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THE WORKFORCE OF THE FUTURE_LEADING THE DIGITAL_compressed

The COVID-19 pandemic and the rising impact of the Fourth Industrial Revolution (4IR) on industries, governments and individuals have significantly transformed the definition of work for both employees and organisations around the world.

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THE WORKFORCE OF THE FUTURE_LEADING THE DIGITAL_compressed

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  1. G M I S R E P O R T S THE WORKFORCE OF THE FUTURE: LEADING THE DIGITAL WAVE M A Y 2 0 2 1

  2. THE WORKFORCE OF THE FUTURE: LEADING THE DIGITAL WAVE The COVID-19 pandemic and the rising impact of the Fourth Industrial Revolution (4IR) on industries, governments and individuals have significantly transformed the definition of work for both employees and organisations around the world. Specifically, it is the increased use of remote working platforms as well as the adoption of 4IR technologies such as Artificial Intelligence, Robotics & Internet of Things that are the biggest contributing factors to the changing nature of work

  3. #GMIS2021 AT EXPO 2020 REWIRING SOCIETIES: REPURPOSING DIGITALISATION FOR PROSPERITY "Under the theme ‘Rewiring Societies: Repurposing Digitalisation for Prosperity’, the Global Manufacturing and Industrialisation Summit will convene leaders and industry experts to discuss and debate the best ways to prepare for the post-Covid-19 recovery and determine the role of the industrial sector to accelerate this recovery. The Fourth Industrial Revolution has contributed to the rapid development of the industrial sector in a short period of time. It is essential to discuss the role of technology in shaping the future of industries and how to take advantage of the opportunities and solutions it presents to address various challenges." DR SULTAN AL-JABER UAE MINISTER OF INDUSTRY AND ADVANCED TECHNOLOGY REGISTER YOUR INTEREST AT WWW.GMISUMMIT.COM

  4. | CHANGING NATURE OF WORK PAGE | 04 In the coming years, 4IR technologies will play a significant role in determining the future of work and the types of skills that will be in demand. So, what are some of the key changes we can expect to see in the medium- to-long term future? In the current technology landscape, organisations are faced with need to enhance both human intelligence to ensure that their human and non-human employees can effectively collaborate with each other and deliver results. In the medium-to-long term, this trend will gain further momentum and likely result in increased mechanisation. Physical locations are no longer a barrier to most organisations. Due to increased interconnectivity of devices, more and more businesses have come to the realisation that employees can be work seamlessly and securely whichever part of the world they live in. An increasing number of employers are investing in new and advanced technology tools that their workforce can use to deliver day-to-day tasks. Companies are also increasingly investing in viable, safe and secure digital solutions institutional data and personal information of their employees. Use of advanced 4IR technologies are enabling organisations to adopt more flexible work practices, as well as improve the quality of their customer service programs. and artificial CHANGING NATURE OF WORK to protect Introduction The COVID-19 pandemic and the rising impact of the Fourth Industrial Revolution (4IR) on industries, governments and individuals have significantly transformed the definition of work for both employees and organisations around the world. Specifically, it is the increased use of remote working platforms as well as the adoption of 4IR technologies such as Artificial Intelligence, Robotics, Internet of Things that are the biggest contributing factors to the changing nature of work. TECHNOLOGICALCHANGESWILLPLAY A SIGNIFICANTROLEINDETERMININGTHE FUTUREOFWORK ANDTHETYPESOFSKILLS THATWILLBEINDEMAND

  5. | THE DIGITAL WORKPLACE OF THE FUTURE PAGE | 06 A broad range of factors have led to the growing popularity technologies, including affordability of industrial automation tools and solutions. Importantly, although automation has a high initial cost in comparison to wages, it has become evident that it enhances the overall business performance which translates to increased profits, increased productivity, as well as improvements in safety and production quality. of automation increasing the According to the Information Technology and Innovation Foundation (ITIF), the number of industrial robots has increased worldwide over the past few years, and robot adoption will play a critical role in increasing productivity growth and reshaping global supply chains. According to a McKinsey survey, 66% of cross-section industries solutions to automate at least one business process, up from 57% two years earlier. The percentage of businesses that have fully automated at least one business function has increased from 29% in 2018 to 31% in 2020.1 have deployed THENUMBEROFINDUSTRIALROBOTSHAS INCREASEDWORLDWIDEOVERTHEPASTFEW YEARS, ANDROBOT ADOPTIONWILLPLAY A CRITICALROLEININCREASINGPRODUCTIVITY GROWTH ANDRESHAPINGGLOBALSUPPLYCHAINS. In spite of these rapid changes, the complete implementation of industrial automation would probably take decades. There are several factors that influence the growth and adoption of industrial automation. First of which is the economic benefits it brings about. In other words, the growing adoption of automation technologies investments and financial resources – making it difficult for most small and medium companies to deploy these technologies. require higher

