The launch of the AI-based software ChatGPT in November 2022 is causing a stir and revolutionizing the way people manage knowledge, work, and execute business actions. ChatGPT can make human-like conversations, write, and make translations within seconds. While this innovation has the potential to speed up knowledge-based assignments and aid research-oriented work, it also potentially poses risks such as loss of jobs, biased report generation, and the creation of misinformation. The biggest question is whether ChatGPT-like innovations will make the world a better place to live or destabilize mankind.
Business managers are expected to benefit from ChatGPT by accelerating assignments, legal drafting, and diagnoses. It may also contribute to productivity optimization in energy sources and exploration. For instance, Zurich Insurance Group is already using ChatGPT to summarize lengthy claim papers, while the toy company Mattel is using the tool’s image generators to design new Hot Wheel toy cars. While ChatGPT can take away jobs that involve routine writing and number crunching, such as financial analysis and web designing, businesses are unlikely to do away with such tasks completely.
Meanwhile, ChatGPT has the potential to carry out accounting and finance team reports better than humans by extracting data and information from long documents. However, it can access public domain information such as books, articles, reports, and case studies, so if information is not publicly available, it may not be able to extract it unless classified information is made available for extraction. ChatGPT may lead to job losses in accounting and finance, but value-accretive accountants will continue to be in demand.
Finally, ChatGPT will make preparation of audit reports faster, with pre-filled forms extensively available. Auditors will save time working on unstructured data sets to focus on complex and risky areas. While rumors abound that AI will soon replace humans in several business segments, such as insurance, data processing, and credit intermediation, most studies are overstating the potential for automation. Humans still possess the capability to analyze, control and interpret data in ways that AI cannot. Nonetheless, many jobs will be taken away by these new tools.
Regardless of how rapidly technology advances in the workplace, some tasks can never be delegated to AI. ChatGPT cannot yet display effective emotional intelligence or empathy, and charisma, which remain unique human traits. While the way humans work will undoubtedly change, to what extent remains uncertain. Though new tools may take away many jobs, consider the question: will ChatGPT write my obituary after my demise?
