ChatGPT day When it debuted, this transformative technology captured the imagination of business leaders and changed decision-making forever. Today’s senior management sees incredible positive opportunities with generative AI. Generative AI, which will drive a $7 trillion increase in GDP and increase global productivity by 1.5%, and its tangible economic consequences have reimagined business priorities for decades (and potentially generations) to come.
ChatGPT and other generative AI technologies have opened the door to innovative ideas across industries. Some technology and business leaders are thinking about unintended consequences, in particular the problem of “hallucinations.” Sometimes ChatGPT hallucinations are harmless and easily corrected by improving the training data or adding a human to the loop. As the world rushes to adopt this technology, we need to continue working to improve error rates and decrease hallucinations.
Data errors in an investment portfolio could result in lost income, non-compliance with regulatory filings, and complete distrust of the technology.
Above all, financial decision making and compliance rely on data accuracy and information trust. So while it’s annoying that ChatGPT generates an incorrect response for non-critical messages, data errors in an investment portfolio could translate into lost revenue, non-compliance with regulatory filings, and complete distrust of the technology.
Fortunately, technologists can take a step back and ask the following questions to unlock the potential power of generative AI.
Do we have a gradual approach?
Generative AI will have far-reaching consequences on a company’s workflow and the products it offers its customers. R&D and marketing teams must follow a manual so that each part of the organization can innovate responsibly and efficiently. To start, technology teams should take a “ground-up” approach and examine their use cases, infrastructure needs, goals, and next steps.
