Question

From the perspective of the consumer, how has technology has changed production, manufacturing and services? How has technology affected workers, the labor market, and unemployment?

Answer 1

Since the 1950s, advancement in technology has transformed the way manufacturing industry is seen. Lots of new technologies in terms of digitization, information technology or microelectronics have led to new developments in an area of consumer-oriented products. We have better tools and types of equipment now.

In today's world, compact sizes, agility, adaptability, optimum utilization, reliability, a speed and access to masses is very critical. Now we measure things in terms of output per unit area and it should be as maximum as possible and it's possible because of new technology only. It also helps in saving space, easy storage, low maintenance and high visibility. Industry 4.0 has come with new features which can make the supply chain more accessible and visible.

Modern innovations are targeting at managing the data in a better way and keeping the flow smooth. This helps in better decision making, organizational cooperation among factory workers and between organizations.

Starting from production to services, benefits of new technology and innovations could be fully realized through synergies. Software enhancements have helped manufacturing to produce products which are meeting customer requirements and services are easy to execute. 3D printing technology has taken manufacturing to a whole new level where production of wider goods is very easy and demands can be met accordingly.

As far as technology's effect on workers, labor market, and unemployment is concerned, as per the recent study by Deloitte shared that rise of technology has actually helped in creating more jobs. They have also concluded that very fast growth has happened in creativity, technology and services sectors. Also, human labor will be required at any cost until next 150 years because repetitive tasks will be taken care by machines only.

Technology has helped in cutting the cost of affording bare essential items like clothes, food, household items. In line with this, in terms of job creation, people working in different bars have risen to 4X between 1951 and 2011. In the year 1871, the number of accountants in a place like England has increased from 10000 to 200000 till 2011.

Productivity has increased in education and medication services.

Technology will obviously have an impact on work balance and availability on this planet whether it's about losing jobs or adding jobs.