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AI – the good, the bad and the ugly!

By December 13, 2023February 2nd, 2024One Wealth Perspectives

I recently sat in on a presentation on Artificial Intelligence. What struck me was all the capabilities that AI offered. If you understand how to properly prompt it with questions, it can be very efficient. AI can automate repetitive or mundane tasks, reducing workload and human errors. For example, it can record a conversation and summarize what was said concisely and accurately in a nanosecond. I believe this new technology will save time and perhaps reduce the need to add headcount, in some cases at the expense of eliminating jobs. However, in reducing the need for hiring and training additional staff, AI is cost effective.

While I do my best to welcome new technologies, I do have concerns. For instance, some of the disadvantages include inaccuracy: AI may provide incorrect information. Another big concern is privacy – no one wants their information to go to bad actors! Also concerning is over-reliance. excessive reliance on AI can lead to reduced human interaction, impacting relationships and client satisfaction. We need to make sure computers don’t make humans obsolete – can you say Skynet from The Terminator movie?? This has been a concern for quite some time and even though we know it’s a possibility, we must believe humankind is wise enough to ensure it doesn’t become reality.

My biggest concern is that kids will fall behind because they won’t have to think creatively, since everything will be a click away! Ever since the pandemic, our education system has struggled due to the rise of these new technologies and the lack of in-class support systems. The structure of the learning landscape has changed, especially with the rise of AI and other technologies. This generation of youth are at an interesting crossroads with so many different types of AI available to them. AI has the potential to add a substantial amount of good, thought-provoking ideas, which can be time saving and invoke learning, but I’m worried it will also make some people, especially students, become more dependent on technology and starve creative, independent thought. AI is coming full force, ready or not, and I hope it will be used to benefit humankind and not make us robots.

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