Management 4.0 in a Digital Age | JR Reagan | TEDxWoosongUniversity
Summary
TLDRThe video script discusses the evolution of management in the digital age, particularly in the context of the fourth Industrial Revolution. It explores how advancements in technology, such as robotics, artificial intelligence, and blockchain, are blurring the lines between management and technology. The speaker highlights the transformation of traditional management roles into orchestration, as machines take over manual tasks, and the shift in marketing strategies due to digital integration. The necessity of management is emphasized, with a focus on how it must adapt to leverage technology for better decision-making, strategy, and leadership. The script concludes by stressing the importance of understanding management fundamentals and applying them in innovative ways to navigate the new digital and physical landscape.
Takeaways
- 🤖 The lines between management and technology are blurring with advancements in AI, robotics, and blockchain, leading to the concept of Management 4.0 in the digital age.
- 🏁 We are in the fourth Industrial Revolution, where computers are beginning to mimic tasks traditionally done by humans, including management roles.
- 📲 For digital natives, the integration of technology into daily life is not a revolution but a norm since their birth, highlighting a generational shift in the perception of technology.
- 🔄 The merging of the digital and physical worlds is a hallmark of the fourth Industrial Revolution, which brings about significant changes in management practices.
- 🛠️ The first Industrial Revolution introduced steam power, liberating humans from reliance on animal power and enabling new industries.
- 💡 The second Industrial Revolution brought electricity, which enabled process management and the creation of factories and assembly lines.
- 💻 The third Industrial Revolution introduced the microchip and computers, automating manual tasks in management and enabling computer systems and networking.
- 🔢 Accounting and finance are becoming digitized and real-time, with technologies like blockchain adding trust to transactions immediately as they occur.
- 🤹♂️ In the fourth Industrial Revolution, managers are evolving from organizers to orchestrators, overseeing the integration and operation of intelligent systems.
- 🎯 Marketing is shifting from traditional models to insightful, pervasive, and instructional approaches, with technology enabling personalized product recommendations.
- 🧑🤝🧑 Human resources is being augmented by AI to help reduce biases and improve hiring processes by evaluating verbal and non-verbal skills more objectively.
- 🧘♂️ Strategy and decision-making, while aided by AI, remain a human endeavor that requires complex thinking and cannot be fully replicated by machines.
- 🗣️ Leadership in the digital age is about trust and the ability to lead not just humans but also intelligent machines that act and think like humans.
Q & A
What is the main theme discussed in the video script?
-The main theme discussed in the video script is the evolution of management in the digital age, particularly in the context of the fourth Industrial Revolution, and how advancements in technology like robotics, artificial intelligence, and blockchain are changing traditional management roles and practices.
What is the significance of the term 'Management 4.0' mentioned in the script?
-The term 'Management 4.0' signifies a new era of management practices that are heavily influenced by digital technologies. It implies a shift from traditional management methods to more integrated and intelligent systems that leverage the capabilities of the digital age.
How does the script define the fourth Industrial Revolution?
-The script defines the fourth Industrial Revolution as an era where the digital and physical worlds merge, bringing together advancements in robotics, artificial intelligence, and other technologies to perform tasks traditionally done by humans, including management roles.
What are the four industrial revolutions mentioned in the script, and how do they differ?
-The script outlines four industrial revolutions: 1) The first, starting in the 1700s, focused on steam power, liberating humans from reliance on animal power. 2) The second, centered around electricity, enabled process improvements and factory assembly lines. 3) The third, in the 1960s to 1980s, introduced the microchip and computers, which automated many manual tasks. 4) The fourth, the current era, integrates the physical and digital worlds with added intelligence, leading to significant changes in management and operations.
How is accounting and finance changing in the fourth Industrial Revolution according to the script?
-Accounting and finance are changing by becoming more digital and real-time. Technologies like blockchain are adding trust to transactions, allowing for immediate verification and use of financial data, transforming accounting into a dynamic and integral part of organizational operations.
