2Long-Range IT Plan Focusing on InnovationSchwab (2016) stated, “We are at the beginning of a revolution that is fundamentallychanging the way we live, work, and relate to one another. In its scale, scope, and complexity,what I consider to be the fourth industrial revolution is unlike anything humankind hasexperienced before.” (p.7).The first industrial revolution came about from the adoption of waterand steam power to drive machines with power, speed, and endurance unmatched by whathuman or animal power could achieve.The second industrial revolution came from the adoptionof electrical power, mass production and assembly lines, and telegraph lines, and gas and waterutilities.The third industrial revolution began with the adoption of electronic computers and theInternet.The third industrial revolution marked what was known as the information age.Thefourth industrial revolution sees the convergence of operational technologies and informationtechnologies in what has become known as cyber-physical systems, or automated systemscapable of generating, analyzing, and communicating their own data and information and actingautonomously upon that data and information.For humanity this marks the beginning of theimagination age, in which creativity, imagination, and innovation will become the primarycreators of economic value over the analysis and thinking of the information age.To remainrelevant and competitive in this new age, Reynolds Tool and Die must create a culture ofinnovation and embrace innovative technologies.Long-Range, Innovative Solutions PlanningWith its plans for migrating to a cloud-based infrastructure and adoption of mobilecomputing as part of its plan to integrate the facilities acquired in the acquisition of P.T. Tracyand the joint venture with Peraltada, Reynolds is taking the first steps in achieving long terminnovative solutions, but there are several other, complementary technologies Reynolds should
