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    Understand Changing Business Environment and Economy 4.0

    University: University Of Wolverhampton

    • Unit No: 1
    • Level: Undergraduate/College
    • Pages: 12 / Words 2959
    • Paper Type: Essay
    • Course Code: MK002
    • Downloads: 291
    Question :

    This assessment will cover the following questions:

    • Evaluate the 4th Industrial¬†Revolution.
    • Explain the future of work and the economy 4.0.
    • Identify the challenges and the responsibilities in the business in the context of the future of work and the economy4.0.
    Answer :


    Business environment is changing day to day and these sorts of changes affect the overall functions and operations of an organization. Therefore, competition goes and comes along with economic conditions change and different types of regulations and laws which are related with overall environment of business. Within the last decade that has been clearly shown there is instant development within the information technology and its applications as well. It changed the way by which business organizations able to conduct their overall marketing research in an effective manner (Kolk, 2016). Whereas, productivity improvement has developed accurate production within large volume. With the help of this government of UK is able to give better ways along with rules and and regulations in order to make organization's better so that they can perform accordingly. So that is is necessary for firms to focus on changing face of business and produce such kind of products at marketplace which is liked by consumer's the most. This present assignment will explain about technological changes which on the behalf of industrial revolution and determined future of work and the economy 4.0 and so on. At last it will focus on various responsibilities and challenges for business in a perfect mode (Evans and et. al., 2017).


    Within the economy, technological change is increasing day to day which affect the overall process of manufacturing goods and services that maximise overall input of firm positively. On the other side, technological change bring so many aspects or approaches for organizations by which they can improve their entire process of manufacturing and able to sell as per the advancement of technology (Prajogo, 2016). Therefore, technological change is necessary for overall business and firms that is very helpful for them to explicate overall processes and good and offered them at lower price within the marketplace. Technology makes unique platform for firms by which they can increase their overall value and play faster through providing large number of goods and services in a perfect manner (Alles and et. al., 2018). On the other side, the fourth industrial revolution refers to the way of determining overall blurring boundaries between digital, physical and biological worlds. Along with this, it refers to the fusion of advancement artificial intelligence, generating engineering, quantum computing and so many new technologies. Therefore, it is also known as collective force of overall goods and services in order to make life modern in a purposeful way. So that Fourth Industrial Revolution bring so many changes within society like never before, it developed fist three industrial revolutions that all helps firms and several businesses in order to produce effective goods as per the social change that increase their value in front of their customers in a centralised way (Doppelt, 2017). Therefore, 4th industrial revolution is important to raise income of firms globally and improves overall quality of life for people across the globe.

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    There are different types of ways to understand overall Fourth industrial Revolution that mainly focus on the technological driving such as Artificial intelligence, it defines computers that can work effectively which is based on think such as humans. So that AI can be used in various ways, different patterns, huge piles of unstructured data that can autocorrect phone frequently. At the same side, there is one another component which is considered as a computational technologies which is one of the most considerable part of this 4th revolution that uses data faster so that businesses are able to gain accurate information and able to use internet access in a perfect mode. Whereas, 3D printing allows entire manufacturing of business to print their tooling, own parts at affordable cost (Saebi, Lien and Foss, 2017). All these assorted tools make firms and business attractive in front of their competitors and also ensures that they are using high technology in their work to develop best ways to reach consumer's needs and wants at marketplace. This types of resolution influence business in positive manner. Therefore, this type of 4th industrial resolution is necessary for firm to achieve desired goals and objectives. Herein, advisor of technology and strategic business Bernard Marr said that, automation or computer always come together in a new way with robotics which are connected with remote to computer systems which is also equipped with unique machines along with learning algorithms that can easily control robotics and gives better little input across the human operators. The global labour market is rapidly increasing day to day through adoption of new technologies that makes each and every ways easy for firms so that they can maintain appropriate balance between job responsibilities which is fulfilled by people and accomplished through algorithms and machines (Meyer and Peng, 2016). Smart technology is the best way to achieve desired goals and that have impact on society and workforce in a positive manner. When this fourth industrial resolution brings internet of things than it is also considered as a loT, which is the network that is interconnected with smart devices and follow separate devices to interact people along with from another devices on the network. Herein, internet of system is the process which is owned by business that help to collect and gathered appropriate data from loT networks in order to take appropriate decisions about any business which can includes in the sales, marketing campaigns and so on.

