Industrial Evolution Stages

This question practices your understanding of how industrial change is typically framed in investment banking interviews, especially for sectors like Industrials and Manufacturing. You need to know the broad progression from steam and mechanisation, to electrification and mass production, to computers and digital systems, and then to connected, intelligent automation. Interviewers ask this type of question to see whether you can explain a major industry trend clearly, connect technology shifts to business impact, and discuss how those changes affect productivity, operating models, and capital investment across the sector.