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The Opportunities and Challenges of the Fourth Industrial 

Revolution in Management Science 

 

 By 

Florence Eguonor Omonzejele & Cyril Obiora Agu 

 

 

Abstract  

This study was set out to review, theoretically, the opportunities and challenges 

of the fourth (4th) industrial revolution in Management Science with particular 

reference to the Nigerian economy and how the implications of the disruptive 

technologies can be driven to enhance the economic situation in the country. 

They study revealed that while Nigeria has made considerable efforts to adapt 

the technologies of the 4th industrial revolution, she is still far behind in keeping 

pace with its transformations. The study concluded that the speed of the current 

technological breakthroughs, along with its transformations, in all aspects of 

human life certainly shows the emergence of a 4th industrial revolution. 

Therefore, a change in the structure of the Nigerian economy is needed to adapt 

to these transformations. The study recommended, among others,  a complete 

review of the curricula of the different levels of education in Nigeria (from 

primary and secondary schools to all the various forms of tertiary institutions) 

to include skills in Management Science – skills that form the bedrock of the 4th 

industrial revolution. 

Keywords:  4th Industrial Revolution, Disruptive Technologies, Management 

Science 

 

Introduction  

When Great Britain first brought about technological changes in the 

1760s by converting her economy from an agrarian and artisanal to one 

characterized by industrialization and innovation, the stage was set for a 

series of industrial revolutions: the first industrial revolution between 

1760 to 1840; the second industrial revolution between 1870 and 1914; 

the third industrial revolution between 1914 and 1950; and the fourth 

industrial revolution which began in 2014 (Schwab, 2016; Ajah & 

Chigozie-Okwu, 2019; and Iberdrola, 2022). The invention of each 



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industrial revolution was a hallmark.  Every successive industrial 

revolution was a refinement of the previous one and unique in nature.  

However, the 4th industrial revolution struck every living being on earth 

with awe, as it turned the entire globe into the smallest bedroom that can 

be accessed at the speed of light. 

Though, it is said to be built on the third (3rd) one, the 4th industrial 

revolution cannot be compared to any of the three previous ones. It has 

been described as “unprecedented”, and “fussion of technologies.” Its 

changes have been seen to “disrupt every sphere of human living -

physical, digital or biological" (Schwab, 2016; and Xu, David & Hikim, 

2018). The disruptive technologies of the 4th industrial revolution include 

Artificial Intelligence (AI), Internet of Things (IoT), Robotics, 

Nanotechnology, Three-Dimensional (3D) Printing, Bio-technology, 

Energy Storage, Material Science, and Quantum Computing (Change, 

2017; and McGinnis, 2020). These technologies, on the one hand, come 

with the potential to increase the level of income globally and raise the 

standard of living for populations all over the earth (Schwab, 2016).  On 

the other hand, they present challenges for developing economies like 

Nigeria, that find it difficult to work out the mechanism to key into the 

4th industrial revolution . 

Report shows that Nigeria has continued to face huge developmental 

challenges despite the significant improvements the country has made in 

recent times (World Bank, 2020).  These developmental challenges 

ranging from unemployment, inequality in terms of income and 

opportunities, to lack of diversification of the economy and governance 

issues can only be solved by embracing the technologies of the 4th 

industrial revolution. It is the need for Nigeria to attain sustainable 

economy by harnessing the advantages of the 4th industrial revolution 

that this study was carried out. 

No doubt, there are many studies, locally and international, on the 

opportunities and challenges of the 4th industrial revolution (Omoh, 2015, 



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Schwab, 2016; Scheel, 2016; Ajah & Chigozie-Okwu, 2019, 

Onyeizugbe, Nnadi & Enaimi, 2019; Trendov, Veras & Zeng, 2019, 

Groncharov, 2020; Ladimeji, 2020; Obijole, 2020, Zervoudi 2020, Bode-

Harrison, 2021; Change, 2022 and Iberdrola, 2022), but very few known 

studies address the implications of the 4th industrial revolution in the field 

of Management Science, with particular reference to the Nigerian 

situation. Thus, the objective of this theoretical study was to carry out a 

critical examination of the implications of the disruptive technologies of 

the 4th industrial revolution in the field of Management Science, with a 

view to finding the way forward for the overall growth and development 

of the Nigerian economy. 

