Are you curious about the future of work? Will AI-powered chatbot technology replace professionals in the near future? In this video, we will explore whether ChatGPT is capable of replacing humans and ask – is it a threat or an opportunity for us? We dive into how ChatGPT works, its potential implications for the workforce, and what kind of jobs may be impacted. Don’t miss out on this podcast episode to find out if ChatGPT will truly revolutionize professional roles!
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0:00 Intro
1:45 Background
4:35 Understanding ChatGPT
5:55 Who is OpenAI
7:00 Labour automation deja vu
8:25 Concerns about AI for professionals
9:34 Ethics of AI
10:15 Pros of AI for professionals
12:00 Final takeaway
Hey so you gotta check this out I’m Gonna log into chat gbt Please write an introduction to our Podcast episode where we will discuss Whether or not business professionals Like accountant will be replaced by chat GPT And enter In this episode we will be discussing The potential impact of artificial Intelligence specifically the use of Chat GPT on the accounting profession As AI technology continues to advance Many people are wondering if it will Eventually replace certain jobs Including those in the accounting field We will explore this topic by looking at The capabilities of chat GPT and how it Compares to the work of a human Accountant We will also discuss the potential Benefits and drawbacks of using AI in The accounting industry Join us as we delve into this Fascinating topic and find out if Business professionals like accountants Will be replaced by chat GPT [Music] Oh wow written probably better than I Could have Welcome to this professional life a Podcast by convos media about trending Topics related to all things in the Professional Services World from lawyers
To accountants and other business to Business service providers hey everyone Chris here from convos media and welcome To another episode of this professional Life as you can guess from the first Part of this video we’ll be talking Today about the latest viral technology To hit the internet which is chat GPT an Artificial intelligence system set up by Openai more specifically will a system Like chat gbt eventually replace Business professionals or work where the Human brain is at the center of the work Processes so for those of you who Haven’t been following on November 30th Of this year 2022 openai release chat GPT and it didn’t take long for it to go Viral I actually remember scrolling Through my Instagram and watching Garyvee or Gary vaynerchuk talk about Chat GPT and saying people should check It out because it’s going to be a game Changer for Content creators now for Those who don’t follow garyvee you know Know that he’s a digital content and Social media Pioneer so whenever he Talks about new technology people do pay Attention in the last few days chat Gpt’s infrastructure hasn’t been able to Keep up with the sheer amount of people Logging in and trying it out now if you Haven’t used chat GPT yet it’s a simple Interface that allows you to type in a Question or command and you will get a
Response generated by an AI system that Is freakishly accurate in some of this Questions especially the ones I’ve asked So far for example I asked it to tell me A bit about Lee kashing the Asian Tycoon Whom I’m doing some research on right Now for video I’m producing next month It took about 30 seconds to respond but It wrote a very well written paragraph That gave a very accurate description of Lee keshing’s Story I asked a few more Detailed questions and it responded Amazingly well I did run into one hiccup Though when I asked about his current Net worth and chat GPT said that it Didn’t have accurate numbers as Lee Kashing passed away in 2018 which isn’t Correct he’s very much alive Unless there’s a conspiracy maybe about Someone covering up his death In any case I started down this Rabbit Hole of chat gbt and began asking it to Do more complex tasks for example I Asked it to put a few numbers and Descriptions into CSV format as a way to Replicate how an accountant or Bookkeeper would input certain client Transactions into an Excel document for Import into an accounting system it Appeared to be able to accomplish this And create an easy result that I could Just cut and paste into an Excel dock Then I pushed it a bit further and asked Chat GPT to create share purchase
Agreement much like a lawyer would for a Client and guess what in about 30 Seconds it gave me a pretty nice Templated share purchase agreement and Was even kind enough to point out areas Where it would say fill in the blanks For your situation now this one will Appear to financial planning Professionals when I asked how I should Safely invest ten thousand dollars if I’m retiring in 20 years it gave me a Few options to invest in relatively low Risk funds like index funds or Target Date mutual funds that adjusted to asset Allocation based on years left until Retirement but in the last paragraph it Said it is always a good idea to consult With a financial advisor or other Professional before making any Investment decisions I thought this was Awesome considering the lack of Disclaimers for many overnight Tick-Tock Financial experts who gave so many People horrible Financial advice over The last couple of years So to understand chat GPT you need to Know about the underlying programming Framework that it is built on gpt3 gpt3 Is a complex natural language processing Model developed by openai it is one of The largest and most powerful language Models ever created with 175 billion Parameters gpt3 can perform a wide range Of language-based tasks including
Translation summarization text Generation and question answering has Been trained on a massive amount of text Data allowing it to generate human-like Responses so chat GPT is a variant of The gpt3 language model that has been Fine-tuned specifically for a task of Conversational response generation it Uses machine learning algorithms to Generate responses to input text in a Way that mimics human conversation it Uses a large data set of conversational Texts to learn the patterns and Structure of natural language and then Uses that knowledge to you generate Appropriate responses to new input in Real time think of chat GPT and gpt3 Like a car in its engine a car or a chat Gbt provides the exterior style look and Feel of the vehicle the engine gpt3 is What makes the actual vehicle and chat Gbt run So chat GPT is owned by a company called Openai openai was founded by none other Than Elon Musk Sam Altman Greg Brockman John Shulman and Isla setsgiver the Company was created to advance and Promote research in the field of Artificial intelligence with a focus on Ensuring that AI technology is developed And used in a way that is safe and Beneficial for Humanity now what exactly Does open AI do well open AI is an Artificial intelligence research
