At the centre of the developing Asia is Industry 4.0, also known as the digitalization of industries. Shifting businesses and enterprises into an intelligent and connected virtual space is no longer an option but a necessity to survive, primarily due to the added pressure brought about by the pandemic. A fresh study by Deloitte proved this trend with a great majority (96%) of companies from Asia Pacific (APAC) revealing that they have conducted an audit to find opportunities for Industry 4.0, significantly higher compared with the global average of 51%.
“Asia Pacific’s level of digitalization is still in its early stages until the pandemic forced everyone to reconsider their operational practices. Contrary to popular belief that Industry 4.0 is a high-level topic confined in the four corners of a board room, this revolution has the consumer at its core. This, alongside breakthroughs like Big Data, Internet of Things (IoT), 5G, are here to create a customized future,” comments Stephan Neumeier, Managing Director for Asia Pacific at Kaspersky.
Customized future means products and services are made based on a customer’s preference. It is also known as “personalization”, a trend introduced bythe mobile ultra-broadband of 4G, which brought to human’s fingertips the power to call a cab when they need one, to stream the song or content they want to, and more. With more advanced technologies rising, majority of consumers (83%) values personalised experience that they are willing to give their data to make it possible.In fact, consumers are unknowingly giving more data than they have bargained for.
For instance, what seems like a simple song choice when made multiple times and then analyzed can allow music streaming companies to predict user’s mood at a certain time and location. Same goes with dating apps which can tell if one is in a sad and vulnerable state, and at which time of the day, based on the number of customer’s swipes from left to right.
In terms of location tracking, users have been sharing their locations real-time, even before the pandemic happened. The way consumers use virtual maps to find their way or to be aware of the live traffic situation also empowers these apps to amass a huge amount of data, allowing them to predict their behavioral and physical patterns. Such data are risky when held by the wrong hands.
With this amount of information, customized future is very possible as a lot of companies now know their consumers better than they know themselves.