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Positive Economic Impact That Robots and Automation Have on An Economy

Automation and robots are generally thought to be ruining the economy. The advent of new technology has almost always changed the jobs market. Robots and automation are now spreading fear among people that they will lose their jobs. While the fear is not unfounded, it is certainly growing out of proportion. Robots have a positive impact on the economy and they can even create new jobs. Let’s understand how.

Robots help in increasing productivity

With the help of robots and automaton technology, productivity of any business can be increased manifold. Robots do not take sick leaves and with regular maintenance and upkeep, they will keep functioning at the top of their ability for long durations as well. They don’t have to work in shifts too. Moreover, robots do not leave jobs or complain about job satisfaction as well. Once you invest in a robot, it will continue serving you through its lifetime.

The good news is that robots and automation technology can be updated from time to time, using lesser resources and getting better with each upgrade. A similar tech upgrade where humans have to be taught could take more time and it could be difficult to find experts in the field as well. Therefore, the overall productivity of an organization increases as it adopts more automation tech.

Rise in GDP figures

When the overall productivity of an organization increases, it helps in producing more goods and services. Therefore, there is a rise in the GDP by a minute percentage. However, multiply the increase by several hundred thousand organizations and you are looking at a substantial growth in the GDP.

With the help of automation, we could be looking at the second industrial revolution. It will change the landscape of the world economy, just like steam engine brought about major changes in manufacturing and transport. As more and more businesses move towards automation, they will not only be improving productivity but will also save precious resources which can be channelized elsewhere. This will further boost productivity, reduce wastage of resources and make businesses more efficient over time.

Creation of new jobs

While most of us believe otherwise, automation and robots help in the creation of new jobs. These jobs are often in STEM field, are highly specialized and high paying as well. However, robotics also removes low-skilled jobs from the workspace. Drivers are at a risk of losing their jobs because of automation and robotic tech. However, even more skilled professionals like accountants, lawyers and even doctors could soon be replaced with robots, which are now even performing complicated surgical procedures.

If we have to move with the world, we will have to embrace robots and automation technology. Failing this, we could end up in a horrid alternate reality. The good news is that automation is giving everyone a chance to skill up and start looking for higher paying jobs.

Automation is not our enemy. It will bring about new changes in our world and help us create better, smarter and more efficient workplaces.