Are you ready for Globalisation 4.0?
22nd January, 2019
The new wave of globalisation is for all and not just the elites. As the world’s elite converge at Davos for the World Economic Forum’s Annual Meeting to discuss the agenda Shaping Globalisation 4.0, the question on the minds of the not-so-elite is?—?“Is this another phase in making the rich richer?”
Davos 2019 — Promenade is the street where leading companies exhibit their readiness for Globalisation 4.0
The new wave of globalisation is for all and not just the elites
As the world’s elite converge at Davos for the World Economic Forum’s Annual Meeting to discuss the agenda Shaping Globalisation 4.0, the question on the minds of the not-so-elite is — “Is this another phase in making the rich richer?”
Let’s first start by answering — What is globalisation?
Is it the ability to access products and services from around the world without any problem?
Is it defined by the ease with which once can transcend geographical borders and travel the world?
Is multicultural sensitivity a parameter to gauge the degree of globalisation?
Is technology imperative for successful global collaboration?
To understand Globalisation 4.0, let’s start at the very beginning when the world was still a vast and mysterious place. The idea of exploring new territories was perhaps an unfathomable one and, as a result, trade was restricted to local and regional markets. As time passed and people became more curious and industrious, they began venturing into what were once unchartered waters. The Silk Road was discovered, and quickly after the yarns of these beautiful materials began adorning the lives of those in the West . The first seeds of globalisation were sown, and the rest is history. While, traders got a taste of reducing the world to a place with more access and less intimidation; consumers got hooked to the exotic products that were now well within their reach.
From then on wave after wave of industrial reforms have washed over our world. For a concept that tackles things on a worldly scale; it sure feels like globalisation is shrinking the world.
What Is Globalisation 4.0?
Fuelled by the advancements in digital technology, we are headed towards another phase of shrinking the world. What sets this shrink apart from its predecessors is the fact that it has dawned at a time when the general sentiment is little in favour of world collaboration. Political narratives espouse protection of nationalistic interests by keeping immigrants at bay, discouraging international trade, and displaying unacceptance towards anything and anyone foreign. While such commentary has become increasingly common, especially in developed countries, it hasn’t been enough to affect the rate of evolution of digital technology.
The way we do business today is rapidly morphing into a completely different beast that is yet to be tamed to avoid utter chaos. It is essential to keep the following things in mind if one wishes to stay in the game and flourish:
- Make Technological Renovation One of Your Primary Goals — Achieving excellence is next to impossible if one is averse to adopting technological advancements that boost efficiency and make collaboration easier. Besides, investing in tools that churn reams of business data and deriving rich insights is vital to make better decisions and help you sidestep the same mistakes in the future. Embracing technology is, therefore, the most critical aspect to ascertain success.
- Train Future Leaders Well — With Globalisation 4.0 swiftly changing the way we do things, there is a high demand for leaders who can handle fluidity and change without as much as a frown in their brow. It is crucial to develop many such leaders who can manage change well and who possess analytical thinking skills so that businesses do not come tumbling down when digital disruption hits them smack in the face.
- Re-skill Employees in Time to Avoid Human Capital Depletion — Regular and frequent technological innovations make it all the more important for employees to be trained and re-trained quickly. This re-training helps them stay ahead of the change curve. Fine tuning existing skills and gaining new skills are both equally significant when it comes to ensuring that your employees can do their job well and are also immune to effects of job polarisation and displacement.
- Do Not Ignore Cyber Security — Along with IoT, which is one of the leading technologies driving phase 4 of globalisation, comes the threat of cybercrime. If you, too, are riding the wave of Globalisation 4.0 like many other far-sighted organisations, then it is important for you to take appropriate steps to protect you and your customers from cyber-attacks of all kinds.
- Protect The Planet From Becoming Uninhabitable — According to Julia Luscombe, Director of Strategic Initiatives, Feeding America , climate change is a serious issue that could mar the overall success of Globalisation 4.0. It is a problem that could skew the impact of this historical economic overhaul by negatively affecting both vulnerable territories and people much more than others. Resources needed to bolster weaker economies and promote education will instead be channelled towards repairing the fallouts of climate change. So, while we still have the time, taking steps to reverse global warming is a responsibility that every individual should shoulder.
An important takeaway from the aforementioned is how riding the wave of Globalisation 4.0 is not just limited to experienced surfers with deep pockets, it is accessible to all.
Globalisation 4.0 will provide unfettered access to markets riding on technological advancements that will trump insecurities and leave no wall high enough. It will weave many success stories from developing and developed economies alike, bridging the gap. However, success will come to only those who are prepared and ready for the big wave that shows the potential of drowning big ships without a crow’s nest.
At iarani, we are well prepared for this new wave and are already helping businesses adjust to the new ways of doing business. Using technology to increase effectiveness and efficiency is our favourite type of work, and we actively look for opportunities to use technology to make our lives and those of our clients’ more productive.
We are actively partnering with organisations to fuel their digital transformation initiatives.
We are always interested in innovative ideas and collaborations. Reach out to us, if you have something interesting in mind.
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