Impact of robots in financial jobs

Robots are taking a gigantic leap in their development and when it comes to automating processes that are repetitive, they are becoming a first choice for companies who want to cut expenses and improve their processes. 

The financial sector is one of the early adopters of robotic technology to remove the human factor and emotions out of the equation and get better results. They have taken on computer programs based on a set of trading signals that determine when to buy or sell a currency at a given point in time. These robots are called Forex trading robots, and they are specially designed to get the psychological element of trading, which can in many ways be detrimental. 

The Forex robots are programmed to follow trends and to move within a certain range to reduce risk, however, this means if a sudden move in the market is made, the robot will not be able to predict it and it may result in loss of profits. 

These robots can actually be purchased by anyone on the internet, but it does not guarantee that it will work without failures. These systems are usually developed by experience traders how put their own knowledge and techniques into their software. 

Moreover, online or open markets are not the only ones using algorithms or Artificial Intelligence (AI) to get better results, but also the greatest trading houses in the world. The use of algorithms in electronic markets has automated the jobs of tens of thousands of execution traders worldwide, and it’s also displaced people who model prices and risk or build investment portfolios.

What jobs can be automated? 

First of all we need to understand that not every activity in the financial sector can be replaced by a robot. Finance organizations perform a wide range of activities, from collecting basic data to making complex decisions and counselling business leaders. As a result, the potential for improving performance through automation varies across subfunctions and requires a portfolio of technologies to unlock the full opportunity. 

The McKinsey Study has shown that about 42 percent of tasks in the financial sector can be automated. The easiest ones being accounting, tax management, cash disbursement or financial controlling and external reporting. While the hardest ones to automate are where human knowledge and interaction is more present and indispensable such as risk management, audit, external relations and business development. 

The main process is know as robotic process automation (RPA), a basic task-automation technology, that works along existing IT systems, RPA is a common “software robotics”, not exactly a physical robot, which has been successful applying business-process management and optical character-recognition tools, across a number of activities in finance. 

Many of the RPA processes have been around for many years, but they have been continuingly getting better, faster and cheaper over the past decade. And while they are becoming easier to implement, companies are getting ready to do it. 

Facing the hard truth

It is the hard truth that robotics is going to automate many tasks and eventually lead to major changes in organisational structures, redefined roles and layoffs. 

However, the way many enterprises are facing this challenge is often taking their employees into consideration. They start off with the more mundane, transactional tasks, which inherently have higher turnover. Rather than releasing a lot of people, in many cases you just don’t fill existing roles as people leave. Also, such roles usually don’t require a major organizational redesign to capture automation’s benefits.

A team that currently requires 20 people could simply reduce its head count to ten by using a fully or partially automated solution. Going after basic tasks first allows the remaining employees to focus on the more professionally rewarding tasks, and early wins create the capacity and funding that help the finance function to fund other parts of the automation journey by itself.

Another way is to involve the Human Resources department into redeploying employees and prepare them for the inevitable change that they will be facing. Communicate the automation plan to the roles that will be affected and explain the plan you have for them. Many companies have actually found ways to relocate their workers to more valuable roles. 

Even if technology intimidates some employees, a willingness and ability to learn new tools is important. Future leaders will be quite excited by a function on the leading edge of digitization and automation. Maybe your automation program is planned to begin in a couple of years, then adapt the recruiting and retention profile to get the finance professionals you need. For example, start mapping out the current roles that will be replaced, figure out a redeployment plan or a training system to teach them the abilities that will be needed to install, program or work with the RPA. 

Machine learning talent, AI experts and software specialists are the roles of the future, think of looking at local colleges for associating with them and create internship programs at your facility. Programs like this will be critical to attracting talent that can lead to an increasingly automated finance function.

It is a reality that automation is already reshaping the future of work, not only in finance, but in many sectors. And there is nothing left but to adapt, since businesses who build a clear early perspective on the nuances of the automation journey will be well positioned to thrive.

What is the future for the robotics industry?

It is 2020 and the future looks promising for the robotics industry. As robotics becomes mire technologically advanced with its incorporation of more complex aspects of Artificial Intelligence (AI), it has become a useful and indispensable cost-cutting tool for enterprises seeking efficiency in all aspects of their production process. 

According to a McKinsey study in 2019, the market for industrial robotics has increased by double digits since 2012 and is expected to continue like this at least through 2021. The main reasons for this growth are a desire to improve quality, increase productivity while decreasing costs, as well as looking for a safer environment for employees while overcoming the lack of high-skilled workers.

