If you have not heard about AI, especially ChatGPT - without mincing words - you must have been living under a rock. This is because, recently, there has been so much talk about ChatGPT that it is almost impossible not to have heard of it or even tried it out.
Granted, the technology still requires a lot of work, especially regarding originality. However, as of the time of this writing, the version released has seen so much improvement from the previous versions.
Therefore, the technology has a lot to offer businesses; the owner and the teams that comprise the business. If you are conversant with the lingo in the business world, you must have heard the importance of working smarter instead of harder. And one way to do this is to leverage AI - read ChatGPT.
You may be erroneously thinking that ChatGPT is mainly for content creators. And you’d be wrong. Finance teams can also leverage the power of the technology to alter and improve their processes. And in this article, we will look at ways you can achieve this by entering the proper prompts.
Before we proceed, note that due to the structure of ChatGPT, you need to learn to manipulate it correctly with the appropriate prompts to get the right results - or at least unique results, and not generic ones.
Having said that, let’s get to it.
Financial teams need to keep up to date with financial trends in a particular season that could affect their industry. For instance, for a real estate company selling houses on a mortgage, a spike in interest rate could affect demand. Instead of conducting a market analysis to determine these trends, the financial team can leverage ChatGPT to get this answer in seconds.
Every aspect of a functioning business should be appraised periodically to track performance. Financial teams should also ideally be tracking their performance. And ChatGPT can make this easy for them.
A financial team should be abreast of their financial forecast. Of course, forecasts are predictions and are not always 100% accurate. However, the team needs to make forecasts based on accurate factors to guide the company’s future decisions. To start, they need a forecasting model, and they can get one through ChatGPT.
A pricing strategy is equally as important as the quality of your product. For instance, should you have your prices visible on your website, but you run an Available on Request model? That could significantly affect sales. So, a financial team can leverage ChatGPT to review and improve their pricing strategy.
You can always hire analysts to review and analyze large volumes of data to generate reports. Or you can employ the services of ChatGPT to provide a financial report from your financial statements or data
Sometimes, businesses need an unbiased third eye to assess the profitability of their business and services. While you could still run surveys for more opinions, you can use ChatGPT for expert analysis.
A financial team must ensure a business’s cash flow is properly optimized to avoid leakages and waste. They can leverage ChatGPT to get suggestions.
Similarly, ChatGPT can show you ways to reduce costs you may not have considered earlier.
Businesses must monitor their competitors to learn from them and fill a gap they have likely omitted. And fortunately, ChatGPT can do this job faster.
Financial teams can use ChatGPT for research. They may need certain terms and concepts broken down while dispensing their duties. And they can get a more curated answer from ChatGPT.
To conclude, never forget that you are in charge, and you can tweak your prompt several times to match your preferences. And if you are not satisfied with the results, just change the prompt or instructions.
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