Blueprint for May
Vive La Industrial Revolution!
By Jessica Hoefer
3 min read
The Industrial Revolution changed the landscape of economics and society, not once, not twice, but three times. And we are currently experiencing a fourth iteration of the industrial revolution.
The first industrial revolution transformed the 18th century into what is known as The Age of Mechanical Production. These advancements in industrialization saw cities and industries grow rapidly. Then, the early 20th century saw a second industrial revolution: The Age of Science and Mass Production. The most notable innovation of this time was the influx in manufacturing made possible by the assembly line. And by the 1950s a third industrial revolution, The Digital Revolution, took us from analog to digital technology. Since then, modern society has benefitted from automated production and supply chains going global. This brings us to the fourth industrial revolution where technology is the invisible architecture of the world. We have robotics, artificial intelligence, virtual and augmented reality, blockchain, Internet of Technology (IoT) and more.
And within our own industry, technology has benefited affordable housing with innovations, such as 3D printing and modular construction, as well as more accurate statistics, building productivity and easier communications. Over the years, Tax Credit Advisor has shown how technology has aided in reducing costs, streamlining construction, increasing production, enhancing services and improving accuracy as it pertains to the industry.
Last month, TCA covered how the use of utility management and energy-efficient retrofits reduces costs and is economically advantageous. But how does technology play a role in achieving those goals?
This month, we are picking up where we left off with a deep dive into the software and technology revolutionizing affordable housing. In this three-part series Managing the Pipeline Property Operations Technology and its Unique Benefits for Affordable Housing and New Technology Advances Utility Management, we read about how hardware and software along with an extensive partner ecosystem are transforming the industry for the better. A perfect example of this can be seen in Case Study: The Montage in San Antonio.
Technology is not, however, limited to the advancements mentioned in our three features or case study.
CohnReznick’s Embrace the Moment: A Spotlight on ‘LIH-Tech’ Digital Revolution provides a descriptive list of industry technology at a glance. It covers everything from property technology, harnessing data and AI-driven management to virtual and augmented reality and Geographic Information Systems.
While greater automation and connectivity are the focus of the fourth industrial revolution, experts are predicting that the fifth industrial revolution will focus on the collaboration of humans and technology to enhance processes. I, for one, am looking forward to these advancements. Here’s to the revolution!
Regards,
Jessica Hoefer
Editor-in-Chief
