Startup
Start Your Business
Private Limited Registration
Public Company Registration
OPC Pvt Ltd Registration
LLP Firm Registration
Section 8 Company Registration
Nidhi Company Registration
Insurance Company Registration
NBFC Company Registration
Producer Company Registration
Foreign Subsidiary Registration
Foreign Branch Office
Foreign Liaison Office
Foreign Project Office
Overseas Company Registration
Proprietorship Firm Registration
Partnership Firm Registration
Grow Your Business
GST Registration
MSME Registration(UDYAM)
Shop & Establishment Registration
Startup India Registration
ESI/PF Registration
IEC Code (Import Export)
Startup Consultation
Appoint Virtual CFO
Angel Funding/ VCs
Virtual Office Service
Due Diligence of Company
Business Development
Protect Your Business
Trademark Registration
Trademark Objection
Trademark Hearing
Trademark Opposition
Trademark Infringement
Trademark Renewal
Trademark Assignment
Trademark Withdrawal
Trademark Monitoring
Logo Design Service
Copyright Registration
Patent Registration
Exit Your Business
Close Company
Fast Track
Close LLP
Close Firm
GST Cancellation
Compliances
Change Services
Change Company Name
Change LLP Name
Change Company Object
Change LLP Object
Increase Authorised Capital
Increase Paid-up Capital
Increase LLP Capital
Transfer of Shares
Alteration in MoA & AoA
Resignation of Auditor
Appointment of Director
Resignation of Director
Change in Designation of Director
Shifting Registered Office of Company
Shifting Registered Office of LLP
Dormant Status of Company
Mandatory Compliances
Appoinment of Auditor
Annual Filings of Company
Annual Filings of LLP
Annual DIN/DPIN KYC
Annual Return of Deposits
Half Yearly MSME Return
Statutory Registers & Minutes
XBRL Filing of Companies
eStamping of Share Certificates
Dematerialisation of Shares
RBI FEMA Compliance
GST Returns Filing
ESI-EPF Returns Filing
TDS Returns Filing
Change in Structure
Proprietorship to OPC
OPC to Private Limited
Private Limited to OPC
LLP to Private Limited
Private Limited to LLP
Partnership Firm to LLP
Private Limited to Public Company
Public Company to Private Limited
Trust/Society to Section 8 Company
Existing Company to Section 8
Existing Section 8 to Company
Services
Accounting & Book Keeping
GST Compliance
Valuation Services
Corporate Litigation
Company Law Advisory
Services For Banks
Drafting & Vetting Services
Business Setup Advisory
Startups Funding
Business Loans
Get in Touch
Govt Liaisoning
Retainership Services
NBFC
NBFC Company Registration
NBFC Micro-Finance Registration
NBFC P2P Lending Registration
NBFC Core Investment Company
NBFC ROC Compliance
NBFC RBI Compliance
NBFC License Restoration
NBFC Business Plan
NBFC Acquisition
NBFC Consultancy
NBFC Compliance Calendar
NBFC Independent Director
ISO
ISO 9001:2015
Most Demanded
ISO 14001:2015
ISO 13485:2016
OHSAS 18001:2007
HACCP Certification
CE Marking
GMP Certification
CMMI Level 3 Certification
ISO 22000:2005
ISO 27001:2013
FSSAI
FSSAI Registration
FSSAI State License
FSSAI Central License
FSSAI Registration Renewal
FSSAI License Renewal
FSSAI Returns Filing
FSSAI Compliances
FSSAI Consultancy
ITR
Salaried Person
TDS Refund
Firms/LLPs
Companies
NGOs
Income Tax Notice
Income Tax Planning
Income Tax Litigation
Income Tax Computation
Charity
Section 8 Company
Recommended
Trust Registration
Society Registration
80G & 12A Registration
FCRA Registration
NITI Ayog Registration
CSR-1 Registration
CSR 2 Report
CSR Services
NGO Consultancy
NGO Handholding
Govt Grants Support
Partnership
Angel Investors
Venture Capitalists
Co-Working Spaces
Banks and NBFCs
Incubation Centres
Government Wings
Institutional Bodies
Software Companies
CA/CS/CMA/Lawyers
Press & Media Houses
Overseas Ventures
Other Startup Enablers
Contact Us
Home
Editorial Box
How Automation will change the work that we do
How Automation will change the work that we do
Volume
1
Rate
1
Pitch
1
How Automation will change the work that we do. Throughout history, the vast majority of humanity worked because they had no choice. Many found comfort, purpose, and significance in their efforts, but others saw work as a necessary evil to be avoided at all costs. For ages, elites in countries ranging from Europe to Asia sought to be free of work. A "man in freedom," according to Aristotle, is the apex of human existence, an individual free of all concern for the demands of life and with nearly total personal agency. (Intriguingly, he did not consider affluent merchants to be free in the sense that their minds were preoccupied with acquisition.) The promise of artificial intelligence and automation creates fresh concerns about the role of employment in our lives. Most of us will continue to focus on physical or financial output for decades to come, but as technology produces services and things at ever-lower costs, humans