Wednesday May 25 2022Perhaps in the past we never thought of using robots to do work or being able to search for any kind of information with just the touch of a finger, and maybe future thinking seems very unlikely. But now all that has become a reality because of the rapid development of technology.
Currently, the global industrial world is entering a new era known as the Industrial Revolution 4.0 or also known as the digital era 4.0. What exactly is this new era and how are our millennials welcoming it?
Industry 4.0 itself is a new phase in the industrial revolution that focuses on interconnectivity, automation, machine learning, and real time data. Even so, not only industrial workers are affected by 4.0, but now everyone is part of the digital era 4.0.
In general, Indonesia has been actively treading a new era marked by the movement of various sectors of life towards fully automated digital. We can see this phenomenon with evidence that there are more and more digital-based companies around us. Call it Google, Facebook, Youtube to messaging application services or messenger.
These companies offer new ways of doing business that we didn't discover decades ago. The main characteristic of the digital era 4.0 is how data becomes something important. On the internet every day there are billions of people who share data. They send writings, photos to videos. All of this can be realized with a device that connects to the internet.
Of all the uploaded data, there is artificial intelligence which then translates it into an algorithm. This algorithm then becomes data that can be maximized to help businesses, including reading consumer demand trends, finding the right target market to optimizing prices.
We can see innovation in the use of data from various industries, such as:
1. Transportation Service
Online transportation service or ride hailing is one service that has spread almost all over the world. Not only serving passengers, this transportation can also be used as a means of delivering goods. By using a smart phone, you can book a vehicle, track your position to get information about vehicles, drivers and travel fares.
2. Advancement of Retail
Industry While browsing the internet, you must have suddenly seen an advertisement for the item you are looking for. These ads usually don't just appear once or twice.
Uses your search history to suggest what products you are likely to buy. That way, their ads are more targeted and the results are maximized.
Algorithms from internet user data have succeeded in changing the way retail companies do sales and marketing. With this data, they can offer products in a more personal way by reading user activities while surfing the virtual world.
3. Financial Industry
One sector that is also affected by the progress of the industrial revolution 4.0 is the banking industry. One of the easiest examples that you can see and use is online or cashless payments.
Unlike 10 years ago, now you can make transactions anywhere without carrying cash. This became one of the great revolutions that created progress in our lives.
Through data algorithms made with artificial intelligence technology, banks or financial institutions can also help predict which products have good prospects in the future. Artificial intelligence can also help customers to manage finances based on specific variables from each customer.
4. Changes in the Insurance Industry
The insurance industry is also starting to use data on health or driving habits to determine the amount of premiums to be paid. People with good health risks or less reckless drivers can usually get lower premiums. This technology can also prevent companies from experiencing losses due to fraud committed by customers.
5. Changes in the Health Industry
The emergence of new medical equipment is a simple example of the application of the industrial revolution 4.0 in the health sector. By using data, doctors can more easily conduct research not only for the treatment but also for the prevention of a disease.
Then why are millennials the most affected?
Millennials or Generation Y refers to people born in the early 1980s to early 2000s. As a generation that grew up in the midst of digital technology, millennials currently make up more than half of the workforce.
No wonder the role of millennials is very important to support the development of the industrial revolution 4.0. As the age group that is considered the most technologically literate, the real potential of millennials in welcoming the digital era 4.0 needs to be sharpened.
Every country government in the world has made various millennial capacity building programs to welcome this new era. Not only by providing an adequate understanding of technology, the younger generation also needs to be equipped with mastery of foreign languages.
This millennial capacity building program is carried out through training, certification and courses. Educational institutions and industry are also asked to synergistically support this upgrade process. From this process, many tangible results have been seen. Including the emergence of new companies spearheaded by the millennial generation.
Lead image from unsplash.
4.0 digital era is definitely change our lives from thinking to doing. But there will be a lot of damage like this. When everything goes digital, people will get less jobs, so poverty will increase. Hence, new generation like 4.0 era but old genre doesn't.