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10 June 2019 | Story Charlene Stanley | Photo Charl Devenish
4IR Prof Marwala
Prof Tshilidzi Marwala, Vice-Chancellor and Principal of the University of Johannesburg and speaker at the first UFS public event on 4IR awareness (middle), with Prof Corli Witthuhn, UFS Vice-Rector: Research (left), and Tafadza Kachara, member of the UFS 4IR committee.

A computer programmed to play poker and learning by itself how to bluff; an algorithm that predicts whether two countries will ever go to war; machines that detect epilepsy with almost flawless accuracy these are some of the groundbreaking abilities brought about by technologies associated with the Fourth Industrial Revolution (4IR).

Addressing the first UFS public event to enhance 4IR awareness, Professor Tshilidzi Marwala, Vice-Chancellor and Principal of the University of Johannesburg, briefed staff, interested parties and members of the media about recent 4IR developments and their implications.

Prof Marwala is currently a thought leader on the impact of the 4IR on higher education in South Africa as well as the Deputy Chairperson of the national commission appointed by the president to formulate 4IR strategies for South Africa.

Industrial revolution history

He recapped how, during the first industrial revolution, people started to understand how nature worked, ultimately leading to the development of the steam engine.
The second industrial revolution was marked by the development of electromagnetism which led to electrification and mass production, while the third produced computerisation and a rise in digital technology. 

The fourth industrial revolution is characterised by a fusion of technologies that blur the lines between cyber, physical and biological systems. This has led to rapid advances in fields such as artificial intelligence, quantum computing and 3D printing.


Artificial intelligence

Prof Marwala pointed out that, although fears were rife of machines taking over people’s jobs, the flipside of the coin was that dangerous jobs such as fire rescue operations could be carried out by machines without endangering lives.

Artificial intelligence can be employed to prevent bridge and building collapses by monitoring the condition of structures. It can also be used in credit scoring, where machines search for and analyse all the available data on a credit applicant, without having to rely only on the (sometimes fraudulent) information supplied by the credit seeker. 

He emphasised the great need to develop algorithms applicable to our continent, such as translating software that makes provision for the clicks in languages like isiXhosa, and facial recognition software that incorporates data collected in African countries. 


Is Africa ready? 

Responding to a question from an audience member, Prof Marwala indicated that Africa was certainly not ready for the 4IR when it came to the content of teaching curricula and infrastructure.

“As universities, we should not sit back and wait for change. We have the responsibility to lead our societies to have the same experiences as elsewhere in the world,” he concluded.

News Archive

Academic addresses financial planning leaders at world summit
2010-05-04

Adv. Wessel Oosthuizen, Director of the Centre for Financial Planning Law at the University of the Free State (UFS), addressing financial leaders at the World Financial Planning Summit.


Adv. Wessel Oosthuizen, Director of the Centre for Financial Planning Law at the University of the Free State (UFS), is chair to four Financial Planning Standards Board (FPSB) expert panels that guide the global Certified Financial Planning (CFP) certification programme. At the recent World Financial Planning Summit, held in Taipei in China, he challenged a group of global financial planning leaders to support the formation of a global financial planning body of knowledge with sustainable career-path development opportunities.

He said: “For financial planning to be recognised as a distinct professional practice and a global profession, the financial planning community must establish a universal body of knowledge that is supported by applicable in-depth research.

“We need to establish how professional bodies should collaborate with academia to integrate a more competency-based education and training environment that combines theory with practice. Fostering and promoting comprehensive research in financial planning topics is another key challenge that must be addressed in order to develop a tertiary knowledge framework for the financial planning profession.”

Adv. Oosthuizen, who is playing a big role in providing consistent and rigorous education and assessment tools for financial planning in 2010, said that a bachelor’s degree should be a compulsory minimum requirement for practising financial planners.

About the learning curve between the academic and work environments in the financial planning profession, Adv. Oosthuizen said: “Implementing a career-path model that supports a more structured approach to apprenticeships and supervised practice would complement a specialised financial planning body of knowledge and provide entrants to the profession with the necessary theoretical knowledge and practical experience to offer competent and ethical financial planning.”

The World Financial Planning Summit engaged global leaders of more than 17 financial planning standards-setting bodies, as well as regulators, financial planning educators and other invited guests in a dialogue about the steps needed to gain recognition for financial planning as a distinct, global profession.
 

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