Kingsmill's Investment Miscellanea - Friday July 28th, 2023

July 28, 2023 | Joshua Kingsmill


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It’s really interesting to ponder the future of work, of all kinds, and how things will be different in the years to come.

 

A few weeks ago, I had a meeting, where I was located at my office. The client was up at his cottage, and the accountant was in his office, as was their lawyer. I also had an internal colleague calling in from her home, as she wasn’t able to come office that day. We all had access to whatever files and data we needed and were able to pull up tax returns, drafts of wills, financial statements, etc. All of this was being shared in real time. Not too long ago, this would have required a boardroom, 5 or 6 individuals all needing to arrive, with all their files, in one room. And if anyone didn’t have paper copies of pertinent documents, things would have to be deferred.

 

None of us would contemplate re-creating this meeting in person, even if for many years prior this is what we all would have done. Technology has changed business practices.

 

While my planning example at work isn’t a “fast-food” service, I read a fascinating article about how technology, specifically artificial intelligence is impacting the drive-through business. As that industry has struggled with all-time high labour shortages, AI has stepped up. Many chains in the US have started employing chatbots: we aren’t talking about the SIRI ones who often respond with “I’m sorry, I can’t help you with that”.

 

These ones are learning: greet you through the speaker, and take your order. “In three years I don’t think there’s going to be any human taking an order in any drive-through in the U.S.,” said Krishna Gupta, chief executive of Presto, a provider of the technology at nearly 350 restaurants across the country, including Harvey’s and Del Taco. Wendy’s is working with Google on this. McDonalds with IBM. Who knows, these bots will probably even do a better job of “upsizing” everyone’s orders!

 

Maybe the robots will even hand you your food one day:

 

In another area of technology: my 14-year-old son texted me the other day: “Dad I got my first paycheck from my summer job”.

 

So, proud Papa, texted back: “Great, we will go to the bank to deposit it at the branch”.

 

He replied: “I already deposited it”. For a second I didn’t understand: no way he walked to the bank, and he certainly didn’t drive. Then it dawned on me. He simply took a photo of the check and electronically deposited his earnings. It's interesting to contemplate that his first financial transaction was entirely done remotely. He didn’t even need to ask how to do it. He didn’t find the transaction at all interesting or exceptional. I guess from that generation, why would it be exceptional? That’s all they know. “Why would anyone ever go to a bank branch?” he asks.

 

One thing that technology won’t change is paying taxes. He grumbled: “Why did they take off money for taxes”. Welcome to the real world pal!

 

Have a great weekend!