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Are we ready for the Fourth Industrial Revolution?


The world is not ready for the Fourth Industrial Revolution. Or at least that’s what Nick Davis, Head of Society and Innovation at the World Economic Forum believes.

Speaking Wednesday to a Facebook Live audience, Davis touched on everything from, what is the Fourth Industrial Revolution? How it differs from the digital revolution? And how it will affect you and your country going forward.

Davis believes the biggest factor for the world not being ready for the Fourth Industrial Revolution is people not realizing the increasing importance of the technology around us.

He added people need to understand the importance of their relationships with technology. In other words, the more powerful the technology, the more responsibility and need we have to understand how it affects us.

With that being said, for real change, Davis sees government playing a major role. Governments need to think big, and understand how to regulate the Fourth Industrial Revolution to maximize the benefits going forward.

No longer should people and governments focus on technologies. People need to forget about trying to be experts, but more importantly know how it’s going to affect the dynamics of a society.

When it comes to the Fourth Industrial Revolution in public financial management (PFM) reform, FreeBalance works closely with its customers to ensure its platform embraces the Internet of Things, cloud computing, big data and other Government 2.0 technologies.

For a complete recap of the conversation, watch the video below.

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Michael Sutherland-Shaw

Michael Sutherland-Shaw

Marketing Communications Specialist at FreeBalance
Michael works in the marketing and communications department following a career in journalism. Michael is currently learning Ruby on Rails and loves discovering new music.

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