What role do managers play in a factory full of robots, as described in the script?
-In a factory full of robots, managers transition from being organizers to orchestrators. They are responsible for bringing together various elements, including robots and AI systems, to work efficiently and effectively, leveraging their knowledge of management to enhance overall operations.
How is marketing changing in the fourth Industrial Revolution?
-Marketing is changing by becoming more insightful, pervasive, and instructional. The fourth Industrial Revolution enables products to be where the consumer is, with digital products and services that can adapt and respond to consumer needs and preferences in real-time.
What challenges does the script suggest for human resources in the fourth Industrial Revolution?
-The script suggests that human resources will need to adapt to the use of artificial intelligence to help reduce biases and improve decision-making in areas such as hiring and employee evaluation. It challenges traditional human-centric management approaches by integrating AI to augment human capabilities.
How does the script view the role of strategy in the fourth Industrial Revolution?
-The script views strategy as still fundamentally a human endeavor, requiring complex thinking and decision-making. While AI can assist and sometimes outperform humans in certain strategic tasks, the nuanced and contextual aspects of strategy-making are likely to remain a human strength.
What is the potential impact of AI on leadership roles, as discussed in the script?
-The script discusses the potential for AI to act as a new type of coworker or even a boss, challenging traditional notions of leadership and trust. It raises questions about whether humans can trust AI entities to make decisions and lead, suggesting a need to rethink leadership in the context of AI and human collaboration.
What is the fundamental takeaway from the script regarding the future of management?
-The fundamental takeaway is that management is not becoming obsolete but is instead evolving. Managers need to understand the fundamentals of management and apply them in new ways within the context of the digital and physical world merger, leveraging technology to enhance their roles and make better decisions.
Outlines
😲 The Digital Transformation of Management
The script discusses the evolution of management in the digital age, highlighting the convergence of management and technology. The speaker introduces Management 4.0, a concept that encompasses the integration of robotics, artificial intelligence, and blockchain into business practices. The fourth Industrial Revolution is presented as a transformative period where computer performance begins to outpace human capabilities, prompting a reconsideration of the necessity and nature of management. The speaker also touches on the digital natives—Millennials—who have grown up with technology and for whom the digital-physical merge is a normal part of life. The historical context of industrial revolutions is provided, from the steam-powered first revolution to the microchip-driven third, setting the stage for the current revolution characterized by the fusion of digital and physical realms,智能化, and the potential redefinition of management roles.
💼 The Changing Landscape of Accounting and Finance
This paragraph delves into the transformation of accounting and finance in the fourth Industrial Revolution. Traditionally, these fields have relied on human input and verification, but with the advent of technologies like blockchain, trust in transactions can be established instantaneously, globally, and without the need for human oversight. The role of accounting has evolved from a manual, post-hoc activity to one that is digitized and integral to the real-time functioning of organizations, becoming a valuable asset akin to 'new oil.' The speaker suggests that while the manual aspects of management are being automated, the human role shifts towards decision-making, with technology augmenting rather than replacing human capabilities.
🤖 The Role of Managers in an Automated World
The script explores the future of operations management, where tasks traditionally performed by humans are increasingly being handled by robots and AI. The role of the manager is redefined from an organizer to an orchestrator, drawing an analogy with Disney's Fantasia, where Mickey Mouse conducts various elements to work in harmony. The manager's new role involves overseeing and coordinating the activities of autonomous systems to ensure efficiency and effectiveness. The paragraph also touches on the changes in marketing due to the fourth Industrial Revolution, where products and services are becoming more personalized, insightful, and pervasive, leveraging digital technologies to meet consumers where they are and anticipate their needs.
🧐 The Human Element in HR and Leadership
The final paragraph examines the impact of AI on human resources and leadership. It acknowledges the inherent biases in human decision-making and suggests that AI can help mitigate these by providing more objective assessments of candidates during the hiring process. The discussion then moves to strategy, questioning whether AI can replace human strategic thinking, given the complexity and nuance involved in decision-making processes. The paragraph concludes with a reflection on leadership in the age of AI, pondering the trust dynamic between humans and AI, and whether AI can ever be seen as a leader. Ultimately, the speaker asserts that management and leadership remain essential, albeit in a transformed capacity, requiring a deep understanding of the fundamentals applied to a new context.
