The risk of job automation is highest in predictable, manual, and repetitive work environments and in industries with lower regulations.
The risk of automation is lower in unstructured, dynamic, and unpredictable work environments and in industries involving high regulatory scrutiny.
U.S. investment bank Goldman Sachs, for example, employed over 600 stock traders at its peak. Thanks to machine-learning algorithms capable of making complex trades, these 600 traders have been reduced to just two. Instead, about one-third of its workforce is now employed as computer engineers.
Amazon, for example, is using 45,000 robots in their warehouses. But at the same time, it is creating thousands of new jobs for humans in its fulfillment centers.
We know that robots are not good at gripping, picking, and handling items in unstructured environments.
Risk of job automation is highest in predictable work environments and in industries with lower regulations. This includes jobs or tasks that are manual and repetitive.
This has happened to manufacturing. It is now impacting over 10.5 million jobs in restaurants, janitorial roles, and warehouses.
In hospitality, the ease of automation is high for repetitive and manual tasks like making coffee or preparing specific dishes. This is particularly true in environments with highly structured processes and menus.
Many startups are working on digital payment and tabletop-ordering software to replace the tasks of cashiers and servers.
Expertise automation and augmentation software (EaaS) is fast replacing entry-level white collar jobs in areas like law (e.g., automatic document analysis and auditing), media (e.g., AI-based news curation and summaries), and even software development.
The good news is that the risk of automation is lower in unstructured or unpredictable…[ad_2]
Sourced from by Patrick Ow