We live in an era of artificial intelligence (AI) and machine learning technologies that have helped us in many ways. It has given us tremendous power of processing, storage capacity, and access to information. One of the big words in today’s industries is Automation along with IoT, Machine Learning, and Artificial Intelligence. This blog is about the Changing Content and Design Market Landscape through Automation.
In the first phase of the increasing development of this technology, we got charkha. Again, we got electricity in the second phase. The gift of computers arrived in the third phase of the industrial revolution.
In 2016, the World Economic Forum introduced artificial intelligence (AI) – the “Fourth Industrial Revolution”. But due to this, regulatory challenges like data ownership and protection of workers has risen.
The old conceptualization of the sales funnel has been working for decades. Now the shape and size of that funnel have changed dramatically. The buyers of today aren’t passively waiting for the marketing company to feed them information. Instead, they are going out and finding knowledge themselves.
Noticeable and massive technological advancement has occurred. Over the past few years, advances in artificial intelligence, robotics, and machine learning have transformed today’s business landscape. Trends suggest that the Global stock of robots will keep multiplying even faster in the next 20 years and will reach 20 million by 2030.
TECHNOLOGY AND AUTOMATION!
Technology and automation have become an integral part of our lives.
We often do not think about the effects they can have. Even after being aware of its consequences, we can’t ignore it as it has now become an important aspect in terms of technological advancement.
Technology is present everywhere, from mobiles to our cars. In the field of business, words like automation, machine learning, artificial intelligence have become common. Most businesses have adopted the concept of automation to have better results and have efficiency in working.
Benefits of automation
We have witnessed the effects of Robotics in retail stores. Also in a powered chatbox on E-Commerce websites where you automatically receive a reply to your message as soon as it’s sent.
Automation reduces bureaucratic discretion and also reduces opportunities for minor corruption in protection-based systems. Reduction in corruption facilitates improvement in business conditions. This increases further investment and employment opportunities.
Effects of Automation
According to the International Labor Organization (ILO), 60 percent of the work related to formal work in India is “medium-skill”. These are clerical work, sales, service, skilled agriculture, and business-related work. All these jobs would vanish with such technology. Automation, in particular, has also impacted the level of occupation and wages.
According to a 2013 study conducted by the Oxford Martin Program on Technology and Business, only 0.5 percent new business opportunities have been created since 2000.
In comparison, 173 million jobs will be automated in the next eight years in various other countries with the world’s seven largest economies.
Automation is not just about Robotics. It is also about using technology to augment humans and improve their productivity. It enables workers to focus on higher-value tasks and perform effectively.
In 2016, the OECD working paper titled “Risk of Automation for Businesses in OECD Countries”, concluded – 14 percent of the total work of 32 OECD countries will be automated.
In the World Development Report prepared by the World Bank for the Developing World, it has been speculated that due to the ill effects of automation, from the surplus of labor in countries of Asia and Latin America and low labor countries of Africa, there is a reallocation of workers in the state.
After examining 702 professionals around the world, Oxford professors Karl Frye and Michael Osborne said, “How will computerization affect business?” years. 65 percent of the business in India is global off-shore work. 40 percent of the work is related to the processing of global business. By 2030, 69 percent of the work related to formal business will be automated.
Automation has improved operational efficiency along with productivity. It has also resulted in cost savings in manufacturing and services with better customer personalization, increased safety, and less tedious work. However, it appears that automation would take over many jobs. How can we fend such employees? What is the solution to the new technology? Probably, we would figure it out in years!
Stay tuned to know more!