RESEARCH ON LEADERSHIP READINESS FOR INDUSTRY 4.0
Digitization which is the cornerstone of the Fourth Industrial Revolution (also known as Industry 4.0) has an impact on all organizations across various sectors or industries. In each case, the impact is a different one which makes it essential for companies to have a good understanding and view of what they face and how digitization will affect their company: which opportunities can be seized and which threats have to be faced? (Bawany, 2018).
The impact of digital disruption has to be managed alongside the more general volatile, unpredictable, complex and ambiguous (VUCA) operating conditions of recent years (Bawany, 2016). An ability to calculate and manage/mitigate risk will, therefore, be another key requirement of leaders seeking to propel their organizations into the digital age. Navigating a course through these difficult conditions may also force leaders to look at their individual leadership style and decide whether it needs to be adjusted.
Professor Klaus Schwab, the Founder and Executive Chairman of the World Economic Forum (WEF), has published a book entitled The Fourth Industrial Revolution in which he describes how this fourth revolution is fundamentally different from the previous three, which were characterized mainly by advances in technology (Schwab, 2017).