Economic Impacts of AI and Robotics


Technology has played an essential role in making work more efficient for years. Now, robots and artificial intelligence (AI) are becoming present in more business situations.

This article outlines the two most significant economic impacts of these technologies. So, read on to discover how AI transformed the world economy.

Effects on Manufacturing

AI is one of the crucial pillars of the growing digitalization of the manufacturing industry. 

With the internet of things (IoT), 5G, and cloud, AI has changed manufacturing. These new technologies can transform the process into a cyber-physical system. 

In the factories of the future, a single platform may connect all manufacturing processes. Developers can use AI to link the machines, interfaces, and components.

AI appliances can gather large amounts of data to optimize manufacturing processes. 

Manufacturers can use this technique for several industrial activities. They can improve multi-machine systems and industrial research. Many manufacturing companies, like Nyrstar, can take advantage of this perk. 

With big data from AI, zinc manufacturer Nyrstar can respond to the demand for zinc and lead more efficiently. Plastic manufacturers can also benefit from using AI technology.

AI deployment in production will likely increase over time. With automated learning, manufacturers can enjoy improved efficiency in the production process.

Meanwhile, robots enhanced the mechanization of manufacturing in certain countries.

Some manufacturers are using industrial robots with three-dimensional vision. The robots can shift, pack, and assemble objects.

In certain countries, there are robotic vending machines that sell products like DVDs. Some machines even sell used cars.

Impact on Employment

Many people do not realize that robots are creating new jobs that need skilled workers. According to the World Economic Forum, automation can produce up to 58 million jobs.

Yes, robots are taking the jobs of low-skilled workers. The technology is automating tasks that are easy to perform. But, this also means that automation lets workers focus on higher-value work. 

For example, in manufacturing, robots can complete menial tasks. These include sorting, stocking, and moving raw materials. 

Meanwhile, tasks related to product quality still need high-skilled workers. 

Now that robots are doing menial jobs, there has never been a better time for workers to get higher-paying jobs. They only need the right skill and education to fill those roles.

These are only two significant impacts of robots and AI in the economy. As time goes on and developers introduce new technology, these effects will become more impactful for a wide range of sectors.


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