The effects on companies based on the development of digitization must be summarized under the term Industry 4.0. Here we do not propaganda for the German economy but a sober look at the trends that hide under this term, thrown. An important aspect is the increasing automation. This can be achieved through three different technological approaches: Software, AI & Robotic. Automation is well suited for standardized processes and administrative tasks – as we already know. Much more interesting is the use of robots, which is introduced not only in the industry and the use of artificial intelligence (AI). AI is suitable for the automation of partially standardized or even non-standardized processes (for example use in customer & support centers) and robotics enables the automation process to be reflected in physical work environments (for example, use in logistics).
In addition to automation, the handling and use of data is increasingly becoming the focus of digitization. Data has the potential to become the focus of activities for more and more companies. In order not to miss this development, companies should keep their business models dynamic and regularly review or adapt. The driving forces behind this development are sensors, databases and analysis methods. In the industrial environment, this gives you more insight into the production process: Process optimization & forecasts for the product and the production machines regarding service life, repair time, etc. are possible. In the service environment, the data enables us to provide a much more personalized user experience and, if necessary, the recognition of user needs in the long term – without having to formulate those needs. In the agricultural environment, data can be used to apply a fertilizer mixture adapted to the soil or adapted to the condition of an animal feed mixture. The sole benefit of using data is economic added value. How every company can create this added value depends on their business model & industry. Whether companies find a solution to this question determines their future success.
In the area of demographic change, the enormous population growth in the developing regions of Asia & Africa must be taken into account. The Asian and African population will each increase by one billion over the next few decades. Those growth markets can also be interesting and rewarding for German companies. Looking at the national situation, most forecasts point to a huge decline in the working-age population, which will make it difficult for German-based companies to retain enough labor and continue to reaffirm the War for Talents. Therefore, these aspects of New Work Life must be considered and implemented in every company that wants to meet their demand for workers in the future as well.