will be forced to discover new roles – jobs that aren't necessarily tied to how we think of labour today. According to economist Brian Arthur, "part of the challenge will not be economic, but political." How will the benefits of technology be distributed? Arthur attributes today's political turbulence in the United States and Europe to chasms between elites and the rest of society. Later this century, society will figure out how to disperse the productive benefits of technology for two reasons: it will be easier, and it will be necessary. Technology will eventually enable more creation with less sacrifice. Meanwhile, history suggests that concentrating money in too few hands creates social pressures that must be addressed by politics, violence, or both. Technology has shifted a growing fraction of people away from the production of living necessities, particularly since the Industrial Revolution. While many individuals continue to battle for existence on a daily basis, a diminishing percentage of humanity is thus afflicted. Work will increasingly hum along without us as AI and robotic systems become far more capable and committed, possibly achieving what John Maynard Keynes described in Economic Possibilities for Our Grandchildren as technological unemployment, in which innovation replaces human labour faster than we discover new jobs. Keynes projected that this was simply a "temporary phase of maladjustment," and that within a century, humanity would have overcome its fundamental economic difficulty and be free of the biological necessity of labour. What will we do when our robots relieve us of even more responsibilities? This will be the defining question of the twenty-first century. The definition of artificial intelligence John McCarthy, the father of AI, created the term "artificial intelligence." Artificial intelligence is defined by the Oxford Dictionary as "the theory and development of computer systems capable of performing activities ordinarily requiring human intelligence, such as visual perception, speech recognition, decision-making, and language translation." Artificial intelligence (AI) is a broad field of computer science whose goal is to create computers that can act autonomously and intelligently. It is an intelligent computer capable of thinking, understanding, and acting on its own, as well as replicating certain human behaviours. As a result, Artificial Intelligence is a system that can and will solve problems that humans would ordinarily solve using our natural intelligence. To elaborate, AI development aims to address the need for and desire for automation in today's fast-paced human life. Artificial intelligence (AI) is now being used to do routine or even complex jobs. How exactly Automation Will Change the Work that we do? While we are still a long way from a world when machines would replace all working people, according to new McKinsey & Co. research, 45 percent of labour functions may be automated with existing technologies. According to the researchers, blue-collar jobs aren't the only ones at risk of metamorphosis or extinction. Of course, humans will remain a part of the equation: automation will help people work smarter and create new types of workers. "Automation comes in strange ways and is frequently so blindingly clear that we don't even see it as we adapt," says Jeremy Carey-Dressler, automation engineer and proprietor of Meridian, Idaho-based Eternal Blue Software. Take, for example, ATMs, which have mostly supplanted bank tellers, or apps that offer airline boarding cards. Furthermore, today's computer algorithms can analyse data and generate full newspaper stories in minutes. IBM Watson, for example, functions as a cognitive assistant, employing "natural language processing and machine learning to discover insights from enormous volumes of unstructured data," according to IBM. According to McKinsey analysts, even individuals in the highest-paid occupations, such as financial planners, physicians, and senior executives, may automate a large portion of their tasks by leveraging current technologies. "For example, we estimate that utilising existing technologies, activities spending more than 20% of a CEO's working time could be automated." According to the McKinsey report, "they include assessing reports and data to influence operational choices, making staff assignments, and reviewing status reports." What Changes Can Be Expected? According to KPMG, more organizations are investing in artificial intelligence, often known as cognitive computing. In fact, a 2013 McKinsey Global Institute study found that robotic process automation might affect 100 million global knowledge jobs by 2025. However, Sheri Feinzig, director of strategy for IBM's Smarter Workforce Institute, believes that such tools should be viewed as improving rather than replacing humans. "Advanced analytics technologies, for example, can do a great job of absorbing and analyzing massive volumes of data and detecting relationships in the data," she explains. "However, not all of those relationships will be relevant, actionable, or casual in character." By swiftly and efficiently revealing these observable links, the human decision-maker is able to assess what makes sense, what is valuable, and what can be acted upon. The human is still required as part of the decision-making process.