What CFOs and Controllers Need to Know About ChatGPT
ChatGPT, an AI-powered tool that emulates human communication to an uncanny degree, has been making waves in the tech community recently. While marketing teams have been excited about the program, financial professionals can also tap into ChatGPT in a unique way.
The financial industry is turning to AI chatbots to assist with a variety of tasks. By using ChatGPT to create innovative AI chatbots, companies can streamline customer communications across multiple channels and provide a comprehensive workplace solution.
How Does ChatGPT Work?
ChatGPT is a program developed by OpenAI that uses artificial intelligence (AI) and machine learning to scour the web for information. It integrates blog posts, news articles, and academic journals to create comprehensive profiles of various topics, providing users with a surprisingly robust experience with multiple applications.
What Can Chatbots Offer?
AI-powered chatbots can provide unique insights for financial employees and serve as personal assistants, augmenting the experience and expertise of existing financial workers. With a chatbot at your disposal, your core processes can run smoother than ever before, and financial reports that once took hours to compile can now be completed in mere minutes, saving time and money.
Chatbots can perform financial analysis with the push of a button, providing forecasting and business models for the company's future. They can also manage expenses with astonishing accuracy and track trends, which can be particularly helpful for identifying cyclical trends.
AI-powered tools can master regulatory changes and comply with the latest protocols, serving as an in-house "expert" on industry and governmental regulations. Chatbots can also learn about industry trends and best practices through surveying news articles, academic journals, and other sources.
Why Use Chatbots?
Chatbots can eliminate the kinds of errors that often come with manual data entry and can provide reports and recommendations that are accurate and up-to-date. Company leadership can be confident that they're making well-informed decisions with AI-generated insights.
While chatbots are not meant to replace human leadership, they can supplement and enhance human expertise, making chatbots a valuable tool in the American workplace.
Implementing ChatGPT and AI chatbots can help finance teams to adapt their services to various specialty areas, providing customized guidance to teams seeking to work in these areas.
With the benefits of ChatGPT and AI-powered chatbots becoming increasingly apparent, it's important for CFOs and Controllers to stay ahead of the curve and consider the ways in which these tools can improve their workflow and boost productivity.
