I am going back to my roots here since my family was in pig farming. Back in the 1980’s there was a push to start tracking data on pig farms with the help of spreadsheets and computers. For the first time, pig farmers could get data that REALLY helped them make better decisions. It was the classic case of applying new technology to an old industry. It revolutionized genetics and efficiency in the industry, yet other parts remained exactly the same (it’s still hard, smelly work). I think AI will end up being another new technology that is broadly applied to every existing part of the economy. Some things will change drastically and other things AI just cannot touch.
It seems like everyone is talking about AI these days. In its current form it is wonderful for some things, and simply awful at other things. I contend that we are still in the ‘dial-up internet’ phase of AI… some of us remember those days. Today, the primary way we experience AI is through a better search engine. Instead of offering a list of websites, it just gives us the answer. That change is wreaking havoc on certain business models that operate on website visits.
If you have had any interaction with AI outside of search engines, it is the wild west out there. I have created my own application(app) for my middle-school track coaching responsibilities that cut my computer time by 95%! However, my attempts to get AI to do anything proactive for me have been flaming balls of failure. I am a slow adapter of technology but after giving some of these AI models a try, I would encourage everybody to experiment with ‘vibe coding’ an app for yourself. It is a great education about what is currently possible. Believe me… If I can do it, you can too. The most exciting part is that these tools are for EVERYONE!
I have doubts about whether society will allow (the predicted) drastic social change to occur. Our smartphones have snuck up on us and consumed our attention over the last 15 years… and now there are laws that restrict their use for drivers, kids at school, and those under 16 years old. Society eventually pushes back on what it finds unhealthy. If things do start changing too rapidly, there will be protest, boycotts, and push-back. Business will naturally go whole-hog at whatever new tool allows them to perform better, but ultimately the power of the purse still rests with the consumer.
I believe the old saying “The more things change, the more they stay the same.” This is another new technology that will eventually take us to some really amazing places. But there will be bumps in the road and there will need to be limits placed on the bad actors to protect the things we hold dear and what we deeply value in our society. I think that interpersonal relationships become MORE important with AI. I think social experiences become MORE important with AI. Humans become MORE important with AI.
I want to sincerely thank you for choosing Compass Financial. Thank you for inviting us into your lives to walk the financial path of life together. Thank you for your trust… it is a deep and meaningful thing. If you have something on your mind, we would love to hear from you.