It is a reality that automation is arriving and has already done so in a big way. It will change the lives of professionals ranging from fashion designers and commercial bankers to welders and miners. But there is a lot of skepticism and uncertainty regarding what exactly it is. So, a report has been prepared after detailed business research by the McKinsey Global Institute. Instead of analyzing entire industries, each work has been broken down to individual parts. Almost at each level, some sort of automation is possible. Historical trends were also studied, key among them being that the introduction of the steam engine improved productivity by a mere 0.6% between the years 1850 and 1910. In this bout of automation, the said productivity increase is likely to be between 0.8 and 1.4%. Routine, physical jobs are most likely to get displaced. These make up more than half the employment in the US and a GDP of just short of the three trillion-mark. The industries manufacturing, retail and accommodation plus food service will be most severely hit. Nonetheless, automation will not occur overnight, but should provide ample time for professionals to ramp up on their existing skill-sets.

Source:https://www.mckinsey.com/global-themes/digital-disruption/harnessing-automation-for-a-future-that-works

Uploaded Date:23 February 2018