John F. Kennedy quoted, “The Chinese use two brush strokes to write the word ‘crisis’. One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger but recognise the opportunity”. Like it is said in the midst of every crisis, lies great opportunities! As the world continues to fight with the deadly Coronavirus, all the industries are seen suffering with huge losses due to the pandemic. This has pushed the world into a catastrophic situation today however, in some industries, that’s leading to an automation boom!
According to experts the crisis isn’t just accelerating the transition to automation, it will also boost investments powering that change. There is a lay view that automation might slow because the technology is expensive and firms would be hesitant to make capital investments in a crisis. That’s wrong. Economic literature over the last decade shows that these investments are made especially during a crisis.