My 3 interesting things for you this month…
For anyone who’s been in a cave for the last few months, ChatGPT is an AI language model developed by OpenAI that can generate human-like responses to a (VERY!) wide range of questions and prompts.
It’s trained on a large dataset of text (basically the internet up to 2021). It generates coherent and contextually relevant responses to complex queries. It can be used for a variety of applications, such as ideas on how to automate repetitive tasks, provide ideas and training and just about anything and provide knowledge on an almost infinite number of topics. This chart effectively sums up its growth:
So here are 3 interesting things it could do for us in finance:
1. Boost efficiency and productivity
ChatGPT could be used in finance to help finance teams improve efficiency, be more productive, and spend their time on more valuable work. It could assist in various tasks, enabling teams to focus on more complex and interesting areas, working smarter, not harder. For example:
Automating Repetitive Tasks
One of the biggest benefits of ChatGPT is that it could be used to automate repetitive tasks, such as data entry, reconciling accounts, and generating reports. By automating these tasks, accountants and finance teams can focus on more complex and interesting work, leading to increased efficiency and productivity. ChatGPT is an AI language model and so does not (currently) have a direct capability to export data to Excel. However, it can be integrated with other software applications that have the ability to export data to Excel, for example, through an API that allows exporting data to Excel.
Supporting Compliance
ChatGPT could be used to support compliance by providing real-time updates on regulatory changes, assisting in the preparation of compliance reports, and providing guidance on compliance issues. For instance, once real time data access is enabled, ChatGPT can be used to monitor changes in regulatory requirements and provide updates to the team.
Providing Real-time Insights
ChatGPT functionality could be used in future to provide real-time insights to finance teams and their business partners. In combination with other software and data sources, ChatGPT could be used to suggest ways to analyse data from multiple sources and how to provide insights that can help the team make better decisions.
Improving Excel Use
ChatGPT can provide suggestions on Excel formatting, formulas, and data visualisation techniques based on best practices. It can also offer guidance on how to use Excel more efficiently, such as keyboard shortcuts and tips for automating tasks.
Enhancing Business Partner Experience
ChatGPT can also be used to enhance the business’ experience of finance by providing personalised and efficient services. Answering frequently asked questions and providing real-time updates on financial transactions. Chatbots powered by ChatGPT can help answer basics questions such as “Remind me how to raise a PO” or “What is the cost centre for the supply chain team”.
2. Career Development
ChatGPT could be a valuable tool for career development by providing access to educational resources, career ‘guidance’ and skill development, helping finance professionals enhance their skills, stay competitive, and advance their careers.
Continuing education: ChatGPT can be used to provide access to online courses, training materials, and other educational resources that can help finance managers and accountants stay up-to-date with the latest industry trends, regulations, and best practices.
Career planning: ChatGPT can be used to provide guidance on career paths, job opportunities, and skills that are in high demand in the finance and accounting field. It can also provide insights on the job market and salary trends.
Networking: ChatGPT can be used to connect finance managers and accountants with industry experts, mentors, and peers who can provide valuable advice and support for career development, and help them craft outreach messages to reach out to potential employers.
Skill development: ChatGPT can be used to provide personalised feedback and guidance on specific skills that finance managers and accountants need to develop to advance their careers. For example, it can provide feedback on financial analysis, budgeting, forecasting, and other key competencies.
In addition, ChatGPT can be used to provide coaching and feedback on communication and presentation skills, which are important for finance managers and accountants in presenting financial information to stakeholders such as executives, investors, and board members.
3. Finding a great new job
ChatGPT can serve as a valuable resource for finance professionals and accountants seeking new job opportunities by providing a range of tools and resources to enhance their job search success.
CV Building: It can help create professional CVs that showcase skills and experience in a way that attracts potential employers. Additionally, ChatGPT can provide guidance on crafting cover letters and LinkedIn profiles to enhance job search success.
Interview Preparation: It can provide tips and tricks to help prepare for job interviews, such as the most commonly asked questions during finance or accounting interviews, best practices for answering questions, and how to present yourself as a candidate.
Industry Insights: It can provide industry insights and updates on new financial and accounting trends and developments, helping professionals stay current in their field and better understand the landscape of potential job opportunities.
PLOT TWIST!!
Almost this ENTIRE EMAIL to this point has been generated by ChatGPT. I prompted it, checked and curated the output, but it was all AI generated. You knew this was coming though, didn’t you?! Here are the 3 prompts I used:
1. How can ChatGPT help accountants and finance teams to improve efficiency, be more productive and spend their time on more interesting things?
2. How can ChatGPT help finance managers and accountants with their career development?
3. How can ChatGPT help finance professionals and accountants find great new jobs?
So did all this save me time? Probably not much actually. But it did create a great starting point, excellent structure and some really good ideas. That said, a few challenges: I did have to check quite a bit of it and it did tell me it could do some things that it couldn’t really do (in part because it is not connected to the real time internet).
This is barely scratching the surface though. The last time I remember being this excited about something was the first time I used an iPhone back in 2007. That moment of knowing that things will never be the same is here again!
