Tue, 02/28/2023 - 10:11
ChatGPT, what’s all the fuss about?
Generative artificial intelligence could well change how businesses operate through automation and its ability to process and analyze huge quantities of data almost instantly.
Generative artificial intelligence (AI) has been advancing rapidly and could potentially change the way we do business forever. As the field continues to evolve, computers are increasingly able to create new, “unique” content – a word on originality later – and process vast amounts of complex data quickly and efficiently. This will allow companies to automate tasks, to create content, to communicate with clients, undertake R&D and much, much more.
The potential advantages for a business that leverages AI, and generative AI in particular, are countless and can often be very specific. Here, we’ll lay out a few key examples most of which are entirely relevant to forex industry.
Marketing and sales
AI can quickly and easily create personalized marketing materials, from social media posts to blog content, to tailored imagery, audio and even video. Marketeers will be able to quickly and easily generate a range of marketing assets and the iterative nature of ChatGPT and image-based AIs like Midjourney mean that editing, or re-generating, takes next to no time. Then there are chatbots, AI-powered bots that communicate with clients, answering questions and providing information. The time savings will be immense, provided they’re guided by an experienced marketer who knows their client base and their industry.
AIs can quickly generate task lists, allowing you to create smooth workflows that avoid bottlenecks or friction between departments. This can be applied to almost any activity, but is particularly useful for time sensitive actives involving multiple members of staff or several departments.
IT and software-related development
As you’d hope, AI is particularly useful in terms of writing, analyzing and reviewing code. Writing code is, without doubt, incredibly complex, and talented coders are in high demand, as we’re well aware after years of developing our forex CRM and suite of suite of trading tools. However, even the most skillful, experienced coder can make mistakes and finding the error that is crashing a system, or making a feature fail to execute can be an incredibly challenging process. AI can quickly find coding errors and even write and document code if need be. The time saved could be remarkable, freeing up coders to innovate and drive their company forward.
Risk and legal analysis
As AI develops further, its ability to parse vast quantities of data and to provide answers or analysis from that data could see it being able to generate answers and “opinions” on legal matters and levels of risk. In parallel to this, AI can also be useful when it comes to the creation of annual reports, combining raw data with explanatory notes.
AI’s potential to change R&D across a range of industries is indisputable. From biology and chemistry to advanced math-based applications such as aerospace, AI has helped design and research everything from new chemical compounds, drugs and airplanes, and in the case of the latter, it can fly them, too. The applications for forex trading could be automatically trialing new strategies, or conducting instant market studies.
A (big) caveat
This all sounds wonderful, but it needs to be presented alongside a significant issue. When it comes to what many people refer to as “creative” industries, the arts, AI-produced works tend to be incredibly generic. If you read multiple AI-written articles on, for example, how AI is going to change the way we do business, they’re all going to sound the same. The vocabulary might be different, the sentence structure changed, but they’ll all be remarkably similar. Standing out from the crowd while using AI-generated text will prove a challenge.
Why? Because the current AI systems work by pulling information from the Internet. In other words, they’re all repurposing and repacking existing content. In the artistic fields, AI is not producing original work, it’s drawing on what others have already written. As a result, using AI alone to create “creative” materials is a mistake. It’s a great starting point, a source of ideas, a quick way to research – though it can, and often does, contain errors -, but it should not be used as the be all and end of all of content creation, it has been overseen by a (human) expert.
That’s why this post has (allegedly) been written by a real, live human.
In any case, AI is set to change a lot of things, including how we run our businesses. It’s an exciting time and the best bet is to stay updated and to watch what’s happening carefully in order to be ready to move with the times, if you’re not already.