Mindmap
Keywords
💡Management 4.0
💡Digital Age
💡Fourth Industrial Revolution
💡Artificial Intelligence (AI)
💡Blockchain
💡Digital Natives
💡Orchestration
💡Accounting and Finance
💡Operations
💡Marketing
💡Human Resources
Highlights
The lines are blurring between management and technology with advancements in areas like robotics, AI, and blockchain.
The fourth Industrial Revolution involves computers mimicking human activities, including management tasks.
Digital natives have never known a world without advanced technology, making the digital revolution a norm for them.
The merging of the digital and physical worlds characterizes the fourth Industrial Revolution.
The first Industrial Revolution was marked by the advent of steam power, liberating humans from reliance on animal power.
Electricity enabled process improvements and the creation of factories during the second Industrial Revolution.
The third Industrial Revolution introduced microchips and computers, automating manual tasks in management.
In Korea, there is a high density of robots in factories, indicative of the ongoing fourth Industrial Revolution.
Accounting and finance are changing with real-time, trusted transactions facilitated by technologies like blockchain.
The manual aspects of management are being automated, allowing humans to focus on decision-making.
Operations within organizations are increasingly automated, with AI and robotics handling tasks traditionally done by humans.
Managers in the fourth Industrial Revolution are becoming orchestrators, overseeing automated systems.
Marketing is changing with the fourth Industrial Revolution, becoming more insightful and pervasive.
The concept of product placement is shifting, with products becoming available wherever the consumer is.
Human Resources is being augmented by AI to help reduce biases in hiring and evaluation processes.
Strategy creation is being enhanced by AI, although it still requires complex human thinking.
Leadership in the digital age is about trust and will involve leading not just humans, but also AI and robotic systems.
Fundamentals of management have not changed, but their application must adapt to the new digital and physical world.
Transcripts
give you something new to think about
I've taught management and I've also
taught technology and we're starting to
see the lines blur between those two
management 4.0 in a digital age we're
now in an age where we have robotics
artificial intelligence technology like
blockchain all of these different things
that are normal in business in
management and so it bears the question
then how does management change in the
digital age or an even better question
is management even necessary in a
digital age why do we call it management
for ATO what is new about today than is
different from before we're rapidly
reaching a point where human performance
is being outrun by computer performance
we're starting to see the ability of
computers to do things that are only
able to do by humans before so we've
called it the fourth Industrial
Revolution that now we have computers
who are beginning to mimic the things
that we could do including management
for many of our young folks in the room
the digital Millennials we call them the
digital natives for all of you this is
not new this is not a revolution at all
this is something that's been normal
since you were born you've never known
anything but a smartphone a TV that you
could look at that could do wonderful
things an entirely fast internet this is
not a revolution at all but the world
you're going to step into may be
different and it may challenge the
notion of management as we bring
together not just the digital world but
the physical world to do things that we
all see are happening now that we can
talk and have a device in our home
understand us and do things on our
behalf the digital and the physical
world merging is really what the fourth
Industrial Revolution is all about but
before we go to the fourth Industrial
Revolution why is it different how did
we get there
we've had four revolutions the first one
beginning in the 17 to 1800s and is all
about steam it may not seem significant
to all of you but at the time this was
really important it liberated human
beings from the power of animals that we
had to have horses and cows and those
things do those things for us before now
we had machines we could go farther we
could go faster we could do things and
go places we could never think about
before the first revolution was
extremely significant and created new
industries like the locomotive the
second revolution was all about
electricity again something we take for
granted now we didn't have that then it
did then allow us to do things we
couldn't before particularly in
management we could do what's called
processes a word that really wasn't used
much then and is entirely familiar to
our management student now that we could
begin to create factories and do things
on an assembly line through the
enablement of electricity that moved
things on our behalf not just with
expensive steam power but cheaper
electricity and then we reached the
third revolution happening in the 1960s
to 70s to 80s we finally had the
microchip we finally had the computer
that now could do things faster they
could actually do calculations and do
