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Business Analysis Live!

ChatGPT and Business Analysis

Fri Mar 31 2023

Introduction to Chat GPT

00:01 - 06:09

  • Chat GPT is a large language model that is part of AI.
  • GPT stands for Generative Pre-trained transformer.
  • Chat GPT can help boost productivity for business analysts.
  • Chat GPT can be used to build website menus and policies.
  • Customization may be needed when using Chat GPT's responses.
  • Chat GPT can summarize transcripts effectively.

Benefits and Limitations of Chat GPT

05:49 - 11:29

  • Chat GPT can be helpful in summarizing text and creative work around knowledge gathering.
  • It helps consultants learn about a specific domain that their client is dealing with as part of the project.
  • Asking specific questions gives insight into the activities of a salesperson, which helps to understand the customer's world.
  • The tool has access to a lot of information and can summarize and generalize things, but it may have mistakes or misleading information.
  • Over-reliance on the tool can introduce risks into whatever one is doing.
  • Critical thinking skills are necessary when using Chat GPT outputs because some information can be generic or incomplete.
  • Chat GPT speaks with total confidence, which can make new users accept its output as truth without critical thinking.
  • The tool is good for titling videos by generating suggestions for topics.
  • Microsoft and Google have released news about similar tools.

Integration of Language Models in Products

11:06 - 17:03

  • OpenAI's chat GPT is a tool that can be used to name videos and for different sessions.
  • Microsoft and Google are embedding large language models into their products.
  • Emails can be drafted, PowerPoint presentations assembled based on meeting transcripts, and spreadsheets generated with the help of these tools.
  • These tools can do mundane tasks that don't require much intelligence but take up a lot of time.
  • Offloading such tasks onto these tools frees up mental stamina for real problem-solving and deep thinking.
  • 'Deep Work' by Cal Newport distinguishes between shallow work (answering emails) and deep work (real analytical thinking).
  • Chat GPT or other AI tools can help manage shallow work, enabling business analysts to focus on deep analytical work.
  • However, these tools cannot come up with brand new knowledge or guarantee accuracy or completeness of information.
  • Business analysis professionals have the opportunity to mitigate risks through their analytical work.

Limitations and Risks of AI Tools

16:38 - 22:33

  • AI tools are incapable of explaining why they give guidance or speculation.
  • Analysts should adopt AI tools and do actual analysis work.
  • Establishing clear lines of questioning for AI tools affects the outcome.
  • Vet the input from AI tools critically and thoroughly.
  • GPT may impact writers in the labor market, but it cannot replace business analysis professionals' skills such as talking to people, reading body language, and understanding corporate culture.
  • Microsoft is developing a new tool that might be helpful for users.
  • The recording will be available on the iiba YouTube channel today.

Capabilities of Chat GPT

22:04 - 27:54

  • AI assistance can be used to complete some business analysis tasks.
  • Chat GPT is a research tool that can provide quick answers.
  • Chat GPT can write SQL queries and create social media calendars.
  • Shallow work refers to low-level tasks that Chat GPT can help with.
  • Chat GPT is highly creative and can even write poems and rap songs.
  • It is important to confirm the accuracy of Chat GPT's output through critical thinking skills and document review.

Microsoft's Co-pilot and Workshop Engagements

27:29 - 33:04

  • Microsoft's co-pilot may train itself on a company-specific data set to make document review tasks easier for analysts.
  • Co-pilot is Microsoft's incorporation of the tool into their office set.
  • Analysts can ask Co-pilot to explain how a process works inside a company based on its data set.
  • AI tools like chat GPT and Jet GPT are useful in workshop engagements.
  • The true power of Open IACHE will be realized with integration in the utilization of Office 365.
  • Microsoft Visio could draft current state processes for specific processes based on clients' documents and data sets, saving time and effort.
  • Validation requires critical thinking that AI may not necessarily be able to factor in, so it cannot replace human interaction entirely.
  • Wireframes generated by an AI tool would be a cool feature.

Creating Diagrams and Legal Considerations

32:36 - 38:26

  • There is no AI tool to get wireframes, but there are integrations into tools like Zapier.
  • A workaround to create diagrams is to use chat GPT to put out some XML code that can be imported into another tool like Microsoft Visio.
  • An experiment was done where a GBT model generated a functioning website with a button that actually did something.
  • OpenAI warns not to share personal information because it's incorporated back into their data set.
  • Legal issues and lawsuits around content generated through these AI models are expected, so organizations should have policies around that.
  • Building the skill of writing prompts involves establishing a good clear line of questioning and not letting the AI tool take you down a path that it might take you just on its own.

Effective Use of AI Tools

37:59 - 39:49

  • Establishing a good clear line of questioning is a key skill to learn when using AI tools.
  • Don't let the AI tool take you down a path that it might take you just on its own.
  • Asking chat GPT to follow your line of questioning is important to get the information you need.
  • Business analysis professionals need to beef up their interviewing skills.
  • Observation is a technique that can be used for analysis and will be discussed in the next episode.
  • Business analysis helps businesses grow and thrive.