Automation improves the level of production and competence of certain industries. It is in this regard that industrial robotic systems have been conceptualized. It is true that this system renders much help to operators. The predicament however lies upon the price that goes with it. In industries where modernization has not yet been introduced, learning how to operate the system adds to the burden.
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.
First, when you raise the cost of labor for small entry level jobs, there will be fewer of them as businesses raise their prices and clientele evaporates, some businesses will close, fewer jobs. The businesses and business models that survive will absorb those costs with rate and price increases to customers – this results in inflation therefore your dollar will be worth a little less, how much is hard to say; 10%, maybe 20%, which is about how much the minimum wage increase would be from what it is now if it went up to let’s say $10.00.
Some have suggested – Hillary Clinton, The DNC, President Obama, Bernie Sanders, that it ought to be raised to $15.00 per hour, ouch, this will close car washes, retail stores, small businesses, fast food restaurants and it will cause companies to automate and ditch their labor costs all together – you think I am blowing smoke – Nope! Let me give you an example of where this is happening right now.
Efficient systems. Finance and accounting groups often need to access and consolidate information from a range of different applications and systems. This tedious work, often involving intermediate spreadsheets, can present high workloads at month end, the end of a quarter and year end. Robots perform this work fast and seamlessly, as if there was really just one integrated system. Robots can be configured and trained to do this work in a matter of weeks, when it would take years for an IT group to integrate the disparate systems to the same degree.