Thomas Lichtenberger, President and CEO, Festo Didactic
May 21, 2019
When thinking about manufacturing in America, what comes to mind? Big data processing, cloud-based systems, advanced robotics, and artificial intelligence? If not, they should. The significance of these technologies cannot be overstated. Take AI for example. When used for predictive maintenance AI’s greatest value to manufacturing comes from predictive maintenance, yielding $0.5 trillion to $0.7 trillion across the world’s businesses.1 So this Fourth Industrial Revolution, also known as Industry 4.0, has ushered in an unprecedented technological revolution, and with it, paradigm shifts that affect us all. The complexities and infinite possibilities of Industry 4.0 can be wondrous, and overwhelming. For many automation companies, it’s presenting a management challenge in terms of ensuring individuals, teams, and the organizational structure as a whole can adjust accordingly when new technology and software is introduced.
In this fast-moving innovative environment, what is to be expected and what will be required from Industry 4.0 leaders? How should we adapt in what has been defined by Oxford Leadership2 as a Volatile, Uncertain, Complex, and Ambiguous (VUCA) environment? Radical changes in the work environment present a call to action to rethink and revamp our collective approach to leadership and organizational change.
Leadership 4.03, a relatively new concept, was designed as a blueprint for workforce adaptability in the Industrial Internet of Things era. It aims to harness the talents of individuals in order to maximize technological advancements. Fifty years ago, the average lifespan for most large companies was 60 years, today it’s 15 years. Advancing people development and closing the skills gap is becoming more urgent since leadership can make or break a company’s ability to adapt and remain agile amidst rising global competition, frequent market changes, and volatility.Continue reading “Leadership 4.0: People Development in the Fourth Industrial Revolution”