Laboratory consisting of the for-profit Corporation open ailp and its parent Company the non-profit open AI Inc open AI conducts research in the field of Artificial intelligence with Goal Promoting and developing friendly AI I Recall at one event back in probably Around 2014 where Elon Musk mentioned Some things that he was a bit worried About when it came to Ai and the way That it was responding to things so no Surprise that him and a group of other Silicon Valley Tech Geniuses started Open AI as maybe to combat some of the Things that they were seeing potentially Could go wrong with the development of AI at that time now before we dive into The pros and cons of AI for Professionals I do want to say that some Of the concerns from professionals Currently from chat gbt feel eerily Similar to concerns that laborers voiced When Robotics and automation were Introduced into manufacturing during the Mid 20th century what we have seen However is that over time automation Frequently produces as many jobs as it Eliminates workers who are proficient With machines are more productive than Those who are not which lowers the cost Of prices of goods and services and this Has increased spending for products Amongst customers and therefore resulted In increased employment as well now some
Workers did suffer particularly those Who were immediately replaced by Machines and who had to compete with Them directly since the 1980s as more Production and administrative workers Lost their jobs or saw wages drop Digital automation has increased Inequality on the labor market there Were definitely some roles that were Were completely replaced by Machine Automation but when you look at the Overall Marketplace new jobs and new Types of jobs were actually created and Those outpace the numbers of jobs lost For instance even when robots have Replaced low-scale employees on assembly Lines they have also led to the creation Of new jobs for experts such as Machinists programmers Advanced welders And other professionals who look after The machines or use them to carry out New duties so just like laborers one Concern about AI replacing business Professionals like accountants or Lawyers the potential loss of immediate Jobs as AI technology continues to Improve it may be able to automate many Tasks that are currently performed by Entry-level professionals potentially Leading to job loss for specific roles In the industry another concern is the Potential for AI to make mistakes in its Interpretation of client circumstances Or in the case of financial accountants
Errors and calculations or audit Analysis while AI systems may be able to Perform tasks quickly and efficiently They may not always be able to provide The same level of accuracy and attention To detail as a human accountant could Now not every single business situation Is the same therefore approaches are Also not always prescribed in a set Formula it does require humans to Address these differences but the Question does remain could AI eventually Be able to analyze and adapt these Assessments to different client Situations can AI get so Advanced as to Take one step further to conduct Analysis on situations that it has never Encountered before I guess that’s the Whole point of AI is that the system Starts to learn [Music] So this leads us to our next concern Which is about the ethics of using AI Some people may worry that AI systems Could be biased or make decisions that Are not in the best interest of a Business or at stakeholders this could Create ethical dilemmas for businesses And the accountants who work for them Interestingly enough this reminds me of The movie iRobot where the Android made A decision to save one person over Another during an accident because under Its AI calculations the percentages of
Saving the other person were Significantly lower than the person it Did save so how does this then play in Making decisions on situations that are More complex [Music] Now it isn’t all dire for Professionals In fact in our last podcast when we Chatted with Heather barnhouse the Denton’s lawyer we had talked about a Client that was at a presentation who is In the machine learning and AI sector And he said AI will not replace lawyers But lawyers who don’t use AI will be Replaced so with that said here are Several potential advantages for Professionals to use AI to help build The practice first increase efficiency And productivity AI systems can automate Many of the tedious and time-consuming Tasks that are currently performed by Accountants such as data entry and Analysis this can free up time for Accountants to focus on more strategic And value-add activities to the client Such as providing Financial advice and Planning and Consulting Services now for Lawyers it may expedite the tedious Tasks of finding and reading through Papers and pages of Precedence when Working on client matters or working on A case a system like chat gbt can help You get on the path quicker than humans Manually searching through all those
Files Improved accuracy and precision AI Systems are able to process large Amounts of data quickly and accurately Reducing the potential for human error This can help professionals like Accountants produce more accurate and Reliable Financial reports and Analysis Which can also be beneficial for the Clients and businesses that they’re Serving enhanced decision making AI Systems can provide professionals with Access to real-time data and analytics Which can really help them make more Informed and data-driven decisions this Can enable professionals to provide Better Financial guidance to their Clients support their clients in Additional ways which can help their Business grow and succeed another Example I can think of with lawyers is That this can help you provide better Guidance on various aspects of a Transaction that you might be helping Your clients with So the final takeaway is that the Implications for the future professional Work when it comes to chat GPT are still Really uncertain on the one hand chat GPT and other AI Technologies could Automate many of the tasks that business Professionals do right now this could Lead to increased efficiency Productivity but it could also
Potentially result in overall job losses In entry-level positions that require Perhaps less training up front in some Of these industries now on the other Hand chat GPT and other AI systems may Be able to assist business professionals By providing them with data and insights That would normally take a long time to Gather the use of this data can help Them make better informed decisions and Also pass along this information for Their clients to make better decisions For their businesses the other thing AI Can do is it can enhance the work that Professionals do and even open up new Opportunities of areas of specialization Again taking examples from a labor Market robots in automation often create A new and Innovative job positions that Were more than the jobs that were lost Cost overall I think the impact of chat Gbt and other AI Technologies on the Future of professional work will likely Depend on how these Technologies are Developed and adopted as well as on the Willingness of businesses and the Professionals themselves to adapt and Embrace these new tools and create new Opportunities with them Thanks for joining me on this episode of This professional life make sure to hit The Subscribe button on whatever Platform you are listening to or Watching this video so that you get
Notified whenever we release new Episodes also if you’re a professional Looking to help grow your practice don’t Hesitate to reach out I’d love to have a Chat with you about how digital content Can amplify your business development Efforts with that take care catch you in The next episode [Music] Etc [Music]
