The age of Industrial Revolution 4 is upon us, and evidence is rapidly piling up to show that businesses that do not adapt get left in the dust. The old, single-use tools and labor-based methods of Industrial Revolution 3 that businesses useare no longer as effective, leaving workers to be marginalized and replaced as technology takes over what we knew. To succeed, businesses need to reorient themselves and make the switch to Industrial Revolution 4.
The new consumer experience is here, and it’s moving faster than you think. In 2000, Blockbuster was at the top of the video rental industry. By 2010, the company went bankrupt. The reason? They laughed Netflix out of the office when Netflix proposed an internet-based partnership. Netflix was an early adopter of the fourth Industrial Revolution, and now it sits as a multibillion-dollar company.
What Is Industrial Revolution 4?
Forty years ago, success was associated with “labor-based” work, referred to as Industrial Revolution 3. Jobs revolved around single-purpose tools such as typewriters, hammers, and lawnmowers to accomplish tasks. Technology was advancing at a slow-enough pace that this method was acceptable.
Since the advent of the internet, these methods are proving to be out of date. With the introduction of artificial intelligence, blockchain, smarter computers, virtual reality, biotechnology, robotics, and 3D printing, we’ve transitioned from a labor-based economy to a knowledge-based economy. This allows anyone with internet access to compete globally in an all-new retail market, opposed to the old local and linear methods.
What Are the Benefits?
myHouseBy has recognized that the marketplace is being rapidly redefined. With new offers provided by online companies such as Amazon, Uber, Netflix, and Carvana, what consumers want has changed. Millennials, Gen Z, and the new consumer expect to complete transactions via mobile devices, not in person. They want to find what they want online with anonymity and transparency, and without the hassle of the in-person sales experience.
For example, today’s consumer would rather search for and order a car online than go to a car dealership. The online experience allows the consumer to avoid the car salesman, so they can browse and buy at their own pace without pressure.
Industrial Revolution 4 prepares workplaces to become more efficient and enhanced. Quality of life and incomes increase, and a more efficient and convenient consumer marketplace unfolds. The companies that thrive against their competitors, leveraging technology first, exponentially get ahead of those that are late adopters. The early adopters and the fast followers will always take market share over those who are late to embrace technology and the internet.
How can you adapt for a competitive advantage in the consumer industry?
“The Fourth Industrial Revolution is therefore not a prediction of the future but a call to action. It is a vision for developing, diffusing, and governing technologies in ways that foster a more empowering, collaborative, and sustainable foundation for social and economic development, built around shared values of the common good, human dignity, and intergenerational stewardship.” —Klaus Schwab
Here’s the reality: For the minimal level of investment that it is, Industrial Revolution 4 will protect your market share, take market share from competitors, and increase your profit margins. If you don’t adapt, you will lose market share and early adopters are going to take your customers.
In order to make the switch, businesses must restructure and accommodate the changing consumer expectations with innovative platforms designed for customers. Task-oriented work should be replaced with strategic work, and employees should be trained with the right mix of emotional and critical thinking skills. Most importantly, develop leaders in your company to manage these shifts, in order to remain trustworthy and keep the customer first.
It requires courage and a willingness to be ready to modify structures and organizations, but adapting critical thinking will provide the flexibility to embrace change. You must make the move to be smart and connected, otherwise you will fall behind.
Industrial Revolution 4 in the Building Industry
Unfortunately, builders and developers are slow to move in the right direction. This is especially evident in Texas, where the economy is great and demand is high for the building industry. The problem today is that the traditional way is antiquated and costly for builders and developers, who risk losing customers and market share. In the building industry, those developers that embrace Industrial Revolution 4 and invest in their own continued learning will succeed.
myHouseBy provides a personalized and transparent experience for the consumer, where they can personalize their house as if they were personalizing tires or a jacket. Thus providing the buyer with the psychological ownership of “I designed it, I built it, I picked it.” Those that recognize how these consumers want to shop, and those that offer the new shopping experience that customers want, are going to leapfrog their competitors in the building and development business.
Embrace the Future with myHouseBy
Businesses need to reorient themselves from Industrial Revolution 3 to Industrial Revolution 4 to succeed, and those who do will always take market share over those who are late to embrace technology. myHouseBy is giving consumers what they want and helping builders and developers move forward into advancement. By embracing direct consumer capabilities through technology, we can dramatically reduce overhead costs and significantly increase profit margins.
myHouseBy is looking to partner with companies that recognize this and are willing to make the shift. In embracing Industrial Revolution 4, myHouseBy has a way to engage the new current consumer and provides a shopping experience more consistent with the movement. If builders adopt what consumers are after, they will have a competitive advantage in the future of the industry.
More builders and developers are out there now than ever before. In this very competitive industry, you don’t want to risk being left behind. Leverage technology first and exponentially get ahead of the late adopters.