Tag: productivity

Horizon Bets on the Smart Factory

Horizon Bets on the Smart Factory

(This article originally ran in the June 5 edition of the drupa daily.)

Timm Edelhoff, head of Horizon GmbH in Quickborn, Germany, takes a pragmatic approach to automation. Under his leadership, Horizon GmbH embraces the smart factory concept to leverage technologies that streamline operations, enhance productivity, and deliver customer value. It is all on exhibition in their drupa stand in Hall 6 and partner stands across the messe.

Edelhoff’s philosophy on automation is clear: technology should serve a purpose beyond novelty. "Automation must have a customer benefit or ROI," says Edelhoff. "Technology without a direct benefit is a waste of […]

The Hype around “Operational Efficiency”

The Hype around “Operational Efficiency”

Corporate earnings calls have shared a common theme of late: operational efficiency. According to Morgan Stanley analysts, mentions of efficiency have steadily increased since 2022 . This trend indicates a significant shift in how companies are strategizing for the future. Yet the efficiency focus is about more than just cost-cutting. Greater emphasis on efficiency also has to do with technological developments, and AI in particular. As understanding of AI’s potential grows, executives have begun to anticipate new ways of reducing labor costs (labor substitution) and speeding up and improving work processes (labor augmentation) to boost productivity. According to Morgan […]

CWU raises concerns over skills and job losses to AI

CWU raises concerns over skills and job losses to AI

The Communication Workers Union (CWU) of the Trade Union Congress has called to attention the threat of artificial intelligence and other emerging technologies to the human job market.

Madam Vida Quansah, National Chairman of the Union, said job losses from digital adoption by corporations and the present economic situation cast gloom over the future of human resource.

She urged the Government and worker unions to seek measures to secure livelihoods for many.She made the call at the 8th Quadrennial National Delegates Conference of the Union which was held in Ho on the theme: “The Impact of Artificial Intelligence on the Future […]

The Power of AI, ML, Autonomous Systems, and Robotics in Workforce Transformation​

The Power of AI, ML, Autonomous Systems, and Robotics in Workforce Transformation​

Artificial Intelligence (AI) and robotics are no longer just futuristic concepts; they have become integral components driving innovation across numerous sectors. From assembly lines to advanced research labs, these technologies are transforming old job roles and opening doors to new possibilities.

However, this transformation is not without its skeptics. Many voice concerns about a future where machines might replace human labor, potentially leading to widespread job losses and increased social inequality. These worries are valid and highlight the need for thoughtful technology integration in our workplaces.

The adoption of AI and robotics shouldn’t be about replacing the human workforce but enhancing […]

Elon Musk Predicts Universal Basic Income Surge with AI Job Replacement: His 8 Best Quotes on UBI

Elon Musk Predicts Universal Basic Income Surge with AI Job Replacement: His 8 Best Quotes on UBI

Elon Musk Patrick Pleul/AFP/Getty Images Elon Musk, a prominent advocate for universal basic income (UBI), sees it as a crucial response to the rapid advancements in automation and artificial intelligence (AI), which he predicts will drastically reduce the need for human labor. As the CEO of Tesla and SpaceX, Musk envisions a future where self-driving vehicles and AI-powered machines perform most of the work, leading to widespread job displacement. Musk’s perspective on UBI is rooted in the belief that as automation progresses, the economy will be so productive that everyone will receive not just a basic income but a […]

Is Artificial Intelligence (AI) Genuinely A Transformational Technology?

Is Artificial Intelligence (AI) Genuinely A Transformational Technology?

Artificial Intelligence (AI) is not just a buzzword, or a concept confined to the realms of science fiction. It is a rapidly evolving technology that has already begun to reshape various aspects of our lives and holds the potential to fundamentally transform society in ways we are only beginning to understand.

The concept of AI, which encompasses machine learning, natural language processing, robotics, and more, has been a subject of both awe and controversy. Its capabilities have expanded from simple automated tasks to complex problem-solving, predictive analytics, and even mimicking human interactions. The impact of AI on society is multifaceted, […]

How has the rise of automation impacted employment rates in various industries?

How does automation affect job availability in industries? 5 answers

Automation’s impact on job availability in industries is a multifaceted issue with contrasting views. While some predict job losses due to automation , others suggest that automation can actually lead to higher labor demand at both the firm and industry levels . Studies indicate that automation does not necessarily cause a net loss of employment overall, but low-skilled workers in routine jobs may face job displacement, emphasizing the need for new skill sets and specializations within occupations . The transformation to digitalization and automation of production equipment can result in […]

Understanding the Economic Impacts of AI Technology: Deflationary and Inflationary Effects

Understanding the Economic Impacts of AI Technology: Deflationary and Inflationary Effects

Understanding the Economic Impacts of AI Technology: Deflationary and Inflationary Effects

Soren Azorian

· Follow 4 min read·3 hours ago AI Technology’s Economic Impacts: > Deflationary Impacts: Increased Productivity : AI automates routine tasks, optimizes processes, and improves decision-making, leading to higher productivity and lower production costs. These savings can be passed on to consumers at lower prices. Cost Reduction : AI-driven automation reduces the need for human labor, decreasing labor costs. AI also streamlines supply chains, reduces waste, and improves inventory management, further lowering costs. Reduction in Employment Costs : Automation of repetitive tasks allows […]

The Role of Fiscal Policies in Addressing Challenges of Productive Artificial Intelligence

The Role of Fiscal Policies in Addressing Challenges of Productive Artificial Intelligence

The expanding landscape of artificial intelligence has the potential to revolutionize productivity and enhance public services, while also posing significant concerns over job displacement and increasing inequality. To navigate this transformative era successfully, governments must adopt a “nimble” approach to address both the continuity of regular operations and the potential for disruptive scenarios.

Unleashing the Power of Adaptability

In exploring the implications of technological advancements on society, the conversation shifts towards the pivotal role of fiscal policies in steering the trajectory of AI deployment for the greater good. Recognizing the uncertainties surrounding the nature, impact, and pace of progress in productive […]

How Do Robots Impact Employment And Labor Markets?

How Do Robots Impact Employment And Labor Markets?

Key Takeaway

Robots impact employment and labor markets in various ways. Displacement: Robots can replace workers in routine tasks, leading to job losses. Studies show adding one robot per thousand workers can reduce employment rates by 0.16–0.20 percentage points and lower wages by 0.42%.

Productivity: Automation boosts productivity and reduces costs, creating new jobs and increasing labor demand in some sectors. Skill Requirements: Workers need new skills to operate and maintain robots, prompting upskilling and reskilling. Economic Implications: While automation can widen income inequality if benefits are not equitably distributed, it also presents opportunities for economic growth and innovation. Introduction […]