  6. | FACTORS DRIVING AUTOMATION PAGE | 07 As such, developed economies are more likely to adopt automation technologies before developing economies, where wages are typically lower. In addition, production processes vary from industry to industry. All technology tools and solutions, including devices and automation technologies that can improve the efficiency of manufacturing processes, must be fully integrated into existing processes. FACTORS DRIVING AUTOMATION manufacturing This means organisations must take into account the technical aspects and feasibility of automation tools before they are applied into business processes. Automation technologies, including robots, can effectively perform only when machines and humans coexist and communicate on production processes. Another factor is the commercial availability of automated technologies as many of the industrial automation tools and solutions are currently confined to laboratories. In addition, many of these technologies are in the early stages of development, with unknown success rates. ALLTECHNOLOGYTOOLS ANDSOLUTIONS, INCLUDINGDEVICES AND AUTOMATION TECHNOLOGIESTHATCANIMPROVETHE EFFICIENCYOFMANUFACTURINGPROCESSES Automation offers great advantages; however, manufacturers need to compare the cost of labour against the benefits of automation to make the right choice. In addition, the decision to automate production processes must take into consideration a broad range of factors, including the cost of manual processing, availability of workers, wider benefits that automation can result in, as well as market competitiveness. Finally, social and legal acceptance of autonomous technology is a key criteria in determining the pace technology adoption in industries. of change and The adoption rate can be influenced by several factors, such as regulatory processes, supply chains and ecosystems needing to be reconfigured, government technology adoption, customer reaction, and social attitudes which can delay or expedite the roll-out of technologies. A key determining factor in this context would be the changing labour market dynamics in different parts of the world – which means the benefits of automation would vary depending on the organisations’ geographical location, level of labour supply and wage rates. policies on

  7. | EMERGING TRENDS PAGE | 08 EMERGING TRENDS 2: Enhancing Cybersecurity THENEWREMOTEWORKROUTINES AND POLICIESWILLLIKELYSTAYDOMINANTEVEN ASTHEGLOBALECONOMYEMERGESFROMTHE IMPACTOFTHECOVID-19PANDEMIC Since the emergence of the COVID-19 pandemic, cybersecurity challenges have increased in both frequency and scope as a large number of organisations moved to remote work. As such, industries now rely on digital tools and the internet more than ever, putting them at a higher risk of being victims of cyber-attacks. This has heightened the need to invest in cybersecurity tools and data protection programs. 1: Hybrid Workspaces Several organisations are undergoing long- term transformations with no hope of returning to the pre-pandemic ways of functioning anytime soon. The new remote work routines and policies will likely stay dominant even as the global economy emerges from the impact of the COVID-19 pandemic. Across the world, employees have grown accustomed to working remotely from various locations, while organisations are working towards supporting the employees’ need to develop a work and life balance in this environment. Organisations are also compelled to guarantee the availability of individuals working from home to ensure their data is safe and protected at all times. As a result, an increasing number of organisations are investing in data protection tools and measures, such as Virtual Private Networks (VPNs) and firewalls. these resources to changing work

  8. | EMERGING TRENDS PAGE | 10 3: Increased Virtual Presence 5: Intelligent Assistants Increased remote work means that businesses must significantly improve presence – be it improved web design, newer platforms for customer relations or tools for internal communications. In the coming years, more and more organisations will focus their efforts on developing digital platforms for improved external and internal engagement and hosting events. This will include investing in advanced video production technologies, internal communication platforms, as well as tools to communicate with client organisations more effectively. 4: Local Operations Intelligent assistants have become important tools in helping organisations achieve the benefits of digital transformations. In most cases, intelligent assistants are automation and cognitive tools that can perform a substantial percentage of employees’ day-to- day administrative tasks, allowing individuals to focus on strategic aspects of work such as leadership development, strategic decision- making, succession planning etc. their online Recent global events have dramatically affected supply chain manufacturers across the world. For instance, in the past, companies were often focused on finding suppliers that can produce goods at the lowest price possible, which ultimately resulted in the shift towards less expensive manufacturing hubs in developing economies. However, the impact of China’s lockdown during the COVID-19 pandemic and its impact on production highlighted the challenges and fragility of modern supply chains. Moreover, this underscores that supply chain systems are interlinked, co-dependent vulnerable to external shocks. operations for and ultimately Hence, an increasing number of manufacturers are heading into 2021 fully aware of the growing importance of ‘producing locally’. Moving manufacturing to domestic hubs can also make a stronger contribution to the local economy through job creation and stronger sustainability practices.

  9. | THE WAY FORWARD PAGE | 11 The trends identified in this report are only some of the few changes taking place in today’s global and interconnected work environment. Across the world and across industries, the nature of jobs and workplace practices will continue to alter rapidly as new technology tools and solutions get introduced. In this changing environment, it is important for organisations to create a work space where humans and machines can coexist and collaborate across different areas of work. Instead of replacing human talent with machines, organisations enabling effective partnership and teamwork between the two resources. must focus on In addition, recruiting and retaining high quality talent, particular those who are trained in 4IR technologies and platforms, will be of utmost importance to keep the workplace up-to-date with changing technology trends. Organisations must also focus on empowering their employees by giving them access to cutting-edge technology tools and platforms to perform their tasks, internally and externally. Certainly, cyber security and data protection will be a key challenge and opportunity for all businesses in the coming years. and communicate ACROSSTHEWORLD AND ACROSS INDUSTRIES, THENATUREOFJOBS AND WORKPLACEPRACTICESWILLCONTINUETO ALTERRAPIDLY ASNEWTECHNOLOGYTOOLS ANDSOLUTIONSGETINTRODUCED THE WAY FORWARD

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