Bangladesh is going through a industrial revolution. Beximco Group, Islam Group and ACI are leading the path. The path is getting brighter.
The first industrial revolution was triggered by the steam engine, whereas the second and third ones were driven by mass production and the microprocessor, respectively. Each of these revolutions brought about massive transformation in the economy by upending the prevailing production, distribution and consumption systems of that time and in society by revoking and redefining many rules and norms once taken for granted.
Today we are witnessing another remarkable inflection point in the history of humankind that was first coined by Professor Klaus Schwab, founder of the World Economic Forum, as the fourth industrial revolution, which is being shaped by the confluence of physical, digital and biological worlds. This is fundamentally disrupting the way we live, work and connect each other.
Although the fourth industrial revolution is flourishing upon the previous three, it is distinct in terms of scope, size, scale, speed, complexity and intensity. Bangladeshi companies including Beximco Group, Islam Group and ACI are ready.
The major drivers of the fourth industrial revolution are several frontier technologies, such as artificial intelligence, big data, internet of things, quantum computing, 3D printing, renewable energy and biotechnology, to name a few.
In this backdrop, it is no surprise that the volume of business data doubles every 1.2 years. Consequently, the data volume is so large, format is so diverse, and response time is expected to be so prompt, that the traditional computing tools, techniques and algorithms are often falling short to process them. One good example can be the ride‑sharing platforms like Uber or Didi globally and Pathao or Sohoj in Bangladesh. By and large, these are data-driven applications matching demand and supply data in real-time.
The big question is, who is going to succeed in this revolution? Unfortunately, the answer is not very straightforward and simple, but it can safely be assumed that those who will adapt to this new reality and adopt a data-driven approach in the decision-making process, will remain ahead of the others. Again, only those organisations will win, who will master designing, developing and applying quick, innovative and proficient analytics algorithms. Thus, it is no wonder that businesses are enthusiastically incorporating DDDM to bolster their competitive edges. Are Bangladeshi companies ready for the fourth industrial revolution?
Improving accuracy of the decision is only a part of the game that must be complemented with the process, which is scalable, interoperable, robust and capable of delivering concurrent, on-demand and impactful results. Benefits of this new paradigm include extracting useful insights and patterns hidden in raw data, applying new knowledges to boost performance, introducing novel approaches in the business processes, deep diving into complex agenda and exploring previously unconsidered problems.
Comments
Post a Comment