Embracing Industry 4.0 technologies in 2022
10 January 2022
The Business Times- Singapore
Leon Perera, Chairman of the Spire Group, shared his thoughts for the changes he hopes to see governments making in the year ahead with The Business Times Singapore.
As 2022 begins, there is still no end in sight in overcoming the pandemic. Covid-19 movement restrictions remain in many countries as the virus continues to mutate. In many ways, the pandemic hastened the development of Industry 4.0 technologies. Also known as the digital transformation, Industry 4.0 refers to the revolution in technology and business models triggered by emergent data-processing technologies.
In the year ahead, Leon foresees the inevitable disruption to existing legacy industries and business models by emerging industries like Artificial Intelligence (AI), Crypto/Blockchain, drones, electric vehicles, and the Internet of things (IoT). Governments continue to play a crucial role in helping workers transition as well as crafting legal safeguards and building infrastructure. Leon recommends that governments embrace Industry 4.0 technologies deeply so that society can be cushioned against the possible radical effects of these changes on employment and inequality.
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