An Overview of The Fourth Industrial Revolution through the Business Lens

Abstract

This article highlights the opportunities and consequences of the Fourth Industrial Revolution for business management daily. The primary objective of the research is to comprehend how the economy has evolved over the last two centuries and the implications for business and market competition. Contemporary events have contributed to the continued evolution of the opportunities and adaptability that the Industrial Revolution offered the business community. These two concepts have enabled a much more appropriate risk management approach. Many businesses have begun to utilize their resources in novel and innovative ways, allowing them to remain afloat even during the current global pandemic. The authors have found that with the help of the tools provided by the Fourth Industrial Revolution, businesses and business owners can better navigate these trying times and have been permitted to reinvent themselves easier. Thus, this article presents a theoretical framework for analyzing how the Industrial Revolutions have been perceived throughout history, emphasizing the most recent one. A formulation of the most pervasive features and the aspects associated with them would be derived as an outcome of the existing literature review, allowing space for further analysis in future studies in which one can elaborate on each aspect presented in this current paper. The findings indicate that the Fourth Industrial Revolution is a vast subject that can be approached in various ways. The business perspective allows the reader to dive into the current economic situation and helps provide a broad picture of all the sectors affected by this global crisis, be it political, geographical, or cultural. The results of the research can be used to gain a better understanding of the position where the business world finds itself, and the importance of adaptability and innovation in this scenario.