PRESIDENT Emmerson Mnangagwa has implored the business community to embrace the Fourth Industrial Revolution (4IR) to keep pace with global competitiveness and spur economic growth.
The 4IR is a rising trend towards automation and data exchange in manufacturing technologies and processes which include cyber-physical systems (CPS), industrial internet, cloud computing, cognitive computing, and artificial intelligence among other innovations.
The concept is poised to multiply industrial productivity output and serve as a springboard for world economies to attain their economic goals.
In his keynote address Thursday to mark the 10th Edition of the CEO Africa Annual Roundtable currently underway in the resort town of Victoria Falls, Mnangagwa urged local players to embrace the indispensable technologies.
"As business and policymakers, we have to take advantage of the Fourth Industrial Revolution as it has the potential to raise global income levels and improve the quality of life for populations around the world.
"Innovation and the use of Information Communication Technology are critical enablers as we traverse the journey towards modernising and reshaping the African Continent's economic landscape," he said.
Mnangagwa said this technological revolution is disrupting almost every industry in every country, with changes that herald the transformation of entire systems of production, management, and governance.
He said given the 4IR importance, it is necessary for companies to quickly adapt to the changing global marketplace demands by responding quickly and intelligently to changing market conditions.
Through such modernisation initiatives as re-imagining and upgrading outdated systems, applications and processes, Mnangagwa said companies will be able to attain higher productivity and efficiency levels and enhanced customer experience among other advantages.
"This should not only apply to private sector entities but also to state-owned enterprises, which should increasingly take up their position of providing quality and affordable essential services, given their role as operators of critical national infrastructure and services," he added.
