by Zachary Brewer, Devon Burd, Mollie Bush, Angel Cancienne, Grace Campbell, Armando Castilo and Timothy Cameron
The future for asset management can be exciting for some and scary for others due to robots becoming your potential co-workers. The top 3 countries leading the way in robotics and technology are The Republic of Korea, Singapore, and Germany. In each of these countries there is an average of 500 robots for every 10 thousand human workers.
Businesses are using artificially intelligence, computerized stock-trading algorithms to potentially put you out of a job. With savings in asset management, RPA (Robotic Process Automation) can provide increased productivity in which robots can work 24/7/365 including working after hours with no overtime. It can reduce processing costs up to 80% and increase implementation speed. Perhaps robots will allow humans to work on more value-generating skills and let the robots to do more of the boring work.
Educational institutions need to come to the understanding that robots are here and we need to know what to do about them. Whether that be changing your major to something a human will always have a job in or how to work with them. Institutions need to continue honing students’ skills such as their communication skills, teamwork skills, critical thinking, etc. Things that robots can’t be programmed to have. Having an understanding and being able to think analytically will be some things that educational institutions need to push their students to have for jobs in the future.
Robots’ impact on the workforce is more evident every day. However, many of these robots still need human interaction (programmers and engineers) to fully perform tasks. Humans, on the other hand, are adapting to robots and using them to make a profit. Anyone can “hire” robots on their websites to improve productivity. If you decide to buy a used robot there is a range between about $25,000 and $40,000. When it comes to robots with application components it can cost between $50,000 and $75,000.Humans will still be the ones that buy a company’s products because robots do not need to buy anything – at least not yet.
There may be a decline in how many people buy products due to losing their jobs but there are still many different jobs available for humans to do such as a lawyer or a plumber. These robots taking people’s jobs will make the unemployment rate go high and the wage rate will decrease. These robots can help make your current job easier but maybe a downside if your company uses it to take over your job. As technology improves, robots are getting better at doing human jobs. It is estimated that robots could displace over 20 million jobs in the manufacturing industry over the next decade. Besides, hiring a robot is cheaper than hiring a human over the long term. One of the world’s biggest money managers recently announced that it would cut more than 40 jobs, replacing some of its human portfolio managers with artificially intelligent, computerized stock-trading algorithms.
The end game to robots revolutionizing the world is simply a more efficient work environment. This will offer higher standards of living because robots are inevitably going to outproduce any human competition. The side effects of robots taking over our jobs may be an initial displacement and high unemployment rate of humans; however, humanity will adapt and find new jobs for itself just as we did in the previous industrial revolutions. According to an article written by GHD Advisory, the end goal for asset management in the 4th industrial revolution is “seeking to minimize the total cost of acquiring, operating, monitoring and renewing assets.” This came as no surprise because every action of improvement done in the world of asset management is in search of benefits. With this in mind, humanity’s future is looking bright.