different types of activities in the
management world that traditionally we
had to do manually as as human beings
this enabled us to do things now that we
couldn't before computer systems and
networking the things which you're
familiar with are all powered with this
microchip there's a so significant in
the third revolution and then we reached
the fourth revolution the fourth
Industrial Revolution which were all in
the midst of right now here in Korea we
have the highest density of robots in
factories in an entire world and we're
starting to see the forth and dust
revolution
bringing together that physical and
digital world but adding something on
top of it intelligence bringing together
the things that we know and are learning
in our practice in our brains and
transferring that to computers to do on
our behalf and it causes really some
significant changes potentially in the
world of management but going back to
the original question is management even
necessary in this fourth Industrial
Revolution let's take a look
we're familiar with accounting and
Finance it's one of the basics of the
management field accounting and finance
in very simple terms gives us the rules
which we know how to do business and
organizations by we know how to count
things we know that keep score we're now
seeing the basis of that change in a
dramatic way because accounting has been
around for hundreds if not thousands of
years but we enter a calculations and
numbers in a book we make sure they add
up but it takes humans to do that it
takes humans to look at that and make
sure it's right it takes humans to then
make sure that those numbers are then
useful for something else
accounting and Finance has changed
because now we see the ability for us to
use these numbers not just after the
fact not just later when they've been
verified not just later when we can
trust them we can actually use those
numbers as they fly around in Lightspeed
around the world we have technology now
like blockchain these other technology
words we hear about they actually add
trust to the numbers that typically
would only be done by human beings we
can now have a transaction be trusted
when it initiates when you use your
phone to buy something immediately that
information can be trusted all the way
around the world when we want to order
something new you bought one we need to
produce one more we don't have to wait
for the numbers to add up accounting has
become extremely digital accounting has
become now digitized in a way that
becomes in some ways the new oil of the
organization and now accounting and
finance is changing in the fourth
Industrial Revolution but just as we had
mentioned is management necessary in
this world we talked about the need to
have the rules we've talked about the
need to keep score when we're able to
not use human power to verify things but
use it for decision making we now can
make organizations move faster we can
actually do things we couldn't before
so we've transferred the manual part of
what we've done to the computer and
added intelligence to now free us just
as steam had freed us from animal power
we're now freed from computer power to
actually make better decisions another
concept we're very familiar with in
management is operations it's the
fundamental part of what we do
operations really is that whole
heartbeat of an organization bringing in
goods processing them ordering sending
them out that whole inertia of business
which now are seeing is done by
oftentimes by robots and intelligent
artificial intelligence things that now
we delegate human tasks to on a very
regular basis so you would ask then what
is the role of a manager now what is a
role of a manager in a factory full of
robots that we don't have to tell what
to do that they know what to do already
it's all about what I call orchestration
we've seen this for those of you have
seen Fantasia the animation classic from
Disney and Mickey is in there
orchestrating all these inanimate
objects to do something on his behalf in
many ways we're doing the same thing
managers in the fourth Industrial
Revolution
don't become organizers they become
orchestrators bringing together all
these things to do fast and efficient
things and we do it better because we're
able to use our knowledge of management
in order to to do the
another fundamental piece of management
is marketing we learned this in business
school it's fundamental to what we do in
order to enable businesses to sell
products we often talk about the four PS
right product price placement promotion
those things where you're supposed to be
in a place and I can influence you to
buy something through price or through a
promotion all of those different types
of things what we're seeing in the
fourth Industrial Revolution is now
that's changing dramatically it's not
about where you are to the product is
where the product is to you and
oftentimes it's in places we didn't
envision it could be your home
we now have products in the digit fourth
Industrial Revolution in the digital
world a mirror that can actually see you
and talk to you that could evaluate your
skin you can see how healthy you are
today versus yesterday it can start to
recommend products to you based on a
whole range of features and you haven't
