ChatGPT Is Changing the Business World

ChatGPT Is Changing the Business World
What Does That Mean for The Future of Your Business?

ChatGPT is a HOT TOPIC as it can research and write things for you.  It was developed by research institute OpenAl and was opened for the public to use for free as artificial intelligence technology.  It can read large amounts of text data stored in a massive pool of internet sources and data to produce a human-like written result for users.  Businesses are using it to streamline processes and operations, like automating accounting functions, developing social media, managing human resources, …. things that typically take lots of time for employees to do.  It already is changing the way people work, communicate, learn (yes, at schools), travel, and communicate with each other.

Businesses have started using it to:

  • •Do data Entry;

  • •Check data accuracy;

  • •Write job descriptions;

  • •Draft employee handbook materials and policy manuals  (NOTE – WE DO NOT DO THIS; WE DO IT THE NOW OLD FASHIONED WAY STILL);

  • •Schedule appointments – think Doctors and Dentists);

  • •Administrative tasks;

  • •Prepare drafts of employee performance reviews;

  • •Review/screen resumes;

  • •Do market research; and•Almost anything you do over and over, it can learn to do.

ChatGPT analyzes huge amounts of data and spits out surprisingly detailed analyses, insights and suggestions, which can help businesses make informed, data-driven decisions.  There are problems that come with cutting-edge new products and systems, like:

  • •Potential data breaches and privacy concerns (think HIPAA, employee HR records and business confidential information, like trade secrets), so businesses must put in security measures to protect sensitive information;

  • •ChatGPT detailed tasks may require business consult their tech department or expert; and

  • •Loss of human creativity input.

The future impact of ChatGPT will depend on how quickly and effectively businesses adopt the technology and integrate it into their operations, but it is not going away because the potential benefits of AI in business by saving businesses time, money, and resources make it too attractive to look the other way.  But, businesses must put in place ethical checks and balances to use it.

P.S. ChatGPT did not write this, but it could have!

Here at Epps & Coulson, LLP we help you maximize the benefits and minimize the risks of using AI systems.  Please feel free to contact Dawn at: for any questions.

Information contained in this Memo is intended for informational and educational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.  It is likely considered advertising.  Epps & Coulson, LLP encourages you to call to discuss these matters as they apply to you or your business.

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