Artificial Intelligence (AI) has recently made headlines for introducing humankind to the trendiest technological tool of recent times. Ever since its launch in November 2022, ChatGPT has been the talk of the town. From writing essays for students to hiring human beings to pass the captcha test, ChatGPT can do it all. ChatGPT has emerged as a game-changer as the corporate finance industry embraces AI's power.
Pursuing a career in financial services in the era of artificial intelligence, thus, would only be complete with mastering ChatGPT. As this generative AI tool advances, let’s look at its impact on the corporate finance sector in the coming days.
What is ChatGPT?
ChatGPT was introduced by the co-founders of OpenAI, including Wojciech Zaremba, Elon Musk, Greg Brockman, Sam Altman, and Ilya Sutskever, in 2018.
Made using the third NLP model, this pre-trained language model uses GPT-3 architecture to provide suitable responses to queries from the colossal online database. It can do extensive language generation tasks, including language translation, answering questions, writing codes, and short and long forms of writing - all with near human efficiency and precision. However, researchers are still exploring the extent of ChatGPT’s capabilities to employ it more successfully across all industries.
How can businesses be benefitted from ChatGPT?
The ability to produce in-depth answers by understanding the intent of the queries sets ChatGPT apart from all the other chatbots. ChatGPT is trained in language using both human and machine learning models to perform better. Hence, it continues to learn from the users to upgrade its performance. This power of AI opens up a whole new horizon in business, specifically in the corporate finance world.
Below are a few ways in which ChatGPT can help the business grow.
Imagine having a tool at your service that uses trillions of data points to operate, deduce and produce results. Not making use of that tool is adding up loss at your end. Major names in the consulting field are already using this AI bot to finalise deals to build the most technologically inspired offerings.
In this digital age of living, most businesses are turning towards technology that can help streamline their procedures, operations and the data involved. Automation is an excellent replacement for tedious manual labour to help optimise the workflow. For jobs like data entry, appointment scheduling, and customer support, ChatGPT can prove to be highly beneficial. It can produce error-free results, improve data accuracy, increase effectiveness and save costs. Also, the around-the-clock customer support service helps build a stronger and more loyal customer base.
Because it runs on the massive pool of data already available on the internet, ChatGPT is highly capable of enhancing the learning process. One can create personalised cover letters and resumes to help them crack their desired job interview. In that case, employers must reevaluate their hiring process and judge eligible candidates based on their emotional intelligence, demeanour, work ethic and interpersonal communication skills, which are yet to be replicated by AI.
The financial industry demands a strategy-driven approach to market products and services. With ChatGPT's ability to analyse mountains of data and streamline the information, it is easier and quicker to derive a strategy for marketing. Using ChatGPT to acquire insights into customer behaviour and potential customer preferences, one could devise campaign ideas with much more effectiveness saving a tonne of time and cost.
ChatGPT can help with inter-organisational communications. It can transform employee communication and take it to a whole new level, making them sound more knowledgeable than they actually are. Employees nowadays detest attending meetings, preferring to receive communication via email or WhatsApp texts. ChatGPT can solve their issue as well.
What businesses can be benefitted from ChatGPT?
ChatGPT can help businesses be more organised and can be utilised to derive optimum productivity. The following types of businesses can benefit from using ChatGPT:
- E-commerce and Retail
- Banking and Finance
- Transports and Logistics
- Healthcare and Education
- Tourism and Hospitality
- Marketing and Advertising
Irrespective of the ongoing debate about whether AI is a smarter and more efficient replacement for humans in the workforce in the future, it is undeniable that AI-generative technology can impact businesses with tremendous potential for growth.
With its ability to perform routine tasks with unmatched precision, provide real-time data analysis, support multiple languages and improve data accuracy - ChatGPT could emerge as revolutionary for corporate finance.
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