Evolutionof Industrial Revolution 

The world ‘revolution’ carries the idea of a dramatic, sudden, radical or 

complete change. While “industrial” relates to the industry or 

“characterized by highly developed industries” (Merriam Webster 

Dictionary, 2022).  Simply put, industrial revolution is a remarkable 

change characterized by highly developed industries brought about by 

significant technological innovations and advancements. 

Vries (2008) defined industrial revolution as the “emergence, during the 

transition from pre-industrial to an industrial society of modern economic 

growth, that is a sustained and substantial increase of GDP per capital in 

real terms”. It is a period of major innovation and industrialization 

resulting from technological changes that fundamentally transformed the 

society in terms of its economy, way of working and standard of living 

(Schwab, 2016). In pre-industrial times, man was content with 

subsistence farming, using crude farm instruments and manual labour in 

a communal setting. As time went by, man saw the need to expand in 

knowledge through critical thinking in order to achieve a better and 

improved method of doing things. This gave rise to innovation/invention 

and the birth of the first industrial revolution which became one of the 

major forces of change in the 19th century. As a result, western 



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civilization leading to the industrial era that shaped the modern world 

was actualized. No wonder Zeidan (2022) referred to industrial 

revolution as a process of economic transformation than as a period of 

time in a particular setting. 

As noted by Obijole (2020), industrial revolution often heralded 

disruptions in the operations of markets and economies, which are 

deviations from the status quo and are not always negative.  This was the 

case with the first industrial revolution which began in England in about 

1750 – 1760 and lasted to sometime between 1820 and 1840, during 

which it spread to other parts of Europe (Mohajan, 2019). It was an era of 

significant innovation as notable inventions like the steam engine, the 

spinning jimmy and the telegraph brought about mechanized production 

and social change (Schwab, 2016). There was a transition from 

human/animal labour technology into machinery leading to among 

others, improved efficiency in raw material usage, labour and overhead 

expenses (Mohajan, 2019). Despite the breakthroughs of the first 

industrial revolution, it was said to lack scientific base, giving way to 

another revolution known as the technological revolution – the second 

industrial revolution (Mokyr, 1998). 

The second industrial revolution began in American between 1870 and 

1914, with the invention of combustible engine, electricity and light bulb 

which brought about social, cultural and economic changes (Mokyr, 

1998; and Schwab, 2016). It was characterized by urbanization and rapid 

territorial expansion which transformed the United States and some other 

parts of the world including China (Engleman, 2022). 

The third industrial revolution, known as “Digital Revolution”, began in 

the late 1900s and was characterized by the spread of high-level 

automation and digitalization through the use of electronics, 

computer/internet facilities, Programmable Logic Controllers (PLCS) and 

robots (Ajah & Chigozie-Okwu, 2019; and Ward, 2019).  With the dawn 

of the 21st century, a more aggressive and far-reaching industrial 



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revolution appeared in the world scene which, in many ways, was quite 

different from the previous industrial revolutions – the 4th industrial 

revolution. 

The Fourth Industrial Revolution 

Klans Schwab was the first to describe the kind of technological change 

of the 21st century as the fourth (4th) industrial revolution. Though 

Schwab (2016) acknowledged the 4th industrial revolution as deriving its 

foundation from the third, he explained beyond all reasonable doubt that 

it was distinct, and not a continuation of the third one. He noted that the 

4th industrial revolution was occurring at an “unprecedented speed, 

evolving at an exponential rather than a linear pace, and disrupting 

almost every industry in every country of the world, with a fusion of 

technologies that is blurring the lines between the physical, digital and 

biological spheres”. With these characteristics of the 4th industrial 

revolution manifesting at the same time, it could rightly be said that it 

was indeed unlike any previous industrial revolution. The 4th industrial 

revolution has been referred to as “innovation based on combination of 

technologies” and characterized by what is known as “cyber-physical 

systems” (Change, 2017; Xu et al, 2018; and Ajah & Chigozie-Okwu, 

2019). Schwab’s view about the emergence of the 4th industrial 

revolution has been supported by many scholars (Inwalomhe, 2018 in 

Ajah & Chigozie-Okwu, 2019; Xu et al, 2018; and Goncharov, 2021). 

Despite the strong arguments made by advocates of the 4th industrial 

revolution, researchers like Moll (2021) posited that the 4th industrial 

revolution was yet to come. He argued that a long-term socio-economic, 

cultural and technological changes, at a fundamental or structural level, 

must characterize an industrial revolution. However, Iberdrola (2022) 

emphasized that with the appearance of smart factories and online 

production management, there is no better way to describe the rise of a 

new industrial revolution – the 4th one. 



