The next stage of Industrialization will help startups to add value and jobs
The fourth industrialization has already arrived. It has the effect of creating a great deal of turbulence but several companies will also benefit from it. This is the opinion of Oliver Tonby, Chairman, McKinsey in Asian Region.
Furthermore, amidst the turbulence, some startups will create value and add jobs countries like India. He added that Artificial Intelligence was in a position to analyze the habits of the people and give accurate instructions regarding placement and slashing the price of shopping items. He also expressed that India has the potential to grow and benefit from the next stage of industrialization.
Oliver Tonby also stated that Presently Indians consume most data every month. When this factor is combined with some investments of the Indian companies already dealing with the Internet of Things; AI can lead to tremendous growth. Furthermore, today companies like L&T remotely monitor building a cricket stadium with the active help of technology. He said that the growth in jobs will come from Indian start-ups.
A Focus on growth
Prime Minister Modi stated that India could not avail the benefits of the first three revolutions but is a major force to drive the process of industrialization 4.0.
Tonby added that India presently has a startup culture. The cause of the turbulence will be the disappearance of many present jobs. Furthermore, startups are forthcoming with innovative solutions and would play the role of a savior. The startups need to be part of a large ecosystem and in that way, they can create future jobs. He also stated that he was optimistic about their future. The organizations must be agile to thrive in industrialization 4.0.
Furthermore, presently there is a scarcity of experts who can be at the forefront and help in the growth of Artificial Intelligence. There must be a focus to build the right skills with the cooperation of the right people to get a good result, he concluded.
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