What does a CFO need to know about ChatGPT?

Although it has only been launched to the public since November 2022, ChatGPT has been rapidly developing into a fever, attracting the attention of CEOs and CFOs around the world. The growing interest in OpenAI's ChatGPT has generated a lively public discussion about AI and its role in today's world, especially Generative AI. 

What is Generative AI?

Generative AI is an artificial intelligence system that generates new content such as text, images, and sounds based on patterns learned from existing data. The goal of Generative AI is to create new and original content that is similar to or inspired by existing data, not just copying it. Recent new breakthroughs in this area have the potential to drastically change the way we approach content creation. 

This is achieved through the use of generative models that are often trained with deep learning techniques, such as Generative Adversarial Networks (GANs), which are geared towards generating new data after learning or coding. Variational Auto Encoders (VAEs). VAE is an upgraded version of the Auto Encoder that automatically selects the correct feature through unsupervised learning. To use Generative AI effectively, you still need human involvement both at the beginning and at the end of the process. 

Any digital medium can use Generative AI, says Nina Schick, an artificial intelligence consultant, speaker and thought leader: “By 2025, the majority of 90% content will be online. will be created by AI, the technology will grow exponentially.”

“People will start to see more innovative AI companies with ubiquitous applications across multiple industries by 2023.” Nina Schick added. 

A 2022 survey by McKinsey shows that AI adoption has more than doubled in the past five years, and investment in AI is growing rapidly. It is clear that generic Generative AI tools like ChatGPT and DALL-E (a tool for AI-generated art) have the potential to change the way a wide range of work is done. 

It can be said that Generative AI is competing with big technology companies such as Google, Microsoft, .. We can see great development in projects in many fields such as communication, reality simulation, search and automation. 

What is ChatGPT? How does it work?

ChatGPT – Chat Generative Pre-training Transformer is an AI-driven natural language processing engine that is getting a lot of attention. This is a free chatbot that can generate answers to almost any question it is asked. This chatbot supports you to perform tasks such as composing emails, writing dissertations and even writing code… At its core, ChatGPT is a large language model that uses algorithms to analyze large volumes of text, which is pulled from the internet to respond to user requests in human-sounding language and writing. 

ChatGPT has been developed and released by OpenAI for extensive testing since November 2022, it is rated as the best Chatbot ever and is widely available. ChatGPT works by using deep learning algorithms and neural networks. The model was trained on a large corpus of text, allowing the model to generate human-like text based on user-supplied input.

Users were quick to post examples the chatbot had generated of college essays, poems or even funny stories. As for the rest of the many people who are making a living creating content, writing ads to hired professors, they seem to be shaking. ChatGPT has surpassed 10 million daily users just 40 days after its official launch, breaking all previous records. 

The New York Times named ChatGPT "the best artificial intelligence chatbot released to the masses". Meanwhile, The Guardian rated it as able to create text "intriguingly detailed" and "human-like". 

As the major players are racing to promote this new technology to a global audience, there are also potential far-reaching social impacts to consider. AI has the potential to be used intentionally to generate a large amount of misinformation. However, as AI continues to improve and upgrade, more and more jobs will be threatened by automation. 

The creators of ChatGPT also acknowledge the shortcomings. ChatGPT will sometimes have answers that sound reasonable but are meaningless and incorrect. Because during AI training, “there is currently no source of truth”. Using humans to train it directly instead of letting it learn on its own, OpenAI adds, won't work because the system often finds the "ideal answer." "better than humans. 

See more: Limitations of ChatGPT

ChatGPT application in financial and accounting management.

In the future, ChatGPT with OpenAI's GPT-3 language model has many possibilities that can be applied to financial management and accounting in various ways: 

  • Financial analysis and reporting: ChatGPT can be used to automatically generate financial reports, such as balance sheets, income statements, etc. Helps reduce the possibility of errors in the process manual data entry and calculation. It can also be used to analyze financial data and generate insights that can help inform decision-making.
  • Tax advice: ChatGPT can be used to provide advice on tax laws and regulations, assisting accountants in difficult tax situations. This requires you to create tax law explanations and make recommendations on how to comply with the requirement. 
  • Automate Routines: ChatGPT can be used to automate routine tasks like data entry, allowing accountants to focus on more valuable and difficult tasks. This can increase productivity and free up accountants to focus on more specialized work.
  • Data Analytics-Based Advice: ChatGPT is used to provide advice to accountants based on data analysis, such as identifying areas of financial risk or cost-saving opportunities. This can help accountants make better judgments and spot potential problems.
  • Invoicing: ChatGPT can be used to automate automated invoice invoice generation and processing, reducing the risk of errors and improving the speed and accuracy of the process.
  • Assess a company's financial position: Accounting professionals can assess a company's financial performance and spot areas for improvement by using ChatGPT to analyze financial data. financial market data 
  • Automate customer service: ChatGPT can be used to automate customer service tasks, such as answering frequently asked questions about financial products, services, and processes. This can help improve the customer experience and reduce the workload of customer service representatives.

However, at present, ChatGPT also has some limitations, so the CFO needs to carefully consider the information and data that ChatGPT provides. 

Overall, using ChatGPT in financial management and accounting can help improve efficiency, reduce errors, and provide valuable insights to inform decision-making. It is having a significant impact on the accounting day, helping to automate tasks, analyze large amounts of data and make predictions about future financial performance. Although AI cannot replace accountants, it is a valuable tool that can assist them in their work. Importantly, AI is not a substitute for human judgment and expertise, so humans will still need to use their critical thinking and problem-solving skills to make informed decisions. transparent.

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