(From left to right) MBN CEO Chang Seung-joon, Kumho Asiana Group President Park Se-chang, Atinum Partners CEO Lee Seung-yong, Hyosung President Cho Hyun-sang, Dongbu Insurance Managing Director Kim Nam-ho, and Zvika Krieger, head of World Economic Forum’s Center for the Fourth Industrial Revolution are discussing the fourth industrial revolution. [By Kim Jae-hoon]
The key for companies to survive in the age of fourth industrial revolution lies in close communication with governments and consumers, advised Zvika Krieger, head of World Economic Forum’s Center for the Fourth Industrial Revolution.
A group of heirs to Korean chaebol entities had a chance to meet with Krieger during Maekyung Media Group’s 24th Global Forum held in California, U.S.
Hyosung President Cho Hyun-sang asked how a company should prepare for the uncertainties from sweeping changes in the age of growing automation and digitalization.
Krieger said companies must communicate closely with authorities and the society as to moderate their pace during the transition stage.
Chang Seon-ik, managing director of Dongkuk Steel Mill Co. asked about growing concerns about machines replacing human labor. Park Se-chang, president of Kumho Asiana Group questioned about corporate readiness towards various side effects from the industrial shift.
Krieger said companies must not be entirely preoccupied with technology competition, but also keep in tune with the public and civilian sector so that innovations are in harmony with the society. For example, use of drone technology is restricted despite its enormous application potentials because of safety concerns. The makers should come out of the lab and talk to regulators more, he said.
Communication with the public is equally important. Companies must appease concerns about machines stealing human jobs and draw public attention to new line of jobs available in the new industrial age, he said.
By Shin Hyun-kyu
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