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Home Blog Page 4313

Lessons from “STAGE”, a Political Ad Against Romney, And AI on Jobs

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The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/Files

It was an unmistakable political advertisement. As the Chairman of the Institute of Electrical & Electronics Engineers (IEEE) Boston Gold, I had just completed a program where we represented the Institute in MIT, in a program organized by the German government. All the leadership decided to have dinner together in Waltham in Cheesecake Factory.

As I sat down, I saw a political ad: a factory man explained how Mitt Romney (competing against Obama for US presidency) had asked them to build a stage, and how Romney later came, and fired all of them while standing on that stage. That was my first time of watching the “Stage”, the ad that destroyed Romney’s any chance of winning the presidency. How do you ask people to build a stage so that you can be visible as you fire them? The message was politically lethal. (The advert below)

That takes me to the news that Goldman Sachs software developers are now using ChatGPT to get their codes going: “Reports reveal that software developers at leading global investment banking, securities, and investment management firm, Goldman Sachs, are internally using generative AI tools to assist in writing and testing codes.”  

Across all domains of business, as AI systems evolve, many will train machines which will prepare stages to displace them. The key is having awareness of what to do to stop being a victim. 

Learn something beyond coding because basic coding will go like Isaac Pitman shorthand in 3 years.

“Developers are already using some of the assisted coding technology to write codes. It is currently in a proof of concept stage and not yet ready for production. It is still very early, you wouldn’t put immediately all your most important workloads there, but the imperative is to really try to understand the potential”.

“In some cases, developers have been able to write as much as 40% of their code automatically using generative AI. They are using the software to both test code and generate new ones. If you actually have a GPT-like technology that tests the code, or you generate the tests for the GPT code, you are creating this dualism where you test the machine and you get the machine to test your work”.

Comment on Feed

Comment 1: I read this then put it away. I returned to it and read it again. I reread it thrice and came to the conclusion that sometimes we don’t know if we really wanted something until we actually got it: Once Pandora opened the box what escaped could not be put back in.

As the story of Pandora’s box goes the only thing that remained in the box was hope. While the invention of AI is certainly amazing what will be created by its use will tower above what exists today. With all good things comes evil so maybe we need Pandora to open that box once more to release the trapped hope so that more good will come of AI than bad.

Let’s learn to us it for good and create jobs and opportunities to enrich life for many, instead of the opposite.

My Response: “Let’s learn to us it for good and create jobs and opportunities to enrich life for many, instead of the opposite.” – it will of course. The only challenge is that it will not carry many people along!

Comment 2: Interesting piece! People skills and building managerial competencies will always be needed. So building that will be an added advantage. In the words of Rockefeller “The ability to deal with people is as purchasable a commodity as sugar or coffee. And I will pay more for that ability than for any other under the sun.”

Comment 3: Industrial revolution = Farms to Factories

Technological revolution = Offices to Farms

We are about to go full circle, then we rinse and repeat again.

The process is basically the same, different terminologies for each dispensation.

Goldman Sachs Developers Use Generative AI Tools to Write Codes

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Reports reveal that software developers at leading global investment banking, securities, and investment management firm, Goldman Sachs, are internally using generative AI tools to assist in writing and testing codes.

Former Amazon Executive and current Chief Information Officer (CIO) of Goldman Sachs Marco Argenti disclosed that the firm’s software engineers have been using the AI technology to automatically generate lines of code.

He said,

“Developers are already using some of the assisted coding technology to write codes. It is currently in a proof of concept stage and not yet ready for production. It is still very early, you wouldn’t put immediately all your most important workloads there, but the imperative is to really try to understand the potential”.

“In some cases, developers have been able to write as much as 40% of their code automatically using generative AI. They are using the software to both test code and generate new ones. If you actually have a GPT-like technology that tests the code, or you generate the tests for the GPT code, you are creating this dualism where you test the machine and you get the machine to test your work”.

Argenti however declined to reveal the generative AI products that developers at the company have been using. He also did not specify which bank division the tech is being used in.

Goldman’s use of generative AI products comes despite a pushback from some banking giants in the use of ChatGPT internally. It is interesting to note that JPMorgan, Goldman Sachs, Citigroup, and Bank of America all restricted their staff from using AI software.

Reports suggest that the ban wasn’t a result of any particular incident but rather due to concerns about potential regulatory risks surrounding the sharing of sensitive financial information with OpenAI’s chatbot.  

