deliver faster, more accurate analyses than humans.
According to the Rise of Robots article, as robots get better, smarter, and more adaptive, project teams have to keep up.
7. Biometric Technology
Can you imagine what’s going to take place in terms of biometric technology?
Biometric identification allows end-users the ability to provide physiological characteristics in place of a password, token, or personal identification number (PIN) as a secure method of system or database access.
A recent survey of security professionals revealed that 72% of companies are going to end up dropping the use of traditional passwords by 2025. This will give rise to new authorization services for face, voice, eye, hand, and signature identification.
8. 3D Printing
3D printing is going to evolve to another level. 3D printing could enable unprecedented levels of mass customization and dramatically reduce the cost of supply chains.
3D printing technology could potentially affect what’s happening in project management.
9. Genomics
Genetic engineering technology will grow with faster computer processing speeds. DNA sequencing technologies and advanced analytics will improve agricultural production, reduce reliance on fossil fuels, and extend human life expectancy.
10. Blockchain
You are probably familiar with Bitcoin technology. Blockchain is best known in the context of virtual currency Bitcoin.
A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in a single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, and have many other applications.
What is the impact of blockchain on the future of project management?
Blockchain technology will not only expedite payment processing but also it will assist in monitoring supply chains. By removing paper-based trails, businesses would be able to address inefficiencies within their supply chains quickly, as well as locate items in real-time. Furthermore, blockchain would bring more visibility into viewing and tracking how products performed from a quality-control perspective as they traveled from their place of origin to the retailer.
In Conclusion
Most experts believe that we are in the midst of the fourth industrial revolution.
The previous revolutions brought forth new technologies and different ways of working. Many skilled workers found themselves replaced by machines. Yet, it created an opportunity for education and prompted the adoption of a whole new skill set needed to handle the then-modern machinery.
The fourth industrial revolution is going to be fundamentally different than the others with its blend of all forms of technologies and their interaction across the physical, digital, and biological domains.
The top 10 technologies that will transform the global economy in the next 20 years and will have an impact on the future of Project Management are:
Mobile Internet
Artificial Intelligence
Virtual/Augmented Reality
Cloud Technology
Internet of Things
Advanced Robotics
Biometric Technology
3D Printing
Genomics
Blockchain
Not every emerging technology will alter the Project Management landscape – but some truly do have the potential to disrupt the status quo, alter the way we manage and control projects.
Are you ready for the next revolution?
How can you best get prepared for the Fourth Industrial Revolution?
Please stay tuned for the next article, where I provide you with four principles to compete in this new digital era.
JR is a Project Controls Consultant with over thirty years of experience in the execution of worldwide projects. He led projects in seven countries on behalf of Fortune 500 owners and ENR 400 contractors in engineering, construction, and maintenance. His expertise is in project management, project controls, and business development.
As the president of KPMC International, JR provides professional project management consulting and refined project controls subject matter expertise for clients across various industries.
Throughout his career, JR has meticulously executed projects primarily in the oil/gas, fossil-fuelled power, nuclear, petrochemical, US government sector, and pulp & paper industries.
JR has been a frequent contributor to PMI, AACE, Project Control Summit, and various other industry forums. Always in the pursuit of knowledge sharing, his passion and enthusiasm for project management and project controls will resonate with all levels of experienced professionals.
To learn more about JR, check his website, or connect with him via LinkedIn.
About the Editor, Shohreh Ghorbani
Shohreh Ghorbani is the founder and director of Project Control Academy, the leading global provider of comprehensive online training programs in Project Controls. She has served tens of thousands of professionals to enhance their Project Controls knowledge and helped them advance along their career path.
In April 2018, AACE International Source Magazine featured Shohreh as the “Woman in Project Controls” honoree.
She has helped companies like Kentz International, Phillips 66, Waste Management, and Stantec develop Project Controls knowledge and skills in their project team members.
With her impressive track record in teaching and years of hands-on experience on a wide range of project controls technical areas in various industries, clients have acknowledged Shohreh as a passionate trainer who transfers the knowledge of project controls in a simple and understandable manner.
Shohreh is a licensed project management professional (PMP) recognized by the Project Management Institute (PMI) and a professional member of the Association for the Advancement of Cost Engineering (AACE International). Toastmasters International certified her as” Advanced Communicator Silver.” She holds a Master of Science in Industrial Engineering.
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