Automation has been a recurring theme since the industrial revolution that commenced in the 18th century. Many modern amenities, made possible by electricity and machinery of various types, are integral to our lives, with conveniences like air conditioning and air transportation that weren’t available for medieval kings who lived in sprawling castles. It can’t be denied that technology has transformed our lives in profound ways and has fundamentally changed many facets of our lives. Having said that, let’s discuss the pros and cons of technology in the following section:
Pros
• Increased efficiency: Disruptive technologies often streamline processes, automate tasks, and impel productivity. For example, the automation of manufacturing through robotics has increased production and reduced costs.
• Improved customer experience: Cutting-edge technologies devise new and improved methods of communication between businesses and customers. For example, the internet has radically transformed communication by rendering it faster and cheaper.
• New market opportunities: Technology creates new industries and markets, providing companies with opportunities for growth and innovation.
• Competitive advantage: Organisations that embrace disruptive technologies early on can gain a competitive edge over their competitors by offering new products and services.
Cons
• Job losses: Automation often leads to job losses as traditional roles become redundant. This impoverishes people by making them unemployed.
• Increased security risks: As businesses become more reliant on technology, they increasingly become susceptible to cyberattacks and data breaches. This can result in financial losses, tarnished reputation, and loss of customer trust.
• Resistance to change: The introduction of disruptive technologies can be met with resistance from employees, customers, and other stakeholders who may be uncomfortable with change. This can lead to slower adoption and implementation of new technologies.
• Dependence on technology: Over-reliance on technology can lead to vulnerabilities, such as power outages, system failures, or technology-related disasters that could bring businesses to a standstill.
Kapil Mahajan, the Global CITO for Allcargo group, highlighted that the pandemic has accelerated the adoption of disruptive technologies like Blockchain, IoT, AI, and Machine learning. “Businesses are increasingly automating manual processes and these technologies can potentially optimize the cost-experience trade-offs for consumers,” he said at the Global Business Summit 2023.