Apparity Updates: February 2023
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Spreadsheets & AI
The latest flavor of the month is generative artificial intelligence such as OpenAI's ChatGPT tool. These tools, whether they generate text or images, are trained on massive collections of data. Machine learning algorithms then create "new" content based off user prompts/ instructions. Real life applications range from creating advertising images to outputting software development code.
Microsoft, as a key investor of OpenAI, is looking to include AI tools in many of their products— Excel included. While we'll largely be focused on spreadsheets in this month's newsletter, ChatGPT can also generate another key EUC type: Python code.
The foremost use case for leveraging technology like ChatGPT and Excel is to help generate formulae, macros, PivotTables and more. The Journal of Accountancy recently?published a Q&A?on the topic, covering their experience using ChatGPT to do just that. While they had a successful attempt at producing accurate instructions, several other attempts were not.
At this early stage, the general consensus is that the technology may be best utilized by subject matter experts. Otherwise, tools like ChatGPT often produce results that seem feasible but are logically inaccurate to the trained eye.
Also, while the technology is capable of producing accurate results, a key disadvantage is akin to purchasing code without support. End user applications like Excel spreadsheets are like living documents. They must have supporting documentation, be updated over time to include current data and be remediated for errors.
End users who leverage advanced formulae, macros, etc. without an adequate understanding is a recipe for disaster, even if the initial AI-generated content is deemed accurate by an expert.
Another key concern with generative AI is the risk of sensitive data being ingested by the tool and exposed elsewhere.
While the potential of this technology is vast, we feel any AI-generated content should be properly vetted by knowledgeable experts. Utilizing generative AI by those with little expertise to output code in production-use comes with substantial risk.
Do you agree with our initial assessment? What are your thoughts on AI and Excel?
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For the second quarter in a row, Apparity is thrilled to announce our recognition in G2’s Winter 2023 Report as a High Performer and Best Support in the Data Governance and IT Risk Management categories.
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Certainly, we remain committed to delivering the best technology and customer service to our clients.
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Great insight on ChatGPT and EUCs!