The Fourth Industrial Revolution, also known as Industry 4.0, is upon us and is the subject of much discussion globally. It is addressed at conferences attended by world leaders such the World Economic Forum in Davos, Switzerland, and many scholars have written think pieces about its current and projected impact. Some are filled with optimism around its benefits for humanity, while others believe we are headed for scenes of machines taking over the world. Regardless of which side your opinion lies or whether you are comfortably perched on the fence, the fact of the matter is that the Fourth Industrial Revolution is here, and the world is changing rapidly before our eyes.
The buzz word when talking about Industry 4.0 is “disruption.” For compliance practitioners, the questions are: How will Industry 4.0 disrupt our profession, and will it be for the better? It is time to take a good look at how we work and determine how we can use the dawning of a new technological era to enhance what we deliver and how we deliver it. It is time for a mindset shift to ensure that we remain relevant, trusted, and customer-centric advisers in the industries in which we operate.