In the tug of war between Man and Machine who do you think will win? How long do you think it will take for machines to do your job more effectively than you? This is just one of the concerns raised by many people in terms of automating industries. Automation is the current buzzword which has traveled a long way over the last few decades and seen tremendous growth in various areas and industries, and is now showing to be a threat to many jobs.
A recent study by PWC estimated that “Nearly 40 percent of jobs in the U.S. may be vulnerable to replacement by robots in the next fifteen years”. It seems the U.S. has the highest chance to be consumed by automation, as many workers are involved in filing papers, documentation and routine tasks, with manufacturing, retail and transportation to see the most benefits of the increase in the technology. Although the presence of automation is likely to create the most disruption in the job market, let’s get the facts straight and find out how far AI/Robots will affect us.
Automation has been here for decades and is slowly creeping into additional industries but there are continued challenges that hinder its full-fledged growth and acceptance in every industry:
- Technical feasibility: Technical experts are a prerequisite for automation which includes cost for developing software and hardware for automation.
- ROI: Robotics may sound great from a business perspective but the cost involved could be too high leading to low or slow ROI.
- Humans are irreplaceable: Although some physical jobs can be replaced by automation, there are many jobs that require human touch and that is irreplaceable. For eg: Doctors and nurses – patients want friendly advice and personal care.
The above chart from Mckinsey, gives a clear idea regarding the industry that are most likely to be affected by AI with accommodation and food services in the highest and education services in the lowest.
JOBS MOST LIKELY TO BE REPLACED DUE TO AUTOMATION:
1.ACCOUNTANTS & AUDITORS:
2. SALES REPRESENTATIVES:
3. INSURANCE UNDERWRITERS:
Like the above, while telemarketers have 99% chances to be replaced, cashiers has 97%, tax preparers has 99%, tellers 98%, receptionist and information clerks has 96% chances to lose their jobs, all thanks to automation.
Increasing your education to includes the areas around automation is the only way to capitalize on this trend. Updating your skills and learning something that will help with the new AI wave will not only help individuals but will help improve the world around you.