Meanwhile, Goldman Sachs has invested heavily in turning the bank into a more technology-driven company in recent years. The firm launched Marcus, a standalone digital bank focused on consumers in 2016, and rolled it out to the U.K. in 2018. In its drive to use AI to enhance its bank operations, it would be recalled that in 2021, Goldman Sachs set up a fund of $72.5 million exclusively to invest in the field of Artificial Intelligence algorithms and as well as analytics.

The bank is keen on maintaining its brand image by offering unmatched customer experience, enhanced data security as well as service.

It is not far-fetched to say that Artificial Intelligence (AI) is playing a significant role in driving the world toward a tech-enabled future. It is transforming businesses to adapt to a new digital domain that is powered by high-tech machines that can help solve critical problems across diverse industry verticals. The finance and banking sectors, in particular, are keen on embracing AI to safeguard customers against fierce competition in this sector.

Most banks are reportedly focusing their efforts on AI-enabled applications for risk mitigation, particularly fraud detection, and cybersecurity systems. These applications have a proven history of ROI in the financial services industry.

The Internet Never Forgets; this is not a cliche.

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Sometimes we see young people (teenagers and youths) post on their social media pages especially on their Snapchats and TikToks their nudes and other embarrassingly obscene pictures and videos of themselves in order to entertain their followers and also pull traffic to their pages. They do all these in the name of having fun, body goals, body positivity, being proud of their bodies and whatever stylish name they may christen it and thinking once they grow older, get something serious going for them or starts a family or maybe have kids everything will be all gone and forgotten but the unfortunate truth is that the internet never forgets and nothing can really be totally taken off the internet once it has made its way there. 

You lost control of whatever you post on the internet. Even if you posted it and deleted it immediately or you posted it on your WhatsApp status where it is just your family members and close friends that view it, you are no longer in control of it; that post may end up on another site or page as a screenshot.

Before you click that send or post button, re-evaluate what you are about to post and ask yourself “will I be embarrassed or humiliated by this post or this picture if it ends up on a different page”? If yes then do not post or send.

Once you send a file over or make a post on social media or or even a comment, have it in mind that it will forever remain in the public domain. It is almost impossible to delete a file totally from the internet. Although some social media platforms might decide to pull down the post due to their strict policies and regulations against such posts, there will definitely be other platforms and blogs where your post will still be available for the public to access.

While you are posting your nudes to entertain your followers on Snapchat, Instagram, Facebook, Tinder, Tiktok, Twitter, Onlyfans etc or attract new people, have it in mind that even if you grow older and become a grandma, that your nudes will always be in the public domain, even if you delete them all or deactivate your page it will always be on the internet space.

People have lost their jobs, lost life golden opportunities, been humiliated and some have been denied visas over some obscene and embarrassing posts of themselves they made years ago without them having the slightest idea that the post will come back to witch-hunt them years after. Some organizations are keen on knowing the kind of life their prospective employee is living or lived on social media spaces and I can promise you that once you were a social media nudist, even if you stopped, turned your life around and obtained a Harvard degree some organizations will find it difficult having you.

So while you have all the fun you are having now and exhibiting youthful exuberance, bear in mind that actions have consequences; the internet never forgets and it is almost impossible to ever delete or totally get rid of any post that has made its way into the internet space. Please teach your daughters, your sisters and your girlfriends that are still in their prime these things so they pay very much attention and be careful of the pictures or videos of themselves they put out there.

Wear That Shoe and If Necessary FALL FORWARD

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Which shoe do you wear? If that shoe becomes our career, the implication becomes huge. Would you be open to try a bigger shoe, or even a different design? The message today is that most times we underestimate how ready to wear that “bigger shoe”.

Sometimes, take risks and find ways to FALL FORWARD. Applying for only jobs which you are 100% ready means you are not advancing your career. Indeed, the job which you are 100% ready for is essentially at parity with your current role.  You just changed a title but if you check, not much progress.  In the Igbo Nation, the elders will say “a bird that flew from the ground only to perch on an ant hill is still very much on the ground.” Indeed, it goes beyond titles to more responsibilities and impacts. And we’re ready for those higher calls.

To advance, and move to the next level, you must aim HIGHER – and be open to try a new bigger shoe.  We win our future through our mindsets. You are ready – and ready for that promotion. You have been static for long: creatively make it evident that you’re ready.

