The growing time tax of the digital global economy

The growing time tax of the digital global economy

Sun, Jul 14, 2024 page9 The rise of generative AI and other digital technologies has enabled tech companies to offload tasks from their employees to users

Despite the rapid proliferation of artificial intelligence (AI) chatbots and virtual assistants, finding an answer to a question that a company’s software is not programmed to address can be frustrating. Searching through countless options on price-comparison Web sites for the best insurance policy or airline ticket can be equally exhausting. Yet, we tend to view this “time tax” as the cost of doing business in today’s digitized global economy.

To be sure, we […]

6 Ways California’s New Minimum Wage for Fast Food Workers Will Hurt Franchises — And Consumers Discover how California’s new minimum wage law is transforming the fast food industry, impacting franchise owners, employees, and the broader economy.

6 Ways California's New Minimum Wage for Fast Food Workers Will Hurt Franchises — And Consumers Discover how California's new minimum wage law is transforming the fast food industry, impacting franchise owners, employees, and the broader economy.

Key Takeaways

The new minimum wage law significantly raises operational costs for fast food franchises, which already operate on slim profit margins.

To manage increased labor costs, many franchises are raising menu prices and reducing their workforce. In response to the wage hike, some franchises are investing in automation to reduce reliance on human labor. California’s recent legislation to increase the minimum wage for fast food workers to $20 has stirred significant debate. While the intent behind the law is to improve the livelihoods of employees in one of the state’s largest industries, it has […]

China’s Tech Leap & Its Unforeseen Future: A Peek into the Future of Tech

China's Tech Leap & Its Unforeseen Future: A Peek into the Future of Tech

China’s Tech Leap Future Glimpse Opening of a 24/7 robot factory in China raises several important issues and is a remarkable development. This innovative factory runs entirely on its own, using advanced robots and artificial intelligence to oversee production operations without the need for human participation. This signals a turning point in the manufacturing industry. The topic that needs to be addressed is how humanity will fare if robots handle everything in the future.

Effects on Human Race and Employment

The development of fully automated, 24/7 robot factories will immensely impact employment and the human race. Loss of employment […]

How Robotics is Enhancing Custom Apparel Production

How Robotics is Enhancing Custom Apparel Production

The fashion business is changing at a high speed, and technology has a significant role to play in this context. The most exciting development is the application of robotics in custom-made wear manufacturing.

Such a revolution not only improves the methods and accuracy in the industry but also brings out opportunities for innovations and environmentally friendly solutions.

The t-shirt printing industry has undergone drastic changes through the implementation of robotic technologies and has set higher and more professional standards in printing. The Integration of Robotics in Apparel Production Automated sewing in creating custom garments is not a concept for the future; […]

Concerns Arise Over Job Market as Xiaomi Unveils AI-Powered ‘Dark Factory’ with ability to operate 24/7 without human workers

Concerns Arise Over Job Market as Xiaomi Unveils AI-Powered ‘Dark Factory’ with ability to operate 24/7 without human workers

Xiaomi CEO Lei Jun has announced the imminent operation of a new generation factory in Changping, Beijing, designed to produce smartphones with minimal human intervention.

The facility, described as a “dark factory,” is set to revolutionize manufacturing with its ability to operate 24/7 without any human workers.

This highly automated plant will use advanced robotics and AI to manage the entire production process. The factory’s machines are not only capable of continuous operation but can also collaborate, ensuring seamless and efficient production. It boasts an impressive capability to produce one smartphone every second, theoretically reaching an annual production capacity of 31.5 […]

Why AI May Be Better for Latin America Than You Think

Why AI May Be Better for Latin America Than You Think

Reading Time: 5 minutes

BUENOS AIRES—“It is difficult to make predictions, especially about the future.” This quote, often attributed to Nobel Prize-winning physicist Niels Bohr, has never been more valid than when applied to the ongoing debate about AI and labor markets.

A few years ago, the consensus was clear. Automation would likely replace medium-skilled jobs , depress low-skilled wages due to competition from displaced middle-skilled workers, and widen the skill premium. This trend was exacerbated by the decline of jobs that require personal contact and the surge in remote work and e-commerce during the pandemic . As a result, low- […]

Navigating the Future of Work in Blue and Gray Collar Industries

By Nilesh Dungarwal

In the ever-evolving landscape of global industries, the traditional divide between blue and gray collar jobs is increasingly becoming blurred. As technological advancements continue to reshape our world, the future of work in these sectors presents both challenges and opportunities. It is imperative for businesses, policymakers, and individuals alike to understand and adapt to these changes to thrive in the years to come.

Embracing Technological Advancements: One of the most significant transformations in blue and gray collar industries is the integration of advanced technologies such as artificial intelligence (AI), robotics, and automation. These innovations are not […]

If You Have Any Of These 13 Jobs, Your Career Might Vanish In 5 Years

If You Have Any Of These 13 Jobs, Your Career Might Vanish In 5 Years

As AI and automation reshape industries at lightning speed, the job market is experiencing a radical transformation. Here’s a look at 13 jobs that experts predict could vanish or be dramatically altered in the next five years, reshaping the employment landscape as we know it.

Tech Insights in Your InboxSubscribe to our free newsletter and never miss out on what’s happening in the tech world. Learn Tech Today, Lead Tomorrow. 1. Data Entry Clerks and Bookkeepers

Note : While these jobs may disappear in their traditional forms, many will likely evolve or be replaced by new roles. The pace and […]

If You Have Any of These 13 Jobs, Your Career Might Vanish in 5 Years

If You Have Any of These 13 Jobs, Your Career Might Vanish in 5 Years

As AI and automation reshape industries at lightning speed, the job market is experiencing a radical transformation. Here’s a look at 13 jobs that experts predict could vanish or be dramatically altered in the next five years, reshaping the employment landscape as we know it. 1. Data Entry Clerks and Bookkeepers

Note : While these jobs may disappear in their traditional forms, many will likely evolve or be replaced by new roles. The pace and extent of change will vary by region, industry, and individual adaptability to new technologies

Data Entry Clerks and Bookkeepers are facing a rapidly changing […]

Billionaire Investor Ken Griffin Contradicts Elon Musk, Says ‘Not Convinced’ AI Will Replace Human Jobs Anytime Soon: LLMs Have ‘No Idea What To Do’

Billionaire Investor Ken Griffin Contradicts Elon Musk, Says 'Not Convinced' AI Will Replace Human Jobs Anytime Soon: LLMs Have 'No Idea What To Do'

The founder and CEO of Citadel , Ken Griffin , expressed skepticism about the imminent replacement of human jobs by artificial intelligence, contradicting Tesla Inc. CEO Elon Musk .

What Happened : Billionaire investor Griffin shared his reservations about the future of AI at an event for Citadel’s new class of interns in New York. He questioned the potential of large language models and other AI tools to fully replicate human tasks within the next three years, reported CNBC on Monday.

"Some are convinced that within three years almost everything we do as humans will be done in one form […]