AI ChatGPT helps CEOs think.  Does it take your job too?

AI ChatGPT helps CEOs think. Does it take your job too?

  • Finance
  • January 24, 2023
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The AI ​​text generator ChatGPT, which was unveiled to the public late last year, is so sophisticated that it has already demonstrated its ability to write coherent essays, create solid legal documents, and interact with people in persuasive ways.

One CEO even treats parent company OpenAI’s tool like a readily available member of his executive team.

“I’m asking ChatGPT to be aware of where my biases and blind spots might be, and the answers that are there are a really, really good place to start testing your thinking,” said Jeff Maggioncalda, CEO of the online course provider Coursera, to CBS MoneyWatch.

He said the tool helps him approach business challenges more thoughtfully and look at issues from different angles. For example, at the World Economic Forum meeting in Davos, Switzerland last week, Maggioncalda entered the following prompt: “What should I consider when addressing Prime Ministers in Davos?”

Another useful entry for business leaders would be, “What do I need to consider when restructuring my business?” said Maggioncalda.

ChatGPT: Artificial Intelligence Writing Grading 08:02

Maggioncalda is far from alone in his admiration for the popular tool. Nearly 30% of US professionals say they have already used AI in their work, and industry experts have called it a breakthrough creation with far-reaching implications for businesses and workplaces. Some have compared it to innovations like the calculator – which have changed the way people think, act and teach.

“What these things really matter is whether they add value to human expertise or whether they largely replace it,” David Autor, a professor of labor economics at MIT, told CBS MoneyWatch.

No more first drafts

According to the author, bots will devalue clerical and managerial skills. Chatbots are also already capable of creating staff letters, boilerplate text, and some advertising copy.

“These things will just be easier to do. That kind of semi-professional work will be automated,” he said.

This is bad news for junior and mid-level workers. “The jobs that are most likely to be squeezed out [involve] Everyday tasks like writing simple ad copy or the first draft of a legal document. These are expert skills, and there’s no question that software will make them cheaper, thereby devaluing human labor,” Autor said.

Mihir Shukla, CEO and founder of AI and robotic automation company Automation Anywhere, predicted in Davos that “between 15% and 70% of all the work we do in front of the computer could be automated”.

It remains to be seen what types of new jobs will create new forms of AI. Because while ChatGPT is new, it is just the latest example of the historic cycle of technological innovation, from the printing press and the loom to the smartphone and robotics, which is destroying certain workspaces and opening new ones.

“We’re going to use it to produce new goods and services that create value and new opportunities, and that’s much harder to predict,” Autor said.

The tutors who use AI to teach. 09:34

Another member of the leadership team

Coursera’s Maggioncalda said he relies on ChatGPT as a writing assistant and, most importantly, as a thinking partner.

“If you give it a lot of text, it can summarize it well, bulleted it, or put it in different languages,” he said.

He treats ChatGPT like another member of his executive team “wearing different masks and speaking different voices from different perspectives.”

“Chat GPT is very much like another person there that you also exchange ideas with. It’s a different point of view and it’s there all the time,” Maggioncalda added

However, outsourcing this type of work to chatbots is not necessarily a job killer. Instead, it should, in theory, free up human workers so they can focus on more thoughtful — and ideally profitable — work.

At the moment, the AI ​​has not replaced the human for Maggioncalda. “If I could either have my executive team review my blind posts and thinking, I would definitely have them there against ChatGPT,” he said.

“The world will never be the same”

Columbia Business School professor Oded Netzer, an expert in text mining techniques, said he immediately recognized ChatGPT as a revolutionary advance in artificial intelligence.

“It’s really an amazing leap in technology and innovation,” he told CBS MoneyWatch. “From what we’ve seen, it was one of those moments that’s very rare in technology and innovation, where you experience it and say, ‘The world will never be the same.'”

Enter a prompt, e.g. B. “What jobs does ChatGPT take?” and ChatGPT spits out the following response:

ChatGPT is a language model that can be used for a variety of natural language processing tasks, such as: B. Text generation, language translation, summary and more. It can be used in industries like customer service, marketing, and content creation. However, it is important to note that ChatGPT is a tool and does not take jobs, but rather helps to improve existing jobs and automate certain tasks.

Art created by artificial intelligence 06:53

Chatbots have already taken on roles in online customer service, and next month an AI-powered “robot” lawyer will represent a defendant in court for the first time. ChatGPT threatens to replace humans when it comes to tasks that are easy to perform, like following a script or drafting a standard legal document — think an apartment lease, someone’s will, or a non-disclosure agreement, according to experts.

Nearly 30% of professionals in the US say they have used ChatGPT or other AI tools for a work-related task, according to a recent survey of 4,500 employees by Fishbowl, a social network owned by careers services provider Glassdoor. Marketing and advertising workers had the highest adoption rate, with 37% saying they had used AI, while 35% and 30% of technology and consulting workers, respectively, also said they had used AI.

Netzer said that while ChatGPT will introduce radical change, in most cases it will not replace workers, but rather improve their ability to do their jobs efficiently.

“It’s primarily an improvement rather than a full replacement of jobs,” he said.

Charged Work

For example, ChatGPT is adept at helping programmers with auto-completion and identifying errors in their computer code.

“To the extent that we needed fewer programmers, it might take away jobs. But it would help programmers find bugs in code and write code more efficiently,” Netzer said.

The same is true for many jobs that require basic writing skills, he said.

“In terms of jobs that need to be written, I see it as a starting point rather than replacing us entirely. I think it’s a great tool for typing a command prompt, seeing what she’s typing, and then adding a human touch,” he added.

For example, ChatGPT could easily be used to generate an email to set up a meeting.

“Emails, which are simple correspondence, are the types of tasks where I can easily see the machine do very well. The less creative you have to be, the more it should be replaced,” Netzer said. “Why don’t they help us send emails to set up meetings when there’s hardly any creativity involved?”

Of course, this type of automation already exists in rudimentary form—for example, Google email and chat suggest replies in text conversations.

“Massive Consequences”

Renowned economist and MIT grantee Paul Kedrosky believes ChatGPT will have a profound impact across a range of industries and roles.

It has “massive ramifications for a variety of different activities… pretty much every area where there’s a grammar, an organized way of expressing yourself,” he said on a recent podcast. “It could be software engineering, it could be school essays, it could be legal documents, all of which can easily be eaten and spat out by this ravenous beast.”

Software giants are taking note. Microsoft announced Monday that it was making a “multi-year, multi-billion dollar investment” in artificial intelligence startup OpenAI, makers of ChatGPT and other tools that can write readable text and generate new images.

60 Minutes reports on AI technology helping create realistic deepfakes 05:34

What ChatGPT cannot yet accomplish—and many experts believe may never be able to—are tasks that require many gradations of human judgment applied to a range of problems and other cognitive challenges. For example, consider a chart or table showing the metrics of an underperforming company. ChatGPT could summarize the data and tell a user what the chart is showing. What it cannot—yet—do is explain why the data is meaningful.

“When I ask ChatGPT what it thinks is going on with this company, it does what junior executives would do and they tell me what they see on a spreadsheet. They say that parameter has gone down very significantly and this one has gone up, coherent kind. But it doesn’t move beyond that into the ‘so what?'” said Columbia’s Netzer. “These are the types of tasks that require judgment and at where people are still very valuable.”

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