Originally written by Paul Smith on Small Business
What is the Fourth Industrial Revolution and what does it mean for SMEs in the UK?
The Fourth Industrial Revolution (4IR) has brought about an incredible wave of innovation and technology that is radically transforming our economies, our societies and our daily lives. For business, it’s the application of artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, and other technologies to significantly improve the efficiency of organisations. Companies are using these technologies to deliver amazing experiences, which in turn is changing customers’ expectations for the companies that they do business with.
For SMEs, the 4IR opens up opportunities to level the playing field with competitors and larger companies. There are some wonderful examples of SMEs using technology to transform industries – just look at GoCardless disrupting the banking sector, or Treatwell transforming the health and wellness world.
>See also: Self-employed think artificial intelligence won’t majorly affect the workplace
Which elements of technology can help SMEs be more productive and better service their customers?
Some SMEs are scrambling to service their customers – and customers don’t care if they are dealing with a large or small company because they expect the same level of service regardless