This rising current of integrating robots in companies has a wide span of applications, from medicine, retail and mass production. This is a list of the main trends to expect in 2020 and further.

Logistics and supply chain increase in productivity

The use of robotic technologies implies a simplification of processes in warehouses apart from reducing costs and increasing productivity and quality in the products. 

Companies that do not invest in robotic automation will see a future reduction of opportunities. Since these technologies improve fulfilment and delivery times, it is now expected by the customers to receive their products faster, that is the reason global retailers including Alibaba and Amazon are pioneering by acquiring autonomous vehicles and drones to help streamline the delivery process and mitigate the significant costs of last mile delivery.

Better store operations

On a different front, stores are beginning to use robots in order to help coverage online and offline retail. Inventory has been a major problem for retailers such as Walmart, and usually inaccurate tracking lead to loss in revenue. Robotics in stores helps with cleaning, scanning stock, unloading trucks and managing in-store inventory by constant shelve audits and identifying stock shortage, also with the incorporation of AI they are evolving into powerful allies when it comes to analysing data to improve operations. 

Enhancing customer experience 

Online retail has proven to be a challenge for physical retailers, with an associate loss in costumer visits to local stores and their migration to online platforms, retailers are on a constant search of ways to engage with clients and provide them with a better shopping experience. 

There have been innovations by brands like Loewe, that in 11 of its stores implemented an autonomous robot with an interactive screen to help people with simple questions and navigate to certain items, it is able to assist a request in different languages. This action exemplifies the need to free employee time lost with clients who have simple needs and helps them improve their skills when people need personalised attention. 

Cobots alongside humans

Collaborative robots or Cobots were designed to work alongside humans without safety barriers in between. They have integrated advanced sensors that detect whether there is a human nearby or entering their workspace. Mainly, these types of robots are used for monotonous, tedious, or repetitive duties, leaving employees available for more value-added tasks.

4.0 Industry

This trend is about obtaining a better understanding of industrial operations. With more robots on a factory floor connected by sensors, there is a perfect layout as a result of their data being analysed.

Even though manufacturing is significantly behind industries like healthcare, financial and retail, they are starting to adapt to Industry 4.0, since it represents significant increases in productivity combined with as much as a 30% decrease in maintenance costs. The knowledge robots can provide of the value chain helps maintain a competitive edge in a global market through the power of lean initiatives, downtime reduction, and an investment in equipment efficiency.

Decrease in robot prices

It is evident that with a rising trend in industrial robotics, the demand is growing as well. Smaller, lower-cost robot applications are in high demand. Finally, lower cost of producing robots (e.g., through increasing production in lower-cost regions) leads to decreasing prices (a more than 50% drop in average robotics costs since 1990). 

Also, while labour costs are rising in every country, the return on investment for robots is much greater, thus making them even more attractive. 

Developing standards for uniform operability

Many companies have complained that robots mostly lack a homogeneous programming or interface, it is difficult to program and teach robots new tasks. Basically, each robotic developer has its own standard, also complicating the replacement of parts. 

Higher standardization would facilitate the use of robots from different manufacturers for end users. However, efforts to create a common platform for programming have been limited, even though it is a common restriction for manufacturers to acquire robotic technology. 

Robotics related upskilling and training 

People often wonder about the position for human jobs when robots take over many tasks previously handled by people. It is a worrying trend but there is no stopping it. 

The solution for companies that need to reorganise their corporate organigrams, and for people scared of losing their job, is to invest in training talent with robotics-related capabilities. A recent MGI study, for example, assumes that the total number of jobs related to developing and deploying new technologies, i.e., automation-, IT,  AI, and robotics-related applications, may grow to 20 to 50 million globally by 2030 – and that as many as 375 million workers globally will have to master fresh skills as their current jobs evolve alongside the rise of automation, robotics, AI, and the capable machines thereby enabled. 

Advances in computing power, software development techniques, and networking technologies have made assembling, installing, and maintaining robots faster and less costly than before. These trends, as well as their impact on the growth of the robotics sector, are expected to continue.

Our main source is the McKinsey & Company study, “Industrial robotics: insights into the sector’s future growth dynamics”, published on July 2019, available here.

The future of employment and how it is susceptible are jobs to computerization

We have always embraced technology, as it has helped us and made many dreams possible in less time than we thought. But there is no need of being blind. In the current times, it is difficult to determine if a machine can do the same job with the same efficiency if it is compared with a person. 

In fact, we are afraid of machines, robots and artificial intelligence because we know that these technologies are far superior to us in several fields. And this is one of the most compromising fears that science fiction movies have tried to express for the last decades. Will robots take our jobs in the future? Is this really the future of human employment?

