Technology Advancement

Technology Advancement

Emerging technologies, such as industrial robots, artificial intelligence, and machine learning, are advancing at a rapid pace. These developments can improve the speed, quality, and cost of goods and services, but they also displace large numbers of workers. This possibility challenges the traditional benefits model of tying health care and retirement savings to jobs. In an economy that employs dramatically fewer workers, we need to think about how to deliver benefits to displaced workers. If automation makes jobs less secure in the future, there needs to be a way to deliver benefits outside of employment. “Flexicurity,” or flexible security, is one idea for providing health care, education, and housing assistance, whether or not someone is formally employed. In addition, activity accounts can finance lifelong education and worker retraining. No matter how people choose to spend time, there needs to be ways for people to live fulfilling lives even if society needs fewer workers.

Emerging Technology

Robots

Industrial robots are expanding in magnitude around the developed world. In 2013, for example, there were an estimated 1.2 million robots in use. This total rose to around 1.5 million in 2014 and is projected to increase to about 1.9 million in 2017.(4) Japan has the largest number with 306,700, followed by North America (237,400), China (182,300), South Korea (175,600), and Germany (175,200). Overall, robotics is expected to rise from a $15-billion sector now to $67 billion by 2025.(5)
According to an RBC Global Asset Management study, the costs of robots and automation have fallen substantially. It used to be that the “high costs of industrial robots restricted their use to few high-wage industries like the auto industry. However, in recent years, the average costs of robots have fallen, and in a number of key industries in Asia, the cost of robots and the unit costs of low-wage labor are converging… Robots now represent a viable alternative to labor.”
In the contemporary world, there are many robots that perform complex functions. According to a presentation on robots:
The early 21st century saw the first wave of companionable social robots. They were small cute pets like AIBO, Pleo, and Paro. As robotics become more sophisticated, thanks largely to the smart phone, a new wave of social robots has started, with humanoids Pepper and Jimmy and the mirror-like Jibo, as well as Geppetto Avatars’ software robot, Sophie. A key factor in a robot’s ability to be social is their ability to correctly understand and respond to people’s speech and the underlying context or emotion.

Computerized Algorithms.

There are computerized algorithms that have taken the place of human transactions. We see this in the stock exchanges, where high-frequency trading by machines has replaced human decision making. People submit buy and sell orders, and computers match them in the blink of an eye without human intervention. Machines can spot trading inefficiencies or market differentials at a very small scale and execute trades that make money for people.

Some individuals specialize in arbitrage trading, whereby the algorithms see the same stocks having different market values. Humans are not very efficient at spotting price differentials but computers can use complex mathematical formulas to determine where there are trading opportunities. Fortunes have been made by mathematicians who excel in this type of analysis.

Artificial Intelligence

Artificial intelligence refers to “machines that respond to stimulation consistent with traditional responses from humans, given the human capacity for contemplation, judgment and intention.”(14) It incorporates critical reasoning and judgment into response decisions. Long considered a visionary advance, AI is now here and being incorporated in a variety of different areas. It is being used in finance, transportation, aviation, and telecommunications. Expert systems “make decisions which normally require a human level of expertise.”These systems help humans anticipate problems or deal with difficulties as they come up.

Pros
Improves efficiency for Business
The best advantage of any technology is that it increases the efficiency of a business process.
Using technology, proper digital and social media marketing can take your business to the upper level.
We can perform more tasks in less time. From shared drives to emails, communication, coordination, execution and implementation of a lot of business processes has become swift and hassle-free, all thanks to technology. One example is the ability to create check stubs using a tool that does it in a minute, rather than doing the calculations manually & writing numbers manually on a piece of paper.
Saves time
A very obvious advantage of technology is that it saves time. As we are able to complete a task in lesser time, we can utilize the time saved for other important activities. With the help of technology a lot of activities such as cooking, cleaning, working, commuting are accomplished faster.
Better communication
In earlier times, communicating with a person belonging to a different part of the world was difficult. Think about it! Think back to the time when people had to communicate using pigeons or letters, something that took days or weeks! However today the world has come closer and one can easily connect with a person sitting in another corner of the world, all thanks to technology.
Reduces cybercrime risks
The biggest benefit of technology is to the cyber world. AI (Artificial intelligence) algorithms are qualified to detect a change in patterns that are unique from the normal pattern.
Implementing AI to detect cyber-attack is still at an early stage, but with advancement in technology, one can expect to prevent it. Hence the chances of getting a cyber-attack are reduced.  

Cons
Extreme dependability
Expensive
Shortage of jobs
Malfunctions

Besides the advantages discussed above, there are also some disadvantages of technological advancements:

With each passing day, we are becoming more and more dependent on technology for almost every task without even realizing it. A common example of this is using a cab service. Another example is using GPS to know the directions of any desired location. A lot of people today do not bother learning or memorizing directions because they depend on Google Maps for it. In a lot of ways, that’s not a good path we’re going down!

Although technology is already a part of many people’s lives, there are still some people out there who cannot afford some technologies. Many technologies that are being used by the organizations are expensive. As a results, one of technology’s biggest cons is that it can only be used by those who can afford it.

With technology, the efficiency of a task has increased tenfold and this is the reason why the technology might be able to replace humans soon. An increase in technology is going to ensure that tasks that humans could do earlier can now be achieved by machines and technology. Thus, creating a shortage of jobs.

Nowadays even organizations prefer technology that is capable of doing tasks more efficiently than humans. Thus, with the rise of technology humans can be replaced by algorithms and robots, but in education, it is still a long way off. After all, a machine will not be able to write and proofread a thorough text like a professional essay writing service.

The biggest disadvantage of technology is that all are machine driven. And a minor lapse in the functioning can create a situation that cannot be controlled. So, a minor malfunction may cause a complete failure which can cost a human life as well.

- Harsh Vardhan