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.