`` According to Cliff Justice, a principal at KPMG, "process automation can liberate employees from rules-based responsibilities by computerizing steady, predictable activity." However, for process automation and cognitive technologies like IBM Watson to truly replace human labour, they must combine. This convergence of advances is resulting in cognitive automation—or smart robotics—which has the potential to automate new classes of knowledge labour." A new way of working James Wallace, co-founder of Exponential Ventures, envisions an automated future that rejects the concept of labour entirely. Wallace believes that through embracing automation and high technology, people will be able to generate their own income. This would eliminate the necessity for a traditional, hierarchical organization. "We're experiencing regrettable but necessary agony," Wallace explained. "The discussion should centre on how to alleviate those developing pains." The reality is that the end result of automation will be tremendously beneficial to everyone." He stated that the economic insecurity felt by displaced labour is definitely real, but that automation is not the enemy. Instead, Wallace aims to educate individuals on how to use this powerful technology to generate their own money, thereby creating a society of entrepreneurs and small businesses. "If we can build a means to ensure that we all have enough food, clothing, and shelter to survive... and allow individuals to repurpose their skills, unique abilities, and enable them to proliferate that and sell it as a good or a service," Wallace added. "If we can develop a way for individuals to make revenue for close to nothing, why not teach them to embrace the technology that disrupted the marketplace in the first place and use it for something more in accordance with who they are, as an expression of their particular abilities?" Automation for increased efficiency and profit The bottom line of business process automation is, ironically, the bottom line. Process automation saves time and allows resources to be diverted elsewhere. It means that businesses can remain smaller and more adaptable. Increased efficiency, productivity, and lower expenses all lead to higher profit margins for firms of all sizes. The amount to which automation alters the economy as a whole remains to be seen, but it is inevitable that we will see greater automation in the future. Conclusion The workplace in the twenty-first century is already a wild ride, but it's possible—perhaps even likely—that the changes will accelerate. What is the finest advice? Put on your thinking cap, prioritize adaptability, and never stop learning and growing.
Share this article:
Search more articles:
You may also like
Areas of Startup Consultation and Need of Professionals
Role of MSME in the Indian Economy and Various Govt Schemes: Let us comprehend
Know why your business should embrace technology
10 Ways to make time for your side hustle and also make money
Future of FinTech Companies in Indian Perspective
How to make Extra Money while you are still a Student
Impact of GDPR in Business Privacy Policies
What Strategies can your Business adopt for Marketing in a Post-Covid World?
How GST has Become a Turning Point for SMEs of India?
SEZs: Should you relocate your business to a Special Economic Zone?
A growing Indian sports market - here's what it means for businesses
Financial hacks for your early stage business to explore this year in 2023
How a falling rupee can impact your business in 2023.
What India’s G20 Presidency means for Business in India
India’s unique success in digital payments - Here’s how your business benefits
Major Mergers - Zee-Sony and PVR-Inox, tracing the significance of M&A deals on business
Angel Investment Guide - A new asset class and portfolio for HNI/ SME Owners
What are the modes available for investment in a Startup Company?
FCRA License suspension - The why, how, and the way out
ESOPs for Employees: What It Is, How It Works and Advantages
Reduction in Basic Customs Duty in Budget 2023 - does your business benefit?
How solar energy startups are heating up India's business landscape
India as a drone manufacturing hub - Possibilities, Compliances and Challenges
What is the ASPIRE Scheme for MSMEs?
