Companies plan to ramp up shift to automation, reports Richmond Fed
Workers may want to prepare. According to the Richmond Federal Reserve, companies have been investing in automation and plan to ramp up that shift as inflation persists.
Over the past year, about 60% of companies have automated tasks previously performed by employees, and nearly two-thirds of companies have made it a “strategic priority” to now ramp up automation going forward, the Richmond Fed said the CFO Survey revealed.
The automation that occurred over the past year has come from a combination of software, equipment, and technology. But the Fed said the majority of firms that plan to automate over the next 12 months intend to do so with AI.
And why are companies increasing automation?
The majority, 58%, reported using automation to improve product quality, the Fed no...