By Tommy Stephens , CPA

What ’ s Next ?

Artificial intelligence ( AI ) is rapidly transforming the world as we know it . From chatbots and virtual assistants to selfdriving cars and intelligent robots , AI has significantly impacted various industries and is poised to revolutionize many more soon . For example , tools such as ChatGPT can now help you in the following areas , among many others :

• Researching tax laws and regulations ,

• Composing articles for publishing on your website , and

• Writing Excel macros and other short “ bursts ” of code .

Integrating AI And The Internet Of Things One of the major trends in AI is integrating machine learning with the Internet of Things ( IoT ). IoT refers to a network of physical devices embedded with sensors , software and other technologies that allow them to collect and exchange data over the Internet . By combining machine learning with IoT , we can create intelligent , connected systems that can learn from data and make decisions based on that information . This evolution could lead to developing of smart homes , cities and even countries that can automatically respond to changing conditions and optimize their performance ..

AI Interactions Using The Human Voice Another trend in AI is the advancement of natural language processing ( NLP ), which is the ability of computers to understand , interpret and generate human language . With advances in NLP , computers will be able to understand and respond to human language with greater accuracy , making communication with them much more intuitive and user-friendly . This development could have a massive impact on industries such as customer service , where chatbots and virtual assistants are already starting to take over routine tasks , freeing human operators to handle more complex tasks .

AI Possibilities in Health Care With the ability to process large amounts of data and identify patterns and relationships , AI has the potential to revolutionize the way we diagnose and treat diseases . For example , you can use AI algorithms to analyze medical images , such as X-rays and MRIs , to identify abnormalities and diseases much faster and more accurately than a human doctor . Additionally , medical professionals can use AI to analyze patient data and medical histories to provide personalized treatment plans and improve patient outcomes .

AI in the Financial Sector The use of AI in the financial sector is also rapidly growing . For example , financial professionals can use AI algorithms to analyze vast amounts of data and predict the direction of financial markets , helping investors make more informed — and potentially profitable — decisions . Other financial professionals can use AI to detect and prevent fraud , reducing the risk of financial losses . Moreover , AI-powered “ advisors ” already provide financial advice to consumers .

AI Concerns and Risks Despite the benefits of AI , there are concerns about its impact on society . One of the biggest is job displacement , as AI algorithms can automate many tasks humans previously performed . This evolution will significantly change job markets as people will learn new skills and adapt to new roles .

However , it is essential to note that AI will also create new job opportunities , such as data scientists and AI engineers , who will be responsible for developing and maintaining these systems . Thus , perhaps a better way to look at AI is to relate it to the introduction of the hand-held calculator . When calculators arrived nearly 60 years ago , many said they would replace humans in mathematical environments . On the contrary , calculators freed humans to perform more valuable tasks that involved reasoning and critical thinking . Look for the same result with AI .

Another concern is the potential for AI algorithms to perpetuate bias and discrimination . Because we train AI algorithms based on data , they can only be as unbiased as the data used to teach them . In other words , the AI algorithms will also be biased if the training data contains bias . To mitigate this risk , we must carefully consider the data used to train AI tools and take steps to ensure that it is diverse and representative of the population .

Summary In the coming years , we can expect AI to become more integrated into our daily lives . Things like AI-powered virtual assistants will become more advanced and sophisticated , able to perform more tasks and make more informed decisions . And the development of autonomous vehicles will significantly reduce the number of car accidents caused by human error , making roads safer for everyone .

Still , while the future of AI is full of promise , it also comes with challenges . The integration of AI into everyday life , the development of general AI and the need to address ethical and moral questions are just some of the critical issues to address . By working together , though , and taking a responsible , proactive approach , we can ensure that the future of AI is bright and that the technology benefits all .

Tommy Stephens , CPA , CGMA , CITP is a shareholder with K2 Enterprises and a CalCPA Education Foundation faculty member . You can reach him at tommy @ k2e . com . www . calcpa . org JULY 2023 CALIFORNIA CPA 15