New report from World Economic Forum identifies which countries are ready to thrive within the future of production.
Welcome to the digital economy where technologies like the Internet of Things (IoT), artificial intelligence (AI), wearables, robotics and additive manufacturing are fueling the development of new global production techniques and business models and driving the future of production
By Peter Fretty for Industry Week
Welcome to the digital economy where technologies like the Internet of Things (IoT), artificial intelligence (AI), wearables, robotics and additive manufacturing are fueling the development of new production techniques and business models and driving global production. These technologies are also driving new, more distributed and connected value chains. Both the speed and scope of change add a layer of complexity to the already challenging task of developing and implementing industrial strategies that promote productivity and inclusive growth.
In collaboration with AT Kearney, the World Economic Forum recently released its Country Readiness for the Future of Production report focusing primarily inclusive transformation and growth. “As production systems stand on the brink of another technological revolution, countries need to build awareness of the changing nature of production, determine how to best prepare to benefit from this transformation and collaborate across the public and private sector to enhance readiness,” write authors Helena Leurent and Johan Aurik. “This project builds upon the World Economic Forum’s competitiveness and benchmarking expertise and is a result of collaboration between the Future of Production and Future of Economic Progress teams at the Forum.”
After applying their analysis framework to 100 countries, the authors offer 8 key takeaways:
1. Transformation could prove polarizing. Global transformation of production systems will be a challenge, and the future of production could become increasingly polarized in a two-speed world. Global solutions and significant investment will be required to bring countries at different stages of development and MSMEs along in the transformation journey.