THE BUSINESS CASE FOR CHATGPT

We asked some of the CFO South Africa community’s techsavvy CFOs what they thought about ChatGPT, which has already taken over the internet and is expected to take over the world of work. And while we aren’t quite there yet, these CFOs believe the benefits this new generative AI will present business with, will be a game changer.

Chat GPT has brought the possibilities of artificial intelligence (AI) into the public arena and fired up the imagination of the world in doing so. It is an exciting proposition of the potential of what AI may be able to do in the future. It is largely focussed on word/ natural language content, however, if you could take this and overlay it and large structured data fields the opportunities and efficiencies for business could be significant.

I am always excited for new technology, and I believe that ChatGPT needs to become part of every organisation’s digitalisation strategy. It can enhance customer experience, especially for e-commerce businesses. It will allow businesses to handle multiple customer requests simultaneously, making it more efficient and allowing companies to be available to customers 24/7.

Chatbots can be customised to provide personalised responses to customers based on their specific needs and preferences, which will help businesses build stronger relationships with their clients and make them feel valued.

It can also be used to free up time for service staff, with its ability to handle routine inquiries and requests allowing them to solve more complex and high-priority tasks.

However, for ChatGPT to be successful, we need to be clear about where we want to use it and how. Secondly, is to get people familiar with the technology and to give them comfort that where tasks are affected, employees will be reskilled. Once they see the benefit and become familiar with their own new skills and tasks, I believe you will gain momentum. This will lead to better adoption within other areas of your business.

We recognise the need for AI, to an extent, in adding a dimension to the customer experience a while ago, and last year we launched OPTIBOT, which services administrative queries from students on our online and homeschool platforms.

There is definitely a need for similar services, but the trick is to ensure that you understand your customers' needs and consistently update the information you programme the AI tool with.

This also needs to be part of the customer experience and should complement existing processes. Simplicity remains key and the aim should never be to replace the human touch.

The technology’s natural language understanding and ability to quickly generate content has made it one of the fastest adopted technologies ever. It offers businesses the possibility of doing some of their manual and repetitive tasks much faster, saving costs and improving efficiencies. But ChatGPT is only one of a vast pool of AI resources available, and specialist AI models and programmes should be used for specialist tasks and industries.

ChatGPT can offer short-cuts, especially in the areas of large text analysis, data capture, idea generation, marketing and even IT development services. As an organisation we offer training and assistance in using ChatGPT most effectively, and where the tech has sparked businesses’ interest in AI in general, our data division can train Machine Learning models to deliver results and insights that cater to their specific business needs. We can also help to build and improve chatbots by linking them to Natural Language AI APIs (Application Programming Interfaces).

But I must highlight that ChatGPT’s responses are based on pattern recognition. So this means that while it provides answers that sound convincing, these answers are not necessarily accurate. One can often spend more time on validating information than doing the work manually to begin with. ChatGPT is also only as good as the prompts you give it. If you don’t specify the audience, goals, or full parameters, you will get limited results.

ChatGPT is not going to replace the workforce, but as the technology improves, ChatGPT and similar tools will vastly improve the efficiency of businesses.

My interaction was positive having received clear, practical and concise responses to various questions posed. I understand there are still some concerns with the security of the system and in particular, the encryption used. My view is that ChatGPT could provide a valuable contribution to decision making but should be seen as one view and considered along with the views of a broader spectrum of business leaders. We should remember that ChatGPT will provide the same answer to all that ask the question and hence may not assist in achieving a competitive advantage.

It’s amusing how, on the one hand we encourage innovation and elevated efficiencies and on the other, we become anxious when new concepts and ideas are introduced.

The two things we need to consistently be mindful of is that the world is evolving and that digital transformation has shifted and will continue to shift the way we work and apply strategies.

We need to be cognisant that the dignity of our profession is mainly anchored by professional scepticism and can be threatened by a lack of commitment towards integrity, accountability and ethical conduct. Therefore I am of the belief that whether it is ChatGTP or any other language model which uses huge sums of data – it must stand the test of time when it comes to the integrity of the information to enable efficiencies in organisation. Therefore, it’s less about ChatGTP specifically but about solutions we can deploy that have the capability to provide us with better, faster and sustainable ways to deliver value as finance professionals.

“It [ChatGPT] has immense potential to add value,” Sean says. “There’s been a culmination of multiple technologies over a period of time that’s resulted in ChatGPT.”

However, he explains that the technology that’s been significantly underplayed amidst the fourth industrial revolution we’re in, is cloud computing. “Cloud has fundamentally changed the way we look at technology, and the way we’ve taken it a step further by using data intelligently has been a fundamental enabler for the likes of ChatGPT.”

The true strengths of ChatGPT won't be whether it can answer random questions, but how it's going to help organisations and clients interact. The next logical step would be having bespoke instances of ChatGPT in a contained environment that protects confidentiality at a customer level.

Regarding ChatGPT, I see it as a great communication tool. While applications are still a bit broad, I am excited to see which niche applications and needs it can fulfil in the near future - the true test of whether it will be considered a gimmick or a genuine asset to the world. l