Will Robots Have a Positive Impact On The Business World? How Robotics And IoT Are Evolving Together?
Robotic Process Automation (RPA)
Feril Hazem March 15, 2022

The world we live in today is driven by brilliant, advanced technology all around. New, innovative advancements are coming into the field every day, and companies are trying to adopt new technologies to keep up with the latest trends. One of the latest, noticeable trend which is considered quite popular today in the business economy is robotics technology. The Internet of Things and Robotics technology have merged together to become the Internet of Robotic Things (IoRT). IoT and IoRT devices are usually designed to manage specific tasks, where robots require to respond to unplanned situations. At the same time, Artificial Intelligence (AI) and Machine Learning also play their part in improving their overall functionality. Now, let us dive in deeper and learn whether robots have a positive impact on the business world and how robotics and IoT are evolving together. 

Will Robots Have a Positive Impact on the Business World?

Industries and companies today are adopting robotic technology because of the vast benefits it provides for their operations. While it is true that robots are replacing jobs and are a significant threat to low-skilled workers, there are many positive effects that robots have on the business economy. 

  • Productivity Growth-

One of the main impacts of robotics technology in the business economy is its ability to increase productivity growth. Robots are unquestionably pushing the ‘machine’ aspects more efficiently in the production facilities. Improved efficiencies from robotics inevitably boost productivity. 

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  • Gross Domestic Product Growth-

With improved productivity, comes an increase in the gross domestic product (GDP). Over the period of years, the increasing use of industrial robots has raised the annual growth of GDP by 0.36%. Robotics technology has resulted in improving the growth of gross domestic product substantially and is not expected to drop anytime in the near future. 

  • Job Creation-

The fact that many people still fail to realize is that robots actually help in creating, new high-paying jobs that require skilled workers. For example, in the manufacturing industry, robots can perform difficult tasks and can save a lot of time and manual energy. 

How Robotics and IoT are Evolving Together?

When Robotics and IoT are combined together, it can result to be a lot more powerful. IoT applications mostly handle well-defined tasks whereas robots handle anticipated situations. One of the main dissimilarities of IoT and the robotics community is that robots do tend to take real action, and are in the physical world. 

Also Read- What is the Internet of Robotic Things? Does This Concept Help In Improving The Connectivity And Functioning Of Platforms?

The Internet of Things concentrates on supporting services for monitoring, pervasive sensing, and tracking. As far as robotics are concerned, they rather focus on interaction, autonomous behavior, and production action. And when we merge these two technologies, we create the Internet of Robotic Things. IoRT has three main intelligent components, they are-

  • The first component is that the robot senses it’s implanted monitoring abilities and can gather sensor data from other sources.
  • Second, it can interpret data from the event monitors. This usually means that there’s edge computing involved. Edge computing eliminates the requirement to transmit a ton of data to the cloud and the data is analyzed locally instead of in the cloud. 
  • Third, because of the first two components, the robot can determine which action should be undertaken and when it should be carried out. Hence, the robot can take control of a physical object, and can drive itself in the physical world. The interactions between machine/machine or man/machine could move toward predictive maintenance and entirely new services. 

When it comes to the impact on the workforce, IoT and robotics play a good role. Collaborative robots have a lot more sensors and can present a variety of capabilities for companies. Especially, with the rise of the robotics industry nowadays, it is a very great opportunity for people who are interested in artificial intelligence and robotics. A career in robotics technology offers a variety of options and jobs.

Also ReadThe Role of Artificial Intelligence (AI) in Robotic Process Automation (RPA) and the Multiple Business Benefits

ThinkPalm’s RPA Services

In the next couple of years, it is expected that companies will be funding a lot more on robotics and IoT technology, as they are the future of advanced technology. Companies are trying to get their hands on the latest pieces of equipment the tech world has to offer, and are trying to render their clients their best services such as AI services and RPA services to stay one step ahead of their fellow competitors. IoT and robotics continue to deliver excellence in business economies and also other industries. 

At ThinkPalm, our RPA technology focuses on enabling enterprises the ability to increase business productivity by leveraging intelligent automation with the power of Artificial Intelligence (AI) and Machine Learning (ML). Our RPA based smart bots and virtual assistants ensure that your enterprise increases consumer satisfaction as well as decreases time consumption. 

Partner with us and let us help you achieve your goals!

Author Bio

Feril Hazem is an enthusiastic content writer working at ThinkPalm. He is a techie and self-motivated unique storyteller with a keen interest in writing about the latest technology updates and industry insights. Off the screen, he is a movie buff, likes playing basketball and listening to music.