Technology, 4IR tools shape future of business models

Dubai: New technologies and the Fourth Industrial Revolution (4IR) tools will shape the future of production and business models, according to the World Economic Forum Global Future Council on Production.

The third Global Future Councils Annual Meeting held in Dubai on Sunday discussed the role of technology innovations in advanced supply chains in a global business environment that integrates multinational companies and small and medium enterprises (SMEs) and achieves a paradigm shift in the future of production.

Participants at the forum emphasised the need to boost government productivity, build innovative business models, deliver high quality services, improve spending efficiency, and enhance countries’ competitiveness.

The Global Future Council on Production noted the importance of leveraging the new industrial development strategies to reach the future, and qualifying workforce in the production sector using advanced technology to ensure sustainable productivity.

The Global Future Council on Production brought together a number of experts and thought leaders who explore ideas and challenges, discuss the World Economic Forum vision on the future of production, and develop proactive ideas and solutions to the challenges hindering the sector.

After deliberations, the council makes its recommendations to develop the future of global production and leverage the Fourth Industrial Revolution (4IR) results to increase global productivity.

Participants in the council called for re-examining key issues such as funding, talent management, building a robust digital database and improving customer experience.

Government productivity is a key factor in boosting community confidence and enhancing countries’ competitiveness; stressing that governments’ sharing global best practices and accelerating innovation is important to usher in a new era of services in the government sector.

The meeting focused on encouraging talents to boost productivity through capacity building, development of analytical studies, reviewing spending, developing and leveraging performance-related debates and promoting strategic thinking, to achieve long-term social impact that drives the development of future production.

Members of the Council said that applying digital transformation across governments can boost productivity in service delivery, enhance customer satisfaction, raise operational efficiency and increase employee engagement. This approach can improve performance, provide more profitable job opportunities and create a new generation of streamlined services in both government and private sectors.

The World Economic Forum’s Future Council meetings in Dubai brought together more than 700 of the most relevant and knowledgeable scientists, futurists and experts, grouped in 38 expertise-based, thematic councils that discuss the future of vital sectors and develop practical solutions to challenging issues.