    Apart from this, there are several challenges faced by firms along with few responsibilities which is fulfilled by them. Fourth revolutions of industry has potential to increase global income level along with improve overall working and quality of life towards population. There are few challenges that have gained the most from consumers by which consumers are able to afford digital world easily. Technology has made different types of goods and services by which they can give better life of people through using technology. Hence, during all these assorted things the major challenge for organizations is to fulfil every people demand, so that sometimes they are not able to fulfil economy concern and face such problems like inequality presents along with great social concern which is associated with fourth industrial revolution. In order to overcome these challenge and their effect from the economy organizations are more aware about innovative technologies so that they are applying innovative techniques in order to meet overall needs of providers towards intellectual and physical capital that includes shareholders, investors and innovators. Thence, it is one of the big reason that identify why income have maximise along with majority of people in high income into the several countries (Akter and et. Al, 2016). So that it can be said that entire demand for high skilled employees is increasing within countries as people have less skills and knowledge so that if firms will hire high knowledgable and skilled employees than they can build strong job vacancies for people and able to achieve desired goals and objectives in peaceful manner.

    Challenges & responsibilities for business is one of the major thing to consider in which biggest issues which is faced by businesses is financial management due to the cash flows, dicresing cost, profit margins and so many factors that directly impact business in negative way. Along with it also make business weak in front of their competitors and they can not exist for long period of time at marketplace. Another issue refers to the regulations and compliance so it's totally depends upon industries that how they are operating their business and following so many government rules. Therefore, businesses are responsible to bring or adopt so many technological skills by which they can earn more and able to sustain at marketplace for long period of time.

    Challenges & responsibilities for broader governance, policy gap generally comes across the overall authorities which mainly develop so many questions towards them and goes beyond the limitationsthat is not good for people as well as government. Along with information gap is also the main issue that gives authority on water demand and availability, users registry and so on. But sometimes government bodies are not able to get accurate information that creates problem for them to understand people desires and wants. In order to overcome these sorts of factor they should use appropriate tools to achieve targeted goals.

    By having 4th industrial revolution firms and businesses are able to have different types of technological developments such as AI and automation, high-speed mobile internet, cloud technology and use of big data analytics and so on. All these have impact on business companies along with so many global firms. With the help of this technologies firms and businesses are able to increase their workforce and maintain their record in a well manner. Whereas, automation technology will allow every employees to carry out with new productivity that increase jobs within companies. Therefore, future will be very good and great while using such kind of techniques in work. It will also improve entire quality towards future of work in a great way and help individuals to give them so many jobs opportunities appropriately. It will increase entire value of business and make each and every aspect easy at workplace. On the other hand, there are few responsibilities which can be fulfil by business that are: like the fourth revolution refers to the set of several technologies that revolutionize existing manufacturing and consumption effective change within social system. Therefore, most of the businesses are needed to focus on social responsibilities in which they can setup of new automation and technology in auto mobile factories like Audi, Ford, Kia and so on. By having so much new technologies firms and businesses are responsible to focus on those areas by which they can easily bring so many new innovative techniques such as 3D simulation, horizontal and vertical system integration, cyber security, internet of things and many more. For instance, they are needed to have several kind of contents of 4th industrial revolution, in which the common thing is based on robotisation, full automation and so on. With the help of latest technologies they can easily achieve their targeted values and norms and make their functions innovative and technological to reach customer's goals in an appropriate manner. This type of starting of new tools and techniques that makes every business responsible so that they also encourage its employees towards gaining marketing opportunities at market place by following fourth industrial revolution (Pearson, 2017).

    The Fourth industrial revolution is changing the way rapidly in which people are living, working, thinking and doing such kind of activity every day. It is bringing rapid changes in technologies specially in those area who are using advance artificial intelligence, robotics, machines learning etc. so that technologies allow to people to work from anywhere without facing any issues and problems. It is giving so many ideas to people so that they can apply so many new things on their work along with able to shape their work or any project in a perfect mode. Thus, it directly impact on industries through changing world firms are applying new concept with unique tools in order to stay in 4th industrial revolution appropriately. Therefore, it can be said that, technologies like WI-FI, 3G/4G and so many networks makes every system easy and beneficial for people to improve work for future.

    Social and ethical responsibility of business Both terms refer to the ethical theory in which people are accountable for accomplishing their duties and responsibilities. According to this individual are must be benefited within the whole society. In this way, they can easily maintain a balance between welfare of society along with environment.

