Technology and 4IR Tools Shape the Future of Business Models

Sunday 11 November 2018
Dubai - MENA Herald:

Today, as a part of the third Global Future Councils Annual Meeting, members of the Global Future Council on Production indicated that new technologies and the Fourth Industrial Revolution (4IR) tools will shape the future of production and business models. They stressed the importance of using and innovating advanced supply chains in a global business environment that integrates multinational companies and SMEs and achieves a paradigm shift in the future of production.

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

They further called for re-examining key issues such as funding, talent management, building a robust digital database and improving customer experience. They noted that government productivity is a key factor in boosting community confidence and enhancing countries’ competitiveness; stressing that governments’ sharing global best practices and accelerating innovation shall usher 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 emphasized 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 Global Future Council on Production brings 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. It also aims to issue recommendations to develop the future of global production and leverage the Fourth Industrial Revolution (4IR) results to increase global productivity.

The third Annual Meeting of the Global Future Councils is held in Dubai, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in collaboration between the UAE Government and the World Economic Forum. The meetings bring 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.

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