The then latest technologies played vital role in each of the industrial revolution for example 1st industrial revolution (1760) was driven by the rise of steam power, railways and mechanized forms of production. Similarly, 2nd industrial revolution (1890) was driven by the invention of electricity and new approaches to manufacturing based on assembly lines and mass production. Rapid improvement of semiconductors and the spread of computers and the internet technology were the driving forces of 3rd industrial revolution (1960s) finally 4th industrial revolution is going to take place with the mass performance of the artificial intelligence, advanced robotics, mobile internet (available everywhere), 3D printing, autonomous vehicles, such as cars and drones etc. technologies. These technologies will offer new ways to create and consume, will transform how we deliver and access public services, and will enable new ways to communicate and govern. Almost every aspect of our lives will be touched: jobs, business models, industrial structures, social interactions and systems of governance.
In comparison to the 4th generation manufacturing / production technologies most of the Bangladeshi sectors are lagging behind. As a result there performance and product’s quality, productivity is very low in comparison to the competing countries technologies. Therefore challenge of losing market share by Bangladeshi companies in upcoming competitive world is becoming prominent day by day if we failed to adopt the sophisticated technologies and machineries in every sector. Study found it out that, new technologies are emerging faster, being adopted more quickly and delivering greater impact than ever before. For example fixed-line telephones (1878) took 75 years to reach 100 million users. On the other hand mobile phones (1979) took only 16 years to reach 100 million users. Similarly internet (1990) took 6 years to reach 100 million users. On the other hand Apple App Store (2008) took just 3 years to reach 100 million users. So it is proved that the technologies pushing the reality into 4th industrial revolution will be adopted faster and change the reality of human society even faster ever than before.
Opportunities of 4th industrial revolutions could be wealth maximization through continuous improvement of GDP growth, inclusive growth, improved performance of the SMEs, jumping into advanced stage of development, connecting disconnected people, improve environment management system, automation of agriculture and transformation of agro production technologies, more access to healthcare and use of modern technology to forecast about natural calamities etc. Bangladesh shall start its wholehearted preparation to avail all of these above mentioned opportunities of 4th industrial revolution. For example we have highest priority to economic growth, SME development, digitization of processes etc. but till now we are lagging behind in terms of inclusive growth, improved environment management system, access to healthcare by all etc. parameters. Preparation to avail an opportunity could be our strengths and vice a versa.
Challenges of the 4th industrial revolution includes losses of jobs and disruption by the lower educated people, inequality and political instability, end of low-cost and low-skilled labour based industrialization due to artificial intelligence and robotics technology, more market access to the global giant companies through offering more value to the customers, vulnerability of LDC countries to fight with cyber crimes and cyber attacks etc. Shift of technology causes losses of job by the people dependent on the previous technology for any reason. For example light engineering enterprises of Bogra light engineering cluster used to produce sallow machine, tube well and rickshaw etc. but with the shift in technology into deep tube well, tractor, battery driven auto-rickshaw and CNG driven auto-rickshaw many of them lost their job in Bogra light engineering cluster. Because most of them have no access to the technologies relevant to the deep tube well, tractor, battery driven auto-rickshaw and the CNG driven auto-rickshaw due to many reasons. So they lost their livelihood from that profession. Similarly 70 coconut oil mill reduced into 4-5 during last couple of years in Bagherhat coconut oil cluster. Therefore government and relevant agencies have to be careful about the negative impact of 4th industrial revolution on many sectors in Bangladesh.
Finally, we can state that, advancement of technology could not be controlled by any society. We have to adopt it today or tomorrow, willingly or unwillingly. But we must have to be prepared ourselves to minimise diverse negative effect of it into the society and rehabilitate the victim society like Bogra light engineering and Bagherhat coconut oil cluster. Otherwise new industrial revolution will be a missed opportunity for us.