What is the Fourth Industrial Revolution?

The Fourth Industrial Revolution (4IR) is a term given to the ongoing transformation of our society and economy through the integration of digital technologies, artificial intelligence (AI), automation, and other emerging technologies. It builds upon the foundation of the previous three industrial revolutions:

The first industrial revolution, which took place in the late 18th and early 19th centuries, involved mechanisation through the use of water and steam power, leading to the development of factories.

The second industrial revolution, occurring in the late 19th and early 20th centuries, introduced electricity, the assembly line, and mass production, revolutionising industries such as steel, railroads, and telecommunications.

The third industrial revolution, often referred to as the Digital Revolution, emerged in the latter half of the 20th century with the advent of computers, the internet, and information technology. It transformed industries through automation, digitalisation, and the connectivity of systems.

The Fourth Industrial Revolution represents a fusion of technologies that is blurring the lines between the physical, digital, and biological realms. It encompasses advancements in various fields, including AI, robotics, Internet of Things (IoT), blockchain and 3D printing. These technologies are creating new possibilities for industries, disrupting traditional business models, and transforming the way we live and work.

How is the Fourth Industrial Revolution impacting ecommerce?

The differences between the Third and Fourth Industrial Revolutions may seem subtle, but they are substantial in the context of eccommerce efficiency and accuracy. Let’s take a look at some examples:

• Data and Analytics: The Third Industrial Revolution generated a vast amount of data through digitisation, but the Fourth Industrial Revolution focuses on leveraging this data through integration and advanced analytics. There is now greater emphasis on the centralisation, analysis, and utilisation of big data to make data-driven decisions and optimise processes.
• Connectivity and Integration: The Third Industrial Revolution focused on the connectivity of digital systems to the internet. However, the Fourth Industrial Revolution builds on this through the integration of technologies and systems with each other, emphasising the seamless interaction of devices and data from different sources. The goal is a highly connected ecosystem where technologies collaborate, exchange data, and enable a greater degree of autonomous decision-making.
• Automation and AI: While the Third Industrial Revolution introduced automation and AI technologies, companies are now capitalising on advancements in AI algorithms, machine learning and integration to create streamlined systems for increased efficiency.

There is, of course, a lot more to this latest phase of technological advancement, but a big part of it is about integrating disparate systems to enable the leveraging of data. The benefits of this new way of thinking to ecommerce are clear. Syncing the various software applications used in running the business (eg the ERP, the warehouse management system, and of course the website) facilitates increased efficiency, greater accuracy and more informed decision making. This, in turn, reduces costs and increases revenue.

How do I join the Revolution?

Luckily, nothing so dramatic as storming the Bastille is required to harness the power of integration. All you need to do is centralise your vital product and customer data on a suitable ERP or accounting system, and Stock2Shop will help you distribute it to where it needs to go.

Price and stock updates need only be captured in one place, along with customer discount structures and payment terms (in the case of wholesale), and relevant updates are sent to the various places you sell online. Your website; Online marketplaces (such as Amazon and Takealot); Your B2B Trade Store; they are all updated in near real time, and any orders placed on these platforms are funnelled back into your ERP where they can be analysed to inform more accurate supply chain decisions.

Overall, the Fourth Industrial Revolution represents a profound shift in the way businesses operate. It is reshaping traditional industries and giving rise to new business models that make scalability easier and less expensive. Indeed, companies that have long grappled with the perceived costs of integrating are now asking the question, what is the cost of not integrating?

Contact us to find out how you can sync your systems for a more efficient business. Join the revolution!