Assessing/Leveraging Strategic Capital

The important community of opinion-influencers (also termed “opinion-leaders”) described in this chapter could be included as stakeholders in the implementation planning steps described in Chapter 4; if “in favor,” they can positively influence other organizational members during implementation, and if “not in favor,” the concerns of the opinion-influencers may be addressed.

Important Reflections

In previous chapters, the authors have provided readers of this book with the fundamentals to successfully introduce and apply the Fourth Industrial Revolution in their organization. In Chapter 7, the authors reiterate their previous warnings and remind readers that the planning activities of the stakeholders will result in plan implementation under conditions of dynamic complexity, where almost certainly, unforeseen events will derail the stake-holders' plans. In this regard, the authors describe three events that readers should study and evaluate as examples of such potentially “unforeseen” events.

Potentially Relevant Digital Technologies

In this chapter, Smith and Pourdehnad discuss two digital technologies, Artificial Intelligence (AI) and Crowdsourcing, that are not considered fundamental to current applications of the Fourth Industrial Revolution. These authors believe that these technologies are well worth consideration for some industries or applications as explained in this chapter. AI has become a practical reality in recent years through new tangible innovations such as the advent of self-driving cars, and some very human-like robots, and also as a result of improved machine learning experience. As familiarity with machine learning has grown, so have AI applications. AI is discussed in the first section together with Machine Learning; Crowdsourcing is discussed at length in the second main section.

Realizing the Newly Planned Organization

Smith and Pourdehnad assert that a key question must be decided by an organization planning to implement the Fourth Industrial Revolution. These authors believe that this question is far more compelling than usual because of the highly technological nature of the systems involved in the Fourth Industrial Revolution and the ensuing pressures to manage them. The authors support the view that “the manager does things right” (efficiency) and “the leader does the right thing” (effectiveness). Smith and Cockburn provide evidence to support this point of view. Smith and Pourdehnad claim that when implementing the Fourth Industrial Revolution, individuals who ostensibly have a leadership role must be prepared to undertake management activities that position them to maximize both their effectiveness and efficiency. The authors go on to detail a four step “manager/leader” role process that will ensure successful implementation of the plans developed according to the processes set out in previous chapters. This process is completely consistent with the learning and adaption (L&A) system described in Chapter 3.

Planning a Fourth Industrial Revolution Organization

In Chapter 4, the authors further explore the theoretical underpinnings of the process steps set out in Chapter 3 and describe five other models for making decisions under VUCA that were not discussed in Chapter 3. These models are the Cynefin framework, make-and-sell, sense-and-respond, anticipate-and-lead, and taking a stakeholder (enterprise) view of the organization.

Planning a Fourth Industrial Revolution Organization

Chapter 3 presents a detailed discussion of the systems thinking theory that Smith and Pourdehnad claim will facilitate planning a major organizational initiative, such as adoption of the Fourth Industrial Revolution. The discussion emphasizes that the global political, economic, and technological environments are in a state of upheaval, resulting in volatility, uncertainty, complexity, and ambiguity (the VUCA world). The “bottom line” is that “nothing is certain,” and Smith and Pourdehnad detail a planning approach that is both practical and beneficial under these circumstances.

Highly Relevant Digital Technologies

Chapter 1 explores digital technologies that are fundamental to the Fourth Industrial Revolution implementation. The technologies discussed are “Cloud Computing and Predictive Analytics”, “The Internet of Things (IoT)”, “Super-Computers”, “IBM's ‘Watson' Super-Computer”, and “Super-Computers: in General”. The authors strongly recommend that all stakeholders become familiar with the fundamental technology of cloud computing, and the business benefits of cloud computing and of predictive analytics. The internet of things (IoT) is a particularly significant actor in the Fourth Industrial Revolution. This chapter provides an overview of the IoT. A careful reading of this chapter is essential for all stakeholders in order that to appreciate both the pros and cons of the IoT.