Strategy as a key driver of the Fourth Industrial Revolution transformation journey

Abstract

With the advent of the Fourth Industrial Revolution (4IR), many industries find themselves having to identify, select, acquire, exploit, and protect their 4IR technologies. However, 4IR technologies are unique when compared with those of the preceding industrial revolutions, in that they are evolving at an exponential rate, and they are complex because they integrate the physical, digital, and biological spheres. Owing to the ‘newfangledness’ of 4IR, limited empirical references, the agility of 4IR technologies’ encroachment, rapid technological changes, high levels of uncertainty, the premise that 4IR induces radical changes to business models, and the realisation that 4IR transformation has long-term consequences for businesses, there is a need for businesses to adopt 4IR transformation using a strategic management approach. The main objective of this paper is to report the findings from an integrative literature review to determine what existing systematic approaches different industries and businesses follow to formulate 4IR technology/transformation strategies. The findings of this study outline some important key principles underlying the formulation of 4IR transformation strategy.Met die koms van die Vierde Industriële Revolusie (4IR) vind baie nywerhede dat hulle hul 4IR-tegnologie moet identifiseer, kies, bekom, ontgin en beskerm. 4IR-tegnologieë is egter uniek in vergelyking met voorafgaande industriële revolusies deurdat die tegnologieë teen 'n eksponensiële tempo ontwikkel, en kompleks is omdat hulle die fisiese, digitale en biologiese sfere integreer. As gevolg van die 'nuutheid' van 4IR, beperkte empiriese verwysings, die behendigheid van 4IRtegnologieë se indringing, vinnige tegnologiese veranderinge, hoë vlakke van onsekerheid, die uitgangspunt dat 4IR radikale veranderinge aan sakemodelle veroorsaak, en die besef dat 4IR-transformasie lanktermyngevolge vir besighede, is daar 'n behoefte vir besighede om 4IRtransformasie aan te neem deur 'n strategiese bestuursbenadering te gebruik. Die hoofdoel van hierdie artikel is om die bevindinge van 'n integrerende literatuuroorsig te rapporteer om te bepaal watter bestaande sistematiese benaderings verskillende industrieë en besighede volg om 4IR-tegnologie/transformasiestrategieë te formuleer. Die bevindinge van hierdie studie skets 'n paar belangrike sleutelbeginsels onderliggend aan die formulering van 4IRtransformasiestrategie.