eKourier Oct 2019

FINANCE

THE 4th INDUSTRIAL REVOLUTION Are we heading into the 4th Industrial Revolution? Are we going to be a part of a significant change as the world moves to a digital world? Will we all have jobs in the future? How do we prepare for this change?

T hese questions are being thrown around all the time and we cannot avoid them or hope they will go away, the world is changing and changing forever. Some technolo- gies that will change the planet over the next few years: • Mobile Internet – mobile phones and apps will continue to develop and improve our lives. Some of us would have used a map book to get from place to place. No one uses those maps anymore. • Artificial Intelligence (AI) – this is machine learning from past events and patterns and overlaying that with current data. Previously a lot of this knowledge would have been called Experience… Now we don’t need a human to tell us this information, a machine will know it and act accord- ingly. No longer will all knowledge be lost when a long term employee leaves a business – a computer will hold a lot of the knowledge. • Cloud Technology – all our software and systems will be stored somewhere else and not on our computers or servers. • Internet of Things (IOT) – more than nine billion things are connected to the Internet and this will grow signif- icantly, doubling regularly.

decide whether we need to change what and how we do our daily activities, both at work and at home. Often the concern for humans is “will my job be taken by a computer or robot?” Many of the jobs in ten years time do not currently exist. We have seen significant automation in the finance area in which we operate on a daily basis, we can achieve more with less. One area that will never change is the human factor. The factor of ‘care’ and understanding for the needs of a fellow human being. In storage, our customers always come to us because they need a service as a result of an event or change in their circumstances. Technology will help them in many ways from digital sign up, alarms and security to PIN access and auto payments. However the ‘care’ that we offer our customers, no computer or robot could ever do!! The 4th Industrial Revolution is upon us, yet for our customers ‘Storing with the People who Care’ will never change… ONE AREA THAT WILL NEVER CHANGE IS THE HUMAN FACTOR

• Advanced Robotics – this is already being seen in vehicles drones, robots, and mini helicopters. Will we be driving cars in ten years’ time or will we just get taken to where we need to be, maybe in a car or another way? • Biometric Technology – most traditional passwords will disappear in the next ten years. There will be eye, voice or fingerprint recognition. • Genomics – genetically engineered technology with changes to DNA delivering improved agricultural products, longer life expectancy and reduced reliance on fossil fuels. • Blockchain – will deliver more secure transacting and reliability on data. Currently used in virtual currencies but is growing rapidly in many other areas. • Be open to change and learning, try new things every day. • Continually look to the future and anticipate our future needs. • Businesses will need increased training for employees to continuously be ready and to understand and be prepared for the changes. • We need to look at what we do and HOW DO WE AND BUSINESSES PREPARE FOR THIS ?

Anthony Rous Chief Financial Officer

10 Kennards Kourier Oct 2019