Is the Recent News in Artificial Intelligence Hype or Hyperbole?
This image was generated using AI art generating applications*
Artificial Intelligence (AI) is a rapidly developing field that has the potential to revolutionize many aspects of our lives—from healthcare and transportation, to finance and education. However, like any emerging technology, there is often a lot of hype and hyperbole surrounding AI, particularly in the media and popular culture.
This image was generated using AI art generating applications*
Although the birth and early development of AI took place originally from the 1940s onwards, as various industries worked in tandem to bring advanced machines and humans together, a seminal event took place on 30 November 2022. This is when the latest generation computer technology was broadly released to the public in the form of a ‘conversational language generation model’, or generative text application ‘chatbot’ called ‘ChatGPT’.
This image was generated using AI art generating applications*
Chatbot is short for ‘chat robot’, a computer program designed to solve problems by simulating human conversation through either text or voice communication. ChatGPT—GPT being an acronym for ‘Generative Pre-trained Transformer’—is a revolutionary new technology that was made widely public in November last year by OpenAI, an AI research laboratory and deployment company based in San Francisco, California.
This image was generated using AI art generating applications*
This most recent version of OpenAI’s Large Language Model (LLM) text chatbot—specifically called ‘ChatGPT-3’—is a significant upgrade compared to earlier iterations of this type of technology, in that it allows users to type natural language prompts into its simple user interface with conversational fluidity, and receive uncannily human-like responses—similar to having a conversation with a real person.
This image was generated using AI art generating applications*
Prior responses and questions are subsequently processed by ChatGPT to help inform future user queries, while relying for the answer output on a massive trove of data that was originally scraped from far and wide across the Internet as part of the AI’s ‘training’.
This image was generated using AI art generating applications*
The Impact of Artificial Intelligence on Finance and Accounting
I tested ChatGPT-3 by running two tests: the first being in the subject areas of finance and accounting, related to the new leasing and revenue recognition rules. The responses that the LLM gave me relating to each of these subject areas were outstanding: efficiently written and presentation quality.
This image was generated using AI art generating applications*
My second test was done in consultation with one of our CFOs. We were discussing the traits that make a good CFO, namely: wisdom, leadership, intelligence and emotional discipline. His initial thoughts were that LLM tools such as ChatGPT may have an impact on automation—or automating efficiencies—by simplifying some administrative and operational tasks, but would have to evolve greatly to impact the key traits of our industry.
This image was generated using AI art generating applications*
Once we delved further into considering various use cases around tapping into collective knowledge for alternative business cases, multiple uses of data and obtaining better feedback on projects and work generally, he started to come around to the idea that perhaps RoseRyan’s expertise would be greatly enhanced through having a broader perspective enabled by a tool such as ChatGPT, and so being able to provide better data insights and intelligence during our engagements with our clients.
This image was generated using AI art generating applications*
This approach would also lead to faster and smarter business decisions overall in the future. This thinking is in line with his belief that it is always good to have a secondary opinion or vantage point when making critical decisions.
This image was generated using AI art generating applications*
Of course AI is not going to replace human traits like ingenuity, unique experiential insight or help you become more emotionally strong as you navigate challenging market forces. What it can do, however, is provide an alternative point of view that combines massive amounts of data, insights and feedback from potentially millions of sources and users.
This image was generated using AI art generating applications*
It will be exciting to see how this new tech tool evolves not only in finance and accounting, but also customer service, marketing, R&D and other business service areas.
This image was generated using AI art generating applications*
Here are some helpful links to key initiatives and companies focusing on Artificial Intelligence:
- OpenAI
- ChatGPT
- How can you and your organization benefit from developments in this fast-moving new environment? Watch this informative interview to find out.
This image was generated using AI art generating applications*
Over the next couple of weeks I invite you to follow these thought pieces as I share further intel on some AI productivity tools that utilize some of the latest advances in the marketplace, as well as looking at the benefits (and some challenges) associated with AI. Sign up below to receive the latest news and insights.
This image was generated using AI art generating applications*
So is the latest AI news hype or hyperbole? Yes… it’s a little of both—but once you use ChatGPT you will understand the answer to that question yourself. Join the over 100 million users who have already started using ChatGPT, and find out what the future of business holds for those organizations bold enough to pivot to using AI as part of their model.
This image was generated using AI art generating applications*
*Images used in this blog generated variously via Stable Diffusion V1.5, Stable Diffusion V2.1, Open Journey and Anime using You.com user interface embedded AI image generator tool. (Note: You.com also features the ChatGPT text generator tool.)
