The Fourth Industrial Revolution

Whether one refers to this Epoch as The Second Machine Age, the Digital Revolution, or the 4th Industrial Revolution, technologists, economists, and academics agree .

By JERMAINE WEST

Whether one refers to this Epoch as The Second Machine Age, the Digital Revolution, or the 4th Industrial Revolution, technologists, economists, and academics agree . While breakthroughs in artificial intelligence, exponential increases in computing power and portability, and expanding mobile networks hold promise to make our lives easier and safer, they also threaten to leave those at the bottom and at risk , such as our Unemployed Youth even farther behind if not equitably distributed.

Skills like complex reasoning and creative thinking can empower individuals to take full advantage of opportunities in the digital world. Digital literacy also becomes essential and as societies continue to digitize, lacking digital skills will be like not knowing how to read and write.

As industries and sectors evolve and new jobs and vocations are created, the Youth will have to continue to learn new skills, many of which will require interpersonal skills like collaboration and communication as well as higher-order thinking and dependability.
As the Youth enter into the Knowledge Economy index of industries , a significant part of a company’s value may consist of intangible assets such as the value of its workers’ knowledge or intellectual capital. However, generally accepted accounting principles (GAAP) do not allow companies to include these assets on their balance sheets.
People are thus those assets often only reflected in salaries as an expense line on a balance sheet whilst doing a business review. Similarly, are the training costs related to their development and their position in the company organogram.

Businss requires strategic business solutions addressing how “human capital,” can serve as a productive asset or business product to be sold and exported to yield profits for the individuals, businesses, and the economy.


“As industries and sectors evolve and new jobs and vocations are created, the Youth will have to continue to learn new skills, many of which will require interpersonal skills like collaboration and communication as well as higher-order thinking and dependability.”

The Knowledge Economy Index (KEI) takes into account whether the environment is conducive for knowledge to be used effectively for economic development. It is an aggregate index that represents the overall level of development of a country or region towards the Knowledge Economy Consultants should ensure that the investment in people provides a real bottom line return to companies when engaging in employment and upskilling of a skills pool to realize its business objectives. Business Advisors should endeavor to provide stakeholder- centred, innovative and strategic Legal, HR and Skills Development solutions and consulting services- to enable clients to comply with legislation enabling good corporative governance, creating the platform to empower and retain their employees for their competitive advantage in the market.