said a word the 4th Industrial ushion
when we bring these digital and physical
worlds together now change the notion of
marketing because now marketing is
insightful marketing is pervasive
marketing is everywhere and it's not
interruptive it's actually very
instructional and we're able to do the
things we could not do even the things
we didn't know we wanted they're able to
actually sense the things that we like
based upon our conversations and how we
look in that way we act and provide
products that would fit our lives maybe
that we didn't anticipate and we're also
very familiar with human resources it's
interesting because if we look at this
field there's one term one word that
stands out human we've always known
management and organizations as just
that humans
so we've orchestrated a whole discipline
of management around this field how do
we motivate you how do we hire the best
employees
how do we actually look at the nonverbal
aspects of an employee before we hire
them and know that they're the right one
but there's also something fundamentally
challenging about humans in human
resources we're naturally biased we
naturally like certain things not like
certain things we're influenced by the
friends we have the countries we come
from it's not bad it's different and so
we're looking now in management in the
fourth Industrial Revolution as not
being replaced by a computer being
replaced by artificial intelligence but
being augmented by it and help us do
things better than maybe we could do
ourselves to potentially take away the
bias for example to evaluate somebody
and be able to look at their verbal and
nonverbal skills and be able to tell
that this person may have those none
those those qualities that we were
looking for that maybe we couldn't see
ourselves and give us a better chance of
finding the right hire the first time
and in management their strategy
computers now we've seen this from
computers were able to beat the best
game players that go at jeopardy all
these things which traditionally have
been purely a human exercise games and
strategy that now we're able to use the
fields of artificial intelligence to
help us create strategy and do things
maybe better than a human but the
question then becomes if a computer can
beat us at our own games can it do
strategy - and the answer is kind of
maybe but think about your own lives how
do you make a decision to buy something
simple such as a new smartphone there's
product
there's price there's place there's
promotion those those things that are
very standard but there's also those
other things how does it look how does
it feel how do you describe that and oh
by the way you had a conversation with
your friend last week and they told you
about this this foam
and you read something else and maybe
you saw somebody talking on this phone
on the bus on your way to school and you
thought wow that looks interesting
there's all these things which enter
into our heads and decision making that
sometimes we can't describe strategy
still is a human endeavor strategy still
requires a lot of complex thinking in
order for us to make a decision we can
use artificial intelligence to help us
and some places it's doing better than
us but so far we've never found a
computer that can think better than us
and this is the world of strategy that
managers in the fourth Industrial
Revolution will live in so then we get
to leadership probably the most
fundamental part of management that we
can look at a person in our organization
we can motivate them we can understand
what their career paths are in many ways
leadership is about trust trust in them
looking at you as a leader for you to
trust them if we look at this picture
this seems like a very trustworthy
individual this is actually the world's
first 24-hour artificial intelligence
newscaster it debuted two weeks ago in
China this could be your new coworker
this could be your new boss this is the
world that we'll live in in the fourth
Industrial Revolution as we learn how to
lead not just humans but things things
that act like humans things that think
like humans things that help us but it's
interesting as we look into the face of
this artificial intelligence it does
give us the feeling that we're looking
into a human being
and so it challenged us then challenges
us could we ever trust them if they gave
us a decisions if they gave us things to
do would we trust them would we see them
as a leader or will always be humans as
a leader so we've reached then a really
interesting inflection point
we've seen that in many cases management
is not dead management is entirely
necessary to this new world that we're
walking into this digital and physical
world combined that we have robotics and
intelligence all these things to help us
and make us better and make our
organizations better but we need to
actually be great managers two great
leaders two great strategists etc and so
as we think about the learning of
Management it means that we need to know
the fundamentals that those have not
changed we will just apply it to a new
world and to me I think that's probably
the most fundamental takeaway that we
will not do different things but we will
do things differently thank you very
much
[Applause]
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