The impacts of robotics artificial intelligence on business and economics

The short answer to this question is that yes the impacts of robotics are changing business and economics. Some of the changes are quite profound and far reaching, while others will take a bit longer to become noticeable. One thing that is evident though, is that as the technology in use in robotics and artificial intelligent systems continues to advance, the costs will come down, leading to greater efficiency in business and more consumer satisfaction. As this happens so too will the employment opportunities.

The first changes we will see to the economy are changes to the labor market. Robotic employees can perform the same tasks as humans and at a lower cost to the company. This will lead to an increase in the number of people with full time jobs or people that can take advantage of part-time work or other types of flexible schedules. It also means that the total number of people in the workforce will increase, though most will not be hired specifically because of the ability to perform the same tasks as humans.

Another impact the advancement of business related technology has been the impact on transportation. It seems possible that self-driving cars will reduce traffic congestion significantly. Of course the costs associated with the technology will vary depending on the scale of the operation, the design and the implementation of the system. However, some believe the long term effects of robotics artificial intelligence on business and economics is a reduction in traffic congestion due to fewer vehicles on the road which will lead to less fuel consumption overall.

One area the impact of robotics is likely to have the greatest impact on is the retail sector. Robots can now scan the human body and determine a person’s gender, age and even weight. This allows stores to stock the best products with the most appropriate items for the customer based on their needs. This is of course only one example but the list could go on. The advances in technology are constantly changing the face of businesses all over the world and this is only the beginning.

The impact of robotics will become clear over time. We are already seeing it in areas such as retail and entertainment. There are other areas such as manufacturing and warehousing where the change has been slower to catch on. Over time the changes will become more pronounced.

As we can see from the overview above the impact of robotics on business and overall society is far reaching. The future looks bright for robotic assistance in many different areas, possibly even helping our children to study and prepare for examinations. Will you be one of the beneficiaries of this new robotic revolution? I hope not but think about the implications for a future of strong business and employment opportunities.