This week we are going to take a look at what automation is doing to our current socio-economical global landscape. It has pervaded the news with its most face-value effect of taking over manual human jobs, which it undoubtedly is: what the public is missing is a clear overview of the far-reaching effects. For example, automation will be able to provide a cushion for the ageing demographic of those countries who are dragging the economic growth. Presently, automation technologies and IIoT are bringing more to the table than raw workforce, exposing unconventional growth vectors to businesses. Automation is also hinting at a possible future in which jobs could be erased, urging a new definition of the individual’s social and economic contribution.
Robots May Help Defuse Demographic Time Bomb in Germany, Japan
Japan and Germany may be sitting on a ticking demographic time bomb where aging populations begin to drag down economic growth. Good thing they’re also prime candidates for robot revolutions. Increased automation and more use of robotic technology in these manufacturing powerhouses could help cushion the impact, according to Moody’s Investors Service.
Moody’s analysts wrote in the report this month:
“To the extent that robots can undertake activity that require labor, they will compensate for the negative impact that a slower growth in labor force would have otherwise had on growth.”
Read more about it on Industry Week.
Driving Unconventional Growth through the Industrial Internet of Things
The IIoT has been heralded primarily as a way to improve operational efficiency. But in today’s environment, companies can also benefit greatly by seeing it as a tool for finding growth in unexpected opportunities. In the future, successful companies will use the Industrial Internet of Things to capture new growth through three approaches: boost revenues by increasing production and creating new hybrid business models, exploit intelligent technologies to fuel innovation, and transform their workforce.
Read the report by Accenture.
Technology Will Erase Jobs—But Also Make Everything Cheap or Free
At Singularity University’s Exponential Finance Summit in New York this week, [Peter] Diamandis talked about the broad and specific trends he believes are leading to a demonetized world. […] The counterbalance to technological unemployment, Diamandis said, is the demonetization of living—in other words, pretty much everything we need and do in our day-to-day lives is becoming radically cheaper, if not free, and technology’s making it happen.
Read the whole article at SingularityHub.
Hope to see you again next week for another installment of the News-In-Review, don’t forget to follow us on Twitter and other social media for a more frequent flux of AM & IIoT news!