Managing change is difficult. Humans have been highly successful at meeting the everchanging external environment. That is why our species dominates the globe.
Whilst the primary focus of our business has not changed, we have seen massive change in how we do our work and how much work we are able to do. This has been facilitated by improvements in accounting technology and your willingness to accept the changes that we have implemented like digital signing, data feeds, offshore processing, emailing, portals, ongoing processing, direct debit of fees etc. This has resulted in stable costs to our clients over the longer term.
Right now, we are on the verge of an amazing opportunity in all aspects of our lives. Artificial Intelligence (AI) is the next major force in the world which has great potential to reshape how we live. Faced with this unstoppable movement, some will go all in and embrace it, whilst some will dig their heels in, deny its existence and pine for the old days. The majority will do their best to understand AI’s impact and do a very human thing- adapt.
At Supervision, we see AI reducing current manual transactions and reducing human error. We also see increasing use of data to suggest strategy and spot other available opportunities. It may help us to scale our communications and make it more targeted to your needs. The constant updating or your portfolio’s will be enhanced due to AI’s ability to spot patterns and create better insights on static data.
Whilst we want to provide information on what you are interested in, we never want to stop challenging your assumptions and provide alternative thinking. That may sound deliberately confrontational, but sometimes you don’t know what you don’t know. An echo chamber is not the best way to provide maximum value.
One thing we will not do, is upload any of your personal information into the current crop of publicly available AI engines- like ChatGPT. Any time that you upload a question in these engines, that data is uploaded and available to others.
For businesses like ours where privacy is paramount, we will only be able to use AI where data is kept in a closed environment and information is not allowed to be used in the wider world. So, if you are playing at home, please remember not to add any of your personal information that would identify you or any of your family members.
If you are a business owner like us, it is important that you look at the value that AI can bring to your business. If you have existing competitive advantages in your market, then AI can accentuate these advantages by amplifying your currently existing ones. If I can generate business ideas out of AI without the insight and hard work of a unique business, then so can everyone, cancelling out any advantage of AI.
We will be exploring how we can use AI in our business. It’s an exciting time for us to apply our current business model and amplify our business strategy. We don’t know what that is going to look like, but we believe the future is bright and we must work towards advances that will enhance the experience you have with us.
