After completing the Required Readings for this Module, select a key idea or analytic trend that you found is driving change across global economies and respond to the following:
For example, one of the readings discusses that the next billion internet users will likely come from developing countries. That may have important implications for companies and governments interested in big data…
respond in A written response post of 1-2 paragraphs, ~100 words each.
the lecture is attached
https://news.trust.org/item/20180228105555-8071d/
https://www.youtube.com/watch?time_continue=3&v=mhe5kX10CR4&feature=emb_title
https://www.youtube.com/watch?v=hVimVzgtD6w&feature=emb_title
Industry 4.0 Professor Patrick Lynch
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10k BCE 8k BCE 6k BCE 4k BCE 2k BCE 0 1k 2k
W or
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Early Agriculture Pottery Plow Irrigation 1st Cities
Literature & Math
Industrial Revolution
Penicillin
Computers & Internet
Nuclear Energy
Big Data & Blockchain
Machine Learning, AI Automation*
Technologies Created with <1M people on the planet…
~1 Billion @ 1800; ~2 Billion @1930; ~7.7 Billion today *Automation: Software and Robotic
Industry 4.0
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10k BCE 8k BCE 6k BCE 4k BCE 2k BCE 0 1k 2k
W or
ld p
op ul
at io
n in
b ill
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Early Agriculture Pottery Plow Irrigation 1st Cities
Literature & Math
Industrial Revolution
Penicillin
Computers & Internet
Nuclear Energy
Big Data & Blockchain
Machine Learning, AI Automation*
Technologies Created with <1M people on the planet…
Source: The World as 100 People Over the Last Two Centuries by Max Roser
83% greater basic education 89% less poverty 91% less child mortality
During the industrial revolutions of the past 200 years…
The Analytic March Toward Industry 4.0
INDUSTRY 1.0 • Mechanization
• Clocks
1700s
INDUSTRY 2.0
• Mass Production
• Workflow
1800s
INDUSTRY 3.0
• Computers / Intranet
• Automation
1900s
INDUSTRY 4.0
• Exponential Data Exhaust
• Machine Learning, Artificial Intelligence, Blockchain
Industry 4.0 Analytics
More data and measurement than ever before in human history
Potentially omnipotent measures of supply chains, customers, operations
NOW
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“The world’s most valuable resource is no longer oil, but data”
–The Economist, May 6, 2017
Industrial Revolution 4.0
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Industry 4.0: An analytic revolution underway
A digital industrial revolution is swiftly causing global businesses to rethink revenue models.
Digital analytics are transforming how customers are found, serviced, and kept.
Business operations are retooling as digital technology changes partnerships, suppliers, and vendors.
The future prosperity of society will be defined by how we creatively use, deploy, and assimilate digital technologies in all the sectors of the economy and by how the culture is shaped by this paradigm shift.
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Industry 4.0: An analytic revolution underway
“As AI Makes More Decisions, the Nature of Leadership Will Change” HBR, Jan 22, 2018
“A digital revolution in health care is speeding up” Economist, May 2, 2017
“Blockchain applications could bring overdue change to critical functions in shipping, real estate.” WSJ, March 11, 2018
Future of Organizations & Work: Broad and Deep Change
A changing world demands new approaches to leadership, talent management, and organization.
Retraining and reskilling workers in the age of automation. McKinsey, 2018, Jan 18
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Industry 4.0: An analytic revolution underway Innovative Technologies and Analytics:
Big data, AI/machine learning, Internet of Things, AR/VR, automation
Innovative Efficiencies and Productivity: Digital marketing, sales, products, services and operations, 360 view of customers & markets
Innovative Globalism: Digital infrastructure, “smart cities”, privacy, security, and trade, labor changes, future of work
Digital Technologies &
Analytics
Business & Industry
Government & Policy
Globalization 4.0, Shaping a New Global Architecture in the Age of the Fourth Industrial Revolution, World Economic Forum, April, 2019
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Industry 4.0: Transforming how we organize and work
Innovations are spawning from new cross-functional collaborations that challenge traditional policy and leadership philosophies about how people are hired, managed, and organized.
Digital Technologies &
Analytics
Business & Industry
Government & Policy
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Industry 4.0: Is transforming talent and skills
Business people with analytic acumen, not just data scientists.
The C-Suite is now among “Common analytics-enabled jobs”
Data-Driven Decision Makers
Business Functional Analysts
IT Data Engineers (Hardware & Software)
Data Scientists and Advanced Analysts
Analytics-enabled Jobs Data Science Jobs
52% 35% 20% 2%Multi-Industries Finance & Insurance
Health Care Manufacturing
Professional Retail Trade
% of U.S. Jobs requiring analytical skills across industries PWC 2017 analysis
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Takeaway Summary
Industrial Revolutions are related to analytics and new ways of getting things done.
Industry 4.0 and analytics impact all economic sectors.
Analytic enabled jobs growing across all sectors.
Attention Economy Professor Patrick Lynch
1 2 4 8 …
?
Industry 4.0 Magnitude
Give me one grain of rice for the first square of the chessboard, two grains for the next square, four for the next, eight for the next and so on for all 64 squares, with each square having double the number of grains as the square before.
2
1 2 4 8 …
?
Industry 4.0 Magnitude
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Industry 4.0 Magnitude
18,446,744,073,709,551,615 18 quintillion, 446 quadrillion, 744 trillion, 73 billion, 709 million, 551 thousand, and 615 in grains of rice, wheat (or currency).