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In view of the far-reaching effects of the disruptive technologies of the 

4th industrial revolution, one cannot deny its emergence and existence. 

One can only think of fitting into the 4th industrial revolution by a 

complete understanding of the use of its evolving technologies. It is only 

then that one can make good use of the opportunities of the 4th industrial 

revolutions. 

Technologies of the 4th Industrial Revolution 

Schwab (2016) listed Artificial Intelligence (AI), Robotics, Internet of 

Thing (IoT), Three-Dimensional (3-D) Printing, Nanotechnology, 

Biotechnology, Materials Science, Energy Storage and Quantum 

Computing as major technologies of the 4th industrial revolution, 

bringing about unlimited breakthroughs, with no historical precedent. 

Some of these technologies are briefly discussed below: 

Artificial Intelligence (AI): This is the ability of a computer to perform 

tasks required by human intelligence and discernment. Such intellectual 

tasks include decision making, problem solving, perception, 

understanding/translating human languages (Copeland, 1993; and 

Findler, 2007).  AI can be applied in all fields of human endeavour. 

Though Moll (2021) argued that AI was a technology  associated with 

the invention of the 3rd industrial revolution, Zvika Krieger in Schwabs 

(2016) asserted that as AI began to impact the workforce and automation 

replaced existing skills, there would be an increased need for emotional 

intelligence, creativity and critical thinking. Hence, AI forms part of the 

evolving technologies of the 4th industrial revolution. 

Robotics: This is a specialized branch of automation and is closely 

associated with AI. Robotics technology has to do with the design, 

construction and use of machines known as robots to perform tasks that 

are traditionally carried out by human beings (Schreiber, 2022). Robotics 

is constantly evolving and robots have been specifically designed to 

interact physically with humans in collaborative environment (Iberdrola, 



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2022). Robots help in performing repetitive and dangerous tasks, thus 

saving the lives of workers in manufacturing industry.   

Internet of Things/Internet of System:  Change (2022) referred to 

Internet of Things (IoT) as a network of interconnected smart devices 

that allow each separate device to interact (send or receive data from 

other devices on the network). It is designed to establish a connection 

between the physical and digital worlds (Iberdrola, 2022). Internet of 

Systems (IoS) refers to business-owned systems that can collect data 

from IoT networks to make an independent business such as in marketing 

and sales. Schwab (2016) opined that IoT describes everyday items such 

as medical wearables that can monitor users’ physical conditions. 

Examples include blood pressure, electrical activity of the heart, to cars 

and other tracking devices connected to the internet and identifiable by 

other devices. IoT calls for decentralization of basic leadership, 

empowering continuous reaction as an entire organization is 

interconnected and companies could be connected with one another 

(Islam, Hashin Jantan& Rehman, 2018). IoT has a wide range of uses, 

from agriculture and manufacturing to healthcare. All of these are leading 

humans towards a better-connected lifestyle.  IoT and IoS make up the 

“Cyber Physical Systems” (Change, 2022). 

Three Dimensional (3-D) Printing: This technology, according to 

Iberdrola (2022), helps to develop prototypes of products for sales, 

quickly, accurately and economically. It allows “manufacturing 

businesses to print their own parts, with less tooling, at a lower cost, and 

faster than via traditional processes” (Schwab, 2016). It is now widely 

used in architecture, engineering and other areas of design and 

production. 

Opportunities and Challenges of the 4th Industrial Revolution in 

Management Science – The Nigerian Situation  

Management Science is a field of study which refers to a “broad 

interdisciplinary study of problem solving and decision making in human 

organizations, with strong links to management, economics, business, 



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engineering and other fields. It uses various scientific research based 

principles, strategies and analytical methods including mathematical 

modeling, statistics, and numerical algorithms” in providing solutions to 

complex problems in organizations and for optimal decision-making 

(Wikipedia, 2022). Management Science embraces different fields of 

study (Luenendonk, 2019) applying the knowledge derived from these in 

solving complex management problems such as business uncertainty, 

tracking team productivity, shaping the culture of the organization, 

recruiting, on boarding the right employees, employee welfare, effective 

communication, time management, and regulation and compliance 

(Growth Engineering, 2021). 

