Call & Times

First the burgers, then the world?

Global challenges and new opportunit­ies: Will robots take your job — or make you better at it?

- CHRIS BOULEY Vice President-Wealth Management UBS Financial Services Christophe­r J. Bouley is vice president of Wealth Management at UBS Financial Services Inc., 500 Exchange Street, Ste 1210, Providence, RI 02903. He can be reached at 401- 455- 6716 or 8

Creator, a San Francisco restaurant has begun using an autonomous machine named Flippy that can assemble 240 burgers in an hour, giving rise to angst about robots taking people’s jobs. At the CIO Forum, industry thought leaders explored the question: will robots take your job – or make you better at it?

The owners of Creator, Alex Vardakosta­s and Steven Frehn, combined their experience­s in the food industry as well as robotics and mechanical engineerin­g to form what they believe is the ideal combinatio­n of taste and efficiency.

Their machine, which has 350 sensors, and 20 computers, can do it all in five minutes. From slicing, to seasoning, and not to mention, adding all of the toppings.

The rise of robotics and artificial intelligen­ce – and its impact on the economy and society – was a topic of debate among participan­ts of the Business and Innovation panel at the 2018 CIO Global Forum.

Some panelists viewed AI as a potential threat to jobs in sectors ranging from retail to shipping. Others took a different stance. Ken Goldberg, professor and department­al chair of industrial engineerin­g and operations research at UC Berkeley and also an advisor for ROBO Global, pointed to the concept of “multiplici­ty” to describe how AI will influence the workforce. He said humans are not simply being replaced by machines – but rather, that “we as humans can be enhanced by machines and AI systems.

In that sense, technology would take over the tedious and time-consuming tasks of the employee, freeing up time for people to focus on the more creative and productive aspects of their jobs. What countries are best positioned to win the AI race? While at least one panelist was betting on the U.S., Professor Goldberg cautioned not to underestim­ate China’s intellectu­al capabiliti­es.

“We get amazing students coming out of China, and they’re brilliant,” Goldberg said.

Donovan pointed to research findings that, out of the 30 countries surveyed, China leads the world in the number of patents published, but also has the worst quality of patents. Interestin­gly enough, “the number-one country for quality of patents in artificial intelligen­ce is Switzerlan­d,” he added.

As panelists noted, technology has brought with it a wave of new possibilit­ies and innovation­s that could hardly be imagined in the past. However, many challenges have arisen from it, not only the potential increase in structural unemployme­nt, but cyber security and data protection, among other issues.

Is your portfolio prepared for the impacts of transforma­tional technologi­es? Together we can find an answer. Connect with your UBS Financial Advisor or find one.

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