Opportunity Improved in job satisfaction Robot and automation can create a safer working environment for the workers where the machines can perform tasks that are repetitive or work that are too dangerous for the workers
Opportunity
Improved in job satisfaction
Robot and automation can create a safer working environment for the workers where the machines can perform tasks that are repetitive or work that are too dangerous for the workers. This way, the workers can focus on overseeing while performing in a more engaging tasks.
Technological Trends
The introduction of robotics and automation leads to an increase in the need for people to learn an additional skill set to take advantage of the new technologies. Furthermore, with advanced technology, more programs and databases can be implemented into these robots for better efficiency which helps to make their lives easier.
New market development
There is a growing demand for industrial robotics in the developed countries which is driven by an increased in production, improved in quality, cost reduction, and an improvement in workplace, health, and safety. Therefore, this emerging industry will attract more investments and mergers to take place as they will be constantly trying to improve from their initial production while gaining an advantage over their rivals to bring their machine into the market.
Threat
Competitors
The robotics and automation technologies are considered to be a fast paced environment as it could potentially create new avenues and opportunities for individuals and businesses. Because technologies are always constantly improving and are becoming obsolete fast therefore it is important to stay ahead and outpace the rivals in this competitive world.
Potential loss of job
The new era of technology could drive unemployment. High risks jobs such as cashier, drivers are slowly being replaced by machines like self checkout kiosk, driverless car, et cetera. Furthermore, machines can work for long hours and they do not need to rest. In addition, the increased in minimum wages gives companies more reasons to replace workers with machines.
Economic Trend
An unstable economy or recession could lead to a dramatic impact of the spending power of potential investors and consumers. As more people become unemployed, there will be a drop in demand as consumers have less purchasing power to buy the products and services. The inflation in the economy could also affect the demand for products and services as well as people who are unemployed, or are struggling financially wouldn’t have discretionary income left to spend.
Hacking
The danger of industrial robot being hacked involves risk to the real people, not only financially but also involve reputation risk. This can cause serious consequences such as loss of data, identity theft, or serious physical damage to the people around it.
