Abstract
The Fourth Industrial Revolution (4IR) is widely acknowledged to have significant implications for multiple sectors worldwide. This chapter provides insights from a study that aimed to investigate the usage of technology for business purposes and the level of awareness regarding the 4IR among business managers and entrepreneurs in Ndola, Zambia. In this chapter, the authors reveal that entrepreneurs and managers possess a substantial level of knowledge regarding the 4IR and demonstrate a comprehensive understanding of its implications for business. Moreover, they actively incorporate technological advancements into their business operations. The entrepreneurs and managers also possess the requisite resources inside their companies to facilitate the use of technology. The government's efforts in facilitating economic growth through technology adoption for businesses and disseminating information regarding the perceived advantages of the Fourth Industrial Revolution were perceived to be insufficient.
TopBackground
Before the advent of industrial revolutions, individuals were mostly focused on enhancing automation and connectivity to bolster production. The initial industrial revolution, which emerged in 1760, was characterised by the utilisation of water and steam as primary sources of power to achieve significant levels of mechanised production. The advent of the Second Industrial Revolution occurred around 1870, marking a significant shift in production methods characterised by the widespread adoption of electric power for the purpose of mass production. The onset of the third industrial revolution occurred around the year 1950. The revolution in question pertained to the incorporation of information technology and electronics for the purpose of automating production processes. The phenomenon of radicalisation has given rise to the fourth industrial revolution, which is founded upon the advancements made during the third industrial revolution.
According to Postelnicu and Câlea (2019), it is widely thought that the 4IR is playing a crucial role in connecting and integrating the realms of physical, biological, chemical, and technical domains. The utilisation of technology-enhanced platforms enables entrepreneurs and managers to effectively oversee and regulate the movement of products (Prisecaru, 2016). Entrepreneurs need to strategically position themselves in order to capitalise on the worldwide trends of decreasing computer and robotics costs, as well as use the accessibility of cutting-edge manufacturing technologies (Bailey, 2019).
Hence, this chapter offers insights from a study that was undertaken to investigate the utilisation of technology by entrepreneurs for commercial purposes in a technologically advanced business environment, as well as to examine the ways in which entrepreneurs and business managers might engage in sustainable business practises.
Key Terms in this Chapter
Digital Innovation: This encompasses the development, acceptance, and application of innovative digital technologies, strategies, and methodologies that bring about significant changes to established corporate procedures, offerings, services, organisational frameworks, and interactions within a given ecosystem. The process entails the deliberate use of digital tools and methodologies to create novel value propositions, optimise operational efficiency, and generate significant enhancements in customer experiences, market positioning, and competitive advantage. Digital innovation is distinguished by its capacity for disruption, frequently transforming sectors and markets through the questioning of established standards and the promotion of novel business models, sources of revenue, and market dynamics.
Technopreneurship: Alternatively referred to as technology entrepreneurship, encompasses the identification, creation, and exploitation of possibilities through the integration of technological innovations, business acumen, and entrepreneurial principles. The process is actively seeking out inventive concepts and creating original products, services, or solutions that utilise state-of-the-art technologies to meet market demands and generate value. Technopreneurs, also known as technology entrepreneurs, serve as intermediaries between technological proficiency and business acuity, showcasing a distinctive aptitude in manoeuvring the intricacies of both the technology and business realms.
Innovation: Innovation can be defined as a purposeful and imaginative procedure involving the generation, refinement, and execution of original concepts, solutions, goods, processes, or services, resulting in significant enhancements, progress, or benefits for individuals, organisations, industries, or society. The process encompasses the creation and implementation of novel or enhanced ideas, technologies, processes, and practises, frequently propelled by a fusion of insights, experimentation, and problem-solving endeavours. Innovation can be observed in the form of gradual advancements or transformative disruptions, spanning across diverse domains such as technology, economic models, social systems, and cultural manifestations.
Fourth Industrial Revolution (4IR): The term “Fourth Industrial Revolution” denotes a fundamental change in the prevailing paradigm, wherein digital, physical, and biological technologies are integrated, resulting in a novel phase of remarkable technological advancements and consequential societal changes. The Fourth Industrial Revolution expands upon the groundwork laid by the Third Industrial Revolution, which was characterised by the advent of digital technology. This new phase incorporates developing technologies such as artificial intelligence, machine learning, the Internet of Things (IoT), robots, nanotechnology, biotechnology, and quantum computing. The amalgamation of technologies possesses the capacity to fundamentally transform various sectors, economies, and society.
Technology adoption: The concept of technology adoption encompasses the progression via which individuals, groups, organisations, or society embrace, incorporate, and employ novel technical advancements, systems, or instruments within their established operational frameworks, routines, or practises. The phenomenon under consideration involves the cognitive, social, and behavioural dimensions associated with the adoption of technology. This includes not only the initial decision to adopt, but also the successive stages of implementation, absorption, and eventual integration of the technology into everyday activities. The examination of technology adoption is a common focus within the realms of innovation theory, sociology of technology, and management. These disciplines seek to comprehend the elements, processes, and outcomes that influence the effective integration and spread of technological progress in diverse settings.
Technology Awareness: This encompasses the extent of understanding, comprehension, and acknowledgment that individuals, groups, or entities possess with regards to the presence, functionality, consequences, and prospective uses of technology advancements, tools, systems, or procedures. The acquisition of knowledge regarding the functionalities and attributes of technology, together with a recognition of its wider ramifications in society, economy, and culture, is encompassed within this concept. Technology awareness encompasses more than simply acknowledging the presence of particular technologies; it also entails comprehending their intended functions, advantages, constraints, and potential hazards. The level of consciousness towards technology can have an impact on how individuals make decisions, adopt new technologies, and engage with them in various personal, professional, and social settings. Within academic discourse, the examination of technology awareness is frequently undertaken as a preliminary investigation into the subsequent processes of technology adoption and diffusion. This line of inquiry aims to shed light on the various aspects that shape humans' propensity to embrace and interact with novel technological innovations.
Technological Opportunity: A technological opportunity within the realm of entrepreneurship pertains to a distinct and auspicious collection of conditions that emerge from progressions or enhancements in technology, hence generating the potential for inventive and economically feasible ventures. This particular opportunity entails the identification, evaluation, and exploitation of emerging or pre-existing technologies that can be utilised to generate novel goods, services, processes, business models, or solutions. In doing so, it aims to fulfil market demands, resolve issues, or challenge incumbent industries. The successful pursuit of technical opportunities necessitates a comprehensive comprehension of the technological environment, along with the capacity to anticipate the appropriate use of these breakthroughs in a manner that provides value and sustainable competitive advantage.
Business model: A business model can be defined as a thorough and well-organized depiction of the manner in which an organisation generates, delivers, and acquires value. The concept of business operations refers to the comprehensive set of strategic decisions, operational procedures, undertaken activities, and interconnections that collectively establish a corporation's operational framework and revenue generation mechanisms within a specific market or industry. A business model serves as a framework that outlines the rationale and operational processes via which an organisation strategically aligns its resources, competencies, and products or services to effectively meet consumer demands, attain a lasting competitive edge, and ensure financial sustainability.