    On the other side, concept of The economic 4.0 is normally considered as a risk within new era of communications, technology and media and many more digital techniques. As per the fourth revolution this economy system helps the business in order to bring changes at marketplace along with emerging overall business models that aimed to achieve targeted goals in a proper manner. Thus, all kind of business are needed to have different types of goals and objectives with the help of innovative tools in order to sustain in this period of revolution in a perfect way. It will help them to manage entire business activities and operations through advancement of technologies so that they can run their business in marketplace in a perfect way (Namada, 2018). If talked about supply side, there are so many industries that are looking towards new technologies in order to develop new ways of their business in order to exist their needs and wants to make great value chains with customer's and people at marketplace.

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    Consequently, this revolution bring so many changes for business firms and entities so that they can easily access to global digital platforms for development, research, sales and marketing and so on. With the help of all these assorted factors firms are able to improve their working quality and give huge satisfaction to the economy in a perfect way (Frese, Hass and Friedrich, 2016). At last, by facing so many challenges from the firms they are needed to have several kind of developing technology so that they can manage customer's demand and their work properly and able to share their information with people at marketplace. The Economy 4.0 have purpose to develop huge awareness for networks and digitalisation in order to increase their future growth. With the help of this aim businesses and industries are able to take initiative to make make strong cooperation through using so many latest technological tools and strategies. It will helps them to support changes all over financial schemes along with able to bring such kind of solutions for people. Thus, it is more helpful for people to adopt such kind of technology and encourage them to formulate several training and development skills to give better knowledge towards employees so that it will be beneficial for the Economy 4.0 initiatives. This 4th revolution also impact on several industries in so many different areas which are divided in few categories like smart cities and so on. With the help of this evolution industries and businesses are able to make unique machines and material of their products or connected wireless systems that can be visualise towards entire product line so that firms can make their decision better and effective.

    Students Also Take Help For Business Environment Assignment Help


    According to the above respective report it has been analysed that, technological change is on of the better key for firms by which they can understand people needs at marketplace and able to fulfil them. That's why technology generally considered as a most significant tolls of business that helps them to gain competitive scenario in a perfect scenario. Where, it has been stated that the fourth resolution of industry bring so many changes in firm through which they can improve their overall sales and able to establish various sorts of goods and services in a perfect way. Therefore, in it necessary for organizations to cope up with current trends so that they can sell their services accordingly. It will help them to fulfil its target and accomplish people needs and wants. On the other hand, there are large number of activit6ies which came from this 4th industrial resolution and help to remove barriers from internet and networks to make each and every way better.

    You Can Also Read More Related Samples : 

    MGT501 Business environment and their Factors

    LSBM103 Business Environment | Marks and Spencer


    Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business performance. International Journal of Production Economics,171, pp.241-249.

    Evans, S. & et. al. (2017). Business model innovation for sustainability: Towards a unified perspective for creation of sustainable business models. Business Strategy and the Environment, 26(5), pp.597-608.

    Kolk, A. (2016). The social responsibility of international business: From ethics and the environment to CSR and sustainable development. Journal of World Business, 51(1), pp.23-34.

    Alles, M. Brennan, G. Kogan, A. & Vasarhelyi, M.A. (2018). Continuous monitoring of business process controls: A pilot implementation of a continuous auditing system at Siemens. In Continuous Auditing: Theory and Application (pp. 219-246). Emerald Publishing Limited.

    Doppelt, B. (2017). Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge.

    Meyer, K.E. & Peng, M.W. (2016). Theoretical foundations of emerging economy business research. Journal of International Business Studies, 47(1), pp.3-22.

    Saebi, T., Lien, L. & Foss, N.J. (2017). What drives business model adaptation? The impact of opportunities, threats and strategic orientation. Long range planning, 50(5), pp.567-581.

    Akter, S., & et. Al (2016). How to improve firm performance using big data analytics capability and business strategy alignment?. International Journal of Production Economics, 182, pp.113-131.

    Namada, J. M. (2018). Organizational learning and competitive advantage. In Handbook of Research on Knowledge Management for Contemporary Business Environments (pp. 86-104). IGI Global.

    Pearson, R. (2017). Business ethics as communication ethics: Public relations practice and the idea of dialogue. In Public relations theory (pp. 111-131). Routledge.

    Frese, M., Hass, L. & Friedrich, C. (2016). Personal initiative training for small business owners. Journal of Business Venturing Insights, 5, pp.27-36.

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