Automation and artificial intelligence (AI) are already a major part of any industry that needs to process information. If you need to calculate anything, compare anything, or make decisions based on any information that can be written or recorded, AI is there.
In fact, if your business isn’t already taking advantage of AI and automation, you either are using them and don’t know it, you’re doing things old school for the sake of being an artisan, or you’re falling behind by decades.
Robo advisers are advanced, tested, and soon to be commonplace part of the investment world. It was only a matter of time; technology that makes bad guesses simply needs to be improved, and the guesses can improve while humans continue their tasks.
For robots, the worst-case scenario is being hacked and spewing bad data. At best, automated advisers can create the same advice or better advice than humans.
For humans, the worst-case scenario is making a wild guess with no information to support their case. At best, AI will either give more information about a good choice, or make a better choice.
There will always be a time when humans or AI will have a better answer, which is no different than two humans having different approaches. Simply having another set of decisions–even automated, isn’t a bad thing. The danger is getting complacent.
Humans never need to forsake their ability to reason on their own, and it’s not the fault of technology if they do so. Instead, investment professionals and many other decision-makers can let AI do a lot of heavy lifting, but use discretion and quality control on a regular basis.
Investing in Tech that Helps You Invest
If the technology can help you predict good investments, it can be tweaked to guess almost anything else.
Human knowledge is the basis for all AI decisions, and if an AI system can’t make a guess, it’s because a human professional hasn’t provided the right data–or because the right data hasn’t been discovered accidentally.
If your groundbreaking technology is able to make you millions, billions, or more overnight, it might be tempting to hide that technology. That’s a good idea in the short run while you establish a base and safety nets, but you can do more.
Start planning on how to implement that technology in other areas through sales and investments. If another company or team provided that technology to you, work on figuring out the other industries where their tech could help, and ride the success.
For more details on accurate investment and ahead-of-the-curve decision-making, contact an investment technology professional.