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Automation
What is automation? What are we automating? How does this impact talent in the team? What to do? Ask a chatbot?
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Time to use ChatGPT?
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Time to use ChatGPT?
I’m always sceptical when people shout about new technology as I understand the hype cycle and do not want to join the marketers of possible product, but remain a promoter of useable product.
ChatGPT is no doubt a productive tool that can boost your output in terms of writing and coding, and I think it’s time to wade in.
As a minimum I would suggest being aware of its capability and understanding how you and your team can use it.
If you are more technical than go deeper, but bare in mind there are a host of underutilised tools out there, from advanced Excel, to planning tools, to RPA tools, so focus on desired outcomes for your stakeholders and people, not just the shiny new tool.
On that note, I would love to learn more about accounting and finance team outcomes created with ChatGPT and all the automation tools out there.
Please comment below!
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4 Replies
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RPA is a great place to start for finance teams, identifying tasks that the bots can do to take the mundane and repetitive tasks out of employees days. Also with hybrid working, employee support is important and the AI Intelligent automation platforms that offer employees self serve 24/7 support. They can navigate all software systems within the company through one easy to use, simple platform saving time with different logins and passwords.
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@chris-a I have been using it for research and it is great. Saves a lot of time but you still need your skilled eye on every word for verification.
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How about RadioGPT? – https://listen.streamon.fm/radiogpt
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Q: What are the top five use cases for generative AI in the finance function?
A: When we look at some of the more publicized uses of generative AI, such as mimicking well-known authors, it might be hard to see how this can apply to a finance function. But an internally managed generative AI, as opposed to public-facing tools such as OpenAI’s ChatGPT and Google Bard, trained on corporate data has the potential to perform important tasks within finance. The top five that CFOs are exploring are:
- Contract & Document Review
Generative AI can scan contracts for errors and specific terms. Additional algorithms allow users to ask questions using natural language to get answers about terms and provisions. The same algorithms are used to summarize and categorize documents for sorting, review, and retrieval. - Financial & Management Reporting Draft Creation
Generative AI can compose first drafts of management analysis and discussion talking points, as well as financial footnotes that finance teams evaluate and refine. - Policy Interpretation
Generative AI can review large collections of existing financial policies, like T&E policies, and provide initial recommendations for how those policies could be applied for finance teams to evaluate and refine. - Coding Assistance
Generative AI can translate code from older coding languages, like COBOL, into more modern programming languages, like SQL, KnowledgeSQL, and Python. - Forecast & Budget Variance Explanation
Generative AI can provide explanations of forecast and budget variances for FP&A teams to use in business reviews, as well as further synthesize those trends and insights for executive and Board consumption.
- Contract & Document Review
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