Become a Trillionaire by Mastering Artificial Intelligence

Times are changing

Mark Cuban, speaking to a group of innovators at SXSW in Austin last month, predicts that the world’s first trillionaire will be an entrepreneur that masters artificial intelligence. The businessman and Shark Tank investor went on to say, “We will see more technological advances over the next ten-years than we have over the last thirty,” and “We are going through the process where software will automate software, automation will automate automation.

Cuban cautioned students to consider their career carefully as computers and robots replace technical skills in the workforce. Robots are already widely used in manufacturing to improve production rates and quality. What might be an exciting job today, may not be the best choice for the younger generation just starting their careers. Robotic Process Automation (RPA) has potential to be applied in many different industries. 

What exactly is Robotic Process Automation and Artificial Intelligence?

The Institute for Robotic Process Automation and Artificial Intelligence defines RPA as, “the application of technology that allows employees in a company to configure computer software or a robot to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.”  Their website confirms Cuban’s prediction that highly-transactional jobs relying heavily on labor for large volume process work can reduce costs, increase accuracy, and improve productivity and cycle times with RPA. By removing tedious time-consuming repetitive tasks, it will allow people to elevate the nature of their work. RPA is still relatively small, but is expected to be a $5 billion market globally by 2020. http://irpaai.com/

Businesses that are combining RPA with cognitive technologies like natural language processing and machine learning are leading the way. Complex processes requiring human judgment cannot be performed by RPA alone – bots can only perform tasks with clear-cut rules. For that reason, many businesses envision an integrated workforce with robots working alongside people who handle the complex tasks. However, the lines are blurring and by combining cognitive tools, it is possible to extend automation to those processes requiring judgment. Machine Learning can predict outcomes based on previous patterns and help prioritize RPA actions.

Will you be replaced?

PwC reports 38% of Americans are at high risk of being replaced by robots or artificial Intelligence in the next 15 years, compared to only 20% in Japan. Jobs in education, healthcare and social work are least at risk. Don’t worry, experts anticipate a changing of the workforce that will create more jobs for higher skilled workers and do not expect sky rocketing unemployment. http://money.cnn.com/2017/03/24/technology/robots-jobs-us-workers-uk/

Watch for more on this topic in the coming months. Please contact me if any questions or comments about this article at troy_burke@extractsystems.com.

 

About the Author: Troy Burke

With 30 years of experience providing clients with stellar service and strategic solutions for growth and development, Troy is committed to ensuring his customers receive the highest quality solution, training and support with every implementation. He frequently speaks on the topic of redaction and is actively involved with National Association of Court Management, Property Records Industry Association and several other government organizations.