Stop & Shop, Walmart and Even Banking Are Replacing Workers with Robots — Quickly
Monday, April 15, 2019
Longtime American jobs are disappearing — they are being replaced by robots that are more efficient and don’t require health coverage or vacation time. Automation and the deployment of robots will be likely taking jobs at the local Stop & Shop, the nearby Walmart, that Fall River Amazon warehouse and even at your bank's headquarters.
While Stop & Shop is mired in a labor dispute with 31,000 employees, the company is deploying hundreds of robots in stores.
One of the latest additions is Marty — a spill detection robot. This technology is just the beginning for Stop & Shop and other retailers.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe company making some of the technology solutions, like Marty, says that retailers need technology to stay competitive.
"Today, global retailers lose nearly $450 billion in revenue annually as a result of out-of-stock items, empty shelves and other in-store inconsistencies. Fragmented communications and lack of data between headquarters and local stores also contribute to operational inefficiencies and revenue loss. However, these gaps are within the retailers’ grasp to solve by addressing the root causes of inventory and data disconnects with the implementation of technology solutions and operational efficiency improvements to eliminate these revenue-limiting issues," said Badger Technologies, the company behind Marty.
See Badger Technologies Video Below
Walmart Moving Fast
Walmart announced earlier this month that it is adding thousands of new robots to its stores.
By next February, it expects to have autonomous floor scrubbers in 1,860 of its more than 4,700 US stores. Walmart will also have robots that scan shelf inventory at 350 stores, according to a report on CNN.
And there will be robots at 1,700 stores that automatically scan boxes as they come off delivery trucks and sort them by department onto conveyor belts.
Walmart is deploying 16-foot-tall pickup towers, described as automated vending machines that quickly fetch customers' online orders or pick up at the store. This technology will be added to 900 new stores this year.
Walmart is adding robots to help it manage rising costs, including for store labor.
Amazon Adds More and More Robotics
And, all retailers seem to be working to keep up with the efficiency of Amazon.
Now, Amazon has acquired Canvas Technology, a Colorado-based warehouse robotics startup, according to Business Insider.
Canvas makes a robotic cart, which is "designed to autonomously transport inventory around warehouses or fulfillment centers."
Amazon has already seen significant efficiency gains from robotics, including 20% lower operating costs and a 50% gain in warehouse space due to more efficient use of space, claims the company.
Banking to be Impacted
Big box retailers are just one of the industries being impacted.
A new report revealed a million jobs in the banking industry in the United States could disappear in just over 10 years.
Job losses will impact 1.3 million bank workers in the U.S. alone by 2030, according to a new report from research firm IHS Markit.
According to the report, the most vulnerable include customer-service reps, financial managers, and compliance and loan officers.
“The innovative capabilities AI will bring to financial services will be transformative,” said Don Tait, principal analyst at IHS Markit. “AI is poised to challenge and blur our concepts of computing and the ‘natural’ human. This sea change will require both businesses and governments to develop expansive foresight and critical understanding of the full effects of digitization and emerging technologies.”
"North America is projected to be the largest market for AI in banking between 2018 and 2023. AI in the region will increase from a business value of $14.7 billion in 2018 to nearly $79 billion by 2030. However, the proportional importance of the North American region is likely to decline between 2024 and 2030 as Asia Pacific, Europe and other global regions roll out more AI solutions in the banking sector," says the report.
Tait said. “All in all, AI technology will reconfigure the financial industry’s structure, making the banking sector more humane and intelligent.”
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