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Automated Teller Machines (ATMs) are everywhere. We can get cash and deposit checks using these machines (and now we can deposit checks from our phones). ATMs are helpful when you’re in a pinch and need cash quickly (even if we aren’t happy about the fees).

You might be wondering by now why I’m talking about ATMs. Most of us don’t know that the introduction of ATMs in the 1970s was met with widespread resistance and skepticism. Many feared that the machines would replace human bank tellers, leading to overall job loss in the banking industry. The data tells us that the opposite is true.

According to a study by the Federal Reserve Bank of Minneapolis, the introduction of ATMs led to an increase in the number of bank branches, which led to a rise in the number of bank tellers. The number of bank branches increased from 60,000 in 1985 to 83,000 in 2005, and the number of bank tellers increased from 480,000 to 527,000 over the same period.

Naturally, the prospect of automation can be intimidating for some, but the truth is that it can bring significant benefits to businesses and workers. Here are some facts and statistics that demonstrate the advantages of embracing automation:

Increased Efficiency: Automation can save time and reduce errors by streamlining repetitive and time-consuming tasks. According to a report by McKinsey & Company, automation could improve productivity by up to 40%, leading to significant cost savings and increased output.

Improved Productivity and Innovation: Automated processes can run 24/7, enabling businesses to operate around the clock and increase productivity. Automation can foster innovation by automating routine tasks and allowing workers to devote more time to tasks that require creativity and innovation. A study by the Boston Consulting Group found that companies that implemented automation saw a 10-20% increase in innovation output.

Improved Security: Automation can enhance security by detecting and preventing security breaches, protecting sensitive information from cyber-attacks, and reducing the risk of data breaches and financial loss. A survey by PwC found that 76% of CEOs believe that automation can enhance cybersecurity.

These are just some of the benefits of embracing automation. It’s essential today for businesses to embrace automation to remain competitive and succeed in today’s dynamic business environment. With the right approach, businesses and workers can reap the rewards of automation and thrive in the future of work.

Sources
McKinsey & Company. (2017). Jobs lost, jobs gained: Workforce transitions in a time of automation. https://www.mckinsey.com/featured-insights/future-of-work/jobs-lost-jobs-gained-what-the-future-of-work-will-mean-for-jobs-skills-and-wages
World Economic Forum. (2020). The Future of Jobs Report 2020. https://www.weforum.org/reports/the-future-of-jobs-report-2020
PwC. (2018). Global State of Information Security Survey 2018. https://www.pwc.com/gx/en/issues/cyber-security/information-security-survey.html