Harnessing Technology: Why efficiency in BPO may lead to more jobs, not fewer

Harnessing Technology: Why efficiency in BPO may lead to more jobs, not fewer

In a rapidly evolving digital landscape, the Business Process Outsourcing (BPO) sector is at the forefront of technological innovation and economic debate. As concerns grow about job losses from technological advancements like artificial intelligence (AI) and automation, Jevons Paradox provides a unique viewpoint. This paradox suggests that increases in efficiency from technology can actually lead to more resource use, not less, due to increased demand.

First introduced by William Stanley Jevons in the 19th century, Jevons Paradox observed that technological improvements in coal use efficiency led to increased coal consumption across industries, not a decrease. The core idea of the […]

Unraveling long-term household changes through economic modeling

Monthly Labor Review logo image May 2024

Evolving Households : The Imprint of Technology on Life. By Jeremy Greenwood. Cambridge, MA: The MIT Press, 2019, 316 pp., $60 hardcover.

In his presidential address delivered at the 100th meeting of the American Economic Association in 1987, Gary S. Becker, a recipient of the Nobel Prize in Economic Sciences in 1992, stated the following: “Modern economists neglected the behavior of families until the 1950s. Since then, economic analysis has been used to explain who marries whom and when (if ever) they divorce, the number of children and investments in each child’s […]

Standard Chartered Bank to fund green Chinese firms in Africa

Standard Chartered Bank to fund green Chinese firms in Africa

NAIROBI, May 11 (Xinhua) — Standard Chartered Bank is keen to provide significant financing to Chinese firms that uphold green ethos to expand their footprint in Africa, an executive said on Friday.

There is a growing demand on the continent for sustainable consumption and production technologies to achieve a climate-resilient future for local communities, said Richard Li, the head of wealth and retail banking at Standard Chartered Bank China, in Nairobi, the capital of Kenya.

“I can see opportunities and capabilities we can bring in as Standard Chartered Bank to support our clients to respond to this trend between China […]

Robots versus humans

The future of employment in the so-called fourth industrial revolution

by mercedes galán

The emergence of AI and automation in the workplace raises ethical, legal, and economic concerns. The increasing presence of robots in the job market raises worries about human job displacement. Although the impact on labour demand is not entirely negative, it’s crucial to acknowledge its ramifications. New technologies substitute, transform, and also generate job opportunities. In this context, the necessity for legislation to regulate their utilization and safeguard workers’ rights becomes increasingly urgent.Experts: Raúl Rojas , partner of the labor area of Écija, Ignacio del Fraile , […]

Food Industry Innovation: Blockchain and automation reinventing supply chains

Food Industry Innovation: Blockchain and automation reinventing supply chains

Blockchain is a decentralised information technology that could improve food supply chains by increasing transparency, efficiency, security, and trust. Blockchain could enable consumers, delivery drivers, stores, and food and beverage companies to have access to transaction history that is immutable and traceable. Blockchain could also reduce transaction cost and time, enhance consumer trust, production speed, and product efficiency, and improve food safety and policies.

Here are some ways in which blockchain technology is transforming the food and beverage industry:

Supply Chain Transparency: Blockchain technology can help improve supply chain transparency by providing real-time visibility into the entire supply […]

Rise of Artificial Intelligence: The Threat of Jobless Future or Better Job Opportunities Through Reskilling and Upskilling

“Success in creating AI would be the biggest event in human history. Unfortunately, it might also be the last, unless we learn how to avoid the risks.”

—Stephen Hawkins

Artificial Intelligence (AI) is the computer science that emphasizes the creation of intelligent machines that work and react like humans. It uses computers to mimic human cognitive processes for decision-making. AI is designed to perform various activities which include speech recognition, learning, planning, problem solving.The rise of Artificial Intelligence (AI) is a double-edged sword when it comes to jobs. There are valid concerns about some positions being automated, […]

The Intersection of IoT and Robotics: Transforming Industries and Workforce

The Intersection of IoT and Robotics: Transforming Industries and Workforce

iot in robotics The integration of IoT in robotics is not just about connecting devices; it’s about creating intelligent systems that can adapt and learn from their environment. These interconnected robotic softwares can optimize processes, predict maintenance needs, and enhance decision-making capabilities by harnessing the power of real-time data exchange and advanced AI algorithms.

From smart factories where robots collaborate with humans to optimize production lines, to autonomous vehicles navigating city streets, the possibilities are endless. As IoRT continues to advance, it promises to revolutionize industries, unlocking new levels of efficiency, safety, and innovation in the ever-evolving automation landscape. get […]

How Will Artificial Intelligence Affect Jobs 2024-2030?

How Will Artificial Intelligence Affect Jobs 2024-2030?

Artificial Intelligence (AI) is poised to significantly impact jobs from 2024 to 2030. AI applications like automation and robots are reshaping workplaces, potentially leading to job displacement but also creating new roles that demand expertise in data analysis and machine learning . The evolving landscape may see routine tasks automated, necessitating a shift towards roles requiring technical, creative, and social skills . In the recruitment sector, AI is streamlining processes, enhancing productivity, and altering HR functions, with a projected increase in AI adoption by businesses . Specifically in software engineering, AI is expected to automate many tasks, prompting the […]

Tech advances to cause job displacements

Tech advances to cause job displacements

Tech advances to cause job displacements Technological advancements hold the promise of improving efficiency, increasing productivity, and enhancing our quality of life. However, alongside these benefits, there is growing concern about the displacement of jobs resulting from automation and digitization. Many traditional jobs will become obsolete, leaving millions of workers without employment opportunities.

The rapid advancement of technology, particularly in areas such as artificial intelligence, robotics, and machine learning, has already begun to reshape industries and redefine the nature of work. Tasks and roles that were once performed by humans are now being automated, leading to fears of widespread job […]

Harmonising Horizons: The futuristic symphony of automation in 2024

Harmonising Horizons: The futuristic symphony of automation in 2024

Representative Image Automation refers to the use of technology to perform tasks with minimal human intervention. Here are the different types of automation:

Fixed Automation: In fixed automation, a predefined sequence of operations remains constant and cannot be customised by the user. It is commonly used in the mechanical industry for specific tasks. Think of it as a “set-it-and-forget-it” approach where the system configuration determines the sequence of operations.

Programmable Automation: Programmable automation allows users to modify the sequence of operations based on specific requirements. Users can customise the process by changing the order of steps. It provides flexibility […]