Management Science is a function of industrial revolution. Its birth was 

brought about by the first industrial revolution. In fact, traditional 

management theories both pre scientific and scientific were derived from 

the first and second industrial revolutions. The functions of management 

science revolve around the challenges and opportunities of the 

technologies of the current industrial revolution.  

According to Luenendonk (2019), Management Science helps to notice 

the availability and proper use of resources, realize the future possibilities 

and needs of the organisation’s consumer base, boost employee 

motivation and productivity through safer work environment, achieve 

higher productivity through proper time management and efficient 

workforce.   

The fourth industrial revolution has mouth-watering prospects for 

Management Science. Scheel (2016) specifically pointed to increased 

production capacity/flexibility by 70% improved working capital/cash 

flow management by 73%, improved competitive position by 79%, 

improved operational efficiency by 76% and basis for competitive 

pricing by 82% as the benefits of the 4th industrial revolution through the 

use of its disruptive technologies. For example, AI helps in production 



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optimization through improved efficiency and quality processes for 

companies that are able to apply it in their business practices.   

In discussing the possible future improvements information technology 

can provide to Management Science, Andrew McAfee in Luenendonk 

(2019) stated that one of the biggest changes Management Science must 

face is an unbelievable amount of horse power and a mass of data to 

apply to it. Scientific approaches that are technology facilitated must be 

used. This means that any company not migrated in the direction of the 

4th industrial revolution certainly will lose a huge opportunity, which in 

turn will affect its survival, growth and development, and of course with 

the adverse effects on the economy. In another business discussion, 

Philip Evans in Luenendonk (2019) showed how the IoT has transformed 

businesses by making traditional business strategies obsolete. He argued 

that modern technology has collapsed the traditional value chain through 

falling transactions, allowing fragmentation of scales where individuals, 

instead of organizations, have taken over businesses. He then 

recommended that Management Science must accommodate 

collaboration and competition simultaneously, stating that since 

information revolution had moved the structure of industries from 

vertical to horizontal, whether in the private or public sector, business 

structure must accommodate different ideas and motivations from 

individuals, organizations and governments.   

Despite its benefits, the 4th industrial revolution presents a lot of 

challenges in Management Science.  In general, while the availability and 

wide use of social media can create opportunities for cross-cultural 

understanding and cohesion, this can lead to exposure of business secrets 

in many companies, resulting in cyber theft (Schwab, 2016; and Mayor et 

al, 2021). Income inequality, cyber security risk, core industries 

disruptions and ethical issues have been listed as challenges of the 4th 

industrial revolution (Bode-Harrison, 2021). 



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Omoh (2015) stated that countries would “either take off or fall behind in 

the new dispensation, depending on whether or not” they are learning and 

coping with evolving technologies of the 4th industrial revolution.  This 

view was supported by Onyeizugbe et al (2019) who opined that 

structural and institutional changes are needed to achieve industrial 

revolution.  How much has Nigeria done in this regard? 

Although Nigeria has made considerable efforts in meeting up with 

challenges of the 4th industrial technology as could be seen in the wide 

use of AI and Block chain in the financial sector of her economy, the e-

commerce digital platforms (such as Jumia and Konga), social media 

platforms (in creating markets for entrepreneurs across the country for 

easy accessibility), marketing resources that were once out of their reach, 

and the revolution in the transportation sector (which is creating jobs for 

many via digital platforms like uber and taxity), she still depends so 

much on numerical labour force and is weak with respect to 

advancements in science and technology (Ndagi & Salihu, 2018; and 

Bode-Harrison, 2021). The level of utilization of technologies of the 4th 

industrial revolution is currently not wide spread across Nigeria, even 

though there could be potential applications of these technologies to 

various sectors of the economy, causing disruptions in industries across 

the country (Obijole, 2020). 

Bode-Harrison (2021) identified two major hindrances to the successful 

utilization of technologies of the 4th industrial revolution in Nigeria as: 

 Poor Digital Infrastructure: He stated that as at the end of 2020, 

Nigeria’s internet penetration stood at 43.3% with major lag in rural 

areas; 

 A Greater Demand for High-Skill/High-Pay: He posited that due to 

automation and new technologies of the 4th industrial, there was an 

increasing demand of high-skill workers and a gradual phasing out of 

unskilled workers. He opined that the high rate of unemployment was 



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due to Nigeria’s lack of understanding, production and usage of the 

evolving technologies of the 4th industrial revolution. 

