Investor relations professionals have found valuable applications for ChatGPT, the generative AI tool, in their day-to-day work, according to a recent IR Magazine Webinar held in partnership with Q4. Panelists discussed various use-cases, ranging from information synthesis to content creation and communications advice. While the technology has limitations and potential risks, the speakers encouraged IR professionals to explore ChatGPT and other generative AI tools to boost their efficiency.
Deborah Belevan, Vice President of Investor Relations at Duolingo, praised ChatGPT for its ability to synthesize information. She shared an example where ChatGPT-4, the newest version of the chatbot, efficiently summarized three pages of investment conference notes into four concise bullets.
Christoph Greitemann, Senior IR Manager at Deutsche Telekom, highlighted the utility of ChatGPT in creating social media posts and website text. He noted that while the generated content may not be perfect, it often covers 80% of what is needed, and the remaining 20% can be manually adjusted.
Greitemann also suggested using ChatGPT to review existing content, such as executive speeches and press releases, and ask for suggestions for improvement. He warned against entering any confidential information, however.
Other AI Tools for IROs
Amit Sanghhvi, Global Vice President of Capital Markets Platform at Q4, reminded attendees that there are numerous generative AI tools besides ChatGPT that can be beneficial for IROs. Sanghvi mentioned Akkio as a tool for generating reports from datasets and SlidesAI for quickly creating slide decks around specific themes. He also recommended the website theresanAIforthat.com, which offers thousands of AI tool examples for IROs to explore.
Risks and Limitations
Despite the potential benefits, Peter Bonetta, Director of CRM & Investor Targeting Center of Excellence at Q4, warned of the risks and limitations of generative AI tools like ChatGPT. He expressed concerns about data security, questioning how the information is processed and who has access to it.
Bonetta also doubted the ability of generative AI to think strategically about the future, stating that we are still in the early stages of this technology.
Building Intelligence Around Prompts
Despite the limitations, panelists agreed that IROs should begin exploring ChatGPT and other generative AI tools. Greitemann emphasized that ChatGPT is affordable, with the latest version costing around $20 a month, and that users will develop intelligence around providing smart instructions as they use it more frequently.
However, it is important to note that the webinar took place before the publication of a letter signed by several technology leaders, including Tesla CEO Elon Musk and Apple co-founder Steve Wozniak. The letter calls for a pause in the development of new AI tools, including anything more powerful than ChatGPT-4.
The signatories expressed concerns that new AI systems are becoming “human-competitive at general tasks” and have the potential to “flood our information channels with propaganda and untruth” as well as “automate away all the jobs, including the fulfilling ones.”
Despite these potential risks, the benefits of ChatGPT and other generative AI tools for IROs are undeniable, as they offer an opportunity to improve efficiency, synthesize information, and streamline content creation. By exploring these tools now, IROs can stay ahead of the curve and develop best practices for their use in investor relations.