Comment on Feed

Comment 1: Prof., please translate this proverb in Igbo. I’m trying to do so but it’s not making sense.

My Response:  “nnunu nke si n’ala fepu ma noro n’elu ikwubo ka nokwa n’ala”  [ (Ovim version)

But in Igbo Izugbe (general Igbo), anti-hill is “ugwu ndanda”. But in Ovim, we call it “ikwubo”. So, I am using the Ovim version here since I am not writing WAEC. But if I were in a WAEC exam, I would have used “ugwu ndanda” to get the A1 even though I think their translation is not advanced.

In Igbo, you do not just translate words, you translate culture. For example, “the man is a fox”, in translation would be “nwoke ahu bu mbe” (i.e. tortoise) since fox is alien in Igbo. What fox is to the English people is what tortoise is to Igbos, culturally. So, when you translate, you move words and also consider culture.

Thanks to my Igbo Teachers in Secondary Technical School Ovim: Baba Iyke and Madam Odumuko.

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Nigerian Government Announces Removal of Five Percent Excise Duty For Telecoms Sector

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The federal government of Nigeria has finally announced the removal of the five percent excise duty for the telecommunications sector in the country, after six months of intense deliberations.

The FG disclosed that it was convinced that imposing its initial planned excise duty on the sector will log down activities of the industry which was already grappling with over 41 taxes and levies already.

This was revealed by Nigeria’s Minister of Communications and Digital Economy, Prof. Isa Ali Pantami at a news conference organized to provide an update on the status of the excise duty on the telecom sector.

Pantami who is the chairman of the presidential review committee on excise duty in the digital economy sector stated that the committee had carried out its national assignment and accordingly submitted its report to the president, justifying why the sector should be exempted.

While speaking at a press conference in Abuja yesterday, he said,

We converge today with regard to the assignment given to us by the President. Historically, we had invited the media on 5th September 2022 and briefed them after inaugurating the Presidential Committee on the review of Excite Duty in the telecom sector.

Prior to that, there was an issue of 5% Excise Duty introduced to the sector without following due process, which was part of the requirements for subsidiary legislation. I was not contacted and when it was announced, I challenged it and wrote a letter to the President on the 12th  of August, 2022, demanding that the 5% duty be put on hold and also to set up a review committee to look into the issue critically and professionally and advise the President on the best way to handle it.

He gracefully approved the two prayers and directed me to chair the committee, among who was the minister of finance, Executive Vice Chairman of NCC, and representatives of the telecom service providers, among others. After the inauguration of the committee, the committee conveyed a stakeholders forum on 5th  September 2022 and the committee was directed to incorporate other people that will add value to the work, which it did.

On 14th  December 2022 Another issue concerning the 5% excise duty came up in which I spoke against it and justified my stands in writing. I insisted that within the telecoms sector, there are 41 categories of charges and levies and so, there is no justification to add more burdens on a sector that is already doing well, contributing so much to the economy.

We cited two countries in Africa that increased their excise Duties for their ICT sectors that led to the death of the sector in both economies. After a review, the committee argued there was no need for Excise Duty in the ICT sector, paying 41 categories of charges and levies; that the sector has been contributing significantly to the economy.”

Prof. Pantami added that the committee’s submissions can be summed up in three arguments put forward to justify why additional burden in form of taxes or any level should not be imposed on the telecom sector to prevent a reversal of the important contribution the sector is making to the growth of the Nigerian economy.

He explained that the justification was based on three premises, first is that operators in the telecoms sub-sector of the digital economy industry currently pay no fewer than 41 different categories of taxes, levies and charges. Secondly, the telecoms sector has continued to contribute immensely to Nigeria’s economy in terms of GDP contribution.

Thirdly, he noted that the increase in the cost of all factors of production across sector, and naturally leading to increase in costs of products and services, telecom sector is the only sector where cost of service has been stable.

Nigeria reportedly has one of the biggest telecoms markets in Africa which has witnessed strong growth in recent years and is expected to have continued growth over the forecast period to 2025. The growth in the sector has been attributed to the increasing urban population with rising adoption of mobile phones that support 3G, 4G and 5G services across the country.

The sector over the years has contributed immensely to Nigeria’s economy and the lives of Nigerians. The advancement of mobile phone usage from basic phone telephony to new enhanced services and the introduction of new technology within diverse sectors of the country have seen the sector grow massively.