In view of the above, Nigeria needs a complete “overhaul” of its 

economy. Adepetun (2018) in Ajah & Chigozie-Okwu (2019) 

emphasized the restructuring of the Nigerian educational system from the 

9-3-4 system to one that can prepare successive generations for 

“technological tsunami” and application of theory to real life problems. 

Ajah & Chigozie-Okwu (2019) recommended a conducive business 

environment, politically and otherwise, to enable old and new businesses 

thrive. They appealled to the different stakeholders of the Nigerian 

economy especially governments at the different levels of governance, to 

adapt the disruptive technologies of the 4th industrial revolution as a way 

forward, by prioritizing local contents development. 

Conclusion  

This certainly is an era of the 4th industrial revolution, with its evolving 

technologies disrupting all aspects of human life and all fields of human 

endeavour. Management Science is especially affected by the 4th 

industrial revolution. This is because it emanated from industrial 

revolutions, its functions are based on the analytical tools of science and 

the effectiveness of its decisions shaped by the current existing 

technologies. With the 4th industrial revolution the traditional strategies 

of management science have become obsolete. The IoT, robotics and AI, 

among others, have transformed the structure of business organizations 

from vertical to horizontal, thus calling on all economies to key into this 

change for survival, growth and development. 

The Nigerian economy is yet to transform the structure of its economy 

and the management of its institutions to fit into the 4th industrial 

revolution. Though, the economy has made changes in some areas, these 

changes are yet to cut across the entire country; hence, the massive 

developmental challenges still faced by the country (World Bank, 2021).  

As rightly pointed out by Omoh (2015), the issue of digital gap, resulting 



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from a low level of e-literacy and digital skills and weak technological 

infrastructure, continues to plague the country. Obviously, the Nigerian 

economy needs a transformation and an aggressive one at that, if it must 

survive the 4th industrial revolution. This calls for a repositioning of the 

economy. Therefore, as suggested by the World Bank (2021), Nigeria 

needs to reduce her dependency on oil and diversify her economy, 

address the issue of insufficient infrastructure, build strong and effective 

institutions, and address governance issues and public financial 

management systems. All these can only be achieved if adequate 

attention is given to the use of the disruptive technologies in management 

science, as advancements in science and technology can only add value 

to an economy when properly applied in management science. 

Recommendations  

 All stakeholders of the Nigerian economy, from individuals to 

organizations and governments, must conscientiously pay attention 

to the evolving technologies of the 4th industrial revolution with a 

view to acquiring the needed skills in adapting these technologies to 

the changing needs in their respective fields of endeavour. Here, the 

need of training and re-training on the use of these disruptive 

technologies of the 4th industrial revolution cannot be 

overemphasized. 

 The Nigerian educational system – starting from the primary level – 

must be tailored to the needs of the society. To this end, a review of 

curricula at all levels of education is needed to include training in e-

literacy and digital skills identified by Mayer et al (2021), as critical 

thinking, creativity, problem solving, flexibility, innovation and 

adaptability. 

 The Polytechnic education is especially meant for the technological 

development of a nation, for self-reliance and self-sustainability. 

Sadly, Nigerian Polytechnics are yet to bring the Nation to the 

“promised land” in this regard. The Nigerian government is called 

upon to upgrade the Polytechnics in the federation through proper 



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funding and sensitization. Other stakeholders of the Nigerian 

Polytechnics are called upon to play their roles in helping to enhance 

the status of these Polytechnics to meet up with the advancements of 

the 4th industrial revolution. 

 Experts in the field of Management Science in Nigeria should 

particular note that the extent to which they adapt the disruptive 

technologies of the 4th industrial revolution to the changing needs of 

organizations and industries will directly impact on the development 

of the Nigerian economy. Thus, they must work with the speed 

/velocity of the transformation of the 4th industrial revolution 

through continuous research, with the aim of moving Nigeria from a 

country developing retrospectively to a fully developed  one. 

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Author Information: Dr (Mrs) Florence Eguonor Omonzejele is a 

lecturer at Auchi Polytechnic, Auch, Edo State, Nigeria.  

Email: florenceomonzejele@yahoo.com 

 

 

Cyril Obiora Agu is affiliated to Auchi Polytechnic, Auch, Edo 

State, Nigeria. Email: agu.cyril4life@gmail.com 

 

 

 

 

 

 

 

 

 

 

 


