Since the past decade, there has been a growing curiosity and concern about the impact of robotics, automation and artificial intelligence on organizational structure and employment. There lies a persistent confusion in the minds of the people regarding the relationship between jobs after the advent of technology and automation and the interaction between all of them.
Technology driven processes and functionalities enhance the standard of living. It helps in production by increasing the quantity, improving the quality and saving time while eradicating errors arising due to defects and human errors. The quality management of the process even betters the standard. There are two ways by which it can be pictured, one is that the advent of technology takes up the space of employment and other is that, technology backs the work by giving it sustainability and improved quality to increase productivity and in the long run the GDP.
Automation lets the various organizations cut costs with respect to investment in variable costs. In industries where lower prices won’t significantly lead to more demand for a good or service, automation allows fewer workers to produce the same output. But in industries where price and demand are inversely proportional to each other and the demand is highly elastic, automation allows the same number of workers to produce more output to maintain the position in the market. It also impacts on the job growth depending on geographical and regional scenarios. Region with higher productivity requirement will face less job growth than stagnant productivity per labor unit.
Automation solely depends on ROI and producing more in lesser time. It doesn’t guarantee an increase in the number of jobs but does create new opportunities in terms of creation and deployment of automated procedures. It is a trending topic of debate that automation should only be for the 3 D’s: dumb, dirty, and dangerous jobs. But if automation is not only restricted to such jobs and implemented on other “good” jobs as well, then it would be a win-win scenario in terms of GDP and increase in the revenue.
We neglect the objective which should be to focus on easing the transition of the workers who have been laid off into new jobs. With the implementation of automation there is a chance to lay off number of workers to decrease the variable costs in terms of overhead salary and increase production per unit time. As quoted by Late Stephen Hawking, automation will, “in turn will accelerate the already widening economic inequality around the world”. “The internet and the platforms that it makes possible allow very small groups of individuals to make enormous profits while employing very few people. This is inevitable, it is progress, but it is also socially destructive.”
Compliances to such standards of automation and artificial intelligence can also be a huge mess. Monitoring high-end technology and complying to related responsibilities with traditional methods add up to the misery. Incorporation of GRC SaaS like VComply is a sheer need in this progressive and proactive market of business to match up to the standards and regulations. Technology should not only support the economic factors but also should sustain the socio economic and environmental obligations, or else in search of better living prospects the world will turn into a huge machine functioned by instruments.
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