The world is in the midst of what Schwab  calls the fourth industrial revolution (4IR). The fourth industrial revolution (or 4ir) refers to a technological change that is blurring the lines between physical, digital, and biological spheres. This change is driven by massive advances in cyberphysical systems such as high-capacity connectivity; new human-machine interaction modes such as augmented reality and virtual reality; 3D printing and other forms of additive manufacturing; advanced robotics; biometric identification; and artificial intelligence.
The 4ir is transforming the future of work. It has a direct impact on the business world, and its effects are visible all over the globe. It is causing businesses to adapt and transform to survive in the global economy. It is changing the way people communicate and collaborate, and it is affecting the way companies produce goods and services. It is also making it easier for organizations to scale their products and services.
Consequently, it is necessary to understand how 4ir impacts different industries and business sectors in order to prepare for the changes. As such, this article focuses on exploring the impacts of 4ir on the operations and manufacturing industry. The primary goal is to examine how the implementation of 4ir can help manufacturers to become more productive and improve their efficiency in a sustainable manner.
This article uses a methodological approach that involves document analysis. The documents used for analysis included scholarly articles, reports, and books. The process involved identifying the inclusion criteria, collecting the documents, outlining the key areas of analysis, coding, verification, and the final analysis. The results of this study suggest that if stakeholder capitalism is fully embraced by businesses in the 4IR, it can contribute significantly to the attainment of sustainable development goals.
Stakeholder capitalism is a form of economic management that promotes a balance between business profits and social and environmental responsibility. It is a form of corporate management that is increasingly being adopted by businesses in the 21st century. In the 4IR, it is crucial for businesses to adopt this form of management because it can help them to be more productive and competitive in the marketplace. However, there are some gaps in this theory that need to be addressed in order for it to be effective in the 4IR.
These gaps include the issues of power imbalance, inequality, and security. In addition, they require a shift in the way businesses think about value creation and measurement. Moreover, these gaps must be addressed in order to ensure that the benefits of the 4IR are shared equally by all stakeholders.