We all have heard & learned about the industrial revolution which was a turning point in the history of mankind. Since its inception, the development of various countries across the world spiked rapidly – both economically & technologically. War for colonies, raw materials & power followed but countries who relied on agriculture remained underdeveloped & exploited.
This is just one of the reasons that even today, advanced countries around the world support industrialization on a large scale and transfer advantages to agriculture.
So what exactly is this Industrialization & what are the characteristics that make it so important for the organizations of today?
Industrialization – A Break Down
In simple words, Industrialization is the process by which an economy of a nation is transformed from being agriculturally based to the manufacturing of goods while an industry means the production of goods or related services within an economy. But in today’s world, it doesn’t just involve factories & machines. Any major sector (healthcare, media & entertainment, software, technology etc.) that provides service to a certain number of consumers & employs a sizable number of people can be classified as an industry. The major source of revenue of any company is the industry that it performs in & whenever a company has multiple sources for revenue generation, it’s reflected that the company is working in different industries.
Industrialization – Before & After
The world was very different before the rise of industries. There were no cars, airplanes or proper tarmac roads which made commuting very difficult. Food & clothing was produced locally and the life of the majority of the population was the life of a farmer which then was a constant battle against cunning landlords, overworking, famine, diseases & other struggles. Life was slow…then a change happened which changed everything.
Industrialization didn’t happen overnight but spread over the world of business very gradually. The increase in the population of Europe which happened around the middle of the 18th century produced a gigantic pool of workers which boosted the growth of industries. This was because more efficient methods of production became necessary compared to the traditional methods for providing the basic needs of so many people. This led to a wealthy & productive industrial system and an increase in the number of creative inventors. Today, the strength of industries define the economic capability of nations.
Industrialization – Obligatory Conditions
Similar to the other sectors of business, Industrialization is not possible without the relevant markets & sources of capital. Development in this amazing sector is also dependent on access to raw materials, availability of labor and finally availability of science & technology.
Historically, the last ones have also been helpful in the development of an education process for the masses including schools & colleges because large scale access to technology means access to science on the same level.
These factors prove that Industrialization was achieved successfully in the nations which were able to adapt to changes in technology, internal population migrations, political-economic freedom & commercial policies.
Industrialization – Today’s world, Tomorrow & Business
If not for Industrialization, we wouldn’t have seen the urbanization, population growth of today, international migration & international trade among countries, as we are seeing today. Today, it’s being said that we are going through the Fourth Industrial Revolution (Digital Revolution) which is altering the way we live, work, & relate to one another. In contrast to the previous ones, the Fourth is progressing at an amazing rate & is disrupting every industry around the world. The possibilities of emerging technology in the fields of robotics, Internet of Things, artificial intelligence, nanotechnology, materials science & more combined with today’s people(Billions) being connected by mobile devices is absolutely mind blowing.
The impact is also influencing industries as businesses are seeing new technologies that are creating new ways for serving existing needs & disrupting existing industry research & development, marketing, sales and distribution in ways that are faster by the upgrade in speed, quality & price at which value is delivered. Account Based Marketing done by making use of relevant marketing data has already changed the way marketing & sales function in the sector of Industries and is also being applied by CampaignLake.
Industrialization – Your Turn
Leaders around the world are recognizing the importance of Industrialization in putting an end to poverty & encouraging sustainable development. In 2016, the gathering at the G20 Summit in China demonstrated the increased consensus for efforts needed in facilitating Industrialization as one of the main drivers of economic growth in the least developed countries. The G20 leaders then supported the enhancement of small & medium enterprises, young people and women in business growth which led to a recognition of the interconnection of economic development, necessity of private-public partnerships & connection of business community to policymakers.
Industrialization has led to the growth of businesses around the world & day by day its importance is growing. The whole sector is a gold mine that won’t be exhausted for at least the time till businesses exist. So, don’t miss your opportunity in this amazing sector.