Sweat Equity Shares: A Comprehensive Guide for Entrepreneurs and Investors
Top Schemes Every Eco-entrepreneur should watch out for
Understanding Convertible Notes as an Investment in Startups
India's New Foreign Trade Policy for Export and Import
Phantom Stock Plans for Employee Compensation & Retention
North East Startups- Top Schemes for MSMEs and Entrepreneurs
Green Financing in India- Opportunities, Challenges & Regulation
Start Your Business
Private Limited Registration
Public Company Registration
OPC Pvt Ltd Registration
LLP Firm Registration
Section 8 Company Registration
Nidhi Company Registration
Insurance Company Registration
NBFC Company Registration
Producer Company Registration
Foreign Subsidiary Registration
Foreign Branch Office
Foreign Liaison Office
Foreign Project Office
Overseas Company Registration
Proprietorship Firm Registration
Partnership Firm Registration
Grow Your Business
GST Registration
MSME Registration(UDYAM)
Shop & Establishment Registration
Startup India Registration
ESI/PF Registration
IEC Code (Import Export)
Startup Consultation
Appoint Virtual CFO
Angel Funding/ VCs
Virtual Office Service
Due Diligence of Company
Business Development
Protect Your Business
Trademark Registration
Trademark Objection
Trademark Hearing
Trademark Opposition
Trademark Infringement
Trademark Renewal
Trademark Assignment
Trademark Withdrawal
Trademark Monitoring
Logo Design Service
Copyright Registration
Patent Registration
Exit Your Business
Close Company
Fast Track
Close LLP
Close Firm
GST Cancellation
Change Services
Change Company Name
Change LLP Name
Change Company Object
Change LLP Object
Increase Authorised Capital
Increase Paid-up Capital
Increase LLP Capital
Transfer of Shares
Alteration in MoA & AoA
Resignation of Auditor
Appointment of Director
Resignation of Director
Change in Designation of Director
Shifting Registered Office of Company
Shifting Registered Office of LLP
Dormant Status of Company
Mandatory Compliances
Appoinment of Auditor
Annual Filings of Company
Annual Filings of LLP
Annual DIN/DPIN KYC
Annual Return of Deposits
Half Yearly MSME Return
Statutory Registers & Minutes
XBRL Filing of Companies
eStamping of Share Certificates
Dematerialisation of Shares
RBI FEMA Compliance
GST Returns Filing
ESI-EPF Returns Filing
TDS Returns Filing
Change in Structure
Proprietorship to OPC
OPC to Private Limited
Private Limited to OPC
LLP to Private Limited
Private Limited to LLP
Partnership Firm to LLP
Private Limited to Public Company
Public Company to Private Limited
Trust/Society to Section 8 Company
Existing Company to Section 8
Existing Section 8 to Company
Services
Accounting & Book Keeping
GST Compliance
Valuation Services
Corporate Litigation
Company Law Advisory
Services For Banks
Drafting & Vetting Services
Startups Funding
Business Loans
Get in Touch
NBFC
NBFC Company Registration
NBFC Micro-Finance Registration
NBFC P2P Lending Registration
NBFC Core Investment Company
NBFC ROC Compliance
NBFC RBI Compliance
NBFC License Restoration
NBFC Business Plan
NBFC Acquisition
NBFC Consultancy
NBFC Compliance Calendar
NBFC Independent Director
ISO
ISO 9001:2015
ISO 14001:2015
ISO 13485:2016
OHSAS 18001:2007
HACCP Certification
CE Marking
GMP Certification
CMMI Level 3 Certification
ISO 22000:2005
ISO 27001:2013
FSSAI
FSSAI Registration
FSSAI State License
FSSAI Central License
FSSAI Registration Renewal
FSSAI License Renewal
FSSAI Returns Filing
FSSAI Compliances
FSSAI Consultancy
ITR
Salaried Person
Firms/LLPs
Companies
NGOs
Income Tax Notice
Income Tax Planning
Income Tax Litigation
Charity
Section 8 Company
Trust Registration
Society Registration
80G & 12A Registration
FCRA Registration
NITI Ayog Registration
CSR-1 Registration
CSR 2 Report
CSR Services
NGO Consultancy
NGO Handholding
Govt Grants Support
Partnership
Angel Investors
Venture Capitalists
Co-Working Spaces
Banks and NBFCs
Incubation Centres
Government Wings
Institutional Bodies
Software Companies
CA/CS/CMA/Lawyers
Press & Media Houses
Overseas Ventures
Other Startup Enablers
Contact Us