SINGAPORE (Oct 28): What is the digital age and industry 4.0? If you ask Barack Obama, he might tell you it makes him a better golfer, according to Joe Kaeser, CEO, Siemens.

The idea that we are in the fourth industrial revolution originates from Klaus Schwab, author of the book, The Fourth Industrial Revolution, posits that we are at the beginning of a “revolution” that will fundamentally change the way we live, work and relate to each other.

The pace of change is “exponential” according to Schwab, with the combined forces of extreme automation and connectivity, delivered by rapid advances in technology will transform entire countries, companies, industries and societies. The developed economies are likely to benefit at the expense of emerging economies given the differences in infrastructure and labour market composition.

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