Companies save money by introducing automation
In recent years there have been lots of automations happening. Not just the IT industry but many industries are affected because of automation. In a way it is good for the business but for people, it is not a good thing. Some companies have tried really hard to move the existing employees to other departments wherever automation is taking away their jobs. I have to definitely say that people are used to some kind of jobs and they cannot switch over easily. For example, in factories where people are used to doing some specific job that is replaced by machines, it is hard for them to find another suitable job for them.
But there are initiatives taken by the companies to equip them for other jobs by providing the necessary training for them. One of the biggest reasons why companies do automation is because they can save a lot of money there. With the help of the money the company pays to an individual, they can easily buy modern equipment that can do the job of the individual. Of course, there will definitely be a need for humans too but with limited numbers they can run the show.
Automation tools
These days with the help of modern technology and AI, there are so many tools available for automating the work. In many companies what people do with the help of Excel sheets is now being done by modern AI applications. This has reduced the workload for many departments. For example, in my day job, I'm a part of the software development team that makes life easier for the service associates to make their client interaction easier.
I write software that takes care of validating the data from the client and feeds into the payroll system. This data validation part was done by multiple associates in the past. It was a tedious process and the good thing is that it did provide a job for many people. Now that we have tools that can take care of validating and cleaning data, the services department is able to work more efficiently and serve more clients than earlier with limited resources.
If automation has to happen, I think this is how it has to happen. It shouldn't lay off many people but the scope of the job or the clients the company serves should increase drastically bringing more business to the people.
More growth but less money
From the investor's perspective, it is very less money that the investor has to invest and at the same time, they will be able to see more growth. Automation of the work makes it very easy for both the customers as well as the workers who are working on a particular task.
It is not that the companies save a lot of money with automation but the trend is moving in such a direction where there are many online tools that are being developed that make the life of people easier by providing them scope to do their work faster. Machine learning and artificial intelligence tools are able to work more efficiently than humans making it near to perfection and this way the quality of the output is also very good.
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