Artificial Intelligence (AI) is transforming various industries, and professionals who know how to use AI tools like ChatGPT will soon replace those who do not. AI experts and business leaders predict that ChatGPT and other forms of generative AI will change their respective industries soon. Let's see how AI will impact law, finance, accounting, and property industries.
Law
Lawyers have been using AI tools for years to sift through massive datasets in the discovery stage of the legal process. But ChatGPT and other generative AI tools could help lawyers save time and reduce costs for clients across many more activities. Tools like ChatGPT will help lawyers conduct preliminary research, write marketing content, and draft advice letters and clauses.
However, lawyers cannot solely rely on the content produced by ChatGPT due to its inaccuracy. Future-proofing their careers, lawyers need to learn how to use these new tools, and businesses need to train their staff to take advantage of the productivity improvements that AI can offer.
Finance and Accounting
AI has vast implications for the finance and accounting professions. It can automate many manual tasks, including accounting entries, bank reconciliations, and data entry. AI can help auditors identify anomalies, perform risk assessments, and detect fraud.
PwC has a machine learning tool that can automate a line-by-line review of a client's entertainment expenditure, as well as a smart audit program that uses Microsoft Azure to digitize key aspects of auditing. These tools have been used by more than 12,000 auditors across 12 countries to save 300,000 hours of time.
Property
AI tools in property management are already automating repetitive tasks, such as responding to basic queries from prospective tenants and nudging them towards signing a deal. But AI has the potential to assume responsibility for many more mundane tasks over the coming years.
AI could automate parts of the payments and invoicing process by pre-filling forms for vendors, speeding up approvals, and payments. It can also make it easier for professionals to put together drafts of lease and purchase agreements and information brochures for properties.
Conclusion
AI tools like ChatGPT will soon become a part of every computer program, sitting there waiting to help in a myriad of ways. AI will take responsibility for the dirty, dull, difficult, and dangerous tasks of work. Still, it will never be able to emulate human skills like social intelligence, emotional intelligence, creativity, and adaptability. Professionals who embrace AI tools and learn how to use them will replace those who do not. Businesses that train their staff to take advantage of AI's productivity improvements will enjoy a competitive advantage.
