Transformative Tech: Will “AI” Upend the American Workforce?

Posted on 6-06-2023

This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article discussing the race between tech companies to monetize AI, and how widespread adoption might affect workers, the economy, and society in general:

A chatbot with uncanny human-like writing abilities has become the poster child for artificial intelligence (AI) since it was released in late 2022, inspiring new levels of attention, excitement, and concern about recent advances in this life-changing technology.

As the race among tech companies to monetize AI picks up speed, it’s worth considering how widespread adoption of AI-enabled technologies might affect the economic prospects of workers and businesses.

How AI Changes the Game

Artificial intelligence uses advanced algorithms to sort through data to detect and react to patterns. This allows AI-enabled applications to “learn” from experience. As artificial intelligence has advanced and joined robots, sensors, and other technologies, many tasks have already been automated in ways that were once unimaginable.

Smartphone apps map out the fastest routes from place to place and connect drivers-for-hire to people who need a ride. In some cities, driverless cars are being tested on the roads.

Generative AI is powered by large language models, which are deep learning algorithms trained with immense data sets to recognize, summarize, translate, and generate text. These models can create original content in response to questions posed by users, and millions of people are already using them to help write essays, articles, and business communications, code software applications, conduct scientific research, and even craft works of art such as illustrations, graphic designs, and music.

A known flaw of generative AI systems is that they sometimes “hallucinate,” or make up facts, when they can’t find enough relevant data to inform a reasonable response. They can also perpetuate the…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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