Fourth Industrial Revolution and Indian Real Estate

With the passage of time, we are inevitably yet continuously branching towards technological future which is getting termed as the 'Fourth Industrial Revolution', at times like this it is essential for us to pay attention to questions like how are we going to survive this wave of change?

As pointed out by Professor Raghu Santanam, the leader now have to be bold, have a long-term perspective, and possess an extreme desire and ability to succeed. Changes brought about by the fourth industrial revolution may flounder the leader, they will be stupendous and inevitable. However, these changes may not be optional for business leaders, hence changing will be mandatory.

The Indian Real Estate market will not be remained untouched as the growth of this sector goes hand in hand with that of the industrial environment. There will always be a need to fill empty spaces, and that is where the Industrial sector comes into play. Hence, we can say that the 4th Industrial Revolution will not leave any stone unturned.

All of this may seem incredibly intimidating to the industry leaders. Still, it is important for them to understand that change is inevitable. It is said that those leaders who have a global mindset, have an undying passion for succeeding, leaders who learn from their mistakes, and adapt to changes quickly are said to flourish during this wave of a digital revolution.

The Indian real estate sector has witnessed immense growth in recent times because of the rise in the need for office as well as residential spaces, which also gives the opportunity for the industrial and manufacturing sector to grow.

The Fourth Industrial Revolution is estimated to be a product of the physical and digital sector. It is expected to transform the global production systems entirely. It is essential said to make use of the IT sector by using advanced technologies like IOTs, artificial intelligence, blockchain, robotics and additive manufacturing. They are said to be the stepping stone of the future of manufacturing.

In this blog, we at Homes247.in have compiled ways that are needed to ride the wave of change without falling into deep waters.

Maintain Individuality

People are the core for carrying out this transition. However, the total weight of those changes isn't completely borne by individuals. The International Economic Forum and other organizations are studying the requirement for public-private cooperation on a world scale as technology changes.

The future public-private partnerships share risks and resources between government and business, using the knowledge and skills of personal companies to deliver a very public benefit. Public-private partnerships result in greater data-sharing and collaborative solutions, which in turns increase the flexibility to scale and target developing vital infrastructures that support both the general public and business.

Research and analysis into how this Fourth revolution period relates to the previous three reveal a good consensus on the requirement for a more holistic model of economic progress. It informs us about the importance and the dire requirement for a new model that promotes higher living standards for all, respects boundaries, and is sustainable for future generations. One of the major promises of the Fourth Industrial Revolution is to achieve such levels of equality, sustainability, and growth.

Think about the Long Term Perspective

Some believe that we are vastly underprepared for the changes to come yet. It is suggested that there is a requirement to revamp business processes and institutions from the bottom up.

But we don't see enough shreds of evidence to suggest that we are underprepared. In fact, the changes are here, and that we are making use of them now.

Since the technology is here and is already evolving, the subsequent step is to make sure leaders are in situ to form the foremost of it. It'll be important that global leaders understand strategic decisions that inherently provide options to pivot within the future supported changing trends and technologies.

Even in the Indian real estate business in order to make have that cutting edge over everyone else, it is important to make use of adequate technology to sustain this fourth industrial revolution.

Displacement of Human Resources

An underlying theme that is being talked about is that in the long run, the acceleration of innovation and also the velocity of disruption are hard to understand or anticipate.

But one constant fear is that increasing adoption of technology may cause displacement of human resources. This revolution could easily produce to employment market that's increasingly segregated into "low-skill/low-pay" and "high-skill/high-pay" segments, which successively will cause a rise in social tensions.

It is important for people to anticipate and steel oneself against changes – but also for institutions and organizations to confirm the rapid changes led to technological innovations don't exacerbate inequality. We are going to see fundamental changes in society, but there's the maximum amount of a break for the democratization of skills as there's for segmentation of low-skill/high-skill jobs, he said.

As technology becomes more user-friendly, and more individuals are able to use them to perform their jobs, the need for human resources will decrease. It will allow the business to reverse the amount of skill needed to try and do many roles and also better match individual skills to a range of job profiles.

Be a part of the Global Community.

The Fourth age blurs lines between physical, digital, and biological worlds across all sectors. And areas of its greatest successes are going to be where leaders may also cross boundaries and borders around the world.

The long-run depends on our ability to figure globally, to share data and knowledge, to positively exploit freedom of thought and expression. Companies need to give serious consideration to open ecosystems, sharing data, and integrating tech capabilities. They need to merge themselves with other sectors to grow.

Either way, to thrive, a company will have to interact with more sectors in order to cover a broad range of functions. When making decisions on products and services, business leaders must seriously consider how those products or services may evolve within the next one, two, or five years – which will include crossing borders of every kind.

Conclusion

It can easily be concluded that the Indian Real Estate and the Industrial sector are highly dependent on each other. The fourth wave of the industrial revolution is inevitable, and to survive the impact, one needs to pay special attention to accept the change and incorporate it into their businesses. The Fourth Industrial Revolution, like it's counter-parts, is said to have a major impact on everything and change the entire landscape of the business world as we know it.