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Artificial Intelligence (AI) is rapidly increasing in ubiquity, particularly because of   advances in cloud technology.

The Future Is Here: How Artificial Intelligence May Impact Your Family – Post 6

At EisnerAmper’s recent Private Wealth & Family Office Summit, Bruce Weed, IBM’s global program director of Watson and big data ecosystem development, gave an address titled “The Future Is Here: How Artificial Intelligence May Impact Your Family.” Artificial Intelligence (“AI”), a concept that had traced back to 1955, is rapidly increasing in ubiquity, particularly because of advances in cloud technology and how leaders such as IBM, Amazon, and Google develop and use cloud capabilities.  Bruce discussed how AI could be or already is affecting our daily life now and into the future, focusing on health care, business, and our personal lives. 

Leading medical providers like Sloan Kettering and Johns Hopkins are using AI in remote areas to deliver services where the population may not have access to the care they need. AI is used to improve virtual personal assistants, online customer support and fraud detection. Industrial equipment is improved; market analysis yields more and improved information.

Tesla, Amazon Echo, Google search engines, Netflix searches (how many of us have watched a show because Netflix recommended it?) -- all are using AI to help us get ‘next level’ services—not only answering the questions we’re asking, but recommending related products and services.  In addition, Watson is an IBM supercomputer that combines AI and sophisticated analytical software for optimal performance as a “question answering” machine.

Angela Chen, CPA is a Personal Wealth Adviser specializing in tax planning for high net worth individuals and wealthy family groups.

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