With the introduction of OpenAI's generative artificial
intelligence (AI) chatbot ChatGPT in November 2023 came a new wave
of interest in AI tools, especially in how they can be used to
improve all aspects of business.
AI solutions are not new in businesses, having been implemented
by 35 percent of companies in 2022 and being used to automate a
variety of back-office functions within IT, HR and
accounting.1 However, with focus shifting to new tools
such as ChatGPT, GPT-4, Bing AI, Google Bard and Dall-E, generative
AI has taken center stage.
Generative AI applications train on repositories of data and use
large language models and algorithms to create content based on
trends and patterns. Not only can these tools analyze quantitative
and qualitative data, but they can also craft summaries, images,
stories and more, giving them the flexibility to be used for any
number of purposes.
