The Knowledge Summit kicked off its virtual sessions on November 23, 2023, with a panel discussion titled ‘Revolutionizing the game: The 5th Industrial Revolution and business landscape,’ which foresaw how this revolution is transforming the business landscape.
The session featured the participation of the speakers Dr. Cathy Mulligan, Founder, Sustainable Society Digital Collective and Visiting Lecturer at Imperial College Business School, as well as Rola Khoury, Technology Strategist. Moderated by Thurayya Tabbara, Business Innovation Consultant, SAP, the session addressed various crucial topics concerning 5.0 technologies disrupting traditional business models, strategies for businesses to manage workforce changes, and the future of the business world in light of rapid technological advancements.
Dr. Mulligan discussed the advantages of modern technologies, including increased efficiency and business automation, as well as significant savings on time and effort. She emphasized the importance of integrating human and machine intelligence in modern technology, highlighting the 5th Industrial Revolution’s role in addressing climate, environmental, and social challenges, not to mention accelerating sustainability and improving quality of life.
Dr. Mulligan explained that one of the most significant impacts of the 5th Industrial Revolution is related to the energy industry and its effects on agriculture, including precision farming, irrigation systems, pest control, and other modern agricultural practices. She also highlighted its impact on healthcare, paving the way for improved disease diagnosis and treatment effectiveness, while also underlining its role in real estate by offering environmentally friendly designs and sustainable investment concepts.
Dr. Mulligan also drew attention to the negative effects of all industrial revolutions, including the ongoing 5th Industrial Revolution. She tackled the ability of modern technologies to track individuals’ movements and monitor their behavior, raising concerns about potential violations of privacy and unethical access to their confidential data. Simultaneously, she pointed out another negative aspect of AI, namely bias, which could exacerbate conflicts among individuals, leading to further social polarization.
The Founder of Sustainable Society Digital Collective urged prioritizing humanity in the 5th Industrial Revolution and advocating for ethical standards to regulate AI practices, highlighting the need for a human-centered, ethical, and sustainable revolution in technology to address sustainability issues and the growing global population.
Likewise, Rola Khoury discussed the radical transformations brought by the 5th Industrial Revolution in business models, emphasizing the increased significance of innovation and integration of sustainability in all aspects of a business. She also pointed out the need for industries to revolve around humanity, directing efforts and investments primarily toward the healthcare, education, and energy sectors.
Khoury further explored some modern technologies such as digital twinning, machine learning, and advanced automation technology that support the possibilities of collaboration between humans and machines, pointing out the increasing involvement of machines and technologies in the daily lives of individuals.
She also addressed some challenges facing companies, with a primary focus on data security and privacy challenges, as well as the knowledge gap among the workforce. She added, “Employees should be offered modern technical skills and training, whereas the academic curricula should be updated to keep up with technological advancements.”
Khoury explained how crucial it is to raise awareness among customers, employees, and top management about modern technologies, encouraging them to adapt and develop innovative solutions to address diverse human needs. She also underscored relying on quality data for making optimal strategic decisions in the business world and enhancing innovation skills.
