Economic Vitality: Thriving in the 4th Industrial Revolution

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We are in the midst of a technology revolution that has never before been seen in our history – the 4th Industrial Revolution.  The volume of data being produced (2.5 Billion GB daily), collected and stored is accelerating at a pace that it is overwhelming to most organizations.  At the same time, breakthrough technological advancements like cognitive computing (Watson) and analytics are enabling unimaginable insights to be discovered from oceans of data. 

The combination of these two elements provides organizations with unprecedented opportunity to innovate and transform. Governments are no exception to this situation – tremendous value and benefit await those cities, regions, and countries that leverage this tremendous opportunity.  ‘Smarter’ technologies, coupled with the availability of unprecedented volumes of data, enable government leaders to improve service delivery and help communities achieve a higher quality of life – ultimately providing a differentiated foundation for sustainable economic growth.

Today’s global economy challenges traditional approaches to successfully sustain a strong, long-term economic posture.  The intensified competitiveness of today’s world requires an agile approach to economic development.  As history has shown us, successful cities/regions are those that are able to quickly recognize and adapt to the changing demands of society.  Governments must look at a new, innovative method to create economic growth – namely:  harnessing the power of data to transform global, national and local economies.  Forward-thinking governments are using this data-driven approach to improve the attractiveness of their region – with the downstream effect being a more desirable geography to live and conduct business:

Technology advancements and data availability provide leaders with the opportunity to improve citizen services, enhance the overall quality of life, and contribute to the economic vitality of the region.  Cities prospering in the 4th Industrial Revolution will accelerate the facilitation of trade and commerce.  Critical to this success will be a data-driven approach to the management of a city’s complex ecosystem (including the optimization of natural resources and development of new skilled resources)……..and those governments who embrace this strategy will be the ones to prosper in this data driven world.

Vice President - Government Market Segments

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