Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Write brief of the review(refer picture below) that related to Fourth Industrial Revolution (4IR). 3.1. Digital technologies and emerging economies' industrial innovative growth 3.3. Global
Write brief of the review(refer picture below) that related to Fourth Industrial Revolution (4IR).
3.1. Digital technologies and emerging economies' industrial innovative growth 3.3. Global value chains (GVCs), 4IR and industrial innovation Digital Technologies are as a result of the emergence of 4IR dynamic disruptive technologies. These GVCs came to existence as a result of international trade deregulation and liberalisation (Herr & disruptive technologies are now being used to transform sections of the humans into posthuman or Dunhaupt, 2019), as well as the innovations in the financial, telecommunications and transporta- transhuman cyborgs or biology-technology hybrids (Flores, 2018a; Martins et al., 2019; Nhemachena, tion systems. In today's world, the prevailing trade occurs through enhanced GVCs. Their govern- 2021). Digital technologies are going to unlock the potential for sustainable industrial innovation in ance and leadership is through big multi-national exporting firms, and the production processes emerging economies, through facilitating the inter-linkages in the enhanced production process. are complex and non-market based (Herr & Dunhaupt, 2019). The rapid increase in GVCs will Innovation, scientific discovery and the rate at which technology is deployed, adapted and scaled significantly influence business operations in international trade (Xiao et al., 2020). In recent years have all fuelled technological advancement (Schafer, 2018). While industrialised economies possess a the trend in international production has changed as a result of the emergence of GVCs. reputation for innovation, many other developing economies do not and are still trying to catch up Manufacturing processes are now dispersed across different countries. GVCs describe the full Technological advancement is frequently linked to the development of novel and useful products range activities (tangible or intangible), undertaken by inter-company networks on a global through ingenuity and invention (Akileswaran & Hutchinson, 2019; Schwab, 2016). However, in many scale, to bring a product or service from its point of origin to its end user and beyond (Gereffi & developing economies, it is more prevalent to implement and scale technological solutions developed Fernandez-Stark, 2016). The concept of GVCs is connected to supply chains because the trade elsewhere (International Finance Corporation, 2017). networks have become global in scope, due to more intermediate goods being traded across borders, involving all the newly emerging economies (UNCTAD, 2013). A closer look at these Globally, digital revolution is having a significant impact, though the rate of change fluctuates emerging economies trends around the globe clearly depict that fewer of these economies have relative to geographic location and industry (Akileswaran & Hutchinson, 2019). Innovations in tech- benefited from the growing global interconnectedness (Primi & Toselli, 2020). In reference to the nology are transforming the conduct of business organisations, causing an upsurge in economic emerging economies, the negative effects of the 4IR would more impactful given the disadvan prospects that call for innovative skills (Rai, 2017). The whole world is experiencing the 4IR, with tages it creates in the GVCs. This is as result of the fact that being in a GVCs does not guarantee digital and physical assets, as well as biological science, all converging. Business organisations are upgrading of technology, diversification, innovation, productivity and knowledge creation (Lee et progressively adopting digital practices (Menon & Fink, 2019). White-collar jobs are being performed al., 2019; World Bank, 2016). GVCs analysis makes a vivid framework for understanding any using digital robots and the ride-sharing economy is booming (Rai, 2017). This technological innovation product in the global commerce by showing commercially relevant life of products, from research, will cause a drastic change not only in business but also in societies in general (Xu et al., 2018). development and design (Sobel-Read, 2014). Education and competition policies will need to be revised. Schools and universities should prepare future generations to work in the emerging economy by aligning their skills with trends in the digital sphere (Schafer, 2018). Societies in emerging economies will also need to prioritise retraining workers 3.4. Connecting 4IR, GVCs and the human resources training: which way to follow? whose skills have been timed out (Cezarino et al., 2019). Similarly, production reorganisation places The convergence of strategic emerging economies' resources sovereignty, control and ownership new strains on competition policies to ensure that new techniques do not become the domain of a few with the 4IR emerging technologies can also be seen as a panacea meant to achieve the Sustainable firms that monopolise the market (Muhleisen, 2018). Disruptive technologies directly related to 4IR Development Goals (SDGs). This would be meant to explore the intended domains as highly inter- such as Artificial Intelligence (Al), Robotics, Block Chain and 3D printing are changing the social, connected system that would make the operations in the emerging economies' industries and economic and political systems (Menon & Fink, 2019), often in unpredictable, revolutionary and speedy businesses to be simplified than to be viewed as complex in nature (Manda & Dhaou, 2019). For ways (Schwab, 2016). The technologies such as self-learning technologies algorithms, self-driving cars, example, Africa, through the functioning of the 4IR emerging technologies, would be able to sustain- human-machine interconnection and big data analytics (Cezarino et al., 2019; Schafer, 2018), are ably drive digital human resources training transformations to be more understandable and tract emerging faster, to the extent that their adoption is moving so quickly (Menon & Fink, 2019). able. The technologies are beginning to take shape in major emerging economies such as the BRICS in the areas such as energy, agriculture, education, banking, entertainment and transport. If we consider the challenges which the current world faces and the knowledge and skills that may be 3.2. Fourth industrial revolution (4IR) required, creativity, innovation, ingenuity, higher order and critical thinking are indispensable to 4IR or Industry 4.0 (14.0) can be defined as the transformation to novel systems, which bring providing the abstract problems that face the world (Fayomi et al., 2019). The world of work is together the physical and digital technologies to an increasingly interconnected population of changing as a result of the massive increase in internet connectivity and big data and automation. active users (Tripathi & Gupta, 2021). First proposal of the 4IR was mentioned in a paper in 1985 Increased use of robots in industrial production jeopardises many jobs especially in the manufactur (Rostow, 1985), which applied the Kondrateiff Cycle and long-term cyclical trends in resource ing sector. enhancing activities to discuss its meaning (Liaoa et al., 2018). It has been adopted as part of the 2020 High Technology Plan in November 2011 (Ardito et al., 2019), by the German government as a strategic initiative (Belinski et al., 2020). The development of 4IR emerging technologies shall result in the creation of new opportunities for emerging economies growth and development. The quality of life will increase as well as income per capita. Major researches on the subject of 4IR impact on industrial sustainability (Jabbour et al., 2018; Kamble et al., 2018), manufacturing using lean management systems (Mrugalska & Wyrwicka, 2017; Sanders et al., 2016), development of industrial products (Santos et al., 2017), industrial production control (Dolgui et al., 2018), industrial performance management measurement and GVCs (Dunhaupt & Herr, 2020; Frederico et al., 2019; Zhu & Morgan, 2018) have been conducted to date with an aim to see its economic and societal impact. The 4IR will bring greater partnerships via digital platforms, creating a level play field for collaborating emerging economies in controlling their resources supply chain and sovereignty (Belinski et al., 2020). Examples cited to buttress this argument include the transformed agriculture in Israel and new and emerging trends in Rwanda and Ghana. The challenge however remains the accessibility of that technology to ordinary farmers in poor countries. Given that many emerging economies' citizens are barely literate, it also poses challenges since many of them cannot use the technology for their benefit (Belinski et al., 2020)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started