ChatGPT: How useful of a tool can it be in the world of financial operations?

So what is ChatGPT?

Whether you’re on LinkedIn, YouTube, or TikTok, it's incredibly difficult to not have come across ChatGPT or the topic of generative AI. But what does it actually do, and what does it mean for financial departments?

Powered by advanced natural language processing and machine learning algorithms, Chat GPT is an AI-driven assistant that understands and responds to any interaction.

So, if you’re needing to write an awkward email or plan out a day of activities in a new city, Chat GPT probably has you covered. It has the versatility of helping you both at work and in your personal life.

Can your team benefit from using ChatGPT?

ChatGPT can offer a vast range of benefits for departments with its ability to quickly retrieve information from its knowledge base, which saves time and enables team members to access relevant data and resources easily.

It facilitates knowledge sharing by generating human-like responses, allowing team members to engage in discussions, seek advice, and brainstorm ideas. It also aids in task and project management by creating tasks, setting reminders, and tracking progress.

A great creative tool

Whilst Chat GPT won’t exactly streamline processes like communication, it can be a great creative tool to generate some great narratives and ideas for key business documents.

It can assist in generating personalised reminders, payment requests, and follow-up messages, all tailored to engage customers and encourage on-time payments.

What can ChatGPT not do?

Chat GPT is designed to boost automation and augment human expertise, not replace it.

While Chat GPT provides guidance and support, human judgment remains essential in complex scenarios.

There are limitations to what it can do, specifically for the collections industry, including:

1. Legal Compliance: ChatGPT cannot ensure compliance with the complex and ever-changing legal regulations surrounding the receivables industry.
2. Sensitive Customer Interactions: Finance Departments often deal with sensitive and emotionally charged conversations. ChatGPT may lack the empathy and nuanced understanding required to handle delicate situations, such as negotiating payment plans, addressing financial hardship, or dealing with distressed customers effectively.
3. Case Evaluation and Decision-making: The receivables lifecycle often requires human judgment and decision-making based on individual circumstances. ChatGPT's responses are generated based on patterns and information from its training data, but it lacks the ability to assess unique cases comprehensively or exercise discretion.

Enhancing not Replacing

Leveraging the power of AI-driven conversation tools like Chat GPT in your team can be a great way of saving time and resources day to day. But of course, with any technology solution, it has its fair share of limitations as discussed above.

Realistically, it’s not very useful from a data standpoint and may produce technically valid but contextually inaccurate results. Processing complicated or technical data requires accuracy and precision, which the solution lacks.

The main benefit of Chat GPT for finance departments is that it provides valuable support and assists in identifying trends, and highlighting key insights from large datasets, while also enabling and creating narratives and smart responses for communications.

However, if you’re after intelligent automation to help you with your financial operations, look no further, Invevo has arrived.

Introduction to Intelligent Automation

State-of-the-art software like Invevo integrates intelligent automation into its system and has the ability to automate 80% of your receivables lifecycle.

Invevo’s intelligent automation allows you to monitor and manage every customer's credit risk and track every customer's credit risk in real-time, and automate decisions to manage credit exposure for enhanced credit risk management. Automation also gives you the power to Segment customers into risk profiles and behavioural groups to focus users on value-enhanced tasks.

Intelligent automation inside Invevo provides a workflow engine that enables you to configure any combination of workflow processes with automated communications and gives you the power to increase your cash collection performance.

Invevo’s innovative adoption of intelligent automation not only streamlines collections processes but also enhances customer experiences and boosts cash flow by reducing key metrics such as DSO, aged debt and dispute resolution time.

To read more about how intelligent automation can revolutionise your business, read our post here.