The big idea and why it matters: Given a basic understanding of AI and how to access it, the next step is to explore some practical ways you may be able to leverage AI to enhance your life and specific workflows. And, even if you don’t make the effort, the businesses you interact with will still attempt to incorporate it into many of your interactions.
“Artificial Intelligence is the new electricity.” –Andrew Ng (AI visionary and machine learning instructor at Stanford)
After covering some of the (very) basics in Parts 1 and 2 of this series, today we continue our journey into the world of AI, but now focused on some practical applications that can ideally make our lives easier. While there’s likely something to gain from utilizing these tools, I also think it’s a safe assumption that it will take some effort. If this goes as planned, we’ll spend today exploring what else AI has to offer; that will allow me to choose the one(s) that sound most helpful so I can do the heavy lifting of attempting implementation in the next part of this series. Here we go!
Overpromising or Underdelivering?
- Automating Routine Tasks: One of the most significant benefits of AI is its ability to automate mundane tasks. For instance, AI-powered tools can help manage emails, schedule meetings, and even draft documents. By offloading these repetitive tasks to AI, we can free up time for more meaningful work.
Imagine starting your day with a clean inbox, thanks to AI sorting through your emails and prioritizing them based on importance. AI can also help schedule meetings by finding mutually available times for participants, reducing the back-and-forth often involved in coordinating schedules.
Admittedly, this sounds like the stuff dreams are made of! Color me highly skeptical, but if AI can really help to increase email and scheduling effectiveness/efficiency without reducing the vital personal touch of these communications, then it’s very much worth looking into.
- Enhancing Creativity: AI isn’t just about efficiency; it can also boost creativity. AI tools can assist in brainstorming ideas, generating content, and even providing feedback on our writing. Imagine having a virtual assistant that helps you refine your ideas and brings a fresh perspective to your projects.
For example, if you’re working on a marketing campaign, AI can suggest catchy slogans, create engaging social media posts, and even analyze the effectiveness of different strategies. By leveraging AI’s ability to process vast amounts of data and identify patterns, you can make more informed decisions and create content that resonates with your audience.
- Data Analysis and Insights: AI excels at processing large amounts of data quickly and accurately. Whether you’re analyzing financial data, tracking market trends, or conducting research, AI tools can provide valuable insights that inform better decision-making. Some platforms offer advanced data analysis capabilities that can uncover patterns and trends you might have missed.
For those portfolio managers in the room, consider the following: CoPilot insists that AI can analyze market data, identify emerging trends, and provide recommendations on which assets to buy or sell (hopefully, based on criteria and “secret sauce” you’re providing to the software…or else why don’t we just hand over all investment management to robots?). AI can also assist in research by sifting through vast amounts of literature, identifying key findings, and suggesting areas for further exploration. Those aspects sound more practical to me for those sitting in the analyst or portfolio manager seats.
- Personalized Learning: AI-powered learning platforms can tailor educational content to your specific needs and preferences. Whether you’re learning a new skill or deepening your knowledge in a particular area, AI can provide personalized recommendations and resources to help you achieve your goals.
Imagine you’re trying to learn a new programming language. AI can assess your current skill level, identify areas where you need improvement, and recommend tutorials, exercises, and projects that match your learning style. This personalized approach can make learning more efficient and enjoyable, helping you achieve your goals faster.
Along the lines of the above, here’s a quick video on 8 AI chatbot commands that may save you some time daily.
Corporate Actions
Beyond our everyday tasks, we should be able to expect companies to leverage AI technology to provide us with a better experience, as outlined in the following examples. Of course, there is likely (and should be) a profit motive here via driving higher customer satisfaction and greater adoption that helps to create more revenue and/or better margins, et cetera:
- Healthcare: AI is revolutionizing healthcare by improving diagnostics, treatment planning, and patient care. Machine learning algorithms can analyze medical images to detect diseases like cancer at an early stage, potentially saving lives. AI-powered systems can also assist doctors in developing personalized treatment plans based on a patient’s medical history and genetic information. AI stands to enhance patient care by monitoring vital signs and predicting potential health issues before they become critical. For instance, wearable AI-enabled devices can track heart rate, sleep patterns, and physical activity, providing real-time feedback and recommendations to improve overall health.
Anecdotally, I recently did a call with a startup company that provides its users with a broad panel of lab tests at a price that is about 3-5% of the traditional market rate. Part of the goal is to use the massive amount of data they are collecting to help train “AI doctors” and generate insights and disease detection far beyond what human doctors could develop on their own.
- Finance: In the financial sector, AI is transforming how we manage investments, detect fraud, and curate trading strategies. Again, my CoPilot tells me that AI-powered systems can analyze market data, predict price movements, and execute trades at optimal times, scaling up returns. Fraud detection algorithms can identify suspicious transactions and prevent financial crimes, protecting both consumers and institutions. AI may also help to analyze spending patterns and suggest ways to save money, paving the way for individuals and businesses to make more informed financial decisions.
- Retail: Can AI enhance the retail experience by personalizing recommendations, optimizing inventory management, and improving customer service? “The Internet” says it is so – or at least this blog post is an example of some people who think so, including an AI-powered shopping assistant, which I imagine could be online or in-store. AI-powered recommendation engines can analyze customer preferences and purchase history to suggest products that are likely to be of interest, which can increase sales and improve customer satisfaction.
In inventory management, AI can predict product demand, improve stock levels, and reduce waste. It seems evident to me that having the right products available when people want to buy them could be useful for a business; if AI can help with that, it sounds like a value-add. CoPilot also claims that AI-powered chatbots can provide instant customer support, answering questions and resolving issues quickly and effectively; however, in my experience, I usually have to ask for a human to step in to relieve the chatbot, so I hope this piece gets MUCH better.
Looking Ahead
As we continue to explore the capabilities of AI, it’s clear that the potential applications are vast and exciting. The promises are many, but the practical implementation is – in my limited experience – so/so thus far. At the same time, I know we shouldn’t yet expect to snap our fingers (or click our mouse), sit back, and relax our way into exponential AI improvements, so I’m still willing to put more effort into this adventure. Hopefully, that effort will be rewarded!
As another personal test of AI, I asked Microsoft CoPilot to write this post for me after feeding it Parts 1 and 2 of this series*. I realize that isn’t extensive training, so I can’t be too critical that the result left much to be desired. I rewrote most of it, edited it all, and added a lot of other content, but I have to give credit where credit is due: The main layout of this post and today’s quote are both courtesy of my newfound trusty-ish CoPilot.
And, with today’s quote in mind, I’m quickly realizing that – even if one tries to ignore it altogether – AI’s increasing ubiquity will make it unavoidable. In the next Alt Blend, I’ll focus on the email management improvements covered above, as that is the topic that got me most excited and hopefully applies to a broad audience. I may fail miserably, but I promise to stay optimistic.
Until next time, this is the end of alt.Blend.
Thanks for reading,
Steve
*This piece and content herein was created by using generative AI. HighTower Advisors, LLC does not use AI-generated information when making investment decisions, providing investment advice to its clients or in predicting changes in the stock market’s direction or in the price of a security. Exercise caution when using AI-generated information as it might rely on data that is inaccurate, incomplete, or misleading and may lead the investor to make risky investment decisions. For example, AI-generated information may be based on false or outdated information about financial, political, or other news events or derived from false or misleading information that was disseminated as an attempt to manipulate a stock’s price (either positively or negatively). Even when based on accurate input, information resulting from AI can be faulty or false. Depending on how it is presented, AI-generated information, particularly conversations with chatbots, could lead an investor to make misinformed, emotionally-driven or impulsive decisions which can be a risky approach to investing.
