NPR Planet Money Correspondent Adam Davidson tackled the issue of manufacturing in the United States by examining the history of manufacturing in one town-Greenvile County, South Carolina. Greenvile used to be a textile manufacturing town where communities were defined by what factory you worked for. The jobs were great for people with little education. It was common for people to drop out of high school in order to start work. Manufacturing jobs in the United States was always a great option for people who might be unable or unwilling to go to college and get a law or business degree. Manufacturing gave a certain sect of the American population a chance at the American Dream. Over the years, as textile manufacturing jobs continued to be outsourced overseas, the factories began to close.
Offshore manufacturing is beneficial to both the manufacturer’s country of origin and the host country for it provides employments opportunities, taxes and other benefits for the host country. As for the company’s origin country, it lowers the cost of goods and services because goods produced cheaply are also sold at a competitively cheaper price.
Better accuracy. Robots themselves are 100% accurate. Auditing robotic automation can also be applied to work performed by other staff to ensure accuracy, consistency and compliance to regulations. The Robots themselves also provide a complete audit train of all of their activities and provide reporting capability for audit and process analysis purposes. This improved accuracy also eliminates the need for quality checking and rework, further reducing costs and improving service levels.
Think of someone making profitable trades for you 24/7 without any extra charge, without your presence, while you are sleeping and at a very less capital. Surprising? Well, technology has created robots to do just about the same for you with great accuracy than a broker or any individual and at a very less capital to start trading.
The Washington Post reported that over the last 10 years the United States lost more than a quarter of its manufacturing jobs. Although we are all aware it’s cheaper to manufacture products overseas, Washington Post reporter Peter Whoriskey explains that Asia is producing an ever-increasing workforce armed with engineering doctorates. China and other Asian countries are also flowing millions of dollars into high tech research in order to compete with the tech industry in the United States. For example, over the last 10 years China doubled the number of engineering doctorates awarded.