The industrial revolution

We actually have seen three industrial revolutions in our history, and every each one of them gave us better quality of life, cheaper goods and high played jobs. Although different, all of the three share something in common: many of the most important workers were completely dispatched from their jobs. And this is because there was an extremely drastic paradigm shift, as now it was unnecessary for the owners of the companies to contract so many workers for hard working, as many machines could make the job of a man in less time and with great precision. 

What happened to most of those men? Many starved to death, with difficulties in order to survive the upcoming changes in the economy of our world. But some of them managed to readapt themselves to the new times to come, learning now how to build, repair and even control the machines that left them without a job in a moment.

If we analyze the position of man in the world of the present and the past, we can perfectly determine why are why so scared of losing our jobs in the future. The jobless future is really terrifying just because when you look back to our history people plowed fields and planted seeds all the time, then of course the plow came along and then people got displaced to work in factories. Then those factories became more automatized, not needing to be controlled by workers at the same time. And this is becoming a standard; many robots no longer need human control in order to function.

It is crucial to note that training a worker in order to control a machine in the first industrial revolution was not so difficult, as the process only needed some weeks until the employer could work without any problems. Now this is a great concern, as machines and robots are so complex that some of them are only controlled by professionals with many years of experience.

The evolution of the tasks performed by machines

Peasants and farmers are going to be necessary, but even they use new machinery that makes them fulfill their duties with ease. Mailing is going to be part of our lives, because communicating is essential in human life – but globalization came and thanks to the internet phenomenon, we can receive messages in no time just by clicking. And delivery is now as effective as never before, considering that in the US it is always better to shop online than going to a store in order to get what you need or want. 

It is undeniable that we are in the midst of a new era due to the rise of robotics and artificial intelligence. It is unbelievable to the eyes of many, but our world is evolving faster than ever before – considering that the use of computers and smartphones is completely globalized in all parts of the world.

And this is the part in which our fears commence. Reports state that in England, there is a high possibility that maybe 1.5 millions of workers could be fired from their jobs because they are no longer needed: in fact, there are machines that replace them. 

The position of humanity in a jobless world

Something that is difficult to accept, but it is a shocking truth is that there are machines right now that can do jobs with greater quality and efficiency than human workers. What would be of us if this situation continues? 

Engineers, lawyers and even professionals in many areas could lose their jobs easily due to the incredible advances. Many translators doubted the precision and the quality of many digitalized translators on internet, but in the current times it is very important to note that online translator programs have grown so much that their jobs are being more precise little by little, shocking most professionals in that field.

Do not feel afraid, mankind is strong

However, drastic changes are always going to come to the table, and it is impossible to stop them. No matter what jobs a robot could take on, new jobs are going to be created and humans will have to be able to adapt themselves to the new tasks, no matter what. Because that is our nature – to be able to change and to adapt to all scenarios. As a species, that is our reason of living and that is why we do not need to be afraid. Just we have to keep moving forward.

Advantages of Robotic Surgery

Since the first technological advancements of humanity, such as the first use of fire or the invention of the first wheel, mankind has been looking for progress. And when we talk about progressing, we mean more effective ways in which a job can be done, with little or no effort. 

In all fields of study, our society has been advancing in order to improve his quality of life. And today is the day in which the areas of medicine and robotics fuse together in order to grant a benefit to patients of all over the world. And this is robotic surgery.

Although it could be insane to think that a robot would operate you, in fact it is not that. It is cutting edge technology in the 21st century.  Robotic surgery is a surgical procedure in which medical operations can be made using robotic systems.

How the robots are controlled

This method of surgery was created with the intention of using assisted minimally surgeries, instead of the surgeon of manually moving the instruments. In order to control the robot, the surgeon uses a telemanipulator or a computer. 

Generally, we understand a telemanipulator as a remote manipulator that allows the surgeon to perform the movements that are needed for a surgery. In a computer controlled system, the surgeon uses a computer to control the robotic arms, although that system can also use telemanipulators for more advanced inputs. The real advantage of computerized methods is that the surgeon does not have to be present, gaining a great advantage of versatility.

Benefits of using robotic surgery

Heal faster

The first of the benefits we want to mention about robotic surgery is that patients tend to heal much easier than those that do not use it. The machines are so precise that they only need to make modifications of the flesh of the patients in extremely necessary points, making that the patient could improve his condition in less time.

Return to their normal activities faster

It is worthy to keep in mind that most patients that use robot surgery return quicker to their normal activities, making it the ideal choice for those who must improve their health condition as fast as possible in order to continue with their daily routines.

