4th Industrial revolution for Preparing Bangladesh

The globe is in the midst of a somewhat quiet revolution. This revolution, in contrast to others, is happening piecemeal. In certain nations or areas, certain aspects of the revolution have already advanced significantly, while many other nations are unsure of how to advance in the game.
Yes, I'm referring to the 4th Industrial revolution, or 4IR, which is set to transform how we interact with technology, perceive the economy, use services, and carry out our daily tasks. After the government unveiled the "Digital Bangladesh" idea, it had begun to go in the correct direction. To ensure that Bangladesh is ready to profit from nearly ten years of digitization efforts, the government must be adaptable, progressive, inclusive, and proactive in light of the quickly evolving technology landscape.

First off, digital technology and their management constitute a major portion of 4th Industrial revolution. Appropriate regulations must control the development and application of new technology. Bangladesh is unfortunately unable to quickly create policies. The process of creating or updating policies takes years. The acute lack of competent human resources that can effectively assist policymakers in creating and revising policies more quickly in response to changes or advancements in foreign policy or technological advancements presents another difficulty. 

We would be gravely mistaken to believe that the problems posed by the Fourth Industrial Revolution can be solved by simply updating colonial-era laws and regulations. The goals of the regulations created during the colonial era were different, and those in charge were not even aware of digital technologies at the time. Policies for connected economies, data protection, trans-border online trade, virtual currency, digital economy, ethical use of AI, IP protection, digital currency, virtual products, start-up ecosystem, digital financing, trans-border cybercrimes, and many other emerging phenomena that are yet to be defined will be necessary for the twenty-first century and the 4th Industrial revolution (4IR). The good news is that while some policies are still being developed, others have already been developed. However, those fall well short of the requirements.

The Cisco Digital Readiness Index, one of the most extensive evaluations, provides a sense of our state of digital governance. In the 2019 Ease of Doing Business Index, Bangladesh came in at position 126 out of 141 nations, with a total ranking of 108th. In order to keep ahead of the race, Bangladesh would need to draw in investments from the tech titans who are defining the 4th Industrial revolution . Since businesses will be the ones driving the Fourth Industrial Revolution, the government must create an atmosphere that will attract international investment. We've already seen how sectors can grow as a result of shifting policies. For example, the emergence of mobile phone manufacturing in Bangladesh has been made possible by changes in tax policies.

The industry's overall revenue has increased as a result of the cash incentive policy on IT/ITES export. Using these real-world examples as a guide, the government should concentrate on developing pertinent laws and policies and seeing to their implementation. It is also important to remember that a law or policy has no use if it is not enforced. A gentle reminder of this is the recent e-commerce debacle.

The second major worry regarding Bangladesh's readiness for 4th Industrial revolution is highlighted by the policy problems discussion. In Bangladesh, there is a severe lack of qualified labor for all technology-related businesses. Bangladesh possesses a great supply of human resources. The skilled portion is where the challenge lies. As unbelievable as it may seem, practically all IT companies are ready to acquire highly talented individuals at competitive rates. 

But there isn't really anyone on the market with the necessary skill to fill those positions. This problem will become even more prevalent with the 4IR. There will be a huge demand for skilled workers. But the current system of producing degrees or certificate holders won't be able to keep up with demand. The fact that the 4th Industrial revolution will result in fewer 4D occupations is one of its important aspects. These are risky, filthy, dull, and stupid jobs. 

There will be a significant increase in the number of new jobs that are produced as well as a sharp rise in the need for highly qualified workers who can build solutions, deal with emerging technologies, continuously pick up new skills, and provide technological solutions for 4D occupations. What worries Bangladesh the most is that the country's skill level is far behind what is required to fully benefit from 4th Industrial revolution.

In reality, Bangladesh rated 118th for people in the Cisco Digital Readiness Index 2019; similarly, the Charming Institute's Network Readiness Index (NRI) 2020 shows that Bangladesh ranks 115th for people. These two factors show that our efforts to develop skilled labor for 4th Industrial revolution or the technology sector are failing. This means that the government needs to reconsider and create a system or body that will work tirelessly to guarantee the availability of qualified personnel, offer recommendations to lessen the problems relating to supply and demand, strengthen ties between industry and academia, and reskill or upskill the current workforce with the necessary skills.

The physical infrastructure needed to enable the technologies' uptake and expansion is the most discussed aspect of the 4IR. Therefore, the revolution requires the establishment of R&D centers and knowledge-based, technology-specific hubs that can spearhead the development of indigenous innovations and work with trailblazing inventors throughout the world to create workable answers to business challenges. 

The nation's needs for high-speed internet access will also rise dramatically in tandem with these. We've made great strides in the past four years towards guaranteeing district-level internet connectivity. However, we will need high-speed internet access at the union and village levels in order to guarantee the full value of 4th Industrial revolution.

The good news is that the government has started a number of initiatives, and it appears that rural areas will have much better broadband connectivity in the next years. Having strong data centers that can meet company needs and government regulations is another crucial component. In order to create data centers in Bangladesh, it will be imperative to collaborate with global leaders in cloud storage, such as Amazon, Microsoft, and Google. 

The alternative will be to collaborate with them to increase local capacity if they have no interest in creating data centers. Tier 4 and Tier 3 data centers have already been created by the government, and their capacity has greatly risen. However, in order to fully profit from 4IR, the services and quality provided by these physical institutions must be comparable to those of their international equivalents. An further noteworthy feature of 4th Industrial revolution is 5G connectivity. 4IR is set to debut on the 5G network. Businesses will be able to use mobile high-speed data transfer with the rollout of 5G. Therefore, one of the essential requirements of the 4IR may be to guarantee that 5G is provided at a reasonable price.

Lastly, we have to acknowledge that the 4th Industrial revolution is rapidly approaching. There is a serious risk that in certain situations we will be caught off guard. Bangladesh must take a comprehensive approach in order to get ready for the 4th Industrial revolution. One ministry or organization cannot handle this significant of a task. In addition to the IT sector, the 4IR will have an effect on a wide range of other industries, including manufacturing, services, education, agriculture, and health. This is a worldwide challenge, and in order to ensure that Bangladesh is prepared to ride the wave, all the ministries must work together. 

Simultaneously, companies and trade associations must play their part by working with the government to establish a mutually beneficial outcome. These are uncertain times, and the pandemic has quickened the 4th Industrial revolution pace due to the rapid rise in technological dependence. Bangladesh must therefore expedite its level of preparedness in order to guarantee that we will be ready for anything when the time comes.