How can GPT3 work for Finance and FP&A professionals?
At some point in the past few months, you have heard of Chat GPT-3. Everyone on LinkedIn is talking about it and saying that it will change industries, augment productivity and add value to businesses.
But how useful is the tool? And in particular, how useful is it to finance, FP&A, and accounting professionals?
In a nutshell, Chat GPT3 or Chat GPT-3 is a powerful artificial intelligence (AI) tool developed by OpenAI. It can be used to automate processes, create Excel macros, answer questions, language translation, financial modelling and even to teach you Python and how to create machine learning algorithms.
We can get more details on Chat GPT3 by asking Chat GPT3 to describe itself.
ChatGPT-3 is a powerful language processing model developed by OpenAI.
It is trained on a massive amount of text data, and can generate human-like responses to text input. It can be used for a wide range of natural language processing tasks, such as text generation, language translation, and conversation simulation.
In finance, ChatGPT-3 could be used for data analytics and other tasks such as natural language processing of financial news articles, generating financial reports, and simulating conversation with customers for financial services. For example, it could be used to generate natural language summaries of financial data or to assist with customer service inquiries.
GPT-3 generates new text based on input text. The output text will align with a specific task, such as answering a question, providing additional information, translating, summarizing, determining sentiments, or even writing code, depending on the input and the type of GPT-3 used. It has various applications in finance and FP&A.
We are going to explain and show below some of these use cases but first, some important facts that will help you…