The things about competitiveness we all should learn about the 4th industrial revolution

The World Economic Forum just launched an interesting article about the “10 things you – and your government – should know about competitiveness in the Fourth Industrial Revolution”.

Our new global world means new pathways and opportunities for economies and we know that some countries have been taking advantage of it and registering enormous gains.

We agree with the WEF: It’s time to analyze what has been happening and take a look at the lessons we can and shall learn. That’s why we decided to review this article and sum it up as the five things we believe that companies can learn from what’s been happening in the world economy.

1. Improve your productivity
We must be competitive, and that means defining and pursuing a strategy that addresses and improves your productivity.
We have been addressing this issue for a while. Read more about productivity here.

2. People matter
Your employees are one of your most valuable assets. Some of their knowledge and skills will ever hardly be replaced by AI or machines. They are a building block of your growth and success and it’s important to invest in their inclusion and education.

3. Innovation mindset
Create an innovation mindset. Not just focused on R&D but on continuously improving your business, your production line, and your corporate culture. As stated by the WEF, “Creating an innovation ecosystem goes well beyond research and development. Innovation has become an imperative for all advanced economies and a priority”.

4. Invest in technology
Technology can help you. It is not the holy grail and needs to be complemented by other factors, but “it is a vital tool for growth and prosperity so its allocation and governance are critical”. As we wrote a couple days ago, Data is the new oil because it means information, which means power, which means… money. And technology can help you collect and access data faster and better.

5. Agility
“In a time of constant change, there is a need for constant agility”. Think fast, act faster. How you respond to change will determine the success of your business. And that brings us back to real-time information. You need to be ‘future-ready’, considering that the future is now.

If you are curious about the 10 things stated by the World Economic Forum, read the entire article here.