CFOLens: ChatGPT is the latest AI chatbot that has disrupted the online world. Developed by OpenAI, ChatGPT is a language model trained on a large corpus of text data, capable of generating human-like text based on the input it is given. With an easy to use interface, it’s no wonder ChatGPT took the world by storm, with 1 million Users within 5 days of its launch – making it the fastest growing internet application in history.
Sanjeev Jha, CFO- India, Persolkelly India, speaks on the powerful tool’s impact on the financial function and the finance team. A survey conducted among CFOs provided interesting results; 65% were in favor of ChatGPT while 25% wanted to wait and see and only 10% voted against it.
ChatGPT can be used to take online exams, generate content in a blink of an eye, summarise long texts, write stories and much more. This has revolutionized tasks such as writing a cookbook, which would have taken days in the past, to a few moments now.
But how exactly can ChatGPT help finance professionals? Businesses are leveraging on the detailed inputs obtained from ChatGPT to feed into the decision making processes for finance executives. Automating routine tasks, improving productivity and making better data-driven decisions are only a few of the advantages of using the chatbot.
There are concerns that ChatGPT could potentially replace entire call-centre workforces that provide customer support in the industry, but experts believe the potential of the AI tool should not be underestimated, as it can help finance professionals stay ahead of the curve and provide more value to their clients.
When questioned whether or not ChatGPT would take away jobs in finance, the chatbot modestly noted that it cannot be certain yet. The combination of new technologies and human beings working together can create new and improved opportunities for employees in the finance sector.
To conclude, ChatGPT is a powerful tool with unlimited potential and can help finance teams streamline their processes and achieve better results. By learning the basics of using ChatGPT, finance professionals can bring value to their clients and improve processes.
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