- Tech for Finance
- How OpenAI's VP of Finance uses AI, ChatGPT for Complex Calculations, AI Accounting Tool Secures $30m
How OpenAI's VP of Finance uses AI, ChatGPT for Complex Calculations, AI Accounting Tool Secures $30m
In today's edition:
Guides & How-Tos - How OpenAI’s VP of Finance uses AI | How to create your own GPTs
Expert Resources - Using ChatGPT for complex calculations | Creator Spotlight “When FP&A meets AI, Python and Excel”
Tech tools & updates - AI accounting tool secures $30 million | AI powered spreadsheets, slides & stock analysis
PLUS - ‘Prompt of Week’ & ‘Best Bot’ recommendations
Guides & How-tos
How OpenAI's VP of Finance uses AI
Janine Korovesis - VP of Finance - OpenAI - Courtesy of OpenAI
I’m a bit tired of all of the politics going on with OpenAI right now. Is Sam Altman staying or going. Is Microsoft going to rule the world?
Taking the spotlight off Sam Altman, let’s focus on OpenAI’s VP of Finance Janine Korovesis, and what she has to say about how to use AI.
The article from Fortune, titled "OpenAI's VP of finance encourages execs to view GenAI as a tool to assist them," discusses the evolving perspective of financial executives towards generative AI (GenAI), particularly in the context of financial advising and management.
Key points from the article include:
Acceptance of Generative AI in Finance: Financial services firms, including Morgan Stanley, are increasingly integrating generative AI tools like ChatGPT into their operations. This marks a significant shift from the initial skepticism that greeted these technologies.
Janine Korovesis's Insights: Janine Korovesis, the Vice President of Finance at OpenAI, emphasizes the potential of generative AI in finance. She likens the use of AI tools to using a calculator, suggesting that these tools are meant to assist rather than replace finance professionals.
Broad Applications of AI: Korovesis highlights the wide applicability of generative AI across various sectors, including finance, due to its general-purpose nature. She notes that ChatGPT, in particular, has changed the way professionals interact with AI, making it more accessible and conversational.
Practical Use Cases in Finance: The article describes how OpenAI's finance team uses ChatGPT for tasks like tax analysis and processing large Excel files. This includes generating code to process large transactional files, demonstrating the practical utility of AI in handling complex data tasks.
Advice for Finance Professionals: Korovesis advises hiring people who are enthusiastic about integrating generative AI into their work. She shares examples of how her team has successfully incorporated ChatGPT into their daily operations.
Korovesis's Career and Philosophy: The article also touches on Korovesis's career journey and her approach to problem-solving, which involves simplifying complex issues and involving the right people in finding solutions.
Future of the CFO Role: The article concludes with a look at the evolving role of CFOs and how generative AI might shape their responsibilities in the future.
You can find the full article below.
“But Adam, this is behind a paywall.”
Well guess what… You can use AI to bypass a paywall using the BrowserPilot plug-in with ChatGPT Pro. My LinkedIn post from today goes into more detail. Find it here.
[NOTE - I don’t condone the use of tools to bypass paywalls. Valuable services should be paid for.]
Did ChatGPT get better with complex calculations?
Historically, ChatGPT hasn’t been great with complex calculations. But since the advent of advanced data analysis within the platform, it’s become a lot better. You can of course always plug-in Wolfram Alpha to improve your results event more.
Did it get it right though?
You can find the full post here.
I’ve mentioned Christian a couple of times in previous newsletters. He’s doing a lot of work on Python and Excel right now, and recently spoke in detail with Paul Barnhurst on FP&A today. The episode is called “When FP&A meets AI, Python and Excel” - Summary of their conversation below.
Machine Learning and AI in Finance: The discussion highlights the increasing accessibility of machine learning algorithms, such as those released by Microsoft and Facebook, for financial analysis. This accessibility allows individuals without deep technical knowledge to utilize these algorithms effectively.
Explainable AI: A significant focus is on the concept of "explainable AI," where machine learning algorithms are made understandable to those without a technical background. This is particularly important in finance, where understanding the drivers behind forecasts and budgets is crucial.
Generative AI for FP&A Professionals: The video discusses how generative AI can be used in financial planning and analysis (FP&A). It emphasizes the importance of learning from others who have extensive experience with these tools, and suggests resources like Medium for articles and blogs on technology and finance.
Hands-On Learning and Courses: The guest, Christian Martinez, talks about an advanced ChatGPT course for finance professionals he teaches with Nicolas Boucher. The course is hands-on, encouraging participants to bring their data sets and problems to solve in real-time.
Generative AI Tools: The video explores various AI tools, including code interpreters that can analyze data, perform statistical analysis, and even suggest next steps. This automation can significantly enhance efficiency in financial analysis.
Future of FP&A with AI: The discussion forecasts that AI will increasingly automate descriptive analytics in FP&A, allowing professionals to focus more on understanding the business and improving performance.
Personal Insights from Christian: He shares personal anecdotes, such as his experience with extreme sports and his admiration for Elon Musk. He also discusses his favorite Excel features, emphasizing the importance of continuous learning in FP&A.
Advice for FP&A Professionals: Christian advises new FP&A professionals to learn something new every week, whether it's a technical skill or deeper business knowledge.
[NOTE - This summary was generated by AI using the VoxScript ChatGPT Plugin and therefore may not be 100% accurate]
Check out the full discussion here.
More from Christian
This with is done with Chat GPT-4 and attaching an excel with the dummy data (then copy-paste the Python code in Google Colab and running the analysis with your real data to avoid privacy issues)
Tech Tools & Updates
Here’s some tools to get your teeth stuck into.
Prompt of the week
This week’s prompt of the week goes to Mohammad Sohail raza.
“In my role as a Business Analyst, I am currently examining [Company Name]'s business model to discern its viability, scalability, and sustainability.
The objective is to understand how well the business is positioned to generate consistent revenue, adapt to scale, and endure market fluctuations over the long term.
What specific criteria and indicators are essential for evaluating the business model's viability, ensuring it is capable of generating profitable returns? How can I assess the model’s scalability, particularly its ability to expand and adapt to increased demand without compromising efficiency and profitability?
Furthermore, what factors should be considered to gauge the model’s sustainability amidst evolving market conditions and trends? I seek to compile a detailed analysis that will contribute to our investment decision-making process. Recommendations on analytical approaches, tools, or methodologies to ensure a thorough evaluation are welcome.”
It’s a big prompt, but ChatGPT chose it as the best next to Christians’. You can see ChatGPT’s assessment here.
Excel Data Analysis
“I'm Data Analyst, I can assist you in analyzing your data and providing visual insights. Please upload your Excel file”
This bot comes via mindOS.
You can find a direct link to the bot using this link.
Be careful sharing sensitive data.
[NOTE - I am not affiliated with any of the tools in this e-mail.]
So that’s it for this week.
Until Next Time
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