Stepping Carefully into the World of AI
January 23, 2024
Overview
At Bonaventure, we’ve always leaned into technology. We don’t want to be on the bleeding edge, but we’d like to be on the leading edge. We work to identify ways to enhance the experience of our customers, improve our operations and improve the work environment for our associates.
While virtually everyone talks about the glories of using AI for everything, our priority is data integrity and protection. After all, our clients and residents have entrusted us with their personal information.
Beyond that, we want to create a set of tools that will empower our team to figure out how to start using AI and generative AI to accelerate and improve the quality of our services. We’re looking into how to use AI to provide real time engagement with our residents and prospective residents. We want to provide the right answers to their questions and needs with instantaneous and unlimited information, whether that’s on the phone, online through the website or through an app, with a backstop of human beings when the chatbot reaches the limits of what it can provide to our customers.
Right now, we have a chatbot with text. We’re moving towards one with a voice application that’s available in any format. So, if someone wants to pick up the phone, they can call us and get an instant answer through AI. They can talk or type through the website or the app to get an immediate response.
I’m not oblivious to the fact that there’s a lot of concern and pushback about AI. Some people worry about whether AI will have a negative impact on employees or even residents who prefer human interaction. We’ll always have plenty of people around to provide the best possible experience for our residents.
Innovations and technology always get pushback. When London first introduced electricity to their streets, the people that lit the lamps on the streets every night were distressed that they were going to lose their jobs. And sure, AI could affect some people in the short term. For a few specific people, their jobs or the amount of work they have may be reduced or eliminated.
But from a broader perspective, all those lamplighters were freed up to do other things like participate in the industrial revolution. With AI, sure there will be certain functions that change, but what we really see with all technology is that it eventually makes labor more valuable. When you introduce technology and look at the aggregate impact, it raises the standard of living for society as everyone begins to benefit from more infrastructure and technology. Used carefully, AI can become one more tool to improve people’s lives and work experiences.
Disclosures
The article is for informational purposes only and not intended to be all-inclusive and may be changed at any time without notice or obligation to update. This article does not constitute tax, legal, or financial advice. Bonaventure does not provide tax, legal, or accounting services. Tax laws and regulations are subject to change, and individual circumstances vary. Investors should consult their own tax advisor, attorney, or qualified intermediary regarding their specific situation before pursuing any of the strategies discussed. Forward-looking statements may be influenced by a variety of factors, many of which are beyond the control of Bonaventure and could cause the actual outcomes to be materially different from what is projected. Past Performance is not indicative of future results.
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