Volume of ~1019 = ~Total Earth biomass
1 2 4 8 …
?
The Legend of Sessa, Sessa Technologies, blog, 2014 The Amazing Chessboard Theory, by Sachin Kate, August 9, 2015 Wheat and chessboard problem, Wikipedia,
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Industry 4.0 Magnitude You are offered a job for 7 weeks. For your compensation you may choose either.
$100 for the first day, $200 for the second day, $300 for the third day. Each day you are paid $100 more than the day before.
1 cent for the first day, 2 cents for the second day, 4 cents for the third day. Each day you are paid double what you were paid the day before.
A B
$122,500 $5,629,499,534,213
The Rice And Chessboard Story: Learning How Doubling Makes Numbers Grow By Michael Hartley
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Industry 4.0 Magnitude
Processing Power
Moore’s Law: Processing power doubles every 18 months
Communication Speed
Butter’s Law: Communication speed doubles every 9 months
Storage Capacity
Kryder’s Law: Storage capacity doubles every 13 months
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2005 2008 2011 2014 2017 2020
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Chart: conceptual estimates See original: Porche, Isaac R., et al. “Big Data: Challenges and Opportunities.” Data Flood: Helping the Navy Address the Rising Tide of Sensor Information, RAND Corporation, 2014, pp. 1–6. JSTOR, www.jstor.org/stable/10.7249/j.ctt6wq8rr.9. page 4. 7
“The world’s most valuable resource is no longer oil, but data”
–The Economist, May 6, 2017
Industrial Revolution 4.0
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Industry 4.0 Economics
● Exponential growth in tech capacity
● Exponential growth in data
● Scarcity governs economics: “precious resources”
● Therefore data alone is not the basis of Industry 4.0 economy
● Attention is intrinsically scarce ● Capturing attention and
delivering benefits through data creates value
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“Every business is an engine fueled by attention”
Industrial Revolution 4.0
–Tom Davenport & John Beck, The Attention Economy
T.H. Davenport and J.C. Beck, “The Attention Economy,” (Boston: Harvard Business School Press, 2001), 17-22.
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Industry 4.0: The Attention Economy
“The world’s most valuable resource is no longer oil, but data” ● Scarcity governs economics ● Attention is intrinsically scarce ● Capturing attention and delivering benefits through data
creates value
ResultsA B C Interpretations &
Actions
Attention
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Industry 4.0: The Attention Economy
“The world’s most valuable resource is no longer oil, but data” ● Scarcity governs economics ● Attention is intrinsically scarce ● Capturing attention and delivering benefits through data
creates value
Supply Demand
Attention Scarcity
Today
Time
Attention Quality
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Market-ready Products & Services
Vertical Innovation
Return on Knowledge
(Intellectual Property)
Return on Infrastructure
(Physical Assets) Raw Inputs
Suppliers
Producers
Distributors
Market-ready Products & Services
Network Innovation
Raw Inputs
Suppliers
Producers
Distributors
Industry 4.0: The Attention Economy
*Content providers like Microsoft, Google, Facebook and Amazon now own or lease more than half of the undersea bandwidth. Read more: How the Internet Travels Across Oceans By SATARIANO, New York Times, MARCH 10, 2019
Attention Economy: Innovation
Driven Relationships
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Vertical Innovation
Return on Knowledge
(Intellectual Property)
Return on Infrastructure
(Physical Assets) Raw Inputs
Suppliers
Producers
Distributors
Market-ready Products & Services
Network Innovation
Raw Inputs
Suppliers
Producers
Distributors
Market-ready Products & Services
Industry 4.0: The Attention Economy
*Content providers like Microsoft, Google, Facebook and Amazon now own or lease more than half of the undersea bandwidth. Read more: How the Internet Travels Across Oceans By SATARIANO, New York Times, MARCH 10, 2019
Telecommunication Companies*
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ANALYTICS
ANALYTICSANALYTICS
BUSINESS PROCESSES
BUSINESS PROCESSES
BUSINESS PROCESSES
BUSINESS PROCESSES
ANALYTICS
Analytics embedded in processes reshapes business.
See more: 2019 BI Trends Dan Sommer, Qlik Webinar 01-15-2019
Industry 4.0: The Attention Economy
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Industry 4.0: The Attention Economy
Largest companies by Market Cap grew from 1 in 2001 to 10 by 2018 Microsoft, Apple, Amazon, Alphabet, Facebook, Intel, Cisco, Oracle, Netflix; Alibaba; as of March 18, 2019; Some sources also include Tencent
2018
Apple, Alphabet, Microsoft, Amazon, Facebook
2016
Apple
2011
Microsoft
2006
Microsoft
2001 1
1
1
5
The Largest Companies by Market Cap Over 15 Years, Visualcapitalist.com; August 12, 2016 by Jeff Desjardins
Technology Defines the LARGEST
Companies by Market Cap
on Earth.
Visualizing The World’s 20 Largest Tech Giants, Visualcapitalist.com; July 6, 2018. The Biggest Tech Companies by Market Cap Over 23 Years, Visualcapitalist.com; March 18, 2019. Contrast this by REVENUE here: http://www.visualcapitalist.com/largest-50-companies-revenue-2016/
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Takeaway Summary
Computing capabilities and data are growing exponentially.
Attention is intrinsically scarce. Capturing attention and delivering benefits through analytics creates value.
Technologies enabling this value creation now dominate global markets.
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