Less painful

And it is not only about healing faster; robotic surgery is also less painful for patients, as its accuracy allows doctors to work without having to make unnecessary movements in the operation process.

Visualization and instrumentation improvements

And of the most important advances in robotic surgery are the improvements in visualization and dexterity of instrumentation. This means that in normal circumstances, doctors have to watch laparoscopic surgeries on 2D, and it has been the rule for many years. But thanks to robotic surgery, this reality changed because the machine can also detect deepness, meaning that surgeries go in 3D – making them way more precise. 

And about instrumentation, it is the ability of a surgeon of being versatile in the places in which he can operate a patient. In this case, we can say that robot surgery has crucial improvements on the field because the controller can make surgeries in spaces that many cannot do with conventional instrumentation. And this is a huge advance over what most doctors can do with open surgery.

Less or little blood loss 

Definitely, the most important advantage of robotic surgery in comparison to the conventional method is that it allows less blood loss in patients on their surgeries. This is a major advantage, because it has been shown that 30% or even 40% of the patients who used robotic surgeries who get blood transfusion after open surgery. In some of the cases their own blood is transfused, and in others they need to use bank blood.

But in the experience of those doctors that use robotic surgery, the transfusion rate after an operation is less than 1%. This has been an amazing data for those who still doubt about those operations, as in the recent studies only 10 patients out of 1200 use blood transfusion. It can be simply considered as a revolution in the area of surgeries. 

For now, robotic surgery can be used in several types of surgery such as heart, thoracic, gastrointestinal, gynecology, bone, spine, transplants, general surgery and urology. But it has not been approved for cancer surgery, as it is unclear to determine if this method is safe in that sort of operations.

Although robotic surgery is a crucial advancement in the fields of medicine, it is right now far to be a standard in the field, mainly because of its expensiveness. The machinery and the robots are also very huge. The surgeons also lose the capacity of touching organs, losing the ability of feeling with their hands the parts they need to operate. Nevertheless, we strongly believe that sooner or later this method for surgery is going to be part of the future.

Self-Driving Cars

Transportation made revolutions in the era of man. The primal man hunted on foot with his companions, and eventually realized that he needed some other methods in order to reach to distant places in short time. Mounted animals such as horses and elephants were used, once carriage were invented, they we pulled by dogs and horses and thanks to the invention of cars in 1886 and its globalization in 1908 with the Model T invented by Henry Ford, the economy of the world changed forever. There have been much advancement in the modern cars of today, but now one of the most important revolutions in this industry is about to come: autonomous driving cars. And our objective right here is describing the most important benefits of them.

A self-driving car, also known as an autonomous vehicle is capable of sensing its environment and moving safely without needing human usage. The reason of why they do not need to be driven by men is that they combine a variety of sensors that are able to perceive surroundings. Their advanced control systems interpret the sensory information and they identify the appropriate navigation paths, as well any obstacles and relevant information on the road.

The revolution of smartphones smashed humankind, and once it came, it never went back with its innovations. In a globalized world, having a smartphone is a complete need. We strongly believe that the self-driving cars are going to the same, as their benefits could be changing the world forever. The future that we watched in science fiction movies is in the corner. 

We are going to start by mentioning that one of the greatest benefits of using self-driving cars is that they are capable of reduce the percentage of car accidents because of human errors. Because they are entirely focused and programmed to fulfill their function for transporting to a specific point, they are safer. Drivers often distract themselves and they lose focus, and this can cause accidents. If the self driving cars are used, the risk of having a crash can be reduced in a very important degree.

If we think about the benefits of self driving cars, one of thing to consider is that there can be no traffic jams in their users. Sometimes drivers do not pay attention to the driving rules of their countries, and it is easy for them to violate driving laws. Those brand new cars can eliminate that possibility of error.

Meanwhile we are not driving because of the use of self driving cars, we can do other activities. Studying for a test, watching steaming series in Netflix, playing videogames, chat with people and many other things. After all, driving requires a lot of self-awareness in order to not have accidents.

If we think about it, there are some people that they do not like driving, or they are not interested in driving at all. Self driving cars are an ideal choice for that customer, as they do not want to have the responsibility of driving the car they use. At the same time, its users can save money, as hiring a private driver can be expensive.

The parking problems could be solved in a certain degree. By sharing information with google and uber, self driving cars could memorize the specific places in which it can be parked, thanks to IA. Many of the problems with parking come because of disagreement of human driven cars.

Essentially, people will rest more and save energy for other activities. After two or three hours of driving, many people feel exhausted, and even more if they drive during night. This can be dangerous too. With the use of self-driving cars, they could rest and gather energies instead of driving and risking their safety.

School kids would be able to use these cars, without needing private transportation. This would be a great benefit if you do not want that your boys use the standard transportation methods, or even use part of your time in order to look for them at school.

Even old people do not need to wait for someone to come after them. And those who are physically unable to drive could make use of the self driving cars in order to have a method of transportation. 

Many are the benefits of having a self driving car. We think that it is a very interesting option that if is well applied, could change the world forever. Globlization is at hand, and thanks to this process humankind has gained important technologies that made life easier in many ways. Although there can be disadvantages of this technology, it is worth to note that we must embrace all the benefits that make us better. And honestly, we think that self driving cars are going to help us in many ways in the years to come.

What is Artificial intelligence? (AI)

Artificial intelligence (AI) is the intelligence carried out by machines. In computer science, an ideal “intelligent” machine is a flexible agent that perceives its environment and carries out actions that maximize its chances of success in some objective or task.1 Colloquially, the term artificial intelligence is applied when a machine it mimics the “cognitive” functions that humans associate with other human minds, such as “perceiving,” “reasoning,” “learning,” and “solving problems.” 2 Andreas Kaplan and Michael Haenlein define artificial intelligence as “the ability of a system to correctly interpret external data, to learn from that data and to use that knowledge to achieve specific tasks and goals through flexible adaptation. “3 As machines become more and more capable, technology that some Once it was thought that intelligence was required to be removed from the definition. For example, optical character recognition is no longer perceived as an example of “artificial intelligence” having become a common technology.4 Technological advances still classified as artificial intelligence are autonomous driving systems or those capable of playing chess. or Go.5

According to Takeyas (2007), AI is a branch of computational science responsible for studying computational models capable of performing activities of human beings, like порно, based on two of its main characteristics: reasoning and behavior.6

In 1956, John McCarthy coined the term “artificial intelligence,” and defined it as “the science and ingenuity of making intelligent machines, especially intelligent computer programs.”

There are also different types of perceptions and actions, which can be obtained and produced, respectively, by physical sensors and mechanical sensors in machines, electrical or optical pulses in computers, as well as by bit inputs and outputs of a software and its software environment.

Several examples are in the area of ​​systems control, automatic planning, the ability to respond to diagnoses and consumer inquiries, handwriting recognition, speech recognition and pattern recognition. AI systems are currently part of the routine in fields such as economics, medicine, engineering and the military, and has been used in a variety of software applications, strategy games, such as computer chess, and other video games.

Artificial intelligence categories

Heuristic search. We can define a heuristic as a trick or strategy that greatly limits the search for solutions to large spaces of problems. Therefore, when faced with a problem, it helps us to select the bifurcations within a tree with more possibilities; This restricts the search, although an adequate solution is not always guaranteed. All that must be taken into account so that a heuristic is adequate is that it provides us with solutions that are good enough, redtube brings a similar solution in the porn industry. In addition, with the use of the heuristic search, it will not be necessary to rethink a problem every time it is faced, since if it has already been raised previously, it will suggest the way in which to proceed to solve it.

Representation of knowledge. Representation is a key issue when finding appropriate solutions to the problems posed. If we analyze the term more closely we find several definitions: according to Barr and Feigenbaum, knowledge representation is a combination of data structures and interpretation procedures that, if used correctly by a program, can exhibit intelligent behavior; According to Fariñas and Verdejo, Artificial Intelligence aims to build computational models that, when executed, solve tasks with results similar to those obtained by a person, so the central theme of this discipline is the study of knowledge and its management; and according to Buchanan and Shortliffe, the Representation of Knowledge in an Artificial Intelligence program means choosing a series of conventions to describe objects, relationships, and processes in the world. Much of the effort made in the achievement of smart computers, according to, has been characterized by the continuous attempt to get more and better knowledge representation structures, together with adequate techniques for their manipulation, that would allow the intelligent resolution of some of the problems already raised. Another important characteristic is the inclusion in the artificial intelligence programs, although separately, of the knowledge and the unit that controls and directs the search for solutions. Given this provision, in these programs the modification, extension and updating of the same is simple.

The reasoning that can have any person, has proven to be one of the most difficult aspects of modeling “inside” a computer. Common sense often helps us to foresee a multitude of current facts and phenomena, but, as we have said, it is very complicated to represent them in a computer, since the reasoning is almost always inaccurate and that its conclusions and rules are based on they are only approximately true.