There is a booming curiosity and concern about the impact of robotics and artificial intelligence on organizational structure and employment. There still a persistent confusion about the relationship between jobs, technology and automation thus the interaction between them.
Technology driven process and functionalities enhance the standard of living. It helps in production by increasing quantity, improving quality and save time while eradicating errors arising due to defects. The quality management of the process even betters the standard. There are two ways by which it can be picturized, one is the advent of technology takes up the space of employment and other is technology backs the work by giving it sustainability and improved quality to increase productivity and GDP.
Automation let organizations cut short in the investment in terms of variable costs. In industries where lower prices won’t notably 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 dynamics are highly elastic, automation allows the same number of workers to produce more output to maintain the position in the market. It also effects on the job growth depending on geographical and regional scenarios. The 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 the gain of jobs but creates 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 3Ds: dumb, dirty, and dangerous jobs. But if automation is not only restricted to such jobs and can be implemented on other “good” jobs, then it would be a double win scenario in terms of GDP and an increase in the revenue.
We neglect the objective which should be focusing on easing laid-off workers’ transitions into new jobs. With the implementation of automation, there is a chance to lay off the number of workers to decrease the variable costs in terms 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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