The news has been awash recently with the development of new AI platforms. At the top of the pile of current contenders is ChatGPT.

Already being developed by the likes of Microsoft to improve its Bing search engine, developers and businesses are clamouring for ways to make this innovative software work for them.

At its core, Chat GPT is a very smart word prediction tool. It uses a recurrent neural network (RNN) to process inputs and generate outputs by looking at previous data points (this includes billions of pages, posts and reference points from across the internet).

By using machine learning algorithms, it can generate logical outputs to queries. While the platform is focused on language, it seems capable of doing much more than just providing content or answering questions.

This recent technological revolution hasn’t skipped accounting either and many firms are starting to test AI’s ability to provide guidance, improve the way they work in excel, develop new programming and even support the training of new staff.

As an AI language model, Chat GPT has several benefits, including:

1. 24/7 Availability: Chat GPT can be accessed anytime, anywhere, as long as there is an internet connection, making it a highly convenient resource.
2. Quick Response: Chat GPT can provide answers almost instantaneously, making it a fast and efficient resource for those seeking information.
3. Multilingual Support: Chat GPT can communicate in multiple languages, making it an accessible resource for a global audience.
4. Consistency: Chat GPT’s responses are consistent and objective, as it is not affected by personal bias or emotions.
5. Learning Opportunities: Chat GPT can provide learning opportunities by explaining complex topics in a simplified and easy-to-understand manner.
6. Customization: Chat GPT can be trained to provide personalized responses based on a user’s preferences, making it a highly adaptable and customizable resource.
7. Time-Saving: Chat GPT can help users save time by providing quick and accurate responses to their questions, freeing up their time to focus on other tasks.
8. Innovation: As an AI language model, Chat GPT represents the cutting-edge of artificial intelligence technology, which is constantly evolving and improving.

While Chat GPT has many benefits, there are also some potential drawbacks to consider, including:

1. Lack of Emotional Intelligence: Chat GPT does not have emotions or empathy, which can make it difficult to provide nuanced responses to emotionally complex situations or provide emotional support.
2. Inability to Detect Sarcasm or Irony: Chat GPT may have difficulty detecting sarcasm or irony, which can lead to miscommunication or misinterpretation of a user’s intended meaning.
3. Dependence on Data: Chat GPT’s responses are based on the data it has been trained on, which can be limited or biased, leading to inaccurate or incomplete responses.
4. Limited Creativity: While Chat GPT can generate text, it may lack the creativity and flexibility of a human writer or conversation partner, resulting in responses that are formulaic or lack originality.
5. Potential for Misuse: Chat GPT can be used for malicious purposes, such as spreading misinformation, perpetuating stereotypes or hate speech, or impersonating a human user for fraudulent purposes. This highlights the importance of responsible use and ethical considerations when developing and deploying AI language models.

As a firm, we will be monitoring this space closely to see if any developments can benefit our clients.

At the helm of our technological development is Raz Miah. If you have any queries about the technology available to help your business, please contact him.