#169 What’s Happening in AI for Finance with Adam Shilton
Feb 6, 2024
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Adam Shilton, a leading voice on Linkedin and founder/host of Tech for Finance, discusses the current state of AI in finance, including advancements in AI tools, automating tasks, and improving workflows. He highlights tools like Notion AI, GPT for Sheets, and Microsoft CoPilot. Kevin shares his experience using AI tools for podcasting and building learning materials. They predict greater AI autonomy in 2024 and emphasize the importance of process optimization before implementing AI.
AI tools for finance are advancing with multimodal capabilities and advanced data analysis features.
AI will evolve towards greater autonomy, enabling systems to work towards desired outcomes without continuous prompts.
Deep dives
AI Tools like Chatshibiti and Plugins
Chatshibiti is a language model trained on a ton of data and has evolved with the advent of plugins like Wolfram Alpha and Notable. These plugins enhance its capabilities in working with numbers and running predictive analytics. OpenAI has also introduced a Code Interpreter, renamed to Advanced Data Analysis, which can generate code and analyze uploaded data. Chatshibiti Pro combines all these features and is now connected to the internet, making it a comprehensive solution.
Three Ways Finance Can Use AI
Finance can use AI in three main ways. Firstly, AI can be used as a personal productivity tool, leveraging chat interfaces like Chatshibiti, Claude, or Lama to automate tasks and provide quick starting points for various activities, such as creating templates, presentations, or even plugging AI into existing applications. Secondly, AI can be utilized for data and analytics, enabling finance teams to run machine learning algorithms, perform predictive analytics, and analyze large datasets more efficiently. Finally, AI can enhance everyday applications used in finance, such as productivity and communication tools, integrating AI companions like Fathom and Spark to automate tasks, generate show notes, and suggest email replies.
The Shift Towards Autonomy in AI
The future of AI will evolve towards greater autonomy, where AI systems can work towards achieving a desired outcome without continuous prompts. This level of autonomy involves the ability to handle multiple inputs, such as images, spreadsheets, and text, merging them intelligently to produce the desired output. While current AI models have made progress in multi-modal interactions, there are still limitations in memory and token limits. However, enhancements in token limits and memory will facilitate more autonomous behavior in AI systems, allowing them to prompt themselves and work towards output without constant user intervention. This transition to autonomy will help businesses achieve more with fewer resources and promote agility in adapting to market trends.
The Impact of AI in Microsoft Office and Image Processing
Microsoft is also venturing into AI with tools like Microsoft Co-Pilot, which aims to provide AI assistance directly within Office applications like Excel and PowerPoint. Co-Pilot will suggest formulas, generate code, and assist in various tasks, saving time and enhancing productivity. Additionally, image processing with AI has become more accessible, allowing for image generation and manipulation. Tools like Leonardo.AI and Dali enable users to generate images based on prompts, with Leonardo.AI providing quick and effective results as reported. However, leveraging the full potential of AI requires users to develop the skill of asking effective questions and providing the necessary context for accurate outputs.
In part 2 of the three-part mini-series on AI for finance, Adam Shilton returns to the GrowCFO show. A year ago, Adam spoke to Kevin Appleby about what's likely to happen in tech for finance in 2023. 12 months on, they repeat the conversation, but for 2024, the focus is very much on AI.
Adam is the founder and podcast host at Tech for Finance and a leading voice on Linkedin.
Adam discussed current AI tools for finance and how they are advancing with multimodal capabilities and advanced data analysis features. He highlighted experimenting with different models to find the best fit.
Adam talked about using AI for personal productivity through automating tasks, improving workflows, and using it for data analysis. He gave examples like Notion AI, GPT for Sheets, and Microsoft CoPilot. CoPilot Pro has recently been released to all Office users. If ChatGPT was the gamechanger in 2023, then its likely to be CoPilot in 2024.
Kevin shared his experience using AI tools for podcasting and building learning materials. They discussed using tools like Motion and Fathom to improve meeting productivity and participation through transcription.
Adam predicted greater AI autonomy in 2024 that works towards outcomes without human intervention. He and Kevin emphasized the importance of process optimization before implementing AI and using it to do more with less through tools like Lean.
https://youtu.be/uHjEvmi8Xfg
Links
Adam Shilton on Linkedin
Kevin Appleby on LinkedIn
AI for finance part 1 with Isaac Heller
Unlock the power of Microsoft Copilot
Easy ChatGPT Hacks Every CFO Should Know
GrowCFO Automation Accelerator
Timestamps
AI tools for finance professionals. (0:12)
Using AI for finance, including personal productivity and data analysis. (3:24)
Some practical examples of tool;s Adam and Kevin are using (8:44)
Using AI tools to improve productivity and meeting efficiency. (10:55)
AI technology and its applications in business. (16:11)
AI autonomy and prompting technology. (20:38)
AI language models in business. (22:52)
AI-powered copilot in Microsoft Office. (28:18)
